N-CSR 1 compassncsr.htm N-CSR GemCom, LLC

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

811-22696


Compass EMP Trust

(Exact name of registrant as specified in charter)


213 Overlook Circle, Suite A-1 Brentwood, TN 37027

(Address of principal executive offices)

(Zip code)


James Ash, Gemini Fund Services, LLC.

 

80 Arkay Dr. Suite 110, Hauppauge, NY 11788  

              (Name and address of agent for service)


Registrant's telephone number, including area code:

631-470-2619


Date of fiscal year end:

6/30


Date of reporting period: 6/30/14


ITEM 1.  REPORTS TO SHAREHOLDERS.

 






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ANNUAL REPORT



Compass EMP U.S. 500 Volatility Weighted Fund

Compass EMP U.S. Small Cap 500 Volatility Weighted Fund

Compass EMP International 500 Volatility Weighted Fund

Compass EMP Emerging Market 500 Volatility Weighted Fund

Compass EMP REC Enhanced Volatility Weighted Fund

Compass EMP U.S. 500 Enhanced Volatility Weighted Fund

Compass EMP Long/Short Strategies Fund

Compass EMP International 500 Enhanced Volatility Weighted Fund

Compass EMP Commodity Strategies Enhanced Volatility Weighted Fund

Compass EMP Commodity Strategies Volatility Weighted Fund

Compass EMP Market Neutral Income Fund

Compass EMP Enhanced Fixed Income Fund

Compass EMP Ultra Short-Term Fixed Income Fund

Compass EMP Multi-Asset Balanced Fund

Compass EMP Multi-Asset Growth Fund

Compass EMP Alternative Strategies Fund


June 30, 2014



Distributed by Northern Lights Distributors, LLC

Member FINRA






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CHIEF INVESTMENT OFFICER - LETTER TO SHAREHOLDERS


Compass EMP Funds Overview as of June 30, 2014


Reviewing the performance over the past year, Compass EMP is pleased with the overall results of the Compass EMP Funds.  With a total of 16 Mutual Funds, it is expected that some funds will outperform others.  In response to our shareholders, Compass EMP has enhanced two Funds with name and strategy changes – Compass EMP Commodity Strategies Enhanced Volatility Weighted Fund (formerly the Compass EMP Commodity Long/Short Strategies Fund) and Compass EMP Market Neutral Income Fund (formerly the Compass EMP Long/Short Fixed Income Fund).

Note: All CEMP Indexes are listed as total return indexes.


US Equity Funds

·

Compass EMP U.S. 500 Volatility Weighted Fund (CFLIX)

The Fund is designed to track the performance of the CEMP U.S. Large Cap 500 Volatility Weighted Index before expenses.

The CEMP U.S. Large Cap 500 Volatility Weighted Index outperformed the S&P 500 Index by 0.15% over the last 12 months. CFLIX underperformed the S&P 500 by 1.24%. This is believed to be due primarily to the high weighting of Apple-AAPL in the S&P 500’s overall index return. Any underperformance of CFLIX to its CEMP index is primarily due to the expense ratio and large inflows compared to the Fund's asset level during the strong bull market in 2013. Cash flow was not immediately available to invest, thus causing a negative effect on performance.  However, the cash flow was accounted for in the Fund's return.


·

Compass EMP U.S. Small Cap 500 Volatility Weighted Fund (CHSIX)

The Fund is designed to track the performance of the CEMP U.S. Small Cap 500 Volatility Weighted Index before expenses.

The CEMP U.S. Small Cap 500 Volatility Weighted Index outperformed the Russell 2000 Index by 2.28% over the last 12 months. CHSIX outperformed the Russell 2000 Index by 0.67%, this is believed to be primarily due to the CEMP Index’s Industrial sector overweighting. Due to the overweighting to the industrial sector, there was an additional contribution of 2.09% to the overall return of the CEMP Indexes. Any underperformance of CHSIX to its CEMP index is primarily due to the expense ratio and large inflows compared to the Fund's asset level during the strong bull market in 2013. Cash flow was not immediately available to invest, thus causing a negative effect on performance.  However, the cash flow was accounted for in the Fund's return.


US Equity Long/Cash Funds

·

Compass EMP U.S. 500 Enhanced Volatility Weighted Fund (CUHIX)

The Fund is designed to track the performance of the CEMP U.S. Large Cap 500 Long/Cash Volatility Weighted Index before expenses.

The CEMP U.S. Large Cap 500 Long/Cash Volatility Weighted Index outperformed the S&P 500 Index by 0.14% over the last 12 months. The 2.00% underperformance of CUHIX to the S&P 500 Index is believed to be due primarily to the high weighting of Apple-AAPL in the S&P 500’s overall index return.  Any underperformance of CUHIX to its CEMP index is primarily due to the expense ratio and large inflows compared to the Fund's asset level during the strong bull market in 2013. Cash flow was not immediately available to invest, thus causing a negative effect on performance.  However, the cash flow was accounted for in the Fund's return. As of June 30, 2014, the long/cash enhancement that is a part of CUHIX kept the Fund at a full 100% equity allocation.


·

Compass EMP REC Enhanced Volatility Weighted Fund (CWRIX)

The Fund is designed to track the performance of the CEMP U.S. REIT 100 Long/Cash Volatility Weighted Index before expenses.

The CEMP U.S. REIT 100 Long/Cash Volatility Weighted Index underperformed the Dow Jones U.S. Select REIT Index by 4.69% over the last 12 months. The 5.92% underperformance of CWRIX to the Dow Jones U.S. Select REIT Index was primarily due to the long/cash component triggering a change to a 25% equity allocation beginning in July of 2013 and subsequent reallocation back to a 100% equity position beginning in March of 2014. As of June 30, 2014, the long/cash enhancement that is a part of CWRIX kept the Fund at a full 100% equity allocation.


International Funds

·

Compass EMP International 500 Volatility Weighted Fund (CTIIX)

The Fund is designed to track the performance of the CEMP International 500 Volatility Weighted Index before expenses.

The CEMP Index outperformed the MSCI EAFE by 5.69% over the last 12 months. The CTIIX outperformed the MSCI EAFE Index by 3.37. The MSCI EAFE Index does not hold any positions in Canada, which added an additional 1.11% of contribution to return to the CEMP Index and an additional 1.71% of contribution to return was due to an additional 4% weighting in Sweden compared to the MSCI EAFE Index. Any underperformance of CTIIX to its CEMP index is primarily due to the expense ratio and large inflows compared to the Fund's asset level during the strong bull market in 2013. Cash flow was not immediately available to invest, thus causing a negative effect on performance.  However, the cash flow was accounted for in the Fund's return.


·

Compass EMP Emerging Market 500 Volatility Weighted Fund (CMKIX)

The Fund is designed to track the performance of the CEMP Emerging Market 500 Volatility Weighted Index before expenses.

The CEMP Emerging Market 500 Volatility Weighted Index underperformed the Dow Jones Emerging Market Index by 2.86% over the last 12 months. The 5.21% underperformance of CMKIX to the Dow Jones Emerging Market Index was primarily due to market cap weighting of the Dow Jones Emerging Market Index. The largest 25% of the stocks in the CEMP Index was 29.9% of the overall weighting. The largest 25% of the stocks in the Dow Jones Index was 64.5% of the overall weighting. This underweighting of the largest 25% of the stocks in the CEMP Index had a negative impact of -6.21% of contribution to overall return compared to the return of the DJ Index. An additional contributing factor is India stocks; the Fund invests the India exposure in the Wisdom Tree India Earnings ETF. Due to India regulation and excessive local taxes, the Fund does not invest in the actual India stocks of the CEMP Index at this time.


International Long/Cash Funds

·

Compass EMP International 500 Enhanced Volatility Weighted Fund (CVHIX)

The Fund is designed to track the performance of the CEMP International 500 Long/Cash Volatility Weighted Index before expenses.

The CEMP International 500 Long/Cash Volatility Weighted Index outperformed the MSCI EAFE by

5.69% over the last 12 months. The CVHIX outperformed the MSCI EAFE Index by 2.66%.  

The MSCI EAFE Index does not hold any positions in Canada, which added an additional 1.11% of contribution to return to the CEMP Index and an additional 1.71% of contributions to return was due to an additional 4% weighting in Sweden compared to the MSCI EAFE Index. Any underperformance of CTIIX to its CEMP index is primarily due to the expense ratio and large inflows compared to the Fund's asset level during the strong bull market in 2013. Cash flow was not immediately available to invest, thus causing a negative effect on performance.  However, the cash flow was accounted for in the Fund's return.


As of June 30, 2014, the long/cash enhancement that is a part of CVHIX kept the Fund at a full 100%

equity allocation.


Fixed Income Funds

·

Compass EMP Ultra Short-Term Fixed Income Fund (COFIX)

The Fund is designed to invest in cash equivalent fixed income instruments which average 12 months or less in maturity. This Fund is designed to provide a higher yield compared to money market funds and the 90-day Treasury Bill.

The Ultra Short-Term Fixed Income Fund continues to have a steady net asset value due to the purchase of high quality certificates of deposits and commercial paper. The average maturity as of June 30, 2014, was approximately 129 days.


Fixed Income Long/Cash Funds

·

Compass EMP Enhanced Fixed Income Fund (CEBIX)

The Fund attempts to enhance the return and minimize downside risks compared to traditional global Treasury bonds. The Fund seeks to achieve its total return objective by investing in global Treasury bond futures, and ultra short-term certificates of deposits (CDs), commercial paper, corporate bonds with non-collateral futures cash in an attempt to enhance total return.

The Fund outperformed the Barclays U.S. Government Intermediate Index by 0.71% over the last 12 months. The outperformance of CEBIX to the Barclays U.S. Government Intermediate Index was due to the inclusion of international Treasury futures positions that outperformed U.S. Treasuries and a longer duration than the index during a period where interest rates on balance moved lower.  The Fund employs a long/cash enhancement on each of the Treasury futures markets where it is invested. As of June 30, 2014, the long/cash strategy was 100% invested in each Treasury futures market it targets except for U.S. Treasury futures, where it was 25% invested and 75% in cash.


Alternative Funds

·

Compass EMP Commodity Strategies Volatility Weighted Fund (CCOIX)

The Fund is designed to track the performance of the CEMP Commodity Volatility Weighted Index before expenses.

The CEMP Commodity Volatility Weighted Index outperformed the Bloomberg Commodity Index (formerly the Dow Jones-UBS Commodity Index) by 2.55% over the last 12 months. Factoring in its expense ratio, CCOIX added additional return due to enhanced cash collateral management relative to the Treasury Bill return assumed in the CEMP Commodity Index calculation methodology. The excess collateral held for futures positions in CCOIX is available to invest in the marketplace at yields above U.S. Treasury Bills, creating positive excess return relative to the CEMP Index. It is assumed that CCOIX outperformed its peer group because of its larger allocation to livestock futures, which outperformed other segments of commodity markets for the prior 12 months.


·

Compass EMP Commodity Strategies Enhanced Volatility Weighted Fund (CCNIX)

The Fund is designed to track the performance of the CEMP Commodity Long/Cash Volatility Weighted Index before expenses. Note, the benchmarks used in this letter, the CEMP  Commodity  Long/Cash  Volatility  Weighted  Index  and  the  Bloomberg Commodity Index, are different from the one used in the Annual Report, the Barclays CTA Index.  This is because the Chief Investment Officer feels the benchmarks used in this letter provide a more useful comparison for the Fund.  The performance for the CEMP  Commodity  Long/Cash  Volatility  Weighted  Index  and  the  Bloomberg Commodity Index are provided below.


The CEMP Commodity Long/Cash Volatility Weighted Index underperformed the Bloomberg Commodity Index (formerly the Dow Jones-UBS Commodity Index) by 2.92% over the last 12 months. The CEMP Index underperformance was due to a 50% cash position for the long/cash enhancement during the period as broad commodity markets were up 8-10%. The Fund also underperformed its CEMP Index over the last 12 months due to its strategy change in February of 2014. In the third quarter of 2013, the Fund underperformed as the long/short commodity fund and did not track its current CEMP Index. CCNIX has tracked its index ever since its strategy change. It is assumed that CCNIX underperformed its peer group because of its 50% allocation to cash as the category rose during the prior 12 months as well as a strategy change during the period from a long/short strategy to a long/cash strategy. As of June 30, the long/cash enhancement that is a part of CCNIX kept the Fund at a 50% allocation to commodity futures and 50% in cash. The CEMP Commodity Long/Cash Volatility Weighted Index is still below -10% from its all time highs.


·

Compass EMP Long/Short Strategies Fund (CHLIX)

The Fund is designed to track the performance of the CEMP U.S. Equity Long/Short Index before expenses.

CHLIX continues to maintain 100% Long and 40% Short (60% Net Long) exposure to the market.  This allocation is designed to achieve superior risk adjusted returns and lower correlations compared to typical fully invested equity portfolios.

The Fund is temporarily shorting the S&P 500 Index Futures until an Index Swap can be established on the CEMP US 100 Short Index. This temporary position is necessary in an attempt to reduce the cost of shorting stocks.


·

Compass EMP Market Neutral Income Fund (CBHIX)

The Fund is designed to track the CEMP U.S. High Dividend 100, CEMP International High Dividend 100 and CEMP Emerging Market High Dividend 100 Volatility Weighted Indexes for income exposure while neutralizing the market risks with shorting highly correlated equity index futures. The Fund seeks to achieve bond-like volatility while producing high income with low correlation to the global stock and bond markets

CBHIX underperformed the Barclay Equity Market Neutral Index over the last 12 months due to zero to minimal equity exposure, yet has outperformed so far in 2014. CBHIX also underperformed the Barclays Aggregate Bond Index due to no bond exposure. US Bonds have increased so far in 2014 due to rising interest rates. Conversely, US Bonds decreased in 2013 due to declining interest rates.

CBHIX has outperformed the Market Neutral peer group so far in 2014.

As of February 3, 2014, the Fund name and investment strategy changed from the Compass EMP Long/Short Fund to the Compass EMP Market Neutral Income Fund. From the Fund’s inception to February 2, 2014, the Fund invested in long/short global Treasury futures.


·

Compass EMP Alternative Strategies Fund (CAIAX)

The Fund is designed to be a core portfolio of multiple alternative asset classes in an attempt to provide lower correlation than traditional stock and bond portfolios.

CAIAX outperformed the Barclay Hedge Fund of Fund Index and the Multi-Alternative peer group.


Asset Allocation Funds

·

Compass EMP Multi-Asset Balanced Fund (CTMAX)

The Fund is designed as a moderate asset allocation Fund offering exposure to multiple asset classes within one mutual fund. The Fund’s rules-based methodology is designed to provide global diversification while attempting to minimize downside risks through traditional long/cash and alternative long/short investments. This Fund is expected to perform differently than traditional stock and bond balanced funds due to its exposure to alternative asset classes.

CTMAX outperformed is conservative peer group over the last 12 months due to its additional exposure to global equities and the CEMP Volatility Weighted Indexes.


·

Compass EMP Multi Asset Growth Fund (LTGAX)

The Fund is a global stock asset allocation Fund with exposure to multiple equity asset classes within one mutual fund. The Fund is designed to volatility-weight global equity markets through the long only and Long/Cash CEMP Volatility Weighted Index based funds

LTGAX outperformed is moderate peer group over the last 12 months due to its additional exposure to global equities and the CEMP Volatility Weighted Indexes.


On behalf of the entire Compass EMP Funds team, we appreciate and are grateful for the continued trust that you place in us.


Thank you,


Stephen M. Hammers, CIMA®,

Chief Investment Officer


---------------------------------------------------

Please note holdings are subject to change and should not be considered investment advice. Each of these asset classes has its own set of investment characteristics and risks and investors should consider these risks carefully prior to making any investments. Performance displayed represents past performance, which is no guarantee of future results.


Long is buying a security such as a stock, commodity or currency, with the expectation that the asset will rise in value. Short is the sale of a borrowed security, commodity or currency with the expectation that the asset will fall in value. REIT (real estate investment trust) is a company that owns, and in some cases, operates income-producing real estate. REITs own many types of commercial real estate, ranging from office and apartment buildings to warehouses, hospitals, shopping centers, hotels and even timberlands. An exchange-traded fund (ETF) is an investment fund traded on stock exchanges. An ETF holds assets such as stocks, commodities, or bonds, and trades close to its net asset value over the course of the trading day.

Indexes are unmanaged, statistical composites and their returns do not include payment of any sales charges or fees an investor would pay to purchase the securities they represent (excluding Hedge Fund Indexes).  Such costs would lower performance.  It is not possible to invest directly in an index.




Fee Disclosure:

 

 

 

 

 

 

Fund

Gross Fee

Net Fee

Note:

CFLIX

1.39%

0.96%

The Advisor has contractually agreed to waive fees and/or reimburse expenses to maintain the Fund’s total annual operating net expense ratios (without acquired expenses) at 0.95% for Class I through December 31, 2014.   With out these waivers, the Fund's total annual operating expenses would be 1.39%.

CHSIX

1.96%

1.01%

The Advisor has contractually agreed to waive fees and/or reimburse expenses to maintain the Fund’s total annual operating net expense ratios (without acquired expenses) at 1.00% for Class I through December 31, 2014. With out these waivers, the Fund's total annual operating expenses would be 1.96%.

CUHIX

1.65%

1.36%

The Advisor has contractually agreed to waive fees and/or reimburse expenses to maintain the Fund’s total annual operating net expense ratios (without acquired expenses) at 1.35% for Class I through December 31, 2014. With out these waivers, the Fund's total annual operating expenses would be 1.65%.

CWRIX

1.75%

1.16%

The Advisor has contractually agreed to waive fees and/or reimburse expenses to maintain the Fund’s total annual operating net expense ratios (without acquired expenses) at 1.15% for Class I through December 31, 2014. With out these waivers, the Fund's total annual operating expenses would be 1.75%.

CTIIX

3.43%

1.16%

The Advisor has contractually agreed to waive fees and/or reimburse expenses to maintain the Fund’s total annual operating net expense ratios (without acquired expenses) at 1.15% for Class I through December 31, 2014. With out these waivers, the Fund's total annual operating expenses would be 3.43%.

CMKIX

8.16%

1.29%

The Advisor has contractually agreed to waive fees and/or reimburse expenses to maintain the Fund’s total annual operating net expense ratios (without acquired expenses) at 1.20% for Class I through December 31, 2014. With out these waivers, the Fund's total annual operating expenses would be 8.16%.

CVHIX

3.36%

1.42%

The Advisor has contractually agreed to waive fees and/or reimburse expenses to maintain the Fund’s total annual operating net expense ratios (without acquired expenses) at 1.40% for Class I through December 31, 2014. With out these waivers, the Fund's total annual operating expenses would be 3.36%.

CCOIX

1.33%

1.20%

The Advisor has contractually agreed to waive fees and/or reimburse expenses to maintain the Fund’s total annual operating net expense ratios (without acquired expenses) at 1.15% for Class I through December 31, 2014. With out these waivers, the Fund's total annual operating expenses would be 1.33%.

CCNIX

1.52%

1.41%

The Advisor has contractually agreed to waive fees and/or reimburse expenses to maintain the Fund’s total annual operating net expense ratios (without acquired expenses) at 1.35% for Class I through December 31, 2014. With out these waivers, the Fund's total annual operating expenses would be 1.52%.


Compass EMP Commodity Strategies Enhanced Volatility Weighted Fund – updated benchmarks

June 30, 2014

The Fund's performance figures for the year ended June 30, 2014, compared to its benchmarks:

One Year   Since Inception

Commodity Strategies Enhanced Volatility Weighted Fund – Class I

  2.02%

-2.50%

CEMP Commodity Long/Cash Volatility Weighted Index

  5.29%

-0.99%

Bloomberg Commodity Index

  8.21%

-3.50%


The S&P 500 Index is a market-cap weighted index composed of the common stocks of 500 leading companies. The Russell 2000 Index is a market-cap weighted index composed of 2000 U.S. small-cap common stocks. The MSCI EAFE Index consists of the most widely held stocks in foreign developed markets (as defined by MSCI) weighted based on their float-adjusted market capitalization. Dow Jones U.S. Select REIT (DWRTF) index is designed to serve as proxies for direct real estate investment, in part by excluding companies whose performance may be driven by factors other than the value of real estate.  It represents equity real estate investment trusts (REITs) and real estate operating companies (REOCs) traded in the U.S. The index is a subset of the Dow Jones Americas Select RESISM and includes only REITs and REIT-like securities. Dow Emerging Markets Index covers approximately 95% of the market capitalization of the represented countries. The industry indexes are created according to definitions used by Dow Jones Indexes’ proprietary classification system and are maintained at both the country and regional level. More-granular sector indexes are also available. The size-segment indexes (large-cap, mid-cap and small-cap) are defined by cumulative market capitalizations. They are maintained at both the country and regional level. The Barclays US Government: Intermediate Index includes all publicly issued, U.S. Treasury securities that have a remaining maturity of greater than or equal to 1 year and less than 10 years, are rated investment grade, and have $250 million or more of outstanding face value. The Bloomberg Commodity Index (formerly the Dow Jones-UBS Commodity Index) is a production/liquidity-weighted index consisting of the most widely traded commodities around the world. The Barclay Equity Market Neutral Index is designed to exploit equity market inefficiencies and usually involves being simultaneously long and short matched equity portfolios of the same size within a country. The

Barclay Hedge Fund of Funds (FoF) Index is a measure of the average return of all FoFs in the Barclay database.  The index is simply the arithmetic average of the net returns of all the FoFs that have reported that month.




COMPASS EMP U.S. 500 VOLATILITY WEIGHTED FUND

PORTFOLIO REVIEW (Unaudited)

June 30, 2014

 

 

 

 

 

 

 

 

 

 

 The Fund's performance figures* for the year ended June 30, 2014, compared to its benchmarks:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

One Year

Since Inception (1)

 

U.S. 500 Volatility Weighted Fund - Class A without sales charge

 

 

23.00%

25.92%

 

U.S. 500 Volatility Weighted Fund - Class A with sales charge

 

 

15.88%

21.38%

 

U.S. 500 Volatility Weighted Fund - Class C

 

 

 

22.13%

24.99%

 

U.S. 500 Volatility Weighted Fund - Class I

 

 

 

23.36%

26.29%

 

U.S. 500 Volatility Weighted Fund - Class T without sales charge

 

 

22.71%

25.61%

 

U.S. 500 Volatility Weighted Fund - Class T with sales charge

 

 

18.46%

22.89%

 

S&P 500 Total Return Index (2)

 

 

 

24.61%

26.63%

 

CEMP U.S. Large Cap 500 Volatility Weighted Index (2)

 

 

24.75%

27.85%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Comparison of the Change in Value of a $10,000 Investment

 

 

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* The Performance data quoted is historical.  Past performance is no guarantee of future results.  Current performance may be higher or lower than the performance data quoted.  Returns greater than 1 year are annualized.  The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower had the Adviser not waived its fees and reimbursed a portion of the Fund’s expenses.  The Fund’s total gross annual operating expense ratios, including underlying funds, is 1.64%, 2.39%, 1.39% and 1.89% for Class A, Class C, Class I and Class T, respectively, per the Fund’s November 1, 2013 prospectus. Class A shares and Class T shares are subject to a maximum sales charge imposed on purchases of 5.75% and 3.50%, respectively. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. For performance information current to the most recent month-end, please call 1-888-944-4367.

(1) Inception date is November 19, 2012.  

(2) The S&P 500 Total Return Index and the CEMP U.S. Large Cap 500 Volatility Weighted Index are unmanaged indexes.  Index returns assume reinvestment of dividends.  Investors may not invest in the indexes directly; unlike the Fund's returns, the index returns do not reflect any fees or expenses.

 

 

 

 

 

 

Top Holdings By Security Type

 

% of Net Assets

 

 Common Stock  

 

 

97.9%

 

 Collateral for Securities Loaned

 

9.1%

 

 Money Market  

 

 

1.9%

 

 Liabilities in Excess of Other Assets

 

(8.9)%

 

 Total

 

 

100.0%

 

 

 

 

 

 

 

 

 

 

Please refer to the Fund's Schedule of Investments for complete holdings information.

 

 

 

 

 

 




COMPASS EMP U.S. SMALL CAP 500 VOLATILITY WEIGHTED FUND

PORTFOLIO REVIEW (Unaudited)

June 30, 2014

 

 

 

 

 

 

 

 

 The Fund's performance figures* for the year ended June 30, 2014, compared to its benchmarks:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

One Year

Since Inception (1)

 

U.S. Small Cap 500 Volatility Weighted Fund - Class A without sales charge

23.88%

29.25%

 

U.S. Small Cap 500 Volatility Weighted Fund - Class A with sales charge

 

16.77%

24.59%

 

U.S. Small Cap 500 Volatility Weighted Fund - Class C

 

23.21%

28.37%

 

U.S. Small Cap 500 Volatility Weighted Fund - Class I

 

24.32%

29.64%

 

U.S. Small Cap 500 Volatility Weighted Fund - Class T without sales charge

23.77%

29.01%

 

U.S. Small Cap 500 Volatility Weighted Fund - Class T with sales charge

 

19.44%

26.21%

 

Russell 2000 Total Return Index (2)

 

23.64%

30.65%

 

CEMP U.S. Small Cap 500 Volatility Weighted Index (2)

 

25.92%

32.33%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Comparison of the Change in Value of a $10,000 Investment


 

 

 

 

 

 

 

 

[f3pr004.gif]

 

 

 

 

 

 

 

 

* The Performance data quoted is historical.  Past performance is no guarantee of future results.  Current performance may be higher or lower than the performance data quoted.  Returns greater than 1 year are annualized.  The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower had the Adviser not waived its fees and reimbursed a portion of the Fund’s expenses.  The Fund’s total gross annual operating expense ratios, including underlying funds, is 2.21%, 2.96%, 1.96% and 2.46% for Class A, Class C, Class I and Class T, respectively, per the Fund’s November 1, 2013 prospectus. Class A shares and Class T shares are subject to a maximum sales charge imposed on purchases of 5.75% and 3.50%, respectively. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. For performance information current to the most recent month-end, please call 1-888-944-4367.

(1) Inception date is November 19, 2012.  

(2) The Russell 2000 Total Return Index and the CEMP U.S. Small Cap 500 Volatility Weighted Index are unmanaged indexes.  Index returns assume reinvestment of dividends.  Investors may not invest in the indexes directly; unlike the Fund's returns, the index returns do not reflect any fees or expenses.

 

 

 

 

 

 

 

Top Holdings By Security Type

 

% of Net Assets

 

 

 

 Common Stock

 

98.0%

 

 

 

 Collateral for Securities Loaned

 

12.3%

 

 

 

 Money Market Fund

 

1.6%

 

 

 

 Liabilities in Excess of Other Assets

 

(11.9)%

 

 

 

 Total

 

100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Please refer to the Fund's Schedule of Investments for complete holdings information.




COMPASS EMP INTERNATIONAL 500 VOLATILITY WEIGHTED FUND

PORTFOLIO REVIEW (Unaudited)

June 30, 2014

 

 

 

 

 

 

 

 The Fund's performance figures* for the year ended June 30, 2014, compared to its benchmarks:

 

 

 

 

 

 

 

 

 

 

 

 

One Year

Since Inception (1)

 

International 500 Volatility Weighted Fund - Class A without sales charge

 

23.43%

21.06%

 

International 500 Volatility Weighted Fund - Class A with sales charge

 

16.37%

16.69%

 

International 500 Volatility Weighted Fund - Class C

 

22.49%

20.19%

 

International 500 Volatility Weighted Fund - Class I

 

23.70%

21.36%

 

International 500 Volatility Weighted Fund - Class T without sales charge

 

23.12%

20.80%

 

International 500 Volatility Weighted Fund - Class T with sales charge

 

18.86%

18.18%

 

MSCI EAFE Index (2)

 

20.33%

18.32%

 

CEMP International 500 Volatility Weighted Index (2)

 

26.02%

25.02%

 

 

 

 

 

 

 

 

 

 

 

 

 Comparison of the Change in Value of a $10,000 Investment

 

 

 

 

 

 

 

 

[f3pr006.gif]

 

 

* The Performance data quoted is historical.  Past performance is no guarantee of future results.  Current performance may be higher or lower than the performance data quoted.  Returns greater than 1 year are annualized.  The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower had the Adviser not waived its fees and reimbursed a portion of the Fund’s expenses.  The Fund’s total gross annual operating expense ratios, including underlying funds, is 3.68%, 4.43%, 3.43% and 3.93% for Class A, Class C, Class I and Class T, respectively, per the Fund’s November 1, 2013 prospectus. Class A shares and Class T shares are subject to a maximum sales charge imposed on purchases of 5.75% and 3.50%, respectively. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. For performance information current to the most recent month-end, please call 1-888-944-4367.

(1) Inception date is November 19, 2012.  

(2) The MSCI EAFE and the CEMP International 500 Volatility Weighted Indexes are unmanaged indexes.  Index returns assume reinvestment of dividends.  Investors may not invest in the indexes directly; unlike the Fund's returns, the index returns do not reflect any fees or expenses.

 

 

 

 

 

 

 

 

 

 

Top Holdings By Security Type

 

% of Net Assets

 

 

 

 

 Common Stock

 

 

99.0%

 

 

 

 

 Money Market Fund

 

 

3.3%

 

 

 

 

 Collateral for Securities Loaned

 

0.2%

 

 

 

 

 Liabilities in Excess of Other Assets

 

(2.5)%

 

 

 

 

 Total

 

 

100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Please refer to the Fund's Schedule of Investments for complete holdings information.

 

 

 

 

 

 

 

 

 

 

 



COMPASS EMP EMERGING MARKET 500 VOLATILITY WEIGHTED FUND

PORTFOLIO REVIEW (Unaudited)

June 30, 2014

 

 

 

 

 

 

 

 

 The Fund's performance figures* for the year ended June 30, 2014, compared to its benchmarks:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

One Year

Since Inception (1)

 

Emerging Market 500 Volatility Weighted Fund - Class A without sales charge

 

10.57%

5.13%

 

Emerging Market 500 Volatility Weighted Fund - Class A with sales charge

 

4.25%

1.33%

 

Emerging Market 500 Volatility Weighted Fund - Class C

 

9.77%

4.41%

 

Emerging Market 500 Volatility Weighted Fund - Class I

 

10.68%

5.31%

 

Emerging Market 500 Volatility Weighted Fund - Class T without sales charge

 

10.24%

4.85%

 

Emerging Market 500 Volatility Weighted Fund - Class T with sales charge

 

6.41%

2.57%

 

Dow Jones Emerging Markets Index (2)

 

15.99%

8.72%

 

CEMP Emerging Market 500 Volatilty Weighted Index TR (2)

 

13.13%

8.97%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Comparison of the Change in Value of a $10,000 Investment

 


 

 

 

 

 

 

 

 

[chart002.gif]


 

 

 

* The Performance data quoted is historical.  Past performance is no guarantee of future results.  Current performance may be higher or lower than the performance data quoted.  Returns greater than 1 year are annualized.  The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower had the Adviser not waived its fees and reimbursed a portion of the Fund’s expenses.  The Fund’s total gross annual operating expense ratios, including underlying funds, is 8.41%, 9.16%, 8.16% and 8.66% for Class A, Class C, Class I and Class T, respectively, per the Fund’s November 1, 2013 prospectus. Class A shares and Class T shares are subject to a maximum sales charge imposed on purchases of 5.75% and 3.50%, respectively. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. For performance information current to the most recent month-end, please call 1-888-944-4367.

(1) Inception date is November 19, 2012.

(2) The Dow Jones Emerging Markets Index and the CEMP Emerging Market 500 Volatility Weighted Index Total Return are unmanaged indexes.  Index returns assume reinvestment of dividends.  Investors may not invest in the indexes directly; unlike the Fund's returns, the index returns do not reflect any fees or expenses.

 

 

 

 

 

 

 

 

 

 

Top Holdings By Security Type

 

% of Net Assets

 

 

 

 

 Common Stock

 

 

88.2%

 

 

 

 

 Money Market  

 

 

10.2%

 

 

 

 

 Exchange Traded Funds - Equity Funds

 

6.4%

 

 

 

 

 Collateral for Securities Loaned

 

2.6%

 

 

 

 

 Liabilities in Excess of Other Assets

 

(7.4)%

 

 

 

 

 Total

 

 

100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Please refer to the Fund's Schedule of Investments for complete holdings information.

 

 

 

 

 

 

 

 

 

 

 




COMPASS EMP REC ENHANCED VOLATILITY WEIGHTED FUND

 

PORTFOLIO REVIEW (Unaudited)

 

June 30, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 The Fund's performance figures* for the year ended June 30, 2014, compared to its benchmarks:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

One Year

Since Inception (1)

 

 

REC Enhanced Volatility Weighted Fund - Class A without sales charge

 

 

7.14%

11.25%

 

 

REC Enhanced Volatility Weighted Fund - Class A with sales charge

 

 

1.02%

7.24%

 

 

REC Enhanced Volatility Weighted Fund - Class C

 

 

 

6.25%

10.44%

 

 

REC Enhanced Volatility Weighted Fund - Class I

 

 

 

7.36%

11.50%

 

 

REC Enhanced Volatility Weighted Fund - Class T without sales charge

 

 

6.77%

10.39%

 

 

REC Enhanced Volatility Weighted Fund - Class T with sales charge

 

 

3.08%

8.52%

 

 

Dow Jones U.S. Select REIT Index

 

 

 

13.25%

15.38%

 

 

CEMP U.S REIT Long/Cash Volatility Weighted Index (2)

 

 

8.58%

13.87%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Comparison of the Change in Value of a $10,000 Investment

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[f3pr010.gif]

 

 

 

 

 

 

 

 

 

 

* The Performance data quoted is historical.  Past performance is no guarantee of future results.  Current performance may be higher or lower than the performance data quoted.  Returns greater than 1 year are annualized.  The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower had the Adviser not waived its fees and reimbursed a portion of the Fund’s expenses.  The Fund’s total gross annual operating expense ratios, including underlying funds, is 2.00%, 2.75%, 1.75% and 2.25% for Class A, Class C, Class I and Class T, respectively, per the Fund’s November 1, 2013 prospectus. Class A shares and Class T shares are subject to a maximum sales charge imposed on purchases of 5.75% and 3.50%, respectively. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. For performance information current to the most recent month-end, please call 1-888-944-4367.

(1) Inception date is November 19, 2012.

(2) The Dow Jones U.S. Select REIT Index and CEMP U.S. REIT Long/Cash Volatility Weighted Index are unmanaged indexes.  Index returns assume reinvestment of dividends.  Investors may not invest in the indexes directly; unlike the Fund's returns, the index returns do not reflect any fees or expenses.

 

 

 

 

 

 

 

 

 

 

Top Holdings By Security Type

 

% of Net Assets

 

 

 

 

 REITS

 

 

98.6%

 

 

 

 

 Collateral for Securities Loaned

 

15.0%

 

 

 

 

 Money Market Funds

 

0.7%

 

 

 

 

 Common Stock

 

 

0.3%

 

 

 

 

 Liabilities in Excess of Other Assets

 

(14.6)%

 

 

 

 

 Total

 

 

100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Please refer to the Fund's Schedule of Investments for complete holdings information.

 




COMPASS EMP U.S. 500 ENHANCED VOLATILITY WEIGHTED FUND

PORTFOLIO REVIEW (Unaudited)

June 30, 2014

 

 

 

 

 

 

 

 

 The Fund's performance figures* for the year ended June 30, 2014, compared to its benchmarks:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

One Year

Since Inception (1)

 

U.S. 500 Enhanced Volatility Weighted Fund - Class A without sales charge

22.39%

25.29%

 

U.S. 500 Enhanced Volatility Weighted Fund - Class A with sales charge

15.40%

20.77%

 

U.S. 500 Enhanced Volatility Weighted Fund - Class C

 

21.52%

24.40%

 

U.S. 500 Enhanced Volatility Weighted Fund - Class I

 

22.66%

25.57%

 

U.S. 500 Enhanced Volatility Weighted Fund - Class T without sales charge

22.10%

25.01%

 

U.S. 500 Enhanced Volatility Weighted Fund - Class T with sales charge

17.86%

22.30%

 

S&P 500 Total Return Index (2)

 

24.61%

26.63%

 

CEMP U.S. Large Cap 500 Long/Cash Volatility Weighted Index (2)

24.74%

27.85%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Comparison of the Change in Value of a $10,000 Investment

 


 

 

 

 

 

 

 

 

[f3pr012.gif]

 

 

 

 

 

 

 

 

 

* The Performance data quoted is historical.  Past performance is no guarantee of future results.  Current performance may be higher or lower than the performance data quoted.  Returns greater than 1 year are annualized.  The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower had the Adviser not waived its fees and reimbursed a portion of the Fund’s expenses.  The Fund’s total gross annual operating expense ratios, including underlying funds, is 1.90%, 2.65%, 1.65% and 2.15% for Class A, Class C, Class I and Class T, respectively, per the Fund’s November 1, 2013 prospectus. Class A shares and Class T shares are subject to a maximum sales charge imposed on purchases of 5.75% and 3.50%, respectively. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. For performance information current to the most recent month-end, please call 1-888-944-4367.

(1) Inception date is November 19, 2012.

(2) The S&P 500 Total Return Index and the CEMP U.S. Large Cap 500 Long/Cash Volatility Weighted Index are unmanaged indexes.  Index returns assume reinvestment of dividends.  Investors may not invest in the indexes directly; unlike the Fund's returns, the index returns do not reflect any fees or expenses.

 

 

 

 

 

 

 

 

 

 

Top Holdings By Security Type

 

% of Net Assets

 

 

 

 

 Common Stock

 

 

98.5%

 

 

 

 

 Collateral for Securities Loaned

 

10.5%

 

 

 

 

 Money Market Funds

 

0.8%

 

 

 

 

 Liabilities in Excess of Other Assets

 

(9.8)%

 

 

 

 

 Total

 

 

100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Please refer to the Fund's Schedule of Investments for complete holdings information.

 

 

 

 

 

 

 

 

 

 

 

 



COMPASS EMP LONG/SHORT STRATEGIES FUND

PORTFOLIO REVIEW (Unaudited)

June 30, 2014

 

 

 

 

 

 

 

 The Fund's performance figures* for the year ended June 30, 2014, compared to its benchmarks:

 

 

 

 

 

 

 

 

 

 

 

 

One Year

Since Inception (1)

 

Long/Short Strategies Fund - Class A without sales charge

 

 

6.37%

6.01%

 

Long/Short Strategies Fund - Class A with sales charge

 

 

0.27%

2.25%

 

Long/Short Strategies Fund - Class C

 

 

5.65%

5.19%

 

Long/Short Strategies Fund - Class I

 

 

6.75%

6.51%

 

Long/Short Strategies Fund - Class T without sales charge

 

 

6.09%

5.98%

 

Long/Short Strategies Fund - Class T with sales charge

 

 

2.33%

3.67%

 

MSCI World Stock Index (2)

 

 

24.71%

24.08%

 

Barclays Equity Long/Short Index (2) (3)

 

 

10.15%

11.11%

 

 

 

 

 

 

 

 

 

 

 

 

 Comparison of the Change in Value of a $10,000 Investment

 


 

 

 

 

 

 

 

[f3pr014.gif]

 

 

* The Performance data quoted is historical.  Past performance is no guarantee of future results.  Current performance may be higher or lower than the performance data quoted.  Returns greater than 1 year are annualized.  The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower had the Adviser not waived its fees and reimbursed a portion of the Fund’s expenses.  The Fund’s total gross annual operating expense ratios, including underlying funds, is 2.10%, 2.85%, 1.85% and 2.35% for Class A, Class C, Class I and Class T, respectively, per the Fund’s November 1, 2013 prospectus. Class A shares and Class T shares are subject to a maximum sales charge imposed on purchases of 5.75% and 3.50%, respectively. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. For performance information current to the most recent month-end, please call 1-888-944-4367.

(1) Inception date is November 19, 2012.

(2) The Barclays Equity Long/Short Index and the MSCI World Stock Index are unmanaged indexes.  Index returns assume reinvestment of dividends.  Investors may not invest in the indexes directly; unlike the Fund's returns, the index returns do not reflect any fees or expenses.

(3) Inception performance for the Barclays Equity Long/Short Index is as of October 31, 2012.

 

 

 

 

 

 

 

 

 

 

Top Holdings By Security Type

 

% of Net Assets

 

 

 

 

 Common Stock

 

 

93.8%

 

 

 

 

 Collateral for Securities Loaned

 

6.8%

 

 

 

 

 Money Market

 

 

5.2%

 

 

 

 

 Other Assets Less Liabilities

 

(5.8)%

 

 

 

 

 Total

 

 

100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Please refer to the Fund's Schedule of Investments for complete holdings information.

 

 

 

 

 

 

 

 

 

 

 



COMPASS EMP INTERNATIONAL 500 ENHANCED VOLATILITY WEIGHTED FUND

 

PORTFOLIO REVIEW (Unaudited)

 

June 30, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 The Fund's performance figures* for the year ended June 30, 2014, compared to its benchmarks:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

One Year

Since Inception (1)

 

 

International 500 Enhanced Volatility Weighted Fund - Class A without sales charge

 

22.73%

17.47%

 

 

International 500 Enhanced Volatility Weighted Fund - Class A with sales charge

 

15.65%

13.23%

 

 

International 500 Enhanced Volatility Weighted Fund - Class C

 

 

21.70%

16.57%

 

 

International 500 Enhanced Volatility Weighted Fund - Class I

 

 

22.99%

17.67%

 

 

International 500 Enhanced Volatility Weighted Fund - Class T without sales charge

 

22.42%

17.18%

 

 

International 500 Enhanced Volatility Weighted Fund - Class T with sales charge

 

18.12%

14.63%

 

 

MSCI EAFE Index (2)

 

 

 

 

20.33%

18.32%

 

 

CEMP International 500 Long/Cash Volatility Weighted Index (2)

 

 

26.02%

25.02%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Comparison of the Change in Value of a $10,000 Investment

 

 


 

 

 

 

 

 

 

 

 

 

 

[f3pr016.gif]

 

 

 

 

 

 

 

 

 

 

* The Performance data quoted is historical.  Past performance is no guarantee of future results.  Current performance may be higher or lower than the performance data quoted.  Returns greater than 1 year are annualized.  The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower had the Adviser not waived its fees and reimbursed a portion of the Fund’s expenses.  The Fund’s total gross annual operating expense ratios, including underlying funds, is 3.61%, 4.36%, 3.36% and 3.86% for Class A, Class C, Class I and Class T, respectively, per the Fund’s November 1, 2013 prospectus. Class A shares and Class T shares are subject to a maximum sales charge imposed on purchases of 5.75% and 3.50%, respectively. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. For performance information current to the most recent month-end, please call 1-888-944-4367.

(1) Inception date is November 19, 2012.

(2) The MSCI EAFE Index and the CEMP International 500 Long/Cash Volatility Weighted Index are unmanaged indexes.  Index returns assume reinvestment of dividends.  Investors may not invest in the indexes directly; unlike the Fund's returns, the index returns do not reflect any fees or expenses.

 

 

 

 

 

 

 

 

 

 

Top Holdings By Security Type

 

% of Net Assets

 

 

 

 

 Common Stock

 

 

98.5%

 

 

 

 

 Money Market Funds

 

6.3%

 

 

 

 

 Collateral for Securities Loaned

 

0.2%

 

 

 

 

 Other Assets Less Liabilities

 

(5.0)%

 

 

 

 

 Total

 

 

100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Please refer to the Fund's Schedule of Investments for complete holdings information.

 

 

 

 




COMPASS EMP COMMODITY STRATEGIES ENHANCED VOLATILITY WEIGHTED FUND

PORTFOLIO REVIEW (Unaudited)

June 30, 2014

 

 

 

 

 

 

 The Fund's performance figures* for the year ended June 30, 2014, compared to its benchmarks:

 

 

 

 

 

 

 

 

 

 

One Year

Since Inception (1)

 

Commodity Strategies Enhanced Volatility Weighted Fund - Class A without sales charge

 

1.70%

(2.82)%

 

Commodity Strategies Enhanced Volatility Weighted Fund - Class A with sales charge

 

(4.12)%

(6.32)%

 

Commodity Strategies Enhanced Volatility Weighted Fund - Class C

 

0.96%

(3.58)%

 

Commodity Strategies Enhanced Volatility Weighted Fund - Class I

 

2.02%

(2.50)%

 

Commodity Strategies Enhanced Volatility Weighted Fund - Class T without sales charge

 

1.49%

(3.07)%

 

Commodity Strategies Enhanced Volatility Weighted Fund - Class T with sales charge

 

(2.06)%

(5.18)%

 

Barclays CTA Index (2) (3)

 

0.27%

(0.41)%

 

 

 

 

 

 

 

 

 

 

 Comparison of the Change in Value of a $10,000 Investment

 


 

 

 

 

 

 

[f3pr018.gif]

 

 

 

 

 

 

 

 

 

 

* The Performance data quoted is historical.  Past performance is no guarantee of future results.  Current performance may be higher or lower than the performance data quoted.  Returns greater than 1 year are annualized.  The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower had the Adviser not waived its fees and reimbursed a portion of the Fund’s expenses.  The Fund’s total gross annual operating expense ratios, including underlying funds, is 1.77%, 2.52%, 1.52% and 2.02% for Class A, Class C, Class I and Class T, respectively, per the Fund’s November 1, 2013 prospectus. Class A shares and Class T shares are subject to a maximum sales charge imposed on purchases of 5.75% and 3.50%, respectively. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. For performance information current to the most recent month-end, please call 1-888-944-4367.

(1) Inception date is November 19, 2012.

(2) The Barclays CTA Index is an unmanaged index.  Index returns assume reinvestment of dividends.  Investors may not invest in the index directly; unlike the Fund's returns, the index returns do not reflect any fees or expenses.

(3) Inception performance for the Barclays CTA Index is as of October 31, 2012.

 

 

 

 

 

 

 

 

 

 

Top Holdings By Security Type

 

% of Net Assets

 

 

 

 

 Certificates of Deposit

 

41.9%

 

 

 

 

 Money Market Fund

 

 

21.3%

 

 

 

 

 Commercial Paper

 

 

17.0%

 

 

 

 

 Bonds & Notes

 

 

10.2%

 

 

 

 

 Mutual Funds

 

 

4.0%

 

 

 

 

 Other Assets Less Liabilities

 

5.6%

 

 

 

 

 Total

 

 

100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Please refer to the Fund's Schedule of Investments for complete holdings information.

 

 

 

 




COMPASS EMP COMMODITY STRATEGIES VOLATILITY WEIGHTED FUND

PORTFOLIO REVIEW (Unaudited)

June 30, 2014

 

 

 

 

 

 

 

 The Fund's performance figures* for the year ended June 30, 2014, compared to its benchmarks:

 

 

 

 

 

 

 

 

 

 

 

 

One Year

Since Inception (1)

 

Commodity Strategies Volatility Weighted Fund - Class A without sales charge

 

10.38%

(1.37)%

 

Commodity Strategies Volatility Weighted Fund - Class A with sales charge

 

4.04%

(4.93)%

 

Commodity Strategies Volatility Weighted Fund - Class C

 

9.52%

(2.12)%

 

Commodity Strategies Volatility Weighted Fund - Class I

 

10.71%

(1.12)%

 

Commodity Strategies Volatility Weighted Fund - Class T without sales charge

 

10.06%

(1.62)%

 

Commodity Strategies Volatility Weighted Fund - Class T with sales charge

 

6.22%

(3.76)%

 

Bloomberg Commodity Index (2)

 

8.21%

(3.50)%

 

CEMP Commodity Volatility Weighted Index (2)

 

10.72%

(0.63)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 Comparison of the Change in Value of a $10,000 Investment

 

 

[chart1002.gif]


 

 

 

 

 

 

 

 

 

* The Performance data quoted is historical.  Past performance is no guarantee of future results.  Current performance may be higher or lower than the performance data quoted.  Returns greater than 1 year are annualized.  The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower had the Adviser not waived its fees and reimbursed a portion of the Fund’s expenses.  The Fund’s total gross annual operating expense ratios, including underlying funds, is 1.58%, 2.33%, 1.33% and 1.83% for Class A, Class C, Class I and Class T, respectively, per the Fund’s November 1, 2013 prospectus. Class A shares and Class T shares are subject to a maximum sales charge imposed on purchases of 5.75% and 3.50%, respectively. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. For performance information current to the most recent month-end, please call 1-888-944-4367.

(1) Inception date is November 19, 2012.  

(2) The Bloomberg Commodity Index and the CEMP Commodity Volatility Weighted Index are unmanaged indexes.  Index returns assume reinvestment of dividends.  Investors may not invest in the indexes directly; unlike the Fund's returns, the index returns do not reflect any fees or expenses.

 

 

 

 

 

 

 

 

 

 

Top Holdings By Security Type

 

% of Net Assets

 

 

 

 

 Bonds & Notes

 

 

43.4%

 

 

 

 

 Commercial Paper

 

 

21.1%

 

 

 

 

 Money Market Fund

 

 

16.7%

 

 

 

 

 Certificates of Deposit

 

7.7%

 

 

 

 

 Mutual Funds

 

 

3.9%

 

 

 

 

 Collateral for Securities Loaned

 

0.4%

 

 

 

 

 Other Assets Less Liabilities

 

6.8%

 

 

 

 

 Total

 

 

100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Please refer to the Fund's Schedule of Investments for complete holdings information.

 

 

 



COMPASS EMP MARKET NEUTRAL INCOME FUND

 

PORTFOLIO REVIEW (Unaudited)

 

June 30, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 The Fund's performance figures* for the year ended June 30, 2014, compared to its benchmarks:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

One Year

Since Inception (1)

 

 

Market Neutral Income Fund - Class A without sales charge

 

 

1.04%

(0.67)%

 

 

Market Neutral Income Fund - Class A with sales charge

 

 

(4.79)%

(4.25)%

 

 

Market Neutral Income Fund - Class C

 

 

 

0.34%

(1.42)%

 

 

Market Neutral Income Fund - Class I

 

 

 

1.44%

(0.30)%

 

 

Market Neutral Income Fund - Class T without sales charge

 

 

0.85%

(0.91)%

 

 

Market Neutral Income Fund - Class T with sales charge

 

 

(2.64)%

(3.06)%

 

 

Barclays U.S. Government Intermediate Index (2)

 

 

 

1.53%

0.10%

 

 

Barclays Global Treasury Ex U.S. Index (2)

 

 

 

8.83%

0.02%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Comparison of the Change in Value of a $10,000 Investment

 

 


 

 

 

 

 

 

 

 

 

 

 

[f3pr022.gif]

 

 

 

 

 

 

 

 

 

 

* The Performance data quoted is historical.  Past performance is no guarantee of future results.  Current performance may be higher or lower than the performance data quoted.  Returns greater than 1 year are annualized.  The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower had the Adviser not waived its fees and reimbursed a portion of the Fund’s expenses.  The Fund’s total gross annual operating expense ratios, including underlying funds, is 1.40%, 2.15%, 1.15% and 1.65% for Class A, Class C, Class I and Class T, respectively, per the Fund’s November 1, 2013 prospectus. Class A shares and Class T shares are subject to a maximum sales charge imposed on purchases of 5.75% and 3.50%, respectively. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. For performance information current to the most recent month-end, please call 1-888-944-4367.

(1) Inception date is November 19, 2012.  

(2) The Barclays U.S. Government Intermediate Index and the Barclays Global Treasury Ex U.S. Index are unmanaged indexes.  Index returns assume reinvestment of dividends.  Investors may not invest in the indexes directly; unlike the Fund's returns, the index returns do not reflect any fees or expenses.

 

 

 

 

 

 

 

 

 

 

Top Holdings By Security Type

 

% of Net Assets

 

 

 

 

 Common Stock

 

 

80.7%

 

 

 

 

 Money Market Fund

 

 

13.0%

 

 

 

 

 Collateral for Securities Loaned

 

5.1%

 

 

 

 

 Put Options on Futures Written

 

(0.2)%

 

 

 

 

 Other Assets Less Liabilities

 

1.4%

 

 

 

 

 Total

 

 

100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Please refer to the Fund's Schedule of Investments for complete holdings information.

 

 

 

 



COMPASS EMP ENHANCED FIXED INCOME FUND

PORTFOLIO REVIEW (Unaudited)

June 30, 2014

 

 

 

 

 

 

 

 The Fund's performance figures* for the year ended June 30, 2014, compared to its benchmarks:

 

 

 

 

 

 

 

 

 

 

 

 

One Year

Since Inception (1)

 

Enhanced Fixed Income Fund - Class A without sales charge

 

2.00%

(0.51)%

 

Enhanced Fixed Income Fund - Class A with sales charge

 

(3.84)%

(4.10)%

 

Enhanced Fixed Income Fund - Class C

 

1.24%

(1.21)%

 

Enhanced Fixed Income Fund - Class I

 

2.25%

(0.26)%

 

Enhanced Fixed Income Fund - Class T without sales charge

 

1.76%

(0.68)%

 

Enhanced Fixed Income Fund - Class T with sales charge

 

(1.78)%

(2.84)%

 

Barclays U.S. Government Intermediate Index (2)

 

1.53%

0.10%

 

Barclays Global Treasury Ex U.S. Index (2)

 

8.83%

0.02%

 

 

 

 

 

 

 

 

 

 

 

 

 Comparison of the Change in Value of a $10,000 Investment

 


 

 

 

 

 

 

 

[f3pr024.gif]

 

 

* The Performance data quoted is historical.  Past performance is no guarantee of future results.  Current performance may be higher or lower than the performance data quoted.  Returns greater than 1 year are annualized.  The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower had the Adviser not waived its fees and reimbursed a portion of the Fund’s expenses.  The Fund’s total gross annual operating expense ratios, including underlying funds, is 1.05%, 1.80%, 0.80% and 1.30% for Class A, Class C, Class I and Class T, respectively, per the Fund’s November 1, 2013 prospectus. Class A shares and Class T shares are subject to a maximum sales charge imposed on purchases of 5.75% and 3.50%, respectively. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. For performance information current to the most recent month-end, please call 1-888-944-4367.

