UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-06114
Cavanal Hill Funds
(Exact name of registrant as specified in charter)
Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, OH 43219
(Address of principal executive offices) (Zip code)
Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, OH 43219
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-800-762-7085
Date of fiscal year end: 8/31
Date of reporting period: 2/28/19
Item 1. Reports to Stockholders.
Midyear Report
February 28, 2019
U.S. Treasury Fund
Government Securities Money Market Fund
Limited Duration Fund
Moderate Duration Fund
Bond Fund
Strategic Enhanced Yield Fund
Ultra Short Tax-Free Income Fund
Active Core Fund
Mid Cap Core Equity Fund
Opportunistic Fund
World Energy Fund
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Table of Contents
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to the portfolio securities and information during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-800-762-7085 or on the Securities and Exchange Commission’s website at http://www.sec.gov.
A complete schedule of each Fund’s portfolio holdings for the first and third fiscal quarter of each fiscal year is filed with the Securities and Exchange Commission on Form N-Q and is available on the Securities and Exchange Commission’s website at http://www.sec.gov. In addition, the schedules may be reviewed and copied at the Securities and Exchange Commission’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
This report is authorized for distribution to prospective investors only when preceded or accompanied by a prospectus or summary prospectus. An investor should consider the Fund’s investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information about the investment company can be found in the Fund’s prospectus or summary prospectus. To obtain a prospectus or summary prospectus, please call 1-800-762-7085. Please read the prospectus carefully before investing.
Cavanal Hill Distributors, Inc., member FINRA, serves as the distributor for the Cavanal Hill Funds.
Shares of the Funds are not deposits or obligations of, or guaranteed or endorsed by, BOKF, NA, any of its affiliates or the Distributor. Shares are NOT FDIC INSURED, nor are they insured by any other government agency. An investment in the Funds involves investment risk, including possible loss of principal.
This document may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. Forward-looking statements give our current expectations of forecasts of future events. They include statements regarding our anticipated future operating and financial performance. Although we believe the expectations and statements reflected in these and other forward-looking statements are reasonable, we can give no assurance they will prove to have been correct. They can be affected by inaccurate assumptions, by inaccurate information from third parties, or by known or unknown risks and uncertainties.
– 1 –
Statements of Assets and Liabilities
February 28, 2019 (Unaudited)
U.S. Treasury Fund | Government Securities Money Market | |||||||
Assets: | ||||||||
Investments, at cost | $ | 340,192,776 | $ | 791,504,349 | ||||
Investments, at value | 340,192,776 | 791,504,349 | ||||||
Repurchase agreements, at value/cost | 630,600,000 | 985,400,000 | ||||||
Total Investments | 970,792,776 | 1,776,904,349 | ||||||
Interest and dividends receivable | 685,445 | 1,834,407 | ||||||
Receivable for capital shares reinvested | 421 | 257,349 | ||||||
Receivable for investments sold | 82,996,374 | 41,009,156 | ||||||
Prepaid expenses and other assets | 126,149 | 175,845 | ||||||
Total Assets | 1,054,601,165 | 1,820,181,106 | ||||||
Liabilities: | ||||||||
Distributions payable | 1,784,645 | 2,847,591 | ||||||
Payable to custodian | 82,246,374 | 40,146,656 | ||||||
Accrued expenses and other payables: | ||||||||
Investment advisory fees | 49,889 | 67,854 | ||||||
Administration fees | 49,889 | 67,854 | ||||||
Distribution fees | 214,692 | 57,989 | ||||||
Custodian fees | 9,978 | 13,572 | ||||||
Fund accounting and compliance fees | 26,112 | 26,970 | ||||||
Transfer agent fees | — | 2,484 | ||||||
Shareholder servicing fees | 220,146 | 101,932 | ||||||
Other accrued liabilities | 22,501 | 16,792 | ||||||
Total Liabilities | 84,624,226 | 43,349,694 | ||||||
Net Assets | $ | 969,976,939 | $ | 1,776,831,412 | ||||
Composition of Net Assets: | ||||||||
Shares of beneficial interest, at par | $ | 9,700 | $ | 17,776 | ||||
Additional paid-in capital | 969,966,379 | 1,777,362,406 | ||||||
Total distributable earnings/(loss) | 860 | (548,770 | ) | |||||
Net Assets | $ | 969,976,939 | $ | 1,776,831,412 | ||||
Net Assets: | ||||||||
Administrative Shares | $ | 776,111,424 | $ | 573,264,195 | ||||
Service Shares | 33,329,758 | — | ||||||
Institutional Shares | 89,461,911 | 120,541,079 | ||||||
Select Shares | 71,073,846 | 930,821,666 | ||||||
Premier Shares | — | 152,204,472 | ||||||
Total | $ | 969,976,939 | $ | 1,776,831,412 | ||||
Shares Outstanding: | ||||||||
($0.00001 par value per share, unlimited number of shares authorized) | ||||||||
Administrative Shares | 776,044,973 | 573,600,281 | ||||||
Service Shares | 33,344,658 | — | ||||||
Institutional Shares | 89,512,888 | 120,621,423 | ||||||
Select Shares | 71,073,792 | 931,135,147 | ||||||
Premier Shares | — | 152,244,421 | ||||||
Total | 969,976,311 | 1,777,601,272 | ||||||
Net Asset Value, offering price & redemption price per share: | ||||||||
Administrative Shares | $ | 1.00 | $ | 1.00 | ||||
Service Shares | $ | 1.00 | $ | — | ||||
Institutional Shares | $ | 1.00 | $ | 1.00 | ||||
Select Shares | $ | 1.00 | $ | 1.00 | ||||
Premier Shares | $ | — | $ | 1.00 |
See notes to financial statements
– 2 –
Statements of Assets and Liabilities | |
February 28, 2019 (Unaudited) | Continued |
Limited Duration Fund | Moderate Duration Fund | Bond Fund | Strategic Enhanced Yield Fund | |||||||||||||
Assets: | ||||||||||||||||
Investments, at cost | $ | 101,365,494 | $ | 26,337,684 | $ | 101,211,023 | $ | 5,506,174 | ||||||||
Investments in affiliates, at cost | 8,396,966 | 1,123,966 | 4,465,090 | 214,061 | ||||||||||||
Total Investments, at cost | 109,762,460 | 27,461,650 | 105,676,113 | 5,720,235 | ||||||||||||
Investments, at value | 99,128,255 | 25,998,201 | 99,258,866 | 5,507,340 | ||||||||||||
Investments in affiliates, at value | 8,396,966 | 1,123,966 | 4,465,090 | 214,061 | ||||||||||||
Total Investments, at value | 107,525,221 | 27,122,167 | 103,723,956 | 5,721,401 | ||||||||||||
Cash | 22,148 | — | — | — | ||||||||||||
Interest and dividends receivable | 377,104 | 125,552 | 521,846 | 22,287 | ||||||||||||
Receivable for capital shares issued | 298,083 | 9,485 | 9,632 | 1,463 | ||||||||||||
Receivable for capital shares reinvested | 68,523 | 28,658 | 43,025 | 6,540 | ||||||||||||
Receivable for investments sold | 1,419,397 | — | — | — | ||||||||||||
Receivable from Advisor | — | 6,706 | — | 6,261 | ||||||||||||
Receivable from fees reimbursed | — | — | — | 42 | ||||||||||||
Prepaid expenses and other assets | 28,972 | 23,799 | 28,084 | 37,992 | ||||||||||||
Total Assets | 109,739,448 | 27,316,367 | 104,326,543 | 5,795,986 | ||||||||||||
Liabilities: | ||||||||||||||||
Distributions payable | 217,985 | 50,850 | 193,881 | 14,321 | ||||||||||||
Payable for investments purchased | 1,125 | 10 | 366 | 1,653 | ||||||||||||
Payable for capital shares redeemed | 32,077 | 2,320 | 56,419 | 2,445 | ||||||||||||
Accrued expenses and other payables: | ||||||||||||||||
Investment advisory fees | 12,359 | 4,178 | 15,902 | 2,188 | ||||||||||||
Administration fees | 6,592 | 1,671 | 6,361 | 349 | ||||||||||||
Distribution fees | 1,693 | 919 | 924 | 329 | ||||||||||||
Custodian fees | 824 | 209 | 795 | 44 | ||||||||||||
Fund accounting and compliance fees | 1,553 | 105 | 1,587 | 93 | ||||||||||||
Transfer agent fees | 5,805 | 16,510 | — | 3,428 | ||||||||||||
Shareholder servicing fees | 7,993 | 869 | 1,967 | — | ||||||||||||
Other accrued liabilities | 3,809 | 3,957 | 18,485 | 157 | ||||||||||||
Total Liabilities | 291,815 | 81,598 | 296,687 | 25,007 | ||||||||||||
Net Assets | $ | 109,447,633 | $ | 27,234,769 | $ | 104,029,856 | $ | 5,770,979 | ||||||||
Composition of Net Assets: | ||||||||||||||||
Shares of beneficial interest, at par | $ | 116 | $ | 26 | $ | 113 | $ | 6 | ||||||||
Additional paid-in capital | 118,312,349 | 33,085,543 | 110,737,592 | 5,775,041 | ||||||||||||
Total distributable earnings/(loss) | (8,864,832 | ) | (5,850,800 | ) | (6,707,849 | ) | (4,068 | ) | ||||||||
Net Assets | $ | 109,447,633 | $ | 27,234,769 | $ | 104,029,856 | $ | 5,770,979 | ||||||||
Net Assets: | ||||||||||||||||
Investor Shares | $ | 8,278,563 | $ | 4,424,342 | $ | 4,683,483 | $ | 1,370,051 | ||||||||
Institutional Shares | 100,661,446 | 22,412,833 | 99,218,537 | 3,976,355 | ||||||||||||
A Shares | 507,624 | 397,594 | 127,836 | 424,573 | ||||||||||||
Total | $ | 109,447,633 | $ | 27,234,769 | $ | 104,029,856 | $ | 5,770,979 | ||||||||
Shares Outstanding: | ||||||||||||||||
($0.00001 par value per share, unlimited number of shares authorized) | ||||||||||||||||
Investor Shares | 877,285 | 427,341 | 505,652 | 136,084 | ||||||||||||
Institutional Shares | 10,674,246 | 2,164,263 | 10,738,816 | 400,194 | ||||||||||||
A Shares | 53,801 | 38,390 | 13,808 | 42,742 | ||||||||||||
Total | 11,605,332 | 2,629,994 | 11,258,276 | 579,020 | ||||||||||||
Net Asset Value, offering price & redemption price per share: | ||||||||||||||||
Investor Shares | $ | 9.44 | $ | 10.35 | $ | 9.26 | $ | 10.07 | ||||||||
Institutional Shares | $ | 9.43 | $ | 10.36 | $ | 9.24 | $ | 9.94 | ||||||||
A Shares | $ | 9.44 | $ | 10.36 | $ | 9.26 | $ | 9.93 | ||||||||
Maximum Sales Charge: | ||||||||||||||||
A Shares | 2.00% | 2.00% | 2.00% | 2.00% | ||||||||||||
Maximum Offering Price per share(net asset value / (100%-maximum sales charge) of net asset value adjusted to the nearest cent): | ||||||||||||||||
A Shares | $ | 9.63 | $ | 10.57 | $ | 9.45 | $ | 10.13 |
See notes to financial statements
– 3 –
Statements of Assets and Liabilities | |
February 28, 2019 (Unaudited) | Continued |
Ultra Short Tax-Free Income Fund | Active Core Fund | Mid Cap Core Equity Fund | Opportunistic Fund | |||||||||||||
Assets: | ||||||||||||||||
Investments, at cost | $ | 10,368,738 | $ | 37,081,370 | $ | 1,187,211 | $ | 29,478,709 | ||||||||
Investments in affiliates, at cost | 41,198 | 2,107,324 | 45,063 | 9,733,498 | ||||||||||||
Total Investments, at cost | 10,409,936 | 39,188,694 | 1,232,274 | 39,212,207 | ||||||||||||
Investments, at value | 10,373,601 | 45,424,435 | 1,363,599 | 30,887,832 | ||||||||||||
Investments in affiliates, at value | 41,198 | 2,107,324 | 45,063 | 9,733,498 | ||||||||||||
Total Investments, at value | 10,414,799 | 47,531,759 | 1,408,662 | 40,621,330 | ||||||||||||
Cash | — | 1,024 | 74 | — | ||||||||||||
Deposits with broker for securities sold short | — | — | — | 83,961 | ||||||||||||
Interest and dividends receivable | 81,981 | 151,568 | 1,479 | 157,867 | ||||||||||||
Receivable for capital shares issued | — | 36,539 | — | 10,644 | ||||||||||||
Receivable for capital shares reinvested | 1,328 | — | — | — | ||||||||||||
Receivable for investments sold | — | 30 | 30 | 1,113,764 | ||||||||||||
Receivable from Advisor | 6,447 | — | 6,551 | 13,412 | ||||||||||||
Receivable from fees reimbursed | — | — | 49 | — | ||||||||||||
Prepaid expenses and other assets | 39,479 | 31,318 | 49,900 | 21,994 | ||||||||||||
Total Assets | 10,544,034 | 47,752,238 | 1,466,745 | 42,022,972 | ||||||||||||
Liabilities: | ||||||||||||||||
Distributions payable | 12,608 | — | — | — | ||||||||||||
Payable for investments purchased | 106,669 | — | — | 222,468 | ||||||||||||
Payable for capital shares redeemed | 219 | 383,407 | — | 380,415 | ||||||||||||
Accrued expenses and other payables: | ||||||||||||||||
Investment advisory fees | 1,222 | 12,737 | 570 | 27,239 | ||||||||||||
Administration fees | 652 | 2,911 | 83 | 2,564 | ||||||||||||
Distribution fees | 12 | 1,156 | 90 | 1,051 | ||||||||||||
Custodian fees | 81 | 364 | 10 | 320 | ||||||||||||
Fund accounting and compliance fees | 71 | 281 | — | 422 | ||||||||||||
Transfer agent fees | 7,879 | 16,634 | 11,543 | 13,029 | ||||||||||||
Shareholder servicing fees | 27 | 200 | — | 503 | ||||||||||||
Other accrued liabilities | 1,260 | 5,578 | 347 | 3,481 | ||||||||||||
Total Liabilities | 130,700 | 423,268 | 12,643 | 651,492 | ||||||||||||
Net Assets | $ | 10,413,334 | $ | 47,328,970 | $ | 1,454,102 | $ | 41,371,480 | ||||||||
Composition of Net Assets: | ||||||||||||||||
Shares of beneficial interest, at par | $ | 10 | $ | 37 | $ | 1 | $ | 31 | ||||||||
Additional paid-in capital | 10,404,787 | 38,893,333 | 1,304,336 | 42,984,256 | ||||||||||||
Total distributable earnings/(loss) | 8,537 | 8,435,600 | 149,765 | (1,612,807 | ) | |||||||||||
Net Assets | $ | 10,413,334 | $ | 47,328,970 | $ | 1,454,102 | $ | 41,371,480 | ||||||||
Net Assets: | ||||||||||||||||
Investor Shares | $ | 61,701 | $ | 4,479,546 | $ | 137,232 | $ | 1,789,573 | ||||||||
Institutional Shares | 10,351,600 | 41,841,699 | 972,871 | 37,165,114 | ||||||||||||
A Shares | 33 | 956,466 | 343,988 | 1,982,830 | ||||||||||||
C Shares | — | 51,259 | 11 | 433,963 | ||||||||||||
Total | $ | 10,413,334 | $ | 47,328,970 | $ | 1,454,102 | $ | 41,371,480 | ||||||||
Shares Outstanding: | ||||||||||||||||
($0.00001 par value per share, unlimited number of shares authorized) | ||||||||||||||||
Investor Shares | 6,177 | 347,672 | 12,529 | 136,092 | ||||||||||||
Institutional Shares | 1,034,786 | 3,237,194 | 88,708 | 2,792,716 | ||||||||||||
A Shares | 3 | 74,519 | 31,220 | 150,194 | ||||||||||||
C Shares | — | 3,996 | 1 | 33,832 | ||||||||||||
Total | 1,040,966 | 3,663,381 | 132,458 | 3,112,834 | ||||||||||||
Net Asset Value, offering price & redemption price per share(a): | ||||||||||||||||
Investor Shares | $ | 9.99 | $ | 12.88 | $ | 10.95 | $ | 13.15 | ||||||||
Institutional Shares | $ | 10.00 | $ | 12.93 | $ | 10.97 | $ | 13.31 | ||||||||
A Shares | $ | 10.00 | $ | 12.83 | $ | 11.02 | $ | 13.20 | ||||||||
C Shares | $ | — | $ | 12.83 | $ | 10.74 | $ | 12.83 | ||||||||
Maximum Sales Charge: | ||||||||||||||||
A Shares | 1.00% | 2.00% | 2.00% | 2.00% | ||||||||||||
Maximum Offering Price per share(net asset value / (100%-maximum sales charge) of net asset value adjusted to the nearest cent): | ||||||||||||||||
A Shares | $ | 10.10 | $ | 13.09 | $ | 11.24 | $ | 13.47 |
(a) Per share amounts may not recalculate due to rounding of net assets and shares outstanding.
See notes to financial statements
– 4 –
Statements of Assets and Liabilities | |
February 28, 2019 (Unaudited) | Concluded |
World Energy Fund | ||||
Assets: | ||||
Investments, at cost | $ | 33,821,369 | ||
Investments in affiliates, at cost | 861,565 | |||
Total Investments, at cost | 34,682,934 | |||
Investments, at value | 37,051,674 | |||
Investments in affiliates, at value | 861,565 | |||
Total Investments, at value | 37,913,239 | |||
Cash | 5,025 | |||
Interest and dividends receivable | 196,469 | |||
Receivable for capital shares issued | 2,700 | |||
Receivable from Advisor | 10,729 | |||
Prepaid expenses and other assets | 50,246 | |||
Total Assets | 38,178,408 | |||
Liabilities: | ||||
Payable for capital shares redeemed | 43,017 | |||
Accrued expenses and other payables: | ||||
Investment advisory fees | 18,117 | |||
Administration fees | 2,416 | |||
Distribution fees | 5,480 | |||
Custodian fees | 302 | |||
Fund accounting and compliance fees | 257 | |||
Transfer agent fees | 12,601 | |||
Shareholder servicing fees | 3,674 | |||
Other accrued liabilities | 6,389 | |||
Total Liabilities | 92,253 | |||
Net Assets | $ | 38,086,155 | ||
Composition of Net Assets: | ||||
Shares of beneficial interest, at par | $ | 48 | ||
Additional paid-in capital | 54,911,633 | |||
Total distributable earnings/(loss) | (16,825,526 | ) | ||
Net Assets | $ | 38,086,155 | ||
Net Assets: | ||||
Investor Shares | $ | 4,370,460 | ||
Institutional Shares | 23,976,525 | |||
A Shares | 4,918,727 | |||
C Shares | 4,820,443 | |||
Total | $ | 38,086,155 | ||
Shares Outstanding: | ||||
($0.00001 par value per share, unlimited number of shares authorized) | ||||
Investor Shares | 549,539 | |||
Institutional Shares | 3,008,818 | |||
A Shares | 618,832 | |||
C Shares | 612,545 | |||
Total | 4,789,734 | |||
Net Asset Value, offering price & redemption price per share: | ||||
Investor Shares | $ | 7.95 | ||
Institutional Shares | $ | 7.97 | ||
A Shares | $ | 7.95 | ||
C Shares | $ | 7.87 | ||
Maximum Sales Charge: | ||||
A Shares | 2.00 | % | ||
Maximum Offering Price per share(net asset value / (100%-maximum sales charge)of net asset value adjusted to the nearest cent): | ||||
A Shares | $ | 8.11 |
See notes to financial statements
– 5 –
U.S. Treasury Fund | Government Securities Money Market | |||||||
Investment Income: | ||||||||
Interest income | $ | 12,747,025 | $ | 16,763,659 | ||||
Dividend income | 1,131,577 | 1,435,549 | ||||||
Total income | 13,878,602 | 18,199,208 | ||||||
Expenses: | ||||||||
Investment advisory fees | 306,869 | 402,666 | ||||||
Administration fees | 306,869 | 402,666 | ||||||
Distribution fees - Administrative Shares | 1,297,639 | 647,389 | ||||||
Distribution fees - Service Shares | 44,886 | — | ||||||
Distribution fees - Premier Shares | — | 317,829 | ||||||
Shareholder servicing fees - Administrative Shares | 1,297,042 | 608,989 | ||||||
Shareholder servicing fees - Service Shares | 44,885 | — | ||||||
Shareholder servicing fees - Institutional Shares | 115,778 | 138,071 | ||||||
Shareholder servicing fees - Select Shares | 75,997 | 1,068,898 | ||||||
Shareholder servicing fees - Premier Shares | — | 158,915 | ||||||
Fund accounting and compliance fees | 137,880 | 186,230 | ||||||
Custodian fees | 92,580 | 139,038 | ||||||
Trustee fees | 24,069 | 39,810 | ||||||
Professional fees | 118,707 | 168,217 | ||||||
Printing fees | 28,867 | 33,055 | ||||||
Registration fees | 18,416 | 131,603 | ||||||
Other expenses | 67,954 | 82,364 | ||||||
Total expenses before fee and expense reductions | 3,978,438 | 4,525,740 | ||||||
Distribution fees waived - Administrative Shares | — | (336,639 | ) | |||||
Distribution fees waived - Service Shares | (26,931 | ) | — | |||||
Distribution fees waived - Premier Shares | — | (286,048 | ) | |||||
Shareholder servicing fees waived - Service Shares | (26,917 | ) | — | |||||
Shareholder servicing fees waived - Institutional Shares | (78,693 | ) | (94,736 | ) | ||||
Shareholder servicing fees waived - Select Shares | (75,997 | ) | (1,068,898 | ) | ||||
Shareholder servicing fees waived - Premier Shares | — | (158,915 | ) | |||||
Net expenses | 3,769,900 | 2,580,504 | ||||||
Net investment income | 10,108,702 | 15,618,704 | ||||||
Realized/Unrealized Gains/(Losses) on Investments: | ||||||||
Net realized gains/(losses) from unaffiliated investments | 10,772 | — | ||||||
Net realized/unrealized gains/(losses) on investments | 10,772 | — | ||||||
Change in net assets resulting from operations | $ | 10,119,474 | $ | 15,618,704 |
See notes to financial statements
– 6 –
Statements of Operations | |
February 28, 2019 (Unaudited) | Continued |
Limited Duration Fund | Moderate Duration Fund | Bond Fund | Strategic Enhanced Yield Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Interest income | $ | 1,453,577 | $ | 421,251 | $ | 1,480,678 | $ | 53,866 | ||||||||
Dividend income | 168 | — | 134 | — | ||||||||||||
Dividend income from affiliates | 53,471 | 6,120 | 32,859 | 2,279 | ||||||||||||
Total income | 1,507,216 | 427,371 | 1,513,671 | 56,145 | ||||||||||||
Expenses: | ||||||||||||||||
Investment advisory fees | 75,800 | 28,367 | 101,400 | 7,365 | ||||||||||||
Administration fees | 40,427 | 11,347 | 40,560 | 1,178 | ||||||||||||
Distribution fees - Investor Shares | 10,432 | 5,641 | 6,240 | 488 | ||||||||||||
Distribution fees - A Shares | 676 | 601 | 156 | 505 | ||||||||||||
Shareholder servicing fees - Investor Shares | 10,432 | 5,641 | 6,240 | 488 | ||||||||||||
Shareholder servicing fees - Institutional Shares | 115,226 | 29,217 | 120,353 | 2,690 | ||||||||||||
Shareholder servicing fees - A Shares | 270 | 240 | 62 | 202 | ||||||||||||
Fund accounting and compliance fees | 31,918 | 19,363 | 27,067 | 4,083 | ||||||||||||
Custodian fees | 50,050 | 34,431 | 39,795 | 24,147 | ||||||||||||
Trustee fees | 2,536 | 820 | 2,787 | 110 | ||||||||||||
Professional fees | 10,963 | 4,121 | 12,835 | 197 | ||||||||||||
Printing fees | 3,704 | 1,837 | 3,480 | 635 | ||||||||||||
Registration fees | 22,667 | 5,395 | 22,613 | 15,470 | ||||||||||||
Other expenses | 4,323 | 2,543 | 5,399 | 1,019 | ||||||||||||
Total expenses before fee and expense reductions | 379,424 | 149,564 | 388,987 | 58,577 | ||||||||||||
Investment advisory fees waived/expenses reimbursed by Investment Adviser | — | (16,031 | ) | — | (42,832 | ) | ||||||||||
Administration fees waived | (2,324 | ) | (303 | ) | (1,574 | ) | (106 | ) | ||||||||
Shareholder servicing fees waived - Investor Shares | (9,498 | ) | (5,411 | ) | (4,972 | ) | (458 | ) | ||||||||
Shareholder servicing fees waived - Institutional Shares | (114,603 | ) | (25,417 | ) | (117,996 | ) | (2,690 | ) | ||||||||
Shareholder servicing fees waived - A Shares | (270 | ) | (146 | ) | (62 | ) | (202 | ) | ||||||||
Net expenses | 252,729 | 102,256 | 264,383 | 12,289 | ||||||||||||
Net investment income | 1,254,487 | 325,115 | 1,249,288 | 43,856 | ||||||||||||
Realized/Unrealized Gains/(Losses) on Investments: | ||||||||||||||||
Net realized gains/(losses) from unaffiliated investments | (73,487 | ) | (158,930 | ) | (784,231 | ) | (3,420 | ) | ||||||||
Change in unrealized appreciation/(depreciation) on unaffiliated investments | 423,286 | 253,629 | 1,233,458 | 1,132 | ||||||||||||
Net realized/unrealized gains/(losses) on investments | 349,799 | 94,699 | 449,227 | (2,288 | ) | |||||||||||
Change in net assets resulting from operations | $ | 1,604,286 | $ | 419,814 | $ | 1,698,515 | $ | 41,568 |
See notes to financial statements
– 7 –
Statements of Operations | |
February 28, 2019 (Unaudited) | Continued |
Ultra Short Tax- Free Income Fund | Active Core Fund | Mid Cap Core Equity Fund | Opportunistic Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Interest income | $ | 103,503 | $ | 375,084 | $ | — | $ | 235,268 | ||||||||
Dividend income | 4 | 242,621 | 12,967 | 310,137 | ||||||||||||
Dividend income from affiliates | 1,515 | 14,132 | 682 | 38,384 | ||||||||||||
Foreign tax withholding | — | (353 | ) | — | (6,504 | ) | ||||||||||
Total income | 105,022 | 631,484 | 13,649 | 577,285 | ||||||||||||
Expenses: | ||||||||||||||||
Investment advisory fees | 8,732 | 85,480 | 4,461 | 189,806 | ||||||||||||
Administration fees | 4,657 | 19,538 | 649 | 17,864 | ||||||||||||
Distribution fees - Investor Shares | 79 | 5,946 | 345 | 2,313 | ||||||||||||
Distribution fees - A Shares | — | 1,708 | 415 | 2,389 | ||||||||||||
Distribution fees - C Shares | — | 328 | — | 2,438 | ||||||||||||
Shareholder servicing fees - Investor Shares | 78 | 5,946 | 345 | 2,313 | ||||||||||||
Shareholder servicing fees - Institutional Shares | 14,476 | 53,321 | 1,268 | 50,514 | ||||||||||||
Shareholder servicing fees - A Shares | — | 683 | 166 | 955 | ||||||||||||
Shareholder servicing fees - C Shares | — | 82 | — | 610 | ||||||||||||
Fund accounting and compliance fees | 3,374 | 21,571 | 1,260 | 6,022 | ||||||||||||
Custodian fees | 26,120 | 46,175 | 31,599 | 53,329 | ||||||||||||
Trustee fees | 305 | 1,470 | 40 | 1,175 | ||||||||||||
Professional fees | 1,467 | 7,370 | 265 | 6,067 | ||||||||||||
Printing fees | 822 | 2,027 | 665 | 3,053 | ||||||||||||
Registration fees | 15,472 | 27,740 | 8,389 | 27,686 | ||||||||||||
Other expenses | 1,296 | 3,764 | 1,190 | 3,243 | ||||||||||||
Total expenses before fee and expense reductions | 76,878 | 283,149 | 51,057 | 369,777 | ||||||||||||
Investment advisory fees waived/expenses reimbursed by Investment Adviser | (33,880 | ) | — | (42,037 | ) | (31,722 | ) | |||||||||
Administration fees waived | (80 | ) | (2,701 | ) | (36 | ) | (1,292 | ) | ||||||||
Shareholder servicing fees waived - Investor Shares | (78 | ) | (5,817 | ) | (243 | ) | (1,691 | ) | ||||||||
Shareholder servicing fees waived - Institutional Shares | (14,392 | ) | (52,552 | ) | (1,268 | ) | (49,586 | ) | ||||||||
Shareholder servicing fees waived - A Shares | — | (334 | ) | (166 | ) | (683 | ) | |||||||||
Shareholder servicing fees waived - C Shares | — | (82 | ) | — | (385 | ) | ||||||||||
Net expenses | 28,448 | 221,663 | 7,307 | 284,418 | ||||||||||||
Net investment income | 76,574 | 409,821 | 6,342 | 292,867 | ||||||||||||
Realized/Unrealized Gains/(Losses) on Investments: | ||||||||||||||||
Net realized gains/(losses) from unaffiliated investments | (114 | ) | 774,741 | 14,684 | (3,218,481 | ) | ||||||||||
Change in unrealized appreciation/(depreciation) on unaffiliated investments | 7,824 | (2,037,376 | ) | (190,443 | ) | (1,453,012 | ) | |||||||||
Change in unrealized appreciation/(depreciation) on affiliated investments | — | (113,234 | ) | — | — | |||||||||||
Net realized/unrealized gains/(losses) on investments | 7,710 | (1,375,869 | ) | (175,759 | ) | (4,671,493 | ) | |||||||||
Change in net assets resulting from operations | $ | 84,284 | $ | (966,048 | ) | $ | (169,417 | ) | $ | (4,378,626 | ) |
See notes to financial statements
– 8 –
Statements of Operations | |
February 28, 2019 (Unaudited) | Concluded |
World Energy Fund | ||||
Investment Income: | ||||
Interest income | $ | 102,478 | ||
Dividend income | 518,828 | |||
Dividend income from affiliates | 10,969 | |||
Foreign tax withholding | (24,439 | ) | ||
Total income | 607,836 | |||
Expenses: | ||||
Investment advisory fees | 136,396 | |||
Administration fees | 18,186 | |||
Distribution fees - Investor Shares | 7,215 | |||
Distribution fees - A Shares | 6,546 | |||
Distribution fees - C Shares | 25,660 | |||
Shareholder servicing fees - Investor Shares | 7,214 | |||
Shareholder servicing fees - Institutional Shares | 36,656 | |||
Shareholder servicing fees - A Shares | 2,618 | |||
Shareholder servicing fees - C Shares | 6,415 | |||
Fund accounting and compliance fees | 6,416 | |||
Custodian fees | 51,457 | |||
Trustee fees | 1,212 | |||
Professional fees | 6,997 | |||
Printing fees | 5,220 | |||
Registration fees | 11,945 | |||
Other expenses | 3,324 | |||
Total expenses before fee and expense reductions | 333,477 | |||
Investment advisory fees waived/expenses reimbursed by Investment Adviser | (24,356 | ) | ||
Administration fees waived | (599 | ) | ||
Shareholder servicing fees waived - Investor Shares | (4,662 | ) | ||
Shareholder servicing fees waived - Institutional Shares | (26,574 | ) | ||
Shareholder servicing fees waived - A Shares | (2,167 | ) | ||
Shareholder servicing fees waived - C Shares | (4,091 | ) | ||
Net expenses | 271,028 | |||
Net investment income | 336,808 | |||
Realized/Unrealized Gains/(Losses) on Investments: | ||||
Net realized gains/(losses) from unaffiliated investments | (5,266,685 | ) | ||
Change in unrealized appreciation/(depreciation) on unaffiliated investments | (4,277,441 | ) | ||
Net realized/unrealized gains/(losses) on investments | (9,544,126 | ) | ||
Change in net assets resulting from operations | $ | (9,207,318 | ) |
See notes to financial statements
– 9 –
Statements of Changes in Net Assets
February 28, 2019 (Unaudited)
U.S. Treasury Fund | Government Securities Money Market | |||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | Year Ended August 31, 2018 | Six Months Ended February 28, 2019 (unaudited) | Year Ended August 31, 2018 | |||||||||||||
From Investment Activities: | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 10,108,702 | $ | 10,631,498 | $ | 15,618,704 | $ | 17,283,395 | ||||||||
Net realized gains/(losses) from investment transactions | 10,772 | (10,120 | ) | — | (6 | ) | ||||||||||
Change in net assets resulting from operations | 10,119,474 | 10,621,378 | 15,618,704 | 17,283,389 | ||||||||||||
Distributions to Shareholders from(a): | ||||||||||||||||
Administrative Shares | (8,208,909 | ) | (7,909,238 | ) | (4,404,839 | ) | (5,306,769 | ) | ||||||||
Service Shares | (338,798 | ) | (345,379 | ) | — | — | ||||||||||
Institutional Shares | (924,521 | ) | (1,792,864 | ) | (1,098,432 | ) | (1,571,051 | ) | ||||||||
Select Shares | (636,464 | ) | (582,939 | ) | (8,831,109 | ) | (9,173,616 | ) | ||||||||
Premier Shares | — | — | (1,282,756 | ) | (1,230,984 | ) | ||||||||||
Change in net assets from shareholder distributions | (10,108,692 | ) | (10,630,420 | ) | (15,617,136 | ) | (17,282,420 | ) | ||||||||
Change in net assets from capital transactions | (170,332,580 | ) | (157,051,595 | ) | 229,422,910 | (33,603,994 | ) | |||||||||
Change in net assets | (170,321,798 | ) | (157,060,637 | ) | 229,424,478 | (33,603,025 | ) | |||||||||
Net Assets(a): | ||||||||||||||||
Beginning of period | 1,140,298,737 | 1,297,359,374 | 1,547,406,934 | 1,581,009,959 | ||||||||||||
End of period | $ | 969,976,939 | $ | 1,140,298,737 | $ | 1,776,831,412 | $ | 1,547,406,934 | ||||||||
Capital Transactions*: | ||||||||||||||||
Administrative Shares | ||||||||||||||||
Issued | 1,581,541,819 | 3,205,966,139 | 967,974,333 | 805,803,941 | ||||||||||||
Reinvested | 2,477 | 2,557 | 37,187 | 47,642 | ||||||||||||
Redeemed | (1,762,943,752 | ) | (3,305,661,848 | ) | (933,545,630 | ) | (953,838,261 | ) | ||||||||
Change in Administrative Shares | (181,399,456 | ) | (99,693,152 | ) | 34,465,890 | (147,986,678 | ) | |||||||||
Service Shares | ||||||||||||||||
Issued | 45,633,830 | 88,423,606 | — | — | ||||||||||||
Redeemed | (46,023,877 | ) | (85,371,841 | ) | — | — | ||||||||||
Change in Service Shares | (390,047 | ) | 3,051,765 | — | — | |||||||||||
Institutional Shares | ||||||||||||||||
Issued | 99,931,276 | 395,049,099 | 201,180,453 | 919,075,704 | ||||||||||||
Reinvested | — | — | 23,290 | 26,554 | ||||||||||||
Redeemed | (107,708,486 | ) | (507,298,964 | ) | (182,682,953 | ) | (998,792,501 | ) | ||||||||
Change in Institutional Shares | (7,777,210 | ) | (112,249,865 | ) | 18,520,790 | (79,690,243 | ) | |||||||||
Select Shares(b) | ||||||||||||||||
Issued | 67,665,745 | 124,722,398 | 1,057,530,940 | 1,401,145,341 | ||||||||||||
Reinvested | — | — | — | — | ||||||||||||
Redeemed | (48,431,612 | ) | (72,882,739 | ) | (927,700,989 | ) | (1,240,378,001 | ) | ||||||||
Change in Select Shares | 19,234,133 | 51,839,659 | 129,829,951 | 160,767,340 | ||||||||||||
Premier Shares | ||||||||||||||||
Issued | — | — | 459,687,732 | 613,187,466 | ||||||||||||
Reinvested | — | — | 1,244,299 | 1,179,591 | ||||||||||||
Redeemed | — | — | (414,324,245 | ) | (581,061,469 | ) | ||||||||||
Change in Premier Shares | — | — | 46,607,786 | 33,305,588 | ||||||||||||
Change in shares: | (170,332,580 | ) | (157,051,593 | ) | 229,424,417 | (33,603,993 | ) |
(a) | Prior year distribution character information and accumulated net investment income/(distributions in excess of net investment income) has been modified or removed to conform with current year Regulation S-X presentation changes. See Note 7 in Notes to Financial Statements. |
(b) | U.S. Treasury Select Shares commencement of operations December 26, 2017. |
* | Share transactions are at net assets value of $1.00 per share. |
See notes to financial statements
– 10 –
Statements of Changes in Net Assets | |
February 28, 2019 (Unaudited) | Continued |
Limited Duration Fund | Moderate Duration Fund | |||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | Year Ended August 31, 2018 | Six Months Ended February 28, 2019 (unaudited) | Year Ended August 31, 2018 | |||||||||||||
From Investment Activities: | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 1,254,487 | $ | 1,847,482 | $ | 325,115 | $ | 638,565 | ||||||||
Net realized gains/(losses) from investment transactions | (73,487 | ) | (429,875 | ) | (158,930 | ) | (357,171 | ) | ||||||||
Change in unrealized appreciation/(depreciation) on investments | 423,286 | (1,103,526 | ) | 253,629 | (295,595 | ) | ||||||||||
Change in net assets resulting from operations | 1,604,286 | 314,081 | 419,814 | (14,201 | ) | |||||||||||
Distributions to Shareholders from(a): | ||||||||||||||||
Investor Shares | (93,017 | ) | (258,800 | ) | (46,736 | ) | (126,262 | ) | ||||||||
Institutional Shares | (1,154,629 | ) | (2,049,971 | ) | (270,596 | ) | (514,419 | ) | ||||||||
A Shares | (6,082 | ) | (20,810 | ) | (4,920 | ) | (11,637 | ) | ||||||||
Change in net assets from shareholder distributions | (1,253,728 | ) | (2,329,581 | ) | (322,252 | ) | (652,318 | ) | ||||||||
Change in net assets from capital transactions | 12,249,105 | (174,879 | ) | (3,481,327 | ) | (14,151,023 | ) | |||||||||
Change in net assets | 12,599,663 | (2,190,379 | ) | (3,383,765 | ) | (14,817,542 | ) | |||||||||
Net Assets(a): | ||||||||||||||||
Beginning of period | 96,847,970 | 99,038,349 | 30,618,534 | 45,436,076 | ||||||||||||
End of period | $ | 109,447,633 | $ | 96,847,970 | $ | 27,234,769 | $ | 30,618,534 | ||||||||
Capital Transactions: | ||||||||||||||||
Investor Shares | ||||||||||||||||
Proceeds from shares issued | $ | 109,407 | $ | 1,151,657 | $ | 266,146 | $ | 738,680 | ||||||||
Dividends reinvested | 53,522 | 184,810 | 46,213 | 125,171 | ||||||||||||
Cost of shares redeemed | (550,453 | ) | (8,095,460 | ) | (1,004,013 | ) | (5,984,712 | ) | ||||||||
Change in net assets from Investor Shares | (387,524 | ) | (6,758,993 | ) | (691,654 | ) | (5,120,861 | ) | ||||||||
Institutional Shares | ||||||||||||||||
Proceeds from shares issued | 20,075,353 | 30,591,167 | 907,155 | 4,673,777 | ||||||||||||
Dividends reinvested | 337,804 | 712,098 | 131,403 | 274,041 | ||||||||||||
Cost of shares redeemed | (7,694,556 | ) | (24,093,619 | ) | (3,592,118 | ) | (13,642,778 | ) | ||||||||
Change in net assets from Institutional Shares | 12,718,601 | 7,209,646 | (2,553,560 | ) | (8,694,960 | ) | ||||||||||
A Shares | ||||||||||||||||
Proceeds from shares issued | 7,490 | 458,585 | 17,012 | 24,149 | ||||||||||||
Dividends reinvested | 6,065 | 20,793 | 4,885 | 11,637 | ||||||||||||
Cost of shares redeemed | (95,527 | ) | (1,104,910 | ) | (258,010 | ) | (370,988 | ) | ||||||||
Change in net assets from A Shares | (81,972 | ) | (625,532 | ) | (236,113 | ) | (335,202 | ) | ||||||||
Change in net assets resulting from capital transactions: | $ | 12,249,105 | $ | (174,879 | ) | $ | (3,481,327 | ) | $ | (14,151,023 | ) | |||||
Share Transactions: | ||||||||||||||||
Investor Shares | ||||||||||||||||
Issued | 11,639 | 121,709 | 25,840 | 71,449 | ||||||||||||
Reinvested | 5,692 | 19,517 | 4,491 | 12,108 | ||||||||||||
Redeemed | (58,572 | ) | (856,142 | ) | (97,841 | ) | (579,102 | ) | ||||||||
Change in Investor Shares | (41,241 | ) | (714,916 | ) | (67,510 | ) | (495,545 | ) | ||||||||
Institutional Shares | ||||||||||||||||
Issued | 2,138,651 | 3,235,208 | 88,117 | 452,178 | ||||||||||||
Reinvested | 35,956 | 75,313 | 12,769 | 26,488 | ||||||||||||
Redeemed | (819,078 | ) | (2,543,990 | ) | (349,611 | ) | (1,318,246 | ) | ||||||||
Change in Institutional Shares | 1,355,529 | 766,531 | (248,725 | ) | (839,580 | ) | ||||||||||
A Shares | ||||||||||||||||
Issued | 800 | 47,900 | 1,658 | 2,334 | ||||||||||||
Reinvested | 645 | 2,194 | 475 | 1,126 | ||||||||||||
Redeemed | (10,175 | ) | (116,432 | ) | (25,200 | ) | (35,790 | ) | ||||||||
Change in A Shares | (8,730 | ) | (66,338 | ) | (23,067 | ) | (32,330 | ) | ||||||||
Change in shares: | 1,305,558 | (14,723 | ) | (339,302 | ) | (1,367,455 | ) |
(a) | Prior year distribution character information and accumulated net investment income/(distributions in excess of net investment income) has been modified or removed to conform with current year Regulation S-X presentation changes. See Note 7 in Notes to Financial Statements. |
See notes to financial statements
– 11 –
Statements of Changes in Net Assets | |
February 28, 2019 (Unaudited) | Continued |
Bond Fund | Strategic Enhanced Yield Fund | |||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | Year Ended August 31, 2018 | Six Months Ended February 28, 2019 (unaudited) | For the period Dec. 26, 2017(a) through Aug. 31, 2018 | |||||||||||||
From Investment Activities: | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 1,249,288 | $ | 2,404,970 | $ | 43,856 | $ | 21,033 | ||||||||
Net realized gains/(losses) from investment transactions | (784,231 | ) | (1,491,956 | ) | (3,420 | ) | (1,615 | ) | ||||||||
Change in unrealized appreciation/(depreciation) on investments | 1,233,458 | (2,366,352 | ) | 1,132 | 34 | |||||||||||
Change in net assets resulting from operations | 1,698,515 | (1,453,338 | ) | 41,568 | 19,452 | |||||||||||
Distributions to Shareholders from(b): | ||||||||||||||||
Investor Shares | (54,237 | ) | (149,365 | ) | (5,498 | ) | (43 | ) | ||||||||
Institutional Shares | (1,190,201 | ) | (2,549,345 | ) | (32,588 | ) | (14,512 | ) | ||||||||
A Shares | (1,388 | ) | (2,744 | ) | (5,768 | ) | (7,030 | ) | ||||||||
Change in net assets from shareholder distributions | (1,245,826 | ) | (2,701,454 | ) | (43,854 | ) | (21,585 | ) | ||||||||
Change in net assets from capital transactions | 1,788,568 | (21,141,496 | ) | 4,394,589 | 1,380,809 | |||||||||||
Change in net assets | 2,241,257 | (25,296,288 | ) | 4,392,303 | 1,378,676 | |||||||||||
Net Assets(b): | ||||||||||||||||
Beginning of period | 101,788,599 | 127,084,887 | 1,378,676 | — | ||||||||||||
End of period | $ | 104,029,856 | $ | 101,788,599 | $ | 5,770,979 | $ | 1,378,676 | ||||||||
Capital Transactions: | ||||||||||||||||
Investor Shares | ||||||||||||||||
Proceeds from shares issued | $ | 39,546 | $ | 672,466 | $ | 1,377,498 | $ | 4,111 | ||||||||
Dividends reinvested | 17,491 | 79,156 | 5,147 | 42 | ||||||||||||
Cost of shares redeemed | (1,025,946 | ) | (2,157,185 | ) | (15,270 | ) | — | |||||||||
Change in net assets from Investor Shares | (968,909 | ) | (1,405,563 | ) | 1,367,375 | 4,153 | ||||||||||
Institutional Shares | ||||||||||||||||
Proceeds from shares issued | 17,125,926 | 29,289,097 | 3,324,267 | 985,980 | ||||||||||||
Dividends reinvested | 273,706 | 789,135 | 9,498 | 1,485 | ||||||||||||
Cost of shares redeemed | (14,643,553 | ) | (49,768,482 | ) | (341,732 | ) | (2,116 | ) | ||||||||
Change in net assets from Institutional Shares | 2,756,079 | (19,690,250 | ) | 2,992,033 | 985,349 | |||||||||||
A Shares | ||||||||||||||||
Proceeds from shares issued | 12 | 25,434 | 29,416 | 384,302 | ||||||||||||
Dividends reinvested | 1,388 | 2,744 | 5,768 | 7,030 | ||||||||||||
Cost of shares redeemed | (2 | ) | (73,861 | ) | (3 | ) | (25 | ) | ||||||||
Change in net assets from A Shares | 1,398 | (45,683 | ) | 35,181 | 391,307 | |||||||||||
Change in net assets resulting from capital transactions: | $ | 1,788,568 | $ | (21,141,496 | ) | $ | 4,394,589 | $ | 1,380,809 | |||||||
Share Transactions: | ||||||||||||||||
Investor Shares | ||||||||||||||||
Issued | 4,298 | 72,346 | 136,674 | 409 | ||||||||||||
Reinvested | 1,909 | 8,503 | 511 | 4 | ||||||||||||
Redeemed | (112,428 | ) | (233,956 | ) | (1,514 | ) | — | |||||||||
Change in Investor Shares | (106,221 | ) | (153,107 | ) | 135,671 | 413 | ||||||||||
Institutional Shares | ||||||||||||||||
Issued | 1,875,742 | 3,146,045 | 334,703 | 98,814 | ||||||||||||
Reinvested | 29,908 | 84,798 | 957 | 149 | ||||||||||||
Redeemed | (1,608,641 | ) | (5,346,061 | ) | (34,215 | ) | (214 | ) | ||||||||
Change in Institutional Shares | 297,009 | (2,115,218 | ) | 301,445 | 98,749 | |||||||||||
A Shares | ||||||||||||||||
Issued | 1 | 2,758 | 2,992 | 38,463 | ||||||||||||
Reinvested | 151 | 295 | 583 | 707 | ||||||||||||
Redeemed | — | (7,824 | ) | — | (3 | ) | ||||||||||
Change in A Shares | 152 | (4,771 | ) | 3,575 | 39,167 | |||||||||||
Change in shares: | 190,940 | (2,273,096 | ) | 440,691 | 138,329 |
(a) | Commencement of operations December 26, 2017. |
(b) | Prior year distribution character information and accumulated net investment income/(distributions in excess of net investment income) has been modified or removed to conform with current year Regulation S-X presentation changes. See Note 7 in Notes to Financial Statements. |
See notes to financial statements
– 12 –
Statements of Changes in Net Assets | |
February 28, 2019 (Unaudited) | Continued |
Ultra Short Tax-Free Income Fund | Active Core Fund | |||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | For the period Dec. 26, 2017(a) through Aug. 31, 2018 | Six Months Ended February 28, 2019 (unaudited) | Year Ended August 31, 2018 | |||||||||||||
From Investment Activities: | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 76,574 | $ | 54,478 | $ | 409,821 | $ | 830,037 | ||||||||
Net realized gains/(losses) from investment transactions | (114 | ) | 3 | 774,741 | 2,393,315 | |||||||||||
Change in unrealized appreciation/(depreciation) on investments | 7,824 | (2,960 | ) | (2,150,610 | ) | 1,262,079 | ||||||||||
Change in net assets resulting from operations | 84,284 | 51,521 | (966,048 | ) | 4,485,431 | |||||||||||
Distributions to Shareholders from(b): | ||||||||||||||||
Investor Shares | (334 | ) | (248 | ) | (310,029 | ) | (311,703 | ) | ||||||||
Institutional Shares | (76,237 | ) | (54,230 | ) | (2,750,818 | ) | (2,792,395 | ) | ||||||||
A Shares | — | — | (89,569 | ) | (88,985 | ) | ||||||||||
C Shares | — | — | (4,317 | ) | (3,592 | ) | ||||||||||
Change in net assets from shareholder distributions | (76,571 | ) | (54,478 | ) | (3,154,733 | ) | (3,196,675 | ) | ||||||||
Change in net assets from capital transactions | (1,260,709 | ) | 11,669,287 | (2,196,578 | ) | (610,920 | ) | |||||||||
Change in net assets | (1,252,996 | ) | 11,666,330 | (6,317,359 | ) | 677,836 | ||||||||||
Net Assets(b): | ||||||||||||||||
Beginning of period | 11,666,330 | — | 53,646,329 | 52,968,493 | ||||||||||||
End of period | $ | 10,413,334 | $ | 11,666,330 | $ | 47,328,970 | $ | 53,646,329 | ||||||||
Capital Transactions: | ||||||||||||||||
Investor Shares | ||||||||||||||||
Proceeds from shares issued | $ | 1,059 | $ | 121,009 | $ | 61,796 | $ | 368,976 | ||||||||
Dividends reinvested | 249 | 145 | 309,420 | 310,343 | ||||||||||||
Cost of shares redeemed | (10,800 | ) | (49,990 | ) | (811,265 | ) | (737,797 | ) | ||||||||
Change in net assets from Investor Shares | (9,492 | ) | 71,164 | (440,049 | ) | (58,478 | ) | |||||||||
Institutional Shares | ||||||||||||||||
Proceeds from shares issued | 1,667,710 | 14,244,137 | 713,108 | 1,919,513 | ||||||||||||
Dividends reinvested | 8,473 | 5,760 | 2,743,844 | 2,782,049 | ||||||||||||
Cost of shares redeemed | (2,927,414 | ) | (2,651,794 | ) | (4,775,418 | ) | (5,194,005 | ) | ||||||||
Change in net assets from Institutional Shares | (1,251,231 | ) | 11,598,103 | (1,318,466 | ) | (492,443 | ) | |||||||||
A Shares | ||||||||||||||||
Proceeds from shares issued | 14 | 20 | 33,219 | 102,236 | ||||||||||||
Dividends reinvested | — | — | 89,569 | 88,984 | ||||||||||||
Cost of shares redeemed | — | — | (545,153 | ) | (247,576 | ) | ||||||||||
Change in net assets from A Shares | 14 | 20 | (422,365 | ) | (56,356 | ) | ||||||||||
C Shares | ||||||||||||||||
Proceeds from shares issued | — | — | — | 125 | ||||||||||||
Dividends reinvested | — | — | 4,317 | 3,593 | ||||||||||||
Cost of shares redeemed | — | — | (20,015 | ) | (7,361 | ) | ||||||||||
Change in net assets from C Shares | — | — | (15,698 | ) | (3,643 | ) | ||||||||||
Change in net assets resulting from capital transactions: | $ | (1,260,709 | ) | $ | 11,669,287 | $ | (2,196,578 | ) | $ | (610,920 | ) | |||||
Share Transactions: | ||||||||||||||||
Investor Shares | ||||||||||||||||
Issued | 106 | 12,119 | 4,784 | 26,693 | ||||||||||||
Reinvested | 25 | 15 | 25,516 | 22,669 | ||||||||||||
Redeemed | (1,082 | ) | (5,006 | ) | (62,960 | ) | (53,614 | ) | ||||||||
Change in Investor Shares | (951 | ) | 7,128 | (32,660 | ) | (4,252 | ) | |||||||||
Institutional Shares | ||||||||||||||||
Issued | 166,816 | 1,424,414 | 53,800 | 138,952 | ||||||||||||
Reinvested | 848 | 576 | 225,240 | 202,542 | ||||||||||||
Redeemed | (292,688 | ) | (265,180 | ) | (360,493 | ) | (374,394 | ) | ||||||||
Change in Institutional Shares | (125,024 | ) | 1,159,810 | (81,453 | ) | (32,900 | ) | |||||||||
A Shares | ||||||||||||||||
Issued | 1 | 2 | 2,607 | 7,313 | ||||||||||||
Reinvested | — | — | 7,436 | 6,520 | ||||||||||||
Redeemed | — | — | (42,544 | ) | (17,852 | ) | ||||||||||
Change in A Shares | 1 | 2 | (32,501 | ) | (4,019 | ) | ||||||||||
C Shares | ||||||||||||||||
Issued | — | — | — | 9 | ||||||||||||
Reinvested | — | — | 359 | 263 | ||||||||||||
Redeemed | — | — | (1,610 | ) | (533 | ) | ||||||||||
Change in C Shares | — | — | (1,251 | ) | (261 | ) | ||||||||||
Change in shares: | (125,974 | ) | 1,166,940 | (147,865 | ) | (41,432 | ) |
(a) | Commencement of operations December 26, 2017. |
(b) | Prior year distribution character information and accumulated net investment income/(distributions in excess of net investment income) has been modified or removed to conform with current year Regulation S-X presentation changes. See Note 7 in Notes to Financial Statements. |
See notes to financial statements
– 13 –
Statements of Changes in Net Assets | |
February 28, 2019 (Unaudited) | Continued |
Mid Cap Core Equity Fund | Opportunistic Fund | |||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | Year Ended August 31, 2018 | Six Months Ended February 28, 2019 (unaudited) | Year Ended August 31, 2018 | |||||||||||||
From Investment Activities: | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 6,342 | $ | 16,453 | $ | 292,867 | $ | 241,566 | ||||||||
Net realized gains/(losses) from investment transactions | 14,684 | 19,657 | (3,218,481 | ) | 3,182,184 | |||||||||||
Change in unrealized appreciation/(depreciation) on investments | (190,443 | ) | 332,199 | (1,453,012 | ) | 859,113 | ||||||||||
Change in net assets resulting from operations | (169,417 | ) | 368,309 | (4,378,626 | ) | 4,282,863 | ||||||||||
Distributions to Shareholders from(a): | ||||||||||||||||
Investor Shares | (5,613 | ) | (3,483 | ) | (131,486 | ) | (152,943 | ) | ||||||||
Institutional Shares | (42,587 | ) | (12,257 | ) | (3,087,758 | ) | (2,239,212 | ) | ||||||||
A Shares | (12,507 | ) | (1,408 | ) | (139,645 | ) | (105,642 | ) | ||||||||
C Shares | — | — | (32,056 | ) | (30,595 | ) | ||||||||||
Change in net assets from shareholder distributions | (60,707 | ) | (17,148 | ) | (3,390,945 | ) | (2,528,392 | ) | ||||||||
Change in net assets from capital transactions | (659,389 | ) | (117,634 | ) | (1,245,484 | ) | 4,462,459 | |||||||||
Change in net assets | (889,513 | ) | 233,527 | (9,015,055 | ) | 6,216,930 | ||||||||||
Net Assets(a): | ||||||||||||||||
Beginning of period | 2,343,615 | 2,110,088 | 50,386,535 | 44,169,605 | ||||||||||||
End of period | $ | 1,454,102 | $ | 2,343,615 | $ | 41,371,480 | $ | 50,386,535 | ||||||||
Capital Transactions: | ||||||||||||||||
Investor Shares | ||||||||||||||||
Proceeds from shares issued | $ | 16,798 | $ | 1,057,901 | $ | 162,542 | $ | 370,584 | ||||||||
Dividends reinvested | 5,613 | 3,483 | 126,480 | 149,017 | ||||||||||||
Cost of shares redeemed | (468,767 | ) | (717,263 | ) | (296,676 | ) | (1,543,340 | ) | ||||||||
Change in net assets from Investor Shares | (446,356 | ) | 344,121 | (7,654 | ) | (1,023,739 | ) | |||||||||
Institutional Shares | ||||||||||||||||
Proceeds from shares issued | 421,550 | — | 4,967,916 | 11,973,471 | ||||||||||||
Dividends reinvested | 18,154 | 6,045 | 1,296,149 | 1,829,561 | ||||||||||||
Cost of shares redeemed | (660,898 | ) | (469,009 | ) | (7,665,683 | ) | (7,950,375 | ) | ||||||||
Change in net assets from Institutional Shares | (221,194 | ) | (462,964 | ) | (1,401,618 | ) | 5,852,657 | |||||||||
A Shares | ||||||||||||||||
Proceeds from shares issued | 5,000 | 266,803 | 240,207 | 420,322 | ||||||||||||
Dividends reinvested | 3,161 | 1,408 | 139,645 | 105,642 | ||||||||||||
Cost of shares redeemed | — | (9,882 | ) | (133,575 | ) | (899,382 | ) | |||||||||
Change in net assets from A Shares | 8,161 | 258,329 | 246,277 | (373,418 | ) | |||||||||||
C Shares | ||||||||||||||||
Proceeds from shares issued | — | 16 | 13,300 | 125,022 | ||||||||||||
Dividends reinvested | — | — | 32,057 | 30,595 | ||||||||||||
Cost of shares redeemed | — | (257,136 | ) | (127,846 | ) | (148,658 | ) | |||||||||
Change in net assets from C Shares | — | (257,120 | ) | (82,489 | ) | 6,959 | ||||||||||
Change in net assets resulting from capital transactions: | $ | (659,389 | ) | $ | (117,634 | ) | $ | (1,245,484 | ) | $ | 4,462,459 | |||||
Share Transactions: | ||||||||||||||||
Investor Shares | ||||||||||||||||
Issued | 1,529 | 95,660 | 10,782 | 24,305 | ||||||||||||
Reinvested | 583 | 309 | 10,616 | 10,062 | ||||||||||||
Redeemed | (42,013 | ) | (61,467 | ) | (21,218 | ) | (100,388 | ) | ||||||||
Change in Investor Shares | (39,901 | ) | 34,502 | 180 | (66,021 | ) | ||||||||||
Institutional Shares | �� | |||||||||||||||
Issued | 39,657 | — | 360,111 | 779,146 | ||||||||||||
Reinvested | 1,881 | 542 | 107,826 | 122,146 | ||||||||||||
Redeemed | (66,522 | ) | (42,188 | ) | (601,061 | ) | (517,691 | ) | ||||||||
Change in Institutional Shares | (24,984 | ) | (41,646 | ) | (133,124 | ) | 383,601 | |||||||||
A Shares | ||||||||||||||||
Issued | 470 | 25,169 | 17,031 | 27,557 | ||||||||||||
Reinvested | 317 | 125 | 11,695 | 7,108 | ||||||||||||
Redeemed | — | (827 | ) | (9,777 | ) | (58,662 | ) | |||||||||
Change in A Shares | 787 | 24,467 | 18,949 | (23,997 | ) | |||||||||||
C Shares | ||||||||||||||||
Issued | — | — | 1,058 | 8,356 | ||||||||||||
Reinvested | — | — | 2,780 | 2,110 | ||||||||||||
Redeemed | — | (24,606 | ) | (9,683 | ) | (9,926 | ) | |||||||||
Change in C Shares | — | (24,606 | ) | (5,845 | ) | 540 | ||||||||||
Change in shares: | (64,098 | ) | (7,283 | ) | (119,840 | ) | 294,123 |
(a) | Prior year distribution character information and accumulated net investment income/(distributions in excess of net investment income) has been modified or removed to conform with current year Regulation S-X presentation changes. See Note 7 in Notes to Financial Statements. |
See notes to financial statements
– 14 –
Statements of Changes in Net Assets | |
February 28, 2019 (Unaudited) | Concluded |
World Energy Fund | ||||||||
Six Months Ended February 28, 2019 (unaudited) | Year Ended August 31, 2018 | |||||||
From Investment Activities: | ||||||||
Operations: | ||||||||
Net investment income | $ | 336,808 | $ | 446,123 | ||||
Net realized gains/(losses) from investment transactions | (5,266,685 | ) | 2,501,270 | |||||
Change in unrealized appreciation/(depreciation) on investments | (4,277,441 | ) | 5,797,620 | |||||
Change in net assets resulting from operations | (9,207,318 | ) | 8,745,013 | |||||
Distributions to Shareholders from(a): | ||||||||
Investor Shares | (35,961 | ) | (33,476 | ) | ||||
Institutional Shares | (211,756 | ) | (253,387 | ) | ||||
A Shares | (32,056 | ) | (38,506 | ) | ||||
C Shares | (9,286 | ) | (6,916 | ) | ||||
Change in net assets from shareholder distributions | (289,059 | ) | (332,285 | ) | ||||
Change in net assets from capital transactions | (10,495,434 | ) | 1,572,526 | |||||
Change in net assets | (19,991,811 | ) | 9,985,254 | |||||
Net Assets(a): | ||||||||
Beginning of period | 58,077,966 | 48,092,712 | ||||||
End of period | $ | 38,086,155 | $ | 58,077,966 | ||||
Capital Transactions: | ||||||||
Investor Shares | ||||||||
Proceeds from shares issued | $ | 273,837 | $ | 5,187,439 | ||||
Dividends reinvested | 35,482 | 33,143 | ||||||
Cost of shares redeemed | (2,596,819 | ) | (7,889,268 | ) | ||||
Change in net assets from Investor Shares | (2,287,500 | ) | (2,668,686 | ) | ||||
Institutional Shares | ||||||||
Proceeds from shares issued | 2,850,976 | 19,350,868 | ||||||
Dividends reinvested | 136,796 | 164,221 | ||||||
Cost of shares redeemed | (10,503,378 | ) | (12,040,470 | ) | ||||
Change in net assets from Institutional Shares | (7,515,606 | ) | 7,474,619 | |||||
A Shares | ||||||||
Proceeds from shares issued | 67,785 | 4,199,302 | ||||||
Dividends reinvested | 31,952 | 38,390 | ||||||
Cost of shares redeemed | (483,383 | ) | (6,449,024 | ) | ||||
Change in net assets from A Shares | (383,646 | ) | (2,211,332 | ) | ||||
C Shares | ||||||||
Proceeds from shares issued | 32,115 | 208,969 | ||||||
Dividends reinvested | 9,261 | 6,898 | ||||||
Cost of shares redeemed | (350,058 | ) | (1,237,942 | ) | ||||
Change in net assets from C Shares | (308,682 | ) | (1,022,075 | ) | ||||
Change in net assets resulting from capital transactions: | $ | (10,495,434 | ) | $ | 1,572,526 | |||
Share Transactions: | ||||||||
Investor Shares | ||||||||
Issued | 32,733 | 558,356 | ||||||
Reinvested | 4,482 | 3,589 | ||||||
Redeemed | (326,713 | ) | (879,232 | ) | ||||
Change in Investor Shares | (289,498 | ) | (317,287 | ) | ||||
Institutional Shares | ||||||||
Issued | 355,805 | 2,073,112 | ||||||
Reinvested | 17,372 | 17,694 | ||||||
Redeemed | (1,327,705 | ) | (1,324,105 | ) | ||||
Change in Institutional Shares | (954,528 | ) | 766,701 | |||||
A Shares | ||||||||
Issued | 7,800 | 483,108 | ||||||
Reinvested | 4,125 | 4,170 | ||||||
Redeemed | (57,389 | ) | (671,605 | ) | ||||
Change in A Shares | (45,464 | ) | (184,327 | ) | ||||
C Shares | ||||||||
Issued | 3,863 | 22,514 | ||||||
Reinvested | 1,340 | 777 | ||||||
Redeemed | (44,010 | ) | (138,450 | ) | ||||
Change in C Shares | (38,807 | ) | (115,159 | ) | ||||
Change in shares: | (1,328,297 | ) | 149,928 |
(a) | Prior year distribution character information and accumulated net investment income/(distributions in excess of net investment income) has been modified or removed to conform with current year Regulation S-X presentation changes. See Note 7 in Notes to Financial Statements. |
See notes to financial statements
– 15 –
February 28, 2019 (Unaudited)
Principal Amount | Security Description | Amortized Cost | ||||||
U.S. Treasury Obligations (25.8%) | ||||||||
U.S. Treasury Notes | ||||||||
$ | 50,000,000 | 1.63%, 8/31/19 | $ | 49,757,833 | ||||
50,000,000 | 2.47%, (USBMMY3M + 5 bps), 10/31/19 (a) | 50,031,069 | ||||||
150,000,000 | 2.48%, (USBMMY3M + 6 bps), 7/31/19 (a) | 150,074,577 | ||||||
Total U.S. Treasury Obligations | 249,863,479 | |||||||
Repurchase Agreements (65.0%) | ||||||||
10,000,000 | Bank of Montreal, 2.50%, 3/1/19, (Purchased on 2/28/19, proceeds at maturity $10,000,694, collateralized by various U.S. Treasury Obligations, (0.88% - 4.38%), (10/31/20 - 2/15/47), fair value of $10,200,060) | 10,000,000 | ||||||
600,000 | Credit Agricole CIB, 2.50%, 3/1/19, (Purchased on 2/28/19, proceeds at maturity $600,042, collateralized by U.S. Treasury Obligation, (0.00%), (2/27/20), fair value of $612,041) | 600,000 | ||||||
165,000,000 | Credit Agricole CIB, 2.55%, 3/1/19, (Purchased on 2/28/19, proceeds at maturity $165,011,688, collateralized by U.S. Treasury Obligation, (0.13%), (7/15/26), fair value of $168,300,026) | 165,000,000 | ||||||
80,000,000 | Fixed Income Clearing Corporation - Bank of New York Mellon, 2.52%, 3/1/19, (Purchased on 2/28/19, proceeds at maturity$80,005,600, collateralized by U.S. Treasury Obligation, (0.00%), (2/27/20), fair value of $81,600,040) | 80,000,000 | ||||||
155,000,000 | Fixed Income Clearing Corporation - State Street Bank & Trust Co., 2.55%, 3/1/19, (Purchased on 2/28/19, proceeds at maturity $155,010,979, collateralized by various U.S. Treasury Obligations, (2.55%), (2/28/21 - 8/31/22), fair value of $158,101,543) | 155,000,000 |
Principal Amount | Security Description | Amortized Cost | ||||||
Repurchase Agreements, continued: | ||||||||
$ | 10,000,000 | Goldman Sachs & Co., 2.38%, 3/1/19, (Purchased on 2/28/19, proceeds at maturity $10,000,661, collateralized by various U.S. Treasury Obligations, (0.00% - 2.88%), (5/15/19 - 2/15/48), fair value of $10,200,000) | $ | 10,000,000 | ||||
100,000,000 | Mizuho Securities USA LLC, 2.54%, 3/1/19, (Purchased on 2/28/19, proceeds at maturity $100,007,056, collateralized by various U.S. Treasury Obligations, (0.00% - 2.50%), (3/5/19 -1/31/25), fair value of $102,000,047) | 100,000,000 | ||||||
100,000,000 | Nomura Securities International Inc., 2.56%, 3/1/19, (Purchased on 2/28/19, proceeds at maturity $100,007,111, collateralized by various U.S. Treasury Obligations, (0.00% - 3.63%), (3/28/19 - 8/15/25), fair value of $102,000,040) | 100,000,000 | ||||||
10,000,000 | Royal Bank of Canada New York, 2.45%, 3/1/19, (Purchased on 2/28/19, proceeds at maturity $10,000,681, collateralized by U.S. Treasury Obligation, (0.13%), (4/15/20), fair value of $10,200,093) | 10,000,000 | ||||||
Total Repurchase Agreements | 630,600,000 | |||||||
Investment Companies (9.3%) | ||||||||
37,000,000 | BlackRock Liquidity Funds T-Fund, Institutional Class, 2.32% | 37,000,000 | ||||||
26,329,297 | Goldman Sachs Financial Square Treasury Obligations Fund, 2.31% | 26,329,297 | ||||||
27,000,000 | Invesco Short-Term Investments Trust, Treasury Portfolio, Institutional Class, 2.30% | 27,000,000 | ||||||
Total Investment Companies | 90,329,297 | |||||||
Total Investments (Cost $970,792,776)(b) -100.1 % | 970,792,776 | |||||||
Liabilities in excess of other assets — (0.1)% | (815,837 | ) | ||||||
Net Assets -100.0% | $ | 969,976,939 |
(a) | Rate represents the effective yield at purchase. |
(b) | Cost and value for federal income tax and financial reporting purposes are the same. |
USBMMY3M | 3 Month Treasury Bill Rate |
See notes to financial statements
– 16 –
Schedule of Portfolio Investments | Government Securities Money Market Fund |
February 28, 2019 (Unaudited)
Principal Amount | Security Description | Amortized Cost | ||||||
U.S. Government Agency Securities (7.9%) | ||||||||
Federal Farm Credit Bank | ||||||||
$ | 30,000,000 | 2.35% (US0001M - 13 bps), 3/27/19 | $ | 29,999,892 | ||||
30,000,000 | 2.40% (US0001M - 12 bps), 5/7/19 | 29,999,976 | ||||||
59,999,868 | ||||||||
Federal Home Loan Bank | ||||||||
30,000,000 | 2.36% (SOFR - 100 bps), 5/13/19 | 30,000,000 | ||||||
30,000,000 | 2.38% (US0001M - 13 bps), 3/1/19 | 30,000,000 | ||||||
20,000,000 | 2.62% (US0003M - 16 bps), 6/12/19 | 20,006,549 | ||||||
80,006,549 | ||||||||
Total U.S. Government Agency Securities | 140,006,417 | |||||||
U.S. Treasury Obligations (26.3%) | ||||||||
U.S. Treasury Notes | ||||||||
60,000,000 | 0.88%, 9/15/19 | 59,456,749 | ||||||
60,000,000 | 1.25%, 8/31/19 | 59,609,388 | ||||||
60,000,000 | 1.50%, 5/31/19 | 59,850,873 | ||||||
50,000,000 | 1.63%, 3/31/19 | 49,966,694 | ||||||
60,000,000 | 1.63%, 8/31/19 | 59,709,400 | ||||||
40,000,000 | 2.47%, 10/31/19 (a) | 40,024,855 | ||||||
140,000,000 | 2.48% (USBMMY3M + 6 bps), 7/31/19 (a) | 140,069,157 | ||||||
Total U.S. Treasury Obligations | 468,687,116 | |||||||
Repurchase Agreements (55.5%) | ||||||||
40,000,000 | Bank of Montreal, 2.50%, 3/1/19, (Purchased on 2/28/19, proceeds at maturity $40,002,778, collateralized by various U.S. Treasury Obligations, (0.00% - 2.50%), (5/15/19 -2/15/45), fair value of $40,800,030) | 40,000,000 | ||||||
400,000 | Credit Agricole CIB, 2.50%, 3/1/19, (Purchased on 2/28/19, proceeds at maturity $400,028, collateralized by U.S. Treasury Obligation, (0.00%), (2/27/20), fair value of $408,060) | 400,000 | ||||||
240,000,000 | Credit Agricole CIB, 2.55%, 3/1/19, (Purchased on 2/28/19, proceeds at maturity $240,017,000, collateralized by various U.S. Treasury Obligations, (2.63% - 2.75%), (2/28/23 - 7/31/23), fair value of $244,800,057) | 240,000,000 | ||||||
120,000,000 | Fixed Income Clearing Corporation - Bank of New York Mellon, 2.52%, 3/1/19, (Purchased on 2/28/19, proceeds at maturity $120,008,400, collateralized by U.S. Treasury Obligation, (0.00%), (2/27/20), fair value of $122,400,061) | 120,000,000 | ||||||
225,000,000 | Fixed Income Clearing Corporation - State Street Bank & Trust Co., 2.55%, 3/1/19, (Purchased on 2/28/19, proceeds at maturity $225,015,938, collateralized by various U.S. Treasury Obligations, (2.55%), (2/28/21 - 8/31/22), fair value of $229,500,301) | 225,000,000 |
Principal Amount | Security Description | Amortized Cost | ||||||
Repurchase Agreements, continued: | ||||||||
$ | 40,000,000 | Goldman Sachs & Co., 2.39%, 3/1/19, (Purchased on 2/28/19, proceeds at maturity $40,002,656, collateralized by U.S. Treasury Obligation, (5.50%), (8/15/28), fair value of $40,800,001) | $ | 40,000,000 | ||||
100,000,000 | Mizuho Securities USA LLC, 2.54%, 3/1/19, (Purchased on 2/28/19, proceeds at maturity $100,007,056, collateralized by U.S. Treasury Obligation, (2.50%), (2/28/21), fair value of $102,000,016) | 100,000,000 | ||||||
180,000,000 | Nomura Securities International Inc., 2.56%, 3/1/19, (Purchased on 2/28/19, proceeds at maturity $180,012,800, collateralized by various U.S. Treasury Obligations, (0.00% - 2.63%), (5/31/19 - 2/29/24), fair value of $183,600,072) | 180,000,000 | ||||||
10,000,000 | Royal Bank of Canada New York, 2.46%, 3/1/19, (Purchased on 2/28/19, proceeds at maturity $10,000,683, collateralized by various U.S. Government Agency Obligations, (0.13% - 5.50%), (4/15/20 - 7/15/36), fair value of $10,200,023) | 10,000,000 | ||||||
30,000,000 | Wells Fargo Securities LLC, 2.51%, 3/1/19, (Purchased on 2/28/19, proceeds at maturity $30,002,092, collateralized by various U.S. Government Agency Obligations, (0.00% - 6.25%), (3/8/19 - 12/20/68), fair value of $30,600,040) | 30,000,000 | ||||||
Total Repurchase Agreements | 985,400,000 | |||||||
Investment Companies (10.3%) | ||||||||
53,000,000 | BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 2.34% | 53,000,000 | ||||||
67,000,000 | Federated Government Obligations Fund, Premier Class, 2.34% | 67,000,000 | ||||||
8,000,000 | Invesco Short-Term Investments Trust, Treasury Portfolio, Institutional Class, 2.30% | 8,000,000 | ||||||
54,810,816 | Invesco Short-Term Investments Trust, Government & Agency Portfolio, Institutional Class, 2.31% | 54,810,816 | ||||||
Total Investment Companies | 182,810,816 | |||||||
Total Investments (Cost $1,776,904,349)(b) - 100.0% | 1,776,904,349 | |||||||
Liabilities in excess of other assets — 0.0% | (72,937 | ) | ||||||
Net Assets - 100.0% | $ | 1,776,831,412 |
See notes to financial statements
– 17 –
Schedule of Portfolio Investments | Government Securities Money Market Fund |
February 28, 2019 (Unaudited) | Concluded |
(a) | Rate represents the effective yield at purchase. |
(b) | Cost and value for federal income tax and financial reporting purposes are the same. |
LIBOR | London Interbank Offered Rate |
SOFR | Secured Overnight Financing Rate |
US0001M | 1 Month US Dollar LIBOR |
US0003M | 3 Month US Dollar LIBOR |
USBMMY3M | 3 Month Treasury Bill Rate |
See notes to financial statements
– 18 –
Schedule of Portfolio Investments | Limited Duration Fund |
February 28, 2019 (Unaudited) |
Shares or Principal Amount | Security Description | Value | ||||||
Asset Backed Securities (8.7%) | ||||||||
$ | 1,886,554 | AccessLex Institute, Series 2007-1, Class C, 3.17% (US0003M + 40 bps), 10/25/35*(a) | $ | 1,766,954 | ||||
1,526,230 | Cazenovia Creek Funding II LLC, Series 2018-1A, Class A, 3.56%, 7/15/30(b) | 1,520,482 | ||||||
3,014 | Citigroup Mortgage Loan Trust, Inc., Series 2005-WF1, Class A5, 5.01%, 11/25/34*(c) | 3,034 | ||||||
466 | Countrywide Asset-Backed Certificates, Series 2002-S1, Class A5, 6.46%, 5/25/32*(c) | 468 | ||||||
7,087 | Countrywide Home Equity Loan Trust, Series 2004-C, Class C, 2.71% (US0001M + 22 bps), 1/15/34* | 6,993 | ||||||
1,227,559 | Fannie Mae Grantor Trust, Series 2003-T4, Class 2A5, 4.69%, 9/26/33*(c) | 1,330,246 | ||||||
474,054 | Fremont Home Loan Trust, Series 2004-3, Class 10A1, 4.36% (US0001M + 188 bps), 11/25/34* | 210,007 | ||||||
280 | IMC Home Equity Loan Trust, Series 1998-1, Class A6, 7.02%, 6/20/29(c) | 280 | ||||||
995,709 | New Century Home Equity Loan Trust, Series 2005-A, Class A4W, 4.68%, 8/25/35*(c) | 1,010,988 | ||||||
393,978 | Raspro Trust, Series 2005-1A, Class 10A1, 3.19% (US0003M + 40 bps), 3/23/24(d) | 393,794 | ||||||
168,470 | Residential Asset Mortgage Products, Inc., Series 2002-RS2, Class AI5, 6.03%, 3/25/32* | 170,573 | ||||||
9,165 | Saxon Asset Securities Trust, Series 2003-3, Class AF6, 4.73%, 12/25/33*(c) | 9,197 | ||||||
152,520 | Soundview Home Equity Loan Trust, Series 2005-B, Class M2, 6.23%, 5/25/35*(c) | 142,860 | ||||||
766,958 | Structured Asset Investment Loan, Series 2004-10, Class A4, 3.49% (US0001M + 100 bps), 11/25/34* | 767,828 | ||||||
1,100,342 | Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-6XS, Class A5A, 6.03%, 3/25/34*(c) | 1,115,759 | ||||||
1,143,876 | Sun Trust Student Loan Trust, Series 2006-1A, Class B, 3.03% (US0003M + 27 bps), 10/28/37(b) | 1,037,394 | ||||||
Total Asset Backed Securities | 9,486,857 | |||||||
Mortgage Backed Securities† (39.5%) | ||||||||
Alt-A - Adjustable Rate Mortgage Backed Securities (0.5%) | ||||||||
132,703 | Bear Stearns Alternative Trust, Series 2006-1, Class 21A2, 3.84%, 2/25/36*(c) | 114,769 | ||||||
13,024 | Bear Stearns Alternative Trust, Series 2005-5, Class 26A1, 3.92%, 7/25/35*(c) | 11,326 | ||||||
26,195 | Countrywide Alternative Loan Trust, Series 2005-24, Class 1A1, 3.64% (12MTA + 131 bps), 7/20/35* | 21,448 | ||||||
2,020 | Deutsche Mortgage Securities, Inc., Series 2006-ABR, Class A1B1, 2.59% (US0001M + 10 bps), 10/25/36* | 1,549 |
Shares or Principal Amount | Security Description | Value | ||||||
Mortgage Backed Securities†, continued: | ||||||||
Alt-A - Adjustable Rate Mortgage Backed Securities, continued: | ||||||||
$ | 18,461 | Deutsche Mortgage Securities, Inc., Series 2003-4XS, Class 10A1, 5.32% (US0003M + 119 bps), 10/25/33* | $ | 18,349 | ||||
6,854 | Deutsche Mortgage Securities, Inc., Series 2006-AB4, Class A1A, 6.00%, 10/25/36*(c) | 6,335 | ||||||
12,507 | First Horizon Alternative Mortgage Securities, Series 2004-AA3, Class A1, 4.39%, 9/25/34*(c) | 12,364 | ||||||
25,467 | JPMorgan Re-REMIC, Series 2009-7, Class 2A1, 6.00%, 2/27/37(c)(d) | 25,417 | ||||||
38,945 | Master Adjustable Rate Mortgage Trust, Series 2004-13, Class 2A1, 4.69%, 4/21/34*(c) | 39,973 | ||||||
18,675 | Nomura Asset Acceptance Corp., Series 2005-AR4, Class 3A1, 4.65%, 8/25/35*(c) | 18,658 | ||||||
209,609 | RBSSP Resecuritization Trust, Series 2009-5, Class 13A4, 3.01% (US0001M + 50 bps), 8/26/37(d) | 208,761 | ||||||
49,777 | Residential Accredit Loans, Inc., Series 2004-QA4, Class NB21, 4.70%, 9/25/34*(c) | 49,511 | ||||||
28,173 | Residential Accredit Loans, Inc., Series 2006-QA1, Class A21, 4.96%, 1/25/36*(c) | 25,122 | ||||||
553,582 | ||||||||
Alt-A - Fixed Rate Mortgage Backed Securities (0.9%) | ||||||||
16,691 | Chaseflex Trust, Series 2005-1, Class 2A4, 5.50%, 2/25/35* | 14,880 | ||||||
29,300 | Citigroup Mortgage Alternative Loan Trust, Series 2006-A3, Class 1A5, 6.00%, 7/25/36* | 28,023 | ||||||
5,507 | Countrywide Alternative Loan Trust, Series 2004-12CB, Class 1A1, 5.00%, 7/25/19* | 5,509 | ||||||
21,942 | Countrywide Alternative Loan Trust, Series 2005-J13, Class 2A3, 5.50%, 11/25/35* | 19,422 | ||||||
24,209 | Countrywide Alternative Loan Trust, Series 2006-2CB, Class A3, 5.50%, 3/25/36* | 17,634 | ||||||
25,147 | Countrywide Alternative Loan Trust, Series 2006-31CB, Class A16, 6.00%, 11/25/36* | 20,974 | ||||||
25,184 | Countrywide Alternative Loan Trust, Series 2006-43CB, Class 1A4, 6.00%, 2/25/37* | 20,755 | ||||||
165,894 | Countrywide Alternative Loan Trust, Series 2006-J8, Class A2, 6.00%, 2/25/37* | 115,639 | ||||||
76,660 | Countrywide Alternative Loan Trust, Series 2004-J8, Class 2A1, 7.00%, 8/25/34* | 78,444 | ||||||
60,605 | First Horizon Alternative Mortgage Securities, Series 2006-FA3, Class A6, 6.00%, 7/25/36* | 47,932 | ||||||
8,834 | Master Adjustable Rate Mortgage Trust, Series 2005-3, Class 4A1, 5.50%, 3/25/20* | 8,866 |
See notes to financial statements
– 19 –
Schedule of Portfolio Investments | Limited Duration Fund |
February 28, 2019 (Unaudited) | Continued |
Shares or Principal Amount | Security Description | Value | ||||||
Mortgage Backed Securities†, continued: | ||||||||
Alt-A - Fixed Rate Mortgage Backed Securities, continued: | ||||||||
$ | 138 | Master Alternative Loans Trust, Series 2004-3, Class 1A1, 5.00%, 3/25/19* | $ | 138 | ||||
5,760 | Master Alternative Loans Trust, Series 2005-1, Class 5A1, 5.50%, 1/25/20* | 5,823 | ||||||
4,860 | Master Alternative Loans Trust, Series 2004-3, Class 3A1, 6.00%, 4/25/34* | 5,074 | ||||||
413,833 | Master Alternative Loans Trust, Series 2004-3, Class 5A1, 6.50%, 3/25/34* | 436,316 | ||||||
21,659 | Master Alternative Loans Trust, Series 2004-1, Class 3A1, 7.00%, 1/25/34* | 22,046 | ||||||
4,651 | Master Alternative Loans Trust, Series 2004-3, Class 8A1, 7.00%, 4/25/34* | 5,003 | ||||||
1,844 | Residential Accredit Loans, Inc., Series 2003-QS14, Class A1, 5.00%, 7/25/18* | 1,822 | ||||||
2,963 | Residential Accredit Loans, Inc., Series 2004-QS13, Class CB, 5.00%, 9/25/19* | 2,978 | ||||||
9,071 | Residential Accredit Loans, Inc., Series 2004-QS6, Class A1, 5.00%, 5/25/19* | 9,035 | ||||||
44,373 | Residential Accredit Loans, Inc., Series 2006-QS6, Class 1A2, 6.00%, 6/25/36* | 39,869 | ||||||
46,571 | Residential Asset Securitization Trust, Series 2006-A9CB, Class A5, 6.00%, 9/25/36* | 26,559 | ||||||
37,088 | Residential Asset Securitization Trust, Series 2007-A5, Class 2A3, 6.00%, 5/25/37* | 31,711 | ||||||
23,734 | Wells Fargo Mortgage Backed Securities Trust, Series 2005-1, Class 2A3, 5.50%, 2/25/35* | 23,489 | ||||||
987,941 | ||||||||
Prime Adjustable Rate Mortgage Backed Securities (2.7%) | ||||||||
49,182 | Adjustable Rate Mortgage Trust, Series 2004-4, Class 1A1, 3.92%, 3/25/35*(c) | 48,022 | ||||||
8,292 | Adjustable Rate Mortgage Trust, Series 2005-1, Class 2A22, 4.73%, 5/25/35(c) | 8,389 | ||||||
344,141 | American Home Mortgage Investment Trust, Series 2006-2, Class 3A2, 6.70%, 6/25/36*(c) | 123,684 | ||||||
5,798 | Bank of America Mortgage Securities, Series 2004-E, Class 1A1, 4.34%, 6/25/34*(c) | 5,808 | ||||||
7,377 | Bank of America Mortgage Securities, Series 2006-B, Class 2A1, 4.45%, 11/20/36*(c) | 7,142 | ||||||
13,193 | Bank of America Mortgage Securities, Series 2006-A, Class 2A1, 4.54%, 2/25/36*(c) | 12,262 | ||||||
10,711 | Bank of America Mortgage Securities, Series 2003-H, Class 2A3, 4.68%, 9/25/33*(c) | 10,661 | ||||||
9,245 | Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-6, Class 1A1, 4.37%, 9/25/34*(c) | 8,895 | ||||||
45,379 | Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-4, Class 1A1, 4.51%, 10/25/36*(c) | 43,477 |
Shares or Principal Amount | Security Description | Value | ||||||
Mortgage Backed Securities†, continued: | ||||||||
Prime Adjustable Rate Mortgage Backed Securities, continued: | ||||||||
$ | 6,282 | Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-10, Class 15A1, 4.68%, 1/25/35*(c) | $ | 6,359 | ||||
11,324 | Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-9, Class A1, 4.73% (H15T1Y + 230 bps), 10/25/35* | 11,440 | ||||||
32,352 | Bear Stearns Mortgage Securities, Inc., Series 1997-6, Class 1A, 6.29%, 3/25/31*(c) | 32,215 | ||||||
18,832 | Chase Mortgage Finance Corp., Series 2007-A2, Class 10A1, 3.62%, 7/25/37*(c) | 16,645 | ||||||
19,189 | Citigroup Mortgage Loan Trust, Inc., Series 2005-3, Class 2A2A, 4.38%, 8/25/35(c) | 19,212 | ||||||
430,648 | Coast Savings & Loan Association, Series 1992-1, Class A, 3.03%, 7/25/22*(c) | 436,444 | ||||||
802,511 | COLT Morgage Loan Trust, Series 2016-1, Class A1, 3.00%, 5/25/46*(c)(d) | 799,112 | ||||||
284 | Countrywide Home Loans, Series 2003-42, Class 1A1, 3.99%, 9/25/33*(c) | 259 | ||||||
22,926 | Countrywide Home Loans, Series 2004-12, Class 10A1, 4.12%, 8/25/34*(c) | 22,676 | ||||||
14,872 | Countrywide Home Loans, Series 2003-58, Class 2A2, 4.68%, 2/19/34*(c) | 15,034 | ||||||
5,448 | Countrywide Home Loans, Series 2003-60, Class 2A1, 4.74%, 2/25/34*(c) | 5,409 | ||||||
40,070 | Credit Suisse First Boston Mortgage Securities Corp., Series 2002-AR28, Class CB3, 4.33%, 11/25/32*(c) | 17,532 | ||||||
41,908 | Credit Suisse First Boston Mortgage Securities Corp., Series 2004-AR7, Class 2A1, 4.39%, 11/25/34*(c) | 42,640 | ||||||
18,510 | First Horizon Mortgage Pass-Through Trust, Series 2005-AR4, Class 2A1, 4.09%, 10/25/35*(c) | 17,696 | ||||||
91,398 | GMAC Mortgage Corp. Loan Trust, Series 2005-AR6, Class 3A1, 4.19%, 11/19/35*(c) | 86,253 | ||||||
2,955 | GS Mortgage Securities Corp., Series 2009-3R, Class 2A1, 4.43%, 7/25/35(c)(d) | 2,951 | ||||||
28,241 | GSR Mortgage Loan Trust, Series 2005-AR7, Class 2A1, 4.31%, 11/25/35*(c) | 28,117 | ||||||
49,093 | GSR Mortgage Loan Trust, Series 2005-AR2, Class 1A2, 4.48%, 4/25/35*(c) | 49,225 | ||||||
90,602 | Harborview Mortgage Loan Trust, Series 2004-10, Class 3A1B, 4.24%, 1/19/35*(c) | 88,557 | ||||||
13,004 | Harborview Mortgage Loan Trust, Series 2005-14, Class 3A1A, 4.81%, 12/19/35*(c) | 12,818 | ||||||
36,790 | Indymac Index Mortgage Loan Trust, Series 2006-AR25, Class 4A2, 3.59%, 9/25/36*(c) | 36,259 |
See notes to financial statements
– 20 –
Schedule of Portfolio Investments | Limited Duration Fund |
February 28, 2019 (Unaudited) | Continued |
Shares or Principal Amount | Security Description | Value | ||||||
Mortgage Backed Securities†, continued: | ||||||||
Prime Adjustable Rate Mortgage Backed Securities, continued: | ||||||||
$ | 31,716 | Indymac Index Mortgage Loan Trust, Series 2006-AR13, Class A1, 3.67%, 7/25/36*(c) | $ | 26,923 | ||||
16,362 | Indymac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A, 3.96%, 8/25/34*(c) | 16,177 | ||||||
49,078 | Indymac Index Mortgage Loan Trust, Series 2006-AR19, Class 1A2, 3.96%, 8/25/36*(c) | 39,459 | ||||||
36,464 | Indymac Index Mortgage Loan Trust, Series 2004-AR4, Class 3A, 4.32%, 8/25/34*(c) | 35,774 | ||||||
3,647 | JPMorgan Mortgage Trust, Series 2006-A5, Class 3A4, 3.98%, 8/25/36*(c) | 3,413 | ||||||
3,964 | JPMorgan Mortgage Trust, Series 2005-A4, Class 3A1, 4.22%, 7/25/35*(c) | 4,013 | ||||||
2,007 | Merrill Lynch Mortgage Investors Trust, Series 2004-A1, Class 2A2, 4.46%, 2/25/34*(c) | 2,008 | ||||||
13,642 | Merrill Lynch Mortgage Investors Trust, Series 2004-A2, Class 1A, 4.51%, 7/25/34*(c) | 13,733 | ||||||
16,479 | MLCC Mortgage Investors, Inc., Series 2004-1, Class 2A2, 4.28%, 12/25/34*(c) | 16,525 | ||||||
20,132 | Morgan Stanley Mortgage Loan Trust, Series 2004-6AR, Class 3A, 4.36%, 8/25/34*(c) | 20,382 | ||||||
19,683 | Morgan Stanley Mortgage Loan Trust, Series 2004-6AR, Class 2A2, 4.62%, 8/25/34*(c) | 19,650 | ||||||
47,956 | Structured Adjustable Rate Mortgage Loan Trust, Series 2004-18, Class 1A2, 4.24%, 12/25/34*(c) | 46,211 | ||||||
86,028 | Structured Adjustable Rate Mortgage Loan Trust, Series 2004-4, Class 1A1, 4.44%, 4/25/34*(c) | 85,752 | ||||||
3,508 | Structured Adjustable Rate Mortgage Loan Trust, Series 2004-1, Class 3A1, 4.79%, 2/25/34*(c) | 3,545 | ||||||
13,299 | Structured Asset Mortgage Investments, Inc., Series 2005-AR7, Class 1A1, 4.05%, 12/27/35*(c) | 14,094 | ||||||
25,291 | Structured Asset Securities Corp., Series 2003-24A, Class 1A3, 4.52%, 7/25/33*(c) | 25,335 | ||||||
396,219 | Thornburg Mortgage Securities Trust, Series 2007-4, Class 3A1, 4.24%, 9/25/37*(c) | 397,017 | ||||||
5,167 | Wachovia Mortgage Loan Trust LLC, Series 2005-A, Class 4A2, 4.63%, 8/20/35*(c) | 708 | ||||||
13,585 | Washington Mutual, Series 2006-AR10, Class 1A2, 3.86%, 9/25/36*(c) | 12,844 | ||||||
2,566 | Washington Mutual, Series 2006-AR8, Class 1A1, 3.90%, 8/25/46*(c) | 2,419 | ||||||
9,154 | Washington Mutual, Series 2004-AR3, Class A2, 3.97%, 6/25/34*(c) | 9,310 |
Shares or Principal Amount | Security Description | Value | ||||||
Mortgage Backed Securities†, continued: | ||||||||
Prime Adjustable Rate Mortgage Backed Securities, continued: | ||||||||
$ | 12,069 | Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR10, Class A1B, 2.91 % (US0001M + 42 bps), 7/25/44* | $ | 11,960 | ||||
88,545 | Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR14, Class 1A1, 3.66%, 11/25/36*(c) | 83,234 | ||||||
8,984 | Wells Fargo Mortgage Backed Securities Trust, Series 2004-H, Class A1, 4.44%, 6/25/34*(c) | 9,168 | ||||||
5,764 | Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR9, Class 3A1, 4.56%, 6/25/34*(c) | 5,955 | ||||||
12,461 | Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR16, Class 1A1, 4.58%, 8/25/33*(c) | 12,659 | ||||||
5,447 | Wells Fargo Mortgage Backed Securities Trust, Series 2004-EE, Class 3A1, 4.63%, 12/25/34*(c) | 5,647 | ||||||
2,821 | Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR8, Class 2A4, 4.65%, 4/25/36*(c) | 2,819 | ||||||
9,492 | Wells Fargo Mortgage Backed Securities Trust, Series 2004-I, Class 1A1, 4.81%, 7/25/34*(c) | 9,722 | ||||||
30,757 | Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR1, Class 1A1, 5.08%, 2/25/35*(c) | 31,561 | ||||||
2,983,210 | ||||||||
Prime Fixed Mortgage Backed Securities (14.5%) | ||||||||
378,312 | Agate Bay Mortgage Trust, Series 2015-7, Class A6, 3.00%, 10/25/45*(c)(d) | 374,092 | ||||||
2,161,140 | Citigroup Mortgage Loan Trust, Series 2014-C, Class A, 3.25%, 2/25/54*(c)(d) | 2,145,018 | ||||||
19,729 | Citigroup Mortgage Loan Trust, Inc., Series 2003-1, Class WA2, 6.50%, 6/25/31* | 19,976 | ||||||
114,014 | Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM2, Class 1CB2, 6.75%, 8/25/34* | 120,099 | ||||||
18,961 | Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM2, Class 2CB3, 8.00%, 8/25/34* | 20,409 | ||||||
522,306 | COLT Morgage Loan Trust, Series 2016-1, Class A2, 3.50%, 5/25/46*(d) | 519,579 | ||||||
10,026 | Credit Suisse First Boston Mortgage Securities Corp., Series 2004-7, Class 5A1, 5.00%, 10/25/19* | 10,057 | ||||||
107,933 | Credit Suisse First Boston Mortgage Securities Corp., Series 2003-23, Class 1A11, 6.00%, 10/25/33 | 109,544 | ||||||
38,192 | Credit Suisse First Boston Mortgage Securities Corp., Series 2003-8, Class 5A1, 6.50%, 4/25/33* | 39,082 |
See notes to financial statements
– 21 –
Schedule of Portfolio Investments | Limited Duration Fund |
February 28, 2019 (Unaudited) | Continued |
Shares or Principal Amount | Security Description | Value | ||||||
Mortgage Backed Securities†, continued: | ||||||||
Prime Fixed Mortgage Backed Securities, continued: | ||||||||
$ | 28,089 | Credit Suisse First Boston Mortgage Securities Corp., Series 2003-1, Class 1A1, 7.00%, 2/25/33* | $ | 30,304 | ||||
75,983 | Credit Suisse First Boston Mortgage Securities Corp., Series 2002-10, Class 2B1, 7.50%, 5/25/32* | 46,533 | ||||||
118,907 | Credit Suisse First Boston Mortgage Securities Corp., Series 2002-34, Class 1A1, 7.50%, 12/25/32* | 130,591 | ||||||
1,184,462 | EverBank Mortgage Loan Trust, Series 2018-1, Class A4, 3.50%, 2/25/48*(c)(d) | 1,180,121 | ||||||
1,463,185 | Flagstar Mortgage Trust, Series: 2017-1, Class 1A5, 3.50%, 3/25/47*(c)(d) | 1,453,075 | ||||||
179,342 | Galton Funding Mortgage Trust, Series 2018-1, Class A43, 3.50%, 11/25/57*(d)(e) | 179,133 | ||||||
57,478 | GSR Mortgage Loan Trust, Series 2003-3F, Class 2A1, 4.50%, 4/25/33* | 56,083 | ||||||
7,924 | GSR Mortgage Loan Trust, Series 2005-8F, Class 7A1, 5.50%, 10/25/20* | 7,774 | ||||||
28,703 | GSR Mortgage Loan Trust, Series 2005-8F, Class 3A4, 6.00%, 11/25/35* | 21,516 | ||||||
1,992,238 | JPMorgan Mortgage Trust, Series 2017-3, Class 1A5, 3.50%, 8/25/47*(c)(d) | 1,980,330 | ||||||
1,316,977 | JPMorgan Mortgage Trust, Series 2018-1, Class A5, 3.50%, 6/25/48*(c)(d) | 1,308,315 | ||||||
885 | JPMorgan Re-REMIC, Series 2009-7, Class 12A1, 6.25%, 1/27/37(c)(d) | 885 | ||||||
15,146 | Lehman Mortgage Trust, Series 2005-3, Class 1A3, 5.50%, 1/25/36* | 12,437 | ||||||
1,884,268 | Onslow Bay Financial LLC, Series 2018-EXP2, Class 1A1, 4.00%, 11/25/48*(c)(d) | 1,894,756 | ||||||
2,940 | Prime Mortgage Trust, Series 2005-2, Class 1A3, 5.25%, 7/25/20* | 2,927 | ||||||
1,447,869 | PSMC Trust, Series 2018-1, Class A3, 3.50%, 2/25/48*(c)(d) | 1,441,966 | ||||||
11,307 | Residential Funding Mortgage Securities I, Series 2005-S7, Class A1, 5.50%, 11/25/35* | 10,498 | ||||||
21,003 | Residential Funding Mortgage Securities I, Series 2003-S9, Class A1, 6.50%, 3/25/32* | 21,434 | ||||||
1,094,916 | Sequoia Mortgage Trust, Series 2018-CH1, Class A10, 4.00%, 2/25/48*(c)(d) | 1,103,809 | ||||||
113,797 | Structured Asset Mortgage Investments, Inc., Series 1999-2, Class 3A, 6.75%, 5/25/29* | 118,809 | ||||||
1,476,330 | Verus Securitization Trust, Series 2017-SG1A, Class A1, 2.69%, 11/25/47*(c)(d) | 1,459,840 | ||||||
5,357 | Washington Mutual, Series 2003-S4, Class 4A1, 4.00%, 2/25/32* | 5,328 |
Shares or Principal Amount | Security Description | Value | ||||||
Mortgage Backed Securities†, continued: | ||||||||
Prime Fixed Mortgage Backed Securities, continued: | ||||||||
$ | 9,657 | Washington Mutual Mortgage Pass-Through Certificates, Series 2004-CB1, Class 5A, 5.00%, 6/25/19* | $ | 9,637 | ||||
5,105 | Washington Mutual Mortgage Pass-Through Certificates, Series 2004-CB4, Class 22A, 6.00%, 12/25/19* | 5,130 | ||||||
15,839,087 | ||||||||
Subprime Mortgage Backed Securities (5.0%) | ||||||||
1,170,959 | Towd Point Mortgage Trust, Series 2016-1, Class A1B, 2.75%, 2/25/55*(c)(d) | 1,157,687 | ||||||
1,064,509 | Towd Point Mortgage Trust, Series 2017-1, Class A1, 2.75%, 10/25/56*(c)(d) | 1,042,010 | ||||||
2,078,799 | Towd Point Mortgage Trust, Series 2017-2, Class A1, 2.75%, 4/25/57*(c)(d) | 2,036,720 | ||||||
1,216,691 | Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75%, 10/25/57*(c)(d) | 1,183,472 | ||||||
5,419,889 | ||||||||
U.S. Government Agency Mortgage Backed Securities (15.9%) | ||||||||
493,185 | Fannie Mae, Series 2013-68, Class 10A1, 1.00%, 3/25/42 | 457,181 | ||||||
317,907 | Fannie Mae, Series 2012-31, Class PA, 2.00%, 4/25/41 | 311,252 | ||||||
682,413 | Fannie Mae, Series 2012-51, Class EB, 2.00%, 1/25/40 | 663,273 | ||||||
731,512 | Fannie Mae, Series 2012-96, Class PD, 2.00%, 7/25/41 | 708,683 | ||||||
561,074 | Fannie Mae, Series 2013-18, Class 10A1, 2.00%, 12/25/42 | 540,537 | ||||||
312,136 | Fannie Mae, Series 2013-68, Class LE, 2.00%, 4/25/43 | 302,304 | ||||||
440,271 | Fannie Mae, Series 2011-126, Class ED, 2.25%, 4/25/40 | 431,924 | ||||||
230,857 | Fannie Mae, Series 2013-73, Class 10A1, 2.25%, 6/25/42 | 225,457 | ||||||