(1) Inception date is November 19, 2012.  

(2) The Barclays U.S. Government Intermediate Index and the Barclays Global Treasury Ex U.S. Index are unmanaged indexes.  Index returns assume reinvestment of dividends.  Investors may not invest in the indexes directly; unlike the Fund's returns, the index returns do not reflect any fees or expenses.

 

 

 

 

 

 

 

 

 

 

Top Holdings By Security Type

 

% of Net Assets

 

 

 

 

 Bonds & Notes

 

 

38.6%

 

 

 

 

 Certificates of Deposit

 

27.8%

 

 

 

 

 Money Market Fund

 

 

15.8%

 

 

 

 

 Commercial Paper

 

 

12.2%

 

 

 

 

 Mutual Funds

 

 

4.1%

 

 

 

 

 Other Assets Less Liabilities

 

1.5%

 

 

 

 

 Total

 

 

100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Please refer to the Fund's Schedule of Investments for complete holdings information.

 

 

 

 



COMPASS EMP ULTRA SHORT-TERM FIXED INCOME FUND

 

PORTFOLIO REVIEW (Unaudited)

 

June 30, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 The Fund's performance figures* for the year ended June 30, 2014, compared to its benchmarks:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

One Year

Since Inception (1)

 

 

Ultra Short-Term Fixed Income - Class A without sales charge

 

 

0.30%

0.34%

 

 

Ultra Short-Term Fixed Income - Class A with sales charge

 

 

(0.69)%

(0.28)%

 

 

Ultra Short-Term Fixed Income - Class I

 

 

 

0.61%

0.64%

 

 

Citigroup 3-Month Treasury Bill Index (2)

 

 

 

0.04%

0.05%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Comparison of the Change in Value of a $10,000 Investment

 

 

 

[f3pr026.gif]

 

 

 

 

 

 

 

 

 

 

* The Performance data quoted is historical.  Past performance is no guarantee of future results.  Current performance may be higher or lower than the performance data quoted.  Returns greater than 1 year are annualized.  The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower had the Adviser not waived its fees and reimbursed a portion of the Fund’s expenses.  The Fund’s total gross annual operating expense ratios, including underlying funds, is 1.08% and 0.83% for Class A and Class I, respectively, per the Fund’s November 1, 2013 prospectus. Class A shares are subject to a maximum sales charge imposed on purchases of 1.00%. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. For performance information current to the most recent month-end, please call 1-888-944-4367.

(1) Inception date is November 19, 2012.  

(2) The Citigroup 3-Month Treasury Bill Index is an unmanaged index.  Index returns assume reinvestment of dividends.  Investors may not invest in the indexes directly; unlike the Fund's returns, the index returns do not reflect any fees or expenses.

 

 

 

 

 

 

 

 

 

 

Top Holdings By Security Type

 

% of Net Assets

 

 

 

 

 Commercial Paper

 

 

54.4%

 

 

 

 

 Certificates of Deposit

 

47.5%

 

 

 

 

 Liabilities in Excess of Other Assets

 

(1.9)%

 

 

 

 

 Total

 

 

100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Please refer to the Fund's Schedule of Investments for complete holdings information.

 

 

 



COMPASS EMP MULTI-ASSET BALANCED FUND

 

PORTFOLIO REVIEW (Unaudited)

 

June 30, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 The Fund's performance figures* for the year ended June 30, 2014, compared to its benchmarks:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

One Year

Three Years

Five Years

Since Inception (1)

 

 

Multi-Asset Balanced Fund - Class A without sales charge

11.51%

3.93%

6.48%

7.75%

 

 

Multi-Asset Balanced Fund - Class A with sales charge

 

5.10%

1.91%

5.22%

6.60%

 

 

Multi-Asset Balanced Fund - Class C

 

10.70%

3.17%

5.69%

6.96%

 

 

Multi-Asset Balanced Fund - Class T without sales charge

11.18%

3.64%

0.00%

4.23%

 

 

Multi-Asset Balanced Fund - Class T with sales charge

 

7.31%

4.43%

0.00%

3.42%

 

 

S&P 500 Total Return Index (2)

 

24.61%

16.58%

18.83%

17.66%

 

 

Barclays Hedge Fund Index (2)

 

 

10.77%

5.28%

7.84%

9.15%

 

 

Barclays Hedge Fund of Funds Index (2)

 

7.33%

3.09%

3.85%

4.27%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Comparison of the Change in Value of a $10,000 Investment

 

 


 

 

 

 

 

 

 

 

 

 

[f3pr028.gif]

 

 

* The Performance data quoted is historical.  Past performance is no guarantee of future results.  Current performance may be higher or lower than the performance data quoted.  Returns greater than 1 year are annualized.  The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower had the Adviser not waived its fees and reimbursed a portion of the Fund’s expenses.  The Fund’s total gross annual operating expense ratios, including underlying funds, is 1.46%, 2.21% and 1.71% for Class A, Class C and Class T, respectively, per the Fund’s April 1, 2014 prospectus. Class A shares and Class T shares are subject to a maximum sales charge imposed on purchases of 5.75% and 3.50%, respectively. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. For performance information current to the most recent month-end, please call 1-888-944-4367.

(1) Inception date for Class A and C is December 31, 2008, Class T is December 30, 2009.  Inception date for the indexes is December 31, 2008.

(2) The S&P 500 Total Return Index, Barclay Hedge Fund Index and Barclay Hedge Fund of Funds Index are unmanaged indexes.  Index returns assume reinvestment of dividends.  Investors may not invest in the indexes directly; unlike the Fund's returns, the indexes do not reflect any fees or expenses.

 

 

 

 

 

 

 

 

 

 

Top Holdings By Security Type

 

% of Net Assets

 

 

 

 

 Equity Funds

 

 

60.0%

 

 

 

 

 Asset Allocation Funds

 

29.6%

 

 

 

 

 Commodity Funds

 

 

5.5%

 

 

 

 

 Money Market Fund

 

 

4.7%

 

 

 

 

 Other Assets Less Liabilities

 

0.2%

 

 

 

 

 Total

 

 

100.0%

 

 

 

 

 

 

 

 

 

 

 



COMPASS EMP MULTI-ASSET GROWTH FUND

 

PORTFOLIO REVIEW (Unaudited)

 

June 30, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 The Fund's performance figures* for the year ended June 30, 2014, compared to its benchmarks:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

One Year

Three Years

Five Years

Since Inception (1)

 

 

Multi-Asset Growth Fund - Class A without sales charge

21.28%

4.70%

8.88%

9.20%

 

 

Multi-Asset Growth Fund - Class A with sales charge

 

14.28%

2.65%

7.61%

8.03%

 

 

Multi-Asset Growth Fund - Class C

 

20.33%

3.91%

8.07%

8.34%

 

 

Multi-Asset Growth Fund - Class T without sales charge

20.87%

4.43%

N/A

5.62%

 

 

Multi-Asset Growth Fund - Class T with sales charge

 

16.60%

3.20%

N/A

4.79%

 

 

S&P 500 Total Return Index (2)

 

24.61%

16.58%

18.83%

17.66%

 

 

Barclays Hedge Fund Index (2)

 

 

10.77%

5.28%

7.84%

9.15%

 

 

Barclays Hedge Fund of Funds Index (2)

 

7.33%

3.09%

3.85%

4.27%

 

 

 

 

 

 

 

 

 

 

 

 Comparison of the Change in Value of a $10,000 Investment

 

 


 

 

 

 

 

 

 

 

 

 

[f3pr030.gif]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* The Performance data quoted is historical.  Past performance is no guarantee of future results.  Current performance may be higher or lower than the performance data quoted.  Returns greater than 1 year are annualized.  The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower had the Adviser not waived its fees and reimbursed a portion of the Fund’s expenses.  The Fund’s total gross annual operating expense ratios, including underlying funds, is 1.81%, 2.56% and 2.06% for Class A, Class C and Class T, respectively, per the Fund’s April 1, 2014 prospectus. Class A shares and Class T shares are subject to a maximum sales charge imposed on purchases of 5.75% and 3.50%, respectively. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. For performance information current to the most recent month-end, please call 1-888-944-4367.

(1) Inception date for Class A and C is December 31, 2008, Class T is December 30, 2009.   Inception date for the indexes is December 31, 2008.

(2) The S&P 500 Total Return Index, Barclay Hedge Fund Index and Barclay Hedge Fund of Funds Index are unmanaged indexes.  Index returns assume reinvestment of dividends.  Investors may not invest in the indexes directly; unlike the Fund's returns, the indexes do not reflect any fees or expenses.

 

 

 

 

 

 

 

 

 

 

Top Holdings By Security Type

 

% of Net Assets

 

 

 

 

 Equity Funds

 

 

97.2%

 

 

 

 

 Money Market Fund

 

 

2.6%

 

 

 

 

 Other Assets Less Liabilities

 

0.2%

 

 

 

 

 Total

 

 

100.0%

 

 

 

 

 

 

 

 

 

 

 



COMPASS EMP ALTERNATIVE STRATEGIES FUND

 

PORTFOLIO REVIEW (Unaudited)

 

June 30, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 The Fund's performance figures* for the year ended June 30, 2014, compared to its benchmarks:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

One Year

Three Years

Since Inception (1)

 

 

Alternative Strategies Fund - Class A without sales charge

 

8.85%

(1.23)%

1.50%

 

 

Alternative Strategies Fund - Class A with sales charge

 

 

2.62%

(3.16)%

0.17%

 

 

Alternative Strategies Fund - Class C

 

 

8.11%

(1.94)%

0.72%

 

 

Alternative Strategies Fund - Class T without sales charge

 

8.61%

(1.45)%

1.23%

 

 

Alternative Strategies Fund - Class T with sales charge

 

 

4.80%

(2.63)%

0.44%

 

 

S&P 500 Total Return Index (2)

 

 

24.61%

16.58%

15.52%

 

 

Barclays Hedge Fund Index (2)

 

 

 

10.77%

5.28%

6.14%

 

 

Barclays Hedge Fund of Funds Index (2)

 

 

7.33%

3.09%

2.99%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Comparison of the Change in Value of a $10,000 Investment

 

 


 

[f3pr032.gif]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* The Performance data quoted is historical.  Past performance is no guarantee of future results.  Current performance may be higher or lower than the performance data quoted.  Returns greater than 1 year are annualized.  The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower had the Adviser not waived its fees and reimbursed a portion of the Fund’s expenses.  The Fund’s total gross annual operating expense ratios, including underlying funds, is 1.50%, 2.25% and 1.75% for Class A, Class C and Class T, respectively, per the Fund’s April 1, 2014 prospectus. Class A shares and Class T shares are subject to a maximum sales charge imposed on purchases of 5.75% and 3.50%, respectively. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. For performance information current to the most recent month-end, please call 1-888-944-4367.

(1) Inception date for Class A, C, T and the indexes is December 30, 2009.

(2) The S&P 500 Total Return Index, Barclay Hedge Fund Index and Barclay Hedge Fund of Funds Index are unmanaged indexes.  Index returns assume reinvestment of dividends.  Investors may not invest in the indexes directly; unlike the Fund's returns, the indexes do not reflect any fees or expenses.

 

 

 

 

 

 

 

 

 

 

Top Holdings By Security Type

 

% of Net Assets

 

 

 

 

 Common Stock  

 

 

30.4%

 

 

 

 

 Equity Funds

 

 

30.3%

 

 

 

 

 Asset Allocation Fund

 

13.4%

 

 

 

 

 Commodity Fund

 

 

7.4%

 

 

 

 

 Money Market Fund

 

 

6.7%

 

 

 

 

 Certificates of Deposit

 

5.1%

 

 

 

 

 Commercial Paper

 

 

3.3%

 

 

 

 

 Collateral for Securities Loaned

 

2.3%

 

 

 

 

 Bonds & Notes

 

 

1.5%

 

 

 

 

 Fixed Income Fund

 

 

0.6%

 

 

 

 

 Liabilities in Excess of Other Assets

 

(1.0)%

 

 

 

 

 Total

 

 

100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 






COMPASS EMP U.S. 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

COMMON STOCK - 97.9 %

 

 

 

 

ADVERTISING - 0.2 %

 

 

1,421

 

Omnicom Group, Inc.

 

 $                              101,204

 

 

 

 

 

 

 

AEROSPACE/DEFENSE - 1.7 %

 

 

915

 

B/E Aerospace, Inc. *

 

                                    84,628

655

 

Boeing Co.

 

                                    83,336

1,035

 

L-3 Communications Holdings, Inc.

 

                                 124,976

638

 

Lockheed Martin Corp.

 

                                 102,546

881

 

Northrop Grumman Corp.

 

                                 105,394

996

 

Raytheon Co.

 

                                    91,881

1,318

 

Rockwell Collins, Inc.

 

                                 102,989

993

 

United Technologies Corp.

 

                                 114,642

 

 

 

 

                                 810,392

 

 

AGRICULTURE - 1.3 %

 

 

3,480

 

Altria Group, Inc.

 

                                 145,951

2,009

 

Archer-Daniels-Midland Co.

 

                                    88,617

1,985

 

Lorillard, Inc.

 

                                 121,025

1,439

 

Philip Morris International, Inc.

 

                                 121,322

2,261

 

Reynolds American, Inc.

 

                                 136,451

 

 

 

 

                                 613,366

 

 

AIRLINES - 0.5 %

 

 

703

 

Alaska Air Group, Inc.

 

                                    66,820

1,589

 

Delta Air Lines, Inc.

 

                                    61,526

3,414

 

Southwest Airlines Co.

 

                                    91,700

 

 

 

 

                                 220,046

 

 

APPAREL - 0.9 %

 

 

904

 

Hanesbrands, Inc.

 

                                    88,990

1,350

 

NIKE, Inc. - Cl. B

 

                                 104,693

513

 

Ralph Lauren Corp.

 

                                    82,434

828

 

Under Armour, Inc. - Cl. A * ^

 

                                    49,258

1,553

 

VF Corp. ^

 

                                    97,839

 

 

 

 

                                 423,214

 

 

AUTO MANUFACTURERS - 0.7 %

 

 

5,346

 

Ford Motor Co.

 

                                    92,165

2,272

 

General Motors Co.

 

                                    82,474

1,001

 

Oshkosh Corp.

 

                                    55,586

1,503

 

PACCAR, Inc.

 

                                    94,433

 

 

 

 

                                 324,658

 

 

AUTO PARTS & EQUIPMENT - 1.1 %

 

 

2,677

 

Allison Transmission Holdings, Inc.

 

                                    83,255

1,344

 

BorgWarner, Inc. ^

 

                                    87,615

1,695

 

Johnson Controls, Inc.

 

                                    84,631

1,166

 

Lear Corp.

 

                                 104,147

986

 

TRW Automotive Holdings Corp. * ^

 

                                    88,267

905

 

WABCO Holdings, Inc. *

 

                                    96,672

 

 

 

 

                                 544,587

 

 

BANKS - 4.7 %

 

 

5,507

 

Bank of America Corp.

 

                                    84,643

2,982

 

BB&T Corp.

 

                                 117,580

1,347

 

Capital One Financial Corp.

 

                                 111,262

2,246

 

CIT Group, Inc.

 

                                 102,777

1,833

 

Citigroup, Inc.

 

                                    86,334

1,850

 

Comerica, Inc. ^

 

                                    92,796

2,218

 

East West Bancorp, Inc.

 

                                    77,608

4,949

 

Fifth Third Bancorp

 

                                 105,661

1,753

 

First Republic Bank ^

 

                                    96,397

593

 

Goldman Sachs Group, Inc.

 

                                    99,292

9,035

 

Huntington Bancshares, Inc.

 

                                    86,194

6,012

 

KeyCorp

 

                                    86,152

1,027

 

M&T Bank Corp.

 

                                 127,399

2,567

 

Morgan Stanley

 

                                    82,991

1,676

 

Northern Trust Corp.

 

                                 107,616

1,285

 

PNC Financial Services Group, Inc.

 

                                 114,429

7,358

 

Regions Financial Corp.

 

                                    78,142

563

 

Signature Bank *

 

                                    71,039

 

 

See accompanying notes to financial statements.



COMPASS EMP U.S. 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

BANKS (Continued) - 4.7 %

 

 

1,333

 

State Street Corp.

 

 $                                89,658

2,373

 

SunTrust Banks, Inc.

 

                                    95,062

637

 

SVB Financial Group *

 

                                    74,287

3,235

 

US Bancorp

 

                                 140,140

2,558

 

Wells Fargo & Co.

 

                                 134,448

 

 

 

 

                              2,261,907

 

 

BEVERAGES - 2.0 %

 

 

1,263

 

Brown-Forman Corp. - Cl. B

 

                                 118,937

3,459

 

Coca-Cola Co.

 

                                 146,523

2,251

 

Coca-Cola Enterprises, Inc.

 

                                 107,553

1,028

 

Constellation Brands, Inc. - Cl. A *

 

                                    90,598

2,362

 

Dr. Pepper Snapple Group, Inc.

 

                                 138,366

338

 

Keurig Green Mountain, Inc.

 

                                    42,118

1,631

 

Molson Coors Brewing Co. - Cl. B

 

                                 120,955

1,019

 

Monster Beverage Corp. *

 

                                    72,380

1,621

 

PepsiCo, Inc.

 

                                 144,820

 

 

 

 

                                 982,250

 

 

BIOTECHNOLOGY - 0.6 %

 

 

590

 

Amgen, Inc.

 

                                    69,838

165

 

Biogen Idec, Inc.*

 

                                    52,026

854

 

Celgene Corp. * ^

 

                                    73,342

861

 

Gilead Sciences, Inc .*

 

                                    71,386

135

 

Regeneron Pharmaceuticals, Inc. * ^

 

                                    38,133

 

 

 

 

                                 304,725

 

 

BUILDING MATERIALS - 0.1 %

 

 

1,424

 

Fortune Brands Home & Security, Inc. ^

 

                                    56,860

 

 

 

 

 

 

 

CHEMICALS - 4.0 %

 

 

689

 

Air Products & Chemicals, Inc.

 

                                    88,619

988

 

Airgas, Inc.

 

                                 107,603

1,570

 

Albemarle Corp. ^

 

                                 112,255

1,026

 

Ashland, Inc.

 

                                 111,567

252

 

CF Industries Holdings, Inc.

 

                                    60,614

992

 

Ecolab, Inc.

 

                                 110,449

1,616

 

EI du Pont de Nemours & Co.

 

                                 105,751

1,444

 

FMC Corp.

 

                                 102,798

1,238

 

International Flavors & Fragrances, Inc.

 

                                 129,099

1,091

 

LyondellBasell Industries

 

                                 106,536

1,098

 

Mosaic Co.

 

                                    54,296

249

 

NewMarket Corp.

 

                                    97,635

513

 

PPG Industries, Inc.

 

                                 107,807

1,031

 

Praxair, Inc.

 

                                 136,958

1,062

 

Rockwood Holdings, Inc.

 

                                    80,701

401

 

Sherwin-Williams Co.

 

                                    82,971

1,458

 

Sigma-Aldrich Corp.

 

                                 147,958

1,201

 

Valspar Corp.

 

                                    91,504

1,254

 

Westlake Chemical Corp.

 

                                 105,035

 

 

 

 

                              1,940,156

 

 

COMMERCIAL SERVICES - 3.8 %

 

 

1,873

 

The ADT Corp. ^

 

                                    65,443

288

 

Alliance Data Systems Corp. * ^

 

                                    81,000

1,709

 

Automatic Data Processing, Inc.

 

                                 135,490

2,024

 

Cintas Corp.

 

                                 128,605

1,516

 

Equifax, Inc.

 

                                 109,971

517

 

FleetCor Technologies, Inc. *

 

                                    68,141

1,064

 

Gartner, Inc. *

 

                                    75,033

1,109

 

Global Payments, Inc.

 

                                    80,791

2,836

 

Iron Mountain, Inc.

 

                                 100,536

943

 

Manpower Group, Inc.

 

                                    80,014

1,147

 

Mastercard, Inc. - Cl. A

 

                                    84,270

970

 

Moody's Corp. ^

 

                                    85,030

2,436

 

Quanta Services, Inc. *

 

                                    84,237

1,832

 

Robert Half International, Inc.

 

                                    87,460

2,842

 

SEI Investments Co.

 

                                    93,132

3,594

 

Total System Services, Inc.

 

                                 112,888

 

See accompanying notes to financial statements.

 

 

 

 

COMPASS EMP U.S. 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

COMMERCIAL SERVICES (Continued) - 3.8 %

 

 

567

 

Towers Watson & Co. - Cl. A

 

 $                                59,098

601

 

United Rentals, Inc. * ^

 

                                    62,943

2,196

 

Vantiv, Inc. *

 

                                    73,830

1,530

 

Verisk Analytics, Inc. - Cl. A *

 

                                    91,831

4,303

 

Western Union Co. ^

 

                                    74,614

 

 

 

 

                              1,834,357

 

 

COMPUTERS - 2.6 %

 

 

642

 

3D Systems Corp. * ^

 

                                    38,392

959

 

Apple, Inc.

 

                                    89,120

1,693

 

Cognizant Technology Solutions Corp. - Cl. A *

 

                                    82,805

1,207

 

Computer Sciences Corp.

 

                                    76,282

3,509

 

EMC Corp.

 

                                    92,427

1,912

 

Hewlett-Packard Co.

 

                                    64,396

786

 

IHS, Inc. - Cl. A *

 

                                 106,637

575

 

International Business Machines Corp.

 

                                 104,230

2,048

 

Jack Henry & Associates, Inc.

 

                                 121,713

1,900

 

NCR Corp. *

 

                                    66,671

2,345

 

NetApp, Inc.

 

                                    85,639

899

 

SanDisk Corp.

 

                                    93,883

2,711

 

Synopsys, Inc. *

 

                                 105,241

1,050

 

Teradata Corp. * ^

 

                                    42,210

785

 

Western Digital Corp.

 

                                    72,456

 

 

 

 

                              1,242,102

 

 

COSMETICS/PERSONAL CARE - 0.8 %

 

 

2,110

 

Colgate-Palmolive Co.

 

                                 143,860

1,420

 

Estee Lauder Cos., Inc. - Cl. A

 

                                 105,449

1,704

 

Procter & Gamble Co.

 

                                 133,917

 

 

 

 

                                 383,226

 

 

DISTRIBUTION/WHOLESALE - 1.0 %

 

 

1,445

 

Arrow Electronics, Inc. *

 

                                    87,292

1,431

 

Fastenal Co. ^

 

                                    70,820

496

 

Fossil Group, Inc. *

 

                                    51,842

1,153

 

Genuine Parts Co.

 

                                 101,233

2,080

 

LKQ Corp. *

 

                                    55,515

404

 

WW Grainger, Inc. ^

 

                                 102,725

 

 

 

 

                                 469,427

 

 

DIVERSIFIED FINANCIAL SERVICES - 3.6 %

 

 

434

 

Affiliated Managers Group, Inc. *

 

                                    89,144

1,068

 

American Express Co.

 

                                 101,321

845

 

Ameriprise Financial, Inc.

 

                                 101,400

268

 

BlackRock, Inc.

 

                                    85,653

1,354

 

CBOE Holdings, Inc.

 

                                    66,630

2,657

 

Charles Schwab Corp.

 

                                    71,553

1,189

 

CME Group, Inc.

 

                                    84,360

1,487

 

Discover Financial Services

 

                                    92,164

2,154

 

Eaton Vance Corp.

 

                                    81,400

2,989

 

Fidelity National Financial, Inc.

 

                                    97,920

1,569

 

Franklin Resources, Inc. ^

 

                                    90,751

2,156

 

Invesco Ltd.

 

                                    81,389

1,726

 

LPL Financial Holdings, Inc.

 

                                    85,851

2,364

 

NASDAQ OMX Group, Inc.

 

                                    91,298

1,365

 

Ocwen Financial Corp. * ^

 

                                    50,642

1,839

 

Raymond James Financial, Inc.

 

                                    93,292

9,629

 

SLM Corp.

 

                                    80,017

1,098

 

T. Rowe Price Group, Inc.

 

                                    92,682

2,234

 

TD Ameritrade Holding Corp.

 

                                    70,036

358

 

Visa, Inc. ^

 

                                    75,434

1,020

 

Waddell & Reed Financial, Inc. - Cl. A

 

                                    63,842

 

 

 

 

                              1,746,779

 

 

ELECTRIC - 4.8 %

 

 

2,363

 

Alliant Energy Corp.

 

                                 143,812

2,529

 

American Electric Power Co., Inc.

 

                                 141,042

4,436

 

CMS Energy Corp.

 

                                 138,181

2,511

 

Consolidated Edison, Inc. ^

 

                                 144,985

1,767

 

DTE Energy Co.

 

                                 137,596

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP U.S. 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

ELECTRIC (Continued) - 4.8 %

 

 

2,073

 

Duke Energy Corp.

 

 $                              153,796

1,659

 

Entergy Corp.

 

                                 136,187

2,883

 

ITC Holdings Corp.

 

                                 105,172

1,252

 

NextEra Energy, Inc. ^

 

                                 128,305

2,921

 

Northeast Utilities

 

                                 138,076

2,906

 

OGE Energy Corp.

 

                                 113,566

2,141

 

Pinnacle West Capital Corp.

 

                                 123,835

3,181

 

Public Service Enterprise Group, Inc.

 

                                 129,753

2,646

 

SCANA Corp.

 

                                 142,381

3,298

 

Southern Co.

 

                                 149,663

2,922

 

Wisconsin Energy Corp.

 

                                 137,100

4,524

 

Xcel Energy, Inc.

 

                                 145,809

 

 

 

 

                              2,309,259

 

 

ELECTRICAL COMPONENTS & EQUIPMENT - 1.0 %

 

444

 

Acuity Brands, Inc. ^

 

                                    61,383

2,011

 

AMETEK, Inc.

 

                                 105,135

1,780

 

Emerson Electric Co.

 

                                 118,121

935

 

Energizer Holdings, Inc.

 

                                 114,098

820

 

Hubbell, Inc. - Cl. B

 

                                 100,983

 

 

 

 

                                 499,720

 

 

ELECTRONICS - 1.7 %

 

 

1,363

 

Agilent Technologies, Inc.

 

                                    78,291

958

 

Amphenol Corp. - Cl. A

 

                                    92,294

1,806

 

Avnet, Inc.

 

                                    80,024

1,620

 

FLIR Systems, Inc.

 

                                    56,263

2,323

 

Gentex Corp.

 

                                    67,576

1,212

 

Honeywell International, Inc.

 

                                 112,655

379

 

Mettler-Toledo International, Inc. *

 

                                    95,955

907

 

Thermo Fisher Scientific, Inc.

 

                                 107,026

1,367

 

Trimble Navigation Ltd. *

 

                                    50,511

793

 

Waters Corp. *

 

                                    82,821

 

 

 

 

                                 823,416

 

 

ENGINEERING & CONSTRUCTION - 0.2 %

 

 

1,441

 

Jacobs Engineering Group, Inc. *

 

                                    76,776

 

 

 

 

 

 

 

ENVIRONMENTAL CONTROL - 0.8 %

 

 

3,617

 

Republic Services, Inc.

 

                                 137,337

1,099

 

Stericycle, Inc. *

 

                                 130,144

2,578

 

Waste Connections, Inc.

 

                                 125,162

 

 

 

 

                                 392,643

 

 

FOOD - 3.3 %

 

 

3,041

 

ConAgra Foods, Inc.

 

                                    90,257

2,549

 

General Mills, Inc.

 

                                 133,924

1,175

 

Hershey Co.

 

                                 114,410

2,716

 

Hillshire Brands Co.

 

                                 169,207

2,227

 

Hormel Foods Corp.

 

                                 109,902

961

 

Ingredion, Inc.

 

                                    72,113

1,014

 

JM Smucker Co.

 

                                 108,062

2,020

 

Kraft Foods Group, Inc.

 

                                 121,099

2,159

 

Kroger Co.

 

                                 106,719

1,703

 

McCormick & Co., Inc. ^

 

                                 121,918

2,808

 

Mondelez International, Inc. - Cl. A

 

                                 105,609

1,638

 

Safeway, Inc.

 

                                    56,249

2,623

 

Sysco Corp.

 

                                    98,231

1,848

 

Tyson Foods, Inc. - Cl. A

 

                                    69,374

2,278

 

WhiteWave Foods Co. *

 

                                    73,739

1,310

 

Whole Foods Market, Inc.

 

                                    50,605

 

 

 

 

                              1,601,418

 

 

FOREST PRODUCTS & PAPER - 0.4 %

 

 

1,813

 

International Paper Co.

 

                                    91,502

2,238

 

MeadWestvaco Corp.

 

                                    99,054

 

 

 

 

                                 190,556

 

 

GAS - 1.4 %

 

 

2,759

 

AGL Resources, Inc.

 

                                 151,828

2,359

 

Atmos Energy Corp.

 

                                 125,971

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP U.S. 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

GAS (Continued) - 1.4 %

 

 

1,521

 

National Fuel Gas Co.

 

 $                              119,094

3,461

 

NiSource, Inc.

 

                                 136,156

1,303

 

Sempra Energy

 

                                 136,437

 

 

 

 

                                 669,486

 

 

HAND & MACHINE TOOLS - 0.6 %

 

 

1,185

 

Lincoln Electric Holdings, Inc.

 

                                    82,808

867

 

Snap-on, Inc.

 

                                 102,757

885

 

Stanley Black & Decker, Inc.

 

                                    77,721

 

 

 

 

                                 263,286

 

 

HEALTHCARE-PRODUCTS - 3.4 %

 

 

1,690

 

Baxter International, Inc.

 

                                 122,187

1,175

 

Becton Dickinson and Co.

 

                                 139,003

2,315

 

CareFusion Corp. *

 

                                 102,670

687

 

Cooper Cos., Inc.

 

                                    93,109

2,901

 

DENTSPLY International, Inc.

 

                                 137,362

1,072

 

Edwards Lifesciences Corp. *

 

                                    92,020

1,077

 

Henry Schein, Inc. *

 

                                 127,808

841

 

IDEXX Laboratories, Inc. *

 

                                 112,332

119

 

Intuitive Surgical, Inc. *

 

                                    49,004

2,006

 

Medtronic, Inc.

 

                                 127,903

1,475

 

ResMed, Inc. ^

 

                                    74,679

1,397

 

St. Jude Medical, Inc.

 

                                    96,742

1,611

 

Stryker Corp.

 

                                 135,840

1,155

 

Varian Medical Systems, Inc. *

 

                                    96,027

1,183

 

Zimmer Holdings, Inc.

 

                                 122,866

 

 

 

 

                              1,629,552

 

 

HEALTHCARE SERVICES - 2.4 %

 

 

1,217

 

Aetna, Inc.

 

                                    98,674

1,004

 

Cigna Corp.

 

                                    92,338

1,472

 

Community Health Systems, Inc. *

 

                                    66,785

939

 

Covance, Inc. * ^

 

                                    80,360

1,164

 

DaVita HealthCare Partners, Inc. *

 

                                    84,180

1,579

 

HCA Holdings, Inc. *

 

                                    89,024

952

 

Laboratory Corp. of America Holdings *

 

                                    97,485

1,851

 

MEDNAX, Inc. *

 

                                 107,636

1,871

 

Quest Diagnostics, Inc. ^

 

                                 109,809

1,146

 

UnitedHealth Group, Inc.

 

                                    93,686

1,162

 

Universal Health Services, Inc. - Cl. B

 

                                 111,273

987

 

WellPoint, Inc.

 

                                 106,211

 

 

 

 

                              1,137,461

 

 

HOLDING COMPANIES - 0.2 %

 

 

3,265

 

Leucadia National Corp.

 

                                    85,608

 

 

 

 

 

 

 

HOMEBUILDERS - 0.6 %

 

 

2,070

 

DR Horton, Inc.

 

                                    50,881

1,275

 

Lennar Corp. - Cl. A

 

                                    53,524

67

 

NVR, Inc. *

 

                                    77,090

2,520

 

PulteGroup, Inc.

 

                                    50,803

1,621

 

Toll Brothers, Inc. *

 

                                    59,815

 

 

 

 

                                 292,113

 

 

HOME FURNISHINGS - 0.2 %

 

 

471

 

Harman International Industries, Inc.

 

                                    50,600

389

 

Whirlpool Corp.

 

                                    54,157

 

 

 

 

                                 104,757

 

 

HOUSEHOLD PRODUCTS/WARES - 1.0 %

 

 

1,776

 

Avery Dennison Corp.

 

                                    91,020

1,760

 

Church & Dwight Co., Inc.

 

                                 123,112

1,578

 

Clorox Co. ^

 

                                 144,229

1,147

 

Kimberly-Clark Corp.

 

                                 127,569

 

 

 

 

                                 485,930

 

 

HOUSEWARES - 0.2 %

 

 

3,577

 

Newell Rubbermaid, Inc.

 

                                 110,851

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP U.S. 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

INSURANCE - 4.4 %

 

 

1,754

 

Aflac, Inc.

 

 $                              109,187

1,880

 

Allstate Corp.

 

                                 110,394

2,233

 

American Financial Group, Inc.

 

                                 132,997

2,528

 

Arthur J Gallagher & Co.

 

                                 117,805

1,642

 

Assurant, Inc.

 

                                 107,633

1,563

 

Chubb Corp.

 

                                 144,062

2,650

 

Cincinnati Financial Corp.

 

                                 127,306

4,360

 

Genworth Financial, Inc. - Cl.A *

 

                                    75,864

1,393

 

Lincoln National Corp.

 

                                    71,656

272

 

Markel Corp. *

 

                                 178,334

2,563

 

Marsh & McLennan Cos., Inc.

 

                                 132,815

1,521

 

MetLife, Inc.

 

                                    84,507

1,810

 

Principal Financial Group, Inc.

 

                                    91,369

4,523

 

Progressive Corp.

 

                                 114,703

1,620

 

Torchmark Corp.

 

                                 132,710

1,540

 

Travelers Cos., Inc.

 

                                 144,868

2,414

 

Unum Group

 

                                    83,911

3,188

 

WR Berkley Corp.

 

                                 147,636

 

 

 

 

                              2,107,757

 

 

INTERNET - 1.7 %

 

 

1,330

 

eBay, Inc. *

 

                                    66,580

549

 

F5 Networks, Inc. *

 

                                    61,181

520

 

Facebook, Inc. *

 

                                    34,991

68

 

Google, Inc. - Cl. A *

 

                                    39,758

68

 

Google, Inc. - Cl. C *

 

                                    39,119

803

 

IAC/InterActiveCorp.

 

                                    55,592

2,814

 

Liberty Interactive Corp. - Cl. A *

 

                                    82,619

104

 

Netflix, Inc. *

 

                                    45,822

60

 

Priceline.com, Inc. *

 

                                    72,180

1,038

 

Rackspace Hosting, Inc. *

 

                                    34,939

3,462

 

Symantec Corp.

 

                                    79,280

460

 

TripAdvisor, Inc. *

 

                                    49,984

1,946

 

Verisign, Inc. * ^

 

                                    94,984

1,524

 

Yahoo!, Inc. *

 

                                    53,538

 

 

 

 

                                 810,567

 

 

INVESTMENT COMPANIES - 0.3 %

 

 

8,442

 

Ares Capital Corp.

 

                                 150,774

 

 

 

 

 

 

 

IRON/STEEL - 0.4 %

 

 

1,928

 

Nucor Corp.

 

                                    94,954

1,271

 

Reliance Steel & Aluminum Co.

 

                                    93,685

 

 

 

 

                                 188,639

 

 

LEISURE TIME - 0.5 %

 

 

2,093

 

Carnival Corp.

 

                                    78,801

1,457

 

Harley-Davidson, Inc.

 

                                 101,771

531

 

Polaris Industries, Inc.

 

                                    69,157

 

 

 

 

                                 249,729

 

 

LODGING - 0.9 %

 

 

1,585

 

Hyatt Hotels Corp. - Cl. A *

 

                                    96,653

883

 

Las Vegas Sands Corp.

 

                                    67,302

1,974

 

Marriott International, Inc. - Cl. A ^

 

                                 126,533

1,256

 

Wyndham Worldwide Corp.

 

                                    95,104

305

 

Wynn Resorts Ltd.

 

                                    63,306

 

 

 

 

                                 448,898

 

 

MACHINERY-CONSTRUCTION & MINING - 0.4 %

 

1,006

 

Caterpillar, Inc.

 

                                 109,322

1,282

 

Joy Global, Inc. ^

 

                                    78,946

 

 

 

 

                                 188,268

 

 

MACHINERY-DIVERSIFIED - 2.1 %

 

 

1,560

 

AGCO Corp. ^

 

                                    87,703

623

 

Cummins, Inc.

 

                                    96,123

1,349

 

Deere & Co.

 

                                 122,152

957

 

Flowserve Corp.

 

                                    71,153

1,164

 

Graco, Inc.

 

                                    90,885

582

 

Middleby Corp. *

 

                                    48,143

 

See accompanying notes to financial statements.

 

 

COMPASS EMP U.S. 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

MACHINERY-DIVERSIFIED (Continued) - 2.1 %

 

 

1,362

 

Nordson Corp.

 

 $                              109,219

791

 

Rockwell Automation, Inc. ^

 

                                    99,002

772

 

Roper Industries, Inc.

 

                                 112,720

1,232

 

Wabtec Corp.

 

                                 101,751

1,624

 

Xylem, Inc.

 

                                    63,466

 

 

 

 

                              1,002,317

 

 

MEDIA -  2.6 %

 

 

895

 

AMC Networks, Inc. - Cl. A *

 

                                    55,034

1,237

 

CBS Corp. - Cl. B

 

                                    76,867

1,714

 

Comcast Corp. - Cl. A ^

 

                                    92,008

1,280

 

DIRECTV *

 

                                 108,813

1,016

 

Discovery Communications, Inc. - Cl. A *

 

                                    75,468

2,642

 

Gannett Co., Inc.

 

                                    82,721

754

 

Liberty Media Corp. *

 

                                 103,057

2,026

 

Nielsen Holdings NV

 

                                    98,079

1,104

 

Scripps Networks Interactive, Inc. Cl. A

 

                                    89,579

21,643

 

Sirius XM Radio, Inc. *

 

                                    74,885

546

 

Time Warner Cable, Inc. - Cl. A

 

                                    80,426

1,655

 

Time Warner, Inc.

 

                                 116,264

1,129

 

Viacom, Inc. - Cl. B

 

                                    97,918

1,192

 

Walt Disney Co. ^

 

                                 102,202

 

 

 

 

                              1,253,321

 

 

METAL FABRICATE/HARDWARE - 0.3 %

 

 

380

 

Precision Castparts Corp.

 

                                    95,912

1,026

 

Timken Co.

 

                                    69,604

 

 

 

 

                                 165,516

 

 

MINING - 0.3 %

 

 

2,437

 

Freeport-McMoRan Copper & Gold, Inc.

 

                                    88,950

2,291

 

Southern Copper Corp. ^

 

                                    69,578

 

 

 

 

                                 158,528

 

 

MISCELLANEOUS MANUFACTURING - 2.8 %

 

 

921

 

3M Co.

 

                                 131,924

1,341

 

Carlisle Cos., Inc.

 

                                 116,157

1,180

 

Colfax Corp. *

 

                                    87,957

1,435

 

Danaher Corp.

 

                                 112,978

2,344

 

Donaldson Co., Inc.

 

                                    99,198

1,192

 

Dover Corp.

 

                                 108,412

4,219

 

General Electric Co.

 

                                 110,875

1,511

 

Illinois Tool Works, Inc.

 

                                 132,303

1,336

 

Pall Corp. ^

 

                                 114,081

725

 

Parker Hannifin Corp.

 

                                    91,154

869

 

SPX Corp.

 

                                    94,034

1,628

 

Textron, Inc.

 

                                    62,336

1,588

 

Trinity Industries, Inc.

 

                                    69,427

 

 

 

 

                              1,330,836

 

 

OFFICE/BUSINESS EQUIPMENT - 0.2 %

 

 

6,175

 

Xerox Corp.

 

                                    76,817

 

 

 

 

 

 

 

OIL & GAS - 4.2 %

 

 

1,101

 

Apache Corp.

 

                                 110,783

1,711

 

Cabot Oil & Gas Corp. - Cl. A

 

                                    58,414

1,131

 

Chevron Corp.

 

                                 147,652

507

 

Cimarex Energy Co.

 

                                    72,734

506

 

Concho Resources, Inc. *

 

                                    73,117

2,020

 

ConocoPhillips

 

                                 173,175

511

 

Continental Resources, Inc. * ^

 

                                    80,758

4,864

 

Denbury Resources, Inc. ^

 

                                    89,789

1,917

 

Diamond Offshore Drilling, Inc.

 

                                    95,141

842

 

EQT Corp.

 

                                    90,010

1,393

 

Exxon Mobil Corp.

 

                                 140,247

785

 

Gulfport Energy Corp. *

 

                                    49,298

872

 

Helmerich & Payne, Inc. ^

 

                                 101,248

1,184

 

Hess Corp.

 

                                 117,086

1,198

 

HollyFrontier Corp. ^

 

                                    52,341

2,578

 

Marathon Oil Corp.

 

                                 102,914

 

See accompanying notes to financial statements.

 

 

 

 

COMPASS EMP U.S. 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

OIL & GAS (Continued) - 4.2 %

 

 

644

 

Marathon Petroleum Corp.

 

 $                                50,277

1,462

 

Murphy Oil Corp.

 

                                    97,194

1,178

 

Noble Energy, Inc.

 

                                    91,248

1,188

 

Occidental Petroleum Corp.

 

                                 121,924

951

 

Phillips 66

 

                                    76,489

1,159

 

Valero Energy Corp.

 

                                    58,066

 

 

 

 

                              2,049,905

 

 

OIL & GAS SERVICES - 1.4 %

 

 

1,383

 

Baker Hughes, Inc.

 

                                 102,964

998

 

Cameron International Corp. *

 

                                    67,575

1,593

 

FMC Technologies, Inc. *

 

                                    97,285

1,553

 

National Oilwell Varco, Inc.

 

                                 127,890

1,012

 

Oceaneering International, Inc.

 

                                    79,068

1,496

 

Oil States International, Inc. *

 

                                    95,879

1,050

 

Schlumberger Ltd.

 

                                 123,847

 

 

 

 

                                 694,508

 

 

PACKAGING & CONTAINERS - 0.9 %

 

 

2,076

 

Ball Corp.

 

                                 130,124

2,452

 

Crown Holdings, Inc. *

 

                                 122,012

929

 

Packaging Corp. of America

 

                                    66,414

611

 

Rock Tenn Co. - Cl. A

 

                                    64,515

2,030

 

Sealed Air Corp.

 

                                    69,365

 

 

 

 

                                 452,430

 

 

PHARMACEUTICALS - 2.8 %

 

 

711

 

Allergan, Inc.

 

                                 120,315

1,847

 

AmerisourceBergen Corp.

 

                                 134,203

1,448

 

Bristol-Myers Squibb Co.

 

                                    70,242

1,800

 

Eli Lilly & Co.

 

                                 111,906

1,392

 

Express Scripts Holding Co. *

 

                                    96,507

1,477

 

Johnson & Johnson

 

                                 154,524

504

 

McKesson Corp.

 

                                    93,850

899

 

Mead Johnson Nutrition Co.

 

                                    83,760

2,177

 

Merck & Co., Inc.

 

                                 125,939

1,305

 

Mylan, Inc. *

 

                                    67,286

3,896

 

Pfizer, Inc.

 

                                 115,633

1,725

 

Quintiles Transnational Holdings, Inc. *

 

                                    91,925

534

 

Salix Pharmaceuticals Ltd. * ^

 

                                    65,869

 

 

 

 

                              1,331,959

 

 

PIPELINES - 0.6 %

 

 

2,895

 

Kinder Morgan, Inc.

 

                                 104,973

918

 

ONEOK, Inc.

 

                                    62,497

3,209

 

Spectra Energy Corp.

 

                                 136,318

 

 

 

 

                                 303,788

 

 

REAL ESTATE - 0.2 %

 

 

3,143

 

CBRE Group, Inc. - Cl. A *

 

                                 100,702

611

 

Jones Lang LaSalle, Inc.

 

                                    77,224

 

 

 

 

                                 177,926

 

 

RETAIL - 8.1 %

 

 

474

 

Advanced Auto Parts, Inc.

 

                                    63,952

1,511

 

AutoNation, Inc. *

 

                                    90,176

201

 

AutoZone, Inc. *

 

                                 107,784

1,138

 

Bed Bath & Beyond, Inc. *

 

                                    65,298

3,537

 

Burger King Worldwide, Inc.

 

                                    96,277

1,017

 

Cabela's, Inc. - Cl. A * ^

 

                                    63,461

1,647

 

CarMax, Inc. * ^

 

                                    85,660

108

 

Chipotle Mexican Grill, Inc. *

 

                                    63,991

1,684

 

Coach, Inc.

 

                                    57,576

2,372

 

Copart, Inc. *

 

                                    85,297

1,039

 

Costco Wholesale Corp.

 

                                 119,651

1,591

 

CVS Caremark Corp.

 

                                 119,914

1,581

 

Darden Restaurants, Inc. ^

 

                                    73,153

1,389

 

Dick's Sporting Goods, Inc.

 

                                    64,672

1,367

 

Dollar General Corp. *

 

                                    78,411

1,940

 

Dollar Tree, Inc. *

 

                                 105,652

1,826

 

Dunkin' Brands Group, Inc. ^

 

                                    83,649

 

See accompanying notes to financial statements.

 

 

 

 

COMPASS EMP U.S. 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

RETAIL (Continued) - 8.1 %

 

 

1,474

 

Family Dollar Stores, Inc.

 

 $                                97,490

1,816

 

Foot Locker, Inc.

 

                                    92,108

1,827

 

Gap, Inc.

 

                                    75,948

1,437

 

Home Depot, Inc.

 

                                 116,340

1,408

 

Kohl's Corp. ^

 

                                    74,173

1,337

 

L Brands, Inc.

 

                                    78,428

1,618

 

Lowe's Cos., Inc.

 

                                    77,648

1,251

 

Macy's, Inc.

 

                                    72,583

1,711

 

McDonald's Corp.

 

                                 172,366

974

 

MSC Industrial Direct Co., Inc. - Cl. A

 

                                    93,153

1,661

 

Nordstrom, Inc.

 

                                 112,832

382

 

Nu Skin Enterprises, Inc. - Cl. A

 

                                    28,253

572

 

O'Reilly Automotive, Inc. * ^

 

                                    86,143

447

 

Panera Bread Co. - Cl. A *

 

                                    66,974

1,557

 

PetSmart, Inc.

 

                                    93,109

5,750

 

Rite Aid Corp. *

 

                                    41,228

1,375

 

Ross Stores, Inc.

 

                                    90,929

2,523

 

Sally Beauty Holdings, Inc. *

 

                                    63,277

1,134

 

Starbucks Corp.

 

                                    87,749

1,671

 

Target Corp. ^

 

                                    96,834

946

 

Tiffany & Co.

 

                                    94,836

1,683

 

TJX Cos., Inc.

 

                                    89,451

1,102

 

Tractor Supply Co.

 

                                    66,561

472

 

Ulta Salon Cosmetics & Fragrance, Inc. *

 

                                    43,146

1,953

 

Urban Outfitters, Inc. *

 

                                    66,129

1,183

 

Walgreen Co.

 

                                    87,696

2,017

 

Wal-Mart Stores, Inc. ^

 

                                 151,416

1,437

 

Williams-Sonoma, Inc. ^

 

                                 103,148

1,058

 

Yum! Brands, Inc.

 

                                    85,910

 

 

 

 

                              3,930,432

 

 

SAVINGS & LOANS - 0.4 %

 

 

11,061

 

Hudson City Bancorp, Inc.

 

                                 108,730

6,644

 

New York Community Bancorp, Inc. ^

 

                                 106,171

 

 

 

 

                                 214,901

 

 

SEMICONDUCTORS - 2.8 %

 

 

1,998

 

Altera Corp.

 

                                    69,450

2,148

 

Analog Devices, Inc.

 

                                 116,142

586

 

Cree, Inc. * ^

 

                                    29,271

645

 

First Solar, Inc. *

 

                                    45,834

3,928

 

Intel Corp.

 

                                 121,375

1,318

 

KLA-Tencor Corp.

 

                                    95,740

1,415

 

Lam Research Corp.

 

                                    95,626

2,497

 

Linear Technology Corp.

 

                                 117,534

2,876

 

Maxim Integrated Products, Inc.

 

                                    97,238

2,036

 

Microchip Technology Inc

 

                                    99,377

4,702

 

NVIDIA Corp. ^

 

                                    87,175

1,400

 

QUALCOMM, Inc.

 

                                 110,880

1,712

 

Skyworks Solutions, Inc.

 

                                    80,396

2,523

 

Texas Instruments, Inc.

 

                                 120,574

1,748

 

Xilinx, Inc.

 

                                    82,698

 

 

 

 

                              1,369,310

 

 

SHIPBUILDING - 0.2 %

 

 

919

 

Huntington Ingalls Industries, Inc.

 

                                    86,928

 

 

 

 

 

 

 

SOFTWARE - 3.0 %

 

 

2,741

 

Activision Blizzard, Inc.

 

                                    61,124

1,021

 

Adobe Systems, Inc. *

 

                                    73,880

872

 

Akamai Technologies, Inc. *

 

                                    53,244

979

 

ANSYS, Inc. *

 

                                    74,228

1,360

 

Autodesk, Inc. *

 

                                    76,677

3,643

 

CA, Inc.

 

                                 104,700

1,281

 

Cerner Corp. *

 

                                    66,074

959

 

Citrix Systems, Inc. *

 

                                    59,985

1,810

 

Fidelity National Information Services, Inc.

 

                                    99,079

2,087

 

Fiserv, Inc. *

 

                                 125,888

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP U.S. 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

SOFTWARE (Continued) - 3.0 %

 

 

1,747

 

Microsoft Corp.

 

 $                                72,850

2,105

 

MSCI, Inc. - Cl. A *

 

                                    96,514

2,700

 

Oracle Corp.

 

                                 109,431

3,018

 

Paychex, Inc.

 

                                 125,428

2,129

 

PTC, Inc. *

 

                                    82,605

1,012

 

Red Hat, Inc. *

 

                                    55,933

528

 

Ultimate Software Group, Inc. *

 

                                    72,954

557

 

VMware, Inc. - Cl. A * ^

 

                                    53,923

 

 

 

 

                              1,464,517

 

 

TELECOMMUNICATIONS - 1.4 %

 

 

3,105

 

Amdocs Ltd.

 

                                 143,855

3,734

 

Cisco Systems, Inc.

 

                                    92,790

3,545

 

Corning, Inc.

 

                                    77,813

1,239

 

Harris Corp.

 

                                    93,854

2,490

 

Juniper Networks, Inc. *

 

                                    61,105

1,677

 

Motorola Solutions, Inc.

 

                                 111,638

10,747

 

Windstream Holdings, Inc. ^

 

                                 107,040

 

 

 

 

                                 688,095

 

 

TEXTILES - 0.2 %

 

 

493

 

Mohawk Industries, Inc. *

 

                                    68,202

 

 

 

 

 

 

 

TOYS & GAMES - 0.2 %

 

 

2,018

 

Mattel, Inc.

 

                                    78,641

 

 

 

 

 

 

 

TRANSPORTATION - 2.3 %

 

 

1,625

 

CH Robinson Worldwide, Inc. ^

 

                                 103,659

3,278

 

CSX Corp.

 

                                 100,995

2,101

 

Expeditors International of Washington, Inc.

 

                                    92,780

613

 

FedEx Corp.

 

                                    92,796

938

 

Genesee & Wyoming, Inc. - Cl. A * ^

 

                                    98,490

1,477

 

JB Hunt Transport Services, Inc.

 

                                 108,973

607

 

Kansas City Southern

 

                                    65,259

808

 

Kirby Corp. *

 

                                    94,649

907

 

Norfolk Southern Corp.

 

                                    93,448

1,684

 

Old Dominion Freight Line, Inc. *

 

                                 107,237

1,246

 

Union Pacific Corp.

 

                                 124,288

 

 

 

 

                              1,082,574

 

 

TRUCKING & LEASING - 0.2 %

 

 

279

 

AMERCO

 

                                    81,122

 

 

 

 

 

 

 

WATER - 0.3 %

 

 

2,698

 

American Water Works Co., Inc.

 

                                 133,416

 

 

 

 

 

 

 

TOTAL COMMON STOCK - (Cost - $40,906,379)

 

                            47,272,709

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS - 1.9 %

 

 

 

 

MONEY MARKET FUNDS - 1.9 %

 

 

           878,445

 

AIM STIT - Liquid Assets Portfolio, Institutional Class, 0.07% **

 

                                 878,445

             49,285

 

AIM STIT - Liquid Assets Money Market Fund, 0.07% **

 

                                    49,285

 

 

TOTAL SHORT-TERM INVESTMENTS (Cost - $927,730)

                                 927,730

 

 

 

 

 

 

 

COLLATERAL FOR SECURITIES LOANED - 9.1 %

 

        4,407,859

 

Mount Vernon Securities Lending Prime Portfolio, 0.19%

 

                              4,407,859

 

 

TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $4,407,859)

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS - 108.9 % (Cost - $46,241,968) (a)

 $                         52,608,298

 

 

LIABILITIES IN EXCESS OF OTHER ASSETS - (8.9) %

                            (4,311,365)

 

 

NET ASSETS - 100.0 %

 

 $                         48,296,933

 

 

 

 

 

*   Non-income producing security.

 

 

** Money market fund; interest rate reflects seven day effective yield on June 30, 2014.

 

^ All or a portion of this security is on loan. The market value of the loaned security is $4,247,698.

 

PLC - Public limited company.