397,954 | Fannie Mae, Series 2013-74, Class 10A1, 2.25%, 6/25/42(c) | 388,730 | ||||||
76,029 | Fannie Mae, Series 2012-2, Class 10A1, 2.50%, 5/25/41 | 75,960 | ||||||
182,903 | Fannie Mae, Series 2011-118, Class 10A1, 3.00%, 11/25/41 | 183,637 | ||||||
138,697 | Fannie Mae, Series 2011 -124, Class 10A1, 3.00%, 9/25/29 | 138,751 | ||||||
680,836 | Fannie Mae, Series 2014-1, Class AB, 3.00%, 6/25/43 | 674,686 | ||||||
5,670 | Fannie Mae, 4.33% (H15T1Y + 187 bps), 12/1/22, Pool #303247 | 5,786 | ||||||
872,135 | Fannie Mae, Series 2003-W16, Class AF5, 4.40%, 11/25/33*(c) | 908,659 | ||||||
22,451 | Fannie Mae, 4.44% (US0012M + 132 bps), 1/1/35, Pool #805386 | 23,197 | ||||||
4,366 | Fannie Mae, 4.58% (H15T1Y + 216 bps), 6/1/32, Pool #725286 | 4,481 | ||||||
1,192,919 | Fannie Mae, Series 2003-W14, Class 2A, 4.59%, 1/25/43*(c) | 1,245,210 | ||||||
47,092 | Fannie Mae, 4.61% (H15T1Y + 229 bps), 2/1/30, Pool #556998 | 48,119 |
See notes to financial statements
– 22 –
Schedule of Portfolio Investments | Limited Duration Fund |
February 28, 2019 (Unaudited) | Continued |
Shares or Principal Amount | Security Description | Value | ||||||
Mortgage Backed Securities†, continued: | ||||||||
U.S. Government Agency Mortgage Backed Securities, continued: | ||||||||
$ | 20,157 | Fannie Mae, Series 2001-W4, Class AF6, 5.61%, 1/25/32*(c) | $ | 20,866 | ||||
1,701 | Fannie Mae, Series 1992-129, Class L, 6.00%, 7/25/22 | 1,764 | ||||||
19,650 | Fannie Mae, Series 2001-W2, Class AF6, 6.59%, 10/25/31*(c) | 20,781 | ||||||
12,297 | Fannie Mae, Series 2001-W1, Class AF6, 6.90%, 7/25/31*(c) | 13,915 | ||||||
73 | Fannie Mae, Series 1991-108, Class J, 7.00%, 9/25/21 | 75 | ||||||
353 | Fannie Mae, Series 1992-195, Class C, 7.50%, 10/25/22 | 368 | ||||||
1,000 | Fannie Mae, Series 1996-42, Class LL, 7.50%, 9/25/26 | 1,085 | ||||||
302,959 | Freddie Mac, Series 4146, Class 10A1, 1.50%, 10/15/42 | 297,225 | ||||||
1,258,417 | Freddie Mac, Series 4220, Class KC, 1.50%, 5/15/32 | 1,212,208 | ||||||
918,154 | Freddie Mac, Series 4039, Class ME, 2.00%, 12/15/40(c) | 898,323 | ||||||
262,947 | Freddie Mac, Series 3982, Class MD, 2.00%, 5/15/39 | 256,164 | ||||||
448,894 | Freddie Mac, Series 4019, Class GB, 2.00%, 12/15/41 | 424,702 | ||||||
711,811 | Freddie Mac, Series 4030, Class DA, 2.00%, 2/15/41 | 699,888 | ||||||
958,407 | Freddie Mac, Series 4079, Class WA, 2.00%, 8/15/40 | 926,694 | ||||||
1,242,002 | Freddie Mac, Series 4272, Class YG, 2.00%, 11/15/26 | 1,218,662 | ||||||
374,475 | Freddie Mac, Series 4408, Class GA, 2.00%, 9/15/41 | 364,154 | ||||||
91,231 | Freddie Mac, Series 3890, Class BA, 2.50%, 11/15/40 | 90,446 | ||||||
647,954 | Freddie Mac, Series 3913, Class PC, 2.50%, 3/15/41 | 637,524 | ||||||
673,260 | Freddie Mac, Series 4312, Class 10A1, 2.50%, 12/15/41 | 665,602 | ||||||
83,623 | Freddie Mac, Series 3752, Class JA, 2.75%, 4/15/40 | 83,320 | ||||||
12,555 | Freddie Mac, Series 3724, Class NE, 3.00%, 7/15/38 | 12,552 | ||||||
129,441 | Freddie Mac, Series 4017, Class MA, 3.00%, 3/15/41 | 128,121 | ||||||
798,794 | Freddie Mac, Series 4374, Class GA, 3.00%, 9/15/36 | 795,752 | ||||||
570,563 | Freddie Mac, Series T-67, Class 1A1C, 3.93%, 3/25/36*(c) | 573,834 | ||||||
17,004 | Freddie Mac, 4.00%, 9/1/33, Pool #N31025 | 17,320 | ||||||
29,020 | Freddie Mac, Series 3819, Class JP, 4.00%, 8/15/39 | 28,815 | ||||||
5,183 | Freddie Mac, 4.06% (US0006M + 154 bps), 4/1/36, Pool #1N0148 | 5,349 | ||||||
382,720 | Freddie Mac, Series 3688, Class HQ, 6.00%, 11/15/21 | 389,200 |
Shares or Principal Amount | Security Description | Value | ||||||
Mortgage Backed Securities†, continued: | ||||||||
U.S. Government Agency Mortgage Backed Securities, continued: | ||||||||
$ | 3,000 | Freddie Mac, Series 2454, Class LL, 6.25%, 4/15/32 | $ | 3,040 | ||||
754 | Freddie Mac, Series 180, Class H, 6.50%, 9/15/21* | 764 | ||||||
363 | Freddie Mac, Series 114, Class H, 6.95%, 1/15/21* | 365 | ||||||
844 | Freddie Mac, Series 1163, Class JA, 7.00%, 11/15/21* | 859 | ||||||
1,204 | Freddie Mac, Series 1474, Class E, 7.00%, 2/15/23* | 1,266 | ||||||
1,000 | Freddie Mac, Series 53, Class A, 7.13%, 7/20/26* | 1,043 | ||||||
1,664 | Freddie Mac, Series 1310, Class J, 8.00%, 6/15/22* | 1,759 | ||||||
1,188 | Freddie Mac, Series 1312, Class I, 8.00%, 7/15/22* | 1,260 | ||||||
384,085 | Government National Mortgage Assoc., Series 2013-69, Class 10A1, 2.00%, 9/20/42 | 346,326 | ||||||
26,899 | Government National Mortgage Assoc., Series 2012-14, Class PE, 3.00%, 11/20/40* | 26,736 | ||||||
2,954 | Government National Mortgage Assoc., 3.37% (H15T1Y + 150 bps), 1/20/23, Pool #8123 | 3,002 | ||||||
3,936 | Government National Mortgage Assoc., 3.37% (H15T1Y + 150 bps), 1/20/25, Pool #8580 | 4,029 | ||||||
2,150 | Government National Mortgage Assoc., 3.37% (H15T1Y + 150 bps), 3/20/26, Pool #8832 | 2,186 | ||||||
3,823 | Government National Mortgage Assoc., 3.37% (H15T1Y + 150 bps), 3/20/29, Pool #80263 | 3,848 | ||||||
5,466 | Government National Mortgage Assoc., 3.50% (H15T1Y + 150 bps), 1/20/25, Pool #8585 | 5,597 | ||||||
14,671 | Government National Mortgage Assoc., 3.62% (H15T1Y + 150 bps), 5/20/34, Pool #80916 | 15,130 | ||||||
1,669 | Government National Mortgage Assoc., 4.13% (H15T1Y + 150 bps), 12/20/21, Pool #8889 | 1,681 | ||||||
2,956 | Government National Mortgage Assoc., 4.13% (H15T1Y + 150 bps), 12/20/27, Pool #80141 | 3,050 | ||||||
5,665 | Government National Mortgage Assoc., 4.13% (H15T1Y + 150 bps), 11/20/29, Pool #876947 | 5,678 | ||||||
118 | Government National Mortgage Assoc., 6.50%, 12/15/25, Pool #414856 | 130 | ||||||
101 | Government National Mortgage Assoc., 7.00%, 4/20/24, Pool #1655 | 105 | ||||||
36 | Government National Mortgage Assoc., 7.00%, 11/20/26, Pool #2320 | 36 |
See notes to financial statements
– 23 –
Schedule of Portfolio Investments | Limited Duration Fund |
February 28, 2019 (Unaudited) | Continued |
Shares or Principal Amount | Security Description | Value | ||||||
Mortgage Backed Securities†, continued: | ||||||||
U.S. Government Agency Mortgage Backed Securities, continued: | ||||||||
$ | 306 | Government National Mortgage Assoc., 7.50%, 3/15/24, Pool #376439 | $ | 312 | ||||
17,550,738 | ||||||||
Total Mortgage Backed Securities | 43,334,447 | |||||||
Corporate Bonds (14.1%) | ||||||||
Banks (4.9%) | ||||||||
1,450,000 | Bank of America Corp., 3.55% (US0003M + 78 bps), 3/5/24, Callable 3/5/23 @ 100 * | 1,455,677 | ||||||
1,500,000 | Mizuho Financial Group, 2.95%, 2/28/22 | 1,484,845 | ||||||
1,000,000 | Mizuho Financial Group, Inc., 3.55%, 3/5/23 | 1,004,433 | ||||||
1,500,000 | Wells Fargo & Co., 2.63%, 7/22/22, MTN | 1,472,403 | ||||||
5,417,358 | ||||||||
Capital Markets (0.0%) | ||||||||
2,000,000 | Lehman Brothers Holdings, Inc., 6.00%, 7/19/12, MTN (e) | 39,000 | ||||||
Diversified Financial Services (1.4%) | ||||||||
1,500,000 | Korea Development Bank, 3.00%, 3/17/19 | 1,499,933 | ||||||
Diversified Telecommunication Services (1.6%) | ||||||||
1,743,000 | AT&T, Inc., 2.80%, 2/17/21, Callable 1/17/21 @ 100 * | 1,732,116 | ||||||
Interactive Media & Services (1.4%) | ||||||||
1,500,000 | Baidu, Inc., 3.88%, 9/29/23, Callable 8/29/23 @ 100 * | 1,512,705 | ||||||
Internet & Direct Marketing Re (1.1 %) | ||||||||
1,250,000 | eBay, Inc., 3.22% (US0003M + 48 bps), 8/1/19 | 1,250,797 | ||||||
Multiline Retail (1.9%) | ||||||||
2,010,000 | Macys Retail Holdings, Inc., 3.88%, 1/15/22, Callable 10/15/21 @ 100 * | 2,015,995 | ||||||
Sovereign Bond (1.4%) | ||||||||
500,000 | Export-Import Bank of Korea, 2.13%, 1/25/20 | 496,111 |
Shares or Principal Amount | Security Description | Value | ||||||
Corporate Bonds, continued: | ||||||||
Sovereign Bond, continued | ||||||||
$ | 1,050,000 | Export-Import Bank of Korea, 2.25%, 1/21/20 | $ | 1,043,567 | ||||
1,539,678 | ||||||||
Trading Companies & Distributors (0.4%) | ||||||||
447,000 | Aviation Capital Group LLC, 7.13%, 10/15/20 (d) | 469,836 | ||||||
Total Corporate Bonds | 15,477,418 | |||||||
Taxable Municipal Bonds (2.2%) | ||||||||
Delaware (0.9%) | ||||||||
1,000,000 | State of Delaware, Build America Bonds, GO, Series D, 5.60%, 10/1/29, Continuously Callable @100 | 1,014,360 | ||||||
Georgia (1.3%) | ||||||||
1,340,000 | State of Georgia, Build America Bonds, GO, Series H, 4.50%, 11/1/25 | 1,411,731 | ||||||
Total Taxable Municipal Bonds | 2,426,091 | |||||||
U.S. Treasury Obligations (26.0%) | ||||||||
U.S. Treasury Notes | ||||||||
14,208,000 | 0.88%, 6/15/19 | 14,146,394 | ||||||
5,500,000 | 2.25%, 2/29/20 | 5,483,672 | ||||||
2,000,000 | 2.63%, 7/15/21 | 2,005,313 | ||||||
2,500,000 | 2.63%, 6/30/23 | 2,511,133 | ||||||
4,200,000 | 2.88%, 8/15/28 | 4,256,930 | ||||||
Total U.S. Treasury Obligations | 28,403,442 | |||||||
Investment in Affiliates (7.7%) | ||||||||
8,396,966 | Cavanal Hill Government Securities Money Market Fund, Institutional Shares, 2.22%(f) | 8,396,966 | ||||||
Total Investment in Affiliates | 8,396,966 | |||||||
Total Investments (Cost $109,762,460)(g) - 98.2% | 107,525,221 | |||||||
Other assets in excess of liabilities — 1.8% | 1,922,412 | |||||||
Net Assets - 100.0% | $ | 109,447,633 |
See notes to financial statements
– 24 –
Schedule of Portfolio Investments | Limited Duration Fund |
February 28, 2019 (Unaudited) | Concluded |
(a) | The Adviser has deemed these securities to be illiquid according to the policies and procedures adopted by the Board of Trustees. At February 28, 2019, illiquid securities were 1.6% of the Fund’s net assets. |
(b) | Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed illiquid according to the policies and procedures adopted by the Board of Trustees. At February 28, 2019, illiquid securities were 2.3% of the Fund’s net assets. |
(c) | The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate presented is the rate in effect at February 28, 2019. |
(d) | Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed liquid according to the policies and procedures adopted by the Board of Trustees. |
(e) | Issuer has defaulted on the payment of interest. |
(f) | Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 28, 2019. |
(g) | Represents cost for financial reporting purposes. The cost for tax reporting purposes can be found in Note 4 in the Notes to Financial Statements. |
* | Represents next call date. Additional subsequent call dates and amounts may apply to this security. |
† | Mortgage backed securities are classified based on the characteristics of their underlying collateral, the fixed vs. variable nature of the obligations, and the credit standing of the mortgagors. The fixed or variable rate nature of securities interest payments to which the fund is entitled may not coincide with the payment nature of the collateral underlying the securities. |
12MTA | 12 Month Treasury Average |
GO | General Obligation |
H15T1Y | 1 Year Treasury Constant Maturity Rate |
LIBOR | London Interbank Offered Rate |
MTN | Medium Term Note |
Re-REMIC | Restructured Real Estate Mortgage Investment Conduits |
US0001M | 1 Month US Dollar LIBOR |
US0003M | 3 Month US Dollar LIBOR |
US0006M | 6 Month US Dollar LIBOR |
US0012M | 12 Month US Dollar LIBOR |
See notes to financial statements
– 25 –
Schedule of Portfolio Investments | Moderate Duration Fund |
February 28, 2019 (Unaudited) |
Shares or Principal Amount | Security Description | Value | ||||||
Asset Backed Securities (4.5%) | ||||||||
$ | 327,003 | AccessLex Institute, Series 2007-1, Class C, 3.17% (US0003M + 40 bps), 10/25/35*(a) | $ | 306,272 | ||||
56,631 | Aegis Asset Backed Securities Trust, Series 2004-4, Class A1, 3.21% (US0001M + 72 bps), 10/25/34* | 56,553 | ||||||
5,109 | Bear Stearns Asset Backed Securities, Inc., Series 2002-1, Class 1A5, 6.89%, 12/25/34*(b) | 5,190 | ||||||
104,881 | Raspro Trust, Series 2005-1A, Class 10A1, 3.19% (US0003M + 40 bps), 3/23/24(c) | 104,832 | ||||||
570,000 | SLM Student Loan Trust, Series 2012-7, Class B, 4.29% (US0001M + 180 bps), 9/25/43* | 555,672 | ||||||
202,950 | Vantage Data Centers Issuer LLC, Series 2018-1A, Class A2, 4.07%, 2/16/43*(c) | 204,186 | ||||||
Total Asset Backed Securities | 1,232,705 | |||||||
Mortgage Backed Securities† (28.6%) | ||||||||
Alt-A - Adjustable Rate Mortgage Backed Securities (0.9%) | ||||||||
243,931 | Sequoia Mortgage Trust, Series 2018-8, Class A4, 4.00%, 11/25/48*(b)(c) | 246,616 | ||||||
Alt-A - Fixed Rate Mortgage Backed Securities (2.8%) | ||||||||
4,110 | Bank of America Alternative Loan Trust, Series 2005-9, Class 5A1, 5.50%, 10/25/20* | 4,025 | ||||||
73,184 | Chaseflex Trust, Series 2005-2, Class 1A1, 6.00%, 6/25/35* | 69,176 | ||||||
5,081 | Countrywide Alternative Loan Trust, Series 2005-3CB, Class 1A4, 5.25%, 3/25/35* | 4,958 | ||||||
16,257 | Countrywide Alternative Loan Trust, Series 2004-5CB, Class 1A1, 6.00%, 5/25/34* | 16,488 | ||||||
87,313 | Countrywide Alternative Loan Trust, Series 2006-J8, Class A2, 6.00%, 2/25/37* | 60,863 | ||||||
70,395 | Deutsche Alternative-A Securities, Inc. Mortgage Loan Trust, Series 2006-AB2, Class A3, 5.05%, 6/25/36*(b) | 66,185 | ||||||
14,558 | Master Alternative Loans Trust, Series 2004-1, Class 4A1, 5.50%, 2/25/34* | 15,005 | ||||||
5,423 | Master Alternative Loans Trust, Series 2004-13, Class 12A1, 5.50%, 12/25/19* | 4,967 | ||||||
21,372 | Master Alternative Loans Trust, Series 2004-4, Class 1A1, 5.50%, 5/25/34* | 22,424 | ||||||
1,209 | Master Alternative Loans Trust, Series 2005-1, Class 5A1, 5.50%, 1/25/20* | 1,222 | ||||||
50,994 | Master Alternative Loans Trust, Series 2004-6, Class 10A1, 6.00%, 7/25/34* | 53,179 | ||||||
23,438 | Master Alternative Loans Trust, Series 2004-6, Class 7A1, 6.00%, 7/25/34* | 23,952 | ||||||
8,616 | Master Alternative Loans Trust, Series 2003-7, Class 6A1, 6.50%, 12/25/33* | 9,026 | ||||||
23,252 | Master Alternative Loans Trust, Series 2004-4, Class 8A1, 6.50%, 5/25/34* | 24,506 | ||||||
35,214 | Master Alternative Loans Trust, Series 2004-6, Class 6A1, 6.50%, 7/25/34* | 36,197 |
Shares or Principal Amount | Security Description | Value | ||||||
Mortgage Backed Securities†, continued: | ||||||||
Alt-A - Fixed Rate Mortgage Backed Securities, continued: | ||||||||
$ | 11,851 | Nomura Asset Acceptance Corp., Series 2005-AP1, Class 2A5, 4.85%, 2/25/35*(b) | $ | 11,964 | ||||
4,512 | Nomura Asset Acceptance Corp., Series 2005-WF1, Class 2A5, 5.16%, 3/25/35*(b) | 4,634 | ||||||
35,174 | Nomura Asset Acceptance Corp., Series 2005-AP2, Class A5, 5.48%, 5/25/35*(b) | 25,491 | ||||||
95,945 | Nomura Asset Acceptance Corp., Series 2006-AF1, Class 1A2, 6.16%, 5/25/36*(b) | 35,063 | ||||||
47,780 | Ocwen Residential MBS Corp., Series 1998-R1, Class B1, 4.02%, 10/25/40*(b)(c) | 46,296 | ||||||
481 | Residential Accredit Loans, Inc., Series 2003-QS18, Class A1, 5.00%, 9/25/18* | 484 | ||||||
11,240 | Residential Accredit Loans, Inc., Series 2005-QS2, Class A1, 5.50%, 2/25/35* | 11,113 | ||||||
9,499 | Residential Accredit Loans, Inc., Series 2006-QS18, Class 3A3, 5.75%, 12/25/21* | 8,959 | ||||||
16,382 | Residential Accredit Loans, Inc., Series 2006-QS5, Class A9, 6.00%, 5/25/36* | 14,880 | ||||||
32,396 | Residential Accredit Loans, Inc., Series 2006-QS12, Class 1A2, 6.50%, 9/25/36* | 23,285 | ||||||
50,032 | Residential Asset Securitization Trust, Series 2005-A14, Class A5, 5.50%, 12/25/35* | 39,714 | ||||||
68,507 | Residential Asset Securitization Trust, Series 2006-A8, Class 1A1, 6.00%, 8/25/36* | 59,152 | ||||||
69,269 | Washington Mutual Mortgage Pass-Through Certificates, Series 2005-6, Class 1CB, 6.50%, 8/25/35* | 65,403 | ||||||
758,611 | ||||||||
Prime Adjustable Rate Mortgage Backed Securities (1.8%) | ||||||||
11,448 | Bank of America Funding Corp., Series 2004-B, Class 5A1, 4.63%, 11/20/34*(b) | 11,133 | ||||||
11,707 | Bear Stearns Mortgage Trust, Series 2004-9, Class 12A3, 4.43%, 11/25/34*(b) | 11,673 | ||||||
4,148 | Bear Stearns Mortgage Trust, Series 2003-7, Class 4A, 4.66%, 10/25/33*(b) | 4,288 | ||||||
12,046 | Countrywide Home Loans, Series 2004-2, Class 2A1, 3.50%, 2/25/34*(b) | 11,511 | ||||||
12,737 | Countrywide Home Loans, Series 2004-12, Class 10A1, 4.12%, 8/25/34*(b) | 12,598 | ||||||
19,758 | HomeBanc Mortgage Trust, Series 2006-1, Class 1A1, 3.24%, 4/25/37*(b) | 17,406 | ||||||
7,089 | JPMorgan Mortgage Trust, Series 2006-A2, Class 2A1, 4.10% (US0003M + 101 bps), 4/25/36* | 6,811 | ||||||
34,681 | JPMorgan Mortgage Trust, Series 2006-A6, Class 1A4L, 4.23%, 10/25/36*(b) | 30,930 |
See notes to financial statements
– 26 –
Schedule of Portfolio Investments | Moderate Duration Fund |
February 28, 2019 (Unaudited) | Continued |
Shares or Principal Amount | Security Description | Value | ||||||
Mortgage Backed Securities†, continued: | ||||||||
Prime Adjustable Rate Mortgage Backed Securities, continued: | ||||||||
$ | 339,248 | JPMorgan Mortgage Trust, Series 2005-A6, Class 3A3, 4.36%, 9/25/35*(b) | $ | 316,560 | ||||
49,466 | JPMorgan Mortgage Trust, Series 2005-A1, Class 3A4, 4.54%, 2/25/35*(b) | 50,725 | ||||||
2,584 | Wachovia Mortgage Loan Trust LLC, Series 2005-A, Class 4A2, 4.63%, 8/20/35*(b) | 354 | ||||||
1,665 | Wells Fargo Mortgage Backed Securities Trust, Series 2004-E, Class A1, 4.38%, 5/25/34*(b) | 1,706 | ||||||
475,695 | ||||||||
Prime Fixed Mortgage Backed Securities (1.9%) | ||||||||
9,778 | American Home Mortgage Investment Trust, Series 2005-2, Class 5A1, 5.06%, 9/25/35*(b) | 9,351 | ||||||
17,878 | Chase Mortgage Finance Corp., Series 2007-S2, Class 2A1, 5.50%, 3/25/37* | 13,873 | ||||||
10,949 | Citigroup Mortgage Loan Trust, Inc., Series 2005-1, Class 3A1, 6.50%, 4/25/35 | 11,171 | ||||||
9,387 | Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM1, Class 1A3, 6.75%, 7/25/34* | 10,297 | ||||||
7,273 | Countrywide Alternative Loan Trust, Series 2003-J3, Class 2A1, 6.25%, 12/25/33* | 7,429 | ||||||
3,006 | Countrywide Home Loans, Series 2004-24CB, Class 2A1, 5.00%, 11/25/19* | 3,024 | ||||||
3,463 | Countrywide Home Loans, Series 2004-J6, Class 1A2, 5.25%, 8/25/24* | 3,398 | ||||||
11,188 | Countrywide Home Loans, Series 2005-29, Class A1, 5.75%, 12/25/35* | 9,543 | ||||||
1,207 | Credit Suisse First Boston Mortgage Securities Corp., Series 2004-1, Class 4A1, 5.00%, 2/25/19* | 1,210 | ||||||
25,417 | Credit Suisse First Boston Mortgage Securities Corp., Series 2003-27, Class 8A1, 6.00%, 11/25/33* | 26,522 | ||||||
10,011 | Credit Suisse First Boston Mortgage Securities Corp., Series 2003-8, Class 5A1, 6.50%, 4/25/33* | 10,244 | ||||||
300,702 | GSR Mortgage Loan Trust, Series 2004-13F, Class 2A1, 4.25%, 11/25/34* | 297,366 | ||||||
181 | GSR Mortgage Loan Trust, Series 2004-10F, Class 2A4, 5.00%, 8/25/19* | 180 | ||||||
904 | GSR Mortgage Loan Trust, Series 2003-2F, Class 3A1, 6.00%, 3/25/32* | 928 | ||||||
30,321 | Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 3A, 6.00%, 4/25/34* | 31,821 | ||||||
2,809 | Prime Mortgage Trust, Series 2004-CL1, Class 1A1, 6.00%, 2/25/34* | 2,953 | ||||||
67,048 | Residential Asset Mortgage Products, Inc., Series 2005-SL2, Class A3, 7.00%, 2/25/32* | 63,351 | ||||||
14,120 | Structured Asset Mortgage Investments, Inc., Series 1999-2, Class 3A, 6.75%, 5/25/29* | 14,742 |
Shares or Principal Amount | Security Description | Value | ||||||
Mortgage Backed Securities†, continued: | ||||||||
Prime Fixed Mortgage Backed Securities, continued: | ||||||||
$ | 172 | Structured Asset Securities Corp., Series 1997-2, Class 2A4, 7.25%, 3/28/30* | $ | 186 | ||||
1,848 | Washington Mutual Mortgage Pass-Through Certificates, Series 2003-S11, Class 1A, 5.00%, 11/25/33* | 1,842 | ||||||
908 | Washington Mutual Mortgage Pass-Through Certificates, Series 2004-RA1, Class 2A, 7.00%, 3/25/34* | 979 | ||||||
520,410 | ||||||||
Subprime Mortgage Backed Securities (1.4%) | ||||||||
126,246 | Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, 1/25/58*(b)(c) | 123,935 | ||||||
266,848 | Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25%, 3/25/58*(b)(c) | 263,069 | ||||||
387,004 | ||||||||
U.S. Government Agency Mortgage Backed Securities (19.8%) | ||||||||
61,648 | Fannie Mae, Series 2013-68, Class 10A1, 1.00%, 3/25/42 | 57,148 | ||||||
170,022 | Fannie Mae, Series 2012-10, Class TA, 2.00%, 3/25/38 | 167,676 | ||||||
370,039 | Fannie Mae, Series 2012-30, Class BA, 2.00%, 6/25/41 | 357,582 | ||||||
340,510 | Fannie Mae, Series 2012-8, Class KA, 2.00%, 6/25/41 | 332,358 | ||||||
93,512 | Fannie Mae, Series 2013-18, Class 10A1, 2.00%, 12/25/42 | 90,090 | ||||||
115,428 | Fannie Mae, Series 2013-73, Class 10A1, 2.25%, 6/25/42 | 112,728 | ||||||
159,182 | Fannie Mae, Series 2013-74, Class 10A1, 2.25%, 6/25/42(b) | 155,492 | ||||||
157,529 | Fannie Mae, Series 2010-100, Class LA, 2.50%, 7/25/40 | 154,140 | ||||||
38,014 | Fannie Mae, Series 2012-2, Class 10A1, 2.50%, 5/25/41 | 37,980 | ||||||
289,571 | Fannie Mae, Series 2014-61, Class P, 2.50%, 7/25/44 | 282,165 | ||||||
451,502 | Fannie Mae, Series 2015-12, Class PC, 2.50%, 7/25/44 | 437,875 | ||||||
385 | Fannie Mae, Series 1992-45, Class F, 2.58% (T7Y), 4/25/22 | 384 | ||||||
169,185 | Fannie Mae, Series 2011-118, Class 10A1, 3.00%, 11/25/41 | 169,864 | ||||||
34,674 | Fannie Mae, Series 2011-124, Class 10A1, 3.00%, 9/25/29 | 34,688 | ||||||
356,036 | Fannie Mae, Series 2012-50, Class LG, 3.00%, 9/25/40 | 350,434 | ||||||
364,719 | Fannie Mae, Series 2015-59, Class LM, 3.00%, 7/25/45 | 364,311 | ||||||
246,834 | Fannie Mae, Series 2018-M12, Class A1, 3.55%, 2/25/30 | 254,424 | ||||||
2,221 | Fannie Mae, 4.41% (US0012M + 162 bps), 9/1/33, Pool #739372 | 2,286 | ||||||
1,187 | Fannie Mae, 4.75% (H15T1Y + 250 bps), 7/1/23, Pool #224951 | 1,194 | ||||||
2,042 | Fannie Mae, 4.86% (US0012M + 186 bps), 1/1/37, Pool #906675 | 2,173 |
See notes to financial statements
– 27 –
Schedule of Portfolio Investments | Moderate Duration Fund |
February 28, 2019 (Unaudited) | Continued |
Shares or Principal Amount | Security Description | Value | ||||||
Mortgage Backed Securities†, continued: | ||||||||
U.S. Government Agency Mortgage Backed Securities, continued: | ||||||||
$ | 179 | Fannie Mae, 6.00%, 4/1/35, Pool #735503 | $ | 199 | ||||
41 | Fannie Mae, Series 1989-52, Class G, 6.00%, 8/25/19 | 41 | ||||||
950 | Fannie Mae, Series 1990-89, Class K, 6.50%, 7/25/20 | 965 | ||||||
1,485 | Fannie Mae, Series 2001-55, Class PC, 6.50%, 10/25/31 | 1,642 | ||||||
13,728 | Fannie Mae, Series 2003-W2, Class 1A2, 7.00%, 7/25/42* | 15,537 | ||||||
616 | Fannie Mae, Series 2002-T1, Class A3, 7.50%, 11/25/31* | 703 | ||||||
1,640 | Fannie Mae, Series 1992-31, Class M, 7.75%, 3/25/22 | 1,721 | ||||||
617 | Fannie Mae, Series G-32, Class L, 8.00%, 10/25/21 | 645 | ||||||
97 | Fannie Mae, Series G-32, Class N, 8.10%, 10/25/21 | 100 | ||||||
559 | Fannie Mae, Series 1991-66, Class J, 8.13%, 6/25/21 | 581 | ||||||
115 | Fannie Mae, Series 1991-18, Class H, 8.50%, 3/25/21 | 120 | ||||||
96 | Fannie Mae, Series G-7, Class E, 8.90%, 3/25/21 | 99 | ||||||
59 | Fannie Mae, Series 1990-62, Class G, 9.00%, 6/25/20 | 60 | ||||||
75,740 | Freddie Mac, Series 4146, Class 10A1, 1.50%, 10/15/42 | 74,306 | ||||||
176,105 | Freddie Mac, Series 4220, Class KC, 1.50%, 5/15/32 | 169,638 | ||||||
190,079 | Freddie Mac, Series 3936, Class LA, 2.00%, 6/15/40 | 187,279 | ||||||
207,851 | Freddie Mac, Series 4408, Class GA, 2.00%, 9/15/41 | 202,122 | ||||||
134,050 | Freddie Mac, Series 4461, Class EA, 2.00%, 7/15/37 | 127,153 | ||||||
86 | Freddie Mac, Series 1222, Class P, 2.28% (T10Y-40 bps), 3/15/22* | 85 | ||||||
274,249 | Freddie Mac, Series 4129, Class PA, 2.50%, 7/15/42 | 267,644 | ||||||
141,126 | Freddie Mac, Series 4312, Class 10A1, 2.50%, 12/15/41 | 139,520 | ||||||
203,524 | Freddie Mac, Series 4316, Class JY, 3.00%, 1/15/44 | 204,311 | ||||||
173,496 | Freddie Mac, Series 4332, Class NH, 3.00%, 9/15/43 | 171,614 | ||||||
228,532 | Freddie Mac, Series 4374, Class GA, 3.00%, 9/15/36 | 227,662 | ||||||
18,504 | Freddie Mac, 5.32% (H15T1Y + 228 bps), 8/1/34, Pool #755230 | 18,540 | ||||||
1,712 | Freddie Mac, Series 1136, Class H, 6.00%, 9/15/21* | 1,750 | ||||||
2,000 | Freddie Mac, Series 2454, Class LL, 6.25%, 4/15/32 | 2,027 | ||||||
963 | Freddie Mac, Series 1128, Class IB, 7.00%, 8/15/21* | 986 |
Shares or Principal Amount | Security Description | Value | ||||||
Mortgage Backed Securities†, continued: | ||||||||
U.S. Government Agency Mortgage Backed Securities, continued: | ||||||||
$ | 2,022 | Freddie Mac, Series 1379, Class H, 7.00%, 10/15/22* | $ | 2,106 | ||||
1,702 | Freddie Mac, Series 1714, Class K, 7.00%, 4/15/24* | 1,811 | ||||||
390 | Freddie Mac, Series 1052, Class G, 7.50%, 3/15/21* | 400 | ||||||
1,958 | Freddie Mac, Series 1904, Class D, 7.50%, 10/15/26* | 2,143 | ||||||
364 | Freddie Mac, Series 1119, Class H, 7.75%, 8/15/21* | 378 | ||||||
2,661 | Freddie Mac, Series 1281, Class I, 8.00%, 5/15/22* | 2,798 | ||||||
3,938 | Freddie Mac, Series 1310, Class J, 8.00%, 6/15/22* | 4,164 | ||||||
45 | Freddie Mac, Series 138, Class E, 8.07%, 7/15/21* | 46 | ||||||
69,566 | Government National Mortgage Assoc., Series 2013-104, Class DC, 2.00%, 4/20/40 | 68,666 | ||||||
82,304 | Government National Mortgage Assoc., Series 2013-69, Class 10A1, 2.00%, 9/20/42 | 74,213 | ||||||
44,964 | Government National Mortgage Assoc., Series 2010-69, Class MC, 2.50%, 4/20/40 | 44,514 | ||||||
6,099 | Government National Mortgage Assoc., 7.00%, 3/15/26, Pool #419128 | 6,109 | ||||||
100 | Government National Mortgage Assoc., 7.00%, 3/20/27, Pool #2394 | 110 | ||||||
1,140 | Government National Mortgage Assoc., 8.00%, 5/15/23, Pool #343406 | 1,143 | ||||||
702 | Government National Mortgage Assoc., 8.00%, 10/20/24, Pool #1884 | 745 | ||||||
71 | Government National Mortgage Assoc., 8.00%, 2/20/26, Pool #2171 | 76 | ||||||
177 | Government National Mortgage Assoc., 8.00%, 3/20/26, Pool #2187 | 189 | ||||||
1,832 | Government National Mortgage Assoc., 8.00%, 4/20/26, Pool #2205 | 1,953 | ||||||
4,550 | Government National Mortgage Assoc., 8.00%, 5/20/26, Pool #2219 | 4,890 | ||||||
5,398,496 | ||||||||
Total Mortgage Backed Securities | 7,786,832 | |||||||
Corporate Bonds (19.2%) | ||||||||
Banks (2.4%) | ||||||||
385,000 | Bank of America Corp., 3.55% (US0003M + 78 bps), 3/5/24, Callable 3/5/23 @ 100 * | 386,508 | ||||||
290,000 | Wells Fargo & Co., 3.00%, 10/23/26 | 276,758 | ||||||
663,266 | ||||||||
Beverages (1.7%) | ||||||||
300,000 | Keurig Dr Pepper, Inc., 3.55%, 5/25/21 (c) | 301,326 | ||||||
190,000 | Molson Coors Brewing Co., 3.00%, 7/15/26, Callable 4/15/26 @ 100 * | 174,902 | ||||||
476,228 |
See notes to financial statements
– 28 –
Schedule of Portfolio Investments | Moderate Duration Fund |
February 28, 2019 (Unaudited) | Continued |
Shares or Principal Amount | Security Description | Value | ||||||
Corporate Bonds, continued: | ||||||||
Biotechnology (1.3%) | ||||||||
$ | 350,000 | Amgen, Inc., 2.20%, 5/11/20 | $ | 346,777 | ||||
Capital Markets (3.8%) | ||||||||
290,000 | Goldman Sachs Group, Inc., 3.50%, 11/16/26, Callable 11/16/25 @ 100 * | 279,174 | ||||||
925,872 | Preferred Term Securities XX, Class B2, 3.24% (US0003M + 45 bps), 3/22/38, Callable 4/8/19 @ 100 *(c) | 754,585 | ||||||
1,033,759 | ||||||||
Diversified Financial Services (1.3%) | ||||||||
350,000 | BP Capital Markets America, Inc., 2.75%, 5/10/23 | 344,364 | ||||||
Diversified Telecommunication (0.1%) | ||||||||
39,000 | Qwest Corp., Series MBIA, 6.88%, 9/15/33, Callable 4/8/19 @ 100 * | 38,488 | ||||||
Diversified Telecommunication Services (1.3%) | ||||||||
360,000 | AT&T, Inc., 5.25%, 3/1/37, Callable 9/1/36 @ 100 * | 362,523 | ||||||
Equity Real Estate Investment Trusts (1.0%) | ||||||||
267,248 | JBG/Rockville NCI Campus LLC, Series 2010-A, 3.90%, 7/15/23 (c) | 270,873 | ||||||
Food Products (1.3%) | ||||||||
350,000 | Campbell Soup Co., 3.95%, 3/15/25, Callable 1/15/25 @ 100 * | 342,564 | ||||||
Hotels, Restaurants & Leisure (1.5%) | ||||||||
420,000 | Royal Caribbean Cruises, Ltd., 2.65%, 11/28/20 | 415,593 | ||||||
Industrial Conglomerates (1.3%) | ||||||||
375,000 | General Electric Co., 3.10%, 1/9/23 | 366,925 | ||||||
Multiline Retail (0.9%) | ||||||||
250,000 | Macys Retail Holdings, Inc., 2.88%, 2/15/23, Callable 11/15/22 @ 100 * | 232,763 | ||||||
Technology Hardware, Storage & Peripherals (1.3%) | ||||||||
350,000 | Apple, Inc., 3.20%, 5/11/27, Callable 2/11/27 @ 100 * | 345,819 | ||||||
Total Corporate Bonds | 5,239,942 | |||||||
Taxable Municipal Bonds (9.8%) | ||||||||
Illinois (1.8%) | ||||||||
500,000 | Rosemont Illinois State, GO, Series A, 2.76%, 12/1/19, Insured by: MAC | 497,310 | ||||||
Kansas (1.7%) | ||||||||
440,000 | Kansas State Development Finance Authority Revenue, Series H, 4.29%, 4/15/29 | 460,060 | ||||||
Missouri (0.6%) | ||||||||
165,000 | Hanley Road Corridor Transnational Development Missouri Transnational Tax Revenue, Build America Bonds, GO, 7.50%, 10/1/39, Continuously Callable @100 | 168,548 | ||||||
Rhode Island (1.5%) | ||||||||
400,000 | Rhode Island Convention Center Authority Revenue, 3.15%, 5/15/25 | 396,920 |
Shares or Principal Amount | Security Description | Value | ||||||
Taxable Municipal Bonds, continued: | ||||||||
South Carolina (1.2%) | ||||||||
$ | 350,000 | South Carolina Public Service Authority Revenue, Series D, 2.39%, 12/1/23 | $ | 334,348 | ||||
Texas (1.2%) | ||||||||
310,000 | University of Texas Revenue, Series B, 6.28%, 8/15/41, Continuously Callable @100 | 314,067 | ||||||
Wisconsin (1.8%) | ||||||||
465,000 | Public Financial Authority Wisconsin Revenue, 4.45%, 10/1/25, Insured by: AGC | 480,307 | ||||||
Total Taxable Municipal Bonds | 2,651,560 | |||||||
U.S. Government Agency Securities (9.1%) | ||||||||
Fannie Mae | ||||||||
750,000 | 2.00%, 7/28/21, Callable 4/28/19 @ 100 *(b)(d) | 742,758 | ||||||
Freddie Mac | ||||||||
1,750,000 | 2.00%, 11/23/21, Callable 5/23/19 @ 100 *(b)(d) | 1,732,066 | ||||||
Total U.S. Government Agency Securities | 2,474,824 | |||||||
U.S. Treasury Obligations (24.3%) | ||||||||
U.S. Treasury Inflation Indexed Notes | ||||||||
1,063,000 | 0.38%, 7/15/25 | 1,108,850 | ||||||
U.S. Treasury Notes | ||||||||
2,036,000 | 0.88%, 6/15/19 | 2,027,172 | ||||||
1,720,000 | 2.25%, 2/29/20 | 1,714,894 | ||||||
1,814,000 | 2.25%, 2/15/27 | 1,761,422 | ||||||
5,503,488 | ||||||||
Total U.S. Treasury Obligations | 6,612,338 | |||||||
Investment in Affiliates (4.1%) | ||||||||
1,123,966 | Cavanal Hill Government Securities Money Market Fund, Institutional Shares, 2.22%(e) | 1,123,966 | ||||||
Total Investment in Affiliates | 1,123,966 | |||||||
Total Investments (Cost $27,461,650)(f) - 99.6% | 27,122,167 | |||||||
Other assets in excess of liabilities — 0.4% | 112,602 | |||||||
Net Assets - 100.0% | $ | 27,234,769 |
See notes to financial statements
– 29 –
Schedule of Portfolio Investments | Moderate Duration Fund |
February 28, 2019 (Unaudited) | Concluded |
(a) | The Adviser has deemed these securities to be illiquid according to the policies and procedures adopted by the Board of Trustees. At February 28, 2019, illiquid securities were 1.1% of the Fund’s net assets. |
(b) | The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate presented is the rate in effect at February 28, 2019. |
(c) | Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed liquid according to the policies and procedures adopted by the Board of Trustees. |
(d) | Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate shown is the rate in effect at February 28, 2019. |
(e) | Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 28, 2019. |
(f) | Represents cost for financial reporting purposes. The cost for tax reporting purposes can be found in Note 4 in the Notes to Financial Statements. |
* | Represents next call date. Additional subsequent call dates and amounts may apply to this security. |
† | Mortgage backed securities are classified based on the characteristics of their underlying collateral, the fixed vs. variable nature of the obligations, and the credit standing of the mortgagors. The fixed or variable rate nature of securities interest payments to which the fund is entitled may not coincide with the payment nature of the collateral underlying the securities. |
AGC | Assured Guaranty Corporation |
GO | General Obligation |
H15T1Y | 1 Year Treasury Constant Maturity Rate |
LIBOR | London Interbank Offered Rate |
MAC | Municipal Assurance Corporation |
T10Y | 10 Year Treasury Constant Maturity Rate |
T7Y | 7 Year Treasury Constant Maturity Rate |
US0001M | 1 Month US Dollar LIBOR |
US0003M | 3 Month US Dollar LIBOR |
US0012M | 12 Month US Dollar LIBOR |
See notes to financial statements
– 30 –
Schedule of Portfolio Investments | Bond Fund |
February 28, 2019 (Unaudited) |
Shares or Principal Amount | Security Description | Value | ||||||
Asset Backed Securities (3.4%) | ||||||||
$ | 1,031,316 | AccessLex Institute, Series 2007-1, Class C, 3.17% (US0003M + 40 bps), 10/25/35*(a) | $ | 965,936 | ||||
1,000,000 | American Credit Acceptance Receivables Trust, Series 2017-4, Class C, 2.94%, 1/10/24*(b) | 997,401 | ||||||
9,707 | Bear Stearns Asset Backed Securities, Inc., Series 2002-1, Class 1A5, 6.89%, 12/25/34*(c) | 9,861 | ||||||
28,291 | Bear Stearns Asset Backed Securities, Inc., Series 2003-AC7, Class A1, 5.50%, 1/25/34*(c) | 28,210 | ||||||
572 | RAAC, Series 2004-SP1, Class AI4, 5.29%, 8/25/27*(c) | 574 | ||||||
950,000 | Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, 4.54%, 2/25/44* | 961,036 | ||||||
58,926 | Structured Asset Securities Corp., Series 2003-AL2, Class A, 3.36%, 1/25/31(b) | 57,654 | ||||||
504,900 | Vantage Data Centers Issuer LLC, Series 2018-1A, Class A2, 4.07%, 2/16/43*(b) | 507,976 | ||||||
Total Asset Backed Securities | 3,528,648 | |||||||
Mortgage Backed Securities† (27.2%) | ||||||||
Alt-A - Adjustable Rate Mortgage Backed Securities (0.1 %) | ||||||||
76,479 | Bear Stearns Alternative-A Trust, Series 2006-6, Class 32A1, 3.96%, 11/25/36*(c) | 63,005 | ||||||
22,884 | JPMorgan Alternative Loan Trust, Series 2006-S4, Class A6, 5.71%, 12/25/36*(c) | 21,638 | ||||||
84,643 | ||||||||
Alt-A - Fixed Rate Mortgage Backed Securities (1.2%) | ||||||||
16,153 | Bank of America Alternative Loan Trust, Series 2005-9, Class 1CB3, 5.50%, 10/25/35* | 15,959 | ||||||
20,849 | Bank of America Alternative Loan Trust, Series 2006-4, Class CB1, 6.50%, 5/25/46* | 21,234 | ||||||
43,910 | Chaseflex Trust, Series 2005-2, Class 1A1, 6.00%, 6/25/35* | 41,506 | ||||||
27,845 | Chaseflex Trust, Series 2007-1, Class 1A3, 6.50%, 2/25/37* | 16,473 | ||||||
82,588 | Countrywide Alternative Loan Trust, Series 2005-46CB, Class A3, 5.50%, 10/25/35* | 76,769 | ||||||
105,970 | Countrywide Alternative Loan Trust, Series 2006-8T1, Class 2A3, 5.50%, 4/25/36* | 100,705 | ||||||
12,215 | Countrywide Alternative Loan Trust, Series 2004-22CB, Class 1A1, 6.00%, 10/25/34* | 12,685 | ||||||
31,902 | Countrywide Alternative Loan Trust, Series 2006-8T1, Class 1A4, 6.00%, 4/25/36* | 23,909 | ||||||
226,854 | Countrywide Alternative Loan Trust, Series 2007-9T1, Class 1A7, 6.00%, 5/25/37* | 159,741 |
Shares or Principal Amount | Security Description | Value | ||||||
Mortgage Backed Securities†, continued: | ||||||||
Alt-A - Fixed Rate Mortgage Backed Securities, continued: | ||||||||
$ | 234,706 | Countrywide Alternative Loan Trust, Series 2006-36T2, Class 2A4, 6.25%, 12/25/36* | $ | 160,642 | ||||
19,693 | Master Alternative Loans Trust, Series 2003-8, Class 3A1, 5.50%, 12/25/33* | 20,161 | ||||||
4,208 | Master Alternative Loans Trust, Series 2004-13, Class 8A1, 5.50%, 1/25/25* | 4,232 | ||||||
35,618 | Master Alternative Loans Trust, Series 2005-3, Class 1A1, 5.50%, 4/25/35* | 35,953 | ||||||
10,676 | Master Alternative Loans Trust, Series 2004-10, Class 5A6, 5.75%, 9/25/34* | 10,678 | ||||||
58,214 | Master Alternative Loans Trust, Series 2004-3, Class 3A1, 6.00%, 4/25/34* | 60,786 | ||||||
63,743 | Master Alternative Loans Trust, Series 2004-6, Class 10A1, 6.00%, 7/25/34* | 66,474 | ||||||
23,438 | Master Alternative Loans Trust, Series 2004-6, Class 7A1, 6.00%, 7/25/34* | 23,952 | ||||||
30,030 | Master Alternative Loans Trust, Series 2005-3, Class 7A1, 6.00%, 4/25/35* | 30,988 | ||||||
5,144 | Master Alternative Loans Trust, Series 2003-7, Class 5A1, 6.25%, 11/25/33* | 5,255 | ||||||
14,022 | Master Alternative Loans Trust, Series 2004-3, Class 2A1, 6.25%, 4/25/34* | 14,709 | ||||||
23,402 | Residential Accredit Loans, Inc., Series 2006-QS5, Class A9, 6.00%, 5/25/36* | 21,257 | ||||||
253,112 | Residential Asset Securitization Trust, Series 2005-A9, Class A3, 5.50%, 7/25/35* | 211,835 | ||||||
138,633 | Residential Asset Securitization Trust, Series 2006-A2, Class A3, 6.00%, 5/25/36* | 97,457 | ||||||
1,233,360 | ||||||||
Prime Adjustable Rate Mortgage Backed Securities (0.3%) | ||||||||
9,704 | JPMorgan Mortgage Trust, Series 2006-A4, Class 3A1, 4.10%, 6/25/36*(c) | 8,554 | ||||||
305,829 | JPMorgan Mortgage Trust, Series 2005-A6, Class 2A4, 4.63%, 8/25/35*(c) | 307,638 | ||||||
27,657 | MLCC Mortgage Investors, Inc., Series 2004-HB1, Class A3, 4.11%, 4/25/29*(c) | 27,297 | ||||||
7,296 | Structured Adjustable Rate Mortgage Loan Trust, Series 2006-5, Class 4A1, 3.91%, 6/25/36*(c) | 6,245 | ||||||
1,292 | Wachovia Mortgage Loan Trust LLC, Series 2005-A, Class 4A2, 4.63%, 8/20/35*(c) | 177 | ||||||
349,911 | ||||||||
Prime Fixed Mortgage Backed Securities (6.9%) | ||||||||
3,077 | Chase Mortgage Finance Corp., Series 2002-S4, Class A23, 6.25%, 3/25/32* | 3,095 | ||||||
179,568 | Chaseflex Trust, Series 2006-2, Class A5, 4.68%, 9/25/36*(c) | 162,526 | ||||||
29,776 | Citigroup Mortgage Loan Trust, Inc., Series 2005-1, Class 3A1, 6.50%, 4/25/35 | 30,380 | ||||||
52,567 | Countrywide Home Loans, Series 2005-J1, Class 1A8, 5.50%, 2/25/35* | 52,707 |
See notes to financial statements
– 31 –
Schedule of Portfolio Investments | Bond Fund |
February 28, 2019 (Unaudited) | Continued |
Shares or Principal Amount | Security Description | Value | ||||||
Mortgage Backed Securities†, continued: | ||||||||
Prime Fixed Mortgage Backed Securities, continued: | ||||||||
$ | 8,658 | Countrywide Home Loans, Series 2004-18, Class A1, 6.00%, 10/25/34* | $ | 8,914 | ||||
9,711 | Countrywide Home Loans, Series 2004-21, Class A10, 6.00%, 11/25/34* | 10,019 | ||||||
99,821 | Countrywide Home Loans, Series 2007-J3, Class A10, 6.00%, 7/25/37* | 72,476 | ||||||
5,000 | Countrywide Home Loans Mortgage Pass, Series 2004-8, Class 1A3, 5.50%, 7/25/34* | 5,154 | ||||||
119,013 | Credit Suisse First Boston Mortgage Securities Corp., Series 2005-9, Class 3A1, 6.00%, 10/25/35* | 66,949 | ||||||
1,554 | Credit Suisse Mortgage Capital Certificates, Series 2006-8, Class 1A1, 4.50%, 10/25/21* | 1,482 | ||||||
129 | First Nationwide Trust, Series 2001-3, Class 1A1, 6.75%, 8/21/31 | 131 | ||||||
909,445 | Flagstar Mortgage Trust, Series 2018-5, Class A7, 4.00%, 9/25/48*(c) | 916,160 | ||||||
2,819 | GMAC Mortgage Corp. Loan Trust, Series 2003-GH2, Class A4, 5.50%, 10/25/33*(c) | 2,863 | ||||||
977,443 | GS Mortgage-Backed Securities Trust, Series 2018-RP1, Class A1A, 3.75%, 10/25/57*(b) | 981,956 | ||||||
504,540 | JPMorgan Mortgage Trust, Series 2017-3, Class 1A5, 3.50%, 8/25/47*(c) | 501,525 | ||||||
33,698 | JPMorgan Mortgage Trust, Series 2006-A2, Class 3A2, 4.37%, 4/25/36*(c) | 30,634 | ||||||
31,563 | JPMorgan Mortgage Trust, Series 2004-S2, Class 4A5, 6.00%, 11/25/34* | 31,033 | ||||||
366 | JPMorgan Re-REMIC, Series 2009-7, Class 12A1, 6.25%, 1/27/37(b)(c) | 366 | ||||||
38,039 | Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 3A, 6.00%, 4/25/34* | 39,921 | ||||||
9,763 | Nomura Asset Acceptance Corp., Series 2003-A1, Class A2, 6.00%, 5/25/33* | 9,865 | ||||||
1,036,348 | Onslow Bay Financial LLC, Series 2018-EXP2, Class 1A1, 4.00%, 11/25/48*(b) (c) | 1,042,115 | ||||||
166,507 | RAAC, Series 2004-SP2, Class A22, 6.00%, 1/25/32* | 165,669 | ||||||
581,691 | Sequoia Mortgage Trust, Series 2018-6, Class A4, 4.00%, 7/25/48*(b)(c) | 587,807 | ||||||
1,000,497 | Sequoia Mortgage Trust, Series 2018-8, Class A4, 4.00%, 11/25/48*(b)(c) | 1,011,509 | ||||||
38,789 | TBW Mortgage Backed Pass-Through Certificates, Series 2006-2, Class 7A1, 7.00%, 7/25/36* | 12,291 | ||||||
302,895 | Washington Mutual Mortgage Pass-Through Certificates, Series 2005-3, Class 1CB5, 5.50%, 5/25/35* | 293,928 | ||||||
10,020 | Washington Mutual Mortgage Pass-Through Certificates, Series 2004-CB1, Class 4A, 6.00%, 6/25/34* | 10,568 |
Shares or Principal Amount | Security Description | Value | ||||||
Mortgage Backed Securities†, continued: | ||||||||
Prime Fixed Mortgage Backed Securities, continued: | ||||||||
$ | 81,531 | Washington Mutual Mortgage Pass-Through Certificates, Series 2004-RA1, Class 2A, 7.00%, 3/25/34* | $ | 87,950 | ||||
3,497 | Wells Fargo Mortgage Backed Securities Trust, Series 2007-16, Class 1A1, 6.00%, 12/28/37* | 3,465 | ||||||
970,306 | WinWater Mortgage Loan Trust, Series 2015-1, Class A1, 3.50%, 1/20/45*(b) (c) | 959,358 | ||||||
7,102,816 | ||||||||
Subprime Mortgage Backed Securities (1.7%) | ||||||||
742,182 | Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75%, 10/25/57*(b)(c) | 721,918 | ||||||
336,657 | Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, 1/25/58*(b)(c) | 330,492 | ||||||
756,070 | Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25%, 3/25/58*(b)(c) | 745,364 | ||||||
1,797,774 | ||||||||
U.S. Government Agency Mortgage Backed Securities (17.0%) | ||||||||
279,243 | Fannie Mae, Series 2010-102, Class PE, 2.00%, 9/25/40 | 270,235 | ||||||
283,371 | Fannie Mae, Series 2012-10, Class TA, 2.00%, 3/25/38 | 279,459 | ||||||
431,762 | Fannie Mae, Series 2012-111, Class EC, 2.00%, 12/25/41 | 410,469 | ||||||
874,773 | Fannie Mae, Series 2012-30, Class BA, 2.00%, 6/25/41 | 845,321 | ||||||
912,432 | Fannie Mae, Series 2012-83, Class AH, 2.00%, 11/25/41 | 878,676 | ||||||
504,967 | Fannie Mae, Series 2013-18, Class 10A1, 2.00%, 12/25/42 | 486,484 | ||||||
379,619 | Fannie Mae, Series 2013-23, Class AB, 2.00%, 2/25/43 | 359,438 | ||||||
442,405 | Fannie Mae, Series 2012-30, Class CB, 2.25%, 10/25/41 | 429,746 | ||||||
230,857 | Fannie Mae, Series 2013-73, Class 10A1, 2.25%, 6/25/42 | 225,457 | ||||||
198,978 | Fannie Mae, Series 2013-74, Class 10A1, 2.25%, 6/25/42(c) | 194,366 | ||||||
263,240 | Fannie Mae, Series 2010-100, Class LA, 2.50%, 7/25/40 | 257,576 | ||||||
442,219 | Fannie Mae, Series 2012-111, Class QC, 2.50%, 5/25/42 | 432,891 | ||||||
76,029 | Fannie Mae, Series 2012-2, Class 10A1, 2.50%, 5/25/41 | 75,960 | ||||||
217,178 | Fannie Mae, Series 2014-61, Class P, 2.50%, 7/25/44 | 211,624 | ||||||
757,275 | Fannie Mae, Series 2016-10, Class BA, 3.00%, 3/25/46(c) | 755,951 | ||||||
182,903 | Fannie Mae, Series 2011-118, Class 10A1, 3.00%, 11/25/41 | 183,637 | ||||||
34,674 | Fannie Mae, Series 2011-124, Class 10A1, 3.00%, 9/25/29 | 34,688 | ||||||
887,527 | Fannie Mae, Series 2014-33, Class PE, 3.00%, 4/25/43 | 879,138 |
See notes to financial statements
– 32 –
Schedule of Portfolio Investments | Bond Fund |
February 28, 2019 (Unaudited) | Continued |
Shares or Principal Amount | Security Description | Value | ||||||
Mortgage Backed Securities†, continued: | ||||||||
U.S. Government Agency Mortgage Backed Securities, continued: | ||||||||
$ | 229,436 | Fannie Mae, Series 2014-72, Class KA, 3.00%, 10/25/44 | $ | 223,839 | ||||
731,989 | Fannie Mae, Series 2015-59, Class LM, 3.00%, 7/25/45 | 731,167 | ||||||
839,235 | Fannie Mae, Series 2018-M12, Class A1, 3.55%, 2/25/30 | 865,042 | ||||||
62,749 | Fannie Mae, Series 2012-16, Class K, 4.00%, 10/25/41 | 64,898 | ||||||
17 | Fannie Mae, 4.50%, 5/1/19, Pool #761398 | 18 | ||||||
20,190 | Fannie Mae, 4.91% (H15T1Y + 231 bps), 12/1/27, Pool #422279 | 20,709 | ||||||
469 | Fannie Mae, 5.00%, 8/1/33, Pool #730856 | 500 | ||||||
203 | Fannie Mae, 5.00%, 7/1/35, Pool #832198 | 216 | ||||||
293 | Fannie Mae, 5.50%, 2/1/33, Pool #683351 | 316 | ||||||
174 | Fannie Mae, 5.50%, 9/1/34, Pool #725773 | 189 | ||||||
3,211 | Fannie Mae, Series 1998-36, Class ZB, 6.00%, 7/18/28 | 3,476 | ||||||
1,000 | Fannie Mae, Series 2002-21, Class LL, 6.25%, 4/25/32 | 1,101 | ||||||
1,000 | Fannie Mae, Series 1994-51, Class LL, 6.75%, 3/25/24 | 1,066 | ||||||
8,076 | Fannie Mae, Series 1993-82, Class H, 7.00%, 5/25/23 | 8,506 | ||||||
2,885 | Fannie Mae, Series 1991-171, Class J, 8.00%, 12/25/21 | 3,030 | ||||||
49,381 | Fannie Mae Whole Loan, Series 2003-W6, Class 6A, 4.42%, 8/25/42*(c) | 50,277 | ||||||
21,269 | Fannie Mae Whole Loan, Series 2002-W11, Class AF5, 5.48%, 11/25/32*(c) | 21,645 | ||||||
166,628 | Freddie Mac, Series 4146, Class 10A1, 1.50%, 10/15/42 | 163,474 | ||||||
380,158 | Freddie Mac, Series 3936, Class LA, 2.00%, 6/15/40 | 374,559 | ||||||
197,703 | Freddie Mac, Series 3997, Class AE, 2.00%, 4/15/40 | 196,000 | ||||||
89,779 | Freddie Mac, Series 4019, Class GB, 2.00%, 12/15/41 | 84,940 | ||||||
1,085,312 | Freddie Mac, Series 4031, Class PA, 2.00%, 3/15/42 | 1,017,931 | ||||||
1,037,061 | Freddie Mac, Series 4137, Class GA, 2.00%, 2/15/42 | 991,558 | ||||||
223,417 | Freddie Mac, Series 4461, Class EA, 2.00%, 7/15/37 | 211,922 | ||||||
971,283 | Freddie Mac, Series 3913, Class PC, 2.50%, 3/15/41 | 955,648 | ||||||
271,144 | Freddie Mac, Series 4009, Class PK, 2.50%, 6/15/41* | 267,651 | ||||||
1,047,631 | Freddie Mac, Series 4129, Class PA, 2.50%, 7/15/42 | 1,022,400 | ||||||
602,050 | Freddie Mac, Series 4312, Class 10A1, 2.50%, 12/15/41 | 595,202 | ||||||
305,287 | Freddie Mac, Series 4316, Class JY, 3.00%, 1/15/44 | 306,467 | ||||||
328,813 | Freddie Mac, Series 4348, Class A, 3.00%, 6/15/39 | 329,675 |
Shares or Principal Amount | Security Description | Value | ||||||
Mortgage Backed Securities†, continued: | ||||||||
U.S. Government Agency Mortgage Backed Securities, continued: | ||||||||
$ | 576,670 | Freddie Mac, Series 4374, Class GA, 3.00%, 9/15/36 | $ | 574,474 | ||||
234,345 | Freddie Mac, Series 3721, Class PE, 3.50%, 9/15/40 | 238,769 | ||||||
81,062 | Freddie Mac, Series 3780, Class MK, 3.50%, 10/15/40 | 82,547 | ||||||
5,984 | Freddie Mac, 4.00% (H15T1Y + 213 bps), 4/1/24, Pool #409624 | 6,013 | ||||||
1,869 | Freddie Mac, Series 2610, Class VB, 5.50%, 7/15/24 | 1,938 | ||||||
230 | Freddie Mac, 6.00%, 7/1/35, Pool #A36085 | 248 | ||||||
2,418 | Freddie Mac, Series 2148, Class ZA, 6.00%, 4/15/29 | 2,616 | ||||||
1,369 | Freddie Mac, 6.50%, 2/1/36, Pool #G08113 | 1,550 | ||||||
15,662 | Freddie Mac, Series 2036, Class PD, 6.50%, 3/15/28 | 16,972 | ||||||
561 | Freddie Mac, Series 2278, Class H, 6.50%, 1/15/31 | 571 | ||||||
2,810 | Freddie Mac, Series 1281, Class I, 8.00%, 5/15/22* | 2,954 | ||||||
178,325 | Government National Mortgage Assoc., Series 2013-69, Class 10A1, 2.00%, 9/20/42 | 160,794 | ||||||
652,970 | Government National Mortgage Assoc., Series 2009-94, Class KB, 3.00%, 9/16/39 | 658,740 | ||||||
231,777 | Government National Mortgage Assoc., Series 2011-46, Class GJ, 3.25%, 1/16/41(c) | 231,437 | ||||||
42,554 | Government National Mortgage Assoc., Series 2009-93, Class HG, 4.00%, 9/16/39 | 43,798 | ||||||
3,294 | Government National Mortgage Assoc., 7.00%, 9/15/23, Pool #347688 | 3,409 | ||||||
10,984 | Government National Mortgage Assoc., 7.00%, 7/15/29, Pool #490215 | 11,850 | ||||||
4,772 | Government National Mortgage Assoc., 7.50%, 11/15/23, Pool #354701 | 5,014 | ||||||
1,186 | Government National Mortgage Assoc., 9.00%, 7/15/21, Pool #308511 | 1,198 | ||||||
17,769,430 | ||||||||
Total Mortgage Backed Securities | 28,337,934 | |||||||
Corporate Bonds (16.2%) | ||||||||
Banks (3.7%) | ||||||||
1,320,000 | Bank of America Corp., 3.55% (US0003M + 78 bps), 3/5/24, Callable 3/5/23 @ 100 * | 1,325,167 | ||||||
1,315,000 | BB&T Corp., 2.15%, 2/1/21, Callable 1/1/21 @ 100 *, MTN | 1,295,850 | ||||||
1,300,000 | Wells Fargo & Co., 3.00%, 10/23/26 | 1,240,637 | ||||||
3,861,654 |
See notes to financial statements
– 33 –
Schedule of Portfolio Investments | Bond Fund |
February 28, 2019 (Unaudited) | Continued |
Shares or Principal Amount | Security Description | Value | ||||||
Corporate Bonds, continued: | ||||||||
Beverages (1.2%) | ||||||||
$ | 745,000 | Keurig Dr Pepper, Inc., 4.42%, 5/25/25, Callable 3/25/25 @ 100 *(b) | $ | 758,626 | ||||
585,000 | Molson Coors Brewing Co., 3.00%, 7/15/26, Callable 4/15/26 @ 100 * | 538,514 | ||||||
1,297,140 | ||||||||
Capital Markets (1.4%) | ||||||||
1,300,000 | Goldman Sachs Group, Inc., 3.50%, 11/16/26, Callable 11/16/25 @ 100 * | 1,251,470 | ||||||
200,000 | Intercontinental Exchange, Inc., 3.10%, 9/15/27, Callable 6/15/27 @ 100 * | 193,614 | ||||||
1,445,084 | ||||||||
Diversified Financial Services (1.5%) | ||||||||
600,000 | BP Capital Markets America, Inc., 2.75%, 5/10/23 | 590,338 | ||||||
850,000 | Korea Development Bank, 2.75%, 3/19/23 | 833,569 | ||||||
1,423,907 | ||||||||
Diversified Telecommunication (0.2%) | ||||||||
107,000 | Qwest Corp., 6.88%, 9/15/33, Callable 4/8/19 @ 100 * | 104,639 | ||||||
118,000 | Qwest Corp., Series MBIA, 6.88%, 9/15/33, Callable 4/8/19 @ 100 * | 116,450 | ||||||
221,089 | ||||||||
Diversified Telecommunication Services (1.2%) | ||||||||
1,250,000 | AT&T, Inc., 5.25%, 3/1/37, Callable 9/1/36 @ 100 * | 1,258,762 | ||||||
Equity Real Estate Investment Trusts (0.4%) | ||||||||
400,872 | JBG/Rockville NCI Campus LLC, Series 2010-A, 3.90%, 7/15/23 (b) | 406,310 | ||||||
Food Products (2.1 %) | ||||||||
1,025,000 | Campbell Soup Co., 3.95%, 3/15/25, Callable 1/15/25 @ 100 * | 1,003,224 | ||||||
1,150,000 | Conagra Brands, Inc., 4.85%, 11/1/28, Callable 8/1/28 @ 100 * | 1,153,467 | ||||||
2,156,691 | ||||||||
Health Care Providers & Services (1.0%) | ||||||||
1,125,000 | Montefiore Medical Center, 2.15%, 10/20/26, Callable 4/20/26 @ 100 * | 1,077,105 | ||||||
Hotels, Restaurants & Leisure (0.3%) | ||||||||
345,000 | Royal Caribbean Cruises, 5.25%, 11/15/22 | 364,031 | ||||||
Industrial Conglomerates (1.1%) | ||||||||
1,120,000 | General Electric Co., 3.10%, 1/9/23 | 1,095,884 | ||||||
Multiline Retail (0.9%) | ||||||||
1,010,000 | Macys Retail Holdings, Inc., 2.88%, 2/15/23, Callable 11/15/22 @ 100 * | 940,362 | ||||||
Technology Hardware, Storage & Peripherals (1.2%) | ||||||||
1,300,000 | Apple, Inc., 3.20%, 5/11/27, Callable 2/11/27 @ 100 * | 1,284,472 | ||||||
Total Corporate Bonds | 16,832,491 | |||||||
Taxable Municipal Bonds (12.2%) | ||||||||
Georgia (2.3%) | ||||||||
2,235,000 | State of Georgia, Build America Bonds, GO, Series H, 4.50%, 11/1/25 | 2,354,639 |
Shares or Principal Amount | Security Description | Value | ||||||
Taxable Municipal Bonds, continued: | ||||||||
Kansas (1.5%) | ||||||||
$ | 1,510,000 | Kansas State Development Finance Authority Revenue, Series H, 4.29%, 4/15/29 | $ | 1,578,841 | ||||
Missouri (0.2%) | ||||||||
235,000 | Hanley Road Corridor Transnational Development Missouri Transnational Tax Revenue, Build America Bonds, GO, 7.50%, 10/1/39, Continuously Callable @100 | 240,053 | ||||||
New York (1.2%) | ||||||||
1,260,000 | New York City Transitional Finance Authority Revenue, Series F-3, 3.21 %, 5/1/29, Continuously Callable @100 | 1,210,545 | ||||||
Oklahoma (2.1%) | ||||||||
500,000 | Grand River Dam Authority Revenue, Series B, 4.55%, 6/1/39, Continuously Callable @100 | 523,500 | ||||||
1,650,000 | University of Oklahoma Health Sciences Center General Revenue, Series A, 3.87%, 7/1/32, Continuously Callable @100 | 1,660,362 | ||||||
2,183,862 | ||||||||
Pennsylvania (1.1%) | ||||||||
1,110,000 | City of Bethlehem Lehigh and Northampton Countries, GO, Series C, 5.15%, 11/1/34, Continuously Callable @100, AGM | 1,175,035 | ||||||
Texas (2.6%) | ||||||||
1,695,000 | Dallas Independent School District, Build America Bonds, GO, 6.45%, 2/15/35, Continuously Callable @100, Insured by: PSF-GTD | 1,799,327 | ||||||
945,000 | University of Texas Revenue, Series B, 6.28%, 8/15/41, Continuously Callable @100 | 957,398 | ||||||
2,756,725 | ||||||||
Utah (1.2%) | ||||||||
1,175,000 | Central Utah Water Conservancy District Taxable Water Conservancy Revenue, Build America Bonds, GO, 5.70%, 10/1/40, Continuously Callable @100 | 1,210,356 | ||||||
Total Taxable Municipal Bonds | 12,710,056 | |||||||
U.S. Government Agency Securities (9.3%) | ||||||||
Fannie Mae | ||||||||
1,650,000 | 2.00%, 7/28/21, Callable 4/28/19 @ 100 *(c)(d) | 1,634,068 | ||||||
2,000,000 | 2.00%, 4/28/26, Callable 4/28/19 @ 100 *(c) | 1,997,226 | ||||||
3,631,294 | ||||||||
Freddie Mac | ||||||||
1,650,000 | 2.00%, 5/25/21, Callable 5/25/19 @ 100 *(c)(d) | 1,646,794 | ||||||
1,670,000 | 2.00%, 8/25/21, Callable 5/25/19 @ 100 *(c) | 1,649,467 |
See notes to financial statements
– 34 –
Schedule of Portfolio Investments | Bond Fund |
February 28, 2019 (Unaudited) | Concluded |
Shares or Principal Amount | Security Description | Value | ||||||
U.S. Government Agency Securities, continued: | ||||||||
Freddie Mac, continued: | ||||||||
$ | 1,750,000 | Series 0005, 2.00%, 9/30/21, Callable 3/30/19 @ 100 *(c) | $ | 1,741,889 | ||||
1,000,000 | 2.50%, 6/9/21, Callable 6/9/19 @ 100 *(c) (d) | 997,378 | ||||||
6,035,528 | ||||||||
Total U.S. Government Agency Securities | 9,666,822 | |||||||
U.S. Treasury Obligations (27.1%) | ||||||||
U.S. Treasury Bonds | ||||||||
11,112,000 | 2.25%, 8/15/46 | 9,378,355 | ||||||
U.S. Treasury Inflation Indexed Notes | ||||||||
3,675,000 | 0.38%, 7/15/25 | 3,833,512 | ||||||
U.S. Treasury Notes | ||||||||
3,738,000 | 0.88%, 6/15/19 | 3,721,792 | ||||||
3,701,000 | 1.38%, 9/30/23 | 3,518,552 | ||||||
3,675,000 | 2.25%, 2/29/20 | 3,664,090 | ||||||
4,188,000 | 2.25%, 2/15/27 | 4,066,614 | ||||||
14,971,048 | ||||||||
Total U.S. Treasury Obligations | 28,182,915 |
Shares or Principal Amount | Security Description | Value | ||||||
Investment in Affiliates (4.3%) | ||||||||
$ | 4,465,090 | Cavanal Hill Government Securities Money Market Fund, Institutional Shares, 2.22%(e) | $ | 4,465,090 | ||||
Total Investment in Affiliates | 4,465,090 | |||||||
Total Investments (Cost $105,676,113)(f) - 99.7% | 103,723,956 | |||||||
Other assets in excess of liabilities — 0.3% | 305,900 | |||||||
Net Assets - 100.0% | $ | 104,029,856 |
(a) | The Adviser has deemed these securities to be illiquid according to the policies and procedures adopted by the Board of Trustees. At February 28, 2019, illiquid securities were 0.9% of the Fund’s net assets. |
(b) | Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed liquid according to the policies and procedures adopted by the Board of Trustees. |
(c) | The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate presented is the rate in effect at February 28, 2019. |
(d) | Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate shown is the rate in effect at February 28, 2019. |
(e) | Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 28, 2019. |
(f) | Represents cost for financial reporting purposes. The cost for tax reporting purposes can be found in Note 4 in the Notes to Financial Statements. |
* | Represents next call date. Additional subsequent call dates and amounts may apply to this security. |
† | Mortgage backed securities are classified based on the characteristics of their underlying collateral, the fixed vs. variable nature of the obligations, and the credit standing of the mortgagors. The fixed or variable rate nature of securities interest payments to which the fund is entitled may not coincide with the payment nature of the collateral underlying the securities. |
AGM | Assured Guaranty Municipal |
GO | General Obligation |
H15T1Y | 1 Year Treasury Constant Maturity Rate |
LIBOR | London Interbank Offered Rate |
PSF-GTD | Public School Fund Guaranteed |
Re-REMIC | Restructured Real Estate Mortgage Investment Conduits |
US0003M | 3 Month US Dollar LIBOR |
See notes to financial statements
– 35 –
Schedule of Portfolio Investments | Strategic Enhanced Yield Fund |
February 28, 2019 (Unaudited)
Shares or Principal Amount | Security Description | Value | ||||||
Asset Backed Securities (10.0%) | ||||||||
$ | 44,505 | Bayview Financial Mortgage Pass, Series 2005-D, Class AF4, 5.50%, 12/28/35*(a) | $ | 44,779 | ||||
65,520 | Bayview Opportunity Master Fund Trust, Series 2017-RT1, Class A1, 3.00%, 3/28/57*(a)(b) | 64,452 | ||||||
48,714 | Centex Home Equity Loan Trust, Series 2002-A, Class AF6, 5.54%, 1/25/32* | 48,982 | ||||||
76,852 | Centex Home Equity Loan Trust, Series 2005-A, Class AF5, 5.78%, 1/25/35*(a) | 76,393 | ||||||
21,898 | Countrywide Asset-Backed Certificates Trust, Series 2004-13, Class AF5B, 5.10%, 5/25/35*(a) | 22,123 | ||||||
7,791 | Credit-Based Asset Servicing & Securitization LLC, Series 2005-CB6, Class A4, 3.71%, 6/25/35*(a) | 7,763 | ||||||
13,526 | Equity One Mortgage Pass, Series 2003-4, Class AF5, 6.20%, 10/25/34*(a) | 13,490 | ||||||
3,596 | GMAC Mortgage Home Loan Trust, Series 2003-HE2, Class A4, 5.12%, 4/25/33*(a) | 3,587 | ||||||
50,000 | GSAA Home Equity Trust, Series 2005-1, Class M1, 5.30%, 11/25/34*(a) | 50,826 | ||||||
48,292 | Residential Asset Mortgage, Series 2004-RS12, Class MI1, 5.69%, 12/25/34*(a) | 49,310 | ||||||
49,423 | Residential Asset Securities Corp., Series 2004-KS8, Class MI1, 5.34%, 9/25/34*(a) | 50,510 | ||||||
149,272 | Specialty Underwriting & Residential Finance, Series 2003-BC4, Class A3B, 4.79%, 11/25/34*(a) | 145,922 | ||||||
578,137 | ||||||||
Mortgage Backed Securities† (52.8%) | ||||||||
Alt-A- Fixed Rate Mortgage Backed Securities (17.5%) | ||||||||
35,302 | Bear Stearns Asset-Backed Securities I Trust, Series 2004-AC3, Class A1, 5.75%, 6/25/34*(a) | 35,901 | ||||||
30,332 | Countrywide Alternative Loan Trust, Series 2004-16CB, Class 1A1, 5.50%, 7/25/34* | 31,205 | ||||||
35,569 | Countrywide Alternative Loan Trust, Series 2004-16CB, Class 3A1, 5.50%, 8/25/34* | 36,539 | ||||||
157,892 | Countrywide Alternative Loan Trust, Series 2003-22CB, Class 1A1, 5.75%, 12/25/33* | 160,898 | ||||||
49,210 | Countrywide Alternative Loan Trust, Series 2004-16CB, Class 4A3, 6.00%, 8/25/34* | 50,246 | ||||||
28,242 | Countrywide Alternative Loan Trust, Series 2004-J2, Class 2A1, 6.50%, 3/25/34* | 29,174 | ||||||
25,129 | MASTR Alternative Loan Trust, Series 2004-11, Class 6A1, 5.50%, 10/25/34* | 26,859 | ||||||
182,985 | MASTR Alternative Loans Trust, Series 2004-7, Class 1A1, 5.50%, 7/25/34* | 185,684 |
Shares or Principal Amount | Security Description | Value | ||||||
Mortgage Backed Securities†, continued: | ||||||||
Alt-A - Fixed Rate Mortgage Backed Securities, continued: | ||||||||
$ | 182,499 | MASTR Alternative Loans Trust, Series 2003-3, Class 2A5, 6.00%, 5/25/33* | $ | 190,425 | ||||
Alt-A - Fixed Rate Mortgage Backed Securities, continued: | ||||||||
76,305 | MASTR Alternative Loans Trust, Series 2004-5, Class 2A1, 6.00%, 6/25/34* | 79,245 | ||||||
97,000 | Residential Asset Securitization Trust, Series 2003-A7, Class A8, 5.00%, 7/25/33* | 98,561 | ||||||
52,000 | Residential Asset Securitization Trust, Series 2003-A10, Class A2, 5.20%, 9/25/33* | 52,870 | ||||||
31,550 | Structured Asset Securities Corp., Series 2004-4XS, Class A3A, 5.23%, 2/25/34*(a) | 32,123 | ||||||
1,009,730 | ||||||||
Prime Adjustable Rate Mortgage Backed Securities (5.0%) | ||||||||
21,431 | BCAP LLC Trust, Series 2012-RR1, Class 2A3, 4.08%, 3/26/35(a)(b) | 21,379 | ||||||
14,933 | Citigroup Mortgage Loan Trust, Inc., Series 2004-RR2, Class A2, 4.32%, 5/25/34(a) (b) | 15,333 | ||||||
99,610 | Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A5, 4.41%, 8/25/34*(a) | 98,871 | ||||||
55,368 | Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 3A, 4.39%, 7/25/34*(a) | 55,048 | ||||||
98,253 | Structured Adjustable Rate Mortgage Loan Trust, Series 2004-12, Class 3A2, 4.47%, 9/25/34*(a) | 97,107 | ||||||
287,738 | ||||||||
Prime Fixed Mortgage Backed Securities (26.0%) | ||||||||
30,597 | Banc of America Funding Trust, Series 2004-3, Class 1A9, 5.50%, 10/25/34* | 31,819 | ||||||
13,858 | Citicorp Mortgage Securities Trust, Series 2006-3, Class 1A19, 5.75%, 6/25/36* | 13,862 | ||||||
16,377 | Citicorp Mortgage Securities Trust, Series 2006-3, Class 1A3, 6.25%, 6/25/36* | 16,602 | ||||||
73,000 | Countrywide Home Loans, Series 2005-6, Class 1A3, 5.15%, 4/25/35* | 74,335 | ||||||
62,000 | Countrywide Home Loans, Series 2004-10, Class A4, 5.25%, 7/25/34* | 63,265 | ||||||
63,000 | Countrywide Home Loans, Series 2004-4, Class A4, 5.25%, 5/25/34* | 63,924 | ||||||
65,000 | Countrywide Home Loans, Series 2005-5, Class A4, 5.40%, 3/25/35* | 65,139 | ||||||
69,702 | Countrywide Home Loans, Series 2004-4, Class A9, 5.50%, 5/25/34* | 71,081 | ||||||
67,000 | Countrywide Home Loans Mortgage Pass, Series 2004-9, Class A5, 5.25%, 6/25/34* | 68,244 | ||||||
70,000 | Countrywide Home Loans Mortgage Pass, Series 2004-8, Class 1A3, 5.50%, 7/25/34* | 72,158 |
See notes to financial statements
– 36 –
Schedule of Portfolio Investments | Strategic Enhanced Yield Fund |
February 28, 2019 (Unaudited) | Concluded |
Shares or Principal Amount | Security Description | Value | ||||||
Mortgage Backed Securities†, continued: | ||||||||
Prime Fixed Mortgage Backed Securities, continued: | ||||||||
$ | 61,000 | Countrywide Home Loans Mortgage Pass, Series 2004-8, Class 1A7, 5.75%, 7/25/34* | $ | 63,611 | ||||
164,997 | Credit Suisse Mortgage Trust, Series 2013-IVR2, Class AD, 1.55%, 4/25/43*(a)(b) | 153,418 | ||||||
113,440 | Flagstar Mortgage Trust, Series 2017-2, Class A5, 3.50%, 10/25/47*(a)(b) | 113,273 | ||||||
44,459 | GMAC Mortgage Loan Trust, Series 2004-J2, Class A8, 5.75%, 6/25/34* | 45,351 | ||||||
187,477 | GSR Mortgage Loan Trust, Series 2004-10F, Class 6A1, 5.00%, 9/25/34* | 185,985 | ||||||
110,927 | JPMorgan Mortgage Trust, Series 2017-3, Class 1A6, 3.00%, 8/25/47*(a)(b) | 107,524 | ||||||
68,195 | JPMorgan Mortgage Trust, Series 2017-1, Class A5, 3.50%, 1/25/47*(a)(b) | 67,816 | ||||||
137,371 | Sequoia Mortgage Trust, Series 2013-4, Class A3, 1.55%, 4/25/43*(a) | 127,499 | ||||||
51,479 | Sequoia Mortgage Trust, Series 2017-1, Class A4, 3.50%, 2/25/47*(a)(b) | 51,236 | ||||||
46,000 | WaMu Mortgage Pass, Series 2004-RS1, Class A3, 5.50%, 11/25/33* | 46,592 | ||||||
1,502,734 | ||||||||
U.S. Government Agency Mortgage Backed Securities (4.3%) | ||||||||
142,219 | Fannie Mae, Series 2003-W14, Class 2A, 4.59%, 1/25/43*(a) | 148,453 | ||||||
100,251 | Freddie Mac, Series 4664, Class TC, 3.00%, 6/15/41 | 99,751 | ||||||
248,204 | ||||||||
Total Mortgage Backed Securities | 3,048,406 | |||||||
Corporate Bonds(5.5%) | ||||||||
Diversified Telecommunication Services (1.4%) | ||||||||
82,000 | AT&T, Inc., 5.25%, 3/1/37, Callable 9/1/36 @ 100 * | 82,575 |
Shares or Principal Amount | Security Description | Value | ||||||
Corporate Bonds, continued: | ||||||||
Food Products (0.5%) | ||||||||
$ | 33,000 | Campbell Soup Co., 4.15%, 3/15/28, Callable 12/15/27 @ 100 * | $ | 31,598 | ||||
Multiline Retail (1.7%) | ||||||||
100,000 | Macys Retail Holdings, Inc., 3.45%, 1/15/21, Callable 12/15/20 @ 100 * | 99,540 | ||||||
Tobacco (1.9%) | ||||||||
86,000 | Philip Morris International, Inc., 6.38%, 5/16/38 | 101,043 | ||||||
Total Corporate Bonds | 314,756 | |||||||
U.S. Treasury Obligations (27.1%) | ||||||||
U.S. Treasury Bonds | ||||||||
840,000 | 2.25%, 8/15/46 | 708,947 | ||||||
U.S. Treasury Notes | ||||||||
350,000 | 1.38%, 9/30/23 | 332,746 | ||||||
540,000 | 2.25%, 2/15/27 | 524,348 | ||||||
857,094 | ||||||||
Total U.S. Treasury Obligations | 1,566,041 | |||||||
Investment in Affiliates (3.7%) | ||||||||
214,061 | Cavanal Hill Government Securities Money Market Fund, Institutional Shares, 2.22%(c) | 214,061 | ||||||
Total Investment in Affiliates | 214,061 | |||||||
Total Investments (Cost $5,720,235)(d) - 99.1 % | 5,721,401 | |||||||
Other assets in excess of liabilities — 0.9% | 49,578 | |||||||
Net Assets - 100.0% | $ | 5,770,979 |
(a) | The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate presented is the rate in effect at February 28, 2019. |
(b) | Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed liquid according to the policies and procedures adopted by the Board of Trustees. |
(c) | Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 28, 2019. |
(d) | Represents cost for financial reporting purposes. The cost for tax reporting purposes can be found in Note 4 in the Notes to Financial Statements. |
* | Represents next call date. Additional subsequent call dates and amounts may apply to this security. |
† | Mortgage backed securities are classified based on the characteristics of their underlying collateral, the fixed vs. variable nature of the obligations, and the credit standing of the mortgagors. The fixed or variable rate nature of securities interest payments to which the fund is entitled may not coincide with the payment nature of the collateral underlying the securities. |
See notes to financial statements
– 37 –
Schedule of Portfolio Investments | Ultra Short Tax-Free Income Fund |
February 28, 2019 (Unaudited)
Shares or Principal Amount | Security Description | Value | ||||||
Municipal Bonds (99.6%) | ||||||||
Alaska (3.8%) | ||||||||
$ | 400,000 | Valdez Alaska Marine Terminal Revenue, Series C, 1.72%, 12/1/29, Continuously Callable @100, Insured by: GTY(a) | $ | 400,000 | ||||
Colorado (4.3%) | ||||||||
450,000 | City of Colorado Springs, Colorado Variable Rate Demand Utilities System Improvement Revenue, Series C, 1.71 %, 11/1/40, Continuously Callable @100, Barclays Bank(a) | 450,000 | ||||||
Florida (7.2%) | ||||||||
300,000 | Florida State Municipal Power Agency Revenue, Series C, 1.74%, 10/1/35, Continuously Callable @100, Enhanced by: LOC(a) | 300,000 | ||||||
450,000 | Palm Beach County Revenue, 1.77%, 7/1/32, Callable 4/1/19 @ 100, Northern Trust Co*(a) | 450,000 | ||||||
750,000 | ||||||||
Illinois (8.1%) | ||||||||
105,000 | Adams County School District No 172, GO, 4.00%, 2/1/20, BAM | 106,670 | ||||||
200,000 | Channahon Illinois, Morris Hospital Revenue, 1.76%, 12/1/34, Continuously Callable @100, U.S. Bank NA(a) | 200,000 | ||||||
235,000 | Cook County School District No 130 Blue Island, GO, 5.00%, 12/1/19, AGC | 240,649 | ||||||
300,000 | Cook County School District No 148 | |||||||
Dolton, GO, 5.00%, 12/1/19 | 306,069 | |||||||
853,388 | ||||||||
Indiana (4.8%) | ||||||||
500,000 | Vanderburgh County Redevelopment District Revenue, 3.25%, 7/1/19 | 501,385 | ||||||
Louisiana (3.7%) | ||||||||
385,000 | Louisiana Public Facilities Authority Revenue, Series B-3, 1.80%, 7/1/47, Continuously Callable @100, BNY(a) | 385,000 | ||||||
Missouri (4.0%) | ||||||||
420,000 | Health and Educational Facilities Authority of the State of Missouri Revenue, 1.76%, 2/1/31, Continuously Callable @100, BAM(a) | 420,000 | ||||||
Nevada (2.9%) | ||||||||
300,000 | County of Clark Nevada Industrial Development Revenue, Series A, 1.74%, 12/1/39, Continuously Callable @100, BAM(a) | 300,000 | ||||||
North Carolina (3.8%) | ||||||||
400,000 | North Carolina State Medical Care Commission Health Care Facilities Revenue, Series B, 1.71%, 10/1/38, Continuously Callable @100(a) | 400,000 | ||||||
Ohio (27.8%) | ||||||||
500,000 | City of Akron OH Income Tax Revenue, 3.50%, 12/10/19 | 506,155 | ||||||
500,000 | City of Lorain OH, GO, 3.50%, 7/17/19 | 502,775 |
Shares or Principal Amount | Security Description | Value | ||||||
Municipal Bonds, continued: | ||||||||
Ohio, continued: | ||||||||
$ | 400,000 | City of Moraine, Ohio, GO, 3.00%, 6/26/19 | $ | 400,936 | ||||
475,000 | City of Seven Hills, Ohio, GO, 2.88%, 4/10/19 | 475,434 | ||||||
500,000 | City of Whitehall OH Revenue, 3.50%, 12/11/19 | 504,470 | ||||||
200,000 | County of Belmont OH, GO, 3.00%, 1/29/20 | 201,686 | ||||||
300,000 | County of Perry, Ohio, GO, 3.63%, 8/21/19 | 302,730 | ||||||
2,894,186 | ||||||||
Oklahoma (1.3%) | ||||||||
130,000 | Caddo County Governmental Building Authority Revenue, 5.00%, 9/1/19 | 131,520 | ||||||
Oregon (4.4%) | ||||||||
450,000 | Salem Hospital Facility Authority Revenue, Series B, 1.71%, 8/15/34, Continuously Callable @100, U.S. Bank NA(a) | 450,000 | ||||||
Texas (12.6%) | ||||||||
400,000 | City of Eagle Pass TX, GO, 5.00%, 3/1/19, AGM | 400,033 | ||||||
400,000 | Fort Bend Country Municipal Utility District | |||||||
No 137, GO, 3.00%, 9/1/19, BAM | 402,456 | |||||||
500,000 | State of Texas Revenue, 4.00%, 8/29/19 | 505,545 | ||||||
1,308,034 | ||||||||
Utah (2.9%) | ||||||||
300,000 | Emery County Utah Pollution Control Revenue, 1.75%, 11/1/24, Continuously Callable @100, CIBC(a) | 300,000 | ||||||
Wisconsin (5.1%) | ||||||||
50,000 | City of Algoma, Kewaunee Country, Wisconsin, GO, Series A, 4.00%, 4/1/19 | 50,088 | ||||||
480,000 | Wisconsin Health & Educational Facilities Authority Revenue, 1.80%, 3/1/36, Callable 4/1/19 @ 100, JPM*(a) | 480,000 | ||||||
530,088 | ||||||||
Wyoming (2.9%) | ||||||||
300,000 | County of Lincoln Wyoming Revenue, 1.72%, 10/1/44, Continuously Callable @100, Exxon Mobil Corp.(a) | 300,000 | ||||||
Total Municipal Bonds | 10,373,601 | |||||||
Investment in Affiliates (0.4%) | ||||||||
41,198 | Cavanal Hill Government Securities Money Market Fund, Institutional Shares, 2.22%(b) | 41,198 | ||||||
Total Investment in Affiliates | 41,198 | |||||||
Total Investments (Cost $10,409,936)(c) - 100.0% | 10,414,799 | |||||||
Liabilities in excess of other assets — 0.0% | (1,465 | ) | ||||||
Net Assets -100.0% | $ | 10,413,334 |
See notes to financial statements
– 38 –
Schedule of Portfolio Investments | Ultra Short Tax-Free Income Fund |
February 28, 2019 (Unaudited) | Concluded |
(a) | Interest rate is determined by the Remarketing Agent. The rate presented is the rate in effect at February 28, 2019. |
(b) | Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 28, 2019. |
(c) | Represents cost for financial reporting purposes. The cost for tax reporting purposes can be found in Note 4 in the Notes to Financial Statements. |
* | Represents next call date. Additional subsequent call dates and amounts may apply to this security. |
AGC | Assured Guaranty Corporation |
AGM | Assured Guaranty Municipal |
BAM | Build America Mutual Assurance Co. |
BNY | Bank of New York Mellon |
CIBC | Canadian Imperial Bank of Commerce |
GO | General Obligation |
GTY | Guarantor Agreement |
JPM | J.P. Morgan Chase Bank |
LOC | Letter of Credit |
See notes to financial statements
– 39 –
Schedule of Portfolio Investments | Active Core Fund |
February 28, 2019 (Unaudited) |
Shares or Principal Amount | Security Description | Value | ||||||
Common Stocks (47.8%) | ||||||||
Aerospace & Defense (1.3%) | ||||||||
196 | BWX Technologies, Inc. | $ | 10,261 | |||||
519 | General Dynamics Corp. | 88,344 | ||||||
555 | Harris Corp. | 91,535 | ||||||
98 | L3 Technologies, Inc. | 20,752 | ||||||
309 | Lockheed Martin Corp. | 95,607 | ||||||
230 | Northrop Grumman Corp. | 66,691 | ||||||
398 | Raytheon Co. | 74,227 | ||||||
571 | Spirit AeroSystems Holdings, Inc., Class A | 56,415 | ||||||
135 | The Boeing Co. | 59,395 | ||||||
28 | TransDigm Group, Inc.(a) | 12,155 | ||||||
503 | United Technologies Corp. | 63,212 | ||||||
638,594 | ||||||||
Air Freight & Logistics (0.2%) | ||||||||
569 | Expeditors International of Washington, Inc. | 42,647 | ||||||
133 | FedEx Corp. | 24,073 | ||||||
401 | United Parcel Service, Inc., Class B | 44,190 | ||||||
110,910 | ||||||||
Airlines (0.2%) | ||||||||
193 | Alaska Air Group, Inc. | 11,908 | ||||||
1,249 | Delta Air Lines, Inc. | 61,925 | ||||||
761 | JetBlue Airways Corp.(a) | 12,709 | ||||||
184 | Southwest Airlines Co. | 10,311 | ||||||
201 | United Continental Holdings, Inc.(a) | 17,650 | ||||||
114,503 | ||||||||
Auto Components (0.1%) | ||||||||
149 | Aptiv PLC | 12,383 | ||||||
830 | Gentex Corp. | 16,882 | ||||||
217 | Lear Corp. | 32,999 | ||||||
62,264 | ||||||||
Automobiles (0.0%) | ||||||||
1,275 | Ford Motor Co. | 11,182 | ||||||
Banks (2.5%) | ||||||||
5,072 | Bank of America Corp. | 147,494 | ||||||
231 | BankUnited, Inc. | 8,429 | ||||||
1,344 | BB&T Corp. | 68,504 | ||||||
255 | Citigroup, Inc. | 16,315 | ||||||
570 | Comerica, Inc. | 49,653 | ||||||
775 | Commerce Bancshares, Inc. | 48,771 | ||||||
438 | Cullen/Frost Bankers, Inc. | 45,412 | ||||||
662 | East West Bancorp, Inc. | 36,152 | ||||||
659 | First Horizon National Corp. | 10,300 | ||||||
93 | First Republic Bank/CA | 9,763 | ||||||
815 | HSBC Holdings PLC ADR | 33,276 | ||||||
2,101 | JPMorgan Chase & Co. | 219,260 | ||||||
85 | M&T Bank Corp. | 14,710 | ||||||
2,368 | Old National Bancorp, Inc. | 42,103 | ||||||
167 | PacWest Bancorp | 6,850 | ||||||
1,554 | People’s United Financial, Inc. | 27,599 | ||||||
162 | SVB Financial Group(a) | 40,040 | ||||||
697 | The PNC Financial Services Group, Inc. | 87,836 | ||||||
2,673 | U.S. Bancorp | 138,167 | ||||||
1,893 | Umpqua Holdings Corp. | 34,415 | ||||||
643 | Wells Fargo & Co. | 32,079 | ||||||
536 | Western Alliance Bancorp(a) | 24,801 | ||||||
1,141,929 |
Shares or Principal Amount | Security Description | Value | ||||||
Common Stocks, continued: | ||||||||
Beverages (0.8%) | ||||||||
161 | Brown-Forman Corp., Class B | $ | 7,968 | |||||
93 | Constellation Brands, Inc., Class A | 15,732 | ||||||
419 | Keurig Dr Pepper, Inc. | 10,538 | ||||||
232 | Monster Beverage Corp.(a) | 14,809 | ||||||
1,724 | PepsiCo, Inc. | 199,363 | ||||||
3,022 | The Coca-Cola Co. | 137,017 | ||||||
385,427 | ||||||||
Biotechnology (1.0%) | ||||||||
576 | Amgen, Inc. | 109,486 | ||||||
208 | Biogen, Inc.(a) | 68,226 | ||||||
403 | BioMarin Pharmaceutical, Inc.(a) | 37,584 | ||||||
1,496 | Exelixis, Inc.(a) | 33,495 | ||||||
749 | Gilead Sciences, Inc. | 48,700 | ||||||
45 | Regeneron Pharmaceuticals, Inc.(a) | 19,383 | ||||||
561 | United Therapeutics Corp.(a) | 70,849 | ||||||
328 | Vertex Pharmaceuticals, Inc.(a) | 61,910 | ||||||
449,633 | ||||||||
Building Products (0.2%) | ||||||||
516 | Allegion PLC | 46,419 | ||||||
117 | Armstrong World Industries, Inc. | 8,562 | ||||||
175 | Lennox International, Inc. | 42,919 | ||||||
97,900 | ||||||||
Capital Markets (1.2%) | ||||||||
302 | Ameriprise Financial, Inc. | 39,752 | ||||||
70 | BlackRock, Inc. | 31,025 | ||||||
112 | CBOE Holdings, Inc. | 10,742 | ||||||
550 | CME Group, Inc. | 100,051 | ||||||
320 | E*Trade Financial Corp. | 15,677 | ||||||
286 | Eaton Vance Corp. | 11,969 | ||||||
52 | Evercore, Inc. | 4,789 | ||||||
121 | FactSet Research Systems, Inc. | 28,456 | ||||||
334 | Intercontinental Exchange, Inc. | 25,768 | ||||||
473 | LPL Financial Holdings, Inc. | 35,669 | ||||||
62 | Moody’s Corp. | 10,733 | ||||||
191 | Morgan Stanley | 8,018 | ||||||
420 | MSCI, Inc., Class A | 77,582 | ||||||
620 | Nasdaq, Inc. | 56,773 | ||||||
298 | S&P Global, Inc. | 59,710 | ||||||
617 | SEI Investments Co. | 32,547 | ||||||
137 | T. Rowe Price Group, Inc. | 13,759 | ||||||
65 | The Goldman Sachs Group, Inc. | 12,786 | ||||||
461 | Virtu Financial, Inc., Class A | 11,590 | ||||||
587,396 | ||||||||
Chemicals (0.6%) | ||||||||
168 | Air Products & Chemicals, Inc. | 30,438 | ||||||
735 | Axalta Coating Systems, Ltd.(a) | 19,647 | ||||||
78 | Celanese Corp., Class A | 7,979 | ||||||
700 | CF Industries Holdings, Inc. | 29,540 | ||||||
162 | Chemours Co. | 6,161 | ||||||
207 | DowDuPont, Inc. | 11,019 | ||||||
83 | Eastman Chemical Co. | 6,863 | ||||||
402 | Ecolab, Inc. | 67,901 | ||||||
67 | International Flavors & Fragrances, Inc. | 8,543 | ||||||
477 | LyondellBasell Industries NV, Class A | 40,792 | ||||||
140 | RPM International, Inc. | 8,102 | ||||||
49 | The Sherwin-Williams Co. | 21,227 |
See notes to financial statements
– 40 –
Schedule of Portfolio Investments | Active Core Fund |
February 28, 2019 (Unaudited) | Continued |
Shares or Principal Amount | Security Description | Value | ||||||
Common Stocks, continued: | ||||||||
Chemicals, continued | ||||||||
483 | Westlake Chemical Corp. | $ | 33,747 | |||||
291,959 | ||||||||
Commercial Services & Supplies (0.6%) | ||||||||
582 | Cintas Corp. | 120,242 | ||||||
4,765 | Covanta Holding Corp. | 80,910 | ||||||
129 | Republic SVCS, Inc. | 10,117 | ||||||
681 | Waste Management, Inc. | 68,951 | ||||||
280,220 | ||||||||
Communications Equipment (0.9%) | ||||||||
704 | Arista Networks, Inc.(a) | 200,815 | ||||||
3,539 | Cisco Systems, Inc. | 183,214 | ||||||
114 | Motorola Solutions, Inc. | 16,316 | ||||||
180 | Palo Alto Networks, Inc.(a) | 44,329 | ||||||
444,674 | ||||||||
Construction & Engineering (0.1%) | ||||||||
607 | AECOM Technology Corp.(a) | 18,793 | ||||||
1,234 | Fluor Corp | 46,398 | ||||||
65,191 | ||||||||
Consumer Finance (0.1%) | ||||||||
137 | American Express Co. | 14,760 | ||||||
62 | Credit Acceptance Corp.(a) | 27,271 | ||||||
651 | Santander Consumer USA Holdings, Inc. | 13,372 | ||||||
55,403 | ||||||||
Containers & Packaging (0.4%) | ||||||||
261 | AptarGroup, Inc. | 26,552 | ||||||
138 | Bemis Co., Inc. | 7,300 | ||||||
1,329 | Berry Plastics Group, Inc.(a) | 69,733 | ||||||
807 | Packaging Corp. of America | 77,140 | ||||||
119 | Sonoco Products Co. | 6,889 | ||||||
187,614 | ||||||||
Distributors (0.0%) | ||||||||
106 | Pool Corp. | 16,911 | ||||||
Diversified Consumer Services (0.1%) | ||||||||
144 | Bright Horizons Family Solutions, Inc.(a) | 17,856 | ||||||
942 | ServiceMaster Global Holdings, Inc.(a) | 42,541 | ||||||
60,397 | ||||||||
Diversified Financial Services (0.2%) | ||||||||
507 | Berkshire Hathaway, Inc., Class B(a) | 102,059 | ||||||
349 | Jefferies Financial Group, Inc. | 7,074 | ||||||
37 | Voya Financial, Inc. | 1,871 | ||||||
111,004 | ||||||||
Diversified Telecommunication Services (0.7%) | ||||||||
5,959 | AT&T, Inc. | 185,444 | ||||||
2,868 | Verizon Communications, Inc. | 163,247 | ||||||
348,691 | ||||||||
Electric Utilities (1.0%) | ||||||||
313 | Alliant Energy Corp. | 14,357 | ||||||
413 | Duke Energy Corp. | 37,030 | ||||||
187 | Eversource Energy | 13,054 | ||||||
782 | Exelon Corp. | 37,997 | ||||||
588 | NextEra Energy, Inc. | 110,380 | ||||||
1,698 | OGE Energy Corp. | 72,199 | ||||||
688 | Pinnacle West Capital Corp. | 64,493 | ||||||
2,653 | PPL Corp. | 85,347 | ||||||
979 | Xcel Energy, Inc. | 53,708 | ||||||
488,565 |
Shares or Principal Amount | Security Description | Value | ||||||
Common Stocks, continued: | ||||||||
Electrical Equipment (0.4%) | ||||||||
133 | AMETEK, Inc. | $ | 10,584 | |||||
248 | Eaton Corp. PLC | 19,783 | ||||||
1,779 | Emerson Electric Co. | 121,239 | ||||||
1,483 | nVent Electric PLC | 40,754 | ||||||
166 | Regal-Beloit Corp. | 13,904 | ||||||
52 | Rockwell Automation, Inc. | 9,285 | ||||||
215,549 | ||||||||
Electronic Equipment, Instruments & Components (0.8%) | ||||||||
601 | Amphenol Corp., Class A | 56,476 | ||||||
1,217 | CDW Corp. | 114,264 | ||||||
2,771 | Corning, Inc. | 96,459 | ||||||
698 | Keysight Technologies, Inc.(a) | 58,918 | ||||||
1,038 | Trimble Inc.(a) | 41,530 | ||||||
367,647 | ||||||||
Energy Equipment & Services (0.1 %) | ||||||||
514 | Apergy Corp.(a) | 21,577 | ||||||
145 | Helmerich & Payne, Inc. | 7,859 | ||||||
1,606 | RPC, Inc. | 17,265 | ||||||
46,701 | ||||||||
Entertainment (1.0%) | ||||||||
317 | Netflix, Inc.(a) | 113,518 | ||||||
842 | Take-Two Interactive Software(a) | 73,473 | ||||||
18 | The Madison Square Garden Co., Class A(a) | 5,187 | ||||||
2,031 | The Walt Disney Co. | 229,177 | ||||||
872 | Twenty-First Century Fox, Inc., Class A | 43,975 | ||||||
465,330 | ||||||||
Equity Real Estate Investment Trusts (2.4%) | ||||||||
1,340 | American Homes 4 Rent, Class A | 29,266 | ||||||
178 | American Tower Corp. | 31,355 | ||||||
751 | Apartment Investment & Management Co. | 36,746 | ||||||
698 | Apple Hospitality REIT, Inc. | 11,503 | ||||||
81 | AvalonBay Communities, Inc. | 15,765 | ||||||
91 | Boston Properties, Inc. | 12,075 | ||||||
1,027 | Brixmor Property Group, Inc. | 17,931 | ||||||
1,127 | Chesapeake Lodging Trust | 33,945 | ||||||
910 | Crown Castle International Corp. | 108,064 | ||||||
2,234 | CubeSmart | 68,450 | ||||||
645 | Digital Reality Trust, Inc. | 72,962 | ||||||
478 | Douglas Emmett, Inc. | 18,451 | ||||||
2,044 | Duke Realty Corp. | 60,441 | ||||||
46 | Equinix, Inc. | 19,481 | ||||||
311 | Equity LifeStyle Properties, Inc. | 33,787 | ||||||
789 | Equity Residential | 58,141 | ||||||
38 | Essex Property Trust, Inc. | 10,634 | ||||||
717 | Extra Space Storage, Inc. | 68,789 | ||||||
4,353 | Host Hotels & Resorts, Inc. | 85,362 | ||||||
563 | Lamar Advertising Co. | 43,672 | ||||||
64 | Mid-America Apartment Communities, Inc. | 6,629 | ||||||
1,175 | Prologis, Inc. | 82,321 | ||||||
394 | Public Storage | 83,327 | ||||||
164 | Realty Income Corp. | 11,342 | ||||||
128 | Regency Centers Corp. | 8,352 | ||||||
180 | Simon Property Group, Inc. | 32,609 | ||||||
149 | SL Green Realty Corp. | 13,517 | ||||||
499 | Vici Properties, Inc. | 10,634 |
See notes to financial statements
– 41 –
Schedule of Portfolio Investments | Active Core Fund |
February 28, 2019 (Unaudited) | Continued |
Shares or Principal Amount | Security Description | Value | ||||||
Common Stocks, continued: | ||||||||
Equity Real Estate Investment Trusts continued: | ||||||||
116 | Vornado Realty Trust | $ | 7,808 | |||||
272 | Weingarten Realty Investors | 7,836 | ||||||
443 | Weyerhaeuser Co. | 11,026 | ||||||
1,112,221 | ||||||||
Food & Staples Retailing (0.7%) | ||||||||
338 | Costco Wholesale Corp. | 73,934 | ||||||
793 | Sysco Corp. | 53,567 | ||||||
916 | US Foods Holding Corp.(a) | 32,280 | ||||||
137 | Walgreens Boots Alliance, Inc. | 9,753 | ||||||
1,762 | Wal-Mart Stores, Inc. | 174,421 | ||||||
343,955 | ||||||||
Food Products (0.8%) | ||||||||
316 | Archer-Daniels-Midland Co. | 13,430 | ||||||
176 | Campbell Soup Co. | 6,340 | ||||||
133 | Conagra Brands, Inc. | 3,108 | ||||||
1,441 | Hormel Foods Corp. | 62,482 | ||||||
710 | Kellogg Co. | 39,945 | ||||||
71 | McCormick & Co. | 9,655 | ||||||
2,799 | Mondelez International, Inc., Class A | 132,000 | ||||||
133 | The Kraft Heinz Co. | 4,414 | ||||||
1,485 | Tyson Foods, Inc., Class A | 91,565 | ||||||
362,939 | ||||||||
Gas Utilities (0.2%) | ||||||||
125 | Atmos Energy Corp. | 12,356 | ||||||
1,253 | UGI Corp. | 68,790 | ||||||
81,146 | ||||||||
Health Care Equipment & Supplies (1.9%) | ||||||||
1,103 | Abbott Laboratories | 85,615 | ||||||
114 | ABIOMED, Inc.(a) | 38,133 | ||||||
24 | Align Technology, Inc.(a) | 6,215 | ||||||
1,702 | Baxter International, Inc. | 127,190 | ||||||
138 | Becton, Dickinson & Co. | 34,333 | ||||||
634 | Danaher Corp. | 80,531 | ||||||
493 | Edwards Lifesciences Corp.(a) | 83,460 | ||||||
675 | Hill-Rom Holdings, Inc. | 71,584 | ||||||