 

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP U.S. 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

(a) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes (excluding futures contracts) is $46,241,136

      and differs from value by net unrealized appreciation/(depreciation) on securities as follows:

 

 

Unrealized appreciation

 

 $                           6,803,379

 

Unrealized depreciation

 

                               (436,217)

 

Net unrealized appreciation

 

 $                           6,367,162

 

 

 

 

 

Number of

 

 

Underlying Face Amount

Unrealized

Contracts

 

 

at Value

Appreciation

 

 

LONG FUTURES CONTRACTS - 0.0%

 

 

 

 

Equity Futures - 0.0%

 

 

10

 

S&P Mini Future, Sep 2014

 $                                            976,250

 $                                11,675

 

 

TOTAL LONG FUTURES CONTRACTS

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP U.S. SMALL CAP 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

COMMON STOCK - 98.0 %

 

 

 

 

AEROSPACE/DEFENSE - 1.3 %

 

 

1,145

 

AAR Corp.

 

 $                                         31,556

479

 

Astronics Corp. *

 

                                             27,040

1,374

 

Kaman Corp. ^

 

                                             58,711

665

 

Moog, Inc. *

 

                                             48,472

650

 

National Presto Industries, Inc.

 

                                             47,346

1,331

 

Orbital Sciences Corp. *

 

                                             39,331

 

 

 

 

                                          252,456

 

 

AGRICULTURE - 0.4 %

 

 

604

 

Andersons, Inc.

 

                                             31,154

733

 

Universal Corp. ^

 

                                             40,572

 

 

 

 

                                             71,726

 

 

AIRLINES - 0.3 %

 

 

279

 

Allegiant Travel Co.

 

                                             32,858

2,239

 

SkyWest, Inc.

 

                                             27,361

 

 

 

 

                                             60,219

 

 

APPAREL - 1.0 %

 

 

350

 

G-III Apparel Group Ltd. *

 

                                             28,581

1,115

 

Iconix Brand Group, Inc. * ^

 

                                             47,878

544

 

Oxford Industries, Inc.

 

                                             36,268

793

 

Sketchers USA Inc CL. A *

 

                                             36,240

1,220

 

Steven Madden Ltd. *

 

                                             41,846

 

 

 

 

                                          190,813

 

 

AUTO MANUFACTERER - 0.1 %

 

 

1,954

 

Wabash National Corp. * ^

 

                                             27,845

 

 

 

 

 

 

 

AUTO PARTS & EQUIPMENT - 0.8 %

 

 

1,732

 

American Axle & Manufacturing Holdings, Inc. *

 

                                             32,717

712

 

Dorman Products, Inc. * ^

 

                                             35,116

857

 

Gentherm, Inc. *

 

                                             38,094

974

 

Standard Motor Products, Inc.

 

                                             43,509

 

 

 

 

                                          149,436

 

 

BANKS - 12.8 %

 

 

2,759

 

Associated Banc-Corp.

 

                                             49,883

1,760

 

BancorpSouth, Inc. ^

 

                                             43,243

936

 

Bank of Hawaii Corp.

 

                                             54,934

1,314

 

Bank of the Ozarks, Inc. ^

 

                                             43,953

1,082

 

Banner Corp.

 

                                             42,880

2,253

 

BBCN Bancorp, Inc.

 

                                             35,935

2,687

 

Boston Private Financial Holdings, Inc.

 

                                             36,113

1,805

 

Capital Bank Financial Corp. *

 

                                             42,616

537

 

Cass Information Systems, Inc. ^

 

                                             26,571

1,499

 

Cathay General Bancorp

 

                                             38,314

2,535

 

Central Pacific Financial Co.

 

                                             50,320

1,569

 

Chemical Financial Corp.

 

                                             44,058

1,767

 

Columbia Banking System, Inc.

 

                                             46,490

1,439

 

Community Bank System, Inc. ^

 

                                             52,092

2,832

 

CVB Financial Corp.

 

                                             45,397

1,054

 

Eagle Bancorp, Inc. *

 

                                             35,573

267

 

First Citizens BancShares, Inc.

 

                                             65,415

4,749

 

First Commonwealth Financial Corp.

 

                                             43,786

3,137

 

First Financial Bancorp

 

                                             53,988

1,496

 

First Financial Bankshares, Inc.

 

                                             46,930

1,602

 

First Interstate Bancsystem, Inc.

 

                                             43,542

2,483

 

First Midwest Bancorp, Inc.

 

                                             42,285

3,900

 

FNB Corp. ^

 

                                             49,998

4,022

 

Fulton Financial Corp.

 

                                             49,833

1,530

 

Glacier Bancorp, Inc. ^

 

                                             43,421

1,538

 

Hancock Holding Co.

 

                                             54,322

869

 

Home BancShares, Inc.

 

                                             28,521

626

 

Iberiabank Corp.

 

                                             43,313

1,454

 

Independent Bank Corp.

 

                                             55,805

1,540

 

International Bancshares Corp.

 

                                             41,580

1,424

 

MB Financial, Inc.

 

                                             38,519

2,064

 

NBT Bancorp, Inc.

 

                                             49,577

3,299

 

Old National Bancorp ^

 

                                             47,110

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP U.S. SMALL CAP 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

BANKS (Continued) - 12.8 %

 

 

1,673

 

PacWest Bancorp

 

 $                                         72,223

692

 

Park National Corp.

 

                                             53,422

1,237

 

Pinnacle Financial Partners, Inc.

 

                                             48,837

1,217

 

PrivateBancorp, Inc.

 

                                             35,366

1,599

 

Renasant Corp.

 

                                             46,483

736

 

South State Corp.

 

                                             44,896

3,731

 

Susquehanna Bancshares, Inc.

 

                                             39,399

585

 

Texas Capital Bancshares, Inc. *

 

                                             31,561

1,949

 

Trustmark Corp.

 

                                             48,121

676

 

UMB Financial Corp.

 

                                             42,852

4,308

 

Umpqua Holdings Corp.

 

                                             77,199

1,911

 

United Bankshares Corp.

 

                                             49,017

1,723

 

United Bankshares, Inc. ^

 

                                             55,705

2,098

 

United Community Banks, Inc.

 

                                             34,344

5,028

 

Valley National Bancorp ^

 

                                             49,827

1,892

 

ViewPoint Financial Group, Inc.

 

                                             50,914

1,542

 

Webster Financial Corp.

 

                                             48,635

1,450

 

WesBanco, Inc.

 

                                             45,008

1,003

 

Westamerica Bancorporation ^

 

                                             52,437

1,438

 

Western Alliance Bancorp *

 

                                             34,224

3,108

 

Wilshire Bancorp, Inc.

 

                                             31,919

1,200

 

Wintrust Financial Corp.

 

                                             55,200

 

 

 

 

                                       2,533,906

 

 

BEVERAGES - 0.2 %

 

 

651

 

Coca-Cola Bottling Co. Consolidated

 

                                             47,959

 

 

 

 

 

 

 

BIOTECHNOLOGY - 0.7 %

 

 

1,131

 

Cambrex Corp. *

 

                                             23,412

914

 

Charles River Laboratories International, Inc. *

 

                                             48,917

266

 

Ligand Pharmaceuticals, Inc. *

 

                                             16,569

570

 

Myriad Genetics, Inc. *

 

                                             22,184

3,431

 

PDL BioPharma, Inc.

 

                                             33,212

 

 

 

 

                                          144,294

 

 

BUILDING MATERIALS - 1.2 %

 

 

948

 

AAON, Inc.

 

                                             31,777

1,075

 

Apogee Enterprises, Inc.

 

                                             37,475

1,095

 

Boise Cascade Co. *

 

                                             31,361

2,114

 

Comfort Systems USA, Inc.

 

                                             33,401

753

 

Drew Industries, Inc.

 

                                             37,658

1,988

 

PGT, Inc. *

 

                                             16,838

1,149

 

Simpson Manufacturing Co., Inc.

 

                                             41,778

 

 

 

 

                                          230,288

 

 

CHEMICALS - 2.3 %

 

 

1,174

 

Aceto Corp.

 

                                             21,296

1,287

 

American Vanguard Corp. ^

 

                                             17,014

715

 

Balchem Corp.

 

                                             38,295

953

 

HB Fuller Co.

 

                                             45,839

810

 

Innophos Holdings, Inc.

 

                                             46,632

871

 

Innospec, Inc.

 

                                             37,601

857

 

Minerals Technologies, Inc.

 

                                             56,202

1,709

 

Olin Corp.

 

                                             46,006

542

 

Quaker Chemical Corp.

 

                                             41,620

960

 

Sensient Technologies Corp.

 

                                             53,491

1,046

 

Stepan Co.

 

                                             55,292

 

 

 

 

                                          459,288

 

 

COAL - 0.4 %

 

 

1,714

 

Cloud Peak Energy, Inc. *

 

                                             31,572

1,998

 

SunCoke Energy, Inc. *

 

                                             42,957

 

 

 

 

                                             74,529

 

 

COMMERCIAL SERVICES - 6.5 %

 

 

1,594

 

Aaron's, Inc.

 

                                             56,810

1,952

 

ABM Industries, Inc.

 

                                             52,665

542

 

Advisory Board Co. * ^

 

                                             28,076

710

 

American Public Education, Inc. *

 

                                             24,410

2,034

 

AMN Healthcare Services, Inc. *

 

                                             25,018

1,567

 

Bridgepoint Education, Inc. *

 

                                             20,810

457

 

Capella Education Co.

 

                                             24,856

 

See accompanying notes to financial statements.

 

 

 

 

COMPASS EMP U.S. SMALL CAP 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

COMMERCIAL SERVICES (Continued) - 6.5 %

 

 

404

 

Chemed Corp. ^

 

 $                                         37,863

2,235

 

Convergys Corp. ^

 

                                             47,918

726

 

Corvel Corp. *

 

                                             32,801

724

 

Deluxe Corp.

 

                                             42,412

965

 

ExlService Holdings, Inc. *

 

                                             28,419

1,080

 

Forrester Research, Inc. ^

 

                                             40,910

4,842

 

Global Cash Access Holdings, Inc. *

 

                                             43,094

725

 

Grand Canyon Education, Inc. *

 

                                             33,328

743

 

H&E Equipment Services, Inc. *

 

                                             27,001

1,738

 

Healthcare Services Group, Inc. ^

 

                                             51,167

938

 

Heartland Payment Systems, Inc.

 

                                             38,655

1,172

 

HMS Holdings Corp. *

 

                                             23,921

492

 

Huron Consulting Group, Inc. *

 

                                             34,843

830

 

ICF International, Inc. *

 

                                             29,349

1,220

 

Insperity, Inc. ^

 

                                             40,260

1,708

 

Kelly Services, Inc. - Cl. A

 

                                             29,326

1,268

 

Korn/Ferry International *

 

                                             37,241

1,357

 

Matthews International Corp. - Cl. A ^

 

                                             56,410

1,110

 

McGrath RentCorp.

 

                                             40,793

663

 

Monro Muffler Brake, Inc.

 

                                             35,265

1,189

 

Multi-Color Corp. ^

 

                                             47,572

2,189

 

Navigant Consulting, Inc. *

 

                                             38,198

854

 

On Assignment, Inc. *

 

                                             30,377

1,137

 

Rent-A-Center, Inc. ^

 

                                             32,609

2,274

 

Resources Connection, Inc.

 

                                             29,812

2,342

 

RPX Corp. *

 

                                             41,571

1,950

 

TeleTech Holdings, Inc. *

 

                                             56,531

783

 

Weight Watchers International, Inc.

 

                                             15,793

 

 

 

 

                                       1,276,084

 

 

COMPUTERS - 3.0 %

 

 

842

 

CACI International, Inc. - Cl. A * ^

 

                                             59,117

1,011

 

Electronics for Imaging, Inc. *

 

                                             45,697

906

 

EPAM Systems, Inc. *

 

                                             39,637

784

 

iGATE Corp. *

 

                                             28,530

1,546

 

Insight Enterprises, Inc. *

 

                                             47,524

620

 

J2 Global, Inc.

 

                                             31,533

824

 

Lexmark International, Inc.

 

                                             39,684

867

 

Manhattan Associates, Inc. *

 

                                             29,851

1,981

 

Mentor Graphics Corp.

 

                                             42,730

654

 

MTS Systems Corp.

 

                                             44,315

840

 

NetScout Systems, Inc. *

 

                                             37,246

1,311

 

Super Micro Computer, Inc. *

 

                                             33,129

2,125

 

Sykes Enterprises, Inc. *

 

                                             46,176

397

 

Synaptics, Inc. *

 

                                             35,984

937

 

Vitusa Corp. *

 

                                             33,545

 

 

 

 

                                          594,698

 

 

COSMETICS/PERSONAL CARE - 0.1 %

 

 

945

 

Inter Parfums, Inc.

 

                                             27,925

 

 

 

 

 

 

 

DISTRIBUTION/WHOLESALE - 1.0 %

 

 

1,426

 

Core-Mark Holding Co., Inc.

 

                                             65,068

198

 

MWI Veterinary Supply, Inc. *

 

                                             28,114

1,677

 

Owens & Minor, Inc. ^

 

                                             56,984

1,151

 

United Stationers, Inc.

 

                                             47,732

 

 

 

 

                                          197,898

 

 

DIVERSIFIED FINANCIAL SERVICES - 3.0 %

 

 

4,792

 

BGC Partners, Inc.

 

                                             35,652

868

 

Cohen & Steers, Inc. ^

 

                                             37,654

636

 

Ellie Mae, Inc. * ^

 

                                             19,799

842

 

Encore Capital Group, Inc. * ^

 

                                             38,244

522

 

Evercore Partners, Inc.

 

                                             30,088

1,609

 

Federated Investors, Inc. ^

 

                                             49,750

416

 

Financial Engines, Inc. ^

 

                                             18,836

313

 

GAMCO Investors, Inc.

 

                                             25,995

607

 

Greenhill & Co., Inc.

 

                                             29,895

2,209

 

Interactive Brokers Group, Inc. - Cl. A

 

                                             51,448

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP U.S. SMALL CAP 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

DIVERSIFIED FINANCIAL SERVICES (Continued) - 3.0 %

 

 

2,921

 

Janus Capital Group, Inc. ^

 

 $                                         36,454

625

 

MarketAxess Holdings, Inc.

 

                                             33,788

928

 

Nelnet, Inc. - Cl. A

 

                                             38,447

400

 

Outerwall, Inc. *

 

                                             23,740

506

 

Portfolio Recovery Associates, Inc. * ^

 

                                             30,122

178

 

Virtus Investment Partners, Inc. *

 

                                             37,692

340

 

WageWorks, Inc. *

 

                                             16,391

1,507

 

WisdomTree Investments, Inc. * ^

 

                                             18,627

251

 

World Acceptance Corp. * ^

 

                                             19,066

 

 

 

 

                                          591,688

 

 

ELECTRIC - 4.5 %

 

 

1,383

 

ALLETE, Inc.

 

                                             71,017

2,339

 

Avista Corp. ^

 

                                             78,403

928

 

Black Hills Corp.

 

                                             56,970

1,448

 

Cleco Corp.

 

                                             85,360

1,690

 

El Paso Electric Co.

 

                                             67,955

3,172

 

Empire District Electric Co. ^

 

                                             81,457

2,476

 

Hawaiian Electric Industries, Inc. ^

 

                                             62,692

1,121

 

IDACORP Inc

 

                                             64,827

1,473

 

MGE Energy, Inc.

 

                                             58,198

1,482

 

NorthWestern Corp.

 

                                             77,346

1,402

 

Otter Tail Corp.

 

                                             42,467

2,232

 

PNM Resources, Inc.

 

                                             65,465

1,633

 

UIL Holdings Corp.

 

                                             63,213

 

 

 

 

                                          875,370

 

 

ELECTRICAL COMPONENTS & EQUIPMENT - 0.6 %

 

 

664

 

Encore Wire Corp.

 

                                             32,563

499

 

Littelfuse, Inc.

 

                                             46,382

521

 

Powell Industries, Inc.

 

                                             34,063

 

 

 

 

                                          113,008

 

 

ELECTRONICS - 4.2 %

 

 

697

 

American Science & Engineering, Inc.

 

                                             48,504

4,886

 

AVX Corp.

 

                                             64,886

709

 

Badger Meter, Inc. ^

 

                                             37,329

2,121

 

Benchmark Electronics, Inc. *

 

                                             54,043

678

 

Coherent, Inc. *

 

                                             44,863

578

 

FARO Technologies, Inc. *

 

                                             28,391

2,132

 

II-VI, Inc. *

 

                                             30,829

619

 

Measurement Specialties, Inc. *

 

                                             53,277

409

 

Methode Electronics, Inc.

 

                                             15,628

343

 

OSI Systems, Inc. *

 

                                             22,895

1,287

 

Park Electrochemical Corp.

 

                                             36,306

931

 

Plexus Corp. *

 

                                             40,303

1,608

 

Rofin-Sinar Technologies, Inc. *

 

                                             38,656

698

 

Rogers Corp. *

 

                                             46,312

1,637

 

Sanmina Corp. *

 

                                             37,291

1,045

 

Taser International, Inc. *

 

                                             13,898

845

 

Tech Data Corp. *

 

                                             52,829

2,621

 

Vishay Intertechnology, Inc.

 

                                             40,599

901

 

Watts Water Technologies, Inc.

 

                                             55,619

1,092

 

Woodward, Inc.

 

                                             54,797

 

 

 

 

                                          817,255

 

 

ENERGY-ALTERNATE SOURCES - 0.3 %

 

 

1,832

 

FutureFuel Corp.

 

                                             30,393

873

 

Green Plains, Inc.

 

                                             28,696

 

 

 

 

                                             59,089

 

 

ENGINEERING & CONSTRUCTION - 0.6 %

 

 

1,293

 

Aegion Corp. *

 

                                             30,088

592

 

Exponent, Inc.

 

                                             43,873

1,089

 

Tutor Perini Corp. *

 

                                             34,565

 

 

 

 

                                          108,526

 

 

ENTERTAINMENT - 0.6 %

 

 

546

 

Bally Technologies, Inc. *

 

                                             35,883

846

 

Multimedia Games Holding Co., Inc. *

 

                                             25,075

2,683

 

Regal Entertainment Group

 

                                             56,611

 

 

 

 

                                          117,569

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP U.S. SMALL CAP 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

ENVIRONMENTAL CONTROL - 0.9 %

 

 

2,411

 

Calgon Carbon Corp. *

 

 $                                         53,838

680

 

Clean Harbors, Inc. *

 

                                             43,690

729

 

MSA Safety, Inc.

 

                                             41,903

841

 

US Ecology, Inc. ^

 

                                             41,167

 

 

 

 

                                          180,598

 

 

FOOD - 1.8 %

 

 

761

 

Annie's, Inc. *

 

                                             25,737

1,313

 

Chefs' Warehouse, Inc. *

 

                                             25,958

694

 

Fresh Market, Inc. * ^

 

                                             23,228

510

 

J&J Snack Foods Corp.

 

                                             48,001

594

 

Lancaster Colony Corp.

 

                                             56,525

1,447

 

Snyders-Lance, Inc.

 

                                             38,288

1,736

 

Spartan Stores, Inc.

 

                                             36,473

1,573

 

Tootsie Roll Industries, Inc. ^

 

                                             46,309

659

 

TreeHouse Foods, Inc. *

 

                                             52,766

 

 

 

 

                                          353,285

 

 

FOREST PRODUCTS & PAPER - 0.6 %

 

 

557

 

Deltic Timber Corp. ^

 

                                             33,654

1,283

 

Glatfelter Co.

 

                                             34,038

898

 

Neenah Paper, Inc.

 

                                             47,729

 

 

 

 

                                          115,421

 

 

GAS - 0.3 %

 

 

836

 

Chesapeake Utilities Corp.

 

                                             59,632

 

 

 

 

 

 

 

HAND/MACHINE TOOLS - 0.2 %

 

 

892

 

Franklin Electric Co., Inc.

 

                                             35,974

 

 

 

 

 

 

 

HEALTHCARE PRODUCTS - 2.5 %

 

 

685

 

Abaxis, Inc.

 

                                             30,352

1,151

 

Cantel Medical Corp.

 

                                             42,150

1,175

 

CONMED Corp.

 

                                             51,876

647

 

Cyberonics, Inc. *

 

                                             40,412

1,425

 

Globus Medical, Inc. *

 

                                             34,086

824

 

Hanger, Inc. *

 

                                             25,915

980

 

Hill-Rom Holdings, Inc. ^

 

                                             40,680

691

 

ICU Medical, Inc. *

 

                                             42,020

1,336

 

Masimo Corp. *

 

                                             31,530

2,091

 

Meridian Bioscience, Inc. ^

 

                                             43,158

2,082

 

Merit Medical Systems, Inc. *

 

                                             31,438

759

 

Natus Medical, Inc. *

 

                                             19,081

1,241

 

STERIS Corp.

 

                                             66,369

 

 

 

 

                                          499,067

 

 

HEALTHCARE SERVICES - 2.0 %

 

 

765

 

Acadia Healthcare Co., Inc. *

 

                                             34,807

1,065

 

Amsurg Corp. *

 

                                             48,532

909

 

Bio-Reference Labs, Inc. *

 

                                             27,470

1,058

 

Health Net, Inc. *

 

                                             43,949

764

 

IPC The Hospitalist Co., Inc. *

 

                                             33,784

1,032

 

LifePoint Hospitals, Inc. *

 

                                             64,087

906

 

Magellan Health Services, Inc. *

 

                                             56,389

2,468

 

Select Medical Holdings Corp.

 

                                             38,501

513

 

WellCare Health Plans, Inc. *

 

                                             38,301

 

 

 

 

                                          385,820

 

 

HOLDING COMPANIES - 0.2 %

 

 

2,308

 

National Bank Holdings Corp.  ^

 

                                             46,022

 

 

 

 

 

 

 

HOME BUILDERS - 1.1 %

 

 

322

 

Cavco Industries, Inc. *

 

                                             27,467

1,072

 

M/I Homes, Inc. * ^

 

                                             26,017

998

 

MDC Holdings, Inc. ^

 

                                             30,229

642

 

Meritage Homes Corp. *

 

                                             27,099

564

 

Ryland Group, Inc.

 

                                             22,244

648

 

Thor Industries, Inc.

 

                                             36,852

1,569

 

TRI Pointe Homes, Inc. * ^

 

                                             24,665

919

 

Winnebago Industries, Inc. *

 

                                             23,140

 

 

 

 

                                          217,713

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP U.S. SMALL CAP 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

HOME FURNISHINGS - 0.8 %

 

 

2,371

 

Daktronics, Inc.

 

 $                                         28,262

1,285

 

Ethan Allen Interiors, Inc. ^

 

                                             31,791

1,368

 

Kimball International, Inc.

 

                                             22,873

1,225

 

La-Z-Boy, Inc.

 

                                             28,383

1,114

 

Select Comfort Corp. *

 

                                             23,015

640

 

Universal Electronics, Inc. *

 

                                             31,283

 

 

 

 

                                          165,607

 

 

HOUSEHOLD PRODUCTS - 0.4 %

 

 

1,343

 

Tumi Holdings, Inc. *

 

                                             27,035

647

 

WD-40 Co.

 

                                             48,667

 

 

 

 

                                             75,702

 

 

INSURANCE - 4.2 %

 

 

2,057

 

American Equity Investment Life Holding Co. ^

 

                                             50,602

850

 

AMERISAFE, Inc.

 

                                             34,569

612

 

AmTrust Financial Services, Inc.

 

                                             25,588

1,121

 

FBL Financial Group, Inc.

 

                                             51,566

1,824

 

First American Financial Corp. ^

 

                                             50,689

1,694

 

Horace Mann Educators Corp.

 

                                             52,971

624

 

Infinity Property & Casualty Corp.

 

                                             41,952

1,344

 

Kemper Corp.

 

                                             49,540

954

 

Navigators Group, Inc. *

 

                                             63,966

980

 

Primerica, Inc.

 

                                             46,893

1,340

 

ProAssurance Corp.

 

                                             59,496

1,178

 

RLI Corp.

 

                                             53,929

965

 

Safety Insurance Group, Inc.

 

                                             49,582

2,409

 

Selective Insurance Group, Inc.

 

                                             59,550

690

 

StanCorp Financial Group, Inc. ^

 

                                             44,160

989

 

Stewart Information Services Corp.

 

                                             30,669

2,536

 

Symetra Financial Corp.

 

                                             57,669

 

 

 

 

                                          823,391

 

 

INTERNET - 1.1 %

 

 

982

 

Conversant, Inc. * ^

 

                                             24,943

854

 

HealthStream, Inc. *

 

                                             20,752

700

 

Liquidity Services, Inc. *

 

                                             11,032

1,299

 

NIC, Inc.

 

                                             20,589

332

 

OpenTable, Inc. *

 

                                             34,395

1,208

 

Perficient, Inc. *

 

                                             23,520

2,122

 

Sapient Corp. *

 

                                             34,482

331

 

SPS Commerce, Inc. *

 

                                             20,916

684

 

Stamps.com, Inc. *

 

                                             23,044

 

 

 

 

                                          213,673

 

 

INVESTMENT COMPANIES - 1.4 %

 

 

7,453

 

Fifth Street Finance Corp.

 

                                             73,263

2,909

 

Golub Capital BDC, Inc. ^

 

                                             51,489

2,928

 

Hercules Technology Growth Capital, Inc. ^

 

                                             47,316

1,479

 

Main Street Capital Corp. - Cl. C ^

 

                                             48,703

2,049

 

Triangle Capital Corp. ^

 

                                             58,130

 

 

 

 

                                          278,901

 

 

IRON/STEEL - 0.2 %

 

 

2,346

 

Commercial Metals Co.

 

                                             40,609

 

 

 

 

 

 

 

LEISURE TIME - 0.4 %

 

 

1,755

 

Interval Leisure Group, Inc. ^

 

                                             38,505

872

 

Life Time Fitness, Inc. *

 

                                             42,501

 

 

 

 

                                             81,006

 

 

LODGING - 0.2 %

 

 

1,044

 

Choice Hotels International, Inc.

 

                                             49,183

 

 

 

 

 

 

 

MACHINERY-CONSTRUCTION & MINING - 0.3 %

 

 

1,024

 

Astec Industries, Inc.

 

                                             44,933

229

 

Hyster-Yale Materials Handling, Inc.

 

                                             20,276

 

 

 

 

                                             65,209

 

 

MACHINERY-DIVERSIFIED - 1.2 %

 

 

498

 

Alamo Group, Inc.

 

                                             26,937

844

 

Applied Industrial Technologies, Inc.

 

                                             42,816

290

 

Chart Industries, Inc. *

 

                                             23,995

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP U.S. SMALL CAP 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

MACHINERY-DIVERSIFIED (Continued) - 1.2 %

 

 

355

 

DXP Enterprises, Inc. *

 

 $                                         26,817

901

 

Gorman-Rupp Co.

 

                                             31,868

471

 

Lindsay Corp.

 

                                             39,785

592

 

Tennant Co.

 

                                             45,181

 

 

 

 

                                          237,399

 

 

MEDIA - 0.4 %

 

 

1,047

 

Meredith Corp.

 

                                             50,633

931

 

Sinclair Broadcast Group Inc

 

                                             32,352

 

 

 

 

                                             82,985

 

 

METAL FABRICATE & HARDWARE - 1.2 %

 

 

406

 

CIRCOR International, Inc.

 

                                             31,315

1,661

 

Mueller Industries, Inc.

 

                                             48,850

3,072

 

Mueller Water Products, Inc.

 

                                             26,542

752

 

RBC Bearings, Inc.

 

                                             48,166

822

 

Sun Hydraulics Corp.

 

                                             33,373

1,008

 

Worthington Industries, Inc.

 

                                             43,384

 

 

 

 

                                          231,630

 

 

MINING - 0.9 %

 

 

354

 

Compass Minerals International Inc

 

                                             33,892

799

 

Kaiser Aluminum Corp.

 

                                             58,223

991

 

Materion Corp.

 

                                             36,657

727

 

US Silica Holdings, Inc. ^

 

                                             40,305

 

 

 

 

                                          169,077

 

 

MISCELLANEOUS MANUFACTURING - 3.5 %

 

 

361

 

American Railcar Industries, Inc.

 

                                             24,465

739

 

AZZ, Inc.

 

                                             34,053

1,220

 

Barnes Group, Inc.

 

                                             47,019

3,156

 

Blount International, Inc. *

 

                                             44,531

819

 

CLARCOR, Inc.

 

                                             50,655

464

 

EnPro Industries, Inc. *

 

                                             33,946

1,092

 

GP Strategies Corp. *

 

                                             28,261

1,551

 

Hillenbrand, Inc.

 

                                             50,594

1,315

 

John Bean Technologies Corp.

 

                                             40,752

788

 

Movado Group, Inc.

 

                                             32,836

1,569

 

Myers Industries, Inc.

 

                                             31,521

590

 

Park-Ohio Holdings Corp.

 

                                             34,285

730

 

Polypore International, Inc. * ^

 

                                             34,843

352

 

Proto Labs, Inc. * ^

 

                                             28,836

1,126

 

Raven Industries, Inc.

 

                                             37,316

2,006

 

Smith & Wesson Holding Corp. * ^

 

                                             29,167

784

 

Standex International Corp.

 

                                             58,392

489

 

Sturm Ruger & Co., Inc.

 

                                             28,856

1,115

 

Tredegar Corp.

 

                                             26,102

 

 

 

 

                                          696,430

 

 

OFFICE FURNISHINGS - 0.6 %

 

 

980

 

HNI Corp.

 

                                             38,328

1,722

 

Interface, Inc.

 

                                             32,442

2,336

 

Knoll, Inc.

 

                                             40,483

 

 

 

 

                                          111,253

 

 

OIL & GAS - 0.8 %

 

 

563

 

Bonanza Creek Energy, Inc. *

 

                                             32,198

1,910

 

Northern Oil and Gas, Inc. * ^

 

                                             31,114

607

 

Rosetta Resources, Inc. *

 

                                             33,294

762

 

Stone Energy Corp. *

 

                                             35,654

2,114

 

Synergy Resources Corp. * ^

 

                                             28,010

 

 

 

 

                                          160,270

 

 

OIL & GAS SERVICES - 1.7 %

 

 

1,282

 

C&J Energy Services, Inc. *

 

                                             43,306

171

 

CARBO Ceramics, Inc.

 

                                             26,355

1,296

 

Flotek Industries, Inc. * ^

 

                                             41,679

1,543

 

Forum Energy Technologies, Inc. *

 

                                             56,211

345

 

Geospace Technologies Corp. * ^

 

                                             19,003

843

 

Hornbeck Offshore Services, Inc. *

 

                                             39,554

690

 

Matrix Service Co. *

 

                                             22,625

3,206

 

Newpark Resources, Inc. * ^

 

                                             39,947

1,917

 

Tesco Corp.

 

                                             40,909

 

 

 

 

                                          329,589

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP U.S. SMALL CAP 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

PACKAGING & CONTAINERS - 0.2 %

 

 

852

 

Greif, Inc.

 

 $                                         46,485

 

 

 

 

 

 

 

PHARMACEUTICALS - 0.8 %

 

 

1,308

 

Akorn, Inc. * ^

 

                                             43,491

334

 

Anika Therapeutics, Inc. *

 

                                             15,474

516

 

Natural Grocers by Vitamin Cottage, Inc. * ^

 

                                             11,048

881

 

Neogen Corp. *

 

                                             35,654

1,026

 

Prestige Brands Holdings, Inc. *

 

                                             34,771

312

 

USANA Health Sciences, Inc. - Cl. A * ^

 

                                             24,380

 

 

 

 

                                          164,818

 

 

PIPELINES - 0.2 %

 

 

1,106

 

Primoris Services Corp.

 

                                             31,897

 

 

 

 

 

 

 

REAL ESTATE - 0.4 %

 

 

831

 

Alexander & Baldwin, Inc.

 

                                             34,445

1,058

 

HFF, Inc. - Cl. A *

 

                                             39,347

 

 

 

 

                                             73,792

 

 

RETAIL - 7.9 %

 

 

2,129

 

American Eagle Outfitters, Inc.

 

                                             23,887

1,209

 

ANN, Inc. *

 

                                             49,738

660

 

Asbury Automotive Group, Inc. *

 

                                             45,368

1,846

 

Ascena Retail Group, Inc. * ^

 

                                             31,567

113

 

Biglari Holdings, Inc. *

 

                                             47,796

838

 

BJ's Restaurants, Inc. *

 

                                             29,255

900

 

Buckle, Inc. ^

 

                                             39,924

207

 

Buffalo Wild Wings, Inc. *

 

                                             34,302

678

 

Casey's General Stores, Inc.

 

                                             47,657

772

 

Cash America International, Inc.

 

                                             34,300

1,471

 

Cato Corp. - Cl. A ^

 

                                             45,454

1,048

 

Cheesecake Factory, Inc.

 

                                             48,648

643

 

Chuy's Holdings, Inc. * ^

 

                                             23,341

356

 

Conn's, Inc. * ^

 

                                             17,583

452

 

Cracker Barrel Old Country Store, Inc.

 

                                             45,006

5,755

 

Denny's Corp. *

 

                                             37,523

479

 

DineEquity, Inc. ^

 

                                             38,076

1,494

 

Express, Inc. *

 

                                             25,443

623

 

First Cash Financial Services, Inc. *

 

                                             35,879

643

 

Five Below, Inc. *

 

                                             25,662

877

 

Francesca's Holdings Corp. *

 

                                             12,927

2,076

 

Fred's, Inc.

 

                                             31,742

531

 

Genesco, Inc. *

 

                                             43,611

665

 

Group 1 Automotive, Inc.

 

                                             56,066

1,238

 

Guess?, Inc.

 

                                             33,426

980

 

Haverty Furniture Co., Inc.

 

                                             24,627

732

 

Hibbett Sports, Inc. * ^

 

                                             39,652

1,017

 

Krispy Kreme Doughnuts, Inc. *

 

                                             16,252

457

 

Lithia Motors, Inc. - Cl. A

 

                                             42,990

234

 

Lumber Liquidators Holdings, Inc. * ^

 

                                             17,772

530

 

Mattress Firm Holding Corp. *

 

                                             25,307

921

 

Papa John's International, Inc.

 

                                             39,041

1,358

 

PC Connection, Inc.

 

                                             28,083

1,410

 

Pier 1 Imports, Inc.

 

                                             21,728

904

 

Popeyes Louisiana Kitchen, Inc. *

 

                                             39,514

403

 

Red Robin Gourmet Burgers, Inc. *

 

                                             28,694

1,348

 

Rush Enterprises, Inc. - Cl. A *

 

                                             46,735

952

 

Sears Hometown and Outlet Stores, Inc. *

 

                                             20,439

1,593

 

Shoe Carnival, Inc.

 

                                             32,895

1,601

 

Sonic Automotive, Inc. - Cl. A

 

                                             42,715

1,774

 

Sonic Corp. *

 

                                             39,170

1,893

 

Texas Roadhouse, Inc.

 

                                             49,218

1,180

 

Vera Bradley, Inc. *

 

                                             25,807

669

 

Vitamin Shoppe, Inc. *

 

                                             28,780

1,228

 

Zumiez, Inc. *

 

                                             33,881

 

 

 

 

                                       1,547,481

 

 

SAVINGS & LOANS - 1.8 %

 

 

3,462

 

Astoria Financial Corp. ^

 

                                             46,564

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP U.S. SMALL CAP 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

SAVINGS & LOANS (Continued) - 1.8 %

 

 

240

 

BofI Holding, Inc. *

 

 $                                         17,633

6,372

 

Capitol Federal Financial, Inc.

 

                                             77,484

2,080

 

EverBank Financial Corp. ^

 

                                             41,933

1,422

 

Flagstar Bancorp, Inc. *

 

                                             25,738

4,265

 

Northwest Bancshares, Inc.

 

                                             57,876

2,483

 

Provident Financial Services, Inc.

 

                                             43,006

1,734

 

Washington Federal, Inc.

 

                                             38,894

 

 

 

 

                                          349,128

 

 

SEMICONDUCTORS - 2.5 %

 

 

584

 

Ambarella, Inc. * ^

 

                                             18,209

6,182

 

Amkor Technology, Inc. *

 

                                             69,115

827

 

Cabot Microelectronics Corp. *

 

                                             36,926

1,080

 

Cirrus Logic, Inc. *

 

                                             24,559

3,564

 

Entegris, Inc. *

 

                                             48,987

651

 

Hittite Microwave Corp.

 

                                             50,745

1,713

 

MKS Instruments, Inc.

 

                                             53,514

859

 

Monolithic Power Systems, Inc.

 

                                             36,379

1,333

 

OmniVision Technologies, Inc. *

 

                                             29,299

3,638

 

Photronics, Inc. *

 

                                             31,287

492

 

Power Integrations Inc

 

                                             28,310

1,239

 

Semtech Corp. *

 

                                             32,400

674

 

Silicon Laboratories, Inc. *

 

                                             33,194

 

 

 

 

                                          492,924

 

 

SOFTWARE - 2.7 %

 

 

908

 

Acxiom Corp. *

 

                                             19,695

1,109

 

Blackbaud, Inc.

 

                                             39,636

449

 

Computer Programs & Systems, Inc.

 

                                             28,556

1,597

 

CSG Systems International, Inc. ^

 

                                             41,698

1,485

 

Ebix, Inc. ^

 

                                             21,250

554

 

Envestnet, Inc. *

 

                                             27,102

874

 

Fair Isaac Corp.

 

                                             55,726

328

 

Interactive Intelligence Group, Inc. *

 

                                             18,411

1,231

 

Monotype Imaging Holdings, Inc.

 

                                             34,677

1,138

 

Omnicell, Inc. *

 

                                             32,672

1,673

 

PDF Solutions, Inc. *

 

                                             35,501

1,336

 

Pegasystems, Inc.

 

                                             28,216

2,126

 

Progress Software Corp. *

 

                                             51,109

1,248

 

RealPage, Inc. *

 

                                             28,055

648

 

Synchronoss Technologies, Inc. * ^

 

                                             22,654

456

 

SYNNEX Corp. *

 

                                             33,220

1,391

 

Tangoe, Inc. * ^

 

                                             20,948

 

 

 

 

                                          539,126

 

 

STORAGE/WAREHOUSING - 0.2 %

 

 

1,858

 

Wesco Aircraft Holdings, Inc. *

 

                                             37,086

 

 

 

 

 

 

 

TELECOMMUNICATIONS - 1.9 %

 

 

2,328

 

8x8, Inc. *

 

                                             18,810

1,212

 

ADTRAN, Inc.

 

                                             27,343

664

 

Atlantic Tele-Network, Inc.

 

                                             38,512

640

 

CalAmp Corp. *

 

                                             13,862

2,427

 

Consolidated Communications Holdings, Inc.

 

                                             53,976

1,712

 

Ixia *

 

                                             19,568

1,036

 

NETGEAR, Inc. *

 

                                             36,022

837

 

NeuStar, Inc. ^

 

                                             21,779

832

 

Plantronics, Inc.

 

                                             39,978

430

 

RigNet, Inc. *

 

                                             23,143

829

 

Shenandoah Telecommunications Co.

 

                                             25,251

5,086

 

Vonage Holdings Corp. *

 

                                             19,072

1,476

 

West Corp.

 

                                             39,557

 

 

 

 

                                          376,873

 

 

TEXTILES - 0.4 %

 

 

698

 

G&K Services, Inc.

 

                                             36,345

369

 

UniFirst Corp.

 

                                             39,114

 

 

 

 

                                             75,459

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP U.S. SMALL CAP 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

TRANSPORTATION - 3.6 %

 

 

687

 

Atlas Air Worldwide Holdings, Inc. *

 

 $                                         25,316

579

 

Bristow Group, Inc.

 

                                             46,679

1,355

 

CAI International, Inc. * ^

 

                                             29,824

1,378

 

Celadon Group, Inc. ^

 

                                             29,379

791

 

Con-way, Inc.

 

                                             39,874

1,275

 

Era Group, Inc. *

 

                                             36,567

1,062

 

Forward Air Corp.

 

                                             50,817

1,568

 

Heartland Express, Inc. ^

 

                                             33,461

1,008

 

Hub Group, Inc. - Cl. A *

 

                                             50,803

2,266

 

Knight Transportation, Inc.

 

                                             53,863

919

 

Landstar System, Inc.

 

                                             58,816

1,904

 

Marten Transport Ltd.

 

                                             42,554

1,202

 

Matson, Inc.

 

                                             32,262

1,214

 

Roadrunner Transportation Systems, Inc. * ^

 

                                             34,113

736

 

Saia, Inc. *

 

                                             32,332

896

 

Tidewater, Inc.

 

                                             50,310

2,250

 

Werner Enterprises, Inc.

 

                                             59,647

 

 

 

 

                                          706,617

 

 

TRUCKING & LEASING - 0.4 %

 

 

569

 

GATX Corp.

 

                                             38,089

800

 

TAL International Group, Inc. ^

 

                                             35,488

 

 

 

 

                                             73,577

 

 

WATER - 0.2 %

 

 

1,278

 

American States Water Co.

 

                                             42,468

 

 

 

 

 

 

 

TOTAL COMMON STOCK (Cost - $17,596,683)

 

                                     19,285,046

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS - 1.6 %

 

 

 

 

MONEY MARKET FUND - 1.6 %

 

 

321,978

 

AIM STIT - Liquid Assets Portfolio, Institutional Class, 0.07% **

 

                                          321,978

 

 

TOTAL SHORT-TERM INVESTMENTS (Cost - $321,978)

 

 

 

 

 

 

 

 

 

COLLATERAL FOR SECURITIES LOANED - 12.3 %

 

2,418,181

 

Mount Vernon Securities Lending Prime Portfolio, 0.19%

 

                                       2,418,181

 

 

TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $2,418,181)

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS - 111.9 % (Cost- $20,336,842) (a)

 

 $                                  22,025,205

 

 

LIABILITIES IN EXCESS OF OTHER ASSETS - (11.9) %

                                     (2,346,426)

 

 

NET ASSETS - 100.0 %

 

 $                                  19,678,779

 

 

 

 

 

*   Non-income producing security.

 

 

** Money market fund; interest rate reflects seven day effective yield on June 30, 2014.

 

^ All or a portion of this security is on loan. The market value of the loaned security is $2,338,287.

 

(a) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes (excluding futures contracts) is $20,338,989

      and differs from value by net unrealized appreciation/(depreciation) on securities as follows:

 

 

Unrealized appreciation

 

 $                                    2,021,483

 

Unrealized depreciation

 

                                        (335,267)

 

Net unrealized appreciation

 

 $                                    1,686,216

 

 

 

 

 

 

 

 

 

 

Number of

 

 

Underlying Face Amount

Unrealized

Contracts

 

 

at Value

Appreciation

 

 

LONG FUTURES CONTRACTS - 0.0 %

 

 

 

 

Equity Futures - 0.0 %

 

 

3

 

Russell Mini Future, Sep 2014

 $                                                357,090

 $                                            6,652

 

 

TOTAL LONG FUTURES CONTRACTS

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP INTERNATIONAL 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

COMMON STOCK - 99.0 %

 

 

 

 

ADVERTISING - 0.5

 

 

1,656

 

JCDecaux SA

 

 $                                61,773

758

 

Publicis Groupe SA

 

                                    64,271

3,362

 

WPP PLC

 

                                    73,255

 

 

 

 

                                 199,299

 

 

AEROSPACE/DEFENSE - 1.2 %

 

 

888

 

Airbus Group

 

                                    59,491

11,000

 

IHI Corp.

 

                                    51,249

8,555

 

Meggitt PLC

 

                                    74,036

1,172

 

Safran SA

 

                                    76,712

1,306

 

Thales SA

 

                                    78,975

2,550

 

Zodiac Aerospace

 

                                    86,290

 

 

 

 

                                 426,753

 

 

AGRICULTURE - 0.5 %

 

 

1,712

 

British American Tobacco PLC

 

                                 101,837

1,935

 

Japan Tobacco, Inc.

 

                                    70,536

 

 

 

 

                                 172,373

 

 

AIRLINES - 0.5 %

 

 

1,300

 

Japan Airlines Co. Ltd.

 

                                    71,859

13,000

 

Singapore Airlines Ltd.

 

                                 108,133

 

 

 

 

                                 179,992

 

 

APPAREL - 1.3 %

 

 

2,405

 

Burberry Group PLC

 

                                    61,000

360

 

Christian Dior SA

 

                                    71,604

239

 

Hermes International

 

                                    88,172

779

 

Hugo Boss AG

 

                                 116,395

377

 

LVMH Moet Hennessy Louis Vuitton SA

 

                                    72,663

6,752

 

Prada SpA

 

                                    47,785

 

 

 

 

                                 457,619

 

 

AUTO MANUFACTURERS - 2.4 %

 

 

684

 

Bayerische Motoren Werke AG

 

                                    86,723

30,000

 

Brilliance China Automotive Holdings Ltd

 

                                    56,282

3,053

 

Daihatsu Motor Co. Ltd.

 

                                    54,274

737

 

Daimler AG

 

                                    69,007

1,763

 

Fuji Heavy Industries Ltd.

 

                                    48,813

2,636

 

Hino Motors Ltd.

 

                                    36,297

1,802

 

Honda Motor Co. Ltd.

 

                                    62,913

7,319

 

Isuzu Motors Ltd.

 

                                    48,403

10,000

 

Mazda Motor Corp.

 

                                    46,886

6,543

 

Nissan Motor Co. Ltd.

 

                                    62,065

521

 

Renault SA

 

                                    47,092

1,871

 

Suzuki Motor Corp.

 

                                    58,599

1,161

 

Toyota Motor Corp.

 

                                    69,722

406

 

Volkswagen AG

 

                                 104,930

 

 

 

 

                                 852,006

 

 

AUTO PARTS & EQUIPMENT - 2.2 %

 

 

1,490

 

Aisin Seiki Co. Ltd.

 

                                    59,271

902

 

Autoliv, Inc.

 

                                    96,135

1,487

 

Bridgestone Corp.

 

                                    52,033

545

 

Cie Generale des Etablissements Michelin

 

                                    65,100

281

 

Continental AG

 

                                    65,065

1,161

 

Denso Corp.

 

                                    55,408

10,048

 

GKN PLC

 

                                    62,399

800

 

Magna International, Inc.

 

                                    86,231

2,000

 

NGK Insulators Ltd.

 

                                    45,405

3,049

 

Pirelli & C. SpA

 

                                    48,917

3,304

 

Sumitomo Electric Industries Ltd.

 

                                    46,473

1,305

 

Toyota Industries Corp.

 

                                    67,369

378

 

Valeo SA

 

                                    50,756

 

 

 

 

                                 800,562

 

 

BANKS - 8.5 %

 

 

2,697

 

Australia & New Zealand Banking Group Ltd.

 

                                    84,811

7,428

 

Banco Santander SA

 

                                    77,583

12,374

 

Bank Hapoalim BM

 

                                    71,589

18,000

 

Bank of East Asia Ltd.

 

                                    74,668

1,800

 

Bank of Montreal

 

                                 132,635

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP INTERNATIONAL 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

BANKS (Continued) - 8.5 %

 

 

1,900

 

Bank of Nova Scotia

 

 $                              126,845

11,418

 

Bank of Yokohama Ltd.

 

                                    65,706

5,303

 

Bankinter SA

 

                                    41,487

826

 

BNP Paribas SA

 

                                    56,021

34,000

 

BOC Hong Kong Holdings Ltd.

 

                                    98,487

7,655.00

 

CaixaBank SA

 

                                    47,229

1,500

 

Canadian Imperial Bank of Commerce

 

                                 136,655

1,215

 

Commonwealth Bank of Australia

 

                                    92,688

2,114

 

Credit Suisse Group AG

 

                                    60,448

2,462

 

Danske Bank

 

                                    69,571

8,616

 

DBS Group Holdings Ltd.

 

                                 115,760

3,537

 

DNB ASA

 

                                    64,696

7,000

 

Hang Seng Bank Ltd.

 

                                 114,344

9,211

 

HSBC Holdings PLC

 

                                    93,403

10,397

 

Mitsubishi UFJ Financial Group, Inc.

 

                                    63,730

32,745

 

Mizuho Financial Group, Inc.

 

                                    67,229

2,590

 

National Australia Bank Ltd.

 

                                    80,078

3,000

 

National Bank of Canada

 

                                 127,421

7,528

 

Natixis

 

                                    48,248

4,910

 

Nordea Bank AB

 

                                    69,202

14,769

 

Oversea-Chinese Banking Corp. Ltd.

 

                                 113,134

12,990

 

Resona Holdings, Inc.

 

                                    75,650

1,800

 

Royal Bank of Canada

 

                                 128,716

5,035

 

Skandinaviska Enskilda Banken AB - Cl. A

 

                                    67,202

3,224

 

Standard Chartered PLC

 

                                    65,837

1,339

 

Sumitomo Mitsui Financial Group, Inc.

 

                                    56,092

10,024

 

Sumitomo Mitsui Trust Holdings, Inc.

 

                                    45,811

1,395

 

Svenska Handelsbanken AB - Cl. A

 

                                    68,200

2,337

 

Swedbank AB - Cl. A

 

                                    61,894

2,800

 

Toronto-Dominion Bank

 

                                 144,257

5,753

 

United Overseas Bank Ltd.

 

                                 103,920

2,513

 

Westpac Banking Corp.

 

                                    80,304

 

 

 

 

                              3,091,551

 

 

BEVERAGES - 1.7 %

 

 

700

 

Anheuser-Busch InBev NV

 

                                    80,395

674

 

Carlsberg A/S

 

                                    72,582

2,422

 

Coca-Cola HBC AG *

 

                                    55,590

34

 

Coca Cola, Inc. *

 

                                         780

2,561

 

Diageo PLC

 

                                    81,732

1,148

 

Heineken NV

 

                                    82,394

4,400

 

Kirin Holdings Co. Ltd.

 

                                    63,540

656

 

Pernod Ricard SA

 

                                    78,754

1,530

 

SABMiller PLC

 

                                    88,656

 

 

 

 

                                 604,423

 

 

BIOTECHNOLOGY - 0.2 %

 

 

1,096

 

CSL Ltd.

 

                                    68,796

 

 

 

 

 

 

 

BUILDING MATERIALS - 1.4 %

 

 

1,052

 

Compagnie de Saint-Gobain

 

                                    59,339

800

 

Daikin Industries Ltd.

 

                                    50,475

221

 

Geberit AG

 

                                    77,571

872

 

Holcim Ltd.

 

                                    76,640

831

 

Imerys SA

 

                                    70,005

748

 

Lafarge SA

 

                                    64,918

1,900

 

LIXIL Group Corp.

 

                                    51,274

17

 

Sika AG

 

                                    69,503

 

 

 

 

                                 519,725

 

 

CHEMICALS - 4.1 %

 

 

700

 

Agrium, Inc.

 

                                    64,213

757

 

Air Liquide SA

 

                                 102,175

618

 

Arkema SA

 

                                    60,132

8,390

 

Asahi Kasei Corp.

 

                                    64,182

718

 

BASF SE

 

                                    83,573

444

 

Brenntag AG

 

                                    79,317

208

 

EMS-Chemie Holding AG

 

                                    83,022

1,809

 

Evonik Industries AG

 

                                    71,938

50

 

Givaudan SA

 

                                    83,380

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP INTERNATIONAL 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

CHEMICALS (Continued) - 4.1 %

 

 

4,138

 

Israel Chemicals Ltd.

 

 $                                35,476

1,531

 

Johnson Matthey PLC

 

                                    81,173

925

 

Koninklijke DSM NV

 

                                    67,351

465

 

Linde AG

 

                                    98,854

12,700

 

Mitsubishi Chemical Holdings Corp.

 

                                    56,286

671

 

Nitto Denko Corp.

 

                                    31,441

1,595

 

Novozymes A/S - Cl. B

 

                                    79,980

1,300

 

Potash Corp of Saskatchewan, Inc.

 

                                    49,506

1,094

 

Shin-Etsu Chemical Co. Ltd.

 

                                    66,497

457

 

Solvay SA

 

                                    78,636

212

 

Syngenta AG

 

                                    78,953

1,464

 

Yara International ASA

 

                                    73,342

 

 

 

 

                              1,489,427

 

 

COMMERCIAL SERVICES - 3.2 %

 

 

4,074

 

Abertis Infraestructuras SA

 

                                    93,720

718

 

Adecco SA

 

                                    59,098

1,978

 

Aggreko PLC

 

                                    55,819

3,274

 

Ashtead Group PLC

 

                                    48,996

2,757

 

Atlantia SpA

 

                                    78,576

3,982

 

Babcock International Group PLC

 

                                    79,137

7,817

 

Brambles Ltd.

 

                                    67,758

3,391

 

Bunzl PLC

 

                                    94,070

2,573

 

Bureau Veritas SA

 

                                    71,395

4,075

 

Capita PLC

 

                                    79,800

6,000

 

Dai Nippon Printing Co. Ltd.

 

                                    62,659

1,914

 

Edenred

 

                                    58,022

1,665

 

Intertek Group PLC

 

                                    78,282

1,000

 

Secom Co. Ltd.

 

                                    61,100

37

 

SGS SA

 

                                    88,651

790

 

Sodexo

 

                                    84,946

 

 

 

 

                              1,162,029

 

 

COMPUTERS - 0.8 %

 

 

872

 

AtoS

 

                                    72,624

880

 

Cap Gemini SA

 

                                    62,761

1,600

 

CGI Group, Inc. *

 

                                    56,787

448

 

Gemalto NV

 

                                    46,424

1,600

 

Nomura Research Institute Ltd.

 

                                    50,380

 

 

 

 

                                 288,976

 

 

COSMETICS - 0.8 %

 

 

955

 

Beiersdorf AG

 

                                    92,387

1,762

 

Kao Corp.

 

                                    69,343

471

 

L'Oreal SA

 

                                    81,142

1,000

 

Unicharm Corp.

 

                                    59,589

 

 

 

 

                                 302,461

 

 

DISTRIBUTION/WHOLESALE - 1.4 %

 

 

5,085

 

ITOCHU Corp.

 

                                    65,300

1,423

 

Jardine Cycle & Carriage Ltd.

 

                                    50,519

42,000

 

Li & Fung Ltd.

 

                                    62,212

9,597

 

Marubeni Corp.