2,903 | Hologic, Inc.(a) | 136,877 | ||||||
47 | IDEXX Laboratories, Inc.(a) | 9,918 | ||||||
63 | Intuitive Surgical, Inc.(a) | 34,499 | ||||||
786 | Medtronic PLC | 71,133 | ||||||
80 | ResMed, Inc. | 8,194 | ||||||
196 | Stryker Corp. | 36,948 | ||||||
196 | Teleflex, Inc. | 56,809 | ||||||
881,439 | ||||||||
Health Care Providers & Services (1.3%) | ||||||||
532 | Anthem, Inc. | 159,988 | ||||||
726 | Centene Corp.(a) | 44,206 | ||||||
72 | Cigna Corp. | 12,560 | ||||||
56 | Coyetrus, Inc.(a) | 2,004 | ||||||
155 | CVS Health Corp. | 8,964 | ||||||
159 | HCA Healthcare, Inc. | 22,107 | ||||||
142 | Henry Schein, Inc.(a) | 8,421 | ||||||
155 | Humana, Inc. | 44,181 | ||||||
197 | Quest Diagnostics, Inc. | 17,050 | ||||||
894 | UnitedHealth Group, Inc. | 216,544 | ||||||
234 | Well Care Health Plans, Inc.(a) | 59,338 | ||||||
595,363 |
Shares or Principal Amount | Security Description | Value | ||||||
Common Stocks, continued: | ||||||||
Health Care Services (0.0%) | ||||||||
37 | Chemed Corp. | $ | 12,192 | |||||
Health Care Technology (0.2%) | ||||||||
185 | Cerner Corp.(a) | 10,351 | ||||||
797 | Veeva Systems, Inc.(a) | 93,974 | ||||||
104,325 | ||||||||
Hotels, Restaurants & Leisure (1.3%) | ||||||||
88 | Aramark | 2,666 | ||||||
752 | Darden Restaurants, Inc. | 84,307 | ||||||
482 | Dunkin’ Brands Group, Inc. | 34,439 | ||||||
1,088 | Hilton Worldwide Holdings, Inc. | 90,413 | ||||||
145 | Hyatt Hotels Corp., Class A | 10,552 | ||||||
220 | Las Vegas Sands Corp. | 13,515 | ||||||
529 | McDonald’s Corp. | 97,250 | ||||||
645 | Norwegian Cruise Line Holdings, Ltd.(a) | 35,817 | ||||||
899 | Six Flags Entertainment Corp. | 50,083 | ||||||
1,227 | Starbucks Corp. | 86,209 | ||||||
2,345 | Wendy’s Co. (The) | 40,639 | ||||||
255 | Wyndham Worldwide Corp. | 11,483 | ||||||
744 | Yum! Brands, Inc. | 70,308 | ||||||
627,681 | ||||||||
Household Durables (0.2%) | ||||||||
202 | D.R. Horton, Inc. | 7,856 | ||||||
1,203 | Garmin, Ltd. | 101,016 | ||||||
662 | Newell Brands, Inc. | 10,744 | ||||||
119,616 | ||||||||
Household Products (1.1%) | ||||||||
674 | Church & Dwight Co., Inc. | 44,349 | ||||||
1,154 | Colgate-Palmolive Co. | 76,014 | ||||||
783 | Energizer Holdings, Inc. | 35,924 | ||||||
208 | Kimberly-Clark Corp. | 24,301 | ||||||
756 | The Clorox Co. | 119,471 | ||||||
2,094 | The Procter & Gamble Co. | 206,363 | ||||||
506,422 | ||||||||
Independent Power and Renewable Electricity Producers (0.0%) | ||||||||
952 | AES Corp. | 16,403 | ||||||
Industrial Conglomerates (0.5%) | ||||||||
514 | 3M Co. | 106,598 | ||||||
79 | Carlisle Cos., Inc. | 9,723 | ||||||
706 | Honeywell International, Inc. | 108,774 | ||||||
84 | Roper Technologies, Inc. | 27,187 | ||||||
252,282 | ||||||||
Insurance (1.1%) | ||||||||
451 | Aflac, Inc. | 22,162 | ||||||
139 | AON PLC | 23,843 | ||||||
790 | Assured Guaranty, Ltd. | 32,990 | ||||||
191 | Athene Holdings, Ltd.(a) | 8,509 | ||||||
259 | Brighthouse Financial, Inc.(a) | 10,028 | ||||||
243 | Cincinnati Financial Corp. | 21,097 | ||||||
41 | Erie Indemnity Co., Class A | 7,307 | ||||||
172 | First American Financial | 8,736 | ||||||
1,308 | FNF Group | 45,898 | ||||||
209 | Lincoln National Corp. | 13,067 | ||||||
405 | Marsh & McLennan Cos., Inc. | 37,673 | ||||||
221 | Principal Financial Group, Inc. | 11,633 | ||||||
429 | Prudential Financial, Inc. | 41,120 | ||||||
770 | The Allstate Corp. | 72,672 |
See notes to financial statements
– 42 –
Schedule of Portfolio Investments | Active Core Fund |
February 28, 2019 (Unaudited) | Continued |
Shares or Principal Amount | Security Description | Value | ||||||
Common Stocks, continued: | ||||||||
Insurance, continued: | ||||||||
162 | The Hanover Insurance Group, Inc. | $ | 19,231 | |||||
450 | The Hartford Financial Services Group, Inc. | 22,212 | ||||||
783 | The Progressive Corp. | 57,081 | ||||||
101 | Torchmark Corp. | 8,339 | ||||||
463,598 | ||||||||
Interactive Media & Services (1.3%) | ||||||||
75 | Alphabet, Inc., Class A(a) | 84,491 | ||||||
83 | Alphabet, Inc., Class C(a) | 92,953 | ||||||
2,156 | Facebook, Inc., Class A(a) | 348,087 | ||||||
83 | IAC/InterActiveCorp.(a) | 17,683 | ||||||
1,167 | Match Group, Inc. | 64,628 | ||||||
425 | Twitter, Inc.(a) | 13,082 | ||||||
620,924 | ||||||||
Internet & Direct Marketing Retail (0.9%) | ||||||||
156 | Amazon.com, Inc.(a) | 255,814 | ||||||
34 | Booking Holdings, Inc.(a) | 57,699 | ||||||
455 | Expedia, Inc. | 56,106 | ||||||
262 | GrubHub, Inc.(a) | 21,374 | ||||||
178 | Wayfair, Inc., Class A(a) | 29,491 | ||||||
420,484 | ||||||||
IT Services (2.6%) | ||||||||
375 | Accenture PLC, Class A | 60,518 | ||||||
328 | Automatic Data Processing, Inc. | 50,194 | ||||||
682 | Booz Allen Hamilton Holding Corp. | 36,051 | ||||||
296 | Broadridge Financial Solutions, Inc. | 29,970 | ||||||
334 | Cognizant Technology Solutions Corp., Class A | 23,707 | ||||||
451 | Fidelity National Information Services, Inc. | 48,776 | ||||||
1,939 | Fiserv, Inc.(a) | 164,214 | ||||||
92 | Global Payments, Inc. | 11,995 | ||||||
69 | Jack Henry & Associates, Inc. | 9,151 | ||||||
148 | Leidos Holdings, Inc. | 9,559 | ||||||
683 | MasterCard, Inc., Class A | 153,518 | ||||||
124 | Okta, Inc.(a) | 10,525 | ||||||
823 | Paychex, Inc. | 63,387 | ||||||
683 | Paypal Holdings, Inc.(a) | 66,982 | ||||||
734 | The Western Union Co. | 13,117 | ||||||
623 | Total System Services, Inc. | 58,811 | ||||||
941 | VeriSign, Inc.(a) | 167,536 | ||||||
1,365 | Visa, Inc., Class A | 202,183 | ||||||
167 | Worldpay, Inc., Class A(a) | 15,999 | ||||||
1,196,193 | ||||||||
Leisure Products (0.1%) | ||||||||
419 | Hasbro, Inc. | 35,573 | ||||||
Life Sciences Tools & Services (0.8%) | ||||||||
933 | Agilent Technologies, Inc. | 74,117 | ||||||
258 | Charles River Laboratories International, Inc.(a) | 36,680 | ||||||
113 | Illumina, Inc.(a) | 35,343 | ||||||
299 | Iqvia Holdings, Inc.(a) | 41,890 | ||||||
48 | Mettler-Toledo International, Inc.(a) | 32,684 | ||||||
343 | Thermo Fisher Scientific, Inc. | 89,032 | ||||||
213 | Waters Corp.(a) | 51,593 | ||||||
361,339 | ||||||||
Machinery (0.7%) | ||||||||
2,444 | Allison Transmission Holdings, Inc. | 121,467 |
Shares or Principal Amount | Security Description | Value | ||||||
Common Stocks, continued: | ||||||||
Machinery, continued: | ||||||||
162 | Crane Co. | $ | 13,700 | |||||
1,227 | Fortive Corp. | 100,086 | ||||||
129 | Graco, Inc. | 6,058 | ||||||
258 | Illinois Tool Works, Inc. | 37,173 | ||||||
76 | Parker-Hannifin Corp. | 13,388 | ||||||
65 | Stanley Black & Decker, Inc. | 8,608 | ||||||
322 | The Timken Co. | 13,972 | ||||||
380 | The Toro Co. | 26,060 | ||||||
340,512 | ||||||||
Media (0.3%) | ||||||||
38 | Cable One, Inc. | 36,062 | ||||||
881 | CBS Corp., Class B | 44,234 | ||||||
97 | Cinemark Holdings, Inc. | 3,650 | ||||||
562 | Comcast Corp., Class A | 21,733 | ||||||
323 | Discovery Communications, Inc., Class A(a) | 9,335 | ||||||
177 | GCI Liberty, Inc., Class A(a) | 9,477 | ||||||
131 | Omnicom Group, Inc. | 9,917 | ||||||
642 | The Interpublic Group of Cos., Inc. | 14,785 | ||||||
149,193 | ||||||||
Metals & Mining (0.2%) | ||||||||
314 | Newmont Mining Corp. | 10,714 | ||||||
283 | Reliance Steel & Aluminum Co. | 25,258 | ||||||
1,821 | Steel Dynamics, Inc. | 67,959 | ||||||
103,931 | ||||||||
Mortgage Real Estate Investment Trusts (0.1%) | ||||||||
1,396 | AGNC Investment Corp. | 24,639 | ||||||
1,176 | Annaly Capital Management, Inc. | 11,913 | ||||||
36,552 | ||||||||
Multiline Retail (0.2%) | ||||||||
271 | Dollar General Corp. | 32,103 | ||||||
156 | Dollar Tree, Inc.(a) | 15,027 | ||||||
1,168 | Nordstrom, Inc. | 55,223 | ||||||
102,353 | ||||||||
Multi-Utilities (0.6%) | ||||||||
1,216 | CenterPoint Energy, Inc. | 36,650 | ||||||
185 | Consolidated Edison, Inc. | 15,253 | ||||||
381 | Dominion Resources, Inc. | 28,228 | ||||||
107 | DTE Energy Co. | 13,221 | ||||||
477 | MDU Resources Group, Inc. | 12,602 | ||||||
928 | Public Service Enterprise Group, Inc. | 54,576 | ||||||
1,314 | WEC Energy Group, Inc. | 100,233 | ||||||
260,763 | ||||||||
Oil, Gas & Consumable Fuels (2.6%) | ||||||||
1,123 | Cabot Oil & Gas Corp. | 27,648 | ||||||
1,380 | Chevron Corp. | 165,020 | ||||||
230 | ConocoPhillips | 15,606 | ||||||
1,925 | Continental Resources, Inc.(a) | 85,874 | ||||||
907 | EOG Resources, Inc. | 85,258 | ||||||
3,393 | Exxon Mobil Corp. | 268,149 | ||||||
660 | HollyFrontier Corp. | 33,792 | ||||||
1,350 | Marathon Petroleum Corp. | 83,714 | ||||||
452 | Murphy Oil Corp. | 13,063 | ||||||
2,454 | Occidental Petroleum Corp. | 162,332 | ||||||
926 | ONEOK, Inc. | 59,505 | ||||||
1,374 | PBF Energy, Inc. | 42,690 |
See notes to financial statements
– 43 –
Schedule of Portfolio Investments | Active Core Fund |
February 28, 2019 (Unaudited) | Continued |
Shares or Principal Amount | Security Description | Value | ||||||
Common Stocks, continued: | ||||||||
Oil, Gas & Consumable Fuels, continued: | ||||||||
248 | Phillips 66 | $ | 23,897 | |||||
173 | Pioneer Natural Resources Co. | 24,384 | ||||||
705 | SM Energy Co. | 11,520 | ||||||
1,690 | The Williams Cos., Inc. | 45,106 | ||||||
827 | TOTAL SA ADR | 47,065 | ||||||
1,194,623 | ||||||||
Paper & Forest Products (0.0%) | ||||||||
360 | Domtar Corp. | 18,328 | ||||||
Personal Products(0.0%) | ||||||||
128 | The Estee Lauder Cos., Inc., Class A | 20,088 | ||||||
Pharmaceuticals (2.1%) | ||||||||
123 | Bristol-Myers Squibb Co. | 6,354 | ||||||
895 | Eli Lilly & Co. | 113,030 | ||||||
2,634 | Johnson & Johnson | 359,910 | ||||||
1,313 | Merck & Co., Inc. | 106,734 | ||||||
7,147 | Pfizer, Inc. | 309,822 | ||||||
904 | Zoetis, Inc. | 85,184 | ||||||
981,034 | ||||||||
Professional Services (0.3%) | ||||||||
20 | CoStar Group, Inc.(a) | 9,151 | ||||||
69 | Equifax, Inc. | 7,556 | ||||||
226 | IHS Markit, Ltd.(a) | 12,016 | ||||||
165 | ManpowerGroup, Inc. | 13,901 | ||||||
1,681 | Robert Half International, Inc. | 114,627 | ||||||
92 | Verisk Analytics, Inc., Class A(a) | 11,632 | ||||||
168,883 | ||||||||
Real Estate Management & Development (0.1%) | ||||||||
486 | CBRE Group, Inc., Class A(a) | 24,183 | ||||||
1,193 | Realogy Holdings Corp. | 16,225 | ||||||
40,408 | ||||||||
Road & Rail (0.4%) | ||||||||
312 | Old Dominion Freight Line, Inc. | 47,040 | ||||||
109 | Ryder System, Inc. | 6,775 | ||||||
308 | Schneider National, Inc., Class B | 6,742 | ||||||
874 | Union Pacific Corp. | 146,571 | ||||||
207,128 | ||||||||
Semiconductors & Semiconductor Equipment (1.8%) | ||||||||
817 | Advanced Micro Devices, Inc.(a) | 19,224 | ||||||
272 | Analog Devices, Inc. | 29,093 | ||||||
355 | Applied Materials, Inc. | 13,611 | ||||||
206 | Broadcom, Inc. | 56,724 | ||||||
3,249 | Intel Corp. | 172,068 | ||||||
969 | Lam Research Corp. | 170,631 | ||||||
657 | Maxim Integrated Products, Inc. | 35,761 | ||||||
2,751 | Micron Technology, Inc.(a) | 112,461 | ||||||
427 | NVIDIA Corp. | 65,869 | ||||||
917 | ON Semiconductor Corp.(a) | 19,697 | ||||||
597 | QUALCOMM, Inc. | 31,874 | ||||||
102 | Skyworks Solutions, Inc. | 8,329 | ||||||
909 | Texas Instruments, Inc. | 96,154 | ||||||
201 | Xilinx, Inc. | 25,185 | ||||||
856,681 | ||||||||
Software (2.2%) | ||||||||
547 | Adobe Systems, Inc.(a) | 143,588 | ||||||
49 | ANSYS, Inc.(a) | 8,686 |
Shares or Principal Amount | Security Description | Value | ||||||
Common Stocks, continued: | ||||||||
Software, continued: | ||||||||
1,298 | Cadence Design Systems, Inc.(a) | $ | 74,311 | |||||
997 | Citrix Systems, Inc. | 105,184 | ||||||
1,760 | Fortinet, Inc.(a) | 152,749 | ||||||
317 | Intuit, Inc. | 78,340 | ||||||
322 | Manhattan Associates, Inc.(a) | 17,630 | ||||||
2,434 | Microsoft Corp. | 272,680 | ||||||
510 | Oracle Corp. | 26,586 | ||||||
484 | Salesforce.com, Inc.(a) | 79,207 | ||||||
188 | Workday, Inc.(a) | 37,211 | ||||||
996,172 | ||||||||
Specialized Finance (0.0%) | ||||||||
31 | MarketAxess Holdings, Inc. | 7,560 | ||||||
Specialty Retail (0.9%) | ||||||||
77 | Burlington Stores, Inc.(a) | 13,070 | ||||||
338 | Lowe’s Cos., Inc. | 35,520 | ||||||
112 | O’Reilly Automotive, Inc.(a) | 41,660 | ||||||
741 | Ross Stores, Inc. | 70,269 | ||||||
988 | The Home Depot, Inc. | 182,919 | ||||||
745 | The TJX Cos., Inc. | 38,211 | ||||||
76 | Ulta Beauty, Inc.(a) | 23,749 | ||||||
569 | Williams-Sonoma, Inc. | 33,093 | ||||||
438,491 | ||||||||
Technology Hardware, Storage & Peripherals (1.9%) | ||||||||
4,525 | Apple, Inc. | 783,503 | ||||||
4,341 | HP, Inc. | 85,648 | ||||||
179 | NetApp, Inc. | 11,671 | ||||||
880,822 | ||||||||
Textiles, Apparel & Luxury Goods (0.4%) | ||||||||
830 | NIKE, Inc., Class B | 71,155 | ||||||
139 | Ralph Lauren Corp. | 17,399 | ||||||
1,078 | Tapestry, Inc. | 37,665 | ||||||
646 | VF Corp. | 56,435 | ||||||
182,654 | ||||||||
Thrifts & Mortgage Finance (0.1%) | ||||||||
782 | New York Community Bancorp, Inc. | 9,783 | ||||||
2,620 | Oritani Financial Corp. | 47,029 | ||||||
56,812 | ||||||||
Tobacco (0.4%) | ||||||||
2,071 | Altria Group, Inc. | 108,541 | ||||||
1,033 | Philip Morris International, Inc. | 89,809 | ||||||
198,350 | ||||||||
Trading Companies & Distributors (0.4%) | ||||||||
249 | Fastenal Co. | 15,672 | ||||||
1,484 | H&E Equipment Services, Inc. | 42,724 | ||||||
1,838 | HD Supply Holdings, Inc.(a) | 79,053 | ||||||
633 | MSC Industrial Direct Co., Inc., Class A | 53,432 | ||||||
27 | W.W. Grainger, Inc. | 8,229 | ||||||
78 | Watsco, Inc. | 11,223 | ||||||
210,333 | ||||||||
Water Utilities (0.1%) | ||||||||
265 | American Water Works Co., Inc. | 26,929 | ||||||
Wireless Telecommunication Services (0.1%) | ||||||||
366 | T-Mobile US, Inc.(a) | 26,429 | ||||||
Total Common Stocks | 22,664,718 |
See notes to financial statements
– 44 –
Schedule of Portfolio Investments | Active Core Fund |
February 28, 2019 (Unaudited) | Continued |
Shares or Principal Amount | Security Description | Value | ||||||
Asset Backed Securities (2.0%) | ||||||||
$ | 201,232 | AccessLex Institute, Series 2007-1, Class C, 3.17% (US0003M + 40 bps), 10/25/35*(b) | $ | 188,475 | ||||
55,662 | Aegis Asset Backed Securities Trust, Series 2004-4, Class A1, 3.21% (US0001M + 72 bps), 10/25/34* | 55,586 | ||||||
160,287 | Saxon Asset Securities Trust, Series 2003-3, Class A5, 4.73%, 12/25/33*(c) | 159,184 | ||||||
210,000 | SLM Student Loan Trust, Series 2012-7, Class B, 4.29% (US0001M + 180 bps), 9/25/43* | 204,721 | ||||||
200,000 | Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, 4.54%, 2/25/44* | 202,323 | ||||||
148,500 | Vantage Data Centers Issuer LLC, Series 2018-1A, Class A2, 4.07%, 2/16/43*(d) | 149,405 | ||||||
Total Asset Backed Securities | 959,694 | |||||||
Mortgage Backed Securities† (11.9%) | ||||||||
Alt-A - Adjustable Rate Mortgage Backed Securities (0.4%) | ||||||||
208,246 | Bear Stearns Alternative-A Trust, Series 2007-2, Class 2A1, 3.70%, 4/25/37*(c) | 165,810 | ||||||
3,749 | Deutsche Mortgage Securities, Inc., Series 2003-4XS, Class 10A1, 5.32% (US0003M + 119 bps), 10/25/33* | 3,726 | ||||||
169,536 | ||||||||
Alt-A - Fixed Rate Mortgage Backed Securities (2.0%) | ||||||||
55,056 | Bank of America Alternative Loan Trust, Series 2005-10, Class 1CB4, 5.50%, 11/25/35* | 54,289 | ||||||
70,475 | Bank of America Alternative Loan Trust, Series 2004-10, Class 1CB1, 6.00%, 11/25/34* | 74,247 | ||||||
72,336 | Citi Mortgage Alternative Loan Trust, Series 2007-A2, Class 1A5, 6.00%, 2/25/37* | 68,202 | ||||||
26,333 | Countrywide Alternative Loan Trust, Series 2005-53T2, Class 2A4, 5.50%, 11/25/35* | 19,957 | ||||||
52,985 | Countrywide Alternative Loan Trust, Series 2006-8T1, Class 2A3, 5.50%, 4/25/36* | 50,353 | ||||||
12,005 | Countrywide Alternative Loan Trust, Series 2006-41CB, Class 2A4, 6.00%, 1/25/37* | 10,088 | ||||||
23,107 | Countrywide Alternative Loan Trust, Series 2004-J2, Class 2A1, 6.50%, 3/25/34* | 23,870 | ||||||
594 | Countrywide Alternative Loan Trust, Series 2005-J3, Class 3A1, 6.50%, 9/25/34* | 572 | ||||||
81,854 | Deutsche Alternative-A Securities, Inc. Mortgage Loan Trust, Series 2006-AB2, Class A3, 5.05%, 6/25/36*(c) | 76,959 | ||||||
190,037 | Freddie Mac, Series 4668, Class KA, 3.00%, 1/15/55 | 189,740 | ||||||
6,376 | Master Alternative Loans Trust, Series 2004-6, Class 10A1, 6.00%, 7/25/34* | 6,649 | ||||||
42,287 | Master Alternative Loans Trust, Series 2004-8, Class 5A1, 6.00%, 9/25/34* | 42,966 |
Shares or Principal Amount | Security Description | Value | ||||||
Mortgage Backed Securities†, continued: | ||||||||
Alt-A - Fixed Rate Mortgage Backed Securities, continued: | ||||||||
$ | 82,404 | Master Alternative Loans Trust, Series 2004-3, Class 5A1, 6.50%, 3/25/34* | $ | 86,881 | ||||
43,068 | Nomura Asset Acceptance Corp., Series 2005-AP1, Class 2A5, 4.85%, 2/25/35*(c) | 43,479 | ||||||
20,326 | Nomura Asset Acceptance Corp., Series 2005-AP2, Class A5, 5.48%, 5/25/35*(c) | 14,730 | ||||||
155,497 | Nomura Asset Acceptance Corp., Series 2006-AF1, Class 1A2, 6.16%, 5/25/36*(c) | 56,826 | ||||||
832 | Residential Accredit Loans, Inc., Series 2004-QS9, Class A1, 5.00%, 6/25/19* | 828 | ||||||
11,701 | Residential Accredit Loans, Inc., Series 2006-QS5, Class A9, 6.00%, 5/25/36* | 10,629 | ||||||
67,497 | Residential Asset Securitization Trust, Series 2005-A9, Class A3, 5.50%, 7/25/35* | 56,489 | ||||||
39,609 | Residential Asset Securitization Trust, Series 2006-A2, Class A3, 6.00%, 5/25/36* | 27,845 | ||||||
44,924 | Washington Mutual Mortgage Pass-Through Certificates, Series 2005-5, Class CB14, 5.50%, 7/25/35* | 42,705 | ||||||
958,304 | ||||||||
Prime Adjustable Rate Mortgage Backed Securities (0.0%) | ||||||||
10,958 | Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-6, Class 2A2, 4.14%, 9/25/34*(c) | 9,403 | ||||||
9,608 | Chase Mortgage Finance Corp., Series 2007-A2, Class 10A1, 3.62%, 7/25/37*(c) | 8,492 | ||||||
17,895 | ||||||||
Prime Fixed Mortgage Backed Securities (2.0%) | ||||||||
210,847 | American Home Mortgage Investment Trust, Series 2005-2, Class 5A4C, 5.41%, 9/25/35*(c) | 155,679 | ||||||
27,084 | Banc of America Funding Trust, Series 2006-4, Class A14, 6.00%, 7/25/36* | 25,185 | ||||||
18,058 | Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A4, 3.93%, 5/25/35*(c) | 18,165 | ||||||
105,679 | Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM1, Class 1A2, 6.50%, 7/25/34* | 117,658 | ||||||
40,469 | Countrywide Home Loans, Series 2005-22, Class 2A1, 4.05%, 11/25/35*(c) | 35,470 | ||||||
1,288 | Countrywide Home Loans, Series 2004-24CB, Class 2A1, 5.00%, 11/25/19* | 1,296 | ||||||
31,540 | Countrywide Home Loans, Series 2005-J1, Class 1A8, 5.50%, 2/25/35* | 31,624 | ||||||
35,650 | Countrywide Home Loans, Series 2007-J3, Class A10, 6.00%, 7/25/37* | 25,884 | ||||||
42,000 | Credit Suisse First Boston Mortgage Securities Corp., Series 2005-1, Class 2A1, 5.50%, 2/25/35* | 39,493 |
See notes to financial statements
– 45 –
Schedule of Portfolio Investments | Active Core Fund |
February 28, 2019 (Unaudited) | Continued |
Shares or Principal Amount | Security Description | Value | ||||||
Mortgage Backed Securities†, continued: | ||||||||
Prime Fixed Mortgage Backed Securities, continued: | ||||||||
$ | 26,393 | Credit Suisse Mortgage Capital Certificates, Series 2006-2, Class 3A1, 6.50%, 3/25/36* | $ | 13,765 | ||||
291 | GSR Mortgage Loan Trust, Series 2006-10F, Class 5A1, 6.00%, 1/25/27* | 1,482 | ||||||
19,276 | Lehman Mortgage Trust, Series 2005-3, Class 2A3, 5.50%, 1/25/36* | 18,636 | ||||||
207,270 | Onslow Bay Financial LLC, Series 2018-EXP2, Class 1A1, 4.00%, 11/25/48*(c)(d) | 208,422 | ||||||
17,865 | Residential Asset Mortgage Products, Inc., Series 2004-SL1, Class A7, 7.00%, 11/25/31* | 19,042 | ||||||
181,042 | Sequoia Mortgage Trust, Series 2018-8, Class A4, 4.00%, 11/25/48*(c)(d) | 183,036 | ||||||
68,988 | Structured Asset Securities Corp., Series 2005-3, Class 1A8, 5.75%, 3/25/35* | 62,916 | ||||||
431 | Washington Mutual, Series 2003-S4, Class 4A1, 4.00%, 2/25/32* | 429 | ||||||
9,788 | Wells Fargo Mortgage Backed Securities Trust, Series 2006-11, Class A8, 6.00%, 9/25/36* | 9,405 | ||||||
967,587 | ||||||||
Subprime Mortgage Backed Securities (0.8%) | ||||||||
133,836 | Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75%, 10/25/57*(c)(d) | 130,182 | ||||||
84,164 | Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, 1/25/58*(c)(d) | 82,623 | ||||||
155,661 | Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25%, 3/25/58*(c)(d) | 153,457 | ||||||
366,262 | ||||||||
U.S. Government Agency Mortgage Backed Securities (6.7%) | ||||||||
82,197 | Fannie Mae, Series 2013-68, Class 10A1, 1.00%, 3/25/42 | 76,197 | ||||||
85,461 | Fannie Mae, Series 2012-10, Class TA, 2.00%, 3/25/38 | 84,281 | ||||||
102,864 | Fannie Mae, Series 2013-18, Class 10A1, 2.00%, 12/25/42 | 99,098 | ||||||
192,451 | Fannie Mae, Series 2013-23, Class AB, 2.00%, 2/25/43 | 182,220 | ||||||
115,428 | Fannie Mae, Series 2013-73, Class 10A1, 2.25%, 6/25/42 | 112,728 | ||||||
198,978 | Fannie Mae, Series 2013-74, Class 10A1, 2.25%, 6/25/42(c) | 194,366 | ||||||
19,007 | Fannie Mae, Series 2012-2, Class 10A1, 2.50%, 5/25/41 | 18,990 | ||||||
173,509 | Fannie Mae, Series 2015-71, Class PD, 2.50%, 3/25/43 | 169,328 | ||||||
149,249 | Fannie Mae, Series 2017-43, Class PA, 2.50%, 6/25/47 | 146,341 | ||||||
130,728 | Fannie Mae, Series 2010-99, Class JU, 3.00%, 8/25/40 | 130,525 | ||||||
46,640 | Fannie Mae, Series 2011-118, Class 10A1, 3.00%, 11/25/41 | 46,827 | ||||||
17,337 | Fannie Mae, Series 2011-124, Class 10A1, 3.00%, 9/25/29 | 17,344 |
Shares or Principal Amount | Security Description | Value | ||||||
Mortgage Backed Securities†, continued: | ||||||||
U.S. Government Agency Mortgage Backed Securities, continued: | ||||||||
$ | 142,827 | Fannie Mae, Series 2015-59, Class LM, 3.00%, 7/25/45 | $ | 142,667 | ||||
217,214 | Fannie Mae, Series 2018-M12, Class A1, 3.55%, 2/25/30 | 223,894 | ||||||
31,374 | Fannie Mae, Series 2012-16, Class K, 4.00%, 10/25/41 | 32,449 | ||||||
17,092 | Fannie Mae, 4.50%, 4/1/35, Pool #814522 | 17,918 | ||||||
20,103 | Fannie Mae, 5.50%, 10/1/35, Pool #838584 | 21,320 | ||||||
1,560 | Fannie Mae, 6.00%, 5/1/35, Pool #357778 | 1,715 | ||||||
3,000 | Fannie Mae, Series 1999-18, Class LL, 6.50%, 4/18/29 | 3,239 | ||||||
83,314 | Freddie Mac, Series 4146, Class 10A1, 1.50%, 10/15/42 | 81,737 | ||||||
68,711 | Freddie Mac, Series 4408, Class GA, 2.00%, 9/15/41 | 66,817 | ||||||
82,275 | Freddie Mac, Series 4129, Class PA, 2.50%, 7/15/42 | 80,293 | ||||||
124,294 | Freddie Mac, Series 4312, Class 10A1, 2.50%, 12/15/41 | 122,880 | ||||||
107,696 | Freddie Mac, Series 4395, Class PA, 2.50%, 4/15/37 | 105,782 | ||||||
146,283 | Freddie Mac, Series 4316, Class JY, 3.00%, 1/15/44 | 146,849 | ||||||
98,644 | Freddie Mac, Series 4348, Class A, 3.00%, 6/15/39 | 98,903 | ||||||
172,224 | Freddie Mac, Series 4486, Class PA, 3.00%, 3/15/44 | 172,078 | ||||||
10,299 | Freddie Mac, 4.06% (H15T1Y + 172 bps), 6/1/28, Pool #605508 | 10,322 | ||||||
1,379 | Freddie Mac, 5.50%, 1/1/35, Pool #A30935 | 1,498 | ||||||
16,598 | Freddie Mac, Series 1443, Class I, 7.50%, 12/15/22* | 17,444 | ||||||
207,196 | Freddie Mac Pass-Through Certificates, Series KJ17, Class A1, 2.40%, 10/25/24 | 203,642 | ||||||
28,066 | Government National Mortgage Assoc., Series 2013-104, Class DC, 2.00%, 4/20/40 | 27,703 | ||||||
75,445 | Government National Mortgage Assoc., Series 2013-69, Class 10A1, 2.00%, 9/20/42 | 68,028 | ||||||
166,026 | Government National Mortgage Assoc., Series 2016-141, Class PA, 2.25%, 8/20/46 | 163,241 | ||||||
878 | Government National Mortgage Assoc., 6.00%, 2/20/26, Pool #2166 | 932 | ||||||
39,893 | Government National Mortgage Assoc., 6.31%, 3/20/33, Pool #612258 | 42,753 | ||||||
5,032 | Government National Mortgage Assoc., 7.00%, 7/15/29, Pool #492747 | 5,327 | ||||||
3,137,676 | ||||||||
Total Mortgage Backed Securities | 5,617,260 |
See notes to financial statements
– 46 –
Schedule of Portfolio Investments | Active Core Fund |
February 28, 2019 (Unaudited) | Continued |
Shares or Principal Amount | Security Description | Value | ||||||
Corporate Bonds (7.2%) | ||||||||
Banks (1.4%) | ||||||||
$ | 440,000 | Bank of America Corp., 3.55% (US0003M + 78 bps), 3/5/24, Callable 3/5/23 @ 100 * | $ | 441,724 | ||||
250,000 | Wells Fargo & Co., 3.00%, 10/23/26 | 238,584 | ||||||
680,308 | ||||||||
Beverages (0.6%) | ||||||||
155,000 | Keurig Dr Pepper, Inc., 4.42%, 5/25/25, Callable 3/25/25 @ 100 *(d) | 157,834 | ||||||
120,000 | Molson Coors Brewing Co., 3.00%, 7/15/26, Callable 4/15/26 @ 100 * | 110,465 | ||||||
268,299 | ||||||||
Capital Markets (0.8%) | ||||||||
250,000 | Goldman Sachs Group, Inc., 3.50%, 11/16/26, Callable 11/16/25 @ 100 * | 240,667 | ||||||
185,174 | Preferred Term Securities XX, Class B2, 3.24% (US0003M + 45 bps), 3/22/38, Callable 4/8/19 @ 100 *(d) | 150,917 | ||||||
391,584 | ||||||||
Diversified Financial Services (0.7%) | ||||||||
325,000 | BP Capital Markets America, Inc., 2.75%, 5/10/23 | 319,766 | ||||||
Diversified Telecommunication Services (0.6%) | ||||||||
270,000 | AT&T, Inc., 5.25%, 3/1/37, Callable 9/1/36 @ 100 * | 271,893 | ||||||
Food Products (0.9%) | ||||||||
175,000 | Campbell Soup Co., 3.95%, 3/15/25, Callable 1/15/25 @ 100 * | 171,282 | ||||||
250,000 | Conagra Brands, Inc., 4.85%, 11/1/28, Callable 8/1/28 @ 100 * | 250,754 | ||||||
422,036 | ||||||||
Hotels, Restaurants & Leisure (0.2%) | ||||||||
85,000 | Royal Caribbean Cruises, 5.25%, 11/15/22 | 89,689 | ||||||
Industrial Conglomerates (0.5%) | ||||||||
230,000 | General Electric Co., 3.10%, 1/9/23 | 225,048 | ||||||
Internet & Direct Marketing Re (0.6%) | ||||||||
300,000 | eBay, Inc., 3.22% (US0003M + 48 bps),8/1/19 | 300,191 | ||||||
Multiline Retail (0.4%) | ||||||||
220,000 | Macys Retail Holdings, Inc., 2.88%,2/15/23, Callable 11/15/22 @ 100 * | 204,831 | ||||||
Technology Hardware, Storage & Peripherals (0.5%) | ||||||||
225,000 | Apple, Inc., 3.20%, 5/11/27, Callable2/11/27 @ 100 * | 222,312 | ||||||
Total Corporate Bonds | 3,395,957 | |||||||
Taxable Municipal Bonds (6.0%) | ||||||||
Illinois (0.9%) | ||||||||
150,000 | Northern Illinois Municipal PowerAgency Power Project Revenue, BuildAmerica Bonds, GO, 6.29%, 1/1/21,Continuously Callable @100 | 150,330 | ||||||
300,000 | Rosemont Illinois State, GO, Series A,2.76%, 12/1/19, Insured by: MAC | 298,386 | ||||||
448,716 |
Shares or Principal Amount | Security Description | Value | ||||||
Taxable Municipal Bonds, continued: | ||||||||
Kansas (0.6%) | ||||||||
$ | 250,000 | Kansas State Development Finance Authority Revenue, Series H, 4.29%, 4/15/29 | $ | 261,398 | ||||
Michigan (0.9%) | ||||||||
240,000 | County of Jackson Michigan, GO, 3.73%, 12/1/30, Continuously Callable @100 | 242,326 | ||||||
210,000 | Houghton-Portage Township School District, GO, Series B, 2.70%, 5/1/25, Insured by: Q-SBLF | 204,504 | ||||||
446,830 | ||||||||
Missouri (0.2%) | ||||||||
100,000 | Hanley Road Corridor Transnational Development Missouri Transnational Tax Revenue, Build America Bonds, GO, 7.50%, 10/1/39, Continuously Callable @100 | 102,150 | ||||||
Ohio (0.7%) | ||||||||
330,000 | County of Cuyahoga Ohio Revenue, 3.48%, 7/1/32, Continuously Callable @100 | 328,933 | ||||||
Rhode Island (0.5%) | ||||||||
225,000 | Rhode Island Convention Center Authority Revenue, 3.15%, 5/15/25 | 223,268 | ||||||
South Carolina (0.4%) | ||||||||
220,000 | South Carolina Public Service Authority Revenue, Series D, 2.39%, 12/1/23 | 210,162 | ||||||
Texas (1.5%) | ||||||||
360,000 | County of Burnet TX, GO, 4.20%, 3/1/34, Continuously Callable @100 | 364,622 | ||||||
300,000 | Dallas Independent School District, Build America Bonds, GO, 6.45%, 2/15/35, Continuously Callable @100, Insured by: PSF-GTD | 318,465 | ||||||
683,087 | ||||||||
Wisconsin (0.3%) | ||||||||
140,000 | Wisconsin State, Build America Bonds, GO, Series D, 5.10%, 5/1/41, Continuously Callable @100 | 145,635 | ||||||
Total Taxable Municipal Bonds | 2,850,179 | |||||||
U.S. Government Agency Securities (4.0%) | ||||||||
Fannie Mae | ||||||||
250,000 | 2.00%, 7/28/21, Callable 4/28/19 @ 100 *(c)(e) | 247,586 | ||||||
185,000 | 2.50%, 12/27/32, Callable 3/27/19 @ 100 *(c) | 177,503 | ||||||
425,089 | ||||||||
Freddie Mac | ||||||||
250,000 | 2.00%, 5/25/21, Callable 5/25/19 @ 100 *(c)(e) | 249,514 | ||||||
500,000 | 2.00%, 8/25/21, Callable 5/25/19 @ 100 *(c) | 493,852 | ||||||
250,000 | 2.00%, 11/23/21, Callable 5/23/19 @ 100 *(c)(e) | 247,438 | ||||||
250,000 | 2.50%, 6/9/21, Callable 6/9/19 @ 100 *(c)(e) | 249,345 | ||||||
220,000 | 3.00%, 3/8/28, Callable 3/8/19 @ 100 *(c) | 218,945 |
See notes to financial statements
– 47 –
Schedule of Portfolio Investments | Active Core Fund |
February 28, 2019 (Unaudited) | Concluded |
Shares or Principal Amount | Security Description | Value | ||||||
U.S. Government Agency Securities, continued: | ||||||||
Freddie Mac, continued: | ||||||||
$ | 4,382 | Series 2302, 6.50%, 4/15/31 | $ | 4,804 | ||||
1,463,898 | ||||||||
Total U.S. Government Agency Securities | 1,888,987 | |||||||
U.S. Treasury Obligations (11.6%) | ||||||||
U.S. Treasury Bonds | ||||||||
2,437,000 | 2.25%, 8/15/46 | 2,056,790 | ||||||
U.S. Treasury Inflation Indexed Notes | ||||||||
826,000 | 0.38%, 7/15/25 | 861,628 | ||||||
U.S. Treasury Notes | ||||||||
950,000 | 1.38%, 9/30/23 | 903,168 | ||||||
801,000 | 2.25%, 2/29/20 | 798,622 | ||||||
900,000 | 2.25%, 2/15/27 | 873,914 | ||||||
2,575,704 | ||||||||
Total U.S. Treasury Obligations | 5,494,122 | |||||||
Investment Companies (5.4%) | ||||||||
17,930 | iShares MSCI EAFE Index Fund ETF | 1,152,361 | ||||||
33,015 | iShares MSCI Emerging Markets Index Fund ETF | 1,401,157 | ||||||
Total Investment Companies | 2,553,518 |
Shares or Principal Amount | Security Description | Value | ||||||
Investment in Affiliates (4.5%) | ||||||||
$ | 1,522,343 | Cavanal Hill Government Securities Money Market Fund, Institutional Shares, 2.22%(f) | $ | 1,522,343 | ||||
73,409 | Cavanal Hill World Energy Fund, Institutional Class | 584,981 | ||||||
Total Investment in Affiliates | 2,107,324 | |||||||
Total Investments (Cost $39,188,694)(g) -100.4% | 47,531,759 | |||||||
Liabilities in excess of other assets — (0.4)% | (202,789 | ) | ||||||
Net Assets - 100.0% | $ | 47,328,970 |
(a) | Non-income producing security. |
(b) | The Adviser has deemed these securities to be illiquid according to the policies and procedures adopted by the Board of Trustees. At February 28, 2019, illiquid securities were 0.4% of the Fund’s net assets. |
(c) | The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate presented is the rate in effect at February 28, 2019. |
(d) | Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed liquid according to the policies and procedures adopted by the Board of Trustees. |
(e) | Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate shown is the rate in effect at February 28, 2019. |
(f) | Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 28, 2019. |
(g) | Represents cost for financial reporting purposes. The cost for tax reporting purposes can be found in Note 4 in the Notes to Financial Statements. |
* | Represents next call date. Additional subsequent call dates and amounts may apply to this security. |
† | Mortgage backed securities are classified based on the characteristics of their underlying collateral, the fixed vs. variable nature of the obligations, and the credit standing of the mortgagors. The fixed or variable rate nature of securities interest payments to which the fund is entitled may not coincide with the payment nature of the collateral underlying the securities. |
ADR | American Depositary Receipt |
ETF | Exchange Traded Fund |
GO | General Obligation |
H15T1Y | 1 Year Treasury Constant Maturity Rate |
LIBOR | London Interbank Offered Rate |
MAC | Municipal Assurance Corporation |
PSF-GTD | Public School Fund Guaranteed |
Q-SBLF | Qualified School Bond Loan Fund |
REIT | Real Estate Investment Trust |
US0001M | 1 Month US Dollar LIBOR |
US0003M | 3 Month US Dollar LIBOR |
See notes to financial statements
– 48 –
Schedule of Portfolio Investments | Mid Cap Core Equity Fund |
February 28, 2019 (Unaudited) |
Shares | Security Description | Value | ||||||
Common Stocks (93.8%) | ||||||||
Aerospace & Defense (2.7%) | ||||||||
140 | Harris Corp. | $ | 23,090 | |||||
165 | Spirit AeroSystems Holdings, Inc., Class A | 16,302 | ||||||
39,392 | ||||||||
Airlines (0.6%) | ||||||||
56 | Alaska Air Group, Inc. | 3,455 | ||||||
59 | United Continental Holdings, Inc.(a) | 5,181 | ||||||
8,636 | ||||||||
Auto Components (1.0%) | ||||||||
240 | Gentex Corp. | 4,882 | ||||||
63 | Lear Corp. | 9,580 | ||||||
14,462 | ||||||||
Banks (3.5%) | ||||||||
59 | Comerica, Inc. | 5,139 | ||||||
171 | Commerce Bancshares, Inc. | 10,761 | ||||||
104 | Cullen/Frost Bankers, Inc. | 10,783 | ||||||
145 | East West Bancorp, Inc. | 7,918 | ||||||
36 | SVB Financial Group(a) | 8,898 | ||||||
155 | Western Alliance Bancorp(a) | 7,172 | ||||||
50,671 | ||||||||
Biotechnology (1.2%) | ||||||||
197 | Exelixis, Inc.(a) | 4,411 | ||||||
104 | United Therapeutics Corp.(a) | 13,134 | ||||||
17,545 | ||||||||
Building Products (1.5%) | ||||||||
132 | Allegion PLC | 11,875 | ||||||
40 | Lennox International, Inc. | 9,810 | ||||||
21,685 | ||||||||
Capital Markets (4.0%) | ||||||||
94 | E*Trade Financial Corp. | 4,605 | ||||||
83 | Eaton Vance Corp. | 3,474 | ||||||
35 | FactSet Research Systems, Inc. | 8,231 | ||||||
137 | LPL Financial Holdings, Inc. | 10,331 | ||||||
76 | MSCI, Inc., Class A | 14,039 | ||||||
92 | Nasdaq, Inc. | 8,424 | ||||||
131 | SEI Investments Co. | 6,910 | ||||||
56,014 | ||||||||
Chemicals (0.8%) | ||||||||
213 | Axalta Coating Systems, Ltd.(a) | 5,694 | ||||||
40 | RPM International, Inc. | 2,315 | ||||||
59 | Westlake Chemical Corp. | 4,122 | ||||||
12,131 | ||||||||
Commercial Services & Supplies (1.3%) | ||||||||
92 | Cintas Corp. | 19,007 | ||||||
Communications Equipment (2.1%) | ||||||||
109 | Arista Networks, Inc.(a) | 31,092 | ||||||
Consumer Finance (0.3%) | ||||||||
10 | Credit Acceptance Corp.(a) | 4,399 | ||||||
Containers & Packaging (2.1%) | ||||||||
47 | AptarGroup, Inc. | 4,781 | ||||||
226 | Berry Plastics Group, Inc.(a) | 11,858 | ||||||
150 | Packaging Corp. of America | 14,339 | ||||||
30,978 | ||||||||
Distributors (0.3%) | ||||||||
30 | Pool Corp. | 4,786 | ||||||
Diversified Consumer Services (1.1%) | ||||||||
42 | Bright Horizons Family Solutions, Inc.(a) | 5,208 | ||||||
223 | ServiceMaster Global Holdings, Inc.(a) | 10,071 | ||||||
15,279 |
Shares | Security Description | Value | ||||||
Common Stocks, continued: | ||||||||
Electric Utilities (1.9%) | ||||||||
342 | OGE Energy Corp. | $ | 14,542 | |||||
413 | PPL Corp. | 13,286 | ||||||
27,828 | ||||||||
Electrical Equipment (0.3%) | ||||||||
47 | Regal-Beloit Corp. | 3,937 | ||||||
Electronic Equipment, Instruments & Components (1.2%) | ||||||||
186 | CDW Corp. | 17,464 | ||||||
Energy Equipment & Services (0.4%) | ||||||||
78 | Apergy Corp.(a) | 3,274 | ||||||
296 | RPC, Inc. | 3,182 | ||||||
6,456 | ||||||||
Entertainment (1.2%) | ||||||||
184 | Take-Two Interactive Software(a) | 16,056 | ||||||
6 | The Madison Square Garden Co., Class A(a) | 1,729 | ||||||
17,785 | ||||||||
Equity Real Estate Investment Trusts (7.9%) | ||||||||
388 | American Homes 4 Rent, Class A | 8,474 | ||||||
101 | Apartment Investment & Management Co. | 4,942 | ||||||
203 | Apple Hospitality REIT, Inc. | 3,345 | ||||||
541 | CubeSmart | 16,576 | ||||||
138 | Douglas Emmett, Inc. | 5,327 | ||||||
483 | Duke Realty Corp. | 14,282 | ||||||
91 | Equity LifeStyle Properties, Inc. | 9,886 | ||||||
186 | Extra Space Storage, Inc. | 17,845 | ||||||
981 | Host Hotels & Resorts, Inc. | 19,238 | ||||||
85 | Lamar Advertising Co. | 6,593 | ||||||
37 | Regency Centers Corp. | 2,414 | ||||||
43 | SL Green Realty Corp. | 3,901 | ||||||
112,823 | ||||||||
Food & Staples Retailing (0.4%) | ||||||||
180 | US Foods Holding Corp.(a) | 6,343 | ||||||
Food Products (1.8%) | ||||||||
352 | Hormel Foods Corp. | 15,263 | ||||||
55 | Kellogg Co. | 3,094 | ||||||
137 | Tyson Foods, Inc., Class A | 8,447 | ||||||
26,804 | ||||||||
Gas Utilities (1.1%) | ||||||||
298 | UGI Corp. | 16,360 | ||||||
Health Care Equipment & Supplies (4.2%) | ||||||||
14 | ABIOMED, Inc.(a) | 4,683 | ||||||
26 | Edwards Lifesciences Corp.(a) | 4,402 | ||||||
72 | Hill-Rom Holdings, Inc. | 7,636 | ||||||
623 | Hologic, Inc.(a) | 29,373 | ||||||
46 | Teleflex, Inc. | 13,333 | ||||||
59,427 | ||||||||
Health Care Providers & Services (1.6%) | ||||||||
16 | Covetrus, Inc.(a) | 572 | ||||||
42 | Henry Schein, Inc.(a) | 2,491 | ||||||
35 | Quest Diagnostics, Inc. | 3,029 | ||||||
68 | Well Care Health Plans, Inc.(a) | 17,244 | ||||||
23,336 | ||||||||
Health Care Services (0.2%) | ||||||||
10 | Chemed Corp. | 3,295 | ||||||
Health Care Technology (1.3%) | ||||||||
165 | Veeva Systems, Inc.(a) | 19,455 | ||||||
Hotels, Restaurants & Leisure (2.9%) | ||||||||
62 | Darden Restaurants, Inc. | 6,951 |
See notes to financial statements
– 49 –
Schedule of Portfolio Investments | Mid Cap Core Equity Fund |
February 28, 2019 (Unaudited) | Continued |
Shares | Security Description | Value | ||||||
Common Stocks, continued: | ||||||||
Hotels, Restaurants & Leisure, continued: | ||||||||
76 | Dunkin’ Brands Group, Inc. | $ | 5,430 | |||||
315 | Hilton Worldwide Holdings, Inc. | 26,176 | ||||||
76 | Six Flags Entertainment Corp. | 4,234 | ||||||
42,791 | ||||||||
Household Durables (0.8%) | ||||||||
140 | Garmin, Ltd. | 11,756 | ||||||
Household Products (1.0%) | ||||||||
164 | Church & Dwight Co., Inc. | 10,791 | ||||||
27 | The Clorox Co. | 4,267 | ||||||
15,058 | ||||||||
Independent Power and Renewable Electricity Producers (0.3%) | ||||||||
276 | AES Corp. | 4,755 | ||||||
Insurance (2.6%) | ||||||||
178 | Assured Guaranty, Ltd. | 7,433 | ||||||
75 | Brighthouse Financial, Inc.(a) | 2,904 | ||||||
70 | Cincinnati Financial Corp. | 6,077 | ||||||
12 | Erie Indemnity Co., Class A | 2,139 | ||||||
211 | FNF Group | 7,405 | ||||||
63 | Principal Financial Group, Inc. | 3,316 | ||||||
47 | The Hanover Insurance Group, Inc. | 5,579 | ||||||
70 | The Hartford Financial Services Group, Inc. | 3,455 | ||||||
38,308 | ||||||||
Interactive Media & Services (1.1%) | ||||||||
224 | Match Group, Inc. | 12,405 | ||||||
124 | Twitter, Inc.(a) | 3,817 | ||||||
16,222 | ||||||||
Internet & Direct Marketing Retail (1.4%) | ||||||||
46 | Expedia, Inc. | 5,672 | ||||||
76 | GrubHub, Inc.(a) | 6,200 | ||||||
52 | Wayfair, Inc., Class A(a) | 8,616 | ||||||
20,488 | ||||||||
IT Services (6.3%) | ||||||||
33 | Fidelity National Information Services, Inc. | 3,569 | ||||||
351 | Fiserv, Inc.(a) | 29,726 | ||||||
138 | Paychex, Inc. | 10,629 | ||||||
151 | Total System Services, Inc. | 14,254 | ||||||
177 | VeriSign, Inc.(a) | 31,512 | ||||||
89,690 | ||||||||
Leisure Products (0.6%) | ||||||||
101 | Hasbro, Inc. | 8,575 | ||||||
Life Sciences Tools & Services (1.7%) | ||||||||
91 | Agilent Technologies, Inc. | 7,229 | ||||||
42 | Charles River Laboratories International, Inc.(a) | 5,971 | ||||||
49 | Waters Corp.(a) | 11,869 | ||||||
25,069 | ||||||||
Machinery (2.8%) | ||||||||
466 | Allison Transmission Holdings, Inc. | 23,160 | ||||||
47 | Crane Co. | 3,975 | ||||||
37 | Graco, Inc. | 1,738 | ||||||
94 | The Timken Co. | 4,079 | ||||||
111 | The Toro Co. | 7,612 | ||||||
40,564 | ||||||||
Media (1.5%) | ||||||||
9 | Cable One, Inc. | 8,541 | ||||||
256 | CBS Corp., Class B | 12,854 | ||||||
21,395 |
Shares | Security Description | Value | ||||||
Common Stocks, continued: | ||||||||
Metals & Mining (1.6%) | ||||||||
42 | Reliance Steel & Aluminum Co. | $ | 3,749 | |||||
528 | Steel Dynamics, Inc. | 19,704 | ||||||
23,453 | ||||||||
Mortgage Real Estate Investment Trusts (0.7%) | ||||||||
404 | AGNC Investment Corp. | 7,131 | ||||||
341 | Annaly Capital Management, Inc. | 3,454 | ||||||
10,585 | ||||||||
Multiline Retail (0.6%) | ||||||||
33 | Dollar General Corp. | 3,909 | ||||||
45 | Dollar Tree, Inc.(a) | 4,335 | ||||||
8,244 | ||||||||
Multi-Utilities (1.7%) | ||||||||
132 | CenterPoint Energy, Inc. | 3,978 | ||||||
138 | MDU Resources Group, Inc. | 3,646 | ||||||
167 | Public Service Enterprise Group, Inc. | 9,822 | ||||||
104 | WEC Energy Group, Inc. | 7,933 | ||||||
25,379 | ||||||||
Oil, Gas & Consumable Fuels (3.4%) | ||||||||
325 | Cabot Oil & Gas Corp. | 8,002 | ||||||
370 | Continental Resources, Inc.(a) | 16,505 | ||||||
52 | HollyFrontier Corp. | 2,662 | ||||||
131 | Murphy Oil Corp. | 3,786 | ||||||
102 | ONEOK, Inc. | 6,555 | ||||||
399 | PBF Energy, Inc. | 12,397 | ||||||
49,907 | ||||||||
Paper & Forest Products (0.4%) | ||||||||
105 | Domtar Corp. | 5,346 | ||||||
Professional Services (2.3%) | ||||||||
488 | Robert Half International, Inc. | 33,277 | ||||||
Real Estate Management & Development (0.7%) | ||||||||
141 | CBRE Group, Inc., Class A(a) | 7,016 | ||||||
211 | Realogy Holdings Corp. | 2,870 | ||||||
9,886 | ||||||||
Road & Rail (0.9%) | ||||||||
91 | Old Dominion Freight Line, Inc. | 13,720 | ||||||
Semiconductors & Semiconductor Equipment (2.8%) | ||||||||
125 | Advanced Micro Devices, Inc.(a) | 2,941 | ||||||
17 | Analog Devices, Inc. | 1,818 | ||||||