 

                                    70,194

3,940

 

Mitsubishi Corp.

 

                                    81,942

4,773

 

Mitsui & Co. Ltd.

 

                                    76,511

5,246

 

Sumitomo Corp.

 

                                    70,837

1,809

 

Toyota Tsusho Corp.

 

                                    52,015

 

 

 

 

                                 529,530

 

 

DIVERSIFIED FINANCIAL SERVICES - 3.3 %

 

 

6,189

 

Aberdeen Asset Management PLC

 

                                    48,046

2,710

 

ASX Ltd.

 

                                    91,098

2,800

 

CI Financial Corp.

 

                                    92,098

5,000

 

Daiwa Securities Group, Inc.

 

                                    43,283

909

 

Deutsche Boerse AG

 

                                    70,529

2,267

 

Hargreaves Lansdown PLC

 

                                    48,000

5,671

 

Hong Kong Exchanges and Clearing Ltd.

 

                                 105,733

1,800

 

IGM Financial, Inc.

 

                                    86,284

8,569

 

Investec PLC

 

                                    78,993

1,400

 

Japan Exchange Group, Inc.

 

                                    34,478

1,471

 

Julius Baer Group Ltd.

 

                                    60,638

 

See accompanying notes to financial statements.

 

 

 

 

COMPASS EMP INTERNATIONAL 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

DIVERSIFIED FINANCIAL SERVICES (Continued) - 3.3 %

 

2,144

 

London Stock Exchange Group PLC

 

 $                                73,594

1,137

 

Macquarie Group Ltd.

 

                                    63,948

7,350

 

Nomura Holdings, Inc.

 

                                    52,018

21,083

 

Old Mutual PLC

 

                                    71,287

2,869

 

ORIX Corp.

 

                                    47,548

217

 

Partners Group Holding AG

 

                                    59,309

1,443

 

Schroders PLC

 

                                    61,847

 

 

 

 

                              1,188,731

 

 

ELECTRIC - 3.1 %

 

 

5,909

 

AGL Energy Ltd.

 

                                    86,276

20,000

 

China Resources Power Holdings Co. Ltd.

 

                                    56,772

19,000

 

CLP Holdings Ltd.

 

                                 155,917

18,330

 

EDP - Energias de Portugal SA

 

                                    91,937

1,610

 

Electricite de France SA

 

                                    50,690

1,897

 

Endesa SA

 

                                    73,360

3,366

 

Fortum OYJ

 

                                    90,357

12,753

 

Iberdrola SA

 

                                    97,466

10,500

 

Power Assets Holdings Ltd.

 

                                    91,787

800

 

Red Electrica Corp. SA

 

                                    73,154

3,762

 

SSE PLC

 

                                 100,823

18,712

 

Terna Spa

 

                                    98,668

2,898

 

Verbund AG

 

                                    56,114

 

 

 

 

                              1,123,321

 

 

ELECTRICAL COMPONENTS & EQUIPMENT - 0.5 %

 

 

6,739

 

Hitachi Ltd.

 

                                    49,357

1,310

 

Legrand SA

 

                                    80,132

702

 

Schneider Electric SE

 

                                    66,067

 

 

 

 

                                 195,556

 

 

ELECTRONICS - 1.0 %

 

 

2,061

 

Hoya Corp.

 

                                    68,476

72

 

Keyence Corp.

 

                                    31,409

1,230

 

Kyocera Corp.

 

                                    58,374

500

 

Murata Manufacturing Co. Ltd.

 

                                    46,792

1,100

 

Omron Corp.

 

                                    46,363

2,788

 

Rexel SA

 

                                    65,186

12,000

 

Toshiba Corp.

 

                                    56,026

 

 

 

 

                                 372,626

 

 

ENERGY-ALTERNATE SOURCES - 0.2 %

 

 

23,874

 

Enel Green Power SpA

 

                                    67,585

 

 

 

 

 

 

 

ENGINEERING & CONSTRUCTION - 2.4 %

 

 

790

 

Aeroports de Paris

 

                                 104,055

13,000

 

Cheung Kong Infrastructure Holdings Ltd.

 

                                    89,655

30,000

 

China State Construction International Holdings Ltd.

 

                                    52,643

3,754

 

Ferrovial SA

 

                                    83,583

1,182

 

Fraport AG Frankfurt Airport Services Worldwide

 

                                    83,491

612

 

Hochtief AG

 

                                    52,955

1,628

 

JGC Corp.

 

                                    49,462

23,913

 

SembCorp Industries Ltd.

 

                                 103,002

26,541

 

Singapore Technologies Engineering Ltd.

 

                                    80,898

3,869

 

Skanska AB

 

                                    88,185

1,007

 

Vinci SA

 

                                    75,265

 

 

 

 

                                 863,194

 

 

ENTERTAINMENT -  0.5 %

 

 

74,246

 

Genting Singapore PLC

 

                                    79,207

540

 

Oriental Land Co. Ltd.

 

                                    92,505

 

 

 

 

                                 171,712

 

 

ENVIRONMENTAL CONTROL - 0.1 %

 

 

24,000

 

China Everbright International Ltd.

 

                                    34,311

 

 

 

 

 

 

 

FOOD - 5.5 %

 

 

1,091

 

Aryzta AG *

 

                                 103,331

1,494

 

Associated British Foods PLC

 

                                    77,908

66

 

Barry Callebaut AG *

 

                                    89,672

1,639

 

Carrefour SA

 

                                    60,443

615

 

Casino Guichard Perrachon SA

 

                                    81,519

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP INTERNATIONAL 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

FOOD (Continued) - 5.5 %

 

 

1,177

 

Colruyt SA

 

 $                                59,775

9,000

 

Dairy Farm International Holdings Ltd.

 

                                    95,940

1,216

 

Danone SA

 

                                    90,287

668

 

Delhaize Group SA

 

                                    45,182

1,200

 

George Weston Ltd.

 

                                    88,637

2,126

 

ICA Gruppen AB

 

                                    72,353

14,850

 

J Sainsbury PLC

 

                                    80,131

3,441

 

Jeronimo Martins SGPS SA

 

                                    56,595

3,682

 

Koninklijke Ahold NV

 

                                    69,102

2

 

Lindt & Spruengli AG

 

                                 123,531

3,033

 

Loblaw Cos. Ltd.

 

                                 135,540

1,391

 

Nestle SA

 

                                 107,748

1,900

 

Saputo, Inc.

 

                                 113,989

1,726

 

Seven & I Holdings Co. Ltd.

 

                                    72,713

2,208

 

Unilever PLC

 

                                 100,111

31,022

 

Wilmar International Ltd.

 

                                    79,378

18,676

 

WM Morrison Supermarkets PLC

 

                                    58,581

2,827

 

Woolworths Ltd.

 

                                    93,912

917

 

Yakult Honsha Co Ltd.

 

                                    46,434

 

 

 

 

                              2,002,812

 

 

FOOD SERVICE - 0.3 %

 

 

6,066

 

Compass Group PLC

 

                                 105,510

 

 

 

 

 

 

 

FOREST PRODUCTS - 0.4 %

 

 

2,898

 

Mondi PLC

 

                                    52,638

1,870

 

Smurfit Kappa Group PLC

 

                                    42,724

2,231

 

Svenska Cellulosa AB SCA

 

                                    58,053

 

 

 

 

                                 153,415

 

 

GAS - 2.4 %

 

 

5,000

 

Beijing Enterprises Holdings Ltd.

 

                                    47,321

2,200

 

Canadian Utilities Ltd.

 

                                    82,583

14,932

 

Centrica PLC

 

                                    79,832

28,000

 

China Gas Holdings Ltd.

 

                                    58,093

16,000

 

China Resources Gas Group Ltd.

 

                                    50,372

2,365

 

Enagas SA

 

                                    76,080

2,364

 

Gas Natural SDG SA

 

                                    74,640

48,300

 

Hong Kong & China Gas Co. Ltd.

 

                                 105,695

8,443

 

National Grid PLC

 

                                 121,297

15,476

 

Snam SpA

 

                                    93,214

14,087

 

Tokyo Gas Co. Ltd.

 

                                    82,317

 

 

 

 

                                 871,444

 

 

HAND/MACHINE TOOLS - 0.7 %

 

 

813

 

Makita Corp.

 

                                    50,236

4,235

 

Sandvik AB

 

                                    57,790

508

 

Schindler Holding AG

 

                                    77,211

198

 

SMC Corp.

 

                                    52,984

 

 

 

 

                                 238,221

 

 

HEALTHCARE PRODUCTS - 1.2 %

 

 

762

 

Coloplast A/S - Cl. B

 

                                    68,892

684

 

Essilor International SA

 

                                    72,519

2,015

 

Getinge AB - Cl. B

 

                                    52,884

1,359

 

Luxottica Group SpA

 

                                    78,636

6,872

 

Smith & Nephew PLC

 

                                 122,116

2,232

 

Terumo Corp.

 

                                    49,901

 

 

 

 

                                 444,948

 

 

HEALTHCARE SERVICES - 0.5 %

 

 

986

 

Fresenius Medical Care AG & Co. KGaA

 

                                    66,259

511

 

Fresenius SE & Co. KGaA

 

                                    76,176

1,314

 

Ramsay Health Care Ltd.

 

                                    56,391

 

 

 

 

                                 198,826

 

 

HOLDINGS COMPANIES - 1.8 %

 

 

99

 

Bollore SA

 

                                    64,237

14,000

 

China Merchants Holdings International Co. Ltd.

 

                                    43,714

1,415

 

GEA Group AG

 

                                    66,981

6,000

 

Hutchison Whampoa Ltd.

 

                                    82,061

800

 

Jardine Matheson Holdings Ltd.

 

                                    47,448

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP INTERNATIONAL 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

HOLDINGS COMPANIES (Continued) - 1.8 %

 

 

1,500

 

Jardine Strategic Holdings Ltd.

 

 $                                53,595

12,838

 

Keppel Corp. Ltd.

 

                                 111,111

8,500

 

Swire Pacific Ltd.

 

                                 104,628

9,000

 

Wharf Holdings Ltd.

 

                                    64,797

 

 

 

 

                                 638,572

 

 

HOME BUILDERS - 0.8 %

 

 

6,284

 

Barratt Developments PLC

 

                                    40,164

3,000

 

Daiwa House Industry Co. Ltd.

 

                                    62,185

2,132

 

Persimmon PLC

 

                                    46,418

4,649

 

Sekisui House Ltd.

 

                                    63,740

23,710

 

Taylor Wimpey PLC

 

                                    46,228

 

 

 

 

                                 258,735

 

 

HOME FURNISHINGS - 0.1 %

 

 

14,000

 

Haier Electronics Group Co. Ltd.

 

                                    36,579

 

 

 

 

 

 

 

HOUSEHOLD PRODUCTS - 0.2 %

 

 

948

 

Reckitt Benckiser Group PLC

 

                                    82,690

 

 

 

 

 

 

 

INSURANCE - 6.8 %

 

 

3,053

 

Admiral Group PLC

 

                                    80,882

7,670

 

Aegon NV

 

                                    66,924

1,779

 

Ageas

 

                                    70,952

15,200

 

AIA Group Ltd.

 

                                    76,389

468

 

Allianz SE

 

                                    77,967

14,611

 

AMP Ltd.

 

                                    73,040

2,440

 

AXA SA

 

                                    58,302

3,281

 

CNP Assurances

 

                                    68,089

17,410

 

Direct Line Insurance Group PLC

 

                                    80,337

3,128

 

Gjensidige Forsikring ASA

 

                                    56,093

3,400

 

Great-West Lifeco, Inc.

 

                                    96,295

1,070

 

Hannover Rueckversicherung SE

 

                                    96,393

13,521

 

Insurance Australia Group Ltd.

 

                                    74,478

20,056

 

Legal & General Group PLC

 

                                    77,316

3,900

 

Manulife Financial Corp.

 

                                    77,627

14,095

 

Mapfre SA

 

                                    56,167

5,211

 

Mediolanum SpA

 

                                    40,161

402

 

Muenchener Rueckversicherungs AG

 

                                    89,093

1,900

 

NKSJ Holdings, Inc.

 

                                    51,162

3,600

 

Power Corp. of Canada

 

                                 100,169

3,100

 

Power Financial Corp.

 

                                    96,613

2,805

 

Prudential PLC

 

                                    64,333

1,603

 

Sampo - Cl. A

 

                                    81,081

2,726

 

SCOR SE

 

                                    93,738

3,367

 

Sony Financial Holdings, Inc.

 

                                    57,429

5,009

 

St. James's Place PLC

 

                                    65,280

10,776

 

Standard Life PLC

 

                                    68,947

958

 

Swiss Re AG

 

                                    85,225

3,600

 

T&D Holdings, Inc.

 

                                    48,931

2,577

 

Talanx AG

 

                                    90,449

1,800

 

Tokio Marine Holdings, Inc.

 

                                    59,200

1,212

 

Vienna Insurance Group AG

 

                                    64,854

327

 

Zurich Insurance Group AG

 

                                    98,554

 

 

 

 

                              2,442,470

 

 

INTERNET - 0.5 %

 

 

382

 

ASOS PLC *

 

                                    19,339

178

 

Iliad SA

 

                                    53,789

1,499

 

United Internet AG

 

                                    66,023

6,500

 

Yahoo Japan Corp.

 

                                    30,027

 

 

 

 

                                 169,178

 

 

INVESTMENT COMPANIES - 0.5 %

 

 

1,413

 

Exor SpA

 

                                    58,008

1,187

 

Pargesa Holding SA

 

                                 106,601

 

 

 

 

                                 164,609

 

 

IRON/STEEL - 0.6 %

 

 

8,538

 

Fortescue Metals Group Ltd.

 

                                    35,031

2,400

 

JFE Holdings, Inc.

 

                                    49,535

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP INTERNATIONAL 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

IRON/STEEL (Continued) - 0.6 %

 

 

19,000

 

Nippon Steel & Sumitomo Metal Corp.

 

 $                                60,764

1,445

 

Voestalpine AG

 

                                    68,748

 

 

 

 

                                 214,078

 

 

LEISURE TIME - 0.2 %

 

 

653

 

Shimano, Inc.

 

                                    72,448

 

 

 

 

 

 

 

LODGING - 1.1 %

 

 

12,124

 

City Developments Ltd.

 

                                    99,485

3,563

 

Crown Resorts Ltd.

 

                                    50,813

4,000

 

Galaxy Entertainment Group Ltd.

 

                                    31,999

2,168

 

Intercontinental Hotels Group PLC

 

                                    89,769

15,000

 

SJM Holdings Ltd.

 

                                    37,586

1,007

 

Whitbread PLC

 

                                    75,934

 

 

 

 

                                 385,586

 

 

MACHINERY CONSTRUCTION & MINING - 0.5 %

 

2,192

 

Atlas Copco AB - Cl. B

 

                                    63,263

2,470

 

Komatsu Ltd.

 

                                    57,343

3,679

 

Mitsubishi Electric Corp.

 

                                    45,393

 

 

 

 

                                 165,999

 

 

MACHINERY-DIVERSIFIED - 1.5 %

 

 

1,736

 

Alstom SA

 

                                    63,272

297

 

FANUC Corp.

 

                                    51,215

1,717

 

Hexagon AB - Cl. B

 

                                    55,277

12,000

 

Kawasaki Heavy Industries Ltd.

 

                                    45,721

1,640

 

Kone OYJ - Cl. B

 

                                    68,427

3,558

 

Kubota Corp.

 

                                    50,432

8,000

 

Mitsubishi Heavy Industries Ltd.

 

                                    49,906

1,576

 

Weir Group PLC

 

                                    70,593

5,168

 

Zardoya Otis SA

 

                                    91,968

 

 

 

 

                                 546,811

 

 

MEDIA - 1.8 %

 

 

840

 

Axel Springer AG

 

                                    51,687

3,915

 

British Sky Broadcasting Group PLC

 

                                    60,530

4,475

 

Daily Mail & General Trust PLC

 

                                    63,678

18,492

 

ITV PLC

 

                                    56,359

935

 

ProSiebenSat.1 Media AG

 

                                    41,642

4,406

 

Reed Elsevier NV

 

                                 101,026

6,502

 

Reed Elsevier PLC

 

                                 104,531

3,400

 

Shaw Communications Inc

 

                                    87,345

3,337

 

Wolters Kluwer NV

 

                                    98,761

 

 

 

 

                                 665,559

 

 

METAL FABRICATE - 0.3 %

 

 

1,459

 

Assa Abloy AB - Cl. B

 

                                    74,142

981

 

Vallourec SA

 

                                    43,919

 

 

 

 

                                 118,061

 

 

MINING - 1.1 %

 

 

3,128

 

Antofagasta PLC

 

                                    40,819

2,279

 

BHP Billiton Ltd.

 

                                    77,169

2,300

 

Cameco Corp.

 

                                    45,175

2,400

 

First Quantum Minerals Ltd.

 

                                    51,396

2,213

 

Orica Ltd.

 

                                    40,661

1,300

 

Silver Wheaton Corp.

 

                                    34,257

3,908

 

Sumitomo Metal Mining Co. Ltd.

 

                                    63,455

2,000

 

Teck Resources Ltd.

 

                                    45,739

 

 

 

 

                                 398,671

 

 

MISCELLANEOUS MANUFACTURING - 1.2 %

 

 

2,398

 

Alfa Laval AB

 

                                    61,718

1,776

 

FUJIFILM Holdings Corp.

 

                                    49,523

2,509

 

IMI PLC

 

                                    63,809

2,500

 

Nikon Corp.

 

                                    39,359

592

 

Siemens AG

 

                                    78,162

3,312

 

Smiths Group PLC

 

                                    73,469

1,077

 

Wartsila OYJ Abp

 

                                    53,399

 

 

 

 

                                 419,439

 

 

OFFICE/BUSINESS EQUIPMENT - 0.3 %

 

 

2,383

 

Canon, Inc.

 

                                    77,528

4,000

 

Ricoh Co. Ltd.

 

                                    47,656

 

 

 

 

                                 125,184

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP INTERNATIONAL 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

OIL & GAS - 3.8 %

 

 

3,100

 

ARC Resources Ltd.

 

 $                                94,519

3,190

 

BG Group PLC

 

                                    67,380

12,899

 

BP PLC

 

                                 113,593

2,000

 

Canadian Natural Resources Ltd.

 

                                    92,023

5,200

 

Canadian Oil Sands Ltd.

 

                                 117,996

1,423

 

Fuchs Petrolub SE

 

                                    60,601

2,900

 

Husky Energy, Inc.

 

                                    93,673

2,000

 

Imperial Oil Ltd.

 

                                 105,537

4,700

 

Inpex Corp.

 

                                    71,444

12,000

 

JX Holdings, Inc.

 

                                    64,199

24,000

 

Kunlun Energy Co. Ltd.

 

                                    39,575

8,849

 

Oil Search Ltd.

 

                                    80,709

5,572

 

Santos Ltd.

 

                                    74,944

2,845

 

Statoil ASA

 

                                    87,380

1,469

 

Total SA

 

                                 106,136

2,562

 

Woodside Petroleum Ltd.

 

                                    99,245

 

 

 

 

                              1,368,954

 

 

OIL & GAS SERVICES - 0.3 %

 

 

1,896

 

Petrofac Ltd.

 

                                    39,010

530

 

Technip SA

 

                                    57,962

 

 

 

 

                                    96,972

 

 

PACKAGING - 0.2 %

 

 

8,109

 

Amcor Ltd.

 

                                    79,773

 

 

 

 

 

 

 

PHARMACEUTICALS - 4.5 %

 

 

647

 

Actelion Ltd.

 

                                    81,851

1,541

 

AstraZeneca PLC

 

                                 114,397

578

 

Bayer AG

 

                                    81,615

2,171

 

Chugai Pharmaceutical Co. Ltd.

 

                                    61,181

3,400

 

Daiichi Sankyo Co. Ltd.

 

                                    63,429

2,096

 

Eisai Co. Ltd.

 

                                    87,804

70

 

Galenica AG

 

                                    68,350

3,840

 

GlaxoSmithKline PLC

 

                                 102,717

1,094

 

Grifols SA

 

                                    59,776

842

 

Merck KGaA

 

                                    73,064

5,973

 

Mitsubishi Tanabe Pharma Corp.

 

                                    89,439

1,342

 

Novartis AG

 

                                 121,505

1,433

 

Novo Nordisk A/S - Cl. B

 

                                    65,936

450

 

Ono Pharmaceutical Co. Ltd.

 

                                    39,621

2,059

 

Otsuka Holdings Co. Ltd.

 

                                    63,817

311

 

Roche Holding AG

 

                                    92,749

700

 

Sanofi

 

                                    74,339

2,555

 

Shionogi & Co. Ltd.

 

                                    53,314

1,291

 

Shire PLC

 

                                 100,905

884

 

Taisho Pharmaceutical Holdings Co. Ltd.

 

                                    64,483

794

 

UCB SA

 

                                    67,203

 

 

 

 

                              1,627,495

 

 

PIPELINES - 0.6 %

 

 

2,600

 

Pembina Pipeline Corp.

 

                                 112,018

2,400

 

TransCanada Corp.

 

                                 114,707

 

 

 

 

                                 226,725

 

 

REAL ESTATE - 3.9 %

 

 

2,200

 

Brookfield Asset Management, Inc.

 

                                    97,055

38,776

 

CapitaLand Ltd.

 

                                    99,529

5,000

 

Cheung Kong Holdings Ltd.

 

                                    88,706

20,000

 

China Overseas Land & Investment Ltd.

 

                                    48,514

22,000

 

China Resources Land Ltd.

 

                                    40,251

678

 

Daito Trust Construction Co. Ltd.

 

                                    79,706

30,199

 

Global Logistic Properties Ltd.

 

                                    65,403

23,000

 

Hang Lung Properties Ltd.

 

                                    70,926

15,300

 

Henderson Land Development Co. Ltd.

 

                                    89,526

12,000

 

Hongkong Land Holdings Ltd.

 

                                    80,040

2,800

 

Hulic Co. Ltd.

 

                                    36,897

2,572

 

Mitsubishi Estate Co. Ltd.

 

                                    63,494

1,571

 

Mitsui Fudosan Co. Ltd.

 

                                    52,971

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP INTERNATIONAL 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

REAL ESTATE (Continued) - 3.9 %

 

 

57,000

 

New World Development Co. Ltd.

 

 $                                64,867

20,500

 

Shimao Property Holdings Ltd. *

 

                                    37,666

48,000

 

Sino Land Co. Ltd.

 

                                    79,027

1,417

 

Sumitomo Realty & Development Co. Ltd.

 

                                    60,801

8,000

 

Sun Hung Kai Properties Ltd.

 

                                 109,725

25,000

 

Swire Properties Ltd.

 

                                    73,062

17,000

 

Wheelock & Co. Ltd.

 

                                    70,959

 

 

 

 

                              1,409,125

 

 

RETAIL - 3.5 %

 

 

2,500

 

Alimentation Couche Tard, Inc.

 

                                    68,576

36,000

 

Belle International Holdings Ltd.

 

                                    39,947

900

 

Canadian Tire Corp. Ltd.

 

                                    86,461

20,000

 

China Resources Enterprise Ltd.

 

                                    55,482

24,600

 

Chow Tai Fook Jewellery Group Ltd.

 

                                    37,581

720

 

Cie Financiere Richemont SA

 

                                    75,540

100

 

Fast Retailing Co. Ltd.

 

                                    32,899

1,587

 

Hennes & Mauritz AB - Cl. B

 

                                    69,261

520

 

Inditex SA

 

                                    80,009

10,953

 

Kingfisher PLC

 

                                    67,251

1,074

 

Lawson, Inc.

 

                                    80,569

827

 

Lululemon Athletica, Inc. *

 

                                    33,477

8,255

 

Marks & Spencer Group PLC

 

                                    60,032

687

 

Next PLC

 

                                    76,080

727

 

Pandora A/S

 

                                    55,730

3,571

 

Sports Direct International PLC *

 

                                    43,149

110

 

Swatch Group AG

 

                                    66,417

1,800

 

Tim Hortons, Inc.

 

                                    98,598

2,099

 

Travis Perkins PLC

 

                                    58,803

2,260

 

Wesfarmers Ltd.

 

                                    89,187

 

 

 

 

                              1,275,049

 

 

SEMICONDUCTORS - 0.7 %

 

 

3,128

 

ARM Holdings PLC

 

                                    47,132

700

 

ASML Holding NV

 

                                    65,169

790

 

Avago Technologies Ltd.

 

                                    56,935

5,665

 

Infineon Technologies AG

 

                                    70,794

 

 

 

 

                                 240,030

 

 

SHIPBUILDING - 0.3 %

 

 

28,978

 

SembCorp Marine Ltd.

 

                                    95,299

 

 

 

 

 

 

 

SOFTWARE - 0.9 %

 

 

1,998

 

Amadeus IT Holding SA - Cl. A

 

                                    82,380

1,080

 

Check Point Software Technologies Ltd. * ^

 

                                    72,392

566

 

Dassault Systemes SA

 

                                    72,800

2,800

 

GungHo Online Entertainment, Inc.

 

                                    18,075

1,010

 

SAP AG

 

                                    77,978

 

 

 

 

                                 323,625

 

 

TELECOMMUNICATIONS - 4.1 %

 

 

2,600

 

BCE, Inc.

 

                                 118,093

1,937

 

Belgacom SA

 

                                    64,261

12,893

 

BT Group PLC

 

                                    84,874

10,000

 

China Mobile Ltd.

 

                                    97,028

52,000

 

China Unicom Hong Kong Ltd.

 

                                    80,379

2,282

 

Eutelsat Communications SA

 

                                    79,267

714

 

KDDI Corp.

 

                                    43,548

1,149

 

Nippon Telegraph & Telephone Corp.

 

                                    71,655

4,600

 

NTT DOCOMO, Inc.

 

                                    78,642

1,700

 

Rogers Communications, Inc.

 

                                    68,504

29,009

 

Singapore Telecommunications Ltd.

 

                                    89,584

579

 

Softbank Corp.

 

                                    43,109

9,283

 

TDC A/S

 

                                    96,046

5,133

 

Telefonica SA

 

                                    87,973

1,330

 

Telenet Group Holding NV *

 

                                    75,775

2,896

 

Telenor ASA

 

                                    65,954

10,860

 

TeliaSonera AB

 

                                    79,226

20,670

 

Telstra Corp. Ltd.

 

                                 101,574

2,000

 

TELUS Corp.

 

                                    74,643

 

 

 

 

                              1,500,135

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP INTERNATIONAL 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

TEXTILES - 0.2 %

 

 

9,842

 

Toray Industries, Inc.

 

 $                                64,700

 

 

 

 

 

 

 

TRANSPORTATION - 3.0 %

 

 

27

 

AP Moeller - Maersk A/S

 

                                    67,075

17,872

 

Aurizon Holdings Ltd.

 

                                    83,947

1,600

 

Canadian National Railway Co.

 

                                 104,204

400

 

Canadian Pacific Railway Ltd.

 

                                    72,564

514

 

Central Japan Railway Co.

 

                                    73,313

2,022

 

Deutsche Post AG

 

                                    73,101

13,000

 

Hankyu Hanshin Holdings, Inc.

 

                                    74,168

18,328

 

Kintetsu Corp.

 

                                    66,756

1,490

 

Koninklijke Vopak NV

 

                                    72,816

554

 

Kuehne + Nagel International AG

 

                                    73,708

27,000

 

MTR Corp. Ltd.

 

                                 103,990

9,664

 

Tokyo Corp.

 

                                    68,490

2,000

 

West Japan Railway Co.

 

                                    88,047

2,500

 

Yamato Holdings Co. Ltd.

 

                                    51,796

 

 

 

 

                              1,073,975

 

 

WATER - 0.9 %

 

 

54,000

 

Guangdong Investment Ltd.

 

                                    62,289

2,963

 

Severn Trent PLC

 

                                    97,906

3,479

 

Suez Environnement Co.

 

                                    66,578

6,903

 

United Utilities Group PLC

 

                                 104,131

 

 

 

 

                                 330,904

 

 

 

 

 

 

 

TOTAL COMMON STOCK  (Cost - $33,109,125)

 

                            35,795,164

 

 

 

 

 

 

 

WARRANTS - 0.0 %

 

 

666

 

Sun Hung Kai Properties Ltd. - Warrant *

 

                                         870

 

 

TOTAL WARRANTS (Cost - $110)

 

 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS - 3.3 %

 

 

 

 

MONEY MARKET FUND - 3.3 %

 

 

1,173,325

 

AIM STIT - Liquid Assets Portfolio, Institutional Class, 0.07% **

 

                              1,173,325

 

 

TOTAL SHORT-TERM INVESTMENTS (Cost - $1,173,325)

 

 

 

 

 

 

 

 

COLLATERAL FOR SECURITIES LOANED - 0.2 %

 

           71,208

 

Mount Vernon Securities Lending Prime Portfolio, 0.19%

 

                                    71,208

 

 

TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $71,208)

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS - 102.5 % (Cost - $34,353,768) (a)

 $                         37,040,567

 

 

LIABILITIES IN EXCESS OF OTHER ASSETS - (2.5) %

                               (890,802)

 

 

NET ASSETS - 100.0 %

 

 $                         36,149,765

 

 

 

 

 

*   Non-income producing security.

 

 

** Money market fund; interest rate reflects seven day effective yield on June 30, 2014.

 

^ All or a portion of this security is on loan. The market value of the loaned security is $69,175.

 

PLC - Public limited company.

 

 

(a) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes (excluding futures contracts) is $34,438,766

      and differs from value by net unrealized appreciation/(depreciation) on securities as follows:

 

 

Unrealized appreciation

 

 $                           3,180,342

 

Unrealized depreciation

 

                               (578,541)

 

Net unrealized appreciation

 

 $                           2,601,801

 

 

 

 

 

 

 

 

 

 

Number of

 

 

Underlying Face Amount

Unrealized

Contracts

 

 

at Value

Appreciation

 

 

LONG FUTURES CONTRACTS - 0.0%

 

 

 

 

Equity Futures - 0.0%

 

 

3

 

MSCI EAFE Index Mini, Sep 2014

 $                                                295,335

 $                                      225

 

 

TOTAL LONG FUTURES CONTRACTS

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP INTERNATIONAL 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

 

 

Portfolio Composition (Unaudited) *

 

 

 

Japan

17.5%

 

 

 

Britain

13.4%

 

 

 

Canada

10.4%

 

 

 

France

9.3%

 

 

 

Hong Kong

8.9%

 

 

 

Germany

6.3%

 

 

 

Switzerland

6.0%

 

 

 

Australia

4.9%

 

 

 

Singapore

3.9%

 

 

 

Spain

3.2%

 

 

 

Other Countries

16.1%

 

 

 

Total

100.0%

 

 

 

* Based on total value of investments.

 

 

 

 

Percentages may differ from Schedule of Investments which are based on Fund net assets.

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP EMERGING MARKET 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

COMMON STOCK - 88.2 %

 

 

 

 

ADVERTISING - 0.2 %

 

 

                 1,426

 

Cheil Worldwide, Inc. *

 

 $                                         32,132

 

 

 

 

 

 

 

AEROSPACE/DEFENSE - 0.5 %

 

 

                 1,215

 

Korea Aerospace Industries Ltd.

 

37,464

                 1,048

 

Samsung Techwin Co. Ltd.

 

54,894

 

 

 

 

                                             92,358

 

 

AGRICULTURE - 1.6 %

 

 

                 8,764

 

Astra Agro Lestari Tbk PT

 

20,794

                 2,970

 

British American Tobacco Malaysia Bhd

 

60,621

               39,277

 

Charoen Pokphand Indonesia Tbk PT

 

12,469

                 5,593

 

Gudang Garam Tbk PT

 

25,198

               30,153

 

IOI Corp. Bhd

 

49,300

                    737

 

KT&G Corp.

 

65,190

                 6,508

 

Kuala Lumpur Kepong Bhd

 

49,048

                 3,666

 

Souza Cruz SA

 

38,129

 

 

 

 

                                          320,749

 

 

AIRLINES - 0.3 %

 

 

               54,000

 

Air China Ltd.

 

31,632

               44,253

 

AirAsia BHD

 

31,698

 

 

 

 

                                             63,330

 

 

APPAREL - 0.7 %

 

 

                 2,000

 

Eclat Textile Co. Ltd.

 

24,223

               49,273

 

Far Eastern New Century Corp.

 

53,000

                         9

 

LPP SA

 

24,891

               25,317

 

Pou Chen Corp.

 

30,451

 

 

 

 

                                          132,565

 

 

AUTO MANUFACTURERS - 1.5 %

 

 

                 3,000

 

Byd Co. Ltd.

 

17,245

                 2,587

 

Ford Otomotiv Sanayi AS *

 

32,200

                 5,794

 

Great Wall Motor Co. Ltd. - H Shares

 

21,530

                    154

 

Hyundai Motor Co.

 

34,929

                    712

 

Kia Motors Corp.

 

39,828

                 3,556

 

Tofas Turk Otomobil Fabrikasi AS

 

22,047

               13,015

 

UMW Holdings Bhd

 

44,262

               27,466

 

Yulon Motor Co. Ltd.

 

44,660

                 2,651

 

Yulon Nissan Motor Co. Ltd.

 

33,881

 

 

 

 

                                          290,582

 

 

AUTO PARTS & EQUIPMENT - 1.1 %

 

 

               18,152

 

Cheng Shin Rubber Industry Co. Ltd.

 

46,399

                    715

 

Halla Climate Control Corp.

 

32,364

                    129

 

Hyundai Mobis

 

36,207

                    208

 

Hyundai Wia Corp.

 

40,291

                    237

 

Mando Corp.

 

29,747

                 9,306

 

Weichai Power Co. Ltd. - H Shares

 

35,962

 

 

 

 

                                          220,970

 

 

BANKS - 11.5 %

 

 

               97,369

 

Agricultural Bank of China Ltd. - H Shares

 

42,966

                 7,594

 

Akbank TAS

 

27,891

               28,664

 

AMMB Holdings Bhd

 

63,559

                 2,425

 

Banco Bradesco SA

 

35,423

             337,600

 

Banco de Chile

 

44,838

                    634

 

Banco de Credito e Inversiones

 

36,634

                 3,403

 

Banco do Brasil SA

 

38,297

             632,686

 

Banco Santander Chile

 

41,655

                 5,624

 

Bangkok Bank PLC

 

33,454

               28,901

 

Bank Central Asia Tbk PT

 

26,771

               62,236

 

Bank Danamon Indonesia Tbk PT

 

21,724

                    638

 

Bank Handlowy w Warszawie SA

 

25,155

               24,389

 

Bank Mandiri Persero Tbk PT

 

19,973

                 8,476

 

Bank Millennium SA

 

21,684

               49,008

 

Bank Negara Indonesia Persero Tbk PT

 

19,665

               24,100

 

Bank of Ayudhya PLC

 

34,539

             118,857

 

Bank of China Ltd. - H Shares

 

53,215

 

See accompanying notes to financial statements.

 

 

COMPASS EMP EMERGING MARKET 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

BANKS (Continued) - 11.5 %

 

 

               68,599

 

Bank of Communications Co. Ltd. - H Shares

 

 $                                         47,354

               17,925

 

Bank of the Philippine Islands

 

37,365

                    556

 

Bank Pekao SA

 

31,826

               25,977

 

Bank Rakyat Indonesia Persero Tbk PT

 

22,586

                    213

 

Bank Zachodni WBK SA

 

25,878

                 2,519

 

Barclays Africa Group Ltd.

 

38,251

               16,118

 

BDO Unibank, Inc.

 

34,521

             119,572

 

Chang Hwa Commercial Bank

 

74,010

               60,103

 

China Citic Bank Corp. Ltd. - H Shares

 

36,448

               64,952

 

China Construction Bank Corp. - H Shares

 

49,110

               19,936

 

China Merchants Bank Co. Ltd. - H Shares

 

39,305

               39,076

 

China Minsheng Banking Corp. Ltd. - H Shares

 

35,394

               83,894

 

Chongqing Rural Commercial Bank - H Shares

 

38,752

               23,806

 

CIMB Group Holdings Bhd

 

54,270

                 5,874

 

Commercial International Bank Egypt SAE

 

29,239

               15,213

 

Compartamos SAB de CV

 

29,383

         2,487,945

 

Corpbanca SA

 

30,693

               10,654

 

FirstRand Ltd.

 

40,821

                 5,036

 

Grupo Financiero Banorte SAB de CV - O Shares

 

36,012

               12,352

 

Grupo Financiero Inbursa SAB de CV - O Shares

 

36,814

               12,841

 

Grupo Financiero Santander Mexico SAB de CV - B Shares

 

34,046

               14,372

 

Hong Leong Bank Bhd

 

61,767

               71,155

 

Industrial & Commercial Bank of China Ltd. - H Shares

 

44,987

                 4,090

 

Industrial Bank of Korea

 

54,569

                 2,835

 

Itau Unibanco Holding SA

 

38,864

                 5,618

 

Kasikornbank PLC

 

35,322

                    155

 

Komercni Banka AS

 

35,632

               43,735

 

Krung Thai Bank PLC

 

28,172

               21,294

 

Malayan Banking Bhd

 

65,188

               17,969

 

Metropolitan Bank & Trust Co.

 

35,975

                 1,910

 

Nedbank Group Ltd.

 

41,156

                 1,856

 

OTP Bank PLC

 

35,671

                 2,710

 

Powszechna Kasa Oszczednosci Bank Polski SA

 

33,639

               19,345

 

RHB Capital Bhd

 

51,510

               15,570

 

Sberbank of Russia

 

38,641

                 5,332

 

Siam Commercial Bank PLC

 

27,690

                 3,161

 

Standard Bank Group Ltd.

 

43,096

                 7,095

 

Turkiye Garanti Bankasi AS

 

27,731

                 3,982

 

Turkiye Halk Bankasi AS

 

29,851

               12,822

 

Turkiye Is Bankasi - C Shares

 

34,639

               13,592

 

Turkiye Vakiflar Bankasi Tao - D Shares

 

31,849

       34,880,000

 

VTB Bank OJSC

 

42,103

               14,448

 

Yapi ve Kredi Bankasi AS

 

31,471

 

 

 

 

                                       2,259,044

 

 

BEVERAGES - 1.4 %

 

 

                 2,398

 

Anadolu Efes Biracilik Ve Malt Sanayii AS *

 

29,339

                 6,773

 

Arca Continental SAB de CV

 

45,854

                 3,644

 

Cia Cervecerias Unidas SA

 

42,698

                 3,579

 

Coca-Cola Femsa SAB de CV

 

40,657

                 1,093

 

Coca-Cola Icecek AS

 

26,951

               47,383

 

LT Group, Inc.

 

16,020

               47,023

 

Thai Beverage PLC

 

23,385

                 5,487

 

Tsingtao Brewery Co. Ltd. - H Shares

 

42,903

 

 

 

 

                                          267,807

 

 

BUILDING MATERIALS - 1.4 %

 

 

                 8,073

 

Anhui Conch Cement Co. Ltd. - H Shares

 

27,708

               48,009

 

Asia Cement Corp.

 

65,695

               33,632

 

China National Building Material Co. Ltd. - H Shares

 

29,638

                 6,546

 

Duratex SA

 

26,556

               10,648

 

Indocement Tunggal Prakarsa Tbk PT

 

20,220

               16,277

 

Semen Indonesia Persero Tbk PT

 

20,663

                 2,786

 

Siam City Cement PLC

 

38,640

               26,555

 

Taiwan Cement Corp.

 

40,158

 

 

 

 

                                          269,278

 

See accompanying notes to financial statements.

 

 

COMPASS EMP EMERGING MARKET 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

CHEMICALS - 2.6 %

 

 

               18,000

 

Formosa Chemicals & Fibre Corp.

 

 $                                         45,528

               20,000

 

Formosa Plastics Corp.

 

53,398

                    166

 

LG Chem Ltd.

 

48,561

                    162

 

Lotte Chemical Corp.

 

29,539

               19,000

 

Nan Ya Plastics Corp.

 

45,706

               28,863

 

Petronas Chemicals Group Bhd

 

60,854

               15,274

 

PTT Global Chemical PLC

 

31,776

                    857

 

Sasol Ltd

 

50,955

               16,701

 

Synthos SA

 

24,305

               29,443

 

Taiwan Fertilizer Co. Ltd.

 

58,317

                 1,696

 

Ultrapar Participacoes SA

 

40,189

                 5,320

 

Uralkali OJSC

 

24,374

 

 

 

 

                                          513,502

 

 

COAL - 0.8 %

 

 

             209,977

 

Adaro Energy Tbk PT

 

20,777

               29,790

 

Banpu PLC

 

27,085

               55,363

 

China Coal Energy Co. Ltd. - H Shares

 

28,788

               11,004

 

China Shenhua Energy Co. Ltd. - H Shares

 

31,804

                 2,672

 

Exxaro Resources Ltd.

 

34,796

                 9,919

 

Indo Tambangraya Megah Tbk PT

 

22,553

 

 

 

 

                                          165,803

 

 

COMMERCIAL SERVICES - 2.8 %

 

 

                 4,200

 

Anhanguera Educacional Participacoes SA

 

35,068

                 4,117

 

Arteris SA

 

34,226

                 4,608

 

CCR SA

 

37,743

                 2,940

 

Cielo SA

 

60,769

                 6,270

 

EcoRodovias Infraestrutura e Logistica SA

 

42,849

                 3,503

 

Estacio Participacoes PA

 

46,305

               12,908

 

International Container Terminal Services, Inc.

 

32,821

               49,925

 

Jasa Marga Persero Tbk PT

 

25,120

               26,838

 

Jiangsu Expressway Co. Ltd. - H Shares

 

31,754

                 1,600

 

Kroton Educacional SA

 

44,986

                 2,565

 

Localiza Rent a Car SA

 

42,310

               13,185

 

OHL Mexico SAB de CV *

 

40,242

                    413

 

S1 Corp.

 

33,225

               40,589

 

Zhejiang Expressway Co. Ltd. - H Shares

 

41,111

 

 

 

 

548,529

 

 

COMPUTERS - 1.5 %

 

 

                 4,637

 

Advantech Co. Ltd.

 

39,561

                 3,635

 

Asustek Computer, Inc.

 

40,498

               21,000

 

Foxconn Technology Co. Ltd.

 

50,868

               21,000

 

Inventec Corp.

 

20,094

               24,822

 

Lenovo Group Ltd.

 

33,885

               25,390

 

Lite-On Technology Corp.

 

42,346

               13,944

 

Quanta Computer, Inc.

 

40,588

                    215

 

SK C&C Co. Ltd.

 

35,379

 

 

 

 

                                          303,219

 

 

COSMETICS - 0.9 %

 

 

                       39

 

Amorepacific Corp.

 

58,741

                       72

 

AMOREPACIFIC Group

 

53,155

                       64

 

LG Household & Health Care Ltd.

 

28,811

                 2,018

 

Natura Cosmeticos SA

 

34,340

 

 

 

 

                                          175,047

 

 

DISTRIBUTION/WHOLESALE - 0.6 %

 

 

               13,419

 

Berli Jucker PLC

 

19,438

                 1,358

 

Hanwha Corp.

 

34,694

                    724

 

Samsung C&T Corp.

 

53,378

 

 

 

 

                                          107,510

 

 

DIVERSIFIED FINANCIAL SERVICES - 6.1 %

 

 

                 6,018

 

BM&F Bovespa SA

 

31,760

                 2,508

 

BS Financial Group, Inc.

 

36,932

                 3,291

 

CETIP SA - Mercados Organizados

 

46,967

             216,000

 

China Development Financial Holding Corp.

 

70,967

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP EMERGING MARKET 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

DIVERSIFIED FINANCIAL SERVICES (Continued) - 6.1 %

 

 

               12,480

 

CITIC Securities Co. Ltd. - H Shares

 

 $                                         27,535

                 4,363

 

Coronation Fund Managers Ltd.

 

39,181

               85,487

 

CTBC Financial Holding Co. Ltd.

 

56,917

               82,000

 

E.Sun Financial Holding Co. Ltd.

 

52,538

             137,430

 

First Financial Holding Co. Ltd.

 

88,282

               35,000

 

Fubon Financial Holding Co. Ltd.

 

50,529

               21,999

 

Haitong Securities Co. Ltd. - H Shares

 

34,118

             126,935

 

Hua Nan Financial Holdings Co. Ltd.

 

79,417

                 4,900

 

Investec Ltd.

 

44,911

                 1,090

 

KB Financial Group, Inc.

 

37,919

               69,773

 

Mega Financial Holding Co. Ltd.

 

58,010

               22,370

 

Moscow Exchange *

 

44,315

                 7,211

 

RMB Holdings Ltd.

 

35,657

                    930

 

Shinhan Financial Group Co. Ltd.

 

43,061

             117,000

 

SinoPac Financial Holdings Co. Ltd.

 

52,650

             138,276

 

Taishin Financial Holding Co. Ltd.

 

70,783

             182,129

 

Taiwan Cooperative Financial Holding

 

104,199

                 3,102

 

Woori Finance Holdings Co. *

 

36,942

               87,992

 

Yuanta Financial Holding Co. Ltd.

 

47,545

 

 

 

 

                                       1,191,135

 

 

ELECTRIC - 3.6 %

 

 

               34,444

 

Aboitiz Power Corp.

 

28,917

               76,485

 

AES Gener SA

 

39,587

                 5,754

 

AES Tiete SA

 

42,560

                 1,323

 

CEZ AS

 

39,914

               87,026

 

Datang International Power Generation Co. Ltd. - H Shares

 

34,023

               11,200

 

Electricity Generating PLC

 

47,809

               31,998

 

Empresa Nacional de Electricidad SA

 

47,942

             147,143

 

Enersis SA

 

49,541

               10,677

 

Glow Energy PLC

 

27,395

               68,000

 

Huadian Power International Corp. Ltd.

 

41,149

               36,000

 

Huaneng Power International, Inc. *

 

40,644

                 7,800

 

Infraestructura Energetica Nova SAB de CV

 

43,273

               32,658

 

Ratchaburi Electricity Generating Holding PLC

 

54,604

               21,172

 

Tauron Polska Energia SA *

 

36,040

               11,800

 

Tenaga Nasional Bhd

 

44,760

                 3,136

 

Tractebel Energia SA

 

47,231

               91,036

 

YTL Power International Bhd *

 

41,676

 

 

 

 

                                          707,065

 

 

ELECTRICAL COMPONENTS & EQUIPMENT - 0.6 %

 

 

                 5,837

 

Delta Electronics, Inc.

 

42,475

               18,352

 

Dongfang Electric Corp. Ltd. - H Shares

 

31,541

                 1,000

 

Hermes Microvision, Inc.

 

39,647

 

 

 

 

                                          113,663

 

 

ELECTRONICS - 1.5 %

 

 

                 5,327

 

AAC Technologies Holdings, Inc.

 

34,676

               15,100

 

Delta Electronics Thailand PLC

 

29,087

               20,377

 

Hon Hai Precision Industry Co. Ltd.

 

68,176

                 1,693

 

LG Display Co. Ltd. *

 

53,207

               22,962

 

Pegatron Corp.

 

43,790

                    625

 

Samsung Electro-Mechanics Co. Ltd.

 

36,011

               18,682

 

Synnex Technology International Corp.

 

31,440

 

 

 

 

                                          296,387

 

 

ENERGY-ALTERNATE SOURCES - 0.1 %

 

 

               25,844

 

China Longyuan Power Group Corp. - H Shares

 

                                             28,044

 

 

 

 

 

 

 

ENGINEERING & CONSTRUCTION - 3.0 %

 

 

                 3,448

 

Airports of Thailand PLC

 

21,094

               53,619

 

China Communications Construction Co. Ltd. - H Shares

 

35,975

               40,889

 

China Railway Construction Corp. Ltd. - H Shares

 

35,981

               82,031

 

China Railway Group Ltd. - H Shares

 

40,114

                    353

 

Daelim Industrial Co. Ltd.

 

29,410

                 3,494

 

Daewoo Engineering & Construction Co. Ltd. *

 

30,284

               18,918

 

DMCI Holdings, Inc.

 

32,068

 

See accompanying notes to financial statements.

 

 

COMPASS EMP EMERGING MARKET 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

ENGINEERING & CONSTRUCTION (Continued) - 3.0 %

 

 

               10,766

 

Enka Insaat ve Sanayi AS

 

 $                                         29,185

               35,520

 

Gamuda Bhd

 

52,102

                 6,750

 

Grupo Aeroportuario del Pacifico SAB de CV

 

45,709

                 3,100

 

Grupo Aeroportuario del Sureste SAB de CV

 

39,387

                    806

 

Hyundai Engineering & Construction Co. Ltd.

 

45,882

                    445

 

KEPCO Engineering & Construction Co., Inc.

 

21,814

               14,400

 

Malaysia Airports Holdings Bhd

 

35,787

                 1,673

 

Multiplan Empreendimentos Imobiliarios SA

 

39,174

                 2,576

 

Promotora y Operadora de Infraestructura SAB de CV *

 

34,366

                 2,616

 

TAV Havalimanlari Holding AS

 

20,782

 

 

 

 

                                          589,114

 

 

ENTERTAINMENT - 0.3 %

 

 

                 1,446

 

OPAP SA

 

25,733

                    823

 

Paradise Co. Ltd.

 

30,420

 

 

 

 

                                             56,153

 

 

FOOD - 4.5 %

 

 

                 1,495

 

Bidvest Group Ltd.

 

39,721

                 1,209

 

BIM Birlesik Magazalar AS

 

27,703

                 2,027

 

BRF SA

 

49,311

               10,601

 

Cencosud SA

 

34,773

               24,988

 

Charoen Pokphand Foods PLC

 

20,986

                    154

 

CJ CheilJedang Corp.

 

52,432

               29,700

 

Felda Global Ventures Holdings Bhd

 

38,478

                 4,500

 

Gruma SAB de CV *

 

53,853

               10,272

 

Grupo Bimbo SAB de CV Series A

 

30,029

                 3,614

 

Grupo Nutresa SA

 

52,871

               22,334

 

Indofood CBP Sukses Makmur Tbk PT

 

18,808

               34,554

 

Indofood Sukses Makmur Tbk PT

 

19,496

                 7,600

 

JBS SA

 

25,969

               26,883

 

JG Summit Holdings, Inc.

 

31,560

                 1,014

 

M Dias Branco SA

 

44,592

                    138

 

Magnit OJSC

 

35,910

                       38

 

Orion Corp.

 

34,814

                 8,657

 

PPB Group Bhd

 

40,818

                 2,570

 

Shoprite Holdings Ltd.

 

37,213

               13,308

 

Thai Union Frozen Products PLC

 

26,660

                 1,429

 

Tiger Brands Ltd.

 

41,201

               13,013

 

Tingyi Cayman Islands Holding Corp.

 

36,435

               26,435

 

Uni-President Enterprises Corp.

 

47,406

                 8,898

 

Universal Robina Corp.

 

31,450

 

 

 

 

                                          872,489

 

 

FOREST PRODUCTS & PAPER - 0.3 %

 

 

                    753

 

Empresas CMPC SA - Rights *

 

149

               15,956

 

Empresas CMPC SA

 

34,862

                 1,951

 

Mondi Ltd.

 

                                             35,566

 

 

 

 

                                             70,577

 

 

GAS - 0.4 %

 

 

               53,827

 

Perusahaan Gas Negara Persero Tbk PT

 

25,270

                 6,865

 

Petronas Gas Bhd

 

52,380

 

 

 

 

                                             77,650

 

 

HEALTHCARE PRODUCTS - 0.2 %

 

 

                 1,220

 

Aspen Pharmacare Holdings Ltd.

 

34,286

               17,476

 

Shandong Weigao Group Medical Polymer Co. Ltd. - H Shares

 

17,069

 

 

 

 

                                             51,355

 

 

HEALTHCARE SERVICES - 0.9 %

 

 

               68,320

 

Bangkok Dusit Medical Services PLC

 

35,164

               10,500

 

Bumrungrad Hospital PLC

 

37,863

               45,900

 

IHH Healthcare Bhd

 

62,610

                 8,852

 

Life Healthcare Group Holdings Ltd.

 

34,532

 

 

 

 

                                          170,169

 

 

HOLDINGS COMPANIES - 3.2 %

 

 

               18,098

 

Aboitiz Equity Ventures, Inc.

 

23,216

               11,504

 

Alfa SAB de CV - A Shares

 

31,831

               39,420

 

Alliance Global Group, Inc.

 

26,277

                 2,377

 

Ayala Corp.

 

35,256

 

See accompanying notes to financial statements.

 

 

COMPASS EMP EMERGING MARKET 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

HOLDINGS COMPANIES (Continued) - 3.2 %

 

 

                 2,966

 

Barloworld Ltd.

 

 $                                         28,236

                 2,838

 

Empresas COPEC SA

 

36,909

                 6,001

 

Grupo Carso SAB de CV Series A

 

31,174

                 7,194

 

Haci Omer Sabanci Holding AS

 

33,545

               30,100

 

IJM Corp. Bhd

 

62,806

                 1,793

 

Imperial Holdings Ltd.

 

33,717

                 6,410

 

KOC Holding AS

 

31,430

               41,000

 

MMC Corp. Bhd

 

32,432

                 2,041

 

Remgro Ltd.

 

44,138

                 2,470

 

Siam Cement PLC

 

34,409

               27,470

 

Sime Darby Bhd

 

82,727

             111,931

 

YTL Corp. Bhd

 

56,471

 

 

 

 

                                          624,574

 

 

HOME BUILDERS - 0.1 %

 

 

               68,727

 

Land and Houses PLC

 

20,864

 

 

 

 

 

 

 

HOME FURNISHING - 0.7 %

 

 

                 4,006

 

Arcelik AS

 

24,365

               13,000

 

Hisense Kelon Electrical Holdings Co. Ltd. *

 

15,264

                 1,023

 

LG Corp.

 

63,189

                 7,340

 

Steinhoff International Holdings Ltd.

 

40,891

 

 

 

 

                                          143,709

 

 

HOUSEHOLD PRODUCTS - 0.3 %

 

 

               11,805

 

Kimberly-Clark de Mexico SAB de CV - A Shares

 

33,128

                 9,655

 

Unilever Indonesia Tbk PT

 

23,802

 

 

 

 

                                             56,930

 

 

INSURANCE - 2.8 %

 

 

               32,558

 

Cathay Financial Holding Co. Ltd.

 

50,816

                 9,303

 

China Life Insurance Co. Ltd.

 

32,829

                 4,223

 

Discovery Ltd.

 

38,575

                    790

 

Dongbu Insurance Co. Ltd.

 

40,599

                 5,733

 

Hanwha Life Insurance Co. Ltd.

 

36,602

                 3,321

 

Liberty Holdings Ltd.

 

40,593

               13,684

 

MMI Holdings Ltd.

 

33,774

               10,604

 

New China Life Insurance Co. Ltd. - H Shares

 

35,163

                 4,507

 

Ping An Insurance Group Co. of China Ltd. - H Shares

 

34,892

                 2,306

 

Porto Seguro SA

 

33,025

                    228

 

Powszechny Zaklad Ubezpieczen SA

 

33,312

                    187

 

Samsung Fire & Marine Insurance Co. Ltd.

 

47,589

                    563

 

Samsung Life Insurance Co. Ltd.

 

56,754

                 6,292

 

Sanlam Ltd.

 

36,532

 

 

 

 

                                          551,055

 

 

INTERNET - 0.3 %

 

 

                       29

 

NAVER Corp.

 

23,932

                 2,055

 

Tencent Holdings Ltd.

 

31,341

 

 

 

 

                                             55,273

 

 

INVESTMENT COMPANIES - 0.6 %

 

 

                 2,224

 

Grupo de Inversiones Suramericana SA

 

46,261

                 1,535

 

GT Capital Holdings, Inc.

 

30,591

               13,863

 

Rand Merchant Insurance Holdings Ltd.

 

42,728

 

 

 

 

                                          119,580

 

 

IRON/STEEL - 1.4 %

 

 

                 1,612

 

CAP SA

 

22,726

               69,000

 

China Steel Corp.

 

57,944

                 5,700

 

Cia Siderurgica Nacional SA

 

24,365

               23,443

 

Eregli Demir ve Celik Fabrikalari TAS

 

41,890

                    498

 

Hyundai Steel Co.

 

36,618

                    834

 

Kumba Iron Ore Ltd.

 

26,583

                    224

 

POSCO

 

67,299

 

 

 

 

                                          277,425

 

 

LEISURE TIME - 0.2 %

 

 

                 4,000

 

Giant Manufacturing Co. Ltd.

 

31,115

 

See accompanying notes to financial statements.

 

 

COMPASS EMP EMERGING MARKET 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

LODGING - 0.7 %

 

 

               15,495

 

Genting Bhd

 

 $                                         48,208

               28,596

 

Genting Malaysia Bhd

 

37,404

                    595

 

Grand Korea Leisure Co. Ltd.

 

24,462

                 1,135

 

Kangwon Land, Inc.

 

33,315

 

 

 

 

                                          143,389

 

 

MACHINERY CONSTRUCTION & MINING - 0.2 %

 

               11,952

 

United Tractors Tbk PT

 

23,250

               39,186

 

Zoomlion Heavy Industry Science and Technology Co. Ltd. - H Shares

24,269

 

 

 

 

                                             47,519

 

 

MACHINERY-DIVERSIFIED - 0.7 %

 

 

               42,600

 

CSR Corp. Ltd. - H Shares

 

32,045

               31,000

 

Teco Electric and Machinery Co. Ltd.

 

35,627

                 4,764

 

WEG SA

 

60,250

 

 

 

 

                                          127,922

 

 

MEDIA - 0.6 %

 

 

               14,934

 

BEC World PLC

 

22,438

                 4,184

 

Cyfrowy Polsat SA

 

30,789

               68,743

 

Media Nusantara Citra Tbk PT

 

15,977

                    256

 

Naspers Ltd.

 

30,136

               75,200

 

Surya Citra Media Tbk PT

 

22,702

 

 

 

 

                                          122,042

 

 

METAL FABRICATE - 0.2 %

 

 

                 4,170

 

Catcher Technology Co. Ltd.

 

38,855

 

 

 

 

 

 

 

MINING - 1.8 %

 

 

                 1,606

 

African Rainbow Minerals Ltd.

 

28,242

               35,000

 

Alrosa AO *

 

42,968

                    622

 

Assore Ltd.

 

20,859

               96,056

 

China Molybdenum Co. Ltd. - H Shares

 

49,204

                 9,928

 

Grupo Mexico SAB de CV Series B

 

33,125

                 2,205

 

Impala Platinum Holdings Ltd.

 

22,159

                    948

 

Industrias Penoles SAB de CV

 

23,733

               22,906

 

Jiangxi Copper Co. Ltd. - H Shares

 

36,234

                    864

 

KGHM Polska Miedz SA

 

35,403

                       94

 

Korea Zinc Co. Ltd.

 

36,881

             113,550

 

Zijin Mining Group Co. Ltd. - H Shares

 

25,786

 

 

 

 

                                          354,594

 

 

MISCELLANEOUS MANUFACTURING - 0.6 %

 

 

                    678

 

Cheil Industries, Inc.

 

47,039

               10,400

 

China International Marine Containers Group Co. Ltd.

 

20,048

                 3,000

 

Hiwin Technologies Corp.

 

36,987

                    208

 

Largan Precision Co. Ltd.

 

16,563

 

 

 

 

                                          120,637

 

 

OIL & GAS - 3.9 %

 

 

               41,504

 

China Petroleum & Chemical Corp. - H Shares

 

39,575

               19,970

 

Ecopetrol SA

 

35,908

               17,000

 

Formosa Petrochemical Corp.

 

44,250

               10,430

 

Gazprom Neft OAO

 

46,102

                 9,400

 

Gazprom OAO *

 

41,124

                    980

 

GS Holdings

 

43,681

                    960

 

Lukoil OAO

 

57,405

                 3,400

 

NovaTek OAO

 

41,940

               43,075

 

PetroChina Co. Ltd. - H Shares

 

54,411

                 4,500

 

Petroleo Brasileiro SA

 

33,081

                 5,448

 

Petronas Dagangan Bhd

 

40,788

               19,762

 

Polskie Gornictwo Naftowe i Gazownictwo SA

 

34,160

                 7,253

 

PTT Exploration & Production PLC

 

37,443

                 4,581

 

PTT PLC

 

44,898

                 7,250

 

Rosneft OAO *

 

53,083

                    199

 

SK Holdings Co. Ltd.

 

35,893

                    383

 

SK Innovation Co. Ltd.

 

42,773

                 1,208

 

Tupras Turkiye Petrol Rafinerileri AS

 

28,135

 

 

 

 

                                          754,650

 

See accompanying notes to financial statements.

 

 

COMPASS EMP EMERGING MARKET 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

OIL & GAS SERVICE - 0.7 %

 

 

               39,715

 

Bumi Armada Bhd

 

 $                                         42,053

               11,305

 

China Oilfield Services Ltd. - H Shares

 

27,189

               33,900

 

Dialog Group Bhd

 

40,013

               26,600

 

SapuraKencana Petroleum Bhd

 

36,284

 

 

 

 

                                          145,539

 

 

PACKAGING & CONTAINERS - 0.2 %

 

 

                 9,405

 

Nampak Ltd.

 

                                             32,534

 

 

 

 

 

 

 

PHARMACEUTICALS - 1.4 %

 

 

                    398

 

Celltrion, Inc. *

 

18,310

               12,912

 

Genomma Lab Internacional SAB de CV - B Shares *

 

34,980

                 5,494

 

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd.

 

16,091

                 5,300

 

Hypermarcas SA *

 

45,984

             168,864

 

Kalbe Farma Tbk PT

 

23,605

                 2,419

 

Richter Gedeon Nyrt

 

46,406

                 6,000

 

Shanghai Fosun Pharmaceutical Group Co. Ltd.

 

22,373

               19,000

 

Tong Ren Tang Technologies Co. Ltd.

 

27,751

                    188

 

Yuhan Corp.

 

33,630

 

 

 

 

                                          269,130

 

 

REAL ESTATE - 1.0 %

 

 

               41,025

 

Ayala Land, Inc.

 

28,663

                 3,316

 

BR Malls Participacoes SA

 

28,289

               15,866

 

Central Pattana PLC

 

23,961

                 5,291

 

Cyrela Brazil Realty SA Empreendimentos e Participacoes

 

33,325

             295,985

 

Megaworld Corp.

 

30,510

               73,381

 

SM Prime Holdings, Inc.

 

26,660

               46,244

 

UEM Sunrise Bhd

 

29,236

 

 

 

 

                                          200,644

 

 

RETAIL - 5.8 %

 

 

                 2,600

 

Almacenes Exito SA

 

43,514

                 9,100

 

Alsea SAB de CV *

 

32,719

               34,941

 

Astra International Tbk PT

 

21,406

                 5,009

 

Big C Supercenter PLC

 

31,493

                    108

 

CJ O Shopping Co. Ltd.

 

39,001

               20,287

 

CP ALL PLC

 

30,012

                 3,139

 

El Puerto de Liverpool SAB de CV - C1 Shares

 

36,922

                    129

 

E-Mart Co. Ltd.

 

29,578

                    753

 

Folli Follie SA *

 

29,996

                 9,976

 

Grupo Comercial Chedraui SA de CV

 

35,177

               21,400

 

Grupo Sanborns SAB de CV

 

39,420

               84,338

 

Home Product Center PLC

 

25,084

                 1,824

 

Hotai Motor Co. Ltd.

 

23,251

                    363

 

Hyundai Department Store Co. Ltd.

 

49,867

                 6,797

 

Jollibee Foods Corp.

 

27,403

                 6,883

 

Lojas Americanas SA

 

37,824

                 1,162

 

Lojas Renner SA

 

37,343

                    124

 

Lotte Shopping Co. Ltd.

 

37,806

                 2,598

 

Massmart Holdings Ltd.

 

32,244

               15,300

 

Matahari Department Store Tbk PT

 

17,780

               27,849

 

Minor International PLC

 

25,106

                 2,400

 

Mr Price Group Ltd.

 

40,801

                 6,094

 

President Chain Store Corp.

 

48,729

               32,373

 

Puregold Price Club, Inc.

 

32,184

                 3,983

 

Raia Drogasil SA

 

33,148

               17,000

 

Ruentex Industries Ltd.

 

43,909

                 4,566

 

SACI Falabella

 

41,319

               14,289

 

Shanghai Pharmaceuticals Holding Co. Ltd. - H Shares

 

29,720

                    156

 

Shinsegae Co. Ltd.

 

33,687

                 1,535

 

SM Investments Corp.

 

28,692

                 4,834

 

Truworths International Ltd.

 

34,084

               16,867

 

Wal-Mart de Mexico SAB de CV

 

45,214

                 4,991

 

Woolworths Holdings Ltd.

 

36,674

 

 

 

 

                                       1,131,107

 

See accompanying notes to financial statements.

 

 

COMPASS EMP EMERGING MARKET 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

SEMICONDUCTORS - 1.7 %

 

 

               35,414

 

Advanced Semiconductor Engineering, Inc.

 

 $                                         46,031

                 2,819

 

MediaTek, Inc.

 

47,629

                 5,427

 

Novatek Microelectronics Corp.

 

26,691

                       32

 

Samsung Electronics Co. Ltd.

 

41,809

                    599

 

Seoul Semiconductor Co. Ltd.

 

22,555

                    827

 

SK Hynix, Inc. *

 

39,681

                 9,681

 

Taiwan Semiconductor Manufacturing Co. Ltd.

 

40,973

               80,242

 

United Microelectronics Corp.

 

40,136

               15,000

 

Vanguard International Semiconductor Corp.

 

24,064

 

 

 

 

                                          329,569

 

 

SHIPBUILDING - 0.4 %

 

 

                 1,080

 

Samsung Heavy Industries Co. Ltd.

 

28,872

               44,869

 

Yangzijang Shipbuilding Holdings Ltd.

 

38,869

 

 

 

 

                                             67,741

 

 

SOFTWARE - 0.3 %

 

 

                         3

 

Cheetah Mobile, Inc. *

 

53

                 5,000

 

Kingsoft Corp. Ltd.

 

15,064

                 2,484

 

Totvs SA

 

42,890

 

 

 

 

                                             58,007

 

 

TELECOMMUNICATIONS - 6.4 %

 

 

                 4,193

 

Advanced Info Service PLC

 

28,431

               38,550

 

America Movil SAB de CV Series L

 

40,052

               39,863

 

Axiata Group Bhd

 

86,529

               23,828

 

Chunghwa Telecom Co. Ltd.

 

76,692

               38,598

 

DiGi.Com Bhd

 

68,878

                 3,290

 

Empresa Nacional De Telecom

 

40,469

               19,465

 

Far EasTone Telecommunications Co. Ltd.

 

44,285

                    824

 

Globe Telecom, Inc.

 

30,200

               12,876

 

Intouch Holdings PLC

 

29,069

                 1,663

 

KT Corp.

 

50,210

               35,634

 

Maxis Bhd

 

74,908

                 5,020

 

Mobile Telesystems OJSC

 

44,527

                 1,742

 

MTN Group Ltd.

 

36,688

                    747

 

Philippine Long Distance Telephone Co.

 

51,129

               14,742

 

Rostelecom OJSC *

 

37,369

                    202

 

Samsung SDI Co. Ltd.

 

32,341

               33,500

 

Sistema JSFC *

 

44,865

                    217

 

SK Telecom Co. Ltd.

 

50,720

               13,491

 

Taiwan Mobile Co. Ltd.

 

41,707

               16,154

 

Telecom Egypt Co.

 

30,267

               35,059

 

Telekom Malaysia Bhd

 

69,332

             122,665

 

Telekomunikasi Indonesia Persero Tbk PT

 

25,463

                 5,370

 

Tim Participacoes SA

 

31,313

                 8,371

 

Total Access Communication PLC

 

29,025

               45,775

 

Tower Bersama Infrastructure PC

 

31,031

               10,574

 

Turk Telekomunikasyon

 

30,511

                 6,449

 

Turkcell Iletism Hizmetleri AS *

 

40,287

                 2,931

 

Vodacom Group Ltd.

 

36,226

               56,622

 

XL Axiata Tbk PT

 

24,318

 

 

 

 

                                       1,256,842

 

 

TRANSPORTATION - 0.7 %

 

 

             122,801

 

BTS Group Holdings PLC

 

32,738

               64,884

 

Guangshen Railway Co. Ltd. - H Shares

 

24,195

                    171

 

Hyundai Glovis Co. Ltd.

 

45,545

               17,500

 

MISC Bhd

 

35,425

 

 

 

 

                                          137,903

 

 

WATER - 0.4 %

 

 

               71,364

 

Aguas Andinas SA - A Shares

 

44,960

                 2,599

 

Cia de Saneamento Basico do Estado de Sao Paulo

 

27,904

 

 

 

 

                                             72,864

 

 

 

 

 

 

 

TOTAL COMMON STOCK  (Cost - $16,326,831)

 

17,278,239

 

 

See accompanying notes to financial statements.

 

 

COMPASS EMP EMERGING MARKET 500 VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

EXCHANGE TRADED FUNDS - 6.4 %

 

 

 

 

EQUITY FUND - 6.4 %

 

 

               55,667

 

WisdomTree India Earnings Fund ^

 

 $                                    1,250,837

 

 

TOTAL EXCHANGE TRADED FUNDS (Cost - $912,836)

 

 

 

 

 

 

 

 

WARRANTS - 0.0 %

 

 

               10,540

 

Land and Houses PLC - Warrants *

 

2,063

 

 

TOTAL WARRANTS (Cost - $2,077)

 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS - 10.2 %

 

 

 

 

MONEY MARKET FUND - 10.2 %

 

 

         1,998,264

 

AIM STIT - Liquid Assets Portfolio, Institutional Class, 0.07% **

 

 $                                    1,998,264

 

 

TOTAL SHORT-TERM INVESTMENTS (Cost - $1,998,264)

 

 

 

 

 

 

 

 

COLLATERAL FOR SECURITIES LOANED - 2.6 %

 

             506,000

 

Mount Vernon Securities Lending Prime Portfolio, 0.19%

 

                                          506,000

 

 

TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $506,000)

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS - 107.4 % (Cost - $19,746,008) (a)

 $                                  21,035,403

 

 

LIABILITIES IN EXCESS OF OTHER ASSETS - (7.4) %

                                     (1,449,132)

 

 

NET ASSETS - 100.0 %

 

 $                                  19,586,271

 

 

 

 

 

*   Non-income producing security.

 

 

** Money market fund; interest rate reflects seven day effective yield on June 30, 2014.

 

^ All or a portion of this security is on loan. The market value of the loaned security is $494,340.

 

 PLC - Public limited company.

 

 

(a) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $19,773,368

 

      and differs from value by net unrealized appreciation/(depreciation) on securities as follows:

 

 

Unrealized appreciation

 

 $                                    1,729,688

 

Unrealized depreciation

 

                                        (467,653)

 

Net unrealized appreciation

 

 $                                    1,262,035

 

 

 

 

 

 

 

 

 

 

Number of

 

 

Underlying Face Amount

Unrealized

Contracts

 

 

at Value

Depreciation

 

 

LONG FUTURES CONTRACTS - (0.0) %

 

 

 

 

Equity Futures - (0.0) %

 

 

16

 

Emerging Market Future, Sep 2014

 $                                                832,560

 $                                          (2,560)

 

 

TOTAL LONG FUTURES CONTRACTS

 

 

 

 

 

 

 

 

 

Portfolio Composition (Unaudited) *

 

 

 

United States

15.8%

 

 

 

Taiwan

13.0%

 

 

 

South Korea

12.2%

 

 

 

China

8.9%

 

 

 

Malaysia

8.8%

 

 

 

Brazil

6.8%

 

 

 

South Africa

6.4%

 

 

 

Thailand

5.0%

 

 

 

Mexico

4.5%

 

 

 

Philippines

3.2%

 

 

 

Other Countries

15.4%

 

 

 

Total

100.0%

 

 

 

* Based on total value of investments.

 

 

 

 

Percentages may differ from Schedule of Investments which are based on Fund net assets.

 

 

 

 

 

 

 

See accompanying notes to financial statements.




COMPASS EMP REC ENHANCED VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS

June 30, 2014

 

 

 

 

 

Shares

 

 

 

 Value

 

 

COMMON STOCK -0.3 %

 

 

 

 

CHEMICALS - 0.3 %

 

 

2,027

 

Rayonier Advanced Materials *

 

 $                                78,533

 

 

TOTAL COMMON STOCK (Cost - $72,604)

 

 

 

 

 

 

 

 

 

REITS - 98.6 %

 

 

 

 

APARTMENTS - 14.7 %

 

 

9,987

 

American Campus Communities

 

381,903

14,114

 

Apartment Investment & Management Co.

 

455,459

19,357

 

Associated Estates Realty Corp.

 

348,813

6,140

 

Camden Property Trust ^

 

436,861

8,223

 

Equity Residential

 

518,049

6,106

 

Essex Property Trust, Inc. ^

 

1,129,060

7,025

 

Home Properties, Inc.

 

449,319

8,941

 

Post Properties, Inc.

 

477,986

 

 

 

 

                              4,197,450

 

 

 

 

 

 

 

DIVERSIFIED - 22.3 %

 

 

11,966

 

American Assets Trust, Inc.

 

413,425

5,124

 

American Tower Corp.

 

461,058

9,102

 

Coresite Realty Corp

 

301,003

10,932

 

Corrections Corp. of America ^

 

359,116

4,525

 

Digital Realty Trust, Inc.

 

263,898

8,449

 

EPR Properties

 

472,046

11,904

 

Geo Group, Inc.

 

425,330

47,592

 

Investors Real Estate Trust ^

 

438,322

10,055

 

Liberty Property Trust

 

381,386

6,695

 

National Health Investors, Inc.

 

418,839

9,671

 

Plum Creek Timber Co., Inc.

 

436,162

9,976

 

Potlatch Corp.

 

413,006

5,684

 

PS Business Parks, Inc.

 

474,557

6,080

 

Rayonier, Inc.

 

216,144

16,987

 

Washington Real Estate Investment Trust ^

 

441,322

13,629

 

Weyerhaeuser Co.

 

450,984

 

 

 

 

                              6,366,598

 

 

HEALTHCARE - 9.2 %

 

 

9,358

 

HCP, Inc.

 

387,234

9,735

 

LTC Properties, Inc.

 

380,054

25,463

 

Medical Properties Trust, Inc.

 

337,130

10,341

 

Omega Healthcare Investors, Inc. ^

 

381,169

16,755

 

Senior Housing Properties Trust

 

406,979

8,117

 

Universal Health Realty Income Trust

 

352,927

6,036

 

Ventas, Inc.

 

386,908

 

 

 

 

                              2,632,401

 

 

HOTELS - 6.2 %

 

 

13,139

 

Hospitality Properties Trust

 

399,426

20,113

 

Host Hotels & Resorts, Inc.

 

442,687

18,202

 

RLJ Lodging Trust

 

525,856

26,787

 

Sunstone Hotel Investors, Inc.

 

399,930

 

 

 

 

                              1,767,899

 

 

MANUFACTURED HOMES - 1.6 %

 

 

10,664

 

Equity Lifestyle Properties, Inc.

 

                                 470,922

 

 

 

 

 

 

 

OFFICE PROPERTIES - 14.9 %

 

 

6,168

 

Alexandria Real Estate Equities, Inc.

 

478,884

22,599

 

BioMed Realty Trust, Inc.

 

493,336

3,746

 

Boston Properties, Inc.

 

442,702

15,655

 

Douglas Emmett, Inc.

 

441,784

32,851

 

Franklin Street Properties Corp.

 

413,266

18,390

 

Government Properties Income Trust ^

 

466,922

11,788

 

Highwoods Properties, Inc. ^

 

494,507

28,145

 

Piedmont Office Realty Trust, Inc. - Cl. A ^

 

533,066

4,662

 

SL Green Realty Corp. ^

 

510,069

 

 

 

 

                              4,274,536

 

 

REAL ESTATE - 1.4 %

 

 

6,416

 

WP Carey, Inc.

 

                                 413,190

 

 

COMPASS EMP REC ENHANCED VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

 Value

 

 

REGIONAL MALLS - 6.7 %

 

 

7,290

 

Macerich Co.

 

 $                              486,608

3,161

 

Simon Property Group, Inc.

 

525,611

13,653

 

Tanger Factory Outlet Centers

 

477,445

5,690

 

Taubman Centers, Inc.

 

431,359

 

 

 

 

                              1,921,023

 

 

SHOPPING CENTERS - 8.2 %

 

 

18,563

 

Acadia Realty Trust ^

 

521,435

1,086

 

Alexander's, Inc. ^

 

401,244

4,202

 

Federal Realty Investment Trust ^

 

508,106

20,521

 

Kimco Realty Corp.

 

471,573

13,745

 

Weingarten Realty Investors ^

 

451,386

 

 

 

 

                              2,353,744

 

 

SINGLE TENANT - 5.8 %

 

 

13,342

 

Agree Realty Corp. ^

 

403,329

10,152

 

National Retail Properties, Inc. ^

 

377,553

9,408

 

Realty Income Corp. ^

 

417,903

15,240

 

Select Income REIT

 

451,714

 

 

 

 

                              1,650,499

 

 

STORAGE - 4.6 %

 

 

7,941

 

Extra Space Storage, Inc.

 

422,858

2,925

 

Public Storage, Inc. ^

 

501,199

5,038

 

Sovran Self Storage, Inc.

 

389,186

 

 

 

 

                              1,313,243

 

 

WAREHOUSE/INDUSTRIAL - 3.0 %

 

 

6,982

 

EastGroup Properties, Inc. ^

 

448,454

40,851

 

Monmouth Real Estate Investment Corp. - Cl. A

 

410,145

 

 

 

 

                                 858,599

 

 

 

 

 

 

 

TOTAL REITS (Cost - $26,823,644)

 

                            28,220,104

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS - 0.7 %

 

 

 

 

MONEY MARKET FUND - 0.7 %

 

 

186,979

 

AIM STIT - Liquid Assets Portfolio, Institutional Class, 0.07% **

 

                                 186,979

 

 

TOTAL SHORT TERM INVESTMENTS (Cost - $186,979)

 

 

 

 

 

 

 

 

 

COLLATERAL FOR SECURITIES LOANED - 15.0 %

 

4,287,753

 

Mount Vernon Securities Lending Prime Portfolio, 0.19%

 

                              4,287,753

 

 

TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $4,287,753)

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS - 114.6 %  (Cost - $31,298,376) (a)

 $                         32,773,369

 

 

LIABILITIES IN EXCESS OF OTHER ASSETS - (14.6) %

                            (4,179,485)

 

 

NET ASSETS - 100.0 %

 

 $                         28,593,884

 

 

 

 

 

*   Non-income producing security.

 

 

**  Money market fund; interest rate reflects seven day effective yield on June 30, 2014.

 

^ All or a portion of this security is on loan. The market value of the loaned security is $4,136,453.

 

 REITS - Real Estate Investment Trusts.

 

 

(a) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $31,467,852

 

      and differs from value by net unrealized appreciation/(depreciation) on securities as follows:

 

 

Unrealized appreciation

 

 $                           1,488,141

 

Unrealized depreciation

 

                               (182,624)

 

Net unrealized appreciation

 

 $                           1,305,517

 

 

 

 

 

Number of

 

 

Underlying Face Amount

Unrealized

Contracts

 

 

at Value

Appreciation

 

 

LONG FUTURES CONTRACTS - 0.0 %

 

 

 

 

Equity Futures - 0.0 %

 

 

8

 

Dow Jones US Real Estate Index, September 2014

 $                                             223,200

 $                                   3,930

 

 

TOTAL LONG FUTURES CONTRACTS

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 



COMPASS EMP U.S. 500 ENHANCED VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

COMMON STOCK - 98.5 %

 

 

 

 

ADVERTISING - 0.2 %

 

 

6,296

 

Omnicom Group, Inc. ^

 

 $                                                 448,401

 

 

 

 

 

 

 

AEROSPACE/DEFENSE - 1.7 %

 

 

4,111

 

B/E Aerospace, Inc. *

 

                                                    380,226

2,891

 

Boeing Co.

 

                                                    367,822

4,606

 

L-3 Communications Holdings, Inc.

 

                                                    556,175

2,828

 

Lockheed Martin Corp. ^

 

                                                    454,544

3,911

 

Northrop Grumman Corp.

 

                                                    467,873

4,408

 

Raytheon Co.

 

                                                    406,638

5,907

 

Rockwell Collins, Inc. ^

 

                                                    461,573

4,457

 

United Technologies Corp.

 

                                                    514,561

 

 

 

 

                                                 3,609,412

 

 

AGRICULTURE - 1.3 %

 

 

15,512

 

Altria Group, Inc. ^

 

                                                    650,573

8,892

 

Archer-Daniels-Midland Co.

 

                                                    392,226

8,836

 

Lorillard, Inc.

 

                                                    538,731

6,421

 

Philip Morris International, Inc.

 

                                                    541,355

10,078

 

Reynolds American, Inc.

 

                                                    608,207

 

 

 

 

                                                 2,731,092

 

 

AIRLINES - 0.2 %

 

 

3,094

 

Alaska Air Group, Inc.

 

                                                    294,085

6,987

 

Delta Airlines, Inc.

 

                                                    270,537

14,882

 

Southwest Airlines Co.

 

                                                    399,731

 

 

 

 

                                                    964,353

 

 

APPAREL - 0.9 %

 

 

4,024

 

Hanesbrands, Inc.

 

                                                    396,123

5,771

 

NIKE, Inc. - Cl. B

 

                                                    447,541

2,299

 

Ralph Lauren Corp.

 

                                                    369,426

3,638

 

Under Armour, Inc. - Cl. A  * ^

 

                                                    216,425

6,948

 

VF Corp. ^

 

                                                    437,724

 

 

 

 

                                                 1,867,239

 

 

AUTO MANUFACTURERS - 0.7 %

 

 

23,759

 

Ford Motor Co.

 

                                                    409,605

10,019

 

General Motors Co.

 

                                                    363,690

4,515

 

Oshkosh Truck Corp

 

                                                    250,718

6,734

 

PACCAR, Inc.

 

                                                    423,097

 

 

 

 

                                                 1,447,110

 

 

AUTO PARTS & EQUIPMENT - 1.1 %

 

 

11,961

 

Allison Transmission Holdings, Inc.

 

                                                    371,987

5,955

 

BorgWarner, Inc. ^

 

                                                    388,206

7,557

 

Johnson Controls, Inc.

 

                                                    377,321

5,225

 

Lear Corp.

 

                                                    466,697

4,379

 

TRW Automotive Holdings Corp. *

 

                                                    392,008

4,060

 

WABCO Holdings, Inc. *

 

                                                    433,689

 

 

 

 

                                                 2,429,908

 

 

BANKS - 4.7 %

 

 

24,172

 

Bank of America Corp.

 

                                                    371,524

13,455

 

BB&T Corp.

 

                                                    530,531

6,142

 

Capital One Financial Corp.

 

                                                    507,329

9,923

 

CIT Group, Inc.

 

                                                    454,076

8,150

 

Citigroup, Inc.

 

                                                    383,865

8,349

 

Comerica, Inc. ^

 

                                                    418,786

9,729

 

East West Bancorp, Inc.

 

                                                    340,418

22,215

 

Fifth Third Bancorp

 

                                                    474,290

7,812

 

First Republic Bank ^

 

                                                    429,582

2,630

 

Goldman Sachs Group, Inc.

 

                                                    440,367

39,948

 

Huntington Bancshares, Inc.

 

                                                    381,104

26,837

 

KeyCorp

 

                                                    384,574

4,615

 

M&T Bank Corp.

 

                                                    572,491

11,333

 

Morgan Stanley

 

                                                    366,396

7,522

 

Northern Trust Corp.

 

                                                    482,988

5,759

 

PNC Financial Services Group, Inc.

 

                                                    512,839

32,597

 

Regions Financial Corp.

 

                                                    346,180

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP U.S. 500 ENHANCED VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

BANKS (Continued) - 4.7 %

 

 

2,476

 

Signature Bank  *  

 

 $                                                 312,422

6,022

 

State Street Corp.

 

                                                    405,040

10,661

 

SunTrust Banks, Inc.

 

                                                    427,080

2,800

 

SVB Financial Group *

 

                                                    326,536

14,412

 

US Bancorp

 

                                                    624,328

11,458

 

Wells Fargo & Co.

 

                                                    602,232

 

 

 

 

                                               10,094,978

 

 

BEVERAGES - 2.0 %

 

 

5,653

 

Brown-Forman Corp. - Cl. B

 

                                                    532,343

15,383

 

Coca-Cola Co.

 

                                                    651,624

9,916

 

Coca-Cola Enterprises, Inc.

 

                                                    473,786

4,612

 

Constellation Brands, Inc. *

 

                                                    406,456

10,544

 

Dr Pepper Snapple Group, Inc.

 

                                                    617,668

1,471

 

Keurig Green Mountain, Inc.

 

                                                    183,301

7,324

 

Molson Coors Brewing Co.

 

                                                    543,148

4,481

 

Monster Beverage Corp. *

 

                                                    318,285

7,209

 

PepsiCo., Inc.

 

                                                    644,052

 

 

 

 

                                                 4,370,663

 

 

BIOTECHNOLOGY - 0.6 %

 

 

2,556

 

Amgen, Inc.

 

                                                    302,554

687

 

Biogen Idec, Inc. *

 

                                                    216,618

3,712

 

Celgene Corp. * ^

 

                                                    318,787

3,718

 

Gilead Sciences, Inc. * ^

 

                                                    308,259

582

 

Regeneron Pharmaceuticals, Inc. * ^

 

                                                    164,398

 

 

 

 

                                                 1,310,616

 

 

BUILDING MATERIALS - 0.1 %

 

 

6,240

 

Fortune Brands Home & Security, Inc. ^

 

                                                    249,163

 

 

 

 

 

 

 

CHEMICALS - 4.1 %

 

 

3,069

 

Air Products & Chemicals, Inc.

 

                                                    394,735

4,422

 

Airgas, Inc.

 

                                                    481,600

7,074

 

Albemarle Corp. ^

 

                                                    505,791

4,584

 

Ashland, Inc.

 

                                                    498,464

1,137

 

CF Industries Holdings, Inc.

 

                                                    273,483

4,433

 

Ecolab, Inc.

 

                                                    493,570

7,235

 

EI du Pont de Nemours & Co.

 

                                                    473,458

6,452

 

FMC Corp.

 

                                                    459,318

5,540

 

International Flavors & Fragrances, Inc.

 

                                                    577,711

4,849

 

LyondellBasell NV

 

                                                    473,505

4,851

 

Mosaic Co.

 

                                                    239,882

1,113

 

Newmarket Corp.

 

                                                    436,418

2,284

 

PPG Industries, Inc.

 

                                                    479,983

4,584

 

Praxair, Inc.

 

                                                    608,939

4,719

 

Rockwood Holdings, Inc.

 

                                                    358,597

1,777

 

Sherwin-Williams Co.

 

                                                    367,679

6,478

 

Sigma-Aldrich Corp.

 

                                                    657,387

5,314

 

Valspar Corp.

 

                                                    404,874

5,557

 

Westlake Chemical Corp.

 

                                                    465,454

 

 

 

 

                                                 8,650,848

 

 

COMMERCIAL SERVICES - 3.8 %

 

 

8,399

 

ADT Corp. ^

 

                                                    293,461

1,264

 

Alliance Data Systems Corp. * ^

 

                                                    355,500

7,554

 

Automatic Data Processing, Inc.

 

                                                    598,881

8,979

 

Cintas Corp.

 

                                                    570,526

6,692

 

Equifax, Inc.

 

                                                    485,438

2,290

 

FleetCor Technologies, Inc. *

 

                                                    301,822

4,728

 

Gartner, Inc. *

 

                                                    333,419

4,897

 

Global Payments, Inc.

 

                                                    356,746

12,552

 

Iron Mountain, Inc.

 

                                                    444,968

4,260

 

Manpowergroup, Inc.

 

                                                    361,461

4,971

 

Mastercard, Inc. - Cl. A

 

                                                    365,219

4,367

 

Moody's Corp. ^

 

                                                    382,811

10,987

 

Quanta Services, Inc. *

 

                                                    379,930

8,289

 

Robert Half International, Inc.

 

                                                    395,717

12,595

 

SEI Investments Co.

 

                                                    412,738

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP U.S. 500 ENHANCED VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

COMMERCIAL SERVICES (Continued) - 3.8 %

 

 

15,938

 

Total System Services, Inc.

 

 $                                                 500,613

2,519

 

Towers Watson & Co. - Cl. A

 

                                                    262,555

2,682

 

United Rentals, Inc. * ^

 

                                                    280,886

9,667

 

Vantiv, Inc. - Cl. A  *  

 

                                                    325,005

6,797

 

Verisk Analytics, Inc. - Cl. A *

 

                                                    407,956

18,950

 

Western Union Co. ^

 

                                                    328,593

 

 

 

 

                                                 8,144,245

 

 

COMPUTERS - 2.6 %

 

 

2,644

 

3D Systems Corp. * ^

 

                                                    158,111

4,243

 

Apple, Inc.

 

                                                    394,302

7,462

 

Cognizant Technology Solutions Corp. *

 

                                                    364,966

5,343

 

Computer Sciences Corp.

 

                                                    337,678

15,694

 

EMC Corp.

 

                                                    413,380

8,652

 

Hewlett Packard Co.

 

                                                    291,399

3,445

 

IHS, Inc. - Cl. A *

 

                                                    467,383

2,544

 

International Business Machines Corp.

 

                                                    461,151

9,110

 

Jack Henry & Associates, Inc.

 

                                                    541,407

8,336

 

NCR Corp. *

 

                                                    292,510

10,628

 

NetApp, Inc.

 

                                                    388,135

3,986

 

SanDisk Corp.

 

                                                    416,258

12,022

 

Synopsys, Inc. *

 

                                                    466,694

4,627

 

Teradata Corp. * ^

 

                                                    186,005

3,511

 

Western Digital Corp.

 

                                                    324,065

 

 

 

 

                                                 5,503,444

 

 

COSMETICS/PERSONAL CARE - 0.8 %

 

 

9,387

 

Colgate-Palmolive Co.

 

                                                    640,006

6,276

 

Estee Lauder Cos., Inc. - Cl. A

 

                                                    466,056

7,704

 

Procter & Gamble Co.

 

                                                    605,457

 

 

 

 

                                                 1,711,519

 

 

DISTRIBUTION/WHOLESALE - 1.0 %

 

 

6,545

 

Arrow Electronics, Inc. *

 

                                                    395,383

6,305

 

Fastenal Co. ^

 

                                                    312,034

2,202

 

Fossil Group, Inc. *

 

                                                    230,153

5,129

 

Genuine Parts Co.

 

                                                    450,326

9,254

 

LKQ Corp. *

 

                                                    246,989

1,807

 

WW Grainger, Inc. ^

 

                                                    459,466

 

 

 

 

                                                 2,094,351

 

 

DIVERSIFIED FINANCIAL SERVICES - 3.6 %

 

 

1,916

 

Affiliated Managers Group, Inc. *

 

                                                    393,546

4,763

 

American Express Co.

 

                                                    451,866

3,769

 

Ameriprise Financial, Inc.

 

                                                    452,280

1,193

 

BlackRock, Inc.

 

                                                    381,283

5,972

 

CBOE Holdings, Inc.

 

                                                    293,882

11,771

 

Charles Schwab Corp.

 

                                                    316,993

5,324

 

CME Group, Inc.

 

                                                    377,738

6,510

 

Discover Financial Services

 

                                                    403,490

9,613

 

Eaton Vance Corp.

 

                                                    363,275

13,128

 

Fidelity National Financial, Inc.

 

                                                    430,073

7,023

 

Franklin Resources, Inc. ^

 

                                                    406,210

9,610

 

Invesco Ltd.

 

                                                    362,778

7,599

 

LPL Investment Holdings

 

                                                    377,974

10,546

 

NASDAQ OMX Group, Inc.

 

                                                    407,287

5,945

 

Ocwen Financial Corp. * ^

 

                                                    220,560

8,123

 

Raymond James Financial, Inc.

 

                                                    412,080

42,440

 

SLM Corp.

 

                                                    352,676

4,937

 

T Rowe Price Group, Inc.

 

                                                    416,732

9,854

 

TD Ameritrade Holding Corp.

 

                                                    308,923

1,615

 

Visa, Inc. ^

 

                                                    340,297

4,513

 

Waddell & Reed Financial, Inc.

 

                                                    282,469

 

 

 

 

                                                 7,752,412

 

 

ELECTRIC - 4.9 %

 

 

10,632

 

Alliant Energy Corp.

 

                                                    647,064

11,397

 

American Electric Power Co., Inc.

 

                                                    635,611

20,000

 

CMS Energy Corp.

 

                                                    623,000

11,162

 

Consolidated Edison, Inc. ^

 

                                                    644,494

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP U.S. 500 ENHANCED VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

ELECTRIC (Continued) - 4.9 %

 

 

7,974

 

DTE Energy Co.

 

 $                                                 620,935

9,244

 

Duke Energy Corp.

 

                                                    685,812

7,557

 

Entergy Corp.

 

                                                    620,354

12,846

 

ITC Holdings Corp.

 

                                                    468,622

5,634

 

NextEra Energy, Inc. ^

 

                                                    577,372

13,158

 

Northeast Utilities

 

                                                    621,979

13,050

 

OGE Energy Corp.

 

                                                    509,994

9,632

 

Pinnacle West Capital Corp.

 

                                                    557,115

14,451

 

Public Service Enterprise Group, Inc.

 

                                                    589,456

11,915

 

SCANA Corp.

 

                                                    641,146

14,755

 

Southern Co.

 

                                                    669,582

13,141

 

Wisconsin Energy Corp. ^

 

                                                    616,576

20,299

 

Xcel Energy, Inc.

 

                                                    654,237

 

 

 

 

                                               10,383,349

 

 

ELECTRICAL COMPONENTS & EQUIPMENT - 1.1 %

 

 

1,954

 

Acuity Brands, Inc. ^

 

                                                    270,141

8,965

 

AMETEK, Inc.

 

                                                    468,690

8,131

 

Emerson Electric Co.

 

                                                    539,573

4,195

 

Energizer Holdings, Inc.

 

                                                    511,916

3,642

 

Hubbell, Inc. - Cl. B

 

                                                    448,512

 

 

 

 

                                                 2,238,832

 

 

ELECTRONICS - 1.7 %

 

 

6,035

 

Agilent Technologies, Inc.

 

                                                    346,650

4,308

 

Amphenol Corp. - Cl. A

 

                                                    415,033

8,187

 

Avnet, Inc.

 

                                                    362,766

7,330

 

FLIR Systems, Inc.

 

                                                    254,571

10,341

 

Gentex Corp.

 

                                                    300,820

5,411

 

Honeywell International, Inc.

 

                                                    502,952

1,667

 

Mettler-Toledo International, Inc. *

 

                                                    422,051

4,023

 

Thermo Fisher Scientific, Inc.

 

                                                    474,714

6,098

 

Trimble Navigation Ltd. *

 

                                                    225,321

3,499

 

Waters Corp.*

 

                                                    365,436

 

 

 

 

                                                 3,670,314

 

 

ENGINEERING & CONSTRUCTION - 0.2 %

 

 

6,466

 

Jacobs Engineering Group, Inc. *

 

                                                    344,508

 

 

 

 

 

 

 

ENVIRONMENTAL CONTROL - 0.8 %

 

 

16,117

 

Republic Services, Inc.

 

                                                    611,962

4,905

 

Stericycle, Inc. *

 

                                                    580,850

11,474

 

Waste Connections, Inc.

 

                                                    557,063

 

 

 

 

                                                 1,749,875

 

 

FOOD - 3.4 %

 

 

13,508

 

Conagra Foods, Inc.

 

                                                    400,918

11,387

 

General Mills, Inc.

 

                                                    598,273

5,227

 

Hershey Co.

 

                                                    508,953

12,116

 

Hillshire Brands Co.

 

                                                    754,827

9,906

 

Hormel Foods Corp.

 

                                                    488,861

4,329

 

Ingredion, Inc.

 

                                                    324,848

4,486

 

JM Smucker Co.

 

                                                    478,073

8,918

 

Kraft Foods Group, Inc.

 

                                                    534,634

9,652

 

Kroger Co.

 

                                                    477,098

7,572

 

McCormick & Co., Inc. ^

 

                                                    542,079

12,491

 

Mondelez International, Inc. - Cl. A

 

                                                    469,787

8,129

 

Safeway, Inc.

 

                                                    279,150

11,619

 

Sysco Corp. ^

 

                                                    435,132

8,242

 

Tyson Foods, Inc. - Cl. A

 

                                                    309,405

10,149

 

WhiteWave Foods Co. *

 

                                                    328,523

5,900

 

Whole Foods Market, Inc.

 

                                                    227,917

 

 

 

 

                                                 7,158,478

 

 

FOREST PRODUCTS & PAPER - 0.4 %

 

 

8,126

 

International Paper Co.

 

                                                    410,119

9,986

 

MeadWestvaco Corp.

 

                                                    441,980

 

 

 

 

                                                    852,099

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP U.S. 500 ENHANCED VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

GAS - 1.4 %

 

 

12,243

 

AGL Resources, Inc.

 

 $                                                 673,732

10,577

 

Atmos Energy Corp

 

                                                    564,812

6,634

 

National Fuel Gas Co.

 

                                                    519,442

15,569

 

NiSource, Inc.

 

                                                    612,484

5,828

 

Sempra Energy

 

                                                    610,250

 

 

 

 

                                                 2,980,720

 

 

HAND/MACHINE TOOLS - 0.6 %

 

 

5,333

 

Lincoln Electric Holdings, Inc.

 

                                                    372,670

3,878

 

Snap-On, Inc.

 

                                                    459,621

3,921

 

Stanley Black & Decker, Inc.

 

                                                    344,342

 

 

 

 

                                                 1,176,633

 

 

HEALTHCARE PRODUCTS - 3.4 %

 

 

7,516

 

Baxter International, Inc.

 

                                                    543,407

5,207

 

Becton Dickinson and Co.

 

                                                    615,988

10,200

 

CareFusion Corp. *

 

                                                    452,370

3,035

 

Cooper Cos., Inc.

 

                                                    411,334

13,001

 

DENTSPLY International, Inc.

 

                                                    615,597

4,715

 

Edwards Lifesciences Corp. *

 

                                                    404,736

4,782

 

Henry Schein, Inc. *

 

                                                    567,480

3,704

 

IDEXX Laboratories, Inc. *

 

                                                    494,743

524

 

Intuitive Surgical, Inc. *

 

                                                    215,783

8,867

 

Medtronic, Inc.

 

                                                    565,360

6,493

 

ResMed, Inc. ^

 

                                                    328,741

6,200

 

St. Jude Medical, Inc.

 

                                                    429,350

7,201

 

Stryker Corp.

 

                                                    607,188

5,119

 

Varian Medical Systems, Inc. * ^

 

                                                    425,594

5,212

 

Zimmer Holdings, Inc.

 

                                                    541,318

 

 

 

 

                                                 7,218,989

 

 

HEALTHCARE SERVICES - 2.4 %

 

 

5,431

 

Aetna, Inc.

 

                                                    440,345

4,424

 

Cigna Corp.

 

                                                    406,875

6,553

 

Community Health Systems, Inc. *

 

                                                    297,310

4,104

 

Covance, Inc. * ^

 

                                                    351,220

5,209

 

DaVita HealthCare Partners, Inc. *

 

                                                    376,715

7,124

 

HCA Holdings, Inc. *

 

                                                    401,651

4,237

 

Laboratory Corp. of America Holdings *

 

                                                    433,869

8,247

 

MEDNAX, Inc. *

 

                                                    479,563

8,308

 

Quest Diagnostics, Inc.

 

                                                    487,597

5,094

 

UnitedHealth Group, Inc.

 

                                                    416,435

5,147

 

Universal Health Services, Inc. - Cl. B

 

                                                    492,877

4,395

 

WellPoint, Inc.

 

472,946

 

 

 

 

                                                 5,057,403

 

 

HOLDING COMPANIES - 0.2 %

 

 

14,849

 

Leucadia National Corp.

 

389,341

 

 

 

 

 

 

 

HOME BUILDERS - 0.6 %

 

 

9,057

 

DR Horton, Inc.

 

222,621

5,551

 

Lennar Corp. - Cl. A

 

233,031

296

 

NVR, Inc. *

 

340,578

11,093

 

PulteGroup, Inc.

 

223,635

7,095

 

Toll Brothers, Inc.  *  

 

261,806

 

 

 

 

                                                 1,281,671

 

 

HOME FURNISHINGS - 0.2 %

 

 

2,072

 

Harman International Industries, Inc.

 

222,595

1,741

 

Whirlpool Corp.

 

242,382

 

 

 

 

                                                    464,977

 

 

HOUSEHOLD PRODUCTS - 1.0 %

 

 

7,939

 

Avery Dennison Corp.

 

406,874

7,853

 

Church & Dwight Co., Inc.

 

549,317

7,088

 

Clorox Co. ^

 

647,843

5,155

 

Kimberly-Clark Corp.

 

573,339

 

 

 

 

                                                 2,177,373

 

 

HOUSEWARES - 0.2 %

 

 

15,944

 

Newell Rubbermaid, Inc.

 

494,105

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP U.S. 500 ENHANCED VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

INSURANCE - 4.4 %

 

 

7,786

 

Aflac, Inc.

 

 $                                                 484,679

8,420

 

Allstate Corp.

 

494,422

9,979

 

American Financial Group, Inc.

 

594,349

7,330

 

Assurant, Inc.

 

480,482

6,991

 

Chubb Corp.

 

644,360

11,834

 

Cinncinatti Financial Corp.

 

568,505

11,312

 

Gallagher & Co.

 

527,139

19,418

 

Genworth Financial, Inc. - Cl. A *

 

337,873

6,245

 

Lincoln National Corp.

 

321,243

1,216

 

Markel Corp.  *  

 

797,258

11,481

 

Marsh & McLennan Cos., Inc.

 

594,945

6,785

 

Metlife, Inc.

 

376,975

8,150

 

Principal Financial Group, Inc.

 

411,412

20,454

 

Progressive Corp.

 

518,713

7,242

 

Torchmark Corp.

 

593,265

6,865

 

Travelers Co., Inc.

 

645,791

10,816

 

Unumprovident Group

 

375,964

14,221

 

WR Berkley Corp.

 

658,575

 

 

 

 

                                                 9,425,950

 

 

INTERNET - 1.7 %

 

 

5,908

 

eBay, Inc. *

 

295,754

2,418

 

F5 Networks, Inc. *

 

269,462

2,321

 

Facebook Inc. *

 

156,180

299

 

Google, Inc. - Cl. A *

 

174,816

300

 

Google, Inc. - Cl. C *

 

172,584

3,575

 

InterActiveCorp

 

247,497

12,558

 

Liberty Interactive Corp. *

 

368,703

447

 

Netflix, Inc. *  

 

196,948

264

 

Priceline.com, Inc. *

 

317,592

4,550

 

Rackspace Hosting, Inc. *

 

153,153

13,469

 

Symantec Corp.

 

308,440

2,018

 

TripAdvisor, Inc. *

 

219,276

8,692

 

Verisign, Inc. * ^

 

424,257

6,836

 

Yahoo!, Inc. *

 

240,149

 

 

 

 

                                                 3,544,811

 

 

INVESTMENT COMPANIES - 0.3 %

 

 

37,191

 

Ares Capital Corp.

 

664,231

 

 

 

 

 

 

 

IRON/STEEL - 0.4 %

 

 

8,799

 

Nucor Corp.

 

433,351

5,741

 

Reliance Steel & Aluminum Co.

 

423,169

 

 

 

 

                                                    856,520

 

 

LEISURE TIME - 0.5 %

 

 

9,314

 

Carnival Corp.

 

350,672

6,527

 

Harley-Davidson, Inc.

 

455,911

2,353

 

Polaris Industries, Inc.

 

306,455

 

 

 

 

                                                 1,113,038

 

 

LODGING - 0.9 %

 

 

7,119

 

Hyatt Hotels Corp. - Cl. A *

 

434,117

3,945

 

Las Vegas Sands Corp.

 

300,688

8,884

 

Marriott International, Inc. - Cl. A ^

 

569,464

5,620

 

Wyndham Worldwide Corp.

 

425,546

1,362

 

Wynn Resorts Ltd.

 

282,697

 

 

 

 

                                                 2,012,512

 

 

MACHINERY CONSTRUCTION & MINING - 0.4 %

 

 

4,531

 

Caterpillar, Inc.

 

492,384

5,869

 

Joy Global, Inc. ^

 

361,413

 

 

 

 

                                                    853,797

 

 

MACHINERY-DIVERSIFIED - 2.1 %

 

 

7,041

 

AGCO Corp.

 

395,845

2,789

 

Cummins, Inc.

 

430,315

6,048

 

Deere & Co.

 

547,646

4,308

 

Flowserve Corp.

 

320,300

5,224

 

Graco, Inc.

 

407,890

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP U.S. 500 ENHANCED VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

MACHINERY-DIVERSIFIED (Continued) - 2.1 %

 

 

2,619

 

Middleby Corp. *

 

 $                                                 216,644

6,140

 

Nordson Corp.

 

492,367

3,537

 

Rockwell Automation, Inc. ^

 

442,691

3,438

 

Roper Industries, Inc.

 

501,982

5,504

 

Wabtec Corp.

 

454,575

7,222

 

Xylem, Inc.

 

282,236

 

 

 

 

                                                 4,492,491

 

 

MEDIA - 2.6 %

 

 

4,003

 

AMC Networks, Inc. - Cl. A *

 

246,144

5,512

 

CBS Corp. - Cl. B

 

342,516

7,574

 

Comcast Corp. - Cl. A  ^

 

406,572

5,631

 

DIRECTV * ^

 

478,691

4,573

 

Discovery Communications, Inc. - Cl. A *

 

339,682

12,081

 

Gannett Co., Inc.

 

378,256

3,369

 

Liberty Media Corp. *

 

460,475

9,055

 

Neilson Holdings

 

438,353

4,912

 

Scripps Networks Interactive, Inc. - Cl. A ^

 

398,560

97,034

 

Sirius XM Radio, Inc. *

 

335,738

2,413

 

Time Warner Cable, Inc.

 

355,435

7,269

 

Time Warner, Inc.

 

510,647

5,020

 

Viacom, Inc. - Cl. B

 

435,385

5,273

 

Walt Disney Co. ^

 

452,107

 

 

 

 

                                                 5,578,561

 

 

METAL FABRICATE / HARDWARE - 0.3 %

 

 

1,673

 

Precision Castparts Corp.

 

422,265

4,613

 

Timken Co.

 

312,946

 

 

 

 

                                                    735,211

 

 

MINING - 0.3 %

 

 

11,193

 

Freeport-McMoRan Copper & Gold, Inc.

 

408,545

10,310

 

Southern Copper Corp. ^

 

313,115

 

 

 

 

                                                    721,660

 

 

MISCELLANEOUS MANUFACTURING - 2.8 %

 

 

4,120

 

3M Co.

 

590,149

6,006

 

Carlisle Cos., Inc.

 

520,240

5,260

 

Colfax Corp. *  

 

392,080

6,411

 

Danaher Corp.

 

504,738

10,433

 

Donaldson Co., Inc.

 

441,525

5,285

 

Dover Corp.

 

480,671

18,882

 

General Electric Co.

 

496,219

6,728

 

Illinois Tool Works, Inc.

 

589,104

5,960

 

Pall Corp.

 

508,924

3,237

 

Parker Hannifin Corp.

 

406,988

3,868

 

SPX Corp.

 

418,556

7,249

 

Textron, Inc.

 

277,564

7,156

 

Trinity Industries, Inc.