163 | Lam Research Corp. | 28,703 | ||||||
266 | ON Semiconductor Corp.(a) | 5,714 | ||||||
17 | Xilinx, Inc. | 2,130 | ||||||
41,306 | ||||||||
Software (6.0%) | ||||||||
377 | Cadence Design Systems, Inc.(a) | 21,583 | ||||||
232 | Citrix Systems, Inc. | 24,476 | ||||||
396 | Fortinet, Inc.(a) | 34,369 | ||||||
94 | Manhattan Associates, Inc.(a) | 5,147 | ||||||
85,575 | ||||||||
Specialty Retail (1.8%) | ||||||||
23 | Burlington Stores, Inc.(a) | 3,904 | ||||||
55 | Ross Stores, Inc. | 5,216 | ||||||
22 | Ulta Beauty, Inc.(a) | 6,875 | ||||||
165 | Williams-Sonoma, Inc. | 9,596 | ||||||
25,591 | ||||||||
Textiles, Apparel & Luxury Goods (0.3%) | ||||||||
40 | Ralph Lauren Corp. | 5,007 | ||||||
Trading Companies & Distributors (1.3%) | ||||||||
245 | HD Supply Holdings, Inc.(a) | 10,538 |
See notes to financial statements
– 50 –
Schedule of Portfolio Investments | Mid Cap Core Equity Fund |
February 28, 2019 (Unaudited) | Concluded |
Shares | Security Description | Value | ||||||
Common Stocks, continued: | ||||||||
Trading Companies & Distributors, continued: | ||||||||
68 | MSC Industrial Direct Co., Inc., Class A | $ | 5,740 | |||||
23 | Watsco, Inc. | 3,309 | ||||||
19,587 | ||||||||
Water Utilities (0.3%) | ||||||||
46 | American Water Works Co., Inc. | 4,675 | ||||||
Total Common Stocks | 1,363,599 |
Shares | Security Description | Value | ||||||
Investment in Affiliates (3.1%) | ||||||||
45,063 | Cavanal Hill Government Securities Money Market Fund, Institutional Shares, 2.22%(b) | $ | 45,063 | |||||
Total Investment in Affiliates | 45,063 | |||||||
Total Investments (Cost $1,232,274)(c) - 96.9% | 1,408,662 | |||||||
Other assets in excess of liabilities — 3.1% | 45,440 | |||||||
Net Assets - 100.0% | $ | 1,454,102 |
(a) | Non-income producing security. |
(b) | Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 28, 2019. |
(c) | Represents cost for financial reporting purposes. The cost for tax reporting purposes can be found in Note 4 in the Notes to Financial Statements. |
REIT Real Estate Investment Trust
See notes to financial statements
– 51 –
Schedule of Portfolio Investments | Opportunistic Fund |
February 28, 2019 (Unaudited) |
Shares or Principal Amount | Security Description | Value | ||||||
Common Stocks (46.3%) | ||||||||
Aerospace & Defense (2.5%) | ||||||||
6,136 | Hexcel Corp. | $ | 442,651 | |||||
2,110 | Northrop Grumman Corp. | 611,816 | ||||||
1,054,467 | ||||||||
Airlines (1.6%) | ||||||||
13,735 | Delta Air Lines, Inc. | 680,981 | ||||||
Biotechnology (2.1%) | ||||||||
5,906 | Sarepta Therapeutics, Inc.(a) | 851,881 | ||||||
Building Products (2.3%) | ||||||||
21,670 | USG Corp. | 934,194 | ||||||
Chemicals (4.0%) | ||||||||
43,030 | Braskem SA ADR | 1,240,555 | ||||||
7,640 | DowDuPont, Inc. | 406,677 | ||||||
1,647,232 | ||||||||
Commercial Services & Supplies (6.5%) | ||||||||
40,305 | Advanced Disposal Services, Inc., Class I(a) | 1,068,889 | ||||||
94,537 | Covanta Holding Corp. | 1,605,238 | ||||||
2,674,127 | ||||||||
Communications Equipment (1.7%) | ||||||||
28,000 | Radware, Ltd.(a) | 703,080 | ||||||
Construction & Engineering (1.0%) | ||||||||
11,180 | Fluor Corp. | 420,368 | ||||||
Diversified Telecommunication Services (3.9%) | ||||||||
51,401 | AT&T, Inc. | 1,599,599 | ||||||
Electronic Equipment, Instruments & Components (1.0%) | ||||||||
8,230 | FLIR Systems, Inc. | 423,434 | ||||||
Entertainment (0.9%) | ||||||||
2,786 | Spotify Technology SA(a) | 390,430 | ||||||
Interactive Media & Services (2.0%) | ||||||||
740 | Alphabet, Inc., Class C(a)^ | 828,741 | ||||||
Internet & Direct Marketing Retail (1.0%) | ||||||||
247 | Amazon.com, Inc.(a) | 405,038 | ||||||
Life Sciences Tools & Services (1.8%) | ||||||||
104,156 | Pacific Biosciences of California, Inc.(a) | 761,380 | ||||||
Machinery (1.1%) | ||||||||
14,876 | Altra Industrial Motion Corp. | 473,206 | ||||||
Multiline Retail (1.3%) | ||||||||
5,643 | Dollar Tree, Inc.(a) | 543,590 | ||||||
Oil, Gas & Consumable Fuels (3.0%) | ||||||||
15,102 | The Williams Cos., Inc. | 403,072 | ||||||
14,460 | TOTAL SA ADR | 822,919 | ||||||
1,225,991 | ||||||||
Pharmaceuticals (1.9%) | ||||||||
157,111 | MediWound, Ltd.(a) | 765,131 | ||||||
Semiconductors & Semiconductor Equipment (4.4%) | ||||||||
1,525 | Broadcom, Inc. | 419,924 | ||||||
72,788 | Everspin Technologies, Inc.(a) | 666,738 | ||||||
3,562 | NXP Semiconductors NV | 325,282 | ||||||
7,760 | QUALCOMM, Inc. | 414,306 | ||||||
1,826,250 | ||||||||
Software (2.3%) | ||||||||
7,550 | Everbridge, Inc.(a) | 533,861 | ||||||
9,000 | Rapid7, Inc.(a) | 414,270 | ||||||
948,131 | ||||||||
Total Common Stocks | 19,157,251 |
Shares or Principal Amount | Security Description | Value | ||||||
Convertible Preferred Stocks (5.2%) | ||||||||
Chemicals (1.1%) | ||||||||
9,000 | International Flavor & Fragrances, 6.00%, | $ | 449,460 | |||||
Household Products (4.1%) | ||||||||
16,859 | Energizer Holdings, Inc., Series A, 7.50%, | 1,700,230 | ||||||
Total Convertible Preferred Stocks | 2,149,690 | |||||||
Mortgage Backed Securities† (3.3%) | ||||||||
Prime Fixed Mortgage Backed Securities (3.3%) | ||||||||
1,356,673 | Onslow Bay Financial LLC, Series 2018-EXP2, 1A1, 4.00%, 11/25/48*(b) | 1,364,224 | ||||||
Total Mortgage Backed Securities | 1,364,224 | |||||||
Corporate Bonds (19.9%) | ||||||||
Banks (1.2%) | ||||||||
500,000 | Bank of America Corp., Series G, 3.42% (US0003M + 66 bps), 7/21/21, Callable 7/21/20 @ 100* | 501,655 | ||||||
Diversified Financial Services (2.1%) | ||||||||
858,000 | BP Capital Markets America, Inc., 4.50%, 10/1/20 | 879,370 | ||||||
Energy Equipment & Services (2.3%) | ||||||||
978,400 | Unit Corp., 6.63%, 5/15/21, Callable 4/8/19 @ 101* | 958,832 | ||||||
Food & Staples Retailing (2.4%) | ||||||||
981,000 | Walmart, Inc., 3.05% (US0003M + 23 bps), 6/23/21 | 983,937 | ||||||
Household Durables (3.8%) | ||||||||
1,519,000 | Century Communities, Inc., 6.88%, 5/15/22, Callable 4/8/19 @ 103* | 1,530,393 | ||||||
Oil, Gas & Consumable Fuels (3.1%) | ||||||||
620,000 | HollyFrontier Corp., 5.88%, 4/1/26, Callable 1/1/26 @ 100* | 654,077 | ||||||
620,000 | Noble Energy, Inc., 4.15%, 12/15/21, Callable 9/15/21 @ 100* | 630,764 | ||||||
1,284,841 | ||||||||
Railroad (1.9%) | ||||||||
792,000 | Wabtec Corp., 4.70%, 9/15/28, Callable 6/15/28 @ 100* | 781,636 | ||||||
Semiconductors & Semiconductor (3.1%) | ||||||||
1,290,000 | Marvell Technology Group, Ltd., 4.20%, 6/22/23, Callable 5/22/23 @ 100* | 1,296,003 | ||||||
Total Corporate Bonds | 8,216,667 | |||||||
Investment in Affiliates (23.5%) | ||||||||
9,733,498 | Cavanal Hill Government Securities Money Market Fund, Institutional Shares, 2.22%(c) | 9,733,498 | ||||||
Total Investment in Affiliates | 9,733,498 | |||||||
Total Investments (Cost $39,212,207)(d) - 98.2% | 40,621,330 | |||||||
Other assets in excess of liabilities — 1.8% | 750,150 | |||||||
Net Assets - 100% | $ | 41,371,480 |
See notes to financial statements
– 52 –
Schedule of Portfolio Investments | Opportunistic Fund |
February 28, 2019 (Unaudited) | Concluded |
(a) | Non-income producing security. |
(b) | The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate presented is the rate in effect at February 28, 2019. |
(c)Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 28, 2019.
(d) | Represents cost for financial reporting purposes. The cost for tax reporting purposes can be found in Note 4 in the Notes to Financial Statements. |
* | Represents next call date. Additional subsequent call dates and amounts may apply to this security. |
† | Mortgage backed securities are classified based on the characteristics of their underlying collateral, the fixed vs. variable nature of the obligations, and the credit standing of the mortgagors. The fixed or variable rate nature of securities interest payments to which the fund is entitled may not coincide with the payment nature of the collateral underlying the securities |
^ | All or a portion of the shares have been committed as collateral for short positions. |
ADR | American Depositary Receipt |
LIBOR | London Interbank Offered Rate |
US0003M | 3 Month US Dollar LIBOR |
See notes to financial statements
– 53 –
Schedule of Portfolio Investments | World Energy Fund |
February 28, 2019 (Unaudited) |
Shares or Principal Amount | Security Description | Value | ||||||
Common Stocks (89.0%) | ||||||||
Auto Components (2.4%) | ||||||||
11,000 | Aptiv PLC | $ | 914,210 | |||||
Chemicals (8.8%) | ||||||||
12,000 | Albemarle Corp. | 1,095,480 | ||||||
11,000 | DowDuPont, Inc. | 585,530 | ||||||
65,000 | Livent Corp.(a) | 832,000 | ||||||
11,000 | W.R. Grace & Co. | 854,370 | ||||||
3,367,380 | ||||||||
Commercial Services & Supplies (2.0%) | ||||||||
45,000 | Covanta Holding Corp. | 764,100 | ||||||
Construction & Engineering (2.0%) | ||||||||
20,000 | Fluor Corp. | 752,000 | ||||||
Electric Utilities (0.8%) | ||||||||
34 | ALLETE, Inc. | 2,756 | ||||||
936 | Duke Energy Corp. | 83,922 | ||||||
63 | Empresa Distribuidora y Comercializadora Norte ADR(a) | 1,669 | ||||||
150 | Korea Electric Power Corp. ADR(a) | 2,297 | ||||||
663 | NextEra Energy, Inc. | 124,458 | ||||||
26 | Otter Tail Corp. | 1,307 | ||||||
196 | Pampa Energia SA ADR(a) | 6,244 | ||||||
1,346 | The Southern Co. | 66,883 | ||||||
289,536 | ||||||||
Electrical Equipment (5.6%) | ||||||||
20,000 | nVent Electric PLC | 549,600 | ||||||
23,000 | TPI Composites, Inc.(a) | 694,830 | ||||||
32,000 | Vestas Wind Systems A/S ADR | 888,960 | ||||||
2,133,390 | ||||||||
Energy Equipment & Services (6.7%) | ||||||||
1,141 | Halliburton Co. | 35,017 | ||||||
1,129 | Helmerich & Payne, Inc. | 61,192 | ||||||
22,000 | Mammoth Energy Services, Inc. | 505,780 | ||||||
2,304 | Patterson-UTI Energy, Inc. | 30,551 | ||||||
11,914 | Schlumberger, Ltd. | 524,931 | ||||||
31,583 | Tenaris SA ADR | 838,529 | ||||||
35,000 | Unit Corp.(a) | 544,250 | ||||||
2,540,250 | ||||||||
Gas Utilities (0.3%) | ||||||||
510 | Atmos Energy Corp. | 50,413 | ||||||
17 | Chesapeake Utilities Corp. | 1,530 | ||||||
307 | National Fuel & Gas Co. | 18,478 | ||||||
50 | New Jersey Resources Corp. | 2,420 | ||||||
48 | ONE Gas, Inc. | 4,150 | ||||||
20 | Southwest Gas Holdings, Inc. | 1,639 | ||||||
41 | Spire, Inc. | 3,252 | ||||||
662 | UGI Corp. | 36,344 | ||||||
118,226 | ||||||||
Household Products (1.9%) | ||||||||
16,000 | Energizer Holdings, Inc. | 734,080 | ||||||
Independent Power and Renewable Electricity Producers (1.0%) | ||||||||
5,849 | AES Corp. | 100,778 | ||||||
634 | Atlantica Yield PLC | 12,655 | ||||||
2,813 | NRG Energy, Inc. | 117,246 | ||||||
273 | Ormat Technologies, Inc. | 15,242 | ||||||
4,724 | Vistra Energy Corp.(a) | 123,013 | ||||||
368,934 |
Shares or Principal Amount | Security Description | Value | ||||||
Common Stocks, continued: | ||||||||
Multi-Utilities (0.8%) | ||||||||
63 | CMS Energy Corp. | $ | 3,427 | |||||
49 | Consolidated Edison, Inc. | 4,040 | ||||||
1,566 | Dominion Resources, Inc. | 116,025 | ||||||
55 | DTE Energy Co. | 6,796 | ||||||
96 | MDU Resources Group, Inc. | 2,536 | ||||||
1,825 | National Grid PLC ADR | 103,113 | ||||||
614 | Sempra Energy | 73,950 | ||||||
64 | WEC Energy Group, Inc. | 4,882 | ||||||
314,769 | ||||||||
Oil, Gas & Consumable Fuels (51.4%) | ||||||||
36,858 | BP PLC ADR | 1,571,993 | ||||||
4,025 | Chevron Corp. | 481,310 | ||||||
161 | CNOOC, Ltd. ADR | 27,967 | ||||||
15,426 | ConocoPhillips | 1,046,654 | ||||||
10,000 | Continental Resources, Inc.(a) | 446,100 | ||||||
5,500 | Diamondback Energy, Inc. | 566,115 | ||||||
33,486 | Enbridge, Inc. | 1,238,647 | ||||||
4,210 | EOG Resources, Inc. | 395,740 | ||||||
27,000 | Equinor ASA ADR | 606,420 | ||||||
17,954 | Exxon Mobil Corp. | 1,418,905 | ||||||
1,224 | HollyFrontier Corp. | 62,669 | ||||||
4,741 | Kinder Morgan, Inc. | 90,838 | ||||||
60,000 | Marathon Oil Corp. | 996,000 | ||||||
29,841 | Marathon Petroleum Corp. | 1,850,439 | ||||||
20,605 | Occidental Petroleum Corp. | 1,363,021 | ||||||
340 | ONEOK, Inc. | 21,848 | ||||||
7,476 | Pembina Pipeline Corp. | 273,921 | ||||||
18,253 | Phillips 66 | 1,758,859 | ||||||
3,500 | Pioneer Natural Resources Co. | 493,325 | ||||||
753 | Royal Dutch Shell PLC ADR, Class A | 46,844 | ||||||
10,000 | The Williams Cos., Inc. | 266,900 | ||||||
24,144 | TOTAL SA ADR | 1,374,035 | ||||||
31,845 | TransCanada Corp. | 1,424,108 | ||||||
7,567 | Valero Energy Corp. | 617,165 | ||||||
20,000 | Viper Energy Partners LP | 658,200 | ||||||
39,000 | WPX Energy, Inc.(a) | 481,260 | ||||||
19,579,283 | ||||||||
Semiconductors & Semiconductor Equipment (4.9%) | ||||||||
47,000 | Infineon Technologies AG ADR | 1,034,940 | ||||||
9,000 | NXP Semiconductors NV | 821,880 | ||||||
1,856,820 | ||||||||
Water Utilities (0.4%) | ||||||||
285 | American States Water Co. | 20,272 | ||||||
1,069 | American Water Works Co., Inc. | 108,632 | ||||||
998 | Aqua America, Inc. | 35,868 | ||||||
18 | Connecticut Water Service, Inc. | 1,207 | ||||||
27 | SJW Group | 1,652 | ||||||
167,631 | ||||||||
Total Common Stocks | 33,900,609 | |||||||
Corporate Bonds (8.3%) | ||||||||
Diversified Financial Services (2.0%) | ||||||||
400,000 | BP Capital Markets America, Inc., 3.80%, 9/21/25, Callable 7/21/25 @ 100* | 409,475 |
See notes to financial statements
– 54 –
Schedule of Portfolio Investments | World Energy Fund |
February 28, 2019 (Unaudited) | Concluded |
Shares or Principal Amount | Security Description | Value | ||||||
Corporate Bonds, continued: | ||||||||
Diversified Financial Services, continued | ||||||||
$ | 350,000 | Shell International Finance BV, 3.25%, 5/11/25 | $ | 351,170 | ||||
760,645 | ||||||||
Energy Equipment & Services (2.3%) | ||||||||
421,000 | Ensco PLC, 8.00%, 1/31/24, Callable 10/31/23 @ 100* | 376,795 | ||||||
675,000 | Transocean, Inc., 6.80%, 3/15/38 | 509,625 | ||||||
886,420 | ||||||||
Exploration & Production (0.5%) | ||||||||
200,000 | Parsley Energy LLC / Finance, 5.38%, 1/15/25, Callable 1/15/20 @ 104* | 200,500 | ||||||
Oil, Gas & Consumable Fuels (3.5%) | ||||||||
400,000 | Diamondback Energy, Inc., 5.38%, 5/31/25, Callable 5/31/20 @ 104* | 414,000 | ||||||
400,000 | Oasis Petroleum, Inc., 6.88%, 3/15/22, Callable 4/8/19 @ 102* | 399,500 | ||||||
500,000 | Whiting Petroleum Corp., 6.63%, 1/15/26, Callable 10/15/25 @ 100* | 490,000 | ||||||
1,303,500 | ||||||||
Total Corporate Bonds | 3,151,065 |
Shares or Principal Amount | Security Description | Value | ||||||
Investment in Affiliates (2.3%) | ||||||||
$ | 861,565 | Cavanal Hill Government Securities Money Market Fund, Institutional Shares, 2.22%(b) | $ | 861,565 | ||||
Total Investment in Affiliates | 861,565 | |||||||
Total Investments (Cost $34,682,934)(c) - 99.6% | 37,913,239 | |||||||
Other assets in excess of liabilities — 0.4% | 172,916 | |||||||
Net Assets - 100% | $ | 38,086,155 |
The Advisor has determined that 57.5% of the Fund’s net assets comprise securities of issuers which are either foreign domiciled or derive more than 50% of its assets, revenue or income outside of the United States.
(a) | Non-income producing security. |
(b) | Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 28, 2019. |
(c) | Represents cost for financial reporting purposes. The cost for tax reporting purposes can be found in Note 4 in the Notes to Financial Statements. |
* | Represents next call date. Additional subsequent call dates and amounts may apply to this security. |
ADR American Depositary Receipt
See notes to financial statements
– 55 –
1. | Organization: |
The Cavanal Hill Funds (the “Trust”) was organized on October 1, 1987, as a Massachusetts business trust, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Trust meets the definition of an investment company and follows the accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services - Investment Companies”. As of February 28, 2019, the Trust offered shares of U.S. Treasury Fund and Government Securities Money Market Fund (each referred to as a “Money Market Fund” and collectively, the “Money Market Funds”), Limited Duration Fund, Moderate Duration Fund, Bond Fund, Strategic Enhanced Yield Fund, Ultra Short Tax-Free Income Fund, Active Core Fund, Mid Cap Core Equity Fund, Opportunistic Fund and World Energy Fund (each referred to as a “Fund” and collectively, “the Funds”). Each Fund is registered as a diversified portfolio of the Trust. The Limited Duration Fund, Moderate Duration Fund, Bond Fund, Strategic Enhanced Yield Fund, Ultra Short Tax-Free Income Fund, Active Core Fund, Mid Cap Core Equity Fund, Opportunistic Fund and World Energy Fund are each authorized to issue an unlimited number of shares in three classes of shares: No-Load Investor Shares (the “Investor Shares”), Institutional Shares and A Shares. The Active Core Fund, Mid Cap Core Equity Fund, Opportunistic Fund, and World Energy Fund are also authorized to issue an unlimited number of C Shares. The Money Market Funds are authorized to issue an unlimited number of shares in the following classes: Administrative Shares, Institutional Shares and Select Shares. In addition, the U.S. Treasury Fund is authorized to issue an unlimited number of Service Shares and the Government Securities Money Market Fund is authorized to issue an unlimited number of Premier Shares. Each class of shares for each of the Funds has identical rights and privileges except with respect to distribution (Rule 12b-1 of the 1940 Act) and shareholder servicing fees, voting rights on matters affecting a single class of shares, and the exchange privileges of each class of shares.
Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust. However, based on experience, the Trust expects that risk of loss to be remote.
2. | Significant Accounting Policies: |
The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The presentation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.
Fair Value Measurements:
The Trust has a three-tier fair value hierarchy that is dependent upon the various “inputs” used to determine the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below:
● Level 1 - quoted prices in active markets for identical assets
● Level 2 - other observable significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
● Level 3 - significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since this valuation is not obtained from a quoted price in an active market, such securities are reflected as Level 2 in the fair value hierarchy.
When determining the fair value of the Funds’ investments, additional consideration is given to those assets or liabilities that have experienced a significant decrease in the volume or level of activity or to circumstances that indicate that a transaction is not orderly. In cases where market prices for portfolio securities are not readily available or where prices provided by pricing services are believed not to reflect current value, a Pricing Committee established by the Board of Trustees (the “Board”) determines in good faith, subject to Trust procedures, the fair value of such portfolio securities. Examples of the types of securities that may be fair valued include securities halted or suspended from trading, thinly traded or illiquid securities, high-yield securities and fixed-income securities held in amounts less than their normal unit of trading.
The following is a summary categorization, as of February 28, 2019, of each Fund’s investments in the fair value hierarchy:
Fund | LEVEL 1 - Quoted Prices | LEVEL 2 - Other Significant Observable Inputs | LEVEL 3 - Significant Unobservable Inputs | Total | ||||||||||||
U.S. Treasury Fund | ||||||||||||||||
U.S. Treasury Obligations | $ | — | $ | 249,863,479 | $ | — | $ | 249,863,479 | ||||||||
Repurchase Agreements | — | 630,600,000 | — | 630,600,000 | ||||||||||||
Investment Companies | 90,329,297 | — | — | 90,329,297 | ||||||||||||
Total Investments | 90,329,297 | 880,463,479 | — | 970,792,776 | ||||||||||||
Government Securities Money Market | ||||||||||||||||
U.S. Government Agency Securities | — | 140,006,417 | — | $ | 140,006,417 | |||||||||||
U.S. Treasury Obligations | — | 468,687,116 | — | 468,687,116 | ||||||||||||
Repurchase Agreements | — | 985,400,000 | — | 985,400,000 | ||||||||||||
Investment Companies | 182,810,816 | — | — | 182,810,816 | ||||||||||||
Total Investments | 182,810,816 | 1,594,093,533 | — | 1,776,904,349 |
– 56 –
Notes to Financial Statements |
February 28, 2019 (Unaudited) |
Fund | LEVEL 1 - Quoted Prices | LEVEL 2 - Other Significant Observable Inputs | LEVEL 3 - Significant Unobservable Inputs | Total | ||||||||||||
Limited Duration Fund | ||||||||||||||||
Asset Backed Securities | $ | — | $ | 9,486,857 | — | $ | 9,486,857 | |||||||||
Mortgage Backed Securities1 | — | 43,334,447 | — | 43,334,447 | ||||||||||||
Corporate Bonds2 | — | 15,477,418 | — | 15,477,418 | ||||||||||||
Taxable Municipal Bonds3 | — | 2,426,091 | — | 2,426,091 | ||||||||||||
U.S. Treasury Obligations | — | 28,403,442 | — | 28,403,442 | ||||||||||||
Investment in Affiliates | 8,396,966 | — | — | 8,396,966 | ||||||||||||
Total Investments | 8,396,966 | 99,128,255 | — | 107,525,221 | ||||||||||||
Moderate Duration Fund | ||||||||||||||||
Asset Backed Securities | — | 1,232,705 | — | 1,232,705 | ||||||||||||
Mortgage Backed Securities1 | — | 7,786,832 | — | 7,786,832 | ||||||||||||
Corporate Bonds2 | — | 5,239,942 | — | 5,239,942 | ||||||||||||
Taxable Municipal Bonds3 | — | 2,651,560 | — | 2,651,560 | ||||||||||||
U.S. Government Agency Securities | — | 2,474,824 | — | 2,474,824 | ||||||||||||
U.S. Treasury Obligations | — | 6,612,338 | — | 6,612,338 | ||||||||||||
Investment in Affiliates | 1,123,966 | — | — | 1,123,966 | ||||||||||||
Total Investments | 1,123,966 | 25,998,201 | — | 27,122,167 | ||||||||||||
Bond Fund | ||||||||||||||||
Asset Backed Securities | — | 3,528,648 | — | 3,528,648 | ||||||||||||
Mortgage Backed Securities1 | — | 28,337,934 | — | 28,337,934 | ||||||||||||
Corporate Bonds2 | — | 16,832,491 | — | 16,832,491 | ||||||||||||
Taxable Municipal Bonds3 | — | 12,710,056 | — | 12,710,056 | ||||||||||||
U.S. Government Agency Securities | — | 9,666,822 | — | 9,666,822 | ||||||||||||
U.S. Treasury Obligations | — | 28,182,915 | — | 28,182,915 | ||||||||||||
Investment in Affiliates | 4,465,090 | — | — | 4,465,090 | ||||||||||||
Total Investments | 4,465,090 | 99,258,866 | — | 103,723,956 | ||||||||||||
Strategic Enhanced Yield Fund | ||||||||||||||||
Asset Backed Securities | — | 578,137 | — | 578,137 | ||||||||||||
Mortgage Backed Securities1 | — | 3,048,406 | — | 3,048,406 | ||||||||||||
Corporate Bonds2 | — | 314,756 | — | 314,756 | ||||||||||||
U.S. Treasury Obligations | — | 1,566,041 | — | 1,566,041 | ||||||||||||
Investment in Affiliates | 214,061 | — | — | 214,061 | ||||||||||||
Total Investments | 214,061 | 5,507,340 | — | 5,721,401 | ||||||||||||
Ultra Short Tax-Free Income Fund | ||||||||||||||||
Municipal Bonds3 | — | 10,373,601 | — | 10,373,601 | ||||||||||||
Investment in Affiliates | 41,198 | — | — | 41,198 | ||||||||||||
Total Investments | 41,198 | 10,373,601 | — | 10,414,799 | ||||||||||||
Active Core Fund | ||||||||||||||||
Common Stocks2 | 22,664,718 | — | — | 22,664,718 | ||||||||||||
Asset Backed Securities | — | 959,694 | — | 959,694 | ||||||||||||
Mortgage Backed Securities1 | — | 5,617,260 | — | 5,617,260 | ||||||||||||
Corporate Bonds2 | — | 3,395,957 | — | 3,395,957 | ||||||||||||
Taxable Municipal Bonds3 | — | 2,850,179 | — | 2,850,179 | ||||||||||||
U.S. Government Agency Securities | — | 1,888,987 | — | 1,888,987 | ||||||||||||
U.S. Treasury Obligations | — | 5,494,122 | — | 5,494,122 | ||||||||||||
Investment Companies | 2,553,518 | — | — | 2,553,518 | ||||||||||||
Investment in Affiliates | 2,107,324 | — | — | 2,107,324 | ||||||||||||
Total Investments | 27,325,560 | 20,206,199 | — | 47,531,759 | ||||||||||||
Mid Cap Core Equity Fund | ||||||||||||||||
Common Stocks2 | 1,363,599 | — | — | 1,363,599 | ||||||||||||
Investment in Affiliates | 45,063 | — | — | 45,063 | ||||||||||||
Total Investments | 1,408,662 | — | — | 1,408,662 | ||||||||||||
Opportunistic Fund | ||||||||||||||||
Common Stocks2 | 19,157,251 | — | — | 19,157,251 | ||||||||||||
Convertible Preferred Stocks | 2,149,690 | — | — | 2,149,690 | ||||||||||||
Mortgage Backed Securities1 | — | 1,364,224 | — | 1,364,224 | ||||||||||||
Corporate Bonds2 | — | 8,216,667 | — | 8,216,667 | ||||||||||||
Investment in Affiliates | 9,733,498 | — | — | 9,733,498 | ||||||||||||
Total Investments | 31,040,439 | 9,580,891 | — | 40,621,330 |
– 57 –
Notes to Financial Statements |
February 28, 2019 (Unaudited) |
Fund | LEVEL 1 - Quoted Prices | LEVEL 2 - Other Significant Observable Inputs | LEVEL 3 - Significant Unobservable Inputs | Total | ||||||||||||
World Energy Fund | ||||||||||||||||
Common Stocks2 | $ | 33,900,609 | $ | — | — | $ | 33,900,609 | |||||||||
Corporate Bonds2 | — | 3,151,065 | — | 3,151,065 | ||||||||||||
Investment in Affiliates | 861,565 | — | — | 861,565 | ||||||||||||
Total Investments | 34,762,174 | 3,151,065 | — | 37,913,239 |
1 | Please see the Schedule of Portfolio investments for Mortgage Backed Securities classification. |
2 | Please see the Schedule of Portfolio Investments for Industry classification. |
3 | Please see the Schedule of Portfolio Investments for State classification. |
Securities Valuation:
The Money Market Funds, which operate as government funds, are eligible and have elected to use the amortized cost method of valuation pursuant to Rule 2a-7 under the 1940 Act. This involves valuing an instrument at its cost initially and thereafter assuming a constant accretion or amortization to maturity of any discount or premium, respectively, regardless of the impact of fluctuating interest rates on the market value of the instrument. This method may result in periods during which value, as determined by amortized cost, is higher or lower than the price each Money Market Fund would receive if it sold the investment. The value of securities in the Money Market Funds can be expected to vary inversely with changes in prevailing interest rates.
The following is an overview of how securities are valued in the Limited Duration Fund, Moderate Duration Fund, Bond Fund, Strategic Enhanced Yield Fund, Ultra Short Tax-Free Income Fund, Active Core Fund, Mid Cap Core Equity Fund, Opportunistic Fund, and World Energy Fund (the “Variable Net Asset Value Funds”).
Equity securities are valued at the closing price on the exchange or market where the security is principally traded (except for those traded on NASDAQ, which will be valued at the NASDAQ Official Closing Price). If there have been no sales for the day on any exchange or market, the security is valued at the latest available bid price on the exchange or market where the security is principally traded. Equity securities are typically categorized as Level 1 in the fair value hierarchy.
Fixed-income securities are valued using matrix pricing as determined by an independent pricing service approved by the Board. Fixed-income securities are valued using various inputs including new issue data, benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, reference data and industry and market events, and are typically categorized as Level 2 in the fair value hierarchy. In addition to the inputs noted for fixed-income securities, asset-backed and mortgage-backed securities are valued using principal payment and collateral performance information, and are typically categorized as Level 2 in the fair value hierarchy.
Short-term fixed-income securities purchased with 60 days or fewer to maturity and of sufficient credit quality are generally valued at amortized cost, which approximates current value, and are typically categorized as Level 2 in the fair value hierarchy.
Open-end mutual fund investments and exchange-traded funds are valued at the most recently calculated net asset value, and are typically categorized as Level 1 in the fair value hierarchy
Repurchase agreements are valued at original cost, and are typically categorized as Level 2 in the fair value hierarchy.
Exchange-traded options and exchange-traded notes are valued at the closing price from the exchange, and are typically categorized as Level 1 in the fair value hierarchy.
Securities Sold Short:
The Funds may enter into short sales. Short sales are transactions in which a fund sells a security it does not own. To complete such a transaction, the Fund must borrow the security to make delivery to the buyer. The Fund is then obligated to replace the security borrowed by purchasing the security at the market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold by the Fund.
Until the security is replaced, the Fund is required to pay the lender amounts equal to any dividends that accrue during the period of the loan. Dividends declared on open short positions are recorded on ex-date as dividend expense. To borrow the security, the Fund also may be required to pay a fee, which is shown as interest expense. The Fund records a liability for securities sold short and records an asset equal to the proceeds received. The amount of the liability is subsequently marked to market to reflect the market value of the securities sold short. The proceeds of the short sale may be retained by the broker, to the extent necessary to meet the margin requirements, until the short position is closed. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, is recognized upon the close of a short sale.
None of the Funds shall sell securities short (unless it owns or has the right to obtain securities equivalent in kind and amount to the securities sold short or has segregated with the Custodian an amount of cash or liquid assets to cover the short position), however, this policy does not prevent the Funds from entering into short positions in foreign currency, futures contracts, options, forward contracts, swaps, caps, floors, collars and other financial instruments.
The Opportunistic Fund engaged in limited short sale activity during the period ended February 28, 2019; no short securities were held as of February 28, 2019.
Purchased Call Options:
Each of the Funds, except U.S. Treasury Fund and the Government Securities Money Market Fund, may purchase options to hedge (or reduce) its exposure to a portfolio asset or risk, to obtain leverage for the portfolio, to manage cash and/or as a substitute for taking a position in the reference asset or to gain exposure to certain asset classes. An option gives the purchaser of the option the right to buy, and a writer has the obligation to sell, the underlying security at the stated exercise price at any time prior to the expiration of the option, regardless of the market price of the security. The premium paid to the writer is consideration for undertaking the obligations under the option contract. Options purchased by the Fund will be valued at the last sale price, or in the absence of such a price, at the latest available bid price. The Funds may also purchase index options. Index options (or options on securities indices) are similar in many respects to options on securities, except that an index option gives the
– 58 –
Notes to Financial Statements |
February 28, 2019 (Unaudited) |
holder the right to receive, upon exercise, cash instead of securities, if the closing value of the securities index upon which the option is based is greater than the exercise price of the option.
Purchasing options is a specialized investment technique that entails the possibility of a complete loss of the amounts paid as premiums to writers of options. The Funds can purchase options and index options provided that their total investment in such options immediately after such purchase does not exceed 5% of its total assets.
The Funds did not engage in purchased options activity during the period ending February 28, 2019.
Security Transactions and Related Income:
For all purposes other than financial reporting, security transactions are accounted for no later than one business day following the trade date. For financial reporting purposes, however, security transactions are accounted for on the trade date on the last business day of the reporting period. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium and accretion of discount. Dividend income is recorded on the ex-dividend date. Gains or losses realized from sales of securities are determined using the specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds.
Restricted Securities:
A restricted security is a security that has been purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933 (the “1933 Act”) or pursuant to the resale limitations provided by Rule 144 under the 1933 Act or an exemption from the registration requirements of the 1933 Act. Whether a restricted security is illiquid is determined pursuant to guidelines established by the Board. Not all restricted securities are considered illiquid. The illiquid, restricted securities held as of February 28, 2019 are identified below:
Security | Acquisition Date | Acquisition Cost | Principal Amount | Fair Value | ||||||||||
Limited Duration Fund: | ||||||||||||||
Cazenovia Creek Funding II LLC, Series 2018-1A, A, 3.56%, 7/15/30 | 8/22/18 | $ | 1,526,079 | $ | 1,526,230 | $ | 1,520,482 | |||||||
Sun Trust Student Loan Trust, Series 2006-1A, B, 3.03%, 10/28/37 | 5/26/17 and 4/11/18 | 1,050,096 | 1,143,876 | 1,037,394 |
Repurchase Agreements:
The Funds may invest in repurchase agreements with financial institutions such as member banks of the Federal Deposit Insurance Corporation (FDIC) or from registered broker/dealers that Cavanal Hill Investment Management, Inc. (the “Adviser”) deems creditworthy under guidelines approved by the Board, subject to the seller’s agreement to repurchase such securities at a mutually agreed-upon date and price. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying securities collateral. The seller under a repurchase agreement is required to maintain the value of collateral held pursuant to the agreement at not less than the repurchase price (including accrued interest). Securities subject to repurchase agreements are held by each Fund’s custodian, another qualified sub-custodian, or in the Federal Reserve book-entry system. Master Repurchase Agreements (“MRA”) permit the Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset receivables under the MRA with collateral posted by the counterparty and create one net payment due to or from the Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, the Fund receives securities as collateral with a market value in excess of the repurchase price to be received by the Fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund would recognize a liability with respect to such excess collateral to reflect the Fund’s obligation under bankruptcy law to return the excess to the counterparty.
Distributions to Shareholders:
Distributions from net investment income are declared daily and paid monthly for the Money Market Funds, Limited Duration Fund, Moderate Duration Fund, Bond Fund, Strategic Enhanced Yield Fund and Ultra Short Tax-Free Income Fund. Distributions from net investment income are declared and paid quarterly for the Active Core Fund, Mid Cap Core Equity Fund, Opportunistic Fund, and World Energy Fund. Net realized capital gains, if any, are declared and distributed at least annually.
The character of income and gains distributed is determined in accordance with income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent that these differences are permanent in nature (e.g., reclassification of bond discount and premium, gain/loss on principal payments from mortgage-backed securities, and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment. Temporary differences do not require reclassification (e.g., wash sales). To the extent that distributions from net investment income and net realized gains exceed net investment income and net realized gains for tax purposes, they are reported as distributions of capital.
Allocations:
Expenses that directly relate to a specific Fund are charged directly to that Fund. Class-specific expenses are charged directly to the class incurring the expense. Other operating expenses of the Funds are prorated to each Fund on the basis of relative net assets or another appropriate method. Income, expenses (other than expenses attributable to a specific share class), and realized and unrealized gains and losses on investments are allocated to each class of shares based on its relative net assets or another appropriate basis.
– 59 –
Notes to Financial Statements |
February 28, 2019 (Unaudited) |
3. | Fees and Transactions with Related and Other Parties: |
The Adviser, a wholly-owned subsidiary of BOKF, NA (“BOKF”), serves as the Funds’ investment adviser. Under the terms of the Investment Advisory Agreement between the Adviser and the Trust, the Adviser is entitled to receive fees based on a percentage of the average daily net assets of each Fund according to the following schedule:
Fund | Annual Advisory Fee (as a percentage of net assets) | Annual Expense Limitations* | ||
U.S. Treasury Fund | 0.05% | |||
Government Securities Money Market Fund | 0.05% | |||
Limited Duration Fund | 0.15% | |||
Moderate Duration Fund | 0.20% | 0.49% | ||
Bond Fund | 0.20% | |||
Strategic Enhanced Yield Fund | 0.50% | 0.76%** | ||
Ultra Short Tax-Free Income Fund | 0.15% | 0.35%** | ||
Active Core Fund | 0.35% | |||
Mid Cap Core Equity Fund | 0.55% | 0.81%** | ||
Opportunistic Fund | 0.85% | 1.00% | ||
World Energy Fund | 0.60% | 0.90% |
* Effective December 26, 2018, the Adviser has contractually agreed to waive fees or reimburse expenses so that expenses do not exceed the percentage of average daily net assets, plus class-specific fees, through December 31, 2019 and may be terminated or modified only with the approval of the Funds’ Board.
** Prior to December 26, 2018, the Adviser had contractually agreed to waive fees or reimburse expenses so that expenses do not exceed 0.76%, 0.56%, and 0.81 %, respectively, of average daily net assets, plus class-specific fees, applicable to Strategic Enhanced Yield Fund, Ultra Short Tax-Free Income Fund, and Mid Cap Core Equity Fund, respectively.
The Adviser serves as the Funds’ administrator. Under the terms of the Administration Agreement between the Adviser and the Trust, the Adviser is entitled to receive fees based on a percentage of the average daily net assets of each Fund according to the following schedule:
Fund | Annual Administration Fee (as a percentage of net assets) | |
U.S. Treasury Fund | 0.05% | |
Government Securities Money Market Fund | 0.05% | |
Limited Duration Fund | 0.08% | |
Moderate Duration Fund | 0.08% | |
Bond Fund | 0.08% | |
Strategic Enhanced Yield Fund | 0.08% | |
Ultra Short Tax-Free Income Fund | 0.08% | |
Active Core Fund | 0.08% | |
Mid Cap Core Equity Fund | 0.08% | |
Opportunistic Fund | 0.08% | |
World Energy Fund | 0.08% |
Under a Sub-Administration Agreement, the Administrator pays Citi Fund Services Ohio, Inc. (“Citi”) to perform certain administrative duties for the Trust. Fees paid to Citi by the Administrator for sub-administration services are paid out of its administration fees and are not an additional charge to the Funds. For the period ending February 28, 2019, Citi was paid $363,814 by the Administrator. Citi serves the Trust as fund accountant and makes an employee available to serve as the Funds’ Chief Compliance Officer (the “CCO”). Citi receives a fee for its services as fund accountant and CCO.
BOKF serves the Trust as custodian for which it is paid a fee of up to 0.01 % of each Fund’s average daily net assets. As custodian, BOKF is also entitled to any out-of-pocket expenses incurred.
FIS Investor Services, LLC (“FIS”) serves as transfer agent to the Trust and receives a fee for its services as transfer agent.
Certain officers of the Trust are affiliated with Citi, the Adviser, the distributor (see below) and/or BOKF. These persons are paid no fees directly by the Trust for serving as officers of the Trust.
Cavanal Hill Distributors, Inc. (“CHD”), an affiliate of the Adviser, provides distribution services to the Funds pursuant to a Distribution Agreement between the Trust and CHD. The Trust has adopted a Distribution and Shareholder Services Plan in accordance with Rule 12b-1 under the 1940 Act, pursuant to which the Funds are authorized to pay or reimburse CHD a periodic amount, calculated at an annual rate not to exceed 0.25% of the average daily net asset value of the Administrative, Investor, Service and A Shares, 0.50% of the Premier Shares, and 1.00% of the C Shares, and may be used by CHD to pay banks, including BOKF, broker dealers and other institutions. For the period ending February 28, 2019, BOKF received $1,629,194 under the agreement. CHD contractually agreed to waive 0.15% of such fee paid by the Service Shares and 0.45% of such fee paid by the Premier Shares of the Money Market Funds and 0.13% of such fee paid by the Administrative Shares of the Government Securities Money Market Fund through December 31, 2019.