 

312,860

 

 

 

 

                                                 5,939,618

 

 

OFFICE & BUSINESS EQUIPMENT - 0.2 %

 

 

27,929

 

Xerox Corp.

 

347,437

 

 

 

 

 

 

 

OIL & GAS - 4.3 %

 

 

4,954

 

Apache Corp. ^

 

498,471

7,605

 

Cabot Oil & Gas Corp.

 

259,635

5,079

 

Chevron Corp.

 

663,063

2,305

 

Cimarex Energy Co.

 

330,675

2,294

 

Concho Resources, Inc. *

 

331,483

8,952

 

ConocoPhillips

 

767,455

2,287

 

Continental Resources, Inc. * ^

 

361,437

21,902

 

Denbury Resources, Inc. ^

 

404,311

8,751

 

Diamond Offshore Drilling, Inc.

 

434,312

3,742

 

EQT Corp.

 

400,020

6,207

 

Exxon Mobil, Inc.

 

624,921

3,528

 

Gulfport Energy Corp. *  

 

221,558

3,944

 

Helmerich & Payne, Inc. ^

 

457,938

5,340

 

Hess Corp.

 

528,073

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP U.S. 500 ENHANCED VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

OIL & GAS (Continued) - 4.3 %

 

 

5,235

 

HollyFrontier Corp. ^

 

 $                                                 228,717

11,690

 

Marathon Oil Corp.

 

466,665

2,823

 

Marathon Petroleum Corp.

 

220,392

6,571

 

Murphy Oil Corp.

 

436,840

5,285

 

Noble Energy, Inc.

 

409,376

5,368

 

Occidental Petroleum Corp.

 

550,918

4,203

 

Phillips 66

 

338,047

5,070

 

Valero Energy Corp.

 

254,007

 

 

 

 

9,188,314

 

 

OIL & GAS SERVICE - 1.5 %

 

 

6,239

 

Baker Hughes, Inc.

 

464,494

4,432

 

Cameron International Corp. *

 

300,091

7,128

 

FMC Technologies, Inc. *

 

435,307

6,827

 

National Oilwell Varco, Inc.

 

562,203

4,723

 

Oceaneering International, Inc.

 

369,008

6,592

 

Oil States International, Inc. *

 

422,481

4,767

 

Schlumberger Ltd.

 

562,268

 

 

 

 

3,115,852

 

 

PACKAGING & CONTAINERS - 0.9 %

 

 

9,223

 

Ball Corp.

 

578,098

10,928

 

Crown Holdings, Inc. *

 

543,777

4,122

 

Packaging Corp. of America

 

294,682

2,711

 

Rock Tenn Co. - Cl. A

 

286,254

8,999

 

Sealed Air Corp.

 

307,496

 

 

 

 

2,010,307

 

 

PHARMACEUTICALS - 2.7 %

 

 

3,079

 

Allergan, Inc.

 

521,028

8,083

 

AmerisourceBergen Corp.

 

587,311

6,331

 

Bristol-Myers Squibb Co.

 

307,117

7,972

 

Eli Lilly & Co.

 

495,619

6,133

 

Express Scripts Holding Co. *

 

425,201

6,592

 

Johnson & Johnson

 

689,655

2,210

 

McKesson Corp.

 

411,524

4,022

 

Mead Johnson Nutrition Co.

 

374,730

9,595

 

Merck & Co., Inc.

 

555,071

5,774

 

Mylan, Inc. *

 

297,707

17,204

 

Pfizer, Inc.

 

510,615

7,489

 

Quintiles Transnational *

 

399,089

2,329

 

Salix Pharmaceuticals Ltd. *

 

287,282

 

 

 

 

5,861,949

 

 

PIPELINES - 0.6 %

 

 

12,771

 

Kinder Morgan, Inc.

 

463,076

4,105

 

ONEOK, Inc.

 

279,468

14,411

 

Spectra Energy Corp.

 

612,179

 

 

 

 

1,354,723

 

 

REAL ESTATE - 0.4 %

 

 

14,089

 

CBRE Group, Inc. - Cl. A *

 

451,412

2,758

 

Jones Lang LaSalle, Inc.

 

348,584

 

 

 

 

799,996

 

 

RETAIL - 8.2 %

 

 

2,144

 

Advance Auto Parts, Inc.

 

289,268

6,726

 

AutoNation, Inc. *

 

401,408

903

 

AutoZone, Inc.* ^

 

484,225

5,085

 

Bed Bath & Beyond, Inc. *

 

291,777

15,781

 

Burger King Worldwide, Inc. ^

 

429,559

4,533

 

Cabela's, Inc. * ^

 

282,859

7,478

 

CarMax, Inc. * ^

 

388,931

475

 

Chipotle Mexican Grill, Inc. *

 

281,442

7,549

 

Coach, Inc.

 

258,100

10,577

 

Copart, Inc. *

 

380,349

4,658

 

Costco Wholesale Corp.

 

536,415

7,114

 

CVS Caremark Corp.

 

536,182

7,208

 

Darden Restaurants, Inc. ^

 

333,514

6,221

 

Dick's Sporting Goods, Inc.

 

289,650

6,125

 

Dollar General Corp. *

 

351,330

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP U.S. 500 ENHANCED VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

RETAIL (Continued) - 8.2 %

 

 

8,638

 

Dollar Tree, Inc. *

 

 $                                                 470,425

8,152

 

Dunkin' Brands Group, Inc. ^

 

373,443

6,619

 

Family Dollar Stores, Inc.

 

437,781

8,039

 

Foot Locker, Inc.

 

407,738

8,156

 

Gap, Inc.

 

339,045

6,433

 

Home Depot, Inc.

 

520,816

6,379

 

Kohl's Corp. ^

 

336,046

6,117

 

L Brands, Inc.

 

358,823

7,206

 

Lowe's Cos., Inc.

 

345,816

5,597

 

Macy's, Inc.

 

324,738

7,624

 

McDonald's Corp.

 

768,042

4,350

 

MSC Industrial Direct Co., Inc. - Cl. A

 

416,034

7,432

 

Nordstrom, Inc.

 

504,856

1,712

 

Nu Skin Enterprises, Inc.

 

126,620

2,600

 

O'Reilly Automotive, Inc. * ^

 

391,560

1,972

 

Panera Bread Co. - Cl. A *

 

295,465

6,916

 

PetSmart, Inc.

 

413,577

25,346

 

Rite Aid Corp. *

 

181,731

6,179

 

Ross Stores, Inc.

 

408,617

11,344

 

Sally Beauty Holdings, Inc. *

 

284,508

5,062

 

Starbucks Corp.

 

391,698

7,419

 

Target Corp. ^

 

429,931

4,234

 

Tiffany & Co.

 

424,459

7,596

 

TJX Cos., Inc.

 

403,727

4,893

 

Tractor Supply Co.

 

295,537

2,079

 

Ulta Salon Cosmetics & Fragrance, Inc. *

 

190,040

8,790

 

Urban Outfitters, Inc. *

 

297,629

9,129

 

Wal-Mart Stores, Inc. ^

 

685,314

5,164

 

Walgreen Co.

 

382,807

6,496

 

Williams-Sonoma, Inc. ^

 

466,283

4,723

 

Yum! Brands, Inc.

 

383,508

 

 

 

 

17,591,623

 

 

SAVINGS & LOANS - 0.5 %

 

 

49,691

 

Hudson City Bancorp, Inc.

 

488,463

29,781

 

New York Community Bancorp, Inc. ^

 

475,900

 

 

 

 

964,363

 

 

SEMICONDUCTORS - 2.9 %

 

 

8,794

 

Altera Corp.

 

305,679

9,651

 

Analog Devices, Inc.

 

521,830

2,562

 

Cree, Inc. * ^

 

127,972

2,979

 

First Solar, Inc. *

 

211,688

17,425

 

Intel Corp. ^

 

538,433

5,872

 

KLA-Tencor Corp.

 

426,542

6,257

 

Lam Research Corp.

 

422,848

11,185

 

Linear Technology Corp.

 

526,478

12,638

 

Maxim Integrated Products, Inc.

 

427,290

9,013

 

Microchip Technology, Inc. ^

 

439,925

20,916

 

NVIDIA Corp. ^

 

387,783

6,216

 

QUALCOMM, Inc.

 

492,307

7,407

 

Skyworks Solutions, Inc.

 

347,833

11,266

 

Texas Instruments, Inc.

 

538,402

7,705

 

Xilinx, Inc.

 

364,522

 

 

 

 

6,079,532

 

 

SHIPBUILDING - 0.2 %

 

 

4,064

 

Huntington Ingalls Industries

 

384,414

 

 

 

 

 

 

 

SOFTWARE - 3.0 %

 

 

12,185

 

Activision Blizzard, Inc.

 

271,726

4,450

 

Adobe Systems, Inc. *

 

322,002

3,807

 

Akamai Technologies, Inc. *

 

232,455

4,353

 

ANSYS, Inc. *

 

330,044

5,948

 

Autodesk, Inc. *

 

335,348

15,911

 

CA, Inc.

 

457,282

5,623

 

Cerner Corp. * ^

 

290,034

4,253

 

Citrix Systems, Inc. * ^

 

266,025

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP U.S. 500 ENHANCED VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

SOFTWARE (Continued) - 3.0 %

 

 

8,004

 

Fidelity National Information Services, Inc.

 

 $                                                 438,139

9,175

 

Fiserv, Inc. *

 

553,436

7,778

 

Microsoft Corp.

 

324,343

9,292

 

MSCI, Inc. *

 

426,038

11,832

 

Oracle Corp.

 

479,551

13,367

 

Paychex, Inc. ^

 

555,533

9,348

 

PTC, Inc. *

 

362,702

4,447

 

Red Hat, Inc. *  

 

245,786

2,290

 

Ultimate Software Group, Inc. *

 

316,409

2,429

 

VMware, Inc. - Cl. A * ^

 

235,150

 

 

 

 

6,442,003

 

 

TELECOMMUNICATIONS - 1.4 %

 

 

13,739

 

Amdocs Ltd.

 

636,528

16,438

 

Cisco Systems, Inc.

 

408,484

15,816

 

Corning, Inc.

 

347,161

5,511

 

Harris Corp.

 

417,458

10,938

 

Juniper Networks, Inc. *

 

268,419

7,444

 

Motorola Solutions, Inc.

 

495,547

47,631

 

Windstream Holdings, Inc. ^

 

474,405

 

 

 

 

3,048,002

 

 

TEXTILES - 0.1 %

 

 

2,169

 

Mohawk Industries, Inc. *

 

300,059

 

 

 

 

 

 

 

TOYS & GAMES - 0.2 %

 

 

8,986

 

Mattel, Inc. ^

 

350,184

 

 

 

 

 

 

 

TRANSPORTATION - 2.3 %

 

 

7,244

 

CH Robinson Worldwide, Inc. ^

 

462,095

14,679

 

CSX Corp.

 

452,260

9,290

 

Expeditors International of Washington, Inc.

 

410,246

2,715

 

FedEx Corp.

 

410,997

4,180

 

Genesee & Wyoming, Inc. * ^

 

438,900

6,583

 

JB Hunt Transport Services, Inc.

 

485,694

2,694

 

Kansas City Southern

 

289,632

3,582

 

Kirby Corp. *

 

419,595

4,034

 

Norfolk Southern Corp.

 

415,623

7,527

 

OLD Dominion Freight Line *

 

479,319

5,501

 

Union Pacific Corp.

 

548,726

 

 

 

 

4,813,087

 

 

TRUCKING & LEASING - 0.2 %

 

 

1,247

 

AMERCO

 

362,578

 

 

 

 

 

 

 

WATER - 0.3 %

 

 

12,151

 

American Water Works Co., Inc.

 

600,867

 

 

 

 

 

 

 

TOTAL COMMON STOCK  (Cost - $190,342,096)

 

210,572,111

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS - 0.8 %

 

 

 

 

MONEY MARKET FUND - 0.8 %

 

 

1,756,389

 

AIM STIT - Liquid Assets Portfolio, Institutional Class, 0.07% **

 

1,756,389

 

 

TOTAL SHORT-TERM INVESTMENTS (Cost - $1,756,389)

 

 

 

 

 

 

 

 

 

COLLATERAL FOR SECURITIES LOANED - 10.5 %

 

23,143,099

 

Mount Vernon Securities Lending Prime Portfolio, 0.19%

 

                                               23,143,099

 

 

TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $23,143,099)

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS - 109.8 % (Cost - $215,241,584) (a)

 $                                         235,471,599

 

 

LIABILITIES IN EXCESS OF OTHER ASSETS - (9.8) %

                                             (21,713,137)

 

 

NET ASSETS - 100.0 %

 

 $                                         213,758,462

 

 

 

 

 

*   Non-income producing security.

 

 

** Money market fund; interest rate reflects seven day effective yield on June 30, 2014.

 

^ All or a portion of this security is on loan. The market value of the loaned security is $22,348,278.

 

PLC - Public limited company.

 

 

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP U.S. 500 ENHANCED VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

(a) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $215,229,179

 

      and differs from value by net unrealized appreciation/(depreciation) on securities as follows:

 

 

Unrealized appreciation

 

 $                                           21,925,801

 

Unrealized depreciation

 

                                               (1,683,381)

 

Net unrealized appreciation

 

 $                                           20,242,420

 

 

 

 

 

 

 

 

 

 

Number of

 

 

Underlying Face Amount

Unrealized

Contracts

 

 

at Value

Appreciation

 

 

LONG FUTURES CONTRACTS - 0.0 %

 

 

 

 

Equity Futures - 0.0 %

 

 

24

 

S&P E-Mini Future, Sep 2014

 $                                             2,343,000

 $                                                     2,888

 

 

TOTAL LONG FUTURES CONTRACTS

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP LONG/SHORT STRATEGIES FUND

SCHEDULE OF INVESTMENTS

June 30, 2014

 

 

 

 

 

 Shares

 

 

 

Value

 

 

COMMON STOCK - 93.8 %

 

 

 

 

ADVERTISING AGENCIES - 0.2 %

 

 

                737

 

Omnicom Group, Inc.

 

 $                                52,489

 

 

 

 

 

 

 

AEROSPACE/DEFENSE - 1.6 %

 

 

                478

 

BE Aerospace, Inc. *

 

                                    44,210

                339

 

Boeing Co.

 

                                    43,131

                541

 

L3 Communications Holdings, Inc.

 

                                    65,326

                337

 

Lockheed Martin Corp.

 

                                    54,166

                460

 

Northrop Grumman Corp.

 

                                    55,030

                528

 

Raytheon Co.

 

                                    48,708

                686

 

Rockwell Collins, Inc.

 

                                    53,604

                516

 

United Technologies Corp.

 

                                    59,572

 

 

 

 

                                 423,747

 

 

AGRICULTURE - 1.2 %

 

 

             1,804

 

Altria Group, Inc.

 

                                    75,660

             1,040

 

Archer-Daniels-Midland Co.

 

                                    45,874

             1,031

 

Lorillard, Inc.

 

                                    62,860

                741

 

Philip Morris International

 

                                    62,474

             1,172

 

Reynolds American, Inc.

 

                                    70,730

 

 

 

 

                                 317,598

 

 

AIRLINES - 0.4 %

 

 

                363

 

Alaska Air Group, Inc.

 

                                    34,503

                833

 

Delta Airlines, Inc.

 

                                    32,254

             1,762

 

Southwest Airlines Co.

 

                                    47,327

 

 

 

 

                                 114,084

 

 

APPAREL - 0.8 %

 

 

                469

 

Hanesbrands, Inc.

 

                                    46,168

                698

 

Nike, Inc.

 

                                    54,130

                270

 

Polo Ralph Lauren Corp.

 

                                    43,386

                436

 

Under Armour, Inc. - Cl. A * ^

 

                                    25,938

                797

 

V.F. Corp. ^

 

                                    50,211

 

 

 

 

                                 219,833

 

 

AUTO MANUFACTURERS - 0.6 %

 

 

             2,743

 

Ford Motor Co.

 

                                    47,289

             1,168

 

General Motors Co.

 

                                    42,398

                522

 

Oshkosh Truck Corp.

 

                                    28,987

                779

 

Paccar, Inc.

 

                                    48,945

 

 

 

 

                                 167,619

 

 

AUTO PARTS & EQUIPMENT - 1.1 %

 

 

             1,385

 

Allison Transmission Holding

 

                                    43,074

                690

 

Borg Warner, Inc. ^

 

                                    44,981

                873

 

Johnson Controls, Inc.

 

                                    43,589

                607

 

Lear Corp.

 

                                    54,217

                507

 

TRW Automotive Holdings Corp. * ^

 

                                    45,387

                465

 

WABCO Holdings, Inc. *

 

                                    49,671

 

 

 

 

                                 280,919

 

 

BANKS - 4.4 %

 

 

             2,719

 

Bank of America Corp.

 

                                    41,791

             1,507

 

BB&T Corp.

 

                                    59,421

                687

 

Capital One Financial Corp.

 

                                    56,746

             1,133

 

CIT Group, Inc.

 

                                    51,846

                906

 

Citigroup, Inc.

 

                                    42,673

                907

 

Comerica, Inc. ^

 

                                    45,495

             1,111

 

East West Bancorp, Inc.

 

                                    38,874

             2,489

 

Fifth Third Bancorp

 

                                    53,140

                878

 

First Republic Bank ^

 

                                    48,281

                304

 

Goldman Sachs Group, Inc.

 

                                    50,902

             4,536

 

Huntington Bancshares, Inc.

 

                                    43,273

             2,998

 

Keycorp

 

                                    42,961

                517

 

M&T Bank Corp. ^

 

                                    64,134

             1,278

 

Morgan Stanley

 

                                    41,318

                831

 

Northern Trust Corp.

 

                                    53,359

                646

 

PNC Financial Services Group, Inc.

 

                                    57,526

             3,643

 

Regions Financial Corp.

 

                                    38,687

 

See accompanying notes to financial statements.

 

 

COMPASS EMP LONG/SHORT STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

 Shares

 

 

 

Value

 

 

BANKS (Continued) - 4.4 %

 

 

                289

 

Signature Bank *

 

 $                                36,466

                659

 

State Street Corp.

 

                                    44,324

             1,195

 

SunTrust Banks, Inc.

 

                                    47,872

                317

 

SVB Financial Group *

 

                                    36,969

             1,648

 

U.S. Bancorp

 

                                    71,391

             1,304

 

Wells Fargo & Co.

 

                                    68,540

 

 

 

 

                              1,135,989

 

 

BEVERAGES - 1.9 %

 

 

                647

 

Brown-Forman Corp. - Cl. B

 

                                    60,928

             1,780

 

Coca-Cola Co.

 

                                    75,401

             1,158

 

Coca-Cola Enterprises

 

                                    55,329

                532

 

Constellation Brands, Inc. - Cl. A *

 

                                    46,885

             1,221

 

Dr. Pepper Snapple Group

 

                                    71,526

                175

 

Keurig Green Mountain, Inc.

 

                                    21,807

                840

 

Molson Coors Brewing Co. - Cl. B

 

                                    62,294

                534

 

Monster Beverage Corp. *

 

                                    37,930

                835

 

Pepsico, Inc.

 

                                    74,599

 

 

 

 

                                 506,699

 

 

BIOTECHNOLOGY - 0.6 %

 

 

                305

 

Amgen, Inc.

 

                                    36,103

                   86

 

Biogen Idec, Inc. *

 

                                    27,117

                450

 

Celgene Corp. * ^

 

                                    38,646

                457

 

Gilead Sciences, Inc. *

 

                                    37,890

                   71

 

Regeneron Pharmaceuticals, Inc. * ^

 

                                    20,055

 

 

 

 

                                 159,811

 

 

BUILDING MATERIALS - 0.1 %

 

 

                752

 

Fortune Brands Home & Security

 

                                    30,027

 

 

 

 

 

 

 

CHEMICALS - 3.9 %

 

 

                354

 

Air Products & Chemicals, Inc.

 

                                    45,531

                512

 

Airgas, Inc.

 

                                    55,762

                819

 

Albemarle Corp.

 

                                    58,559

                522

 

Ashland, Inc.

 

                                    56,762

                132

 

CF Industries Holdings, Inc.

 

                                    31,750

                837

 

Du Pont (EI) De Nemours & Co.

 

                                    54,773

                513

 

Ecolab, Inc.

 

                                    57,117

                745

 

FMC Corp.

 

                                    53,037

                639

 

Int'l. Flavors & Fragrance

 

                                    66,635

                565

 

LyondellBasell NV

 

                                    55,172

                128

 

Newmarket Corp.

 

                                    50,190

                268

 

PPG Industries, Inc.

 

                                    56,320

                533

 

Praxair, Inc.

 

                                    70,804

                555

 

Rockwood Holdings, Inc.

 

                                    42,174

                210

 

Sherwin Williams Co.

 

                                    43,451

                759

 

Sigma-Aldrich Corp.

 

                                    77,023

                561

 

The Mosaic Co.

 

                                    27,741

                627

 

Valspar Corp.

 

                                    47,771

                647

 

Westlake Chemical Corp.

 

                                    54,195

 

 

 

 

                              1,004,767

 

 

COMMERCIAL SERVICES - 3.6 %

 

 

                967

 

ADT Corp

 

                                    33,787

                145

 

Alliance Data Systems Corp. * ^

 

                                    40,781

                888

 

Automatic Data Processing, Inc.

 

                                    70,401

             1,039

 

Cintas Corp.

 

                                    66,018

                790

 

Equifax, Inc.

 

                                    57,307

                268

 

FleetCor Technologies Inc. *

 

                                    35,322

                551

 

Gartner Group, Inc.  *

 

                                    38,857

                571

 

Global Payments, Inc.

 

                                    41,597

             1,488

 

Iron Mountain, Inc.

 

                                    52,750

                480

 

Manpower, Inc.

 

                                    40,728

                595

 

Mastercard, Inc. - Cl. A

 

                                    43,715

                506

 

Moody's Corp. ^

 

                                    44,356

             1,248

 

Quanta Services, Inc. *

 

                                    43,156

                953

 

Robert Half International, Inc.

 

                                    45,496

             1,457

 

SEI Investments Co.

 

                                    47,746

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP LONG/SHORT STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

 Shares

 

 

 

Value

 

 

COMMERCIAL SERVICES (Continued) - 3.6 %

 

 

             1,851

 

Total System Services, Inc.

 

 $                                58,140

                291

 

Towers Watson & Co.

 

                                    30,331

                300

 

United Rentals, Inc. * ^

 

                                    31,419

             1,118

 

Vantiv, Inc. *

 

                                    37,587

                792

 

Verisk Analytics, Inc. - Cl. A *

 

                                    47,536

             2,212

 

Western Union Co. ^

 

                                    38,355

 

 

 

 

                                 945,385

 

 

COMPUTERS  - 2.4 %

 

 

                346

 

3D Systems Corp. * ^

 

                                    20,691

                497

 

Apple, Inc.

 

                                    46,186

                900

 

Cognizant Technology Solutions - Cl. A *

 

                                    44,019

                620

 

Computer Sciences Corp.

 

                                    39,184

             1,816

 

EMC Corp.

 

                                    47,833

             1,067

 

Henry Jack & Associates, Inc.

 

                                    63,412

                956

 

Hewlett Packard Co.

 

                                    32,198

                295

 

IBM Corp.

 

                                    53,475

                393

 

IHS, Inc. - Cl. A *

 

                                    53,318

                961

 

NCR Corp. *

 

                                    33,721

             1,220

 

NetApp, Inc.

 

                                    44,554

                446

 

Sandisk Corp.

 

                                    46,576

             1,390

 

Synopsys, Inc. *

 

                                    53,960

                520

 

Teradata Corp. *

 

                                    20,904

                397

 

Western Digital Corp.

 

                                    36,644

 

 

 

 

                                 636,675

 

 

COMETICS/ PERSONAL CARE - 0.8 %

 

 

             1,099

 

Colgate Palmolive Co.

 

                                    74,930

                741

 

Estee Lauder Co's., Inc. - Cl. A

 

                                    55,027

                893

 

Procter & Gamble Co.

 

                                    70,180

 

 

 

 

                                 200,137

 

 

DISTRIBUTION/ WHOLESALE - 0.9 %

 

 

                743

 

Arrow Electronics, Inc. *

 

                                    44,885

                750

 

Fastenal Co.

 

                                    37,118

                253

 

Fossil Group, Inc. *

 

                                    26,444

                599

 

Genuine Parts Co.

 

                                    52,592

             1,069

 

LKQ Corp. *

 

                                    28,532

                210

 

WW Grainger, Inc. ^

 

                                    53,395

 

 

 

 

                                 242,966

 

 

DIVERSIFIED FINANCIAL SERVICES - 3.4 %

 

 

                219

 

Affiliated Managers Group *

 

                                    44,983

                551

 

American Express Co.

 

                                    52,273

                426

 

Ameriprise Financial, Inc.

 

                                    51,120

                138

 

Blackrock, Inc.

 

                                    44,105

                703

 

CBOE Holdings, Inc.

 

                                    34,595

             1,291

 

Charles Schwab Corp.

 

                                    34,767

                604

 

CME Group, Inc.

 

                                    42,854

                746

 

Discover Financial Services

 

                                    46,237

             1,093

 

Eaton Vance Corp.

 

                                    41,304

             1,550

 

FNF Group *

 

                                    50,778

                813

 

Franklin Resources, Inc. ^

 

                                    47,024

             1,076

 

Invesco Ltd.

 

                                    40,619

                849

 

LPL Investment Holdings

 

                                    42,229

             1,252

 

Nasdaq OMX Group

 

                                    48,352

                714

 

Ocwen Financial Corp. *

 

                                    26,489

                917

 

Raymond James Financial, Inc.

 

                                    46,519

             4,861

 

SLM Corp.

 

                                    40,395

                561

 

T. Rowe Price Group, Inc.

 

                                    47,354

             1,103

 

TD Ameritrade Holding Corp.

 

                                    34,579

                188

 

Visa, Inc. ^

 

                                    39,613

                519

 

Waddell & Reed Financial, Inc.

 

                                    32,485

 

 

 

 

                                 888,674

 

 

ELECTRIC - 4.7 %

 

 

             1,247

 

Alliant Corp.

 

                                    75,893

             1,340

 

American Electric Power, Inc.

 

                                    74,732

             2,331

 

CMS Energy Corp.

 

                                    72,611

             1,334

 

Consolidated Edison, Inc.

 

                                    77,025

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP LONG/SHORT STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

 Shares

 

 

 

Value

 

 

ELECTRIC (Continued) - 4.7 %

 

 

                924

 

DTE Energy Co.

 

 $                                71,952

             1,084

 

Duke Energy Corp.

 

                                    80,422

                857

 

Entergy Corp.

 

                                    70,351

             1,501

 

ITC Holdings Corp.

 

                                    54,756

                651

 

NextEra Energy, Inc. ^

 

                                    66,714

             1,546

 

Northeast Utilities

 

                                    73,079

             1,528

 

OGE Energy Corp.

 

                                    59,714

             1,145

 

Pinnacle West Capital Corp.

 

                                    66,227

             1,667

 

Public Service Enterprise

 

                                    67,997

             1,391

 

Scana Corp.

 

                                    74,850

             1,725

 

Southern Co.

 

                                    78,281

             1,532

 

Wisconsin Energy Corp.

 

                                    71,881

             2,388

 

Xcel Energy, Inc.

 

                                    76,965

 

 

 

 

                              1,213,450

 

 

ELECTRICAL COMPONENTS & EQUIPMENT - 1.0 %

 

 

                231

 

Acuity Brands, Inc. ^

 

                                    31,936

             1,054

 

Ametek, Inc.

 

                                    55,103

                920

 

Emerson Electric Co.

 

                                    61,051

                476

 

Energizer Holdings, Inc.

 

                                    58,086

                417

 

Hubbell, Inc. - Cl. B

 

                                    51,354

 

 

 

 

                                 257,530

 

 

ELECTRONICS - 1.6 %

 

 

                704

 

Agilent Technologies, Inc.

 

                                    40,438

                494

 

Amphenol Corp. - Cl. A

 

                                    47,592

                933

 

Avnet, Inc.

 

                                    41,341

                833

 

Flir Systems, Inc.

 

                                    28,930

             1,197

 

Gentex Corp.

 

                                    34,821

                630

 

Honeywell International, Inc.

 

                                    58,559

                197

 

Mettler Toledo International *

 

                                    49,876

                467

 

Thermo Fisher Scientific, Inc.

 

                                    55,106

                710

 

Trimble Navigation Ltd. *

 

                                    26,235

                415

 

Waters Corp. *

 

                                    43,342

 

 

 

 

                                 426,240

 

 

ENGINEERING & CONSTURCTION - 0.2 %

 

 

                741

 

Jacobs Engineering Group, Inc. *

 

                                    39,480

 

 

 

 

 

 

 

ENVIRONMENTAL CONTROL - 0.8 %

 

 

             1,860

 

Republic Services, Inc.

 

                                    70,624

                571

 

Stericycle, Inc. *

 

                                    67,618

             1,319

 

Waste Connections, Inc.

 

                                    64,037

 

 

 

 

                                 202,279

 

 

FOOD - 3.2 %

 

 

             1,554

 

Conagra Foods, Inc.

 

                                    46,123

             1,303

 

General Mills, Inc.

 

                                    68,460

                615

 

Hershey Foods Corp.

 

                                    59,883

             1,409

 

Hillshire Brands Co.

 

                                    87,781

             1,152

 

Hormel Foods Corp.

 

                                    56,851

                499

 

Ingredion, Inc.

 

                                    37,445

                527

 

JM Smucker Co.

 

                                    56,162

             1,044

 

Kraft Foods Group, Inc.

 

                                    62,588

             1,113

 

Kroger Co.

 

                                    55,016

                885

 

Mccormick & Company, Inc.

 

                                    63,357

             1,451

 

Mondelez International, Inc. - Cl. A

 

                                    54,572

                852

 

Safeway, Inc.

 

                                    29,258

             1,359

 

Sysco Corp.

 

                                    50,895

                953

 

Tyson Foods, Inc. - Cl. A

 

                                    35,776

             1,175

 

WhiteWave Foods Co. *

 

                                    38,035

                680

 

Whole Foods Market, Inc.

 

                                    26,266

 

 

 

 

                                 828,468

 

 

FOREST PRODUCTS & PAPER - 0.4 %

 

 

                941

 

International Paper Co.

 

                                    47,492

             1,159

 

MeadWestvaco Corp.

 

                                    51,298

 

 

 

 

                                    98,790

 

 

GAS - 1.4 %

 

 

             1,466

 

AGL Resources, Inc.

 

                                    80,674

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP LONG/SHORT STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

 Shares

 

 

 

Value

 

 

GAS (Continued) - 1.4 %

 

 

             1,240

 

Atmos Energy Corp.

 

 $                                66,216

                829

 

National Fuel Gas Co.

 

                                    64,911

             1,822

 

NiSource, Inc.

 

                                    71,677

                674

 

Sempra Energy

 

                                    70,575

 

 

 

 

                                 354,053

 

 

HAND/MACHINE TOOLS - 0.5 %

 

 

                615

 

Lincoln Electric Holdings

 

                                    42,976

                448

 

Snap-On, Inc.

 

                                    53,097

                457

 

Stanley Black & Decker, Inc.

 

                                    40,134

 

 

 

 

                                 136,207

 

 

HEALTHCARE PRODUCTS - 3.2 %

 

 

                864

 

Baxter International, Inc.

 

                                    62,467

                612

 

Becton Dickinson & Co.

 

                                    72,400

             1,200

 

Carefusion Corp. *

 

                                    53,220

                349

 

Cooper Cos, Inc.

 

                                    47,300

             1,499

 

Dentsply International, Inc.

 

                                    70,978

                552

 

Edwards Lifesciences Corp. *

 

                                    47,384

                558

 

Henry Schein, Inc. *

 

                                    66,218

                438

 

IDEXX Laboratories, Inc. *

 

                                    58,504

                   60

 

Intuitive Surgical, Inc. *

 

                                    24,708

             1,039

 

Medtronic, Inc.

 

                                    66,247

                766

 

Resmed, Inc. ^

 

                                    38,783

                730

 

St. Jude Medical, Inc.

 

                                    50,553

                832

 

Stryker Corp.

 

                                    70,154

                600

 

Varian Medical Systems, Inc. *

 

                                    49,884

                612

 

Zimmer Holdings, Inc.

 

                                    63,560

 

 

 

 

                                 842,360

 

 

HEALTHCARE SERVICES - 2.2 %

 

 

                612

 

Aetna, Inc.

 

                                    49,621

                484

 

Cigna Corp.

 

                                    44,513

                763

 

Community Health Systems, Inc. *

 

                                    34,617

                474

 

Covance, Inc. *

 

                                    40,565

                594

 

DaVita, Inc. *

 

                                    42,958

                810

 

HCA Holdings, Inc. *

 

                                    45,668

                495

 

Laboratory Corp of America Holdings *

 

                                    50,688

                959

 

MEDNAX, Inc. *

 

                                    55,766

                953

 

Quest Diagnostics, Inc.

 

                                    55,932

                564

 

UnitedHealth Group, Inc.

 

                                    46,107

                600

 

Universal Health Services - Cl. B

 

                                    57,456

                498

 

WellPoint, Inc.

 

                                    53,590

 

 

 

 

                                 577,481

 

 

HOLDING COMPANIES-DIVERSIFIED - 0.2 %

 

 

             1,687

 

Leucadia National Corp.

 

                                    44,233

 

 

 

 

 

 

 

HOME BUILDERS - 0.6 %

 

 

             1,098

 

D R Horton, Inc.

 

                                    26,989

                662

 

Lennar Corp. - Cl. A

 

                                    27,791

                   35

 

NVR, Inc. *

 

                                    40,271

             1,306

 

Pulte Corp.

 

                                    26,329

                851

 

Toll Brothers, Inc. *

 

                                    31,401

 

 

 

 

                                 152,781

 

 

HOME FURNISHINGS - 0.2 %

 

 

                239

 

Harman International

 

                                    25,676

                203

 

Whirlpool Corp.

 

                                    28,262

 

 

 

 

                                    53,938

 

 

HOUSEHOLD PRODUCTS/WARES - 1.0 %

 

 

                917

 

Avery Dennison Corp.

 

                                    46,996

                913

 

Church & Dwight, Inc.

 

                                    63,864

                820

 

Clorox Co. ^

 

                                    74,948

                595

 

Kimberly Clark Corp.

 

                                    66,177

 

 

 

 

                                 251,985

 

 

HOUSEWARES - 0.2 %

 

 

             1,862

 

Newell Rubbermaid, Inc.

 

                                    57,703

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP LONG/SHORT STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

 Shares

 

 

 

Value

 

 

INSURANCE - 4.2 %

 

 

                918

 

Aflac, Inc.

 

 $                                57,146

                966

 

Allstate Corp.

 

                                    56,724

             1,154

 

American Financial Group, Inc.

 

                                    68,732

             1,308

 

Arthur J. Gallagher  & Co.

 

                                    60,953

                853

 

Assurant, Inc.

 

                                    55,914

                820

 

Chubb Corp.

 

                                    75,579

             1,360

 

Cincinnati Financial Corp.

 

                                    65,334

             2,147

 

Genworth Financial, Inc. - Cl. A *

 

                                    37,358

                694

 

Lincoln National Corp.

 

                                    35,699

                140

 

Markel Corp. *

 

                                    91,790

             1,331

 

Marsh & McLennan Co.'s, Inc.

 

                                    68,972

                765

 

Metlife, Inc.

 

                                    42,503

                935

 

Principal Financial Group, Inc.

 

                                    47,199

             2,313

 

Progressive Corp.

 

                                    58,658

                801

 

The Travelers Companies, Inc.

 

                                    75,350

                835

 

Torchmark Corp.

 

                                    68,403

             1,232

 

Unumprovident Corp.

 

                                    42,824

             1,652

 

WR Berkley Corp.

 

                                    76,505

 

 

 

 

                              1,085,643

 

 

INTERNET - 1.6 %

 

 

                694

 

EBay, Inc. *

 

                                    34,742

                275

 

F5 Networks, Inc. *

 

                                    30,646

                277

 

Facebook, Inc. *

 

                                    18,639

                   35

 

Google, Inc. - Cl. A *

 

                                    20,463

                   35

 

Google, Inc. - Cl. C *

 

                                    20,135

                429

 

Interactive Corp

 

                                    29,700

             1,469

 

Liberty Interactive Corp. - Cl. A *

 

                                    43,130

                   53

 

Netflix, Inc. *

 

                                    23,352

                   31

 

Priceline Group, Inc. *

 

                                    37,293

                555

 

Rackspace Hosting, Inc. *

 

                                    18,681

             1,747

 

Symantec Corp.

 

                                    40,006

                242

 

TripAdvisor, Inc. *

 

                                    26,296

             1,002

 

VeriSign, Inc. * ^

 

                                    48,908

                821

 

Yahoo!, Inc. *

 

                                    28,841

 

 

 

 

                                 420,832

 

 

INVESTMENT COMPANIES - 0.3 %

 

 

             4,334

 

Ares Capital Corp.

 

                                    77,405

 

 

 

 

 

 

 

IRON/STEEL - 0.4 %

 

 

                996

 

Nucor Corp.

 

                                    49,053

                660

 

Reliance Steel & Aluminum

 

                                    48,649

 

 

 

 

                                    97,702

 

 

LEISURE TIME - 0.5 %

 

 

             1,068

 

Carnival Corp.

 

                                    40,210

                752

 

Harley Davidson, Inc.

 

                                    52,527

                275

 

Polaris Industries, Inc.

 

                                    35,816

 

 

 

 

                                 128,553

 

 

LODGING - 0.9 %

 

 

                818

 

Hyatt Hotels - Cl. A *

 

                                    49,882

                467

 

Las Vegas Sands Corp.

 

                                    35,595

             1,025

 

Marriott International, Inc. ^

 

                                    65,703

                658

 

Wyndham Worldwide Corp.

 

                                    49,824

                161

 

Wynn Resorts, Ltd.

 

                                    33,416

 

 

 

 

                                 234,420

 

 

MACHINERY-CONSTRUCTION & MINING - 0.4 %

 

 

                519

 

Caterpillar, Inc.

 

                                    56,400

                676

 

Joy Global, Inc. ^

 

                                    41,628

 

 

 

 

                                    98,028

 

 

MACHINERY-DIVERSIFIED - 2.0 %

 

 

                812

 

AGCO Corp. ^

 

                                    45,651

                319

 

Cummins, Inc.

 

                                    49,219

                696

 

Deere & Co.

 

                                    63,023

                497

 

Flowserve Corp.

 

                                    36,952

                600

 

Graco, Inc.

 

                                    46,848

                309

 

Middleby Corp. *

 

                                    25,560

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP LONG/SHORT STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

 Shares

 

 

 

Value

 

 

MACHINERY-DIVERSIFIED (Continued) - 2.0 %

 

                700

 

Nordson Corp.

 

 $                                56,133

                409

 

Rockwell Automation, Inc. ^

 

                                    51,190

                403

 

Roper Industries, Inc.

 

                                    58,842

                632

 

Wabtec Corp.

 

                                    52,197

                847

 

Xylem, Inc.

 

                                    33,100

 

 

 

 

                                 518,715

 

 

MEDIA - 2.5 %

 

 

                470

 

AMC Networks - Cl. A *

 

                                    28,900

                639

 

CBS Corp. - Cl. B

 

                                    39,707

                876

 

Comcast Corp. Cl. A ^

 

                                    47,024

                663

 

DIRECTV *

 

                                    56,362

                524

 

Discovery Communications, Inc. - Cl. A *

 

                                    38,923

                623

 

Disney (Walt) Co. ^

 

                                    53,416

             1,344

 

Gannett, Inc.

 

                                    42,081

                385

 

Liberty Media Corp. *

 

                                    52,622

             1,061

 

Nielsen Holdings N.V.

 

                                    51,363

                588

 

Scripps Networks Interactive

 

                                    47,710

           11,282

 

Sirius XM Holdings, Inc. *

 

                                    39,035

                277

 

Time Warner Cable

 

                                    40,802

                822

 

Time Warner, Inc.

 

                                    57,746

                588

 

Viacom, Inc. - Cl. B

 

                                    50,997

 

 

 

 

                                 646,688

 

 

METAL FABRICATE/HARDWARE - 0.3 %

 

 

                195

 

Precision Castparts Corp.

 

                                    49,218

                528

 

Timken Co.

 

                                    35,820

 

 

 

 

                                    85,038

 

 

MINING - 0.3 %

 

 

             1,281

 

Freeport-McMoran Copper & Gold

 

                                    46,757

             1,211

 

Southern Copper Corp. ^

 

                                    36,778

 

 

 

 

                                    83,535

 

 

MISCELLANEOUS MANUFACTURING - 2.7 %

 

 

                476

 

3M Co.

 

                                    68,182

                691

 

Carlisle Companies, Inc.

 

                                    59,854

                602

 

Colfax Corp. *

 

                                    44,873

                743

 

Danaher Corp.

 

                                    58,496

             1,218

 

Donaldson Company, Inc.

 

                                    51,546

                618

 

Dover Corp.

 

                                    56,207

             2,206

 

General Electric Co.

 

                                    57,974

                789

 

Illinois Tool  Works, Inc.

 

                                    69,085

                683

 

Pall Corp.

 

                                    58,321

                376

 

Parker Hannifin Corp.

 

                                    47,274

                458

 

SPX Corp.

 

                                    49,560

                846

 

Textron, Inc.

 

                                    32,393

                816

 

Trinity Industries, Inc.

 

                                    35,677

 

 

 

 

                                 689,442

 

 

OFFICE/BUSINESS EQUIPMENT - 0.2 %

 

 

             3,154

 

Xerox Corp.

 

                                    39,236

 

 

 

 

 

 

 

OIL & GAS - 4.1 %

 

 

                567

 

Apache Corp.

 

                                    57,052

                891

 

Cabot Oil & Gas Corp.

 

                                    30,419

                587

 

Chevron Corp.

 

                                    76,633

                259

 

Cimarex Energy

 

                                    37,156

                266

 

Concho Resources, Inc. *

 

                                    38,437

             1,043

 

ConocoPhillips

 

                                    89,416

                264

 

Continental Resources, Inc. * ^

 

                                    41,723

             2,510

 

Denbury Resources, Inc. ^

 

                                    46,335

                967

 

Diamond Offshore Drilling, Inc.

 

                                    47,992

                438

 

EQT Corp.

 

                                    46,822

                719

 

Exxon Mobil Corp.

 

                                    72,389

                396

 

Gulfport Energy Corp. *

 

                                    24,869

                441

 

Helmerich & Payne, Inc. ^

 

                                    51,205

                609

 

Hess Corp.

 

                                    60,224

                620

 

HollyFrontier Corp. ^

 

                                    27,088

             1,320

 

Marathon Oil Corp.

 

                                    52,694

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP LONG/SHORT STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

 Shares

 

 

 

Value

 

 

OIL & GAS (Continued) - 4.1 %

 

 

                339

 

Marathon Petroleum Corp.

 

 $                                26,466

                749

 

Murphy Oil Corp.

 

                                    49,794

                612

 

Noble Energy, Inc.

 

                                    47,406

                641

 

Occidental Petroleum Corp.

 

                                    65,786

                501

 

Phillips 66

 

                                    40,295

                595

 

Valero Energy Corp.

 

                                    29,807

 

 

 

 

                              1,060,008

 

 

OIL & GAS SERVICES - 1.4 %

 

 

                717

 

Baker Hughes, Inc.

 

                                    53,381

                515

 

Cameron International Corp. *

 

                                    34,871

                802

 

FMC Technologies, Inc. *

 

                                    48,978

                772

 

National-Oilwell, Varco, Inc.

 

                                    63,574

                525

 

Oceaneering International, Inc.

 

                                    41,018

                745

 

Oil States International, Inc. *

 

                                    47,747

                537

 

Schlumberger Ltd.

 

                                    63,339

 

 

 

 

                                 352,908

 

 

PACKAGING & CONTAINERS - 0.9 %

 

 

             1,086

 

Ball Corp.

 

                                    68,070

             1,280

 

Crown Holdings, Inc. *

 

                                    63,693

                476

 

Packaging Corp of America

 

                                    34,029

                317

 

Rock - Tenn Co. - Cl. A

 

                                    33,472

             1,061

 

Sealed Air Corp.

 

                                    36,255

 

 

 

 

                                 235,519

 

 

PHARMACEUTICALS - 2.7 %

 

 

                370

 

Allergan, Inc.

 

                                    62,611

                971

 

Amerisource Bergen Corp.

 

                                    70,553

                761

 

Bristol-Myers Squibb Co.

 

                                    36,916

                939

 

Eli Lilly & Co.

 

                                    58,378

                710

 

Express Scripts Holding Co. *

 

                                    49,224

                760

 

Johnson & Johnson

 

                                    79,511

                257

 

McKesson HBOC, Inc.

 

                                    47,856

                467

 

Mead Johnson Nutrition

 

                                    43,510

             1,137

 

Merck & Company, Inc.

 

                                    65,775

                688

 

Mylan, Inc. *

 

                                    35,473

             2,011

 

Pfizer, Inc.

 

                                    59,686

                890

 

Quintiles Transnational *

 

                                    47,428

                274

 

Salix Pharmaceuticals, Ltd. * ^

 

                                    33,800

 

 

 

 

                                 690,721

 

 

PIPELINES - 0.6 %

 

 

             1,495

 

Kinder Morgan, Inc.

 

                                    54,209

                480

 

ONEOK, Inc.

 

                                    32,678

             1,677

 

Spectra Energy Corp.

 

                                    71,239

 

 

 

 

                                 158,126

 

 

REAL ESTATE - 0.4 %

 

 

             1,652

 

CBRE Group, Inc. *

 

                                    52,930

                322

 

Jones Lang LaSalle, Inc.

 

                                    40,698

 

 

 

 

                                    93,628

 

 

RETAIL - 7.8 %

 

 

                246

 

Advanced Auto Parts

 

                                    33,190

                787

 

Autonation, Inc. *

 

                                    46,968

                105

 

Autozone, Inc. *

 

                                    56,305

                590

 

Bed Bath & Beyond, Inc. *

 

                                    33,854

             1,850

 

Burger King Worldwide, Inc.

 

                                    50,357

                517

 

Cabela's, Inc. - Cl. A *

 

                                    32,261

                857

 

Carmax, Inc. * ^

 

                                    44,573

                   54

 

Chipotle Mexican Grill, Inc. *

 

                                    31,995

                872

 

Coach, Inc.

 

                                    29,814

             1,225

 

Copart, Inc. *

 

                                    44,051

                538

 

Costco Wholesale Corp.

 

                                    61,956

                816

 

CVS Corp.

 

                                    61,502

                817

 

Darden Restaurants, Inc. ^

 

                                    37,803

                719

 

Dick's Sporting Goods, Inc.

 

                                    33,477

                707

 

Dollar General Corp. *

 

                                    40,554

             1,004

 

Dollar Tree, Inc. *

 

                                    54,678

                946

 

Dunkin' Brands Group, Inc. ^

 

                                    43,336

                767

 

Family Dollar Stores, Inc.

 

                                    50,729

 

See accompanying notes to financial statements.

 

 

COMPASS EMP LONG/SHORT STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

 Shares

 

 

 

Value

 

 

RETAIL (Continued) - 7.8 %

 

 

                929

 

Foot Locker, Inc.

 

 $                                47,119

                958

 

Gap, Inc.

 

                                    39,824

                737

 

Home Depot, Inc.

 

                                    59,668

                735

 

Kohls Corp. ^

 

                                    38,720

                688

 

L Brands, Inc.

 

                                    40,358

                838

 

Lowe's Companies, Inc.

 

                                    40,216

                646

 

Macy's, Inc.

 

                                    37,481

                888

 

McDonalds Corp.

 

                                    89,457

                511

 

MSC Industrial Direct Co. - Cl. A

 

                                    48,872

                855

 

Nordstrom, Inc.

 

                                    58,080

                201

 

Nu Skin Enterprises, Inc. - Cl. A

 

                                    14,866

                298

 

O'Reilly Automotive, Inc. * ^

 

                                    44,879

                225

 

Panera Bread Co. - Cl. A *

 

                                    33,712

                807

 

PETsMART, Inc.

 

                                    48,259

             2,962

 

Rite Aid Corp. *

 

                                    21,238

                713

 

Ross Stores

 

                                    47,151

             1,288

 

Sally Beauty Holdings, Inc. *

 

                                    32,303

                567

 

Starbucks Corp.

 

                                    43,874

                861

 

Target Corp. ^

 

                                    49,895

                495

 

Tiffany & Co.

 

                                    49,624

                868

 

TJX Companies, Inc.

 

                                    46,134

                567

 

Tractor Supply Co.

 

                                    34,247

                230

 

Ulta Salon, Cosmetics & Fragrance *

 

                                    21,024

             1,005

 

Urban Outfitters, Inc. *

 

                                    34,029

             1,030

 

Wal Mart Stores, Inc. ^

 

                                    77,322

                614

 

Walgreen Co.

 

                                    45,516

                739

 

Williams Sonoma, Inc.

 

                                    53,045

                544

 

Yum! Brands, Inc.

 

                                    44,171

 

 

 

 

                              2,028,487

 

 

SAVINGS & LOANS - 0.4 %

 

 

             5,576

 

Hudson City Bancorp, Inc.

 

                                    54,812

             3,435

 

New York Community Bancorp

 

                                    54,891

 

 

 

 

                                 109,703

 

 

SEMICONDUCTORS - 2.6 %

 

 

             1,000

 

Altera Corp.

 

                                    34,760

             1,071

 

Analog Devices, Inc.

 

                                    57,909

                303

 

Cree, Inc. * ^

 

                                    15,135

                271

 

First Solar, Inc. *

 

                                    19,257

             1,978

 

Intel Corp. ^

 

                                    61,120

                666

 

KLA-Tencor Corp.

 

                                    48,378

                708

 

Lam Research Corp.

 

                                    47,846

             1,261

 

Linear Technology Corp.

 

                                    59,355

             1,490

 

Maxim Integrated Products, Inc.

 

                                    50,377

             1,035

 

Microchip Technology, Inc.

 

                                    50,518

             2,384

 

NVIDIA Corp.

 

                                    44,199

                717

 

QUALCOMM, Inc.

 

                                    56,786

                843

 

Skyworks Solutions, Inc.

 

                                    39,587

             1,259

 

Texas Instruments, Inc.

 

                                    60,168

                879

 

Xilinx, Inc.

 

                                    41,588

 

 

 

 

                                 686,983

 

 

SHIPBUILDING - 0.2 %

 

 

                481

 

Huntington Ingalls Industries

 

                                    45,498

 

 

 

 

 

 

 

SOFTWARE - 2.9 %

 

 

             1,424

 

Activision Blizzard, Inc.

 

                                    31,755

                525

 

Adobe Systems, Inc. *

 

                                    37,989

                440

 

Akamai Technologies, Inc. *

 

                                    26,866

                519

 

ANSYS, Inc. *

 

                                    39,351

                713

 

Autodesk, Inc. *

 

                                    40,199

             1,888

 

CA, Inc.

 

                                    54,261

                669

 

Cerner Corp. *

 

                                    34,507

                485

 

Citrix Systems, Inc. *

 

                                    30,337

                930

 

Fidelity National Information

 

                                    50,908

             1,075

 

Fiserv, Inc. *

 

                                    64,844

                883

 

Microsoft Corp.

 

                                    36,821

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP LONG/SHORT STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

 Shares

 

 

 

Value

 

 

SOFTWARE (Continued) - 2.9 %

 

 

             1,087

 

MSCI, Inc. *

 

 $                                49,839

             1,408

 

Oracle Corp.

 

                                    57,066

             1,543

 

Paychex, Inc.

 

                                    64,127

             1,114

 

PTC, Inc. *

 

                                    43,223

                525

 

Red Hat, Inc. *

 

                                    29,017

                279

 

Ultimate Software Group, Inc. *

 

                                    38,549

                286

 

VMware, Inc. - Cl. A * ^

 

                                    27,689

 

 

 

 

                                 757,348

 

 

TELECOMMUNICATIONS - 1.3 %

 

 

             1,590

 

Amdocs Ltd.

 

                                    73,665

             1,898

 

Cisco Systems, Inc.

 

                                    47,165

             1,818

 

Corning, Inc.

 

                                    39,905

                635

 

Harris Corp.

 

                                    48,101

             1,257

 

Juniper Networks, Inc. *

 

                                    30,847

                851

 

Motorola Solutions, Inc.

 

                                    56,651

             5,548

 

Windstream Corp. ^

 

                                    55,258

 

 

 

 

                                 351,592

 

 

TEXTILES - 0.1 %

 

 

                257

 

Mohawk Industries, Inc. *

 

                                    35,553

 

 

 

 

 

 

 

TOYS/GAMES/HOBBIES - 0.2 %

 

 

             1,029

 

Mattel, Inc. ^

 

                                    40,100

 

 

 

 

 

 

 

TRANSPORTATION - 2.1 %

 

 

                843

 

C H Robinson Worldwide, Inc. ^

 

                                    53,775

             1,695

 

CSX Corp.

 

                                    52,223

             1,082

 

Expeditors Int'l of Washington

 

                                    47,781

                320

 

Fedex Corp.

 

                                    48,442

                488

 

Genesee & Wyoming, Inc. - Cl. A *

 

                                    51,240

                770

 

JB Hunt Transport Services., Inc

 

                                    56,811

                314

 

Kansas Cty Southern

 

                                    33,758

                417

 

Kirby Corp. *

 

                                    48,847

                466

 

Norfolk Southern Corp.

 

                                    48,012

                875

 

Old Dominion Freight Line *

 

                                    55,720

                644

 

Union Pacific Corp.

 

                                    64,240

 

 

 

 

                                 560,849

 

 

TRUCKING & LEASING - 0.2 %

 

 

                143

 

AMERCO

 

                                    41,579

 

 

 

 

 

 

 

WATER - 0.3 %

 

 

             1,415

 

American Water Works Co.

 

                                    69,972

 

 

 

 

 

 

 

TOTAL COMMON STOCK (Cost - $23,415,687)

 

                            24,388,208

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS - 5.2 %

 

 

 Shares

 

MONEY MARKET FUND - 5.2 %

 

 

     1,339,566

 

AIM STIT - Liquid Assets Portfolio, Institutional Class, 0.07% **

 

                              1,339,566

 

 

TOTAL SHORT TERM INVESTMENTS (Cost - $1,339,566)

 

 

 

 

 

 

 

 

 

COLLATERAL FOR SECURITIES LOANED - 6.8 %

 

     1,829,001

 

Mount Vernon Securities Lending Prime Portfolio, 0.19%

 

                              1,829,001

 

 

TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $1,829,001)

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS - 105.8% (Cost - $26,584,254) (a)

 

 $                         27,556,775

 

 

LIABILITIES IN EXCESS OF OTHER ASSETS - (5.8) %

 

                            (1,546,081)

 

 

NET ASSETS - 100.0 %

 

 $                         26,010,694

 

 

 

 

 

*   Non-income producing security.

 

 

**   Money market fund; interest rate reflects seven day effective yield on June 30, 2014.

 

^ All or a portion of this security is on loan. The market value of the loaned security is $1,758,862.

 

(a) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $26,582,552

 

     and differs from value by net unrealized appreciation/(depreciation) on securities as follows:

 

 

Unrealized appreciation

 

 $                           1,372,979

 

Unrealized depreciation

 

                               (398,756)

 

Net unrealized appreciation

 

 $                              974,223

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP LONG/SHORT STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Number of

 

 

Underlying Face Amount

Unrealized

Contracts

 

 

at Value

Depreciation

 

 

SHORT FUTURES CONTRACTS - 0.2 %

 

 

 

 

Equity Futures - 0.2 %

 

 

55

 

S&P E-Mini Future, September 2014

                                                5,369,375

                                  (43,725)

 

 

TOTAL SHORT FUTURES CONTRACTS

 $                                             5,369,375

 $                              (43,725)

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP INTERNATIONAL 500 ENHANCED VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS

June 30, 2014

 

 

 

 

 

Shares

 

 

 

 Value

 

 

COMMON STOCK - 98.5 %

 

 

 

 

ADVERTISING - 0.5 %

 

 

4,538

 

JCDecaux SA

 

 $                                              169,279

2,076

 

Publicis Groupe SA

 

                                                  176,023

9,214

 

WPP PLC

 

                                                  200,766

 

 

 

 

                                                  546,068

 

 

AEROSPACE/DEFENSE - 1.2 %

 

 

2,434

 

Airbus Group NV

 

                                                  163,063

29,000

 

IHI Corp.

 

                                                  135,110

23,442

 

Meggitt PLC

 

                                                  202,870

3,210

 

Safran SA

 

                                                  210,107

3,579

 

Thales SA

 

                                                  216,426

6,987

 

Zodiac Aerospace

 

                                                  236,435

 

 

 

 

                                              1,164,011

 

 

AGRICULTURE - 0.5 %

 

 

4,690

 

British American Tobacco PLC

 

                                                  278,981

5,387

 

Japan Tobacco, Inc.

 

                                                  196,370

 

 

 

 

                                                  475,351

 

 

AIRLINES - 0.5 %

 

 

3,600

 

Japan Airlines Co. Ltd.

 

                                                  198,993

35,000

 

Singapore Airlines Ltd.

 

                                                  291,129

 

 

 

 

                                                  490,122

 

 

APPAREL - 1.3 %

 

 

6,590

 

Burberry Group PLC

 

                                                  167,147

987

 

Christian Dior SA

 

                                                  196,315

654

 

Hermes International

 

                                                  241,273

2,135

 

Hugo Boss AG

 

                                                  319,002

1,032

 

LVMH Moet Hennessy Louis Vuitton SA

 

                                                  198,909

18,490

 

Prada SpA

 

                                                  130,856

 

 

 

 

                                              1,253,502

 

 

AUTO MANUFACTURERS - 2.3 %

 

 

1,875

 

Bayerische Motoren Werke AG

 

                                                  237,727

80,000

 

Brilliance China Automotive

 

                                                  150,085

8,251

 

Daihatsu Motor Co. Ltd.

 

                                                  146,679

2,020

 

Daimler AG

 

                                                  189,138

4,865

 

Fuji Heavy Industries Ltd.

 

                                                  134,699

7,205

 

Hino Motors Ltd.

 

                                                    99,210

4,843

 

Honda Motor Co. Ltd.

 

                                                  169,082

19,131

 

Isuzu Motors Ltd.

 

                                                  126,520

27,000

 

Mazda Motor Corp.

 

                                                  126,592

18,049

 

Nissan Motor Co. Ltd.

 

                                                  171,208

1,426

 

Renault SA

 

                                                  128,894

5,205

 

Suzuki Motor Corp.

 

                                                  163,019

3,187

 

Toyota Motor Corp.

 

                                                  191,390

1,112

 

Volkswagen AG

 

                                                  287,393

 

 

 

 

                                              2,321,636

 

 

AUTO PARTS & EQUIPMENT - 2.2 %

 

 

4,126

 

Aisin Seiki Co. Ltd.

 

                                                  164,128

2,473

 

Autoliv, Inc.

 

                                                  263,572

4,058

 

Bridgestone Corp.

 

                                                  141,996

769

 

Continental AG

 

                                                  178,062

3,186

 

Denso Corp.

 

                                                  152,052

27,534

 

GKN PLC

 

                                                  170,989

2,200

 

Magna International, Inc.

 

                                                  237,136

1,494

 

Michelin (CGDE) - Cl. B

 

                                                  178,459

6,000

 

NGK Insulators LTD

 

                                                  136,216

8,355

 

Pirelli & C. SpA

 

                                                  134,044

9,192

 

Sumitomo Electric Industries Ltd.

 

                                                  129,292

3,581

 

Toyota Industries Corp.

 

                                                  184,865

1,035

 

Valeo SA

 

                                                  138,972

 

 

 

 

                                              2,209,783

 

 

BANKS - 8.5 %

 

 

7,390

 

Australia & New Zealand Banking Group Ltd.

 

                                                  232,388

20,354

 

Banco Santander SA

 

                                                  212,592

33,907

 

Bank Hapoalim BM

 

                                                  196,167

49,400

 

Bank of East Asia Ltd.

 

                                                  204,922

 

See accompanying notes to financial statements.

 

 

 

 

COMPASS EMP INTERNATIONAL 500 ENHANCED VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

 Value

 

 

BANKS (Continued) - 8.5 %

 

 

4,800

 

Bank of Montreal

 

 $                                              353,694

5,300

 

Bank of Nova Scotia

 

                                                  353,831

31,968

 

Bank of Yokohama Ltd.

 

                                                  183,964

14,530

 

Bankinter SA

 

                                                  113,672

2,262

 

BNP Paribas SA

 

                                                  153,414

93,000

 

BOC Hong Kong Holdings Ltd.

 

                                                  269,390

20,975

 

CaixaBank SA

 

                                                  129,408

4,000

 

Canadian Imperial Bank of Commerce

 

                                                  364,414

3,329

 

Commonwealth Bank of Australia

 

                                                  253,956

5,792

 

Credit Suisse Group AG

 

                                                  165,616

6,746

 

Danske Bank A/S

 

                                                  190,627

23,533

 

DBS Group Holdings Ltd.

 

                                                  316,177

9,691

 

DNB ASA

 

                                                  177,260

19,200

 

Hang Seng Bank Ltd.

 

                                                  313,629

25,238

 

HSBC Holdings PLC

 

                                                  255,923

28,484

 

Mitsubishi UFJ Financial Group, Inc.

 

                                                  174,598

89,852

 

Mizuho Financial Group, Inc.

 

                                                  184,476

7,097

 

National Australia Bank Ltd.

 

                                                  219,426

8,200

 

National Bank of Canada

 

                                                  348,285

20,627

 

Natixis

 

                                                  132,202

13,454

 

Nordea Bank AB

 

                                                  189,623

40,089

 

Oversea-Chinese Banking Corp. Ltd.

 

                                                  307,091

35,631

 

Resona Holdings, Inc.

 

                                                  207,505

4,900

 

Royal Bank of Canada

 

                                                  350,394

13,798

 

Skandinaviska Enskilda Banken AB

 

                                                  184,160

8,833

 

Standard Chartered PLC

 

                                                  180,379

3,794

 

Sumitomo Mitsui Financial Group, Inc.

 

                                                  158,935

26,084

 

Sumitomo Mitsui Trust Holdings, Inc.

 

                                                  119,207

3,822

 

Svenska Handelsbanken AB - Cl. A

 

                                                  186,853

6,405

 

Swedbank AB - Cl. A

 

                                                  169,633

7,600

 

Toronto-Dominion Bank

 

                                                  391,554

16,367

 

United Overseas Bank Ltd.

 

                                                  295,648

6,887

 

Westpac Banking Corp.

 

                                                  220,077

 

 

 

 

                                              8,461,090

 

 

BEVERAGES - 1.7 %

 

 

1,848

 

Carlsberg A/S

 

                                                  199,007

6,730

 

Coca-Cola HBC AG *

 

                                                  154,469

7,016

 

Diageo PLC

 

                                                  223,910

3,146

 

Heineken NV

 

                                                  225,793

1,919

 

InBev NV

 

                                                  220,399

11,900

 

Kirin Holdings Co. Ltd.

 

                                                  171,846

1,797

 

Pernod Ricard SA

 

                                                  215,734

4,194

 

Sabmiller PLC

 

                                                  243,021

 

 

 

 

                                              1,654,179

 

 

BIOTECHNOLOGY - 0.2 %

 

 

3,004

 

CSL Ltd.

 

                                                  188,561

 

 

 

 

 

 

 

BUILDING MATERIALS - 1.4 %

 

 

2,884

 

Compagnie de Saint-Gobain

 

                                                  162,674

2,300

 

Daikin Industries Ltd.

 

                                                  145,115

606

 

Geberit AG

 

                                                  212,705

2,390

 

Holcim Ltd.

 

                                                  210,058

2,276

 

Imerys SA

 

                                                  191,735

2,049

 

Lafarge SA

 

                                                  177,829

5,100

 

LIXIL Group Corp

 

                                                  137,631

48

 

Sika AG

 

                                                  196,243

 

 

 

 

                                              1,433,990

 

 

CHEMICALS - 4.1 %

 

 

2,000

 

Agrium, Inc.

 

                                                  183,465

2,073

 

Air Liquide SA

 

                                                  279,800

1,693

 

Arkema

 

                                                  164,731

23,578

 

Asahi Kasei Corp.

 

                                                  180,367

1,967

 

BASF SE

 

                                                  228,954

1,216

 

Brenntag AG

 

                                                  217,228

569

 

EMS Chemie Holdings

 

                                                  227,112

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP INTERNATIONAL 500 ENHANCED VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

 Value

 

 

CHEMICALS (Continued) - 4.1 %

 

 

4,958

 

Evonik Industires AG

 

 $                                              197,163

137

 

Givaudan SA

 

                                                  228,462

11,338

 

Israel Chemicals Ltd.

 

                                                    97,203

4,195

 

Johnson Matthey PLC

 

                                                  222,416

2,535

 

Koninklijke DSM NV

 

                                                  184,578

1,274

 

Linde AG

 

                                                  270,840

34,700

 

Mitsubishi Chemical Holdings

 

                                                  153,788

1,765

 

Nitto Denko Corp.

 

                                                    82,701

4,370

 

Novozymes A/S - Cl. B

 

                                                  219,130

3,600

 

Potash Corp. Of Saskatchewan

 

                                                  137,095

2,898

 

Shin-Etsu Chemical Co. Ltd.

 

                                                  176,151

1,253

 

Solvay SA

 

                                                  215,605

581

 

Syngenta AG

 

                                                  216,376

4,011

 

Yara International ASA

 

                                                  200,939

 

 

 

 

                                              4,084,104

 

 

COMMERCIAL SERVICES - 3.2 %

 

 

11,162

 

Abertis Infraestructuras SA

 

                                                  256,775

1,967

 

Adecco SA

 

                                                  161,902

5,420

 

Aggreko PLC

 

                                                  152,952

8,972

 

Ashtead Group PLC

 

                                                  134,267

7,554

 

Atlantia SpA

 

                                                  215,293

10,910

 

Babcock International Group PLC

 

                                                  216,822

21,420

 

Brambles Ltd.

 

                                                  185,669

9,291

 

Bunzl PLC

 

                                                  257,742

7,050

 

Bureau Veritas SA

 

                                                  195,621

11,166

 

Capita Group PLC

 

                                                  218,663

15,000

 

Dai Nippon Printing Co. Ltd.

 

                                                  156,648

5,244

 

Edenred

 

                                                  158,968

4,564

 

Intertek Group PLC

 

                                                  214,582

2,800

 

Secom Co. Ltd.

 

                                                  171,079

102

 

SGS SA

 

                                                  244,391

2,163

 

Sodexo

 

                                                  232,580

 

 

 

 

                                              3,173,954

 

 

COMPUTERS - 0.8 %

 

 

2,391

 

Atos

 

                                                  199,132

2,412

 

Cap Gemini SA

 

                                                  172,023

4,400

 

CGI Group, Inc. *

 

                                                  156,164

1,229

 

Gemalto NV

 

                                                  127,356

4,300

 

Nomura Research Institute Ltd.

 

                                                  135,396

 

 

 

 

                                                  790,071

 

 

COSMETICS - 0.8 %

 

 

2,616

 

Beiersdorf AG

 

                                                  253,072

4,793

 

Kao Corp.

 

                                                  188,626

1,292

 

L'Oreal SA

 

                                                  222,581

2,700

 

Unicharm Corp.

 

                                                  160,891

 

 

 

 

                                                  825,170

 

 

DISTRIBUTION/WHOLESALE - 1.4 %

 

 

13,912

 

ITOCHU Corp.

 

                                                  178,655

3,571

 

Jardine Cycle & Carriage Ltd.

 

                                                  126,777

118,000

 

Li & Fung Ltd.

 

                                                  174,785

25,508

 

Marubeni Corp.

 

                                                  186,570

10,668

 

Mitsubishi Corp.

 

                                                  221,868

13,254

 

Mitsui & Co. Ltd.

 

                                                  212,462

14,293

 

Sumitomo Corp.

 

                                                  193,000

5,058

 

Toyota Tsusho Corp.

 

                                                  145,434

 

 

 

 

                                              1,439,551

 

 

DIVERSIFIED FINANCIAL SERVICES - 3.3 %

 

 

16,960

 

Aberdeen Asset Management PLC

 

                                                  131,661

7,426

 

ASX Ltd.

 

                                                  249,630

7,700

 

CI Financial Corp.

 

                                                  253,270

15,000

 

Daiwa Securities Group, Inc.

 

                                                  129,849

2,490

 

Deutsche Boerse

 

                                                  193,197

6,213

 

Hargreaves Lansdown PLC

 

                                                  131,551

15,510

 

Hong Kong Exchanges & Clearing

 

                                                  289,175

5,000

 

IGM Financial, Inc.

 

                                                  239,677

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP INTERNATIONAL 500 ENHANCED VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

 Value

 

 

DIVERSIFIED FINANCIAL SERVICES (Continued) - 3.3 %

 

23,478

 

Investec PLC

 

 $                                              216,432

3,800

 

Japan Exchange Group, Inc.

 

                                                    93,584

4,030

 

Julius Baer Group Ltd.

 

                                                  166,126

5,876

 

London Stock Exchange Group

 

                                                  201,698

3,115

 

Macquarie Group Ltd.

 

                                                  175,197

20,169

 

Nomura Holdings, Inc.

 

                                                  142,742

57,772

 

Old Mutual PLC

 

                                                  195,342

7,740

 

Orix Corp.

 

                                                  128,274

594

 

Partners Group Holding AG

 

                                                  162,347

3,953

 

Schroders PLC

 

                                                  169,427

 

 

 

 

                                              3,269,179

 

 

ELECTRIC - 3.1 %

 

 

16,190

 

AGL Energy Ltd.

 

                                                  236,386

54,000

 

China Resources Power Holding

 

                                                  153,284

52,000

 

CLP Holdings Ltd.

 

                                                  426,719

50,227

 

EDP - Energias de Portugal SA

 

                                                  251,921

4,411

 

Electricite De France

 

                                                  138,879

5,197

 

Endesa SA

 

                                                  200,975

9,224

 

Fortum OYJ

 

                                                  247,610

34,947

 

Iberdrola SA

 

                                                  267,085

28,500

 

Power Assets Holdings Ltd.

 

                                                  249,136

2,191

 

Red Electrica de Espana

 

                                                  200,351

10,309

 

Scottish & Southern Energy

 

                                                  276,285

51,273

 

Terna Spa

 

                                                  270,363

7,941

 

Verbund AG

 

                                                  153,762

 

 

 

 

                                              3,072,756

 

 

ELECTRICAL COMPONENTS & EQUIPMENT - 0.5 %

 

 

18,699

 

Hitachi Ltd.

 

                                                  136,952

3,589

 

Legrand SA

 

                                                  219,537

1,924

 

Schneider Electric SA

 

                                                  181,071

 

 

 

 

                                                  537,560

 

 

ELECTRONICS - 1.1 %

 

 

5,602

 

Hoya Corp.

 

                                                  186,125

297

 

Keyence Corp.

 

                                                  129,562

3,280

 

Kyocera Corp.

 

                                                  155,663

1,400

 

Murata Manufacturing Co. Ltd.

 

                                                  131,018

2,900

 

Omron Corp.

 

                                                  122,229

7,639

 

Rexel SA

 

                                                  178,606

33,000

 

Toshiba Corp.

 

                                                  154,071

 

 

 

 

                                              1,057,274

 

 

ENERGY-ALTERNATE SOURCES - 0.2 %

 

 

65,420

 

Enel Green Power SpA

 

                                                  185,196

 

 

 

 

 

 

 

ENGINEERING & CONSTRUCTION - 2.4 %

 

 

2,165

 

Aeroports de Paris

 

                                                  285,164

36,000

 

Cheung Kong Infrastructure Holdings Ltd.

 

                                                  248,274

84,000

 

China State Construction International Holdings Ltd.

 

                                                  147,401

10,286

 

Ferrovial SA

 

                                                  229,019

3,238

 

Fraport AG Frankfurt Airport Services Worldwide

 

                                                  228,717

1,676

 

Hochtief AG

 

                                                  145,021

3,847

 

JGC Corp

 

                                                  116,880

65,635

 

Sembcorp Industries Ltd.

 

                                                  282,714

72,185

 

Singapore Technologies Engineering Ltd.

 

                                                  220,023

10,602

 

Skanska AB

 

                                                  241,650

2,760

 

Vinci SA

 

                                                  206,288

 

 

 

 

                                              2,351,151

 

 

ENTERTAINMENT - 0.5 %

 

 

204,242

 

Genting Singapore PLC

 

                                                  217,889

1,588

 

Oriental Landing Co. Ltd.

 

                                                  272,034

 

 

 

 

                                                  489,923

 

 

ENVIRONMENTAL CONTROL - 0.1 %

 

 

66,000

 

China Everbright International

 

                                                    94,355

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP INTERNATIONAL 500 ENHANCED VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

 Value

 

 

FOOD - 5.5 %

 

 

2,990

 

Aryzta AG *

 

 $                                              283,189

4,095

 

Associated British Foods PLC

 

                                                  213,542

181

 

Barry Callebaut AG *

 

                                                  245,918

4,491

 

Carrefour SA

 

                                                  165,620

1,685

 

Casino Guichard Perrachon SA

 

                                                  223,348

3,226

 

Colruyt SA

 

                                                  163,836

25,200

 

Dairy Farm International Holdings Ltd.

 

                                                  268,632

3,331

 

Danone SA

 

                                                  247,324

1,829

 

Delhaize Group SA

 

                                                  123,709

3,300

 

George Weston Ltd.

 

                                                  243,753

5,825

 

ICA Gruppen AB

 

                                                  198,238

40,690

 

J Sainsbury PLC

 

                                                  219,563

9,428

 

Jeronimo Martins SGPS SA

 

                                                  155,065

10,089

 

Koninklijke Ahold NV

 

                                                  189,347

5

 

Lindt & Spruengli AG

 

                                                  308,829

8,318

 

Loblaw Cos Ltd.

 

                                                  371,718

3,813

 

Nestle SA

 

                                                  295,358

5,300

 

Saputo Inc

 

                                                  317,970

4,644

 

Seven & I Holdings Co. Ltd.

 

                                                  195,643

6,050

 

Unilever PLC

 

                                                  274,307

84,133

 

Wilmar International Ltd.

 

                                                  215,276

51,175

 

WM Morrison Supermarkets PLC

 

                                                  160,520

7,747

 

Woolworths Ltd.

 

                                                  257,352

2,463

 

Yakult Honsha Co. Ltd.

 

                                                  124,718

 

 

 

 

                                              5,462,775

 

 

FOOD SERVICE - 0.3 %

 

 

16,622

 

Compass Group PLC

 

                                                  289,119

 

 

 

 

 

 

 

FOREST PRODUCTS & PAPER - 0.4 %

 

 

7,942

 

Mondi PLC

 

                                                  144,254

5,125

 

Smurfit Kappa Group PLC

 

                                                  117,091

6,112

 

Svenska Cellulosa AB SCA

 

                                                  159,041

 

 

 

 

                                                  420,386

 

 

GAS - 2.4 %

 

 

13,500

 

Beijing Enterprises Holdings Ltd.

 

                                                  127,766

6,000

 

Canadian Utilities Ltd.

 

                                                  225,225

40,915

 

Centrica PLC

 

                                                  218,748

74,000

 

China Gas Holdings Ltd.

 

                                                  153,532

44,000

 

China Resources Gas Group Ltd.

 

                                                  138,524

6,479

 

Enagas SA

 

                                                  208,424

6,476

 

Gas Natural SDG SA

 

                                                  204,471

133,400

 

Hong Kong & China Gas Co. Ltd.

 

                                                  291,920

23,135

 

National Grid PLC

 

                                                  332,369

42,408

 

Snam SpA

 

                                                  255,430

37,519

 

Tokyo Gas Co. Ltd.

 

                                                  219,241

 

 

 

 

                                              2,375,650

 

 

HAND/MACHINE TOOLS - 0.7 %

 

 

2,223

 

Makita Corp.

 

                                                  137,360

11,604

 

Sandvik AB

 

                                                  158,346

1,393

 

Schindler Holding AG

 

                                                  211,722

533

 

SMC Corp.

 

                                                  142,628

 

 

 

 

                                                  650,056

 

 

HEALTHCARE PRODUCTS - 1.2 %

 

 

2,088

 

Coloplast A/S - Cl. B

 

                                                  188,776

1,873

 

Essilor International

 

                                                  198,578

5,522

 

Getinge AB - Cl. B

 

                                                  144,927

3,725

 

Luxottica Group SpA

 

                                                  215,541

18,829

 

Smith & Nephew PLC

 

                                                  334,592

5,986

 

Terumo Corp.

 

                                                  133,830

 

 

 

 

                                              1,216,244

 

 

HEALTHCARE SERVICES - 0.5 %

 

 

2,692

 

Fresenius Medical Care AG & Co. KGaA

 

                                                  180,901

1,400

 

Fresenius SE & Co. KGaA

 

                                                  208,702

3,600

 

Ramsay Health Care Ltd.

 

                                                  154,496

 

 

 

 

                                                  544,099

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP INTERNATIONAL 500 ENHANCED VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

 Value

 

 

HOLDING COMPANIES-DIVERSIFIED - 1.8 %

 

 

273

 

Bollore SA

 

 $                                              177,138

38,000

 

China Merchants Holdings International Co. Ltd.

 

                                                  118,653

3,879

 

GEA Group AG

 

                                                  183,619

17,000

 

Hutchison Whampoa Ltd.

 

                                                  232,507

2,400

 

Jardine Matheson Holdings Ltd.

 

                                                  142,344

4,500

 

Jardine Strategic Holdings Ltd.

 

                                                  160,785

35,833

 

Keppel Corp Ltd.

 

                                                  310,129

24,000

 

Swire Pacific Ltd.

 

                                                  295,421

26,000

 

Wharf Holdings Ltd.

 

                                                  187,193

 

 

 

 

                                              1,807,789

 

 

HOME BUILDERS - 0.7 %

 

 

17,218

 

Barratt Developments PLC

 

                                                  110,047

8,000

 

Daiwa House Industry Co. Ltd.

 

                                                  165,828

5,843

 

Persimmon PLC

 

                                                  127,214

12,697

 

Sekisui House, Ltd.

 

                                                  174,081

64,968

 

Taylor Wimpey PLC

 

                                                  126,671

 

 

 

 

                                                  703,841

 

 

HOME FURNISHINGS - 0.1 %

 

 

37,000

 

Haier Electronics Group Co. Ltd.

 

                                                    96,674

 

 

 

 

 

 

 

HOUSEHOLD PRODUCTS - 0.2 %

 

 

2,599

 

Reckitt Benckiser Group PLC

 

                                                  226,699

 

 

 

 

 

 

 

INSURANCE - 6.7 %

 

 

8,364

 

Admiral Group PLC

 

                                                  221,584

21,016

 

Aegon NV

 

                                                  183,372

4,875

 

Ageas

 

                                                  194,429

41,400

 

AIA Group Ltd.

 

                                                  208,060

1,282

 

Allianz SE

 

                                                  213,575

40,037

 

AMP Ltd

 

                                                  200,143

6,687

 

AXA SA

 

                                                  159,780

8,990

 

CNP Assurances

 

                                                  186,565

47,706

 

Direct Line Insurance Group PLC

 

                                                  220,134

8,570

 

Gjensidige Forsikring ASA

 

                                                  153,682

9,400

 

Great-West Lifeco, Inc.

 

                                                  266,227

2,931

 

Hannover Rueckversicherung SE

 

                                                  264,046

37,050

 

Insurance Australia Group Ltd.

 

                                                  204,082

54,953

 

Legal & General Group PLC

 

                                                  211,845

10,800

 

Manulife Financial Corp.

 

                                                  214,966

38,624

 

Mapfre SA

 

                                                  153,912

14,280

 

Mediolanum SpA

 

                                                  110,055

1,102

 

Muenchener Rueckversicherungs AG

 

                                                  244,231

5,100

 

NKSJ Holdings, Inc.

 

                                                  137,329

9,800

 

Power Corp of Canada

 

                                                  272,682

8,600

 

Power Financial Corp.

 

                                                  268,024

7,686

 

Prudential PLC

 

                                                  176,279

4,393

 

Sampo Oyj

 

                                                  222,202

7,469

 

SCOR SE

 

                                                  256,835

9,240

 

Sony Financial Holdings, Inc.

 

                                                  157,603

13,726

 

St James's Place PLC

 

                                                  178,884

29,527

 

Standard Life PLC

 

                                                  188,921

2,626

 

Swiss Re AG

 

                                                  233,613

9,800

 

T&D Holdings, Inc.

 

                                                  133,201

7,061

 

Talanx AG

 

                                                  247,831

4,900

 

Tokio Marine Holdings, Inc.

 

                                                  161,157

3,322

 

Vienna Insurance Group AG

 

                                                  177,761

895

 

Zurich Insurance Group AG

 

                                                  269,741

 

 

 

 

                                              6,692,751

 

 

INTERNET - 0.5 %

 

 

1,045

 

ASPS PLC *

 

                                                    52,903

489

 

Iliad SA

 

                                                  147,768

4,108

 

United Internet AG

 

                                                  180,934

17,800

 

Yahoo Japan Corp.

 

                                                    82,227

 

 

 

 

                                                  463,832

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP INTERNATIONAL 500 ENHANCED VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

 Value

 

 

INVESTMENT COMPANIES - 0.5 %

 

 

3,871

 

Exor SpA

 

 $                                              158,917

3,254

 

Pargesa Holdings SA

 

                                                  292,233

 

 

 

 

                                                  451,150

 

 

IRON/STEEL - 0.6 %

 

 

23,395

 

Fortescue Metals Group Ltd.

 

                                                    95,988

6,600

 

JFE Holdings, Inc.

 

                                                  136,222

52,000

 

Nippon Steel & Sumitomo Metal Corp.

 

                                                  166,301

3,958

 

Voestalpine AG

 

                                                  188,306

 

 

 

 

                                                  586,817

 

 

LEISURE TIME - 0.2 %

 

 

1,840

 

Shimano, Inc.

 

                                                  204,142

 

 

 

 

 

 

 

LODGING - 1.1 %

 

 

32,868

 

City Developments Ltd.

 

                                                  269,704

9,764

 

Crown Resorts Ltd.

 

                                                  139,246

12,000

 

Galaxy Entertainment Group Ltd.

 

                                                    95,996

5,942

 

InterContinental Hotels Group PLC

 

                                                  246,037

40,000

 

SJM Holdings Ltd.

 

                                                  100,228

2,759

 

Whitbread PLC

 

                                                  208,049

 

 

 

 

                                              1,059,260

 

 

MACHINERY CONSTRUCTION & MINING - 0.5 %

 

 

6,007

 

Atlas Copco AB - Cl. A

 

                                                  173,368

6,768

 

Komatsu Ltd.

 

                                                  157,125

11,266

 

Mitsubishi Electric Corp.

 

                                                  139,004

 

 

 

 

                                                  469,497

 

 

MACHINERY-DIVERSIFIED - 2.3 %

 

 

4,758

 

Alstom S.A.

 

                                                  173,415

930

 

Fanuc Ltd.

 

                                                  160,370

4,706

 

Hexagon AB

 

                                                  151,505

32,000

 

Kawasaki Heavy Industries Ltd.

 

                                                  121,923

4,494

 

Kone OYJ

 

                                                  187,508

9,105

 

Kubota Corp.

 

                                                  129,057

23,000

 

Mitsubishi Heavy Ind, Ltd.

 

                                                  143,480

4,317

 

The Weir Group PLC

 

                                                  193,370

14,162

 

Zardoya Otis SA

 

                                                  252,023

 

 

 

 

                                              1,512,651

 

 

MEDIA - 1.8 %

 

 

2,302

 

Axel Springer AG

 

                                                  141,647

10,728

 

British Sky Broadcasting Group PLC

 

                                                  165,867

12,261

 

Daily Mail & General Trust PLC

 

                                                  174,470

50,670

 

ITV PLC

 

                                                  154,430

2,563

 

ProSiebenSat.1 Media AG

 

                                                  114,149

12,074

 

Reed Elsevier NV

 

                                                  276,846

17,817

 

Reed Elsevier PLC

 

                                                  286,441

9,400

 

Shaw Communications, Inc.

 

                                                  241,484

9,144

 

Wolters Kluwer NV

 

                                                  270,621

 

 

 

 

                                              1,825,955

 

 

METAL FABRICATE - 0.3 %

 

 

3,997

 

Assa Abloy AB - Cl. B

 

                                                  203,115

2,688

 

Vallourec

 

                                                  120,341

 

 

 

 

                                                  323,456

 

 

MINING - 0.2 %

 

 

8,572

 

Antofagasta PLC

 

                                                  111,861

6,245

 

BHP Billiton Ltd.

 

                                                  211,461

6,200

 

Cameco Corp.

 

                                                  121,777

6,500

 

First Quantum Minerals Ltd.

 

                                                  139,199

6,064

 

Orica Ltd.

 

                                                  111,417

3,600

 

Silver Wheaton Corp.

 

                                                    94,865

10,225

 

Sumitomo Metal Mining Co. Ltd.

 

                                                  166,026

5,500

 

Teck Resources LTD - Cl. B

 

                                                  125,784

 

 

 

 

                                              1,082,390

 

 

MISCELLANEOUS MANUFACTURING - 1.2 %

 

 

6,572

 

Alfa Laval AB

 

                                                  169,145

4,947

 

FUJIFILM Holdings Corp.

 

                                                  137,946

6,875

 

IMI PLC

 

                                                  174,846

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP INTERNATIONAL 500 ENHANCED VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

 Value

 

 

MISCELLANEOUS MANUFACTURING (Continued) - 1.2 %

 

7,000

 

Nikon Corp.

 

 $                                              110,206

1,622

 

Siemens AG

 

                                                  214,153

9,075

 

Smiths Group PLC

 

                                                  201,307

2,951

 

Wartsila Corp.

 

                                                  146,315

 

 

 

 

                                              1,153,918

 

 

OFFICE & BUSINESS EQUIPMENT - 0.3 %

 

 

6,616

 

Canon, Inc.

 

                                                  215,244

11,000

 

Ricoh Co. Ltd.

 

                                                  131,053

 

 

 

 

                                                  346,297

 

 

OIL & GAS - 3.8 %

 

 

8,600

 

ARC Resources Ltd.

 

                                                  262,213

8,740

 

BG Group PLC

 

                                                  184,608

35,345

 

BP PLC

 

                                                  311,260

5,500

 

Canadian Natural Resources Ltd.

 

                                                  253,064

14,100

 

Canadian Oil Sands Ltd.

 

                                                  319,949

3,899

 

Fuchs Petrolub SE

 

                                                  166,045

7,900

 

Husky Energy, Inc.

 

                                                  255,178

5,500

 

Imperial Oil Ltd.

 

                                                  290,226

12,800

 

Inpex Corp.

 

                                                  194,571

33,000

 

JX Holdings, Inc.

 

                                                  176,547

66,000

 

Kunlun Energy Co. Ltd.

 

                                                  108,832

24,247

 

Oil Search Ltd.

 

                                                  221,151

15,269

 

Santos Ltd.

 

                                                  205,369

7,797

 

Statoil ASA

 

                                                  239,474

4,026

 

Total SA

 

                                                  290,881

7,021

 

Woodside Petroleum Ltd.

 

                                                  271,973

 

 

 

 

                                              3,751,341

 

 

OIL & GAS SERVICES - 0.3 %

 

 

5,195

 

Petrofac Ltd.

 

                                                  106,887

1,452

 

Technip SA

 

                                                  158,793

 

 

 

 

                                                  265,680

 

 

PACKAGING & CONTAINERS - 0.2 %

 

 

22,219

 

Amcor Ltd.

 

                                                  218,581

 

 

 

 

 

 

 

PHARMACEUTICALS - 4.5 %

 

 

1,774

 

Actelion Ltd.

 

                                                  224,424

4,222

 

AstraZeneca PLC

 

                                                  313,423

1,584

 

Bayer AG

 

                                                  223,664

5,975

 

Chugai Pharmaceutical Co. Ltd.

 

                                                  168,380

9,300

 

Daiichi Sankyo Co. Ltd.

 

                                                  173,497

5,769

 

Eisai Co. Ltd.

 

                                                  241,670

192

 

Galenica AG

 

                                                  187,475

10,521

 

GlaxoSmithKline PLC

 

                                                  281,427

2,998

 

Grifols SA

 

                                                  163,810

2,282

 

Merck KGAA

 

                                                  198,020

16,254

 

Mitsubishi Tanabe Pharma Corp.

 

                                                  243,385

3,677

 

Novartis AG

 

                                                  332,916

3,926

 

Novo Nordisk A/S

 

                                                  180,647

1,306

 

Ono Pharmaceutical Co. Ltd.

 

                                                  114,989

5,724

 

Otsuka Holdings Co. Ltd.

 

                                                  177,410

851

 

Roche Holding AG

 

                                                  253,794

1,918

 

Sanofi

 

                                                  203,690

6,854

 

Shionogi & Co. Ltd.

 

                                                  143,020

3,538

 

Shire PLC

 

                                                  276,533

2,482

 

Taisho Pharmaceutical Holdings Co. Ltd.

 

                                                  181,048

2,175

 

UCB SA

 

                                                  184,090

 

 

 

 

                                              4,467,312

 

 

PIPELINES - 0.6 %

 

 

7,100

 

Pembina Pipeline Corp.

 

                                                  305,894

6,600

 

TransCanada Corp.

 

                                                  315,445

 

 

 

 

                                                  621,339

 

 

REAL ESTATE - 3.8 %

 

 

6,100

 

Brookfield Asset Manage - Cl. A

 

                                                  269,107

107,151

 

CapitaLand Ltd.

 

                                                  275,033

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP INTERNATIONAL 500 ENHANCED VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

 Value

 

 

REAL ESTATE (Continued) - 3.8 %

 

 

13,000

 

Cheung Kong Holdings Ltd.

 

 $                                              230,636

56,000

 

China Overseas Land & Invest

 

                                                  135,840

58,000

 

China Resources Land Ltd.

 

                                                  106,117

1,774

 

Daito Trust Construction Co. Ltd.

 

                                                  208,551

82,074

 

Global Logistic Properties Ltd.

 

                                                  177,749

64,000

 

Hang Lung Properties Ltd.

 

                                                  197,360

41,500

 

Henderson Land Development Co. Ltd.

 

                                                  242,833

32,000

 

Hongkong Land Holdings Ltd.

 

                                                  213,440

7,600

 

Hulic Co. Ltd.

 

                                                  100,148

5,773

 

Mitsubishi Estate Co. Ltd.

 

                                                  142,516

4,772

 

Mitsui Fudosan Co. Ltd.

 

                                                  160,904

157,000

 

New World Development Co. Ltd.

 

                                                  178,669

56,000

 

Shimao Property Holdings Ltd. *

 

                                                  102,891

130,000

 

Sino Land Co. Ltd.

 

                                                  214,030

2,564

 

Sumitomo Realty & Development Co. Ltd.

 

                                                  110,016

23,000

 

Sun Hung Kai Properties Ltd.

 

                                                  315,459

68,800

 

Swire Properties Ltd.

 

                                                  201,066

47,000

 

Wheelock & Co. Ltd.

 

                                                  196,180

 

 

 

 

                                              3,778,545

 

 

RETAIL - 3.5 %

 

 

6,900

 

Alimentation Couche Tard, Inc.

 

                                                  189,271

97,000

 

Belle International Holdings Ltd.

 

                                                  107,635

2,600

 

Canadian Tire Corp. Ltd.

 

                                                  249,777

54,000

 

China Resources Enterprise Ltd.

 

                                                  149,801

67,200

 

Chow Tai Fook Jewellery Group Ltd.

 

                                                  102,660

1,973

 

Cie Financiere Richemont SA

 

                                                  206,999

300

 

Fast Retailing Co. Ltd.

 

                                                    98,697

4,348

 

Hennes & Mauritz AB

 

                                                  189,758

1,425

 

Inditex SA

 

                                                  219,257

30,012

 

Kingfisher PLC

 

                                                  184,273

2,969

 

Lawson, Inc.

 

                                                  222,726

2,266

 

Lululemon Athletica, Inc. * ^

 

                                                    91,728

22,619

 

Marks & Spencer Group PLC

 

                                                  164,490

1,881

 

Next PLC

 

                                                  208,306

1,992

 

Pandora A/S

 

                                                  152,702

9,786

 

Sports Direct International PLC *

 

                                                  118,247

303

 

Swatch Group AG

 

                                                  182,948

5,100

 

Tim Hortons, Inc.

 

                                                  279,361

5,753

 

Travis Perkins PLC

 

                                                  161,169

6,192

 

Wesfarmers Ltd.

 

                                                  244,356

 

 

 

 

                                              3,524,161

 

 

SEMICONDUCTORS - 0.7 %

 

 

8,572

 

ARM Holdings PLC

 

                                                  129,161

1,919

 

ASML Holding NV

 

                                                  178,657

2,165

 

Avago Technologies Ltd.

 

                                                  156,032

15,522

 

Infineon Technologies AG

 

                                                  193,973

 

 

 

 

                                                  657,823

 

 

SHIPBUILDING - 0.3 %

 

 

80,074

 

SembCorp Marine Ltd.

 

                                                  263,338

 

 

 

 

 

 

 

SOFTWARE - 0.9 %

 

 

5,475

 

Amadeus IT Holding SA - Cl. A

 

                                                  225,741

2,959

 

Check Point Software Technologies Ltd.  * ^

 

                                                  198,342

1,550

 

Dassault Systemes SA

 

                                                  199,364

7,800

 

GungHo Online Entertainment, Inc.  

 

                                                    50,352

2,768

 

SAP AG

 

                                                  213,706

 

 

 

 

                                                  887,505

 

 

TELECOMMUNICATIONS - 4.1 %

 

 

7,200

 

BCE, Inc.

 

                                                  327,027

5,308

 

Belgacom SA

 

                                                  176,094

35,328

 

BT Group PLC

 

                                                  232,562

27,000

 

China Mobile Ltd.

 

                                                  261,977

140,000

 

China Unicom Hong Kong Ltd.

 

                                                  216,405

6,254

 

Eutelsat Communications SA

 

                                                  217,238

2,067

 

KDDI CORP.

 

                                                  126,068

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP INTERNATIONAL 500 ENHANCED VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

 Value

 

 

TELECOMMUNICATIONS (Continued) - 4.1 %

 

 

3,106

 

Nippon Telegraph & Telephone

 

 $                                              193,700

12,700

 

NTT DoCoMo, Inc.

 

                                                  217,120

4,600

 

Rogers Communications, Inc. - Cl. B

 

                                                  185,364

79,169

 

Singapore Telecommunications

 

                                                  244,486

1,475

 

Softbank Corp.

 

                                                  109,821

25,435

 

TDC A/S

 

                                                  263,163

14,065

 

Telefonica S.A

 

                                                  241,055

3,644

 

Telenet Group Holding NV *

 

                                                  207,612

7,936

 

Telenor ASA

 

                                                  180,737

29,758

 

TeliaSonera AB

 

                                                  217,091

56,639

 

Telstra Corporation Ltd.

 

                                                  278,328

5,600

 

Telus Corp.

 

                                                  209,000

 

 

 

 

                                              4,104,848

 

 

TEXTILES - 0.2 %

 

 

25,838

 

Toray Industries, Inc.

 

                                                  169,856

 

 

 

 

 

 

 

TRANSPORTATION - 2.9 %

 

 

75

 

AP Moeller - Maersk A/S

 

                                                  186,319

48,973

 

Aurizon Holdings Ltd.

 

                                                  230,033

4,400

 

Canadian National Railway

 

                                                  286,562

1,100

 

Canadian Pacific Railway Ltd.

 

                                                  199,550

1,488

 

Central Japan Railway Co.

 

                                                  212,236

5,538

 

Deutsche Post AG

 

                                                  200,213

35,000

 

Hankyu Hanshin Holdings, Inc.

 

                                                  199,684

50,195

 

Kintetsu Corp.

 

                                                  182,825

1,519

 

Kuehne + Nagel International A

 

                                                  202,099

74,500

 

MTR Corp.

 

                                                  286,934

24,949

 

Tokyu Corp.

 

                                                  176,818

4,083

 

Vopak NV

 

                                                  199,535

5,400

 

West Japan Railway Co.

 

                                                  237,726

7,000

 

Yamato Holdings Co. Ltd.

 

                                                  145,030

 

 

 

 

                                              2,945,564

 

 

WATER - 0.9 %

 

 

150,000

 

Guangdong Investment Ltd.

 

                                                  173,026

8,120

 

Severn Trent PLC

 

                                                  268,309

9,533

 

Suez Environment Co.

 

                                                  182,435

18,915

 

United Utilities Group PLC

 

                                                  285,328

 

 

 

 

                                                  909,098

 

 

 

 

 

 

 

TOTAL COMMON STOCK (Cost - $92,002,784)

 

                                            98,098,976

 

 

 

 

 

 

 

WARRANTS - 0.0 %

 

 

1,416

 

Sun Hung Kai Properties Ltd. Warrant *

 

                                                      1,849

 

 

TOTAL WARRANTS (Cost - $223)

 

 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS - 6.3 %

 

 

 

 

MONEY MARKET FUND - 6.3 %

 

 

6,259,096

 

AIM STIT - Liquid Assets Portfolio, Institutional Class, 0.07% **

 

                                              6,259,096

 

 

TOTAL SHORT-TERM INVESTMENTS (Cost - $6,259,096)

 

 

 

 

 

 

 

 

COLLATERAL FOR SECURITIES LOANED - 0.2 %

 

         201,179

 

Mount Vernon Securities Lending Prime Portfolio, 0.19%

 

                                                  201,179

 

 

TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $201,179)

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS - 105.0 % (Cost- $98,463,282) (a)

 $                                       104,561,100

 

 

LIABILITIES IN EXCESS OF OTHER ASSETS - (5.0) %

                                            (4,968,069)

 

 

NET ASSETS - 100.0 %

 $                                         99,593,031

 

 

 

 

 

*   Non-income producing security.

 

 

** Money market fund; interest rate reflects seven day effective yield on June 30, 2014.

 

^ All or a portion of this security is on loan. The market value of the loaned security is $194,380.

 

PLC - Public limited company.

 

 

(a) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $98,654,381

 

      and differs from the value by net unrealized appreciation/(depreciation) on securities as follows:

 

 

 

Unrealized appreciation

 

 $                                           7,210,327

 

 

Unrealized depreciation

 

                                            (1,303,608)

 

 

Net unrealized appreciation

 

 $                                           5,906,719

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP INTERNATIONAL 500 ENHANCED VOLATILITY WEIGHTED FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Number of

 

 

Underlying Face Amount

 Unrealized

Contracts

 

 

at Value

 Appreciation

 

 

LONG FUTURES CONTRACTS - 0.0 %

 

 

 

 

Equity Futures - 0.0 %

 

 

13

 

MSCI EAFE Index Mini, Sep 2014

 $                                             1,279,785

 $                                                      975

 

 

TOTAL LONG FUTURES CONTRACTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio Composition (Unaudited) *

 

 

 

Japan

16.9%

 

 

 

Britain

13.0%

 

 

 

Canada

10.1%

 

 

 

France

9.0%

 

 

 

Hong Kong

8.7%

 

 

 

Germany

6.1%

 

 

 

United States

6.0%

 

 

 

Switzerland

5.8%

 

 

 

Australia

4.8%

 

 

 

Singapore

3.8%

 

 

 

Other Countries

15.7%

 

 

 

Total

100.0%

 

 

 

* Based on total value of investments.

 

 

 

 

Percentages may differ from Schedule of Investments which are based on Fund net assets.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP COMMODITY STRATEGIES ENHANCED VOLATILITY WEIGHTED FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

MUTUAL FUNDS - 4.0 %

 

 

45,282

 

Compass EMP Ultra Short-Term Fixed Income Fund, Class I +

 

 $                                              452,816

 

 

TOTAL MUTUAL FUNDS (Cost - $452,816)

 

 

Par Value

 

 

 

 

 

 

BONDS & NOTES - 10.2 %

 

 

 

 

BANKS - 4.8 %

 

 

 $        500,000

 

Goldman Sachs Group, Inc., 5.625%, 1/15/17

 

550,270

 

 

 

 

 

 

 

TELECOMMUNICATIONS - 5.4 %

 

 

600,000

 

AT&T, Inc., 2.4%, 8/15/16

 

618,280

 

 

 

 

 

 

 

TOTAL BONDS & NOTES (Cost - $1,163,781)

 

                                              1,168,550

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS - 80.2 %

 

 

 

 

CERTIFICATES OF DEPOSIT - 41.9 %

 

 

500,000

 

Agricultural Bank China NY, 0.90%, 6/3/2015

 

                                                  500,000

700,000

 

Banco do Brasil Sa NY, 1.36%,  4/7/15

 

                                                  699,976

700,000

 

China Construction Bank, 0.87%,  3/27/15

 

                                                  700,000

600,000

 

China Merchant Bank, 1.18%, 1/26/15

 

                                                  600,000

700,000

 

Fortis Bank SA/NV, 0.53%, 1/12/15

 

699,995

400,000

 

HSH Nordbank AG, 0.91%, 3/24/15

 

                                                  400,000

500,000

 

Itau Unibanco NY, 1.26%, 9/12/14

 

                                                  500,836

 

 

TOTAL CERTIFICATES OF DEPOSIT (Cost - $4,100,807)

 

                                              4,100,807

 

 

 

 

 

 

 

COMMERCIAL PAPER - 17.0 %

 

 

148,000

 

American Crystal Sugar CP, 8/4/14

 

                                                  147,957

600,000

 

Ford Motor Credit, 12/1/14

 

                                                  598,011

700,000

 

Intesa Funding LLC, 9/9/14

 

                                                  698,911

500,000

 

Romulus Funding Corp., 9/2/14

 

                                                  499,388

700,000

 

Shinhan Bank, 8/12/14

 

                                                  699,574

 

 

TOTAL COMMERCIAL PAPER (Cost - $2,643,841)

 

                                              2,643,841

Shares

 

 

 

 

 

 

MONEY MARKET FUND - 21.3 %

 

 

2,294,130

 

AIM STIT - Liquid Assets Portfolio, Institutional Class, 0.07% *

 

                                              2,294,130

135,958

 

Fidelity Institutional Money Market Funds - Money Market Portfolio, 0.01% *

                                                  135,958

 

 

TOTAL MONEY MARKET FUND (Cost - $2,430,088)

 

                                              2,430,088

 

 

 

 

 

 

 

TOTAL SHORT-TERM INVESTMENTS - (Cost - $9,174,736)

 

                                              9,174,736

 

 

 

 

 

 

 

TOTAL INVESTMENTS - 94.4 % (Cost - $10,791,333) (a)

 

 $                                         10,796,102

 

 

OTHER ASSETS LESS LIABILITIES - 5.6 %

 

                                                  647,532

 

 

NET ASSETS - 100.0 %

 

 $                                         11,443,634

 

 

 

 

 

+   Affiliated company.

 

 

*   Money market fund; interest rate reflects seven day effective yield on June 30, 2014.