The Funds have entered into shareholder servicing agreements with BOKF, a broker-dealer affiliate, and various service organizations. Services included in the servicing agreements are assisting in processing purchase, exchange and redemption requests; transmitting and receiving funds in connection with customer orders to purchase, exchange or redeem shares; and providing periodic statements. Shareholder servicing fees are incurred on a class level basis (where applicable). In consideration
– 60 –
Notes to Financial Statements |
February 28, 2019 (Unaudited) |
for these services, the service organizations received a fee from the Funds, computed daily and paid monthly, at an annual rate up to 0.25% for the Administrative, Institutional, Investor, Select, Service, Premier Shares and C Shares and up to 0.10% for the A Shares of the average daily net assets of the Funds’ shares held by the service organizations’ customers. For the period ending February 28, 2019, BOKF received net shareholder servicing fees of $2,037,675. For shareholder purchases made through BOKF, BOKF has contractually agreed to waive 0.25%, 0.15%, 0.17% and 0.25% of such fees paid by the Select, Service, Institutional and Premier Shares, respectively, of the Money Market Funds and 0.25%, 0.25%, 0.10% and 0.25% of such fees paid by the Institutional, Investor, A, and C Shares, respectively, of the Variable Net Asset Value Funds through December 31, 2019. The affiliate waivers result in reduction of the Shareholder Servicing Fee paid by all affiliated purchasers of a class.
From time to time, the Funds’ service providers may provide fee reductions and waivers in order to assist one or more of the Funds in maintaining more competitive expense ratios. Such reductions may be contractual, as disclosed in the Funds’ statutory prospectus, or voluntary and, as such, may occur on an ad hoc basis. No such reductions are subject to recoupment in subsequent fiscal periods, and voluntary reductions and waivers may be terminated at any time. Amounts reduced or waived under these arrangements are identified on the accompanying Statements of Operations.
Affiliated Transactions:
A summary of each Fund’s investment in Government Securities Money Market Fund, Institutional Class for the period ending February 28, 2019 is noted below:
Fund | Fair Value 8/31/18 | Purchases | Sales | Net Change in Unrealized Appreciation/ (Depreciation) | Fair Value 2/28/19 | Shares as of 2/28/19 | Dividend Income | Net Realized Gains/ (Losses) | ||||||||||||||||||||||||
Limited Duration Fund | $ | 3,395,393 | $ | 22,655,558 | $ | (17,653,985 | ) | $ | — | $ | 8,396,966 | 8,396,966 | $ | 53,471 | $ | — | ||||||||||||||||
Moderate Duration Fund | 1,114,485 | 4,704,723 | (4,695,242 | ) | — | 1,123,966 | 1,123,966 | 6,120 | — | |||||||||||||||||||||||
Bond Fund | 2,725,193 | 16,649,432 | (14,909,535 | ) | — | 4,465,090 | 4,465,090 | 32,859 | — | |||||||||||||||||||||||
Strategic Enhanced Yield Fund | 129,758 | 4,356,965 | (4,272,662 | ) | — | 214,061 | 214,061 | 2,279 | — | |||||||||||||||||||||||
Ultra Short Tax-Free Income Fund | 84,184 | 4,943,812 | (4,986,798 | ) | — | 41,198 | 41,198 | 1,515 | — | |||||||||||||||||||||||
Active Core Fund | 771,330 | 8,761,343 | (8,010,330 | ) | — | 1,522,343 | 1,522,343 | 9,773 | — | |||||||||||||||||||||||
Mid Cap Core Equity Fund | 63,541 | 934,003 | (952,481 | ) | — | 45,063 | 45,063 | 682 | — | |||||||||||||||||||||||
Opportunistic Fund | 1,856,545 | 33,722,635 | (25,845,682 | ) | — | 9,733,498 | 9,733,498 | 38,384 | — | |||||||||||||||||||||||
World Energy Fund | 904,508 | 13,574,668 | (13,617,611 | ) | — | 861,565 | 861,565 | 10,969 | — | |||||||||||||||||||||||
$ | 11,044,937 | $ | 110,303,139 | $ | (94,944,326 | ) | $ | — | $ | 26,403,750 | 26,403,750 | $ | 156,052 | $ | — |
A summary of the Active Core Fund’s investment in an affiliated fund (World Energy Fund, Institutional Class) for the period ending February 28, 2019 is noted below:
Fund | Fair Value 8/31/18 | Purchases | Sales | Net Change in Unrealized Appreciation/ (Depreciation) | Fair Value 2/28/19 | Shares as of 2/28/19 | Dividend Income | Net Realized Gains/ (Losses) | |||||||||||||||||||||||||
Active Core Fund | $ | 698,215 | $ | — | $ | — | $ | (113,234 | ) | $ | 584,981 | 73,409 | $ | 4,359 | $ | — | |||||||||||||||||
$ | 698,215 | $ | — | $ | — | $ | (113,234 | ) | $ | 584,981 | 73,409 | $ | 4,359 | $ | — |
4. | Purchases and Sales of Securities: |
Purchases and sales of securities (excluding short-term securities and long-term U.S. government securities) for the period ending February 28, 2019 were as follows:
Fund | Purchases | Sales | ||||||
Limited Duration Fund | $ | 14,727,873 | $ | 8,098,011 | ||||
Moderate Duration Fund | 1,860,070 | 3,983,638 | ||||||
Bond Fund | 12,625,976 | 9,316,194 | ||||||
Strategic Enhanced Yield Fund | 4,490,329 | 149,290 | ||||||
Ultra Short Tax-Free Income Fund | 4,399,834 | 5,360,000 | ||||||
Active Core Fund | 9,937,314 | 13,364,361 | ||||||
Mid Cap Core Equity Fund | 1,101,737 | 1,801,526 | ||||||
Opportunistic Fund | 46,884,639 | 54,265,550 | ||||||
World Energy Fund | 36,077,003 | 44,667,911 |
Purchases and sales of long-term U.S. government securities for the period ending February 28, 2019 were as follows:
Fund | Purchases | Sales | ||||||
Limited Duration Fund | $ | 4,264,969 | $ | 4,181,239 | ||||
Moderate Duration Fund | — | 183,582 | ||||||
Bond Fund | — | 212,736 | ||||||
Strategic Enhanced Yield Fund | 4,070 | 1,050 | ||||||
Active Core Fund | — | 66,599 |
– 61 –
Notes to Financial Statements |
February 28, 2019 (Unaudited) |
5. | Credit Risk and Other Risk Considerations: |
The Ultra Short Tax-Free Income Fund invests primarily in debt instruments of municipal issuers. The issuers’ ability to meet their obligations may be affected by economic developments in a specific industry, sector or locale.
The Limited Duration Fund, Moderate Duration Fund, Bond Fund, Strategic Enhanced Yield Fund and Active Core Fund are each invested in mortgage-related, fixed-income instruments. Mortgage-backed securities are subject to prepayment risk and credit risk of mortgagors and may be sensitive to changes in prevailing interest rates. When interest rates rise, the value of fixed-income securities generally declines.
Mid Cap Core Equity Fund invests primarily in a diversified portfolio of common stocks of Mid Cap U.S. companies which are subject to foreign investment risk; as with stock, fund’s share price can fall because of weakness in the stock markets, a particular industry, or specific holdings. Stock markets can decline for many reasons, including adverse political or economic developments, changes in investor psychology, or heavy institutional selling.
The World Energy Fund’s concentration in securities in energy-related industries may present more risks than would be the case with funds that diversify investments in numerous industries and sectors of the economy. Energy-related securities can be significantly affected by events relating to political developments, energy conservation, commodity prices, and tax and government regulations.
6. | Federal Income Taxes: |
It is the policy of each Fund to continue to qualify as a regulated investment company by complying with the provisions available to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code, and to make distributions from net investment income and from net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provisions for federal income taxes are required in the financial statements.
Management of the Funds has reviewed tax positions taken in tax years that remain subject to examination by tax authorities (i.e., the last three tax year ends and any interim tax period since then, as applicable). Management has determined that there are no uncertain tax positions that would require the Funds to record a tax liability and, therefore, there is no impact to the Funds’ financial statements.
The Funds may be subject to foreign taxes on dividends and realized capital gains. The Funds accrue such taxes, as applicable, based on their current interpretation of tax rules in the foreign markets in which they invest.
At February 28, 2019, the cost basis for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation/ (depreciation) were as follows:
Fund | Tax Cost of Securities | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation/ (Depreciation) | ||||||||||||
Limited Duration | $ | 109,756,256 | $ | 354,678 | $ | (2,585,713 | ) | $ | (2,231,035 | ) | ||||||
Moderate Duration Fund | 27,460,213 | 136,796 | (474,842 | ) | (338,046 | ) | ||||||||||
Bond Fund | 105,923,154 | 373,114 | (2,572,312 | ) | (2,199,198 | ) | ||||||||||
Strategic Enhanced Yield Fund | 5,721,763 | 28,877 | (29,239 | ) | (362 | ) | ||||||||||
Ultra Short Tax-Free Income Fund | 10,409,936 | 5,566 | (703 | ) | 4,863 | |||||||||||
Active Core Fund | 39,406,299 | 9,139,358 | (1,013,898 | ) | 8,125,460 | |||||||||||
Mid Cap Core Equity Fund | 1,277,903 | 193,797 | (63,038 | ) | 130,759 | |||||||||||
Opportunistic Fund | 39,142,730 | 1,883,972 | (405,372 | ) | 1,478,600 | |||||||||||
World Energy Fund | 35,715,112 | 3,833,680 | (1,635,553 | ) | 2,198,127 |
The tax characteristics of distributions paid to shareholders during the latest tax fiscal year ended August 31, 2018 were as follows:
Distributions Paid From: | ||||||||||||||||||||
2018 | Net Investment Income | Net Long- | Total Taxable Distributions | Tax-Exempt Distributions | Total Distributions Paid* | |||||||||||||||
U.S. Treasury Fund | $ | 9,776,979 | $ | — | $ | 9,776,979 | $ | — | $ | 9,776,979 | ||||||||||
Government Securities Money Market Fund | 15,905,245 | — | 15,905,245 | — | 15,905,245 | |||||||||||||||
Limited Duration Fund | 2,278,075 | — | 2,278,075 | — | 2,278,075 | |||||||||||||||
Moderate Duration Fund | 645,477 | — | 645,477 | — | 645,477 | |||||||||||||||
Bond Fund | 2,687,602 | — | 2,687,602 | — | 2,687,602 | |||||||||||||||
Strategic Enhanced Yield Fund | 18,194 | — | 18,194 | — | 18,194 | |||||||||||||||
Ultra Short Tax-Free Income Fund | 2,491 | — | 2,491 | 41,044 | 43,535 | |||||||||||||||
Active Core Fund | 852,946 | 2,343,729 | 3,196,675 | — | 3,196,675 | |||||||||||||||
Mid Cap Core Equity Fund | 16,803 | 345 | 17,148 | — | 17,148 | |||||||||||||||
Opportunistic Fund | 1,850,264 | 678,128 | 2,528,392 | — | 2,528,392 | |||||||||||||||
World Energy Fund | 332,285 | — | 332,285 | — | 332,285 |
* Total distributions paid may differ from that disclosed in the Statements of Changes in Net Assets because distributions are recognized when actually paid for tax purposes.
– 62 –
Notes to Financial Statements |
February 28, 2019 (Unaudited) |
As of August 31, 2018, the components of accumulated earnings/(deficit) on a tax basis were as follows.
Fund | Undistributed Ordinary Income/Tax Exempt Income | Undistributed Long-Term | Accumulated | Distributions | Accumulated | Unrealized Appreciation (Depreciation)** | Total Accumulated Earnings/ (Deficit) | ||||||||||||||||||||
U.S. Treasury Fund | $ | 1,341,672 | $ | — | $ | 1,341,672 | $ | (1,340,538 | ) | $ | (11,056 | ) | $ | — | $ | (9,922 | ) | ||||||||||
Government Securities Money Market Fund | 2,208,981 | — | 2,208,981 | (2,208,696 | ) | (550,623 | ) | — | (550,338 | ) | |||||||||||||||||
Limited Duration Fund | 238,914 | — | 238,914 | (189,503 | ) | (6,570,218 | ) | (2,694,583 | ) | (9,215,390 | ) | ||||||||||||||||
Moderate Duration Fund | 71,358 | — | 71,358 | (56,721 | ) | (5,424,343 | ) | (538,656 | ) | (5,948,362 | ) | ||||||||||||||||
Bond Fund | 223,887 | — | 223,887 | (209,243 | ) | (3,970,820 | ) | (3,204,362 | ) | (7,160,538 | ) | ||||||||||||||||
Strategic Enhanced Yield Fund | 3,735 | — | 3,735 | (3,391 | ) | (858 | ) | (1,268 | ) | (1,782 | ) | ||||||||||||||||
Ultra Short Tax-Free Income Fund | 14,728 | — | 14,728 | (10,944 | ) | — | (2,960 | ) | 824 | ||||||||||||||||||
Active Core Fund | 176,543 | 2,053,383 | 2,229,926 | — | — | 10,326,455 | 12,556,381 | ||||||||||||||||||||
Mid Cap Core Equity Fund | 2,573 | 25,476 | 28,049 | — | — | 351,840 | 379,889 | ||||||||||||||||||||
Opportunistic Fund | 1,308,204 | 1,929,164 | 3,237,368 | — | — | 2,919,396 | 6,156,764 | ||||||||||||||||||||
World Energy Fund | 80,499 | — | 80,499 | — | (14,440,067 | ) | 7,030,419 | (7,329,149 | ) |
* See below for post-October losses and capital loss carryforwards.
** The differences between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to tax deferral of losses on wash sales and the difference between book and tax amortization methods for premium and market discounts. Excludes unrealized depreciation on securities sold short.
Under current tax laws, net capital losses realized after October 31 may be deferred and treated as occurring on the first business day of the following fiscal year. As of August 31, 2018, there were no post-October capital losses.
At August 31, 2018, the following Funds had capital loss carryforwards as summarized in the tables below.
Capital loss carryforwards subject to expiration:
Fund | Amount | Expires | |||||
Government Securities Money Market Fund | $ | 550,617 | 2019 | ||||
Limited Duration Fund | 173,448 | 2019 |
Capital loss carryforwards not subject to expiration:
Fund | Short-Term Amount | Long-Term Amount | Total | |||||||
U.S. Treasury Fund | $ | 11,056 | $ | — | $ | 11,056 | ||||
Government Securities Money Market Fund | 6 | — | 6 | |||||||
Limited Duration Fund | 138,410 | 6,258,360 | 6,396,770 | |||||||
Moderate Duration Fund | 989,634 | 4,434,709 | 5,424,343 | |||||||
Bond Fund | 1,067,353 | 2,903,467 | 3,970,820 | |||||||
Strategic Enhanced Yield Fund | 858 | — | 858 | |||||||
World Energy Fund | 14,440,067 | — | 14,440,067 |
To the extent that these carryforwards are used to offset future capital gains, it is probable that the gains that are offset will not be distributed to shareholders. Capital loss carryforwards that are not subject to expiration must be utilized before those that are subject to expiration.
7. | Recent Accounting Pronouncements: |
In March 2017, FASB issued Accounting Standards Update No. 2017-08 “Premium Amortization on Purchased Callable Debt Securities” (“ASU 2017-08”), which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 specifies that the premium amortization period ends at the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management does not believe that adoption of ASU 2017-08 will materially impact the Funds’ financial statements.
In August 2018, FASB issued Accounting Standards Update No. 2018-13, “Disclosure Framework -Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). This update makes certain removals from, changes to and additions to existing disclosure requirements for fair value measurement. In addition, the amendments clarify that materiality is an appropriate consideration when evaluating disclosure requirements. ASU 2018-13 is effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for any eliminated or modified disclosures upon issuance of ASU 2018-13. The Funds have early adopted certain provisions of ASU 2018-13 as permitted and eliminated or modified disclosures with the financial statements prepared as of February 28, 2019. Management does not believe that final adoption of all provisions of ASU 2018-13 will materially impact the Funds’ financial statements.
– 63 –
Notes to Financial Statements |
February 28, 2019 (Unaudited) |
In August 2018, the SEC adopted amendments to certain financial statement disclosure requirements to conform them to GAAP for investment companies. These amendments made certain removals from, changes to and additions to existing disclosure requirements under Regulation S-X. The Funds’ adoption of these amendments, effective with the financial statements prepared as of February 28, 2019, had no effect on the Funds’ net assets or results of operations. As a result of adopting these amendments, the distributions to shareholders in the August 31, 2018 Statements of Changes in Net Assets presented herein have been reclassified to conform to the current year presentation, which includes all distributions to each class of shareholders, other than tax basis return of capital distributions, in one line item. Prior to adoption of these amendments, the distributions to shareholders in the August 31, 2018 Statements of Changes in Net Assets appeared as follows:
U.S. Treasury Fund | Government Securities Money Market | Limited Duration Fund | Moderate Duration Fund | Bond Fund | Strategic Enhanced Yield Fund | Ultra Short Tax-Free Income Fund | Active Core Fund | Mid Cap Core Equity Fund | Opportunistic Fund | World Energy Fund | ||||||||||||||||||||||||
Year Ended August 31, 2018 | For the period December 26, 2017(a) through August 31, 2018 | Year Ended August 31, 2018 | ||||||||||||||||||||||||||||||||
Distributions to | ||||||||||||||||||||||||||||||||||
Shareholders: | ||||||||||||||||||||||||||||||||||
From net investment income: | ||||||||||||||||||||||||||||||||||
Administrative Shares | $ | (7,909,238 | ) | $ | (5,306,769 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Service Shares | (345,379 | ) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Select Shares | (582,939 | ) | (9,173,616 | ) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Premier Shares | — | (1,230,984 | ) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Investor Shares | — | — | (258,800 | ) | (126,262 | ) | (149,365 | ) | (43 | ) | (248 | ) | (73,639 | ) | (3,292 | ) | (6,346 | ) | (33,476 | ) | ||||||||||||||
Institutional Shares | (1,792,864 | ) | (1,571,051 | ) | (2,049,971 | ) | (514,419 | ) | (2,549,345 | ) | (14,512 | ) | (54,230 | ) | (755,671 | ) | (11,969 | ) | (198,767 | ) | (253,387 | ) | ||||||||||||
A Shares | — | — | (20,810 | ) | (11,637 | ) | (2,744 | ) | (7,030 | ) | — | (20,522 | ) | (1,346 | ) | (5,649 | ) | (38,506 | ) | |||||||||||||||
C Shares | — | — | — | — | — | — | — | (416 | ) | — | — | (6,916 | ) | |||||||||||||||||||||
(10,630,420 | ) | (17,282,420 | ) | (2,329,581 | ) | (652,318 | ) | (2,701,454 | ) | (21,585 | ) | (54,478 | ) | (850,248 | ) | (16,607 | ) | (210,762 | ) | (332,285 | ) | |||||||||||||
From net realized gains: | ||||||||||||||||||||||||||||||||||
Investor Shares | — | — | — | — | — | — | — | (238,064 | ) | (191 | ) | (146,597 | ) | — | ||||||||||||||||||||
Institutional Shares | — | — | — | — | — | — | — | (2,036,724 | ) | (288 | ) | (2,040,445 | ) | — | ||||||||||||||||||||
A Shares | — | — | — | — | — | — | — | (68,463 | ) | (62 | ) | (99,993 | ) | — | ||||||||||||||||||||
— | — | — | — | — | — | — | (3,176 | ) | — | (30,595 | ) | — | ||||||||||||||||||||||
— | — | — | — | — | — | — | (2,346,427 | ) | (541 | ) | (2,317,630 | ) | — | |||||||||||||||||||||
Change in net assets from | ||||||||||||||||||||||||||||||||||
shareholder distributions: | $ | (10,630,420 | ) | $ | (17,282,420 | ) | $ | (2,329,581 | ) | $ | (652,318 | ) | $ | (2,701,454 | ) | $ | (21,585 | ) | $ | (54,478 | ) | $ | (3,196,675 | ) | $ | (17,148 | ) | $ | (2,528,392 | ) | $ | (332,285 | ) |
(a) Commencement of operations
8. | Subsequent Events: |
Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required as of February 28, 2019.
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For a share of capital stock outstanding throughout the periods indicated.
Change in Net Assets Resulting From Operations: | Less Dividends From: | |||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Total from Investment Activities | Dividends from Net Investment Income | Distributions from Net Realized Gains from Investments | Total Dividends and Distributions | |||||||||||||||||||
U.S. Treasury Fund | ||||||||||||||||||||||||
Administrative Shares | ||||||||||||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | $ | 1.000 | $ | 0.008 | $ | 0.008 | $ | (0.008 | ) | $ | — | $ | (0.008 | ) | ||||||||||
Year Ended August 31, 2018 | 1.000 | 0.009 | 0.009 | (0.009 | ) | — | (0.009 | ) | ||||||||||||||||
Year Ended August 31, 2017 | 1.000 | 0.001 | 0.001 | (0.001 | ) | — | (0.001 | ) | ||||||||||||||||
Year Ended August 31, 2016 | 1.000 | — | — | — | — | — | ||||||||||||||||||
Year Ended August 31, 2015 | 1.000 | — | — | — | — | — | ||||||||||||||||||
Year Ended August 31, 2014 | 1.000 | — | — | — | — | — | ||||||||||||||||||
Service Shares | ||||||||||||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | 1.000 | 0.009 | 0.009 | (0.009 | ) | — | (0.009 | ) | ||||||||||||||||
Year Ended August 31, 2018 | 1.000 | 0.011 | 0.011 | (0.011 | ) | — | (0.011 | ) | ||||||||||||||||
Year Ended August 31, 2017 | 1.000 | 0.003 | 0.003 | (0.003 | ) | — | (0.003 | ) | ||||||||||||||||
Year Ended August 31, 2016 | 1.000 | — | — | — | — | — | ||||||||||||||||||
Year Ended August 31, 2015 | 1.000 | — | — | — | — | — | ||||||||||||||||||
Year Ended August 31, 2014 | 1.000 | — | — | — | — | — | ||||||||||||||||||
Institutional Shares | ||||||||||||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | 1.000 | 0.010 | 0.010 | (0.010 | ) | — | (0.010 | ) | ||||||||||||||||
Year Ended August 31, 2018 | 1.000 | 0.012 | 0.012 | (0.012 | ) | — | (0.012 | ) | ||||||||||||||||
Year Ended August 31, 2017 | 1.000 | 0.004 | 0.004 | (0.004 | ) | — | (0.004 | ) | ||||||||||||||||
Year Ended August 31, 2016 | 1.000 | — | — | — | — | — | ||||||||||||||||||
Year Ended August 31, 2015 | 1.000 | — | — | — | — | — | ||||||||||||||||||
Year Ended August 31, 2014 | 1.000 | — | — | — | — | — | ||||||||||||||||||
Select Shares | ||||||||||||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | 1.000 | 0.010 | 0.010 | (0.010 | ) | — | (0.010 | ) | ||||||||||||||||
December 26, 2017(d) through August 31, 2018 | 1.000 | 0.010 | 0.010 | (0.010 | ) | — | (0.010 | ) | ||||||||||||||||
Government Securities Money Market FundAdministrative Shares | ||||||||||||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | 1.000 | 0.008 | 0.008 | (0.008 | ) | — | (0.008 | ) | ||||||||||||||||
Year Ended August 31, 2018 | 1.000 | 0.009 | 0.009 | (0.009 | ) | — | (0.009 | ) | ||||||||||||||||
Year Ended August 31, 2017 | 1.000 | 0.001 | 0.001 | (0.001 | ) | — | (0.001 | ) | ||||||||||||||||
Year Ended August 31, 2016 | 1.000 | — | — | — | — | — | ||||||||||||||||||
Year Ended August 31, 2015 | 1.000 | — | — | — | — | — | ||||||||||||||||||
Year Ended August 31, 2014 | 1.000 | — | — | — | — | — | ||||||||||||||||||
Institutional Shares | ||||||||||||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | 1.000 | 0.010 | 0.010 | (0.010 | ) | — | (0.010 | ) | ||||||||||||||||
Year Ended August 31, 2018 | 1.000 | 0.012 | 0.012 | (0.012 | ) | — | (0.012 | ) | ||||||||||||||||
Year Ended August 31, 2017 | 1.000 | 0.004 | 0.004 | (0.004 | ) | — | (0.004 | ) | ||||||||||||||||
Year Ended August 31, 2016 | 1.000 | — | — | — | — | — | ||||||||||||||||||
Year Ended August 31, 2015 | 1.000 | — | — | — | — | — | ||||||||||||||||||
Year Ended August 31, 2014 | 1.000 | — | — | — | — | — | ||||||||||||||||||
Select Shares | ||||||||||||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | 1.000 | 0.010 | 0.010 | (0.010 | ) | — | (0.010 | ) | ||||||||||||||||
Year Ended August 31, 2018 | 1.000 | 0.013 | 0.013 | (0.013 | ) | — | (0.013 | ) | ||||||||||||||||
September 15, 2016(d) through August 31, 2017 | 1.000 | 0.005 | 0.005 | (0.005 | ) | — | (0.005 | ) | ||||||||||||||||
Premier Shares | ||||||||||||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | 1.000 | 0.010 | 0.010 | (0.010 | ) | — | (0.010 | ) | ||||||||||||||||
Year Ended August 31, 2018 | 1.000 | 0.012 | 0.012 | (0.012 | ) | — | (0.012 | ) | ||||||||||||||||
Year Ended August 31, 2017 | 1.000 | 0.004 | 0.004 | (0.004 | ) | — | (0.004 | ) | ||||||||||||||||
Year Ended August 31, 2016 | 1.000 | — | — | — | — | — | ||||||||||||||||||
Year Ended August 31, 2015 | 1.000 | — | — | — | — | — | ||||||||||||||||||
Year Ended August 31, 2014 | 1.000 | — | — | — | — | — |
(a) | Not annualized for periods less than one year. |
(b) | Annualized for periods less than one year. |
(c) | During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated. |
(d) | Commencement of operations. |
Amounts designated as “—” are $0 or have been rounded to $0.
– 66 –
Ratios/Supplemental Data:(b) | ||||||||||||||||||||||
Net Asset Value, End of Period | Total Return(a) | Net Assets End of Period (000s) | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income (Loss) to Average Net Assets | Ratio of Gross Expenses to Average Net Assets(c) | |||||||||||||||||
$ | 1.000 | 0.78 | % | $ | 776,111 | 0.68 | % | 1.58 | % | 0.68 | % | |||||||||||
1.000 | 0.79 | % | 957,502 | 0.67 | % | 0.77 | % | 0.67 | % | |||||||||||||
1.000 | 0.08 | % | 1,057,228 | 0.53 | % | 0.08 | % | 0.73 | % | |||||||||||||
1.000 | 0.01 | % | 1,310,795 | 0.22 | % | 0.01 | % | 0.79 | % | |||||||||||||
1.000 | — | % | 1,299,328 | 0.07 | % | — | % | 0.86 | % | |||||||||||||
1.000 | — | % | 941,223 | 0.07 | % | — | % | 0.86 | % | |||||||||||||
1.000 | 0.93 | % | 33,330 | 0.38 | % | 1.89 | % | 0.68 | % | |||||||||||||
1.000 | 1.09 | % | 33,720 | 0.37 | % | 1.11 | % | 0.67 | % | |||||||||||||
1.000 | 0.25 | % | 30,662 | 0.37 | % | 0.22 | % | 0.73 | % | |||||||||||||
1.000 | 0.01 | % | 44,780 | 0.23 | % | — | % | 0.79 | % | |||||||||||||
1.000 | — | % | 42,966 | 0.07 | % | — | % | 0.86 | % | |||||||||||||
1.000 | — | % | 49,967 | 0.07 | % | — | % | 0.86 | % | |||||||||||||
1.000 | 0.99 | % | 89,462 | 0.26 | % | 2.00 | % | 0.43 | % | |||||||||||||
1.000 | 1.21 | % | 97,238 | 0.25 | % | 1.13 | % | 0.42 | % | |||||||||||||
1.000 | 0.35 | % | 209,469 | 0.27 | % | 0.35 | % | 0.48 | % | |||||||||||||
1.000 | 0.03 | % | 219,856 | 0.21 | % | 0.02 | % | 0.54 | % | |||||||||||||
1.000 | — | % | 110,133 | 0.07 | % | — | % | 0.61 | % | |||||||||||||
1.000 | — | % | 138,842 | 0.07 | % | — | % | 0.61 | % | |||||||||||||
1.000 | 1.03 | % | 71,074 | 0.18 | % | 2.09 | % | 0.43 | % | |||||||||||||
1.000 | 0.99 | % | 51,839 | 0.17 | % | 1.46 | % | 0.42 | % | |||||||||||||
1.000 | 0.84 | % | 573,264 | 0.55 | % | 1.70 | % | 0.68 | % | |||||||||||||
1.000 | 0.91 | % | 538,798 | 0.57 | % | 0.88 | % | 0.70 | % | |||||||||||||
1.000 | 0.14 | % | 686,821 | 0.49 | % | 0.13 | % | 0.72 | % | |||||||||||||
1.000 | 0.01 | % | 945,475 | 0.27 | % | 0.01 | % | 0.80 | % | |||||||||||||
1.000 | 0.01 | % | 942,950 | 0.10 | % | 0.01 | % | 0.86 | % | |||||||||||||
1.000 | 0.01 | % | 722,168 | 0.10 | % | 0.01 | % | 0.86 | % | |||||||||||||
1.000 | 0.98 | % | 120,541 | 0.28 | % | 1.99 | % | 0.45 | % | |||||||||||||
1.000 | 1.20 | % | 102,020 | 0.28 | % | 1.13 | % | 0.45 | % | |||||||||||||
1.000 | 0.38 | % | 181,637 | 0.27 | % | 0.32 | % | 0.47 | % | |||||||||||||
1.000 | 0.05 | % | 756,948 | 0.24 | % | 0.04 | % | 0.55 | % | |||||||||||||
1.000 | 0.01 | % | 583,051 | 0.10 | % | 0.01 | % | 0.61 | % | |||||||||||||
1.000 | 0.01 | % | 473,727 | 0.10 | % | 0.01 | % | 0.61 | % | |||||||||||||
1.000 | 1.02 | % | 930,822 | 0.20 | % | 2.07 | % | 0.45 | % | |||||||||||||
1.000 | 1.28 | % | 800,991 | 0.20 | % | 1.30 | % | 0.45 | % | |||||||||||||
1.000 | 0.45 | % | 640,260 | 0.19 | % | 0.48 | % | 0.47 | % | |||||||||||||
1.000 | 1.00 | % | 152,204 | 0.25 | % | 2.02 | % | 0.95 | % | |||||||||||||
1.000 | 1.23 | % | 105,598 | 0.25 | % | 1.26 | % | 0.95 | % | |||||||||||||
1.000 | 0.41 | % | 72,292 | 0.24 | % | 0.43 | % | 0.97 | % | |||||||||||||
1.000 | 0.07 | % | 15,874 | 0.22 | % | 0.06 | % | 1.05 | % | |||||||||||||
1.000 | 0.01 | % | 3,365 | 0.10 | % | 0.01 | % | 1.11 | % | |||||||||||||
1.000 | 0.01 | % | 196 | 0.10 | % | 0.01 | % | 1.11 | % |
– 67 –
Financial Highlights
For a share of capital stock outstanding throughout the periods indicated.
Change in Net Assets Resulting From Operations: | Less Dividends From: | |||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Dividends from Net Investment Income | Distributions from Net Realized Gains from Investments | Total Dividends and Distributions | ||||||||||||||||||||||
Limited Duration Fund | ||||||||||||||||||||||||||||
Investor Shares | ||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | $ | 9.41 | $ | 0.10 | $ | 0.03 | $ | 0.13 | $ | (0.10 | ) | $ | — | $ | (0.10 | ) | ||||||||||||
Year Ended August 31, 2018 | 9.61 | 0.16 | (0.15 | ) | 0.01 | (0.21 | ) | — | (0.21 | ) | ||||||||||||||||||
Year Ended August 31, 2017 | 9.60 | 0.08 | 0.05 | 0.13 | (0.12 | ) | — | (0.12 | ) | |||||||||||||||||||
Year Ended August 31, 2016 | 9.60 | 0.08 | 0.03 | 0.11 | (0.11 | ) | — | (0.11 | ) | |||||||||||||||||||
Year Ended August 31, 2015 | 9.62 | 0.08 | (0.01 | ) | 0.07 | (0.09 | ) | — | (0.09 | ) | ||||||||||||||||||
Year Ended August 31, 2014 | 9.51 | 0.07 | 0.14 | 0.21 | (0.10 | ) | — | (0.10 | ) | |||||||||||||||||||
Institutional Shares | ||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | 9.40 | 0.12 | 0.03 | 0.15 | (0.12 | ) | — | (0.12 | ) | |||||||||||||||||||
Year Ended August 31, 2018 | 9.60 | 0.19 | (0.16 | ) | 0.03 | (0.23 | ) | — | (0.23 | ) | ||||||||||||||||||
Year Ended August 31, 2017 | 9.59 | 0.11 | 0.05 | 0.16 | (0.15 | ) | — | (0.15 | ) | |||||||||||||||||||
Year Ended August 31, 2016 | 9.59 | 0.11 | 0.03 | 0.14 | (0.14 | ) | — | (0.14 | ) | |||||||||||||||||||
Year Ended August 31, 2015 | 9.61 | 0.10 | (0.01 | ) | 0.09 | (0.11 | ) | — | (0.11 | ) | ||||||||||||||||||
Year Ended August 31, 2014 | 9.51 | 0.10 | 0.12 | 0.22 | (0.12 | ) | — | (0.12 | ) | |||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | 9.41 | 0.10 | 0.03 | 0.13 | (0.10 | ) | — | (0.10 | ) | |||||||||||||||||||
Year Ended August 31, 2018 | 9.61 | 0.16 | (0.15 | ) | 0.01 | (0.21 | ) | — | (0.21 | ) | ||||||||||||||||||
Year Ended August 31, 2017 | 9.60 | 0.09 | 0.05 | 0.14 | (0.13 | ) | — | (0.13 | ) | |||||||||||||||||||
Year Ended August 31, 2016 | 9.60 | 0.08 | 0.04 | 0.12 | (0.12 | ) | — | (0.12 | ) | |||||||||||||||||||
Year Ended August 31, 2015 | 9.62 | 0.08 | (0.01 | ) | 0.07 | (0.09 | ) | — | (0.09 | ) | ||||||||||||||||||
Year Ended August 31, 2014 | 9.51 | 0.08 | 0.13 | 0.21 | (0.10 | ) | — | (0.10 | ) |
(a) | Not annualized for periods less than one year. |
(b) | Annualized for periods less than one year, except for Portfolio Turnover. |
(c) | During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated. |
(d) | Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued. |
Amounts designated as “—” are $0 or have been rounded to $0.
– 68 –
Ratios/Supplemental Data:(b) | ||||||||||||||||||||||||||
Net Asset Value, End of Period | Total Return (Excludes Sales Charge)(a) | Net Assets End of Period (000s) | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income (Loss) to Average Net Assets | Ratio of Gross Expenses to Average Net Assets(c) | Portfolio Turnover(d) | ||||||||||||||||||||
$ | 9.44 | 1.43 | % | $ | 8,279 | 0.75 | % | 2.23 | % | 0.98 | % | 15 | % | |||||||||||||
9.41 | 0.07 | % | 8,642 | 0.80 | % | 1.63 | % | 0.99 | % | 70 | % | |||||||||||||||
9.61 | 1.37 | % | 15,691 | 0.74 | % | 0.89 | % | 1.08 | % | 69 | % | |||||||||||||||
9.60 | 1.19 | % | 36,878 | 0.69 | % | 0.87 | % | 1.29 | % | 80 | % | |||||||||||||||
9.60 | 0.71 | % | 44,030 | 0.67 | % | 0.82 | % | 1.42 | % | 39 | % | |||||||||||||||
9.62 | 2.21 | % | 41,940 | 0.67 | % | 0.79 | % | 1.41 | % | 48 | % | |||||||||||||||
9.43 | 1.57 | % | 100,661 | 0.48 | % | 2.50 | % | 0.73 | % | 15 | % | |||||||||||||||
9.40 | 0.37 | % | 87,618 | 0.49 | % | 1.99 | % | 0.74 | % | 70 | % | |||||||||||||||
9.60 | 1.68 | % | 82,109 | 0.43 | % | 1.22 | % | 0.83 | % | 69 | % | |||||||||||||||
9.59 | 1.48 | % | 89,098 | 0.39 | % | 1.16 | % | 1.04 | % | 80 | % | |||||||||||||||
9.59 | 0.97 | % | 105,478 | 0.42 | % | 1.06 | % | 1.17 | % | 39 | % | |||||||||||||||
9.61 | 2.36 | % | 118,684 | 0.41 | % | 1.01 | % | 1.16 | % | 48 | % | |||||||||||||||
9.44 | 1.44 | % | 508 | 0.73 | % | 2.25 | % | 0.83 | % | 15 | % | |||||||||||||||
9.41 | 0.13 | % | 588 | 0.74 | % | 1.65 | % | 0.84 | % | 70 | % | |||||||||||||||
9.61 | 1.43 | % | 1,238 | 0.68 | % | 0.97 | % | 0.93 | % | 69 | % | |||||||||||||||
9.60 | 1.23 | % | 1,635 | 0.64 | % | 0.96 | % | 1.14 | % | 80 | % | |||||||||||||||
9.60 | 0.72 | % | 7,996 | 0.67 | % | 0.81 | % | 1.27 | % | 39 | % | |||||||||||||||
9.62 | 2.22 | % | 7,970 | 0.66 | % | 0.68 | % | 1.26 | % | 48 | % |
– 69 –
Financial Highlights
For a share of capital stock outstanding throughout the periods indicated.
Change in Net Assets Resulting From Operations: | Less Dividends From: | |||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Dividends from Net Investment Income | Distributions from Net Realized Gains from Investments | Total Dividends and Distributions | ||||||||||||||||||||||
Moderate Duration Fund | ||||||||||||||||||||||||||||
Investor Shares | ||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | $ | 10.31 | $ | 0.11 | $ | 0.04 | $ | 0.15 | $ | (0.11 | ) | $ | — | $ | (0.11 | ) | ||||||||||||
Year Ended August 31, 2018 | 10.48 | 0.16 | (0.17 | ) | (0.01 | ) | (0.16 | ) | — | (0.16 | ) | |||||||||||||||||
Year Ended August 31, 2017 | 10.60 | 0.09 | (0.02 | ) | 0.07 | (0.19 | ) | — | (0.19 | ) | ||||||||||||||||||
Year Ended August 31, 2016 | 10.53 | 0.14 | 0.08 | 0.22 | (0.15 | ) | — | (0.15 | ) | |||||||||||||||||||
Year Ended August 31, 2015 | 10.54 | 0.12 | (0.01 | ) | 0.11 | (0.12 | ) | — | (0.12 | ) | ||||||||||||||||||
Year Ended August 31, 2014 | 10.22 | 0.09 | 0.36 | 0.45 | (0.13 | ) | — | (0.13 | ) | |||||||||||||||||||
Institutional Shares | ||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | 10.31 | 0.12 | 0.05 | 0.17 | (0.12 | ) | — | (0.12 | ) | |||||||||||||||||||
Year Ended August 31, 2018 | 10.48 | 0.19 | (0.17 | ) | 0.02 | (0.19 | ) | — | (0.19 | ) | ||||||||||||||||||
Year Ended August 31, 2017 | 10.60 | 0.12 | (0.02 | ) | 0.10 | (0.22 | ) | — | (0.22 | ) | ||||||||||||||||||
Year Ended August 31, 2016 | 10.53 | 0.17 | 0.08 | 0.25 | (0.18 | ) | — | (0.18 | ) | |||||||||||||||||||
Year Ended August 31, 2015 | 10.55 | 0.15 | (0.02 | ) | 0.13 | (0.15 | ) | — | (0.15 | ) | ||||||||||||||||||
Year Ended August 31, 2014 | 10.23 | 0.11 | 0.37 | 0.48 | (0.16 | ) | — | (0.16 | ) | |||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | 10.31 | 0.11 | 0.05 | 0.16 | (0.11 | ) | — | (0.11 | ) | |||||||||||||||||||
Year Ended August 31, 2018 | 10.48 | 0.16 | (0.16 | ) | — | (0.17 | ) | — | (0.17 | ) | ||||||||||||||||||
Year Ended August 31, 2017 | 10.58 | 0.10 | (0.01 | ) | 0.09 | (0.19 | ) | — | (0.19 | ) | ||||||||||||||||||
Year Ended August 31, 2016 | 10.52 | 0.15 | 0.06 | 0.21 | (0.15 | ) | — | (0.15 | ) | |||||||||||||||||||
Year Ended August 31, 2015 | 10.54 | 0.12 | (0.02 | ) | 0.10 | (0.12 | ) | — | (0.12 | ) | ||||||||||||||||||
Year Ended August 31, 2014 | 10.22 | 0.09 | 0.37 | 0.46 | (0.14 | ) | — | (0.14 | ) |
(a) | Not annualized for periods less than one year. |
(b) | Annualized for periods less than one year, except for Portfolio Turnover. |
(c) | During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated. |
(d) | Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued. |
(e) | The net expense ratio shown for the period is the blended ratio of the current expense limitation which became effective during the period on December 26, 2018. |
(f) | During the year ended August 30, 2015, the Investor Class received monies related to a correction of an error. The corresponding impact to the total return, net expenses to average net assets ratio and net investment income to average net assets ratio was 0.09%, (0.07)% and 0.07%, respectively, for Moderate Duration Fund. |
Amounts designated as “—” are $0 or have been rounded to $0.
– 70 –
Ratios/Supplemental Data:(b) | ||||||||||||||||||||||||||
Net Asset Value, End of Period | Total Return (Excludes Sales Charge)(a) | Net Assets End of Period (000s) | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income (Loss) to Average Net Assets | Ratio of Gross Expenses to Average Net Assets(c) | Portfolio Turnover(d) | ||||||||||||||||||||
$ | 10.35 | 1.42 | % | $ | 4,424 | 0.92 | %(e) | 2.09 | % | 1.26 | % | 7 | % | |||||||||||||
10.31 | (0.07 | )% | 5,102 | 1.14 | % | 1.49 | % | 1.35 | % | 28 | % | |||||||||||||||
10.48 | 0.69 | % | 10,375 | 0.89 | % | 0.93 | % | 1.24 | % | 87 | % | |||||||||||||||
10.60 | 2.09 | % | 14,176 | 0.79 | % | 1.24 | % | 1.34 | % | 129 | % | |||||||||||||||
10.53 | 1.04 | %(f) | 17,009 | 0.78 | %(f) | 1.18 | %(f) | 1.55 | % | 57 | % | |||||||||||||||
10.54 | 4.47 | % | 19,477 | 0.92 | % | 0.76 | % | 1.61 | % | 70 | % | |||||||||||||||
10.36 | 1.64 | % | 22,413 | 0.68 | %(e) | 2.34 | % | 1.01 | % | 7 | % | |||||||||||||||
10.31 | 0.22 | % | 24,883 | 0.85 | % | 1.78 | % | 1.10 | % | 28 | % | |||||||||||||||
10.48 | 0.99 | % | 34,078 | 0.60 | % | 1.22 | % | 0.99 | % | 87 | % | |||||||||||||||
10.60 | 2.39 | % | 52,057 | 0.49 | % | 1.52 | % | 1.09 | % | 129 | % | |||||||||||||||
10.53 | 1.24 | % | 28,295 | 0.60 | % | 1.37 | % | 1.30 | % | 57 | % | |||||||||||||||
10.55 | 4.74 | % | 20,608 | 0.66 | % | 1.00 | % | 1.36 | % | 70 | % | |||||||||||||||
10.36 | 1.52 | % | 398 | 0.94 | %(e) | 2.07 | % | 1.11 | % | 7 | % | |||||||||||||||
10.31 | (0.03 | )% | 634 | 1.10 | % | 1.53 | % | 1.20 | % | 28 | % | |||||||||||||||
10.48 | 0.92 | % | 983 | 0.85 | % | 0.93 | % | 1.09 | % | 87 | % | |||||||||||||||
10.58 | 2.03 | % | 2,123 | 0.74 | % | 1.30 | % | 1.19 | % | 129 | % | |||||||||||||||
10.52 | 0.99 | % | 17,489 | 0.85 | % | 1.15 | % | 1.40 | % | 57 | % | |||||||||||||||
10.54 | 4.49 | % | 3,181 | 0.91 | % | 0.77 | % | 1.46 | % | 70 | % |
– 71 –
Financial Highlights
For a share of capital stock outstanding throughout the periods indicated.
Change in Net Assets Resulting From Operations: | Less Dividends From: | |||||||||||||||||||||||||||
Net Realized | ||||||||||||||||||||||||||||
and | Distributions | |||||||||||||||||||||||||||
Net Asset | Net | Unrealized | Dividends | from Net | ||||||||||||||||||||||||
Value, | Investment | Gains | Total from | from Net | Realized | Total | ||||||||||||||||||||||
Beginning of | Income | (Losses) on | Investment | Investment | Gains from | Dividends and | ||||||||||||||||||||||
Period | (Loss) | Investments | Activities | Income | Investments | Distributions | ||||||||||||||||||||||
Bond Fund | ||||||||||||||||||||||||||||
Investor Shares | ||||||||||||||||||||||||||||
Six Months Ended February 28, 2019(unaudited) | $ | 9.22 | $ | 0.10 | $ | 0.04 | $ | 0.14 | $ | (0.10 | ) | $ | — | $ | (0.10 | ) | ||||||||||||
Year Ended August 31, 2018 | 9.55 | 0.18 | (0.31 | ) | (0.13 | ) | (0.20 | ) | — | (0.20 | ) | |||||||||||||||||
Year Ended August 31, 2017 | 9.77 | 0.09 | (0.15 | ) | (0.06 | ) | (0.14 | ) | (0.02 | ) | (0.16 | ) | ||||||||||||||||
Year Ended August 31, 2016 | 9.56 | 0.15 | 0.24 | 0.39 | (0.18 | ) | — | (0.18 | ) | |||||||||||||||||||
Year Ended August 31, 2015 | 9.57 | 0.15 | — | 0.15 | (0.16 | ) | — | (0.16 | ) | |||||||||||||||||||
Year Ended August 31, 2014 | 9.32 | 0.16 | 0.26 | 0.42 | (0.17 | ) | — | (0.17 | ) | |||||||||||||||||||
Institutional Shares | ||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | 9.20 | 0.11 | 0.04 | 0.15 | (0.11 | ) | — | (0.11 | ) | |||||||||||||||||||
Year Ended August 31, 2018 | 9.52 | 0.20 | (0.29 | ) | (0.09 | ) | (0.23 | ) | — | (0.23 | ) | |||||||||||||||||
Year Ended August 31, 2017 | 9.75 | 0.12 | (0.16 | ) | (0.04 | ) | (0.17 | ) | (0.02 | ) | (0.19 | ) | ||||||||||||||||
Year Ended August 31, 2016 | 9.54 | 0.18 | 0.23 | 0.41 | (0.20 | ) | — | (0.20 | ) | |||||||||||||||||||
Year Ended August 31, 2015 | 9.57 | 0.18 | (0.02 | ) | 0.16 | (0.19 | ) | — | (0.19 | ) | ||||||||||||||||||
Year Ended August 31, 2014 | 9.32 | 0.19 | 0.26 | 0.45 | (0.20 | ) | — | (0.20 | ) | |||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||
Six Months Ended February 28, 2019(unaudited) | 9.21 | 0.10 | 0.05 | 0.15 | (0.10 | ) | — | (0.10 | ) | |||||||||||||||||||
Year Ended August 31, 2018 | 9.54 | 0.18 | (0.31 | ) | (0.13 | ) | (0.20 | ) | — | (0.20 | ) | |||||||||||||||||
Year Ended August 31, 2017 | 9.75 | 0.09 | (0.13 | ) | (0.04 | ) | (0.15 | ) | (0.02 | ) | (0.17 | ) | ||||||||||||||||
Year Ended August 31, 2016 | 9.55 | 0.15 | 0.23 | 0.38 | (0.18 | ) | — | (0.18 | ) | |||||||||||||||||||
Year Ended August 31, 2015 | 9.58 | 0.16 | (0.02 | ) | 0.14 | (0.17 | ) | — | (0.17 | ) | ||||||||||||||||||
Year Ended August 31, 2014 | 9.33 | 0.16 | 0.26 | 0.42 | (0.17 | ) | — | (0.17 | ) |
(a) | Not annualized for periods less than one year. |
(b) | Annualized for periods less than one year, except for Portfolio Turnover. |
(c) | During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated. |
(d) | Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued. |
(e) | During the year ended August 31, 2015, the Investor Class received monies related to a correction of an error. The corresponding impact to the total return, net expenses to average net assets ratio and net investment income to average net assets ratio was 0.10%, (0.16)% and 0.16%, respectively, for Bond Fund. |
Amounts designated as “—” are $0 or have been rounded to $0.
– 72 –
Ratios/Supplemental Data:(b) | ||||||||||||||||||||||||
Net Asset Value, End | Total Return (Excludes Sales | Net Assets End of Period | Ratio of Net Expenses to Average Net | Ratio of Net Investment Income (Loss) to Average Net | Ratio of Gross Expenses to Average Net | Portfolio | ||||||||||||||||||
of Period | Charge)(a) | (000s) | Assets | Assets | Assets(c) | Turnover(d) | ||||||||||||||||||
$ | 9.26 | 1.52 | % | $ | 4,683 | 0.80 | % | 2.18 | % | 1.00 | % | 10 | % | |||||||||||
9.22 | (1.33 | )% | 5,641 | 0.76 | % | 1.91 | % | 0.99 | % | 29 | % | |||||||||||||
9.55 | (0.57 | )% | 7,305 | 0.71 | % | 1.01 | % | 1.06 | % | 79 | % | |||||||||||||
9.77 | 4.11 | % | 11,279 | 0.68 | % | 1.52 | % | 1.26 | % | 107 | % | |||||||||||||
9.56 | 1.61 | %(e) | 8,167 | 0.54 | %(e) | 1.82 | %(e) | 1.43 | % | 83 | % | |||||||||||||
9.57 | 4.58 | % | 6,988 | 0.78 | % | 1.70 | % | 1.48 | % | 60 | % | |||||||||||||
9.24 | 1.67 | % | 99,219 | 0.51 | % | 2.48 | % | 0.75 | % | 10 | % | |||||||||||||
9.20 | (0.97 | )% | 96,022 | 0.49 | % | 2.17 | % | 0.74 | % | 29 | % | |||||||||||||
9.52 | (0.41 | )% | 119,604 | 0.44 | % | 1.28 | % | 0.81 | % | 79 | % | |||||||||||||
9.75 | 4.39 | % | 155,660 | 0.41 | % | 1.79 | % | 1.01 | % | 107 | % | |||||||||||||
9.54 | 1.68 | % | 99,270 | 0.48 | % | 1.90 | % | 1.18 | % | 83 | % | |||||||||||||
9.57 | 4.84 | % | 65,616 | 0.53 | % | 1.93 | % | 1.23 | % | 60 | % | |||||||||||||
9.26 | 1.65 | % | 128 | 0.75 | % | 2.23 | % | 0.85 | % | 10 | % | |||||||||||||
9.21 | (1.32 | )% | 126 | 0.74 | % | 1.92 | % | 0.84 | % | 29 | % | |||||||||||||
9.54 | (0.45 | )% | 176 | 0.69 | % | 1.03 | % | 0.91 | % | 79 | % | |||||||||||||
9.75 | 4.02 | % | 277 | 0.66 | % | 1.62 | % | 1.11 | % | 107 | % | |||||||||||||
9.55 | 1.42 | % | 1,058 | 0.73 | % | 1.68 | % | 1.28 | % | 83 | % | |||||||||||||
9.58 | 4.58 | % | 505 | 0.78 | % | 1.62 | % | 1.33 | % | 60 | % |
– 73 –
Financial Highlights
For a share of capital stock outstanding throughout the periods indicated.
Change in Net Assets Resulting From Operations: | Less Dividends From: | |||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Dividends from Net Investment Income | Distributions from Net Realized Gains from Investments | Total Dividends and Distributions | ||||||||||||||||||||||
Strategic Enhanced Yield Fund | ||||||||||||||||||||||||||||
Investor Shares | ||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | $ | 10.10 | $ | 0.14 | $ | (0.03 | ) | $ | 0.11 | $ | (0.14 | ) | $ | — | $ | (0.14 | ) | |||||||||||
December 26, 2017(e) through August 31, 2018 | 10.00 | 0.21 | (f) | (0.01 | ) | 0.20 | (0.10 | ) | — | (0.10 | ) | |||||||||||||||||
Institutional Shares | ||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | 9.97 | 0.15 | (0.03 | ) | 0.12 | (0.15 | ) | — | (0.15 | ) | ||||||||||||||||||
December 26, 2017(e) through August 31, 2018 | 10.00 | 0.21 | (f) | (0.02 | ) | 0.19 | (0.22 | ) | — | (0.22 | ) | |||||||||||||||||
A Shares | ||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | 9.96 | 0.14 | (0.03 | ) | 0.11 | (0.14 | ) | — | (0.14 | ) | ||||||||||||||||||
December 26, 2017(e) through August 31, 2018 | 10.00 | 0.19 | (f) | (0.03 | ) | 0.16 | (0.20 | ) | — | (0.20 | ) |
(a) | Not annualized for periods less than one year. |
(b) | Annualized for periods less than one year, except for Portfolio Turnover. |
(c) | During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated. |
(d) | Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued. |
(e) | Commencement of operations. |
(f) | Calculated using average shares |
Amounts designated as “—” are $0 or have been rounded to $0.
– 74 –
Ratios/Supplemental Data:(b) | ||||||||||||||||||||||||||
Net Asset Value, End of Period | Total Return (Excludes Sales Charge)(a) | Net Assets End of Period (000s) | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income (Loss) to Average Net Assets | Ratio of Gross Expenses to Average Net Assets(c) | Portfolio Turnover(d) | ||||||||||||||||||||
$ | 10.07 | 1.12 | % | $ | 1,370 | 1.01 | % | 2.76 | % | 3.71 | % | 6 | % | |||||||||||||
10.10 | 2.05 | % | 4 | 1.01 | % | 3.01 | % | 13.65 | % | 20 | % | |||||||||||||||
9.94 | 1.24 | % | 3,976 | 0.76 | % | 3.01 | % | 3.47 | % | 6 | % | |||||||||||||||
9.97 | 1.87 | % | 984 | 0.76 | % | 3.11 | % | 13.40 | % | 20 | % | |||||||||||||||
9.93 | 1.12 | % | 425 | 1.01 | % | 2.85 | % | 3.57 | % | 6 | % | |||||||||||||||
9.96 | 1.60 | % | 390 | 1.01 | % | 2.87 | % | 13.50 | % | 20 | % |
– 75 –
Financial Highlights
For a share of capital stock outstanding throughout the periods indicated.
Change in Net Assets Resulting From Operations: | Less Dividends From: | |||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Dividends from Net Investment Income | Distributions from Net Realized Gains from Investments | Total Dividends and Distributions | ||||||||||||||||||||||
Ultra Short Tax-Free Income Fund | ||||||||||||||||||||||||||||
Investor Shares | ||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | $ | 9.98 | $ | 0.05 | $ | 0.01 | $ | 0.06 | $ | (0.05 | ) | $ | — | $ | (0.05 | ) | ||||||||||||
December 26, 2017(f) through August 31, 2018 | 10.00 | 0.03 | (0.02 | ) | 0.01 | (0.03 | ) | — | (0.03 | ) | ||||||||||||||||||
Institutional Shares | ||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | 10.00 | 0.07 | — | 0.07 | (0.07 | ) | — | (0.07 | ) | |||||||||||||||||||
December 26, 2017(f) through August 31, 2018 | 10.00 | 0.07 | — | 0.07 | (0.07 | ) | — | (0.07 | ) | |||||||||||||||||||
A Shares | ||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | 10.01 | (0.02 | ) | 0.01 | (0.01 | ) | — | — | — | |||||||||||||||||||
December 26, 2017(f)through August 31, 2018 | 10.00 | — | 0.01 | 0.01 | — | — | — |
(a) | Not annualized for periods less than one year. |
(b) | Annualized for periods less than one year, except for Portfolio Turnover. |
(c) | During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated. |
(d) | Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued. |
(e) | The net expense ratio shown for the period is the blended ratio of the current expense limitation in effect as of December 26, 2018 and the higher limit in effect prior to that date. |
(f) | Commencement of operations. |
Amounts designated as “—” are $0 or have been rounded to $0.
– 76 –
Ratios/Supplemental Data:(b) | ||||||||||||||||||||||||||
Net Asset Value, End of Period | Total Return (Excludes Sales Charge)(a) | Net Assets End of Period (000s) | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income (Loss) to Average Net Assets | Ratio of Gross Expenses to Average Net Assets(c) | Portfolio Turnover(d) | ||||||||||||||||||||
$ | 9.99 | 0.63 | % | $ | 62 | 0.74 | %(e) | 1.07 | % | 1.57 | % | 59 | % | |||||||||||||
9.98 | 0.14 | % | 71 | 0.81 | % | 0.71 | % | 2.36 | % | 155 | % | |||||||||||||||
10.00 | 0.66 | % | 10,352 | 0.49 | %(e) | 1.32 | % | 1.32 | % | 59 | % | |||||||||||||||
10.00 | 0.65 | % | 11,595 | 0.56 | % | 0.96 | % | 2.11 | % | 155 | % | |||||||||||||||
10.00 | (0.10 | )% | — | 0.60 | %(e) | (0.49 | )% | 1.07 | % | 59 | % | |||||||||||||||
10.01 | 0.10 | % | — | 0.81 | % | 0.71 | % | 2.21 | % | 155 | % |
– 77 –
Financial Highlights
For a share of capital stock outstanding throughout the periods indicated.
Change in Net Assets Resulting From Operations: | Less Dividends From: | ||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Dividends from Net Investment Income | Distributions from Net Realized Gains from Investments | Total Dividends and Distributions | |||||||||||||||||||||||
Active Core Fund | |||||||||||||||||||||||||||||
Investor Shares | |||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | $ | 14.04 | $ | 0.10 | $ | (0.39 | ) | $ | (0.29 | ) | $ | (0.11 | ) | $ | (0.76 | ) | $ | (0.87 | ) | ||||||||||
Year Ended August 31, 2018 | 13.72 | 0.18 | 0.95 | 1.13 | (0.19 | ) | (0.62 | ) | (0.81 | ) | |||||||||||||||||||
Year Ended August 31, 2017 | 13.35 | 0.17 | 0.76 | 0.93 | (0.17 | ) | (0.39 | ) | (0.56 | ) | |||||||||||||||||||
Year Ended August 31, 2016 | 13.38 | 0.23 | 0.58 | 0.81 | (0.22 | ) | (0.62 | ) | (0.84 | ) | |||||||||||||||||||
Year Ended August 31, 2015 | 14.29 | 0.20 | (0.10 | ) | 0.10 | (0.19 | ) | (0.82 | ) | (1.01 | ) | ||||||||||||||||||
Year Ended August 31, 2014 | 13.45 | 0.22 | 1.65 | 1.87 | (0.22 | ) | (0.81 | ) | (1.03 | ) | |||||||||||||||||||
Institutional Shares | |||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | 14.08 | 0.11 | (0.37 | ) | (0.26 | ) | (0.13 | ) | (0.76 | ) | (0.89 | ) | |||||||||||||||||
Year Ended August 31, 2018 | 13.76 | 0.22 | 0.94 | 1.16 | (0.22 | ) | (0.62 | ) | (0.84 | ) | |||||||||||||||||||
Year Ended August 31, 2017 | 13.39 | 0.20 | 0.77 | 0.97 | (0.21 | ) | (0.39 | ) | (0.60 | ) | |||||||||||||||||||
Year Ended August 31, 2016 | 13.39 | 0.23 | 0.61 | 0.84 | (0.22 | ) | (0.62 | ) | (0.84 | ) | |||||||||||||||||||
Year Ended August 31, 2015 | 14.33 | 0.23 | (0.12 | ) | 0.11 | (0.23 | ) | (0.82 | ) | (1.05 | ) | ||||||||||||||||||
Year Ended August 31, 2014 | 13.49 | 0.25 | 1.65 | 1.90 | (0.25 | ) | (0.81 | ) | (1.06 | ) | |||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | 13.98 | 0.08 | (0.37 | ) | (0.29 | ) | (0.10 | ) | (0.76 | ) | (0.86 | ) | |||||||||||||||||
Year Ended August 31, 2018 | 13.67 | 0.18 | 0.94 | 1.12 | (0.19 | ) | (0.62 | ) | (0.81 | ) | |||||||||||||||||||
Year Ended August 31, 2017 | 13.31 | 0.17 | 0.76 | 0.93 | (0.18 | ) | (0.39 | ) | (0.57 | ) | |||||||||||||||||||
Year Ended August 31, 2016 | 13.32 | 0.20 | 0.60 | 0.80 | (0.19 | ) | (0.62 | ) | (0.81 | ) | |||||||||||||||||||
Year Ended August 31, 2015 | 14.27 | 0.20 | (0.13 | ) | 0.07 | (0.20 | ) | (0.82 | ) | (1.02 | ) | ||||||||||||||||||
Year Ended August 31, 2014 | 13.43 | 0.22 | 1.65 | 1.87 | (0.22 | ) | (0.81 | ) | (1.03 | ) | |||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | 13.98 | 0.04 | (0.37 | ) | (0.33 | ) | (0.06 | ) | (0.76 | ) | (0.82 | ) | |||||||||||||||||
Year Ended August 31, 2018 | 13.65 | 0.07 | 0.96 | 1.03 | (0.08 | ) | (0.62 | ) | (0.70 | ) | |||||||||||||||||||
Year Ended August 31, 2017 | 13.31 | 0.08 | 0.74 | 0.82 | (0.09 | ) | (0.39 | ) | (0.48 | ) | |||||||||||||||||||
Year Ended August 31, 2016 | 13.31 | 0.10 | 0.61 | 0.71 | (0.09 | ) | (0.62 | ) | (0.71 | ) | |||||||||||||||||||
December 31, 2014(f) through August 31, 2015 | 13.59 | 0.10 | (0.34 | ) | (0.24 | ) | (0.04 | ) | — | (0.04 | ) |
(a) | Not annualized for periods less than one year. |
(b) | Annualized for periods less than one year, except for Portfolio Turnover. |
(c) | During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated. |
(d) | Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued. |
(e) | During the year ended August 31, 2015, the Investor Class received monies related to a correction of an error. The corresponding impact to the total return, net expenses to average net assets ratio and net investment income to average net assets ratio was 0.14%, (0.18)% and 0.18%, respectively, for Active Core Fund. |
(f) | Commencement of operations. |
Amounts designated as “—” are $0 or have been rounded to $0.
– 78 –
Ratios/Supplemental Data:(b) | ||||||||||||||||||||
Net Asset Value, End of Period | Total Return (Excludes Sales Charge)(a) | Net Assets End of Period (000s) | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income (Loss) to Average Net Assets | Ratio of Gross Expenses to Average Net Assets(c) | Portfolio Turnover(d) | ||||||||||||||
$ | 12.88 | (1.61 | )% | $ | 4,480 | 1.13 | % | 1.46 | % | 1.38 | % | 21 | % | |||||||
14.04 | 8.46 | % | 5,340 | 1.07 | % | 1.32 | % | 1.32 | % | 37 | % | |||||||||
13.72 | 7.24 | % | 5,275 | 0.98 | % | 1.28 | % | 1.37 | % | 55 | % | |||||||||
13.35 | 6.36 | % | 7,921 | 0.88 | % | 1.52 | % | 1.52 | % | 69 | % | |||||||||
13.38 | 0.59 | %(e) | 11,490 | 0.74 | %(e) | 1.57 | %(e) | 1.70 | % | 60 | % | |||||||||
14.29 | 14.40 | % | 12,019 | 0.93 | % | 1.52 | % | 1.67 | % | 62 | % | |||||||||
12.93 | (1.40 | )% | 41,842 | 0.87 | % | 1.71 | % | 1.13 | % | 21 | % | |||||||||
14.08 | 8.70 | % | 46,738 | 0.81 | % | 1.57 | % | 1.07 | % | 37 | % | |||||||||
13.76 | 7.50 | % | 46,101 | 0.73 | % | 1.52 | % | 1.12 | % | 55 | % | |||||||||
13.39 | 6.62 | % | 53,077 | 0.62 | % | 1.79 | % | 1.27 | % | 69 | % | |||||||||
13.39 | 0.63 | % | 52,775 | 0.71 | % | 1.61 | % | 1.45 | % | 60 | % | |||||||||
14.33 | 14.65 | % | 56,056 | 0.68 | % | 1.78 | % | 1.42 | % | 62 | % | |||||||||
12.83 | (1.65 | )% | 956 | 1.17 | % | 1.42 | % | 1.23 | % | 21 | % | |||||||||
13.98 | 8.41 | % | 1,496 | 1.17 | % | 1.22 | % | 1.17 | % | 37 | % | |||||||||
13.67 | 7.20 | % | 1,518 | 0.98 | % | 1.28 | % | 1.22 | % | 55 | % | |||||||||
13.31 | 6.33 | % | 1,391 | 0.87 | % | 1.57 | % | 1.37 | % | 69 | % | |||||||||
13.32 | 0.32 | % | 421 | 0.99 | % | 1.34 | % | 1.58 | % | 60 | % | |||||||||
14.27 | 14.42 | % | 243 | 0.93 | % | 1.50 | % | 1.52 | % | 62 | % | |||||||||
12.83 | (1.94 | )% | 51 | 1.87 | % | 0.73 | % | 2.13 | % | 21 | % | |||||||||
13.98 | 7.70 | % | 73 | 1.84 | % | 0.54 | % | 2.07 | % | 37 | % | |||||||||
13.65 | 6.32 | % | 75 | 1.73 | % | 0.57 | % | 2.12 | % | 55 | % | |||||||||
13.31 | 5.61 | % | 67 | 1.62 | % | 0.78 | % | 2.27 | % | 69 | % | |||||||||
13.31 | (1.80 | )% | 55 | 1.86 | % | 0.45 | % | 2.60 | % | 60 | % |
– 79 –
Financial Highlights
For a share of capital stock outstanding throughout the periods indicated.
Change in Net Assets Resulting From Operations: | Less Dividends From: | ||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Dividends from Net Investment Income | Distributions from Net Realized Gains from Investments | Total Dividends and Distributions | |||||||||||||||||||||||
Mid Cap Core Equity Fund | |||||||||||||||||||||||||||||
Investor Shares | |||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | $ | 11.90 | $ | 0.03 | $ | (0.58 | ) | $ | (0.55 | ) | $ | (0.03 | ) | $ | (0.37 | ) | $ | (0.40 | ) | ||||||||||
Year Ended August 31, 2018 | 10.33 | 0.05 | (f) | 1.57 | 1.62 | (0.05 | ) | — | (0.05 | ) | |||||||||||||||||||
December 30, 2016(e) through August 31, 2017 | 10.00 | 0.07 | 0.32 | 0.39 | (0.06 | ) | — | (0.06 | ) | ||||||||||||||||||||
Institutional Shares | |||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | 11.92 | 0.05 | (0.58 | ) | (0.53 | ) | (0.05 | ) | (0.37 | ) | (0.42 | ) | |||||||||||||||||
Year Ended August 31, 2018 | 10.36 | 0.08 | (f) | 1.57 | 1.65 | (0.09 | ) | — | (0.09 | ) | |||||||||||||||||||
December 30, 2016(e) through August 31, 2017 | 10.00 | 0.04 | 0.34 | 0.38 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | 11.97 | 0.03 | (0.58 | ) | (0.55 | ) | (0.04 | ) | (0.36 | ) | (0.40 | ) | |||||||||||||||||
Year Ended August 31, 2018 | 10.39 | 0.05 | (f) | 1.58 | 1.63 | (0.05 | ) | — | (0.05 | ) | |||||||||||||||||||
December 30, 2016(e) through August 31, 2017 | 10.00 | 0.02 | 0.37 | 0.39 | — | — | — | ||||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | 11.68 | — | (0.57 | ) | (0.57 | ) | (0.01 | ) | (0.36 | ) | (0.37 | ) | |||||||||||||||||
Year Ended August 31, 2018 | 10.28 | — | (f) | 1.40 | 1.40 | — | — | — | |||||||||||||||||||||
December 30, 2016(e) through August 31, 2017 | 10.00 | 0.02 | 0.26 | 0.28 | — | — | — |
(a) | Not annualized for periods less than one year. |
(b) | Annualized for periods less than one year, except for Portfolio Turnover. |
(c) | During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated. |
(d) | Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued. |
(e) | Commencement of operations. |
(f) | Calculated using average shares. |
Amounts designated as “—” are $0 or have been rounded to $0. |
– 80 –
Ratios/Supplemental Data:(b) | ||||||||||||||||||||
Net Asset Value, End of Period | Total Return (Excludes Sales Charge)(a) | Net Assets End of Period (000s) | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income (Loss) to Average Net Assets | Ratio of Gross Expenses to Average Net Assets(c) | Portfolio Turnover(d) | ||||||||||||||
$ | 10.95 | (4.13 | )% | $ | 137 | 1.06 | % | 0.58 | % | 6.18 | % | 71 | % | |||||||
11.90 | 15.67 | % | 624 | 1.06 | % | 0.45 | % | 5.32 | % | 74 | % | |||||||||
10.33 | 3.84 | % | 185 | 1.06 | % | 0.72 | % | 16.40 | % | 45 | % | |||||||||
10.97 | (3.94 | )% | 973 | 0.81 | % | 0.88 | % | 6.21 | % | 71 | % | |||||||||
11.92 | 15.97 | % | 1,355 | 0.81 | % | 0.73 | % | 7.35 | % | 74 | % | |||||||||
10.36 | 3.84 | % | 1,610 | 0.81 | % | 0.81 | % | 9.65 | % | 45 | % | |||||||||
11.02 | (4.07 | )% | 344 | 1.06 | % | 0.66 | % | 6.74 | % | 71 | % | |||||||||
11.97 | 15.68 | % | 364 | 1.06 | % | 0.46 | % | 6.24 | % | 74 | % | |||||||||
10.39 | 3.90 | % | 62 | 1.06 | % | 0.45 | % | 14.98 | % | 45 | % | |||||||||
10.74 | (4.36 | )% | — | 1.81 | % | (0.19 | )% | 0.56 | % | 71 | % | |||||||||
11.68 | 13.62 | % | — | 1.81 | % | — | % | 27.23 | % | 74 | % | |||||||||
10.28 | 2.80 | % | 253 | 1.81 | % | 3.73 | % | 25.73 | % | 45 | % |
– 81 –
Financial Highlights
For a share of capital stock outstanding throughout the periods indicated.
Change in Net Assets Resulting From Operations: | Less Dividends From: | ||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Dividends from Net Investment Income | Distributions from Net Realized Gains from Investments | Total Dividends and Distributions | |||||||||||||||||||||||
Opportunistic Fund | |||||||||||||||||||||||||||||
Investor Shares | |||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | $ | 15.43 | $ | 0.07 | $ | (1.35 | ) | $ | (1.28 | ) | $ | (0.08 | ) | $ | (0.92 | ) | $ | (1.00 | ) | ||||||||||
Year Ended August 31, 2018 | 14.90 | 0.04 | (e) | 1.28 | 1.32 | (0.04 | ) | (0.75 | ) | (0.79 | ) | ||||||||||||||||||
Year Ended August 31, 2017 | 12.86 | (0.02 | ) | 2.08 | 2.06 | (0.02 | ) | — | (0.02 | ) | |||||||||||||||||||
Year Ended August 31, 2016 | 13.66 | 0.03 | (0.47 | ) | (0.44 | ) | (0.02 | ) | (0.34 | ) | (0.36 | ) | |||||||||||||||||
Year Ended August 31, 2015 | 13.85 | (0.02 | ) | 0.21 | 0.19 | — | (0.38 | ) | (0.38 | ) | |||||||||||||||||||
Year Ended August 31, 2014 | 12.85 | (0.01 | ) | 1.71 | 1.70 | — | (0.70 | ) | (0.70 | ) | |||||||||||||||||||
Institutional Shares | |||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | 15.61 | 0.09 | (1.36 | ) | (1.27 | ) | (0.10 | ) | (0.93 | ) | (1.03 | ) | |||||||||||||||||
Year Ended August 31, 2018 | 15.05 | 0.08 | (e) | 1.30 | 1.38 | (0.07 | ) | (0.75 | ) | (0.82 | ) | ||||||||||||||||||
Year Ended August 31, 2017 | 12.99 | 0.03 | 2.08 | 2.11 | (0.05 | ) | — | (0.05 | ) | ||||||||||||||||||||
Year Ended August 31, 2016 | 13.78 | 0.06 | (0.47 | ) | (0.41 | ) | (0.04 | ) | (0.34 | ) | (0.38 | ) | |||||||||||||||||
Year Ended August 31, 2015 | 13.95 | (0.01 | ) | 0.23 | 0.22 | (0.01 | ) | (0.38 | ) | (0.39 | ) | ||||||||||||||||||
Year Ended August 31, 2014 | 12.91 | 0.02 | 1.74 | 1.76 | (0.02 | ) | (0.70 | ) | (0.72 | ) | |||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | 15.48 | 0.07 | (1.35 | ) | (1.28 | ) | (0.08 | ) | (0.92 | ) | (1.00 | ) | |||||||||||||||||
Year Ended August 31, 2018 | 14.95 | 0.04 | (e) | 1.28 | 1.32 | (0.04 | ) | (0.75 | ) | (0.79 | ) | ||||||||||||||||||
Year Ended August 31, 2017 | 12.90 | (0.01 | ) | 2.07 | 2.06 | (0.01 | ) | — | (0.01 | ) | |||||||||||||||||||
Year Ended August 31, 2016 | 13.70 | 0.03 | (0.47 | ) | (0.44 | ) | (0.02 | ) | (0.34 | ) | (0.36 | ) | |||||||||||||||||
Year Ended August 31, 2015 | 13.89 | (0.02 | ) | 0.21 | 0.19 | — | (0.38 | ) | (0.38 | ) | |||||||||||||||||||
Year Ended August 31, 2014 | 12.88 | — | 1.72 | 1.72 | (0.01 | ) | (0.70 | ) | (0.71 | ) | |||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | 15.07 | 0.01 | (1.30 | ) | (1.29 | ) | (0.02 | ) | (0.93 | ) | (0.95 | ) | |||||||||||||||||
Year Ended August 31, 2018 | 14.65 | (0.08 | )(e) | 1.25 | 1.17 | — | (0.75 | ) | (0.75 | ) | |||||||||||||||||||
Year Ended August 31, 2017 | 12.73 | (0.02 | ) | 1.94 | 1.92 | — | — | — | |||||||||||||||||||||
Year Ended August 31, 2016 | 13.60 | 0.01 | (0.54 | ) | (0.53 | ) | — | (0.34 | ) | (0.34 | ) | ||||||||||||||||||
December 31, 2014(g) through August 31, 2015 | 13.60 | (0.01 | ) | 0.01 | — | — | — | — |
(a) | Not annualized for periods less than one year. |
(b) | Annualized for periods less than one year, except for Portfolio Turnover. |
(c) | During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated. |
(d) | Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued. |
(e) | Calculated using average shares. |
(f) | The net expense ratio shown for the period is the blended ratio of the current expense limitation which became effective during the period on December 26, 2018. |
(g) | Commencement of operations. |
Amounts designated as “-” are $0 or have been rounded to $0.
– 82 –
Ratios/Supplemental Data:(b) | ||||||||||||||||||||
Net Asset Value, End of Period | Total Return (Excludes Sales Charge)(a) | Net Assets End of Period (000s) | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income (Loss) to Average Net Assets | Ratio of Gross Expenses to Average Net Assets(c) | Portfolio Turnover(d) | ||||||||||||||
$ | 13.15 | (7.54) | % | $ | 1,790 | 1.52 | %(f) | 1.05 | % | 1.88 | % | 116 | % | |||||||
15.43 | 9.08 | % | 2,097 | 1.64 | % | 0.25 | % | 1.85 | % | 157 | % | |||||||||
14.90 | 15.99 | % | 3,009 | 1.60 | % | (0.10) | % | 1.81 | % | 227 | % | |||||||||
12.86 | (3.33) | % | 2,451 | 1.45 | % | 0.22 | % | 1.66 | % | 266 | % | |||||||||
13.66 | 1.35 | % | 1,292 | 1.77 | % | (0.31) | % | 2.49 | % | 249 | % | |||||||||
13.85 | 13.32 | % | 1,409 | 1.87 | % | (0.15) | % | 2.48 | % | 276 | % | |||||||||
13.31 | (7.44) | % | 37,165 | 1.24 | %(f) | 1.35 | % | 1.63 | % | 116 | % | |||||||||
15.61 | 9.45 | % | 45,659 | 1.35 | % | 0.55 | % | 1.60 | % | 157 | % | |||||||||
15.05 | 16.27 | % | 38,266 | 1.31 | % | 0.18 | % | 1.56 | % | 227 | % | |||||||||
12.99 | (3.03) | % | 33,056 | 1.16 | % | 0.45 | % | 1.41 | % | 266 | % | |||||||||
13.78 | 1.55 | % | 23,034 | 1.52 | % | (0.03) | % | 2.31 | % | 249 | % | |||||||||
13.95 | 13.76 | % | 12,831 | 1.57 | % | 0.16 | % | 2.23 | % | 276 | % | |||||||||
13.20 | (7.52) | % | 1,983 | 1.49 | %(f) | 1.09 | % | 1.73 | % | 116 | % | |||||||||
15.48 | 9.09 | % | 2,032 | 1.63 | % | 0.26 | % | 1.70 | % | 157 | % | |||||||||
14.95 | 15.96 | % | 2,321 | 1.56 | % | (0.06) | % | 1.66 | % | 227 | % | |||||||||
12.90 | (3.29) | % | 2,275 | 1.41 | % | 0.17 | % | 1.51 | % | 266 | % | |||||||||
13.70 | 1.34 | % | 3,400 | 1.77 | % | (0.31) | % | 2.33 | % | 249 | % | |||||||||
13.89 | 13.42 | % | 4,851 | 1.82 | % | (0.10) | % | 2.33 | % | 276 | % | |||||||||
12.83 | (7.87) | % | 434 | 2.28 | %(f) | 0.29 | % | 2.63 | % | 116 | % | |||||||||
15.07 | 8.22 | % | 598 | 2.41 | % | (0.52) | % | 2.60 | % | 157 | % | |||||||||
14.65 | 15.08 | % | 573 | 2.34 | % | (0.84) | % | 2.56 | % | 227 | % | |||||||||
12.73 | (3.99) | % | 442 | 2.18 | % | (0.55) | % | 2.41 | % | 266 | % | |||||||||
13.60 | — | % | 186 | 2.52 | % | (0.85) | % | 3.42 | % | 249 | % |
– 83 –
Financial Highlights
For a share of capital stock outstanding throughout the periods indicated.
Change in Net Assets Resulting From Operations: | Less Dividends From: | ||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Dividends from Net Investment Income | Distributions from Net Realized Gains from Investments | Return of Capital | |||||||||||||||||||||||
World Energy Fund | |||||||||||||||||||||||||||||
Investor Shares | |||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | $ | 9.49 | $ | 0.06 | $ | (1.55 | ) | $ | (1.49 | ) | $ | (0.05 | ) | $ | — | $ | — | ||||||||||||
Year Ended August 31, 2018 | 8.06 | 0.06 | (f) | 1.41 | 1.47 | (0.04 | ) | — | — | ||||||||||||||||||||
Year Ended August 31, 2017 | 8.63 | 0.08 | (0.58 | ) | (0.50 | ) | (0.06 | ) | — | (0.01 | ) | ||||||||||||||||||
Year Ended August 31, 2016 | 8.58 | 0.10 | 0.04 | 0.14 | (0.09 | ) | — | — | |||||||||||||||||||||
Year Ended August 31, 2015 | 11.61 | 0.07 | (2.98 | ) | (2.91 | ) | (0.06 | ) | (0.06 | ) | — | ||||||||||||||||||
February 4, 2014(g) through August 31, 2014 | 10.00 | 0.06 | 1.59 | 1.65 | (0.04 | ) | — | — | |||||||||||||||||||||
Institutional Shares | |||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | 9.51 | 0.07 | (1.55 | ) | (1.48 | ) | (0.06 | ) | — | — | |||||||||||||||||||
Year Ended August 31, 2018 | 8.07 | 0.09 | (f) | 1.42 | 1.51 | (0.07 | ) | — | — | ||||||||||||||||||||
Year Ended August 31, 2017 | 8.65 | 0.11 | (0.59 | ) | (0.48 | ) | (0.08 | ) | — | (0.02 | ) | ||||||||||||||||||
Year Ended August 31, 2016 | 8.59 | 0.12 | 0.05 | 0.17 | (0.11 | ) | — | — | |||||||||||||||||||||
Year Ended August 31, 2015 | 11.62 | 0.10 | (2.98 | ) | (2.88 | ) | (0.08 | ) | (0.07 | ) | — | ||||||||||||||||||
February 4, 2014(g) through August 31, 2014 | 10.00 | 0.07 | 1.59 | 1.66 | (0.04 | ) | — | — | |||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | 9.49 | 0.06 | (1.55 | ) | (1.49 | ) | (0.05 | ) | — | — | |||||||||||||||||||
Year Ended August 31, 2018 | 8.06 | 0.07 | (f) | 1.41 | 1.48 | (0.05 | ) | — | — | ||||||||||||||||||||
Year Ended August 31, 2017 | 8.63 | 0.09 | (0.59 | ) | (0.50 | ) | (0.06 | ) | — | (0.01 | ) | ||||||||||||||||||
Year Ended August 31, 2016 | 8.59 | 0.10 | 0.03 | 0.13 | (0.09 | ) | — | — | |||||||||||||||||||||
Year Ended August 31, 2015 | 11.61 | 0.08 | (2.98 | ) | (2.90 | ) | (0.06 | ) | (0.06 | ) | — | ||||||||||||||||||
February 4, 2014(g) through August 31, 2014 | 10.00 | 0.06 | 1.59 | 1.65 | (0.04 | ) | — | — | |||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 (unaudited) | 9.39 | 0.03 | (1.54 | ) | (1.51 | ) | (0.01 | ) | — | — | |||||||||||||||||||
Year Ended August 31, 2018 | 8.00 | — | (f) | 1.40 | 1.40 | (0.01 | ) | — | — | ||||||||||||||||||||
Year Ended August 31, 2017 | 8.57 | 0.02 | (0.58 | ) | (0.56 | ) | (0.01 | ) | — | — | |||||||||||||||||||
Year Ended August 31, 2016 | 8.53 | 0.05 | 0.03 | 0.08 | (0.04 | ) | — | — | |||||||||||||||||||||
Year Ended August 31, 2015 | 11.58 | 0.04 | (3.00 | ) | (2.96 | ) | (0.03 | ) | (0.06 | ) | — | ||||||||||||||||||
February 4, 2014(g) through August 31, 2014 | 10.00 | 0.04 | 1.56 | 1.60 | (0.02 | ) | — | — |
(a) | Not annualized for periods less than one year. |
(b) | Annualized for periods less than one year, except for Portfolio Turnover. |
(c) | During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated. |
(d) | Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued. |
(e) | The net expense ratio shown for the period is the blended ratio of the current expense limitation which became effective during the period on December 26, 2018. |
(f) | Calculated using average shares. |
(g) | Commencement of operations. |
Amounts designated as “—” are $0 or have been rounded to $0.
– 84 –
Ratios/Supplemental Data:(b) | ||||||||||||||||||||||||||||||
Total Dividends and Distributions | Net Asset Value, End of Period | Total Return (Excludes Sales Charge)(a) | Net Assets End of Period (000s) | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income (Loss) to Average Net Assets | Ratio of Gross Expenses to Average Net Assets(c) | Portfolio Turnover(d) | |||||||||||||||||||||||
$ | (0.05 | ) | $ | 7.95 | (15.70) | % | $ | 4,370 | 1.31 | %(e) | 1.30 | % | 1.58 | % | 80 | % | ||||||||||||||
(0.04 | ) | 9.49 | 18.27 | % | 7,964 | 1.39 | % | 0.66 | % | 1.56 | % | 130 | % | |||||||||||||||||
(0.07 | ) | 8.06 | (5.87) | % | 9,316 | 1.33 | % | 0.90 | % | 1.53 | % | 103 | % | |||||||||||||||||
(0.09 | ) | 8.63 | 1.66 | % | 10,177 | 1.29 | % | 1.22 | % | 1.55 | % | 150 | % | |||||||||||||||||
(0.12 | ) | 8.58 | (25.17) | % | 6,419 | 1.28 | % | 0.85 | % | 1.71 | % | 167 | % | |||||||||||||||||
(0.04 | ) | 11.61 | 16.51 | % | 5,234 | 1.06 | % | 1.19 | % | 1.51 | % | 71 | % | |||||||||||||||||
(0.06 | ) | 7.97 | (15.55) | % | 23,977 | 1.02 | %(e) | 1.66 | % | 1.33 | % | 80 | % | |||||||||||||||||
(0.07 | ) | 9.51 | 18.71 | % | 37,696 | 1.12 | % | 0.97 | % | 1.31 | % | 130 | % | |||||||||||||||||
(0.10 | ) | 8.07 | (5.69) | % | 25,809 | 1.01 | % | 1.24 | % | 1.28 | % | 103 | % | |||||||||||||||||
(0.11 | ) | 8.65 | 2.09 | % | 26,214 | 0.96 | % | 1.48 | % | 1.30 | % | 150 | % | |||||||||||||||||
(0.15 | ) | 8.59 | (24.96) | % | 28,873 | 1.00 | % | 1.15 | % | 1.46 | % | 167 | % | |||||||||||||||||
(0.04 | ) | 11.62 | 16.66 | % | 21,322 | 0.81 | % | 1.41 | % | 1.26 | % | 71 | % | |||||||||||||||||
(0.05 | ) | 7.95 | (15.69) | % | 4,919 | 1.25 | %(e) | 1.48 | % | 1.43 | % | 80 | % | |||||||||||||||||
(0.05 | ) | 9.49 | 18.37 | % | 6,302 | 1.34 | % | 0.72 | % | 1.41 | % | 130 | % | |||||||||||||||||
(0.07 | ) | 8.06 | (5.84) | % | 6,836 | 1.26 | % | 0.96 | % | 1.38 | % | 103 | % | |||||||||||||||||
(0.09 | ) | 8.63 | 1.59 | % | 8,644 | 1.22 | % | 1.26 | % | 1.40 | % | 150 | % | |||||||||||||||||
(0.12 | ) | 8.59 | (25.07) | % | 11,901 | 1.26 | % | 0.88 | % | 1.56 | % | 167 | % | |||||||||||||||||
(0.04 | ) | 11.61 | 16.49 | % | 9,134 | 1.06 | % | 1.14 | % | 1.36 | % | 71 | % | |||||||||||||||||
(0.01 | ) | 7.87 | (16.01) | % | 4,820 | 2.02 | %(e) | 0.70 | % | 2.33 | % | 80 | % | |||||||||||||||||
(0.01 | ) | 9.39 | 17.51 | % | 6,115 | 2.11 | % | (0.05) | % | 2.31 | % | 130 | % | |||||||||||||||||
(0.01 | ) | 8.00 | (6.59) | % | 6,131 | 2.01 | % | 0.23 | % | 2.28 | % | 103 | % | |||||||||||||||||
(0.04 | ) | 8.57 | 0.99 | % | 7,726 | 1.97 | % | 0.52 | % | 2.30 | % | 150 | % | |||||||||||||||||
(0.09 | ) | 8.53 | (25.68) | % | 7,217 | 2.04 | % | 0.09 | % | 2.46 | % | 167 | % | |||||||||||||||||
(0.02 | ) | 11.58 | 16.01 | % | 5,073 | 1.81 | % | 0.36 | % | 2.26 | % | 71 | % |
– 85 –
February 28, 2019 (Unaudited)
U.S. Treasury Fund: | ||||
Security Allocation | Percentage of Net Assets | |||
U.S. Treasury Obligations | 25.8 | % | ||
Repurchase Agreements | 65.0 | % | ||
Investment Companies | 9.3 | % | ||
Liabilities in excess of other assets | (0.1) | % | ||
Total | 100.0 | % |
Government Securities Money Market Fund: | ||||
Security Allocation |
| Percentage of Net Assets | ||
U.S. Government Agency Securities | 7.9 | % | ||
U.S. Treasury Obligations | 26.3 | % | ||
Repurchase Agreements | 55.5 | % | ||
Investment Companies | 10.3 | % | ||
Liabilities in excess of other assets | 0.0 | % | ||
Total | 100.0 | % |
Limited Duration Fund: | ||||
Security Allocation | Percentage of Net Assets | |||
Asset Backed Securities | 8.7 | % | ||
Mortgage Backed Securities | 39.5 | % | ||
Corporate Bonds | 14.1 | % | ||
Taxable Municipal Bonds | 2.2 | % | ||
U.S. Treasury Obligations | 26.0 | % | ||
Investment in Affiliates | 7.7 | % | ||
Other assets in excess of liabilities | 1.8 | % | ||
Total | 100.0 | % |
Moderate Duration Fund: | ||||
Security Allocation | Percentage of Net Assets | |||
Asset Backed Securities | 4.5 | % | ||
Mortgage Backed Securities | 28.6 | % | ||
Corporate Bonds | 19.2 | % | ||
Taxable Municipal Bonds | 9.8 | % | ||
U.S. Government Agency Securities | 9.1 | % | ||
U.S. Treasury Obligations | 24.3 | % | ||
Investment in Affiliates | 4.1 | % | ||
Other assets in excess of liabilities | 0.4 | % | ||
Total | 100.0 | % |
Bond Fund: | ||||
Security Allocation | Percentage of Net Assets | |||
Asset Backed Securities | 3.4 | % | ||
Mortgage Backed Securities | 27.2 | % | ||
Corporate Bonds | 16.2 | % | ||
Taxable Municipal Bonds | 12.2 | % | ||
U.S. Government Agency Securities | 9.3 | % | ||
U.S. Treasury Obligations | 27.1 | % | ||
Investment in Affiliates | 4.3 | % | ||
Other assets in excess of liabilities | 0.3 | % | ||
Total | 100.0 | % |
Strategic Enhanced Yield Fund: | ||||
Security Allocation |
| Percentage of Net Assets | ||
Asset Backed Securities | 10.0 | % | ||
Mortgage Backed Securities | 52.8 | % | ||
Corporate Bonds | 5.5 | % | ||
U.S. Treasury Obligations | 27.1 | % | ||
Investment in Affiliates | 3.7 | % | ||
Other assets in excess of liabilities | 0.9 | % | ||
Total | 100.0 | % |
Ultra Short Tax-Free Income Fund: | ||||
Security Allocation |
| Percentage of Net Assets | ||
Municipal Bonds | 99.6 | % | ||
Investment in Affiliates | 0.4 | % | ||
Liabilities in excess of other assets | 0.0 | % | ||
Total | 100.0 | % |
Active Core Fund: | ||||
Security Allocation |
| Percentage of Net Assets | ||
Common Stocks | 47.8 | % | ||
Asset Backed Securities | 2.0 | % | ||
Mortgage Backed Securities | 11.9 | % | ||
Corporate Bonds | 7.2 | % | ||
Taxable Municipal Bonds | 6.0 | % | ||
U.S. Government Agency Securities | 4.0 | % | ||
U.S. Treasury Obligations | 11.6 | % | ||
Investment Companies | 5.4 | % | ||
Investment in Affiliates | 4.5 | % | ||
Liabilities in excess of other assets | (0.4) | % | ||
Total | 100.0 | % |
Mid Cap Core Equity Fund: | ||||
Security Allocation |
| Percentage of Net Assets | ||
Common Stocks | 93.8 | % | ||
Investment in Affiliates | 3.1 | % | ||
Other assets in excess of liabilities | 3.1 | % | ||
Total | 100.0 | % |
Opportunistic Fund: | ||||
Security Allocation | Percentage of Net Assets | |||
Common Stocks | 46.3 | % | ||
Convertible Preferred Stocks | 5.2 | % | ||
Mortgage Backed Securities | 3.3 | % | ||
Corporate Bonds | 19.9 | % | ||
Investment in Affiliates | 23.5 | % | ||
Other assets in excess of liabilities | 1.8 | % | ||
Total | 100.0 | % |
World Energy Fund: | ||||
Security Allocation | Percentage of Net Assets | |||
Common Stocks | 89.0 | % | ||
Corporate Bonds | 8.3 | % | ||
Investment in Affiliates | 2.3 | % | ||
Other assets in excess of liabilities | 0.4 | % | ||
Total | 100.0 | % |
– 86 –
Additional Fund Information | Continued |
February 28, 2019 (Unaudited)
As a shareholder of the Cavanal Hill Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases, reinvested dividends, or other distributions; and exchange fees; (2) ongoing costs, including management fees; distribution fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Cavanal Hill Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2018 through February 28, 2019.
Actual Expenses
The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Beginning Account Value 9/1/18 | Ending Account Value 2/28/19 | Expenses Paid During Period 9/1/18 - 2/28/19 | Expense Ratio During Period* 9/1/18 - 2/28/19 | |||||||||||||
U.S. Treasury Fund | ||||||||||||||||
Administrative Shares | $ | 1,000.00 | $ | 1,007.80 | $ | 3.39 | 0.68% | |||||||||
Service Shares | 1,000.00 | 1,009.30 | 1.89 | 0.38% | ||||||||||||
Institutional Shares | 1,000.00 | 1,009.90 | 1.30 | 0.26% | ||||||||||||
Select Shares | 1,000.00 | 1,010.30 | 0.90 | 0.18% | ||||||||||||
Government Securities Money Market Fund | ||||||||||||||||
Administrative Shares | 1,000.00 | 1,008.40 | 2.74 | 0.55% | ||||||||||||
Institutional Shares | 1,000.00 | 1,009.80 | 1.40 | 0.28% | ||||||||||||
Select Shares | 1,000.00 | 1,010.20 | 1.00 | 0.20% | ||||||||||||
Premier Shares | 1,000.00 | 1,010.00 | 1.25 | 0.25% | ||||||||||||
Limited Duration Fund | ||||||||||||||||
Investor Shares | 1,000.00 | 1,014.30 | 3.75 | 0.75% | ||||||||||||
Institutional Shares | 1,000.00 | 1,015.70 | 2.40 | 0.48% | ||||||||||||
A Shares | 1,000.00 | 1,014.40 | 3.65 | 0.73% | ||||||||||||
Moderate Duration Fund | ||||||||||||||||
Investor Shares | 1,000.00 | 1,014.20 | 4.59 | 0.92% | ||||||||||||
Institutional Shares | 1,000.00 | 1,016.40 | 3.40 | 0.68% | ||||||||||||
A Shares | 1,000.00 | 1,015.20 | 4.70 | 0.94% | ||||||||||||
Bond Fund | ||||||||||||||||
Investor Shares | 1,000.00 | 1,015.20 | 4.00 | 0.80% | ||||||||||||
Institutional Shares | 1,000.00 | 1,016.70 | 2.55 | 0.51% | ||||||||||||
A Shares | 1,000.00 | 1,016.50 | 3.75 | 0.75% | ||||||||||||
Strategic Enhanced Yield Fund | ||||||||||||||||
Investor Shares | 1,000.00 | 1,011.20 | 5.04 | 1.01% | ||||||||||||
Institutional Shares | 1,000.00 | 1,012.40 | 3.79 | 0.76% | ||||||||||||
A Shares | 1,000.00 | 1,011.20 | 5.04 | 1.01% | ||||||||||||
Ultra Short Tax-Free Income Fund | ||||||||||||||||
Investor Shares | 1,000.00 | 1,006.30 | 3.68 | 0.74% | ||||||||||||
Institutional Shares | 1,000.00 | 1,006.60 | 2.44 | 0.49% | ||||||||||||
A Shares | 1,000.00 | 999.00 | 2.97 | 0.60% | ||||||||||||
Active Core Fund | ||||||||||||||||
Investor Shares | 1,000.00 | 983.90 | 5.56 | 1.13% | ||||||||||||
Institutional Shares | 1,000.00 | 986.00 | 4.28 | 0.87% | ||||||||||||
A Shares | 1,000.00 | 983.50 | 5.75 | 1.17% | ||||||||||||
C Shares | 1,000.00 | 980.60 | 9.18 | 1.87% | ||||||||||||
Mid Cap Core Equity Fund | ||||||||||||||||
Investor Shares | 1,000.00 | 958.70 | 5.15 | 1.06% | ||||||||||||
Institutional Shares | 1,000.00 | 960.60 | 3.94 | 0.81% | ||||||||||||
A Shares | 1,000.00 | 959.30 | 5.15 | 1.06% | ||||||||||||
C Shares | 1,000.00 | 956.40 | 8.78 | 1.81% | ||||||||||||
Opportunistic Fund | ||||||||||||||||
Investor Shares | 1,000.00 | 924.60 | 7.25 | 1.52% | ||||||||||||
Institutional Shares | 1,000.00 | 925.60 | 5.92 | 1.24% | ||||||||||||
A Shares | 1,000.00 | 924.80 | 7.11 | 1.49% | ||||||||||||
C Shares | 1,000.00 | 921.30 | 10.86 | 2.28% | ||||||||||||
World Energy Fund | ||||||||||||||||
Investor Shares | 1,000.00 | 843.00 | 5.99 | 1.31% | ||||||||||||
Institutional Shares | 1,000.00 | 844.50 | 4.66 | 1.02% | ||||||||||||
A Shares | 1,000.00 | 843.10 | 5.71 | 1.25% | ||||||||||||
C Shares | 1,000.00 | 839.90 | 9.22 | 2.02% |
* Expenses are equal to the Portfolio’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period).
– 87 –
Additional Fund Information | Continued |
February 28, 2019 (Unaudited)
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on each of the Cavanal Hill Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value 9/1/18 | Ending Account Value 2/28/19 | Expenses Paid During Period 9/1/18 - 2/28/19 | Expense Ratio During Period* 9/1/18 - 2/28/19 | |||||||||||||
U.S. Treasury Fund | ||||||||||||||||
Administrative Shares | $ | 1,000.00 | $ | 1,021.42 | $ | 3.41 | 0.68% | |||||||||
Service Shares | 1,000.00 | 1,022.91 | 1.91 | 0.38% | ||||||||||||
Institutional Shares | 1,000.00 | 1,023.51 | 1.30 | 0.26% | ||||||||||||
Select Shares | 1,000.00 | 1,023.90 | 0.90 | 0.18% | ||||||||||||
Government Securities Money Market Fund | ||||||||||||||||
Administrative Shares | 1,000.00 | 1,022.07 | 2.76 | 0.55% | ||||||||||||
Institutional Shares | 1,000.00 | 1,023.41 | 1.40 | 0.28% | ||||||||||||
Select Shares | 1,000.00 | 1,023.80 | 1.00 | 0.20% | ||||||||||||
Premier Shares | 1,000.00 | 1,023.55 | 1.25 | 0.25% | ||||||||||||
Limited Duration Fund | ||||||||||||||||
Investor Shares | 1,000.00 | 1,021.08 | 3.76 | 0.75% | ||||||||||||
Institutional Shares | 1,000.00 | 1,022.41 | 2.41 | 0.48% | ||||||||||||
A Shares | 1,000.00 | 1,021.17 | 3.66 | 0.73% | ||||||||||||
Moderate Duration Fund | ||||||||||||||||
Investor Shares | 1,000.00 | 1,020.23 | 4.61 | 0.92% | ||||||||||||
Institutional Shares | 1,000.00 | 1,021.42 | 3.41 | 0.68% | ||||||||||||
A Shares | 1,000.00 | 1,020.13 | 4.71 | 0.94% | ||||||||||||
Bond Fund | ||||||||||||||||
Investor Shares | 1,000.00 | 1,020.83 | 4.01 | 0.80% | ||||||||||||
Institutional Shares | 1,000.00 | 1,022.27 | 2.56 | 0.51% | ||||||||||||
A Shares | 1,000.00 | 1,021.08 | 3.76 | 0.75% | ||||||||||||
Strategic Enhanced Yield Fund | ||||||||||||||||
Investor Shares | 1,000.00 | 1,019.79 | 5.06 | 1.01% | ||||||||||||
Institutional Shares | 1,000.00 | 1,021.03 | 3.81 | 0.76% | ||||||||||||
A Shares | 1,000.00 | 1,019.79 | 5.06 | 1.01% | ||||||||||||
Ultra Short Tax-Free Income Fund | ||||||||||||||||
Investor Shares | 1,000.00 | 1,021.12 | 3.71 | 0.74% | ||||||||||||
Institutional Shares | 1,000.00 | 1,022.36 | 2.46 | 0.49% | ||||||||||||
A Shares | 1,000.00 | 1,021.82 | 3.01 | 0.60% | ||||||||||||
Active Core Fund | ||||||||||||||||
Investor Shares | 1,000.00 | 1,019.19 | 5.66 | 1.13% | ||||||||||||
Institutional Shares | 1,000.00 | 1,020.48 | 4.36 | 0.87% | ||||||||||||
A Shares | 1,000.00 | 1,018.99 | 5.86 | 1.17% | ||||||||||||
C Shares | 1,000.00 | 1,015.52 | 9.35 | 1.87% | ||||||||||||
Mid Cap Core Equity Fund | ||||||||||||||||
Investor Shares | 1,000.00 | 1,019.54 | 5.31 | 1.06% | ||||||||||||
Institutional Shares | 1,000.00 | 1,020.78 | 4.06 | 0.81% | ||||||||||||
A Shares | 1,000.00 | 1,019.54 | 5.31 | 1.06% | ||||||||||||
C Shares | 1,000.00 | 1,015.82 | 9.05 | 1.81% | ||||||||||||
Opportunistic Fund | ||||||||||||||||
Investor Shares | 1,000.00 | 1,017.26 | 7.60 | 1.52% | ||||||||||||
Institutional Shares | 1,000.00 | 1,018.65 | 6.21 | 1.24% | ||||||||||||
A Shares | 1,000.00 | 1,017.41 | 7.45 | 1.49% | ||||||||||||
C Shares | 1,000.00 | 1,013.49 | 11.38 | 2.28% | ||||||||||||
World Energy Fund | ||||||||||||||||
Investor Shares | 1,000.00 | 1,018.30 | 6.56 | 1.31% | ||||||||||||
Institutional Shares | 1,000.00 | 1,019.74 | 5.11 | 1.02% | ||||||||||||
A Shares | 1,000.00 | 1,018.60 | 6.26 | 1.25% | ||||||||||||
C Shares | 1,000.00 | 1,014.78 | 10.09 | 2.02% |
* Expenses are equal to the Portfolio’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period).
– 88 –
SemiAnn-02/19
Item 2. Code of Ethics.
Not applicable - only for annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable - only for annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable - only for annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Included as part of the report to stockholders under Item 1.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) | Not applicable - Only effective for annual reports. | |
(a)(2) | Certifications pursuant to Rule 30a-2(a) are attached hereto. | |
(a)(3) | Not applicable. | |
(b) | Certifications pursuant to Rule 30a-2(b) are furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Cavanal Hill Funds |
By (Signature and Title)* | /s/ James L. Huntzinger |
James L. Huntzinger, President (Principal Executive Officer) |
Date April 22, 2019
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ James L. Huntzinger |
James L. Huntzinger, President (Principal Executive Officer) |
Date April 22, 2019
By (Signature and Title)* | /s/ Joel B. Engle |
Joel B. Engle, Treasurer (Principal Financial Officer) |
Date April 22, 2019