 

(a) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $10,791,333

 

      and differs from value by net unrealized appreciation/(depreciation) on securities as follows:

 

 

Unrealized appreciation

 

 $                                                   4,769

 

Unrealized depreciation

 

                                                             -   

 

Net unrealized appreciation

 

 $                                                   4,769

 

 

 

 

 

Number of

 

 

Underlying Face Amount

Unrealized Appreciation

Contracts

 

 

at Value

(Depreciation)

 

 

LONG FUTURE CONTRACTS - 1.0 %

 

 

 

 

Commodity Futures - 1.0 %

 

 

9

 

Cocoa, Sep 2014

 $                                                281,430

 $                                                   2,434

2

 

Coffee, Sep 2014

                                                   131,325

                                                      2,813

4

 

Copper Future, Sep 2014

                                                   320,350

                                                    16,725

9

 

Corn Future. Dec 2014

                                                   191,363

                                                    (9,375)

6

 

Cotton, Dec 2014

                                                   220,530

                                                  (11,267)

3

 

Crude Oil Future, Aug 2014

                                                   316,110

                                                      4,880

2

 

Gasoline RBOB, Aug 2014

                                                   255,637

                                                      7,132

2

 

Gold, Aug 2014

                                                   264,400

                                                      6,090

9

 

Lean Hogs, Aug 2014

                                                   478,170

                                                      9,126

12

 

Live Cattle, Aug 2014

                                                   720,360

                                                    56,865

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP COMMODITY STRATEGIES ENHANCED VOLATILITY WEIGHTED FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Number of

 

 

Underlying Face Amount

Unrealized Appreciation

Contracts

 

 

at Value

(Depreciation)

 

 

Commodity Futures (Continued) - 1.0 %

 

 

8

 

LME Aluminum, Sep 2014

 $                                                378,150

 $                                                 18,250

7

 

LME Zinc Future, Sep 2014

                                                   388,500

                                                    23,931

2

 

Natural Gas Future, Aug 2014

                                                      89,220

                                                       (940)

3

 

NY Harbor ULSD Futures, Aug 2014

                                                   374,888

                                                      5,204

1

 

Silver, Sep 2014

                                                   105,280

                                                      9,225

3

 

Soybean Future, Nov 2014

                                                   173,588

                                                    (9,200)

3

 

Soybean Meal, Dec 2014

                                                   110,220

                                                    (9,303)

13

 

Soybean Oil Future, Dec 2014

                                                   305,370

                                                      1,586

9

 

Wheat Future, Sep 2014

                                                   259,875

                                                  (15,096)

14

 

World Sugar #11, Oct 2014

                                                   282,397

                                                      4,748

 

 

TOTAL LONG FUTURES CONTRACTS

 $                                             5,647,163

 $                                              113,828

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 



COMPASS EMP COMMODITY STRATEGIES VOLATILITY WEIGHTED FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2014

 

 

 

 

 

 Shares

 

 

 

Value

 

 

MUTUAL FUNDS - 3.9 %

 

 

           55,677

 

Compass EMP Ultra Short-Term Fixed Income Fund, Class I +

 

 $                              556,773

 

 

TOTAL MUTUAL FUNDS (Cost - $556,773)

 

 

 

 

 

 

 

 Par Value

 

BONDS & NOTES - 43.4 %

 

 

 

 

BANKS - 17.1 %

 

 

 $     250,000

 

Bank of America Corp., 1.50%, 10/9/15

 

                                 252,302

           50,000

 

Bank of America Corp., 5.45%, 7/15/14

 

                                    50,108

         150,000

 

Capital One Financial Corp., 1.00%, 11/6/15

 

                                 150,411

           25,000

 

Capital One Financial Corp., 2.125%, 7/15/14

 

                                    25,017

         400,000

 

Citigroup, Inc., 5.00%, 9/15/14

 

                                 403,541

           50,000

 

Citigroup, Inc., 6.375%, 8/12/14

 

                                    50,333

         240,000

 

First Horizon National Corp., 5.375%, 12/15/15

 

                                 253,887

           50,000

 

Goldman Sachs Group, Inc., 5.50%, 11/15/14

 

                                    50,936

         250,000

 

ING Bank NV, 2.00%, 9/25/15 - 144A

 

                                 254,022

         200,000

 

JPMorgan Chase & Co., 6.125%, 6/27/17

 

                                 225,223

           50,000

 

Morgan Stanley, 4.00%, 7/24/15

 

                                    51,785

         500,000

 

Morgan Stanley, 4.20%, 11/20/14

 

                                 507,513

           55,000

 

Morgan Stanley, 6.00%, 4/28/15

 

                                    57,557

         100,000

 

Santander US Debt SAU, 3.724%, 1/20/15 - 144A

 

                                 101,480

 

 

 

 

                              2,434,115

 

 

DIVERSIFIED FINANCIAL SERVICES - 2.7 %

 

 

           50,000

 

Ford Motor Credit Corp., 3.875%, 1/15/15

 

                                    50,896

           50,000

 

Ford Motor Credit Corp., 12.00%, 5/15/15

 

                                    54,932

         200,000

 

General Electric Capital Corp., 5.375%, 10/20/16 ^

 

                                 220,352

           60,000

 

Harley-Davidson Funding, 5.75%, 12/15/14 - 144A

 

                                    61,407

 

 

 

 

                                 387,587

 

 

GAS - 1.4 %

 

 

         200,000

 

Atmos Energy Corp. 4.95%, 10/15/14

 

                                 202,595

 

 

 

 

 

 

 

HOME FURNISHINGS - 1.2 %

 

 

         150,000

 

Whirlpool Corp., 6.5%, 6/15/16

 

                                 165,962

 

 

 

 

 

 

 

INSURANCE - 6.1 %

 

 

         250,000

 

AXA Equitable Life Insurance Co., 7.70%, 12/1/15 - 144A

 

                                 272,099

         100,000

 

CNA Financial Corp., 5.85%, 12/15/14

 

                                 102,498

         450,000

 

White Mountain Insurance Group, 6.375%, 3/20/17 - 144A

 

                                 497,691

 

 

 

 

                                 872,288

 

 

MEDIA - 1.8 %

 

 

         250,000

 

Viacom, Inc., 2.50%, 12/15/16

 

                                 257,690

 

 

 

 

 

 

 

OIL & GAS - 2.4 %

 

 

         190,000

 

Petrobas Global Finance BV, 2.00%, 5/20/16

 

                                 190,274

         140,000

 

Transocean, Inc., 5.05%, 12/15/16

 

                                 152,085

 

 

 

 

                                 342,359

 

 

PHARMACEUTICALS - 1.6 %

 

 

         200,000

 

Cardinal Health, Inc., 6.00%, 6/15/17

 

                                 224,816

 

 

 

 

 

 

 

RETAIL - 2.1 %

 

 

         250,000

 

Macy's Retail Holdings, Inc., 7.45%, 7/15/17

 

                                 293,527

 

 

 

 

 

 

 

SAVINGS & LOANS - 2.9 %

 

 

         400,000

 

Amsouth Bank/Birmingham AL, 5.20%, 4/1/15

 

                                 412,639

 

 

 

 

 

 

 

TELECOMMMUNICATIONS - 2.3 %

 

 

         150,000

 

Crown Castle Towers LLC, 3.214%, 8/15/15 - 144A

 

                                 152,392

           15,000

 

Deutsche Telekom International Finance, 4.875%, 7/8/14

 

                                    15,009

         140,000

 

Motorola Solutions Inc., 6.00%, 11/15/17

 

                                 158,964

 

 

 

 

                                 326,365

 

 

TRUCKING & LEASING - 1.8 %

 

 

         250,000

 

Penske Truck Leasing Co., 2.50%, 7/11/14 - 144A

 

                                 250,111

 

 

 

 

 

 

 

TOTAL BONDS & NOTES (Cost - $6,152,706)

 

                              6,170,054

 

 

 

 

 

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP COMMODITY STRATEGIES VOLATILITY WEIGHTED FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

 Par Value

 

 

 

Value

 

 

SHORT-TERM INVESTMENTS -  45.5 %

 

 

 

 

CERTIFICATES OF DEPOSIT - 7.7 %

 

 

 $     700,000

 

Fortis Bank, 0.53%, 1/12/15

 

 $                              699,995

         400,000

 

HSH Nordbank AG, 0.91%, 3/24/15

 

                                 400,000

 

 

TOTAL CERTIFICATES OF DEPOSIT (Cost - $1,099,995)

                              1,099,995

 

 

 

 

 

 

 

COMMERCIAL PAPER - 21.1 %

 

 

         300,000

 

Axa Financial, 9/5/14

 

                                 299,588

         250,000

 

Bennington Stark Capital, 7/14/14

 

                                 249,953

         250,000

 

Empire District Elect Co., 7/18/14

 

                                 249,962

         300,000

 

Glencore Funding LLC, 7/15/14

 

                                 299,959

         750,000

 

Intesa Funding LLC, 9/9/14

 

                                 748,833

         600,000

 

Romulus Funding Corp., 9/2/14

 

                                 599,265

         550,000

 

Talisman Energy, Inc., 8/5/14

 

                                 549,637

 

 

TOTAL COMMERCIAL PAPER (Cost - $2,997,197)

 

                              2,997,197

 

 

 

 

 

 Shares

 

MONEY MARKET FUND - 16.7 %

 

 

     2,165,730

 

AIM STIT - Liquid Assets Portfolio, Institutional Class, 0.07% *

 

                              2,165,730

         214,304

 

Fidelity Institutional Money Market Funds - Money Market Portfolio, 0.01% *

                                 214,304

 

 

(Cost - $2,380,034)

 

                              2,380,034

 

 

 

 

 

 

 

TOTAL SHORT-TERM INVESTMENTS (Cost - $6,477,226)

 

                              6,477,226

 

 

 

 

 

 

 

COLLATERAL FOR SECURITIES LOANED - 0.4 %

 

           55,160

 

Mount Vernon Securities Lending Prime Portfolio, 0.19%

 

                                    55,160

 

 

TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $55,160)

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS - 93.2 % (Cost - $13,241,865) (a)

 $                         13,259,213

 

 

OTHER ASSETS LESS LIABILITIES - 6.8 %

 

                                 969,701

 

 

NET ASSETS - 100.0 %

 

 $                         14,228,914

 

 

 

 

 

 +   Affiliated company.

 

 

 *   Money market fund; interest rate reflects seven day effective yield on June 30, 2014.

 

^ All or a portion of this security is on loan. The market value of the loaned security is $53,393.

 

 144A- Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from  

 registration, normally to qualified institutional buyers.

 

 

 LLC - Limited liability company.

 

 

 LP - Limited partnership.

 

 

 (a) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $13,241,865

 

       and differs from value by net unrealized appreciation/(depreciation) on securities as follows:

 

 

Unrealized appreciation

 

 $                                20,747

 

Unrealized depreciation

 

                                    (3,399)

 

Net unrealized appreciation

 

 $                                17,348

 

 

 

 

 

 Number of

 

 

Underlying Face Amount

Unrealized Appreciation

 Contracts

 

 

at Value

(Depreciation)

 

 

LONG FUTURES CONTRACTS - 1.5 %

 

 

 

 

Commodity Futures - 1.5 %

 

 

                   24

 

Cocoa, Sep 2014

 $                                                750,480

 $                                   7,485

                     5

 

Coffee, Sep 2014

                                                   328,313

                                         881

                   11

 

Copper Future, Sep 2014

                                                   880,963

                                    41,913

                   24

 

Corn Future, Dec 2014

                                                   510,300

                                  (26,475)

                   16

 

Cotton, Dec 2014

                                                   588,080

                                  (29,023)

                     8

 

Crude Oil Future, Aug 2014

                                                   842,960

                                    11,640

                     5

 

Gasoline RBOB, Aug 2014

                                                   639,093

                                    16,871

                     5

 

Gold, Aug 2014

                                                   661,000

                                    15,360

                   24

 

Lean Hogs, Aug 2014

                                                1,275,120

                                    23,464

                   30

 

Live Cattle, Aug 2014

                                                1,800,900

                                 137,295

                   20

 

LME Aluminum, Sep 2014

                                                   945,375

                                    43,163

                   17

 

LME Zinc Future, Sep 2014

                                                   943,500

                                    58,119

                     6

 

Natural Gas Future, Aug 2014

                                                   267,660

                                  (11,030)

                     6

 

NY Harbor ULSD Futures, Aug 2014

                                                   749,776

                                    16,019

                     3

 

Silver, Sep 2014

                                                   315,840

                                    16,545

                     8

 

Soybean Future, Nov 2014

                                                   462,900

                                  (26,425)

                     8

 

Soybean Meal, Dec 2014

                                                   293,920

                                  (23,717)

                   33

 

Soybean Oil Future, Dec 2014

                                                   775,170

                                      2,062

                   24

 

Wheat Future, Sep 2014

                                                   693,000

                                  (41,057)

                   34

 

World Sugar #11, Oct 2014

                                                   685,821

                                      9,688

 

 

TOTAL LONG FUTURES CONTRACTS

 $                                           14,410,171

 $                              242,778

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 



COMPASS EMP MARKET NEUTRAL INCOME FUND

SCHEDULE OF INVESTMENTS

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

COMMON STOCK - 80.7 %

 

 

 

 

AEROSPACE/DEFENSE - 0.4 %

 

 

1,462

 

Lockheed Martin Corp. ^

 

 $                                    234,987

 

 

 

 

 

 

 

AGRICULTURE - 3.0 %

 

 

7,720

 

Altria Group, Inc.

 

                                        323,777

10,000

 

British American Tobacco

 

                                        204,111

2,653

 

British American Tobacco PLC

 

                                        157,812

2,393

 

KT&G Corp.

 

                                        211,667

4,341

 

Lorillard, Inc.

 

                                        264,671

3,200

 

Philip Morris International

 

                                        269,792

5,061

 

Reynolds American, Inc.

 

                                        305,431

11,900

 

Souza Cruz SA

 

                                        123,768

 

 

 

 

                                    1,861,029

 

 

AIRLINES - 0.4 %

 

 

145,700

 

Air Asia BHD

 

                                        104,363

2,200

 

Japan Airlines Co. Ltd.

 

                                        121,607

 

 

 

 

                                        225,970

 

 

AUTOMANUFACTURERS - 1.2 %

 

 

11,932

 

Ford Motor Co.

 

                                        205,708

8,097

 

Ford Otomotiv Sanayi A.S. *

 

                                        100,783

3,345

 

Paccar, Inc.

 

                                        210,166

11,767

 

Tofas Turk Otomobil Fabrika

 

                                          72,954

44,300

 

UMW Holdings BHD

 

                                        150,656

 

 

 

 

                                        740,267

 

 

BANKS - 6.6 %

 

 

315,000

 

Agricultural Bank of China

 

                                        139,001

4,112

 

Aust and NZ Banking Group Ltd.

 

                                        129,307

1,104,056

 

Banco de Chile

 

                                        146,634

10,200

 

Banco do Brasil SA

 

                                        114,789

11,557

 

Banco Santander SA

 

                                        120,709

2,127

 

Bank Handlowy w Warsawie SA

 

                                          83,863

386,000

 

Bank of China Ltd.

 

                                        172,822

221,000

 

Bank of Communications Co. Ltd.

 

                                        152,555

1,784

 

Bank Pekao SA

 

                                        102,117

7,874

 

Barclays Africa Group Ltd.

 

                                        119,567

6,578

 

Bb&t Corp.

 

                                        259,371

53,000

 

BOC Hong Kong Holdings Ltd

 

                                        153,523

11,870

 

CaixaBank

 

                                          73,234

212,000

 

China Construction Bank Corp. *

 

                                        160,293

65,500

 

China Merchants Bank Co. Ltd.

 

                                        129,136

260,000

 

Chongqing Rural Commercial Bnk

 

                                        120,099

78,400

 

CIMB Group Holdings Bhd

 

                                        178,726

1,859

 

Commonwealth Bank of Aust.

 

                                        141,816

38,600

 

Grupo Financiero Inbursa

 

                                        115,045

40,100

 

Grupo Financiero Santander

 

                                        106,319

14,215

 

HSBC Holdings PLC

 

                                        144,145

230,000

 

Indust and Comm Bank of China

 

                                        145,414

8,910

 

Itau Unibanco Holding SA

 

                                        122,145

494

 

Komercni Banka AS

 

                                        113,563

71,500

 

Malayan Banking Berhad

 

                                        218,887

3,944

 

National Australia Bank Ltd.

 

                                        121,941

11,563

 

Natixis

 

                                          74,109

3,867

 

Swedbank AB

 

                                        102,416

5,657

 

Wells Fargo & Co.

 

                                        297,332

3,879

 

Westpac Banking Corp

 

                                        123,953

 

 

 

 

                                    4,182,831

 

 

BEVERAGES - 1.5 %

 

 

7,731

 

Coca-Cola Co.

 

                                        327,485

5,318

 

Dr Pepper Snapple Group

 

                                        311,528

3,632

 

Pepsico, Inc.

 

                                        324,483

 

 

 

 

                                        963,496

 

 

BUILDING MATERIALS - 0.2 %

 

 

9,500

 

Siam City Cement Public Co.

 

                                        131,757

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP MARKET NEUTRAL INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

CHEMICALS - 1.7 %

 

 

3,632

 

EI du Pont de Nemours & Co.

 

 $                                    237,678

2,457

 

LyondellBasell NV

 

                                        239,926

93,100

 

Petronas Chemicals Group BHD

 

                                        196,290

2,100

 

Potash Corp. Of Saskatchewan

 

                                          79,972

50,700

 

PTT Global Chemical PLC

 

                                        105,475

57,634

 

Synthos SA

 

                                          83,874

2,340

 

Yara International ASA

 

                                        117,227

 

 

 

 

                                    1,060,442

 

 

COAL - 0.6 %

 

 

95,500

 

Banpu Public Co. Ltd.

 

                                          86,829

162,000

 

China Coal Energy Company

 

                                          84,237

34,000

 

China Shenhua Energy Co. Ltd. *

 

                                          98,267

34,400

 

Indo Tambangrays Megah PT

 

                                          78,215

 

 

 

 

                                        347,548

 

 

COMMERCIAL SERVICES - 2.1 %

 

 

6,628

 

Abertis Infraestructuras SA

 

                                        152,473

4,365

 

Atlantia SPA

 

                                        124,405

14,300

 

CCR SA

 

                                        117,128

21,100

 

Ecorodovias Infra e Log SA

 

                                        144,197

6,351

 

Iron Mountain, Inc.

 

                                        225,143

92,000

 

Jiangsu Express Co. Ltd.

 

                                        108,853

7,800

 

Localiza Rent a Car SA

 

                                        128,661

9,746

 

Western Union Co. ^

 

                                        168,996

132,000

 

Zehjiang Expressway

 

                                        133,696

 

 

 

 

                                    1,303,552

 

 

COSMETICS/PERSONAL CARE - 0.7 %

 

 

6,400

 

Natura Cosmeticos SA

 

                                        108,908

3,883

 

Procter & Gamble Co.

 

                                        305,165

 

 

 

 

                                        414,073

 

 

DISTRIBUTION/WHOLESALE - 0.5 %

 

 

2,630

 

Genuine Parts Co.

 

                                        230,914

2,000

 

Jardine Cycle & Carriage Ltd.

 

                                          71,003

 

 

 

 

                                        301,917

 

 

DIVERSIFIED FINANCIAL SERVICES - 1.8 %

 

 

4,193

 

ASX Ltd.

 

                                        140,950

18,400

 

BM&F Bovespa SA

 

                                          97,106

2,631

 

CME Group, Inc.

 

                                        186,669

14,479

 

Coronation Fund managers Ltd.

 

                                        130,026

4,781

 

Invesco Ltd.

 

                                        180,483

1,772

 

Macquarie Group Ltd.

 

                                          99,663

20,992

 

SLM Corp.

 

                                        174,444

4,834

 

TD Ameritrade Holding Corp.

 

                                        151,545

 

 

 

 

                                    1,160,886

 

 

ELECTRIC - 11.8 %

 

 

123,800

 

Aboitiz Power Corp.

 

                                        103,935

256,100

 

AES Gener S.A.

 

                                        132,553

19,600

 

AES Tiete S.A.

 

                                        144,974

9,143

 

AGL Energy Ltd.

 

                                        133,495

5,352

 

Alliant Energy Corp.

 

                                        325,723

5,790

 

American Electric Power, Inc.

 

                                        322,908

4,131

 

CEZ AS *

 

                                        124,629

30,500

 

CLP Holdings Ltd.

 

                                        250,287

9,943

 

CMS Energy Corp.

 

                                        309,724

5,879

 

Consolidated Edison, Inc. ^

 

                                        339,453

3,974

 

DTE Energy Co.

 

                                        309,455

4,765

 

Duke Energy Corp.

 

                                        353,515

2,529

 

EDF

 

                                          79,625

37,500

 

Electricity Generating PLC

 

                                        160,074

2,739

 

Endesa SA

 

                                        105,921

28,577

 

Energias de Portugal SA

 

                                        143,332

3,643

 

Entergy Corp.

 

                                        299,054

5,880

 

Fortum OYJ

 

                                        157,843

19,570

 

Iberdrola SA

 

                                        149,565

2,757

 

NextEra Energy, Inc. ^

 

                                        282,537

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP MARKET NEUTRAL INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

ELECTRIC (Continued) - 11.8 %

 

 

6,516

 

Northeast Utilities

 

 $                                    308,011

4,899

 

Pinnacle West Capital Corp.

 

                                        283,358

16,000

 

Power Assets Holdings Ltd.

 

                                        139,866

7,018

 

Public Service Enterprise Group, Inc.

 

                                        286,264

104,300

 

Ratchaburi Electricity Generating Holding PLC

 

                                        174,391

1,231

 

Red Electrica de Espana

 

                                        112,566

5,866

 

Scana Corp.

 

                                        315,649

5,537

 

SSE PLC

 

                                        148,394

7,426

 

Southern Co.

 

                                        336,992

64,272

 

Tauron Polska Energia SA *

 

                                        109,405

29,044

 

Terna Rete Elettrica Nazionale SpA

 

                                        153,149

9,200

 

Tractebel Energia SA

 

                                        138,562

4,896

 

Verbund AG

 

                                          94,802

6,522

 

Wisconsin Energy Corp.

 

                                        306,012

10,209

 

Xcel Energy, Inc.

 

                                        329,038

 

 

 

 

                                    7,465,061

 

 

ELECTRICAL COMPONENTS & EQUIPMENT - 0.4 %

 

4,031

 

Emerson Electric Co.

 

                                        267,497

 

 

 

 

 

 

 

ELECTRONICS - 0.3 %

 

 

47,900

 

Delta Electronics Thailand PLC

 

                                          92,269

4,209

 

Rexel SA

 

                                          98,410

 

 

 

 

                                        190,679

 

 

ENGINEERING & CONSTRUCTION - 1.0 %

 

 

167,000

 

China Communications Construction Co. Ltd.

 

                                        112,047

62,510

 

DMCI Holdings, Inc.

 

                                        105,961

5,981

 

Ferrovial SA

 

                                        133,168

6,143

 

Skanska AB

 

                                        140,016

43,000

 

Singapore Technologies Engineering Ltd.

 

                                        131,067

 

 

 

 

                                        622,259

 

 

ENTERTAINMENT - 0.2 %

 

 

5,146

 

OPAP SA

 

                                          91,577

 

 

 

 

 

 

 

ENVIRONMENTAL CONTROL - 0.5 %

 

 

8,080

 

Republic Services, Inc.

 

                                        306,798

 

 

 

 

 

 

 

FOOD - 2.2 %

 

 

6,793

 

Conagra Foods, Inc.

 

                                        201,616

5,769

 

General Mills, Inc.

 

                                        303,103

24,934

 

J Sainsbury PLC

 

                                        134,544

4,528

 

Kraft Foods Group, Inc.

 

                                        271,454

5,901

 

Sysco Corp. ^

 

                                        220,992

33,592

 

WM Morrison Supermarkets PLC

 

                                        105,368

4,399

 

Woolworths Ltd.

 

                                        146,133

 

 

 

 

                                    1,383,210

 

 

FOREST PRODUCTS & PAPER - 0.7 %

 

 

4,198

 

International Paper Co.

 

                                        211,873

5,175

 

MeadWestvaco Corp.

 

                                        229,046

 

 

 

 

                                        440,919

 

 

GAS - 3.2 %

 

 

6,184

 

AGL Resources, Inc.

 

                                        340,306

5,204

 

Atmos Energy Corp.

 

                                        277,894

23,425

 

Centrica PLC

 

                                        125,239

3,677

 

Enagas SA

 

                                        118,286

3,646

 

Gas Natural SDG SA

 

                                        115,118

13,336

 

National Grid PLC

 

                                        191,592

7,748

 

NiSource, Inc.

 

                                        304,806

175,200

 

Perusahaan Gas Negara Persero Tbk PT

 

                                          82,252

2,888

 

Sempra Energy

 

                                        302,402

24,435

 

Snam Rete Gas SPA

 

                                        147,176

 

 

 

 

                                    2,005,071

 

 

HAND/MACHINE TOOLS - 0.1 %

 

 

6,626

 

Sandvik AB

 

                                          90,417

 

See accompanying notes to financial statements.

 

 

 

 

COMPASS EMP MARKET NEUTRAL INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

HEALTHCARE PRODUCTS - 0.6 %

 

 

3,771

 

Baxter International, Inc.

 

 $                                    272,643

1,202

 

Coloplast A/S

 

                                        108,673

 

 

 

 

                                        381,316

 

 

HOLDING COMPANIES DIVERSIFIED - 0.3 %

 

 

18,500

 

Grupo Carso SAB de CV

 

                                          96,103

5,944

 

Imperial Holdings Ltd

 

                                        111,777

 

 

 

 

                                        207,880

 

 

HOME BUILDERS - 0.2 %

 

 

229,900

 

Land and Houses PLC

 

                                          69,794

3,283

 

Persimmon PLC

 

                                          71,477

 

 

 

 

                                        141,271

 

 

HOME FURNISHINGS - 0.1 %

 

 

13,752

 

Arcelik A.S.

 

                                          83,640

 

 

 

 

 

 

 

HOUSEHOLD PRODUCTS/WARES - 1.1 %

 

 

3,532

 

Clorox Company ^

 

                                        322,825

2,558

 

Kimberly Clark Corp.

 

                                        284,501

36,800

 

Kimberly-Clark de Mexico SAB de CV

 

                                        103,270

 

 

 

 

                                        710,596

 

 

INSURANCE - 4.7 %

 

 

5,096

 

Admiral Group PLC

 

                                        135,006

2,958

 

Ageas

 

                                        117,974

5,051

 

American Financial Group, Inc.

 

                                        300,838

22,463

 

AMP Ltd.

 

                                        112,292

5,923

 

Cincinnati Financial Corp.

 

                                        284,541

5,251

 

CNP Assurances

 

                                        109,594

28,414

 

Direct Line Insurance Group PLC

 

                                        131,113

5,644

 

Arthur J Gallagher & Co.

 

                                        263,010

5,456

 

Gjensidige Forsikring ASA

 

                                          97,840

1,578

 

Hannover Rueck SE

 

                                        142,158

20,323

 

Insurance Australia Group Ltd.

 

                                        111,945

10,988

 

Liberty Holdings Ltd.

 

                                        134,309

44,593

 

MMI Holdings Ltd.

 

                                        110,062

10,013

 

Progressive Corp.

 

                                        253,930

762

 

Powszechny Zaklad Ubezpieczen SA

 

                                        111,332

4,210

 

SCOR SE

 

                                        144,768

17,297

 

Standard Life PLC

 

                                        110,670

1,679

 

Swiss Re AG *

 

                                        149,366

550

 

Zurich Insurance Group AG *

 

                                        165,763

 

 

 

 

                                    2,986,511

 

 

INTERNET - 0.3 %

 

 

7,581

 

Symantec Corp.

 

                                        173,604

 

 

 

 

 

 

 

INVESTMENT COMPANIES - 0.5 %

 

 

18,872

 

Ares Capital Corp.

 

                                        337,054

 

 

 

 

 

 

 

IRON/STEEL - 1.0 %

 

 

5,086

 

CAP SA

 

                                          71,702

16,200

 

Cia Siderurgica Nacional SA

 

                                          69,249

77,361

 

Eregli Demir ve Celik Fabrikalari TAS

 

                                        138,236

13,020

 

Fortescue Metals Group Ltd.

 

                                          53,420

2,796

 

Kumba Iron Ore Ltd.

 

                                          89,121

4,275

 

Nucor Corp.

 

                                        210,543

 

 

 

 

                                        632,271

 

 

LEISURE TIME - 0.3 %

 

 

4,591

 

Carnival Corp.

 

                                        172,851

 

 

 

 

 

 

 

LODGING - 0.8 %

 

 

52,300

 

Genting Berhad

 

                                        162,715

3,346

 

InterContinental Hotels Group PLC

 

                                        138,546

24,000

 

SJM Holdings Ltd.

 

                                          60,137

720

 

Wynn Resorts Ltd.

 

                                        149,443

 

 

 

 

                                        510,841

 

 

MACHINERY-CONSTRUCTION & MINING - 0.1 %

 

119,600

 

Zoomlion Heavy Industry Science and Technology Co. Ltd. *

 

                                          74,072

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP MARKET NEUTRAL INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

MACHINERY-DIVERSIFIED - 0.3 %

 

 

2,638

 

Alstom S.A. *

 

 $                                       96,147

2,472

 

Kone OYJ

 

                                        103,142

 

 

 

 

                                        199,289

 

 

MEDIA - 0.7 %

 

 

49,200

 

BEC World Public Company Ltd.

 

                                          73,923

5,893

 

Gannett, Inc.

 

                                        184,510

1,478

 

ProSiebenSat.1 Media AG

 

                                          65,826

5,400

 

Shaw Communications, Inc. - Cl. B

 

                                        138,724

 

 

 

 

                                        462,983

 

 

MINING - 1.7 %

 

 

5,496

 

Antofagasta PLC

 

                                          71,721

3,523

 

BHP Billiton Ltd.

 

                                        119,292

323,000

 

China Molybdenum Co., Ltd.

 

                                        165,453

5,451

 

Freeport-McMoRan, Inc.

 

                                        198,962

2,945

 

Industrias Penoles SAB de CV

 

                                          73,726

72,000

 

Jiangxi Copper Co. Ltd.

 

                                        113,895

2,879

 

KGHM Polska Miedz SA *

 

                                        117,968

3,574

 

Orica Ltd.

 

                                          65,667

3,100

 

Teck Resources Ltd.

 

                                          70,896

374,000

 

Zijin Mining Group Co Ltd.

 

                                          84,931

 

 

 

 

                                    1,082,511

 

 

MISCELLANEOUS MANUFACTURING - 0.7 %

 

 

9,626

 

General Electric Co

 

                                        252,971

3,862

 

IMI PLC

 

                                          98,219

5,328

 

Smiths Group PLC

 

                                        118,189

 

 

 

 

                                        469,379

 

 

OFFICE/BUSINESS EQUIPMENT - 0.2 %

 

 

3,900

 

Canon, Inc.

 

                                        126,882

 

 

 

 

 

 

 

OIL & GAS - 6.0 %

 

 

4,800

 

ARC Resources Ltd.

 

                                        146,351

20,950

 

BP PLC

 

                                        184,493

7,800

 

Canadian Oil Sands Co.

 

                                        176,993

2,559

 

Chevron Corp.

 

                                        334,077

136,000

 

China Petroleum & Chemical Corp.

 

                                        129,678

4,425

 

ConocoPhillips

 

                                        379,355

4,428

 

Diamond Offshore Drilling, Inc.

 

                                        219,762

72,100

 

Ecopetrol SA

 

                                        129,644

3,123

 

Exxon Mobil Corp.

 

                                        314,424

34,850

 

Gazprom Neft OAO

 

                                        154,041

28,890

 

Gazprom OAO *

 

                                        126,391

2,686

 

HollyFrontier Corp. ^

 

                                        117,351

3,063

 

Lukoil OAO

 

                                        183,157

2,759

 

Occidental Petroleum Corp.

 

                                        283,156

136,000

 

PetroChina Co. Ltd.

 

                                        171,792

15,000

 

PTT PLC

 

                                        147,014

4,309

 

Statoil ASA

 

                                        132,345

2,261

 

Total SA

 

                                        163,358

4,041

 

Tupras Turkiye Petrol Rafinerileri AS

 

                                          94,119

3,908

 

Woodside Petroleum Ltd.

 

                                        151,384

 

 

 

 

                                    3,738,885

 

 

PACKAGING & CONTAINERS - 0.2 %

 

 

12,047

 

Amcor Ltd.

 

                                        118,513

 

 

 

 

 

 

 

PHARMACEUTICALS - 2.8 %

 

 

3,363

 

Bristol-Myers Squibb Co.

 

                                        163,139

3,500

 

Eisai Co, Ltd.

 

                                        146,619

4,094

 

Eli Lilly & Co.

 

                                        254,524

6,111

 

Glaxosmithkline PLC

 

                                        163,464

3,289

 

Johnson & Johnson

 

                                        344,095

4,974

 

Merck & Company, Inc.

 

                                        287,746

8,827

 

Pfizer, Inc.

 

                                        261,985

1,068

 

Sanofi S.A.

 

                                        113,421

 

 

 

 

                                    1,734,993

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP MARKET NEUTRAL INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

PIPELINES - 1.6 %

 

 

6,519

 

Kinder Morgan, Inc.

 

 $                                    236,379

2,048

 

ONEOK, Inc.

 

                                        139,428

3,900

 

Pembina Pipeline Corp.

 

                                        168,026

7,280

 

Spectra Energy Corp.

 

                                        309,254

3,700

 

TransCanada Corp.

 

                                        176,841

 

 

 

 

                                    1,029,928

 

 

REAL ESTATE - 0.2 %

 

 

72,000

 

Sino Land Company Ltd.

 

                                        118,540

 

 

 

 

 

 

 

RETAIL - 2.9 %

 

 

3,691

 

Coach, Inc.

 

                                        126,195

3,654

 

Darden Resturants, Inc. ^

 

                                        169,071

3,163

 

Kohls Corp. ^

 

                                        166,627

2,979

 

L Brands, Inc.

 

                                        174,748

3,909

 

McDonalds Corp.

 

                                        393,793

3,853

 

Target Corp. ^

 

                                        223,281

15,139

 

Truworths International Ltd.

 

                                        106,744

4,541

 

Wal Mart Stores, Inc. ^

 

                                        340,893

3,570

 

Wesfarmers Ltd.

 

                                        140,884

 

 

 

 

                                    1,842,236

 

 

SAVINGS & LOANS - 0.4 %

 

 

14,926

 

New York Community Bancorp

 

                                        238,517

 

 

 

 

 

 

 

SEMICONDUCTORS - 2.3 %

 

 

4,667

 

Analog Devices, Inc.

 

                                        252,344

8,625

 

Intel Corp. ^

 

                                        266,513

2,864

 

KLA-Tencor Corp.

 

                                        208,041

6,449

 

Maxim Integrated Products, Inc.

 

                                        218,041

4,427

 

Microchip Technology, Inc. ^

 

                                        216,082

5,620

 

Texas Instruments, Inc.

 

                                        268,580

 

 

 

 

                                    1,429,601

 

 

SHIPBUILDING - 0.2 %

 

 

152,000

 

Yangzijiang Shipbuilding Holdings Ltd.

 

                                        131,676

 

 

 

 

 

 

 

SOFTWARE - 1.1 %

 

 

8200

 

CA, Inc.

 

                                        235,668

3735

 

Microsoft Corp.

 

                                        155,750

6721

 

Paychex, Inc. ^

 

                                        279,325

 

 

 

 

                                        670,743

 

 

TELECOMMUNICATIONS - 6.1 %

 

 

12,900

 

Advanced Info Service PLC

 

                                          87,468

129,400

 

Axiata Group Berhad

 

                                        280,884

4,100

 

BCE, Inc.

 

                                        186,224

3,292

 

Belgacom SA

 

                                        109,213

16,500

 

China Mobile Ltd.

 

                                        160,097

8,356

 

Cisco Systems, Inc.

 

                                        207,647

124,900

 

DiGi.Com Bhd

 

                                        222,883

9,347

 

Empresa Nacional de Telecom

 

                                        114,974

3,425

 

Eutelsat Communications SA

 

                                        118,970

2,805

 

Globe Telecom, Inc.

 

                                        102,806

41,600

 

Intouch Holdings PLC

 

                                          93,916

116,400

 

Maxis Bhd

 

                                        244,690

14,900

 

Mobile Telesystems OJSC

 

                                        132,162

5,521

 

MTN Group Ltd.

 

                                        116,276

2,545

 

Philippine Long Distance Telephone Co.

 

                                        174,194

2,500

 

Rogers Communications, Inc.

 

                                        100,741

45,000

 

Singapore Telecommunications Ltd.

 

                                        138,967

693

 

SK Telecom Co. Ltd.

 

                                        161,977

14,304

 

TDC A/S

 

                                        147,996

2,068

 

Telenet Group Holding NV *

 

                                        117,821

4,489

 

Telenor ASA

 

                                        102,234

17,913

 

TeliaSonera AB

 

                                        130,679

32,089

 

Telstra Corp Ltd.

 

                                        157,688

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP MARKET NEUTRAL INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

TELECOMMUNICATIONS (Continued) - 6.1 %

 

 

34,242

 

Turk Telekomunikasyon AS

 

 $                                       98,803

9,017

 

Vodacom Group Ltd.

 

                                        111,446

23,875

 

Windstream Holdings, Inc. ^

 

                                        237,794

 

 

 

 

                                    3,858,550

 

 

TOYS/GAMES/HOBBIES - 0.3 %

 

 

4,364

 

Mattel, Inc. ^

 

                                        170,065

 

 

 

 

 

 

 

TRANSPORTATION - 0.8 %

 

 

27,362

 

Aurizon Holdings Ltd.

 

                                        128,523

402,900

 

BTS Group Holdings PLC

 

                                        107,412

3,761

 

C H Robinson Worldwide, Inc. ^

 

                                        239,914

 

 

 

 

                                        475,849

 

 

WATER - 1.1 %

 

 

239,200

 

Aguas Andinas SA

 

                                        150,697

6,026

 

American Water Works Co., Inc.

 

                                        297,986

5,386

 

Suez Environnement Co.

 

                                        103,072

10,760

 

United Utilities Group PLC

 

                                        162,313

 

 

 

 

                                        714,068

 

 

 

 

 

 

 

TOTAL COMMON STOCK (Cost - $49,393,819)

 

                                  50,817,358

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS - 13.0 %

 

 

 

 

MONEY MARKET FUND - 13.0 %

 

 

8,197,711

 

AIM STIT - Liquid Assets Portfolio, Institutional Class, 0.07% **

 

                                    8,197,711

 

 

TOTAL SHORT TERM INVESTMENTS (Cost - $8,197,711)

 

 

 

 

 

 

 

 

 

COLLATERAL FOR SECURITIES LOANED - 5.1 %

 

     3,233,421

 

Mount Vernon Securities Lending Prime Portfolio, 0.19%

 

                                    3,233,421

 

 

TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $3,233,421)

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS - 98.8 % (Cost - $60,824,951) (a)

 

 $                               62,248,490

 

 

PUT OPTIONS WRITTEN - (0.2) % (Proceeds - $134,838)

                                        (88,550)

 

 

OTHER ASSETS LESS LIABILITIES - 1.4 %

 

878,982

 

 

NET ASSETS - 100.0 %

 

 $                               63,038,922

 

 

 

 

 

Contracts

 

 

 

 

 

 

SCHEDULE OF PUT OPTIONS ON FUTURES WRITTEN - (0.2) %

 

161

 

S & P 500 Index

 

                                          88,550

 

 

    Expiration July 2014, Exercise Price $1,940

 

 

 

 

TOTAL PUT OPTIONS ON FUTURES WRITTEN (Proceeds - $134,838)

 

 

 

 

 

 

*   Non-income producing security.

 

 

** Money market fund; interest rate reflects seven day effective yield on June 30, 2014.

 

^ All or a portion of this security is on loan. The market value of the loaned security is $3,114,605.

 

LLC - Limited liability company.

 

 

PLC - Public limited company.

 

 

(a) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes (excluding options on futures written) is $60,944,888

      and differs from value by net unrealized appreciation/(depreciation) on securities as follows:

 

 

Unrealized appreciation

 

 $                                 1,939,082

 

Unrealized depreciation

 

                                      (635,480)

 

Net unrealized appreciation

 

 $                                 1,303,602

 

 

 

 

 

Number of

 

 

Underlying Face Amount

Unrealized Appreciation

Contracts

 

 

at Value

(Depreciation)

 

 

SHORT FUTURES CONTRACTS - 0.3 %

 

 

 

 

Equity Futures - 0.3 %

 

 

277

 

CBOE VIX Future, Jul 2014

 $                                                             3,448,650

 $                                    382,590

240

 

Emerging Market Future, Sep 2014

                                                              12,488,400

                                          38,400

127

 

MSCI EAFE Index Mini, Sep 2014

                                                              12,502,515

                                          (9,525)

263

 

S&P E-Mini Future, Sep 2014

                                                              25,675,375

                                      (207,945)

 

 

TOTAL SHORT FUTURES CONTRACTS

 $                                                           54,114,940

 $                                    203,520

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP ENHANCED FIXED INCOME FUND

SCHEDULE OF INVESTMENTS

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

MUTUAL FUNDS - 4.1 %

 

 

201,138

 

Compass EMP Ultra Short-Term Fixed Income Fund, Class I +

 

 $                           2,011,377

 

 

 TOTAL MUTUAL FUNDS  (Cost - $2,011,377)

 

 

Par Value

 

 

 

 

 

 

BONDS & NOTES - 38.6 %

 

 

 

 

BANKS - 16.0 %

 

 

 $        600,000

 

Bank of America Corp., 5.45%, 7/15/14

 

                                 601,297

50,000

 

Capital One Financial Corp., 1.00%, 11/6/15

 

                                    50,137

541,000

 

Capital One Financial Corp., 2.125%, 7/15/14

 

                                 541,369

1,400,000

 

Citigroup, Inc., 5.00%, 9/15/14

 

                              1,412,396

700,000

 

Citigroup, Inc., 6.375%, 8/12/14

 

                                 704,658

590,000

 

First Horizon National Corp., 5.375%, 12/15/15

 

                                 624,139

1,000,000

 

Goldman Sachs Group, Inc., 5.50%, 11/15/14

 

                              1,018,710

500,000

 

Goldman Sachs Group, Inc., 5.625%, 1/15/17

 

                                 550,270

600,000

 

Morgan Stanley, 4.00%, 7/24/15

 

                                 621,415

750,000

 

Morgan Stanley, 4.20%, 11/20/14

 

                                 761,270

630,000

 

Morgan Stanley, 6.00%, 4/28/15

 

                                 659,299

300,000

 

Santander US Debt SAU, 3.724% 1/20/15 - 144A

 

                                 304,439

 

 

 

 

                              7,849,399

 

 

DIVERSIFIED FINANCIAL - 5.0 %

 

 

600,000

 

Ford Motor Credit Corp. LLC, 3.875%, 1/15/15

 

                                 610,749

600,000

 

Ford Motor Credit Corp. LLC, 12.00%, 5/15/15

 

                                 659,178

500,000

 

General Electric Capital Corp., 5.375%, 10/20/16

 

                                 550,881

600,000

 

Harley-Davidson Funding, 5.75%, 12/15/14 - 144A

 

                                 614,078

 

 

 

 

                              2,434,886

 

 

GAS - 0.6 %

 

 

301,000

 

Atmos Energy Corp., 4.95%, 10/15/14

 

                                 304,905

 

 

 

 

 

 

 

HOME FURNISHINGS - 0.3 %

 

 

150,000

 

Whirlpool Corp., 6.5%, 6/15/16

 

                                 165,962

 

 

 

 

 

 

 

INSURANCE - 6.3 %

 

 

1,053,000

 

AXA Equitable Life Insurance Co., 7.70%, 12/1/15 - 144A

 

                              1,146,079

200,000

 

CNA Financial Corp., 5.85%, 12/15/14

 

                                 204,996

180,000

 

Sirius International Group Ltd., 6.375%, 3/20/17 - 144A

 

                                 199,076

1,500,000

 

XL Group PLC, 5.25%, 9/15/14

 

                              1,514,796

 

 

 

 

                              3,064,947

 

 

MEDIA - 0.2 %

 

 

50,000

 

Viacom, Inc., 2.50%, 12/15/16

 

                                    51,538

 

 

 

 

 

 

 

MUNICIPAL - 2.1 %

 

 

1,000,000

 

Routt County School District, 1.40%, 12/1/17

 

                              1,004,220

 

 

 

 

 

 

 

OIL & GAS - 1.0 %

 

 

150,000

 

Petrobras Global Finance BV, 2.00%, 5/20/16

 

                                 150,217

300,000

 

Transocean, Inc., 5.05%, 12/15/16

 

                                 325,897

 

 

 

 

                                 476,114

 

 

PHARMACEUTICALS - 0.3 %

 

 

150,000

 

Cardinal Health, Inc., 6.00%, 6/15/17

 

                                 168,612

 

 

 

 

 

 

 

RETAIL - 0.1 %

 

 

50,000

 

Macy's Retail Holdings, Inc., 7.45%, 7/15/17

 

                                    58,705

 

 

 

 

 

 

 

SAVINGS & LOANS - 0.2 %

 

 

100,000

 

Amsouth Bank, 5.20%, 4/1/15

 

                                 103,160

 

 

 

 

 

 

 

TELECOMMUNICATIONS - 4.3 %

 

 

1,528,000

 

AT&T, Inc., 2.40%, 8/15/16

 

                              1,574,554

50,000

 

Crown Castle Towers LLC, 3.214%, 8/15/15 - 144A

 

                                    50,797

150,000

 

Deutsche Telekom International Finance BV, 4.875%, 7/8/14

 

                                 150,093

290,000

 

Motorola Solutions, Inc., 6.00%, 11/15/17

 

                                 329,281

 

 

 

 

                              2,104,725

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP ENHANCED FIXED INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2014

 

 

 

 

 

Par Value

 

 

 

 Value

 

 

TRUCKING & LEASING - 2.2 %

 

 

        1,100,000

 

Penske Truck Leasing Co. LP, 2.50%, 7/11/14 - 144A

 

 $                           1,100,488

 

 

 

 

 

 

 

TOTAL BONDS & NOTES (Cost - $18,821,256)

 

                            18,887,661

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS - 55.8 %

 

 

 

 

CERTIFICATES OF DEPOSIT - 27.8 %

 

 

 $    1,600,000

 

Banco do Brasil Sa NY, 1.36%, 4/7/15

 

                              1,599,946

1,000,000

 

Bank Communications NY, 1.40%, 8/19/14

 

                              1,000,000

600,000

 

China Merchant Bank, 1.18%, 1/26/15

 

                                 600,000

2,420,000

 

Corpbanca New York., 1.61%, 10/29/14

 

                              2,420,000

2,000,000

 

Credit Comm De Belg NY, 0.87%, 3/27/15

 

                              2,000,000

1,900,000

 

Fortis Bank, 0.53%, 1/12/15

 

                              1,899,986

1,400,000

 

HSH Nordbank AG, 0.91%, 3/24/15

 

                              1,400,000

1,000,000

 

Itau Unibanco NY, 1.26%, 9/12/14

 

                              1,000,000

1,700,000

 

Shinhan Bank, 0.52%, 8/12/14

 

                              1,698,962

 

 

TOTAL CERTIFICATES OF DEPOSIT (Cost - $13,618,894)

 

                            13,618,894

 

 

 

 

 

 

 

COMMERCIAL PAPER- 12.2 %

 

 

1,000,000

 

Axa Financial, 9/5/14

 

                                 998,625

500,000

 

Bennington Stark Capital, 7/14/14

 

                                 499,906

500,000

 

ENI Finance USA, Inc., 10/20/14

 

                                 498,890

1,000,000

 

Ford Motor Credit, 12/1/14

 

                                 996,685

2,500,000

 

Intesa Funding LLC, 9/9/14

 

                              2,496,111

500,000

 

JP Morgan Securities LLC, 11/6/14

 

                                 499,200

 

 

TOTAL COMMERCIAL PAPER (Cost - $5,989,417)

 

                              5,989,417

 

 

 

 

 

Shares

 

MONEY MARKET FUND - 15.8 %

 

 

7,695,942

 

AIM STIT - Liquid Assets Portfolio, Institutional Class, 0.07% *

 

                              7,695,942

 

 

(Cost - $7,695,942)

 

 

 

 

 

 

 

 

 

TOTAL SHORT-TERM INVESTMENTS (Cost - $27,304,253)

 

                            27,304,253

 

 

 

 

 

 

 

TOTAL INVESTMENTS - 98.5 % (Cost - $48,136,886) (a)

 

 $                         48,203,291

 

 

OTHER ASSETS LESS LIABILITIES - 1.5 %

 

                                 731,084

 

 

NET ASSETS - 100.0 %

 

 $                         48,934,375

 

 

 

 

 

+   Affiliated company.

 

 

* Money market fund; interest rate reflects seven day effective yield on June 30, 2014.

 

144A- Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from

registration, normally to qualified institutional buyers.

 

 

LLC - Limited liability company.

 

 

LP - Limited partnership.

 

 

PLC - Public limited company.

 

 

(a) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $48,136,886

 

      and differs from value by net unrealized appreciation/(depreciation) on securities as follows:

 

 

Unrealized appreciation

 

 $                                67,630

 

Unrealized depreciation

 

                                    (1,225)

 

Net unrealized appreciation

 

 $                                66,405

 

 

 

 

 

Number of

 

 

Underlying Face Amount

Unrealized Appreciation

Contracts

 

 

at Value

(Depreciation)

 

 

LONG FUTURES CONTRACTS - (0.2 %)

 

 

 

 

Fixed Income Futures - (0.2 %)

 

 

11

 

2 Year Bond, Sep 2014

 $                                             2,415,534

 $                                    (687)

27

 

Canadian 10 Year Bond, Sep 2014

                                                3,445,443

                                    30,274

13

 

Euro BOBL Future, Sep 2014

                                                2,280,161

                                    11,033

11

 

Euro-Bund Future, Sep 2014

                                                2,213,662

                                    24,243

15

 

Euro Schatz, Sep 2014

                                                2,272,230

                                         924

21

 

Long Gilt Future, Sep 2014

                                                3,947,916

                                       (718)

19

 

US 10 Year Future, Sep 2014

                                                2,378,268

                                      5,344

20

 

US 5 YR Note, Sep 2014

                                                2,389,220

                                         781

 

 

TOTAL LONG FUTURES CONTRACTS

 $                                           21,342,434

 $                                71,194

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP ULTRA SHORT-TERM FIXED INCOME FUND

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2014

 

 

 

 

 

Par Value

 

 

 

Value

 

 

SHORT-TERM INVESTMENTS - 101.9 %

 

 

 

 

CERTIFICATES OF DEPOSIT - 47.5 %

 

 

 $     850,000

 

Agricultural Bank of China, 0.90%, 6/3/15

 

 $                              850,000

950,000

 

Banco de Brasil SA/New York, 1.36%, 4/7/15

 

                                 949,968

1,000,000

 

Bank of New York, 1.40%, 8/19/14

 

                              1,000,000

800,000

 

China Merchants Bank Co. Ltd., 1.18%, 1/26/15

 

                                 800,000

580,000

 

Corpbanca/NY, 1.61%, 10/29/14

 

                                 580,000

800,000

 

Credit Comm De Belg NY, 0.87%, 3/27/15

 

                                 800,000

700,000

 

Fortis Bank, 0.53%, 1/12/15

 

                                 699,995

800,000

 

HSH Nordbank AG, 0.91%, 3/24/15

 

                                 800,000

1,500,000

 

Itau Unibanco, 1.26%, 9/12/14

 

                              1,501,921

 

 

TOTAL CERTIFICATES OF DEPOSIT (Cost - $7,981,884)

                              7,981,884

 

 

 

 

 

 

 

COMMERCIAL PAPER - 54.4 %

 

 

600,000

 

Bennington Stark Capital, 7/14/14

 

                                 599,887

500,000

 

Campbells Soup Co., 9/22/14

 

                                 499,539

500,000

 

ENI Finance USA, Inc., 10/20/14

 

                                 498,890

950,000

 

Ford Motor Credit Co., 12/1/14

 

                                 946,851

850,000

 

Intesa Funding LLC, 9/9/14

 

                                 848,678

500,000

 

JP Morgan Securities LLC., 11/6/14

 

                                 499,200

500,000

 

PPL Energy Supply LLC, 7/1/14

 

                                 500,000

1,200,000

 

Romulus Funding Corp., 9/2/14

 

                              1,198,530

550,000

 

Santander, 9/8/14

 

                                 548,577

600,000

 

Shinhan Bank, 8/12/14

 

                                 599,633

700,000

 

Societe Generale, 1/13/15

 

                                 699,994

850,000

 

Talisman Energy, Inc., 8/5/14

 

                                 849,438

850,000

 

Weatherford International Ltd., 7/10/14

 

                                 849,820

 

 

TOTAL COMMERCIAL PAPER (Cost - $9,139,037)

                              9,139,037

 

 

 

 

 

 

 

TOTAL SHORT-TERM INVESTMENTS (Cost - $17,120,921)

                            17,120,921

 

 

 

 

 

 

 

TOTAL INVESTMENTS - 101.9 % (Cost - $17,120,921) (a)

 $                         17,120,921

 

 

LIABILITIES IN EXCESS OF OTHER ASSETS - (1.9) %

                               (310,381)

 

 

NET ASSETS - 100.0 %

 

 $                         16,810,540

 

 

 

 

 

LLC - Limited liability company.

 

 

(a) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $17,120,921.

 

      

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP MULTI-ASSET BALANCED FUND

SCHEDULE OF INVESTMENTS

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

MUTUAL FUNDS - 95.1 %

 

 

 

 

ASSET ALLOCATION FUNDS - 29.6 %

 

 

1,761,674

 

Compass EMP Enhanced Fixed Income Fund - Cl. I +

 

 $                        17,458,194

1,418,708

 

Compass EMP Market Neutral Income Fund - Cl. I  +

 

14,031,019

 

 

 

 

31,489,213

 

 

COMMODITY FUNDS - 5.5 %

 

 

309,632

 

Compass EMP Commodity Strategies Enhanced Volatility Weighted Fund - Cl. I * +

2,972,466

301,725

 

Compass EMP Commodity Strategies Volatility Weighted Fund - Cl. I * +

2,962,938

 

 

 

 

5,935,404

 

 

EQUITY FUNDS - 60.0 %

 

 

295,196

 

Compass EMP Emerging Market 500 Volatility Weighted Fund - Cl. I +

3,161,546

945,420

 

Compass EMP International 500 Enhanced Volatility Weighted Fund - Cl. I +

11,761,019

684,687

 

Compass EMP International 500 Volatility Weighted Fund - Cl. I +

8,818,773

629,905

 

Compass EMP Long Short Strategies Fund - Cl. I * +

6,973,045

383,953

 

Compass EMP REC Enhanced Volatility Weighted Fund - Cl. I +

4,380,904

1,019,296

 

Compass EMP US 500 Enhanced Volatility Weighted Fund - Cl. I +

14,433,231

762,807

 

Compass EMP US 500 Volatility Weighted Fund - Cl. I +

10,824,226

249,175

 

Compass EMP US Small Cap 500 Volatility Weighted Fund - Cl. I +

3,560,712

 

 

 

 

63,913,456

 

 

 

 

 

 

 

TOTAL MUTUAL FUNDS (Cost - $94,687,607)

 

101,338,073

 

 

 

 

 

 

 

SHORT TERM INVESTMENTS - 4.7 %

 

 

 

 

MONEY MARKET FUND - 4.7 %

 

 

4,986,248

 

AIM STIT - Liquid Assets Portfolio, 0.07% **

 

4,986,248

 

 

TOTAL SHORT-TERM INVESTMENTS (Cost - $4,986,248)

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS - 99.8 % (Cost - $99,673,855) (a)

 $                      106,324,321

 

 

OTHER ASSETS LESS LIABILITIES - 0.2 %

167,440

 

 

NET ASSETS - 100.0 %

 

 $                      106,491,761

 

 

 

 

 

+ Affiliated company.

 

 

* Non-income producing security.

 

 

** Money market fund; interest rate reflects seven day effective yield on June 30, 2014.

 

(a) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $99,686,953

 

     and differs from the value by net unrealized appreciation/(depreciation) on securities as follows:

 

 

Unrealized appreciation

 

 $                           6,718,845

 

Unrealized depreciation

 

                                 (81,477)

 

Net unrealized appreciation

 

 $                           6,637,368

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 



COMPASS EMP MULTI-ASSET GROWTH FUND

SCHEDULE OF INVESTMENTS

June 30, 2014

 

 

 

 

 

Shares

 

 

 

Value

 

 

MUTUAL FUNDS - 97.2 %

 

 

 

 

EQUITY FUND - 97.2 %

 

 

306,761

 

Compass EMP Emerging Market 500 Volatility Weighted Fund - Cl. I +

 $                           3,285,407

930,168

 

Compass EMP International 500 Enhanced Volatility Weighted Fund - Cl. I +

                            11,571,287

721,060

 

Compass EMP International 500 Volatility Weighted Fund - Cl. I +

                              9,287,251

1,009,251

 

Compass EMP US 500 Enhanced Volatility Weighted Fund - Cl. I +

                            14,291,001

799,228

 

Compass EMP US 500 Volatility Weighted Fund - Cl. I +

                            11,341,046

258,288

 

Compass EMP US Small Cap 500 Volatility Weighted Fund - Cl. I +

                              3,690,934

 

 

TOTAL MUTUAL FUNDS (Cost - $47,294,193)

 

                            53,466,926

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS - 2.6 %

 

 

 

MONEY MARKET FUND - 2.6 %

 

 

1,408,801

 

AIM STIT - Liquid Assets Portfolio, 0.07% *

 

                              1,408,801

 

 

TOTAL SHORT-TERM INVESTMENTS (Cost - $1,408,801)

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS - 99.8 % (Cost - $48,702,994) (a)

 $                        54,875,727

 

 

OTHER ASSETS LESS LIABILITIES - 0.2 %

122,031

 

 

NET ASSETS - 100.0%

 

 $                        54,997,758

 

 

 

 

 

+ Affiliated company.

 

 

* Money market fund; interest rate reflects seven day effective yield on June 30, 2014.

 

(a) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $48,704,020

 

      and differs from the value by net unrealized appreciation/(depreciation) on securities as follows:

 

 

Unrealized appreciation

 

 $                           6,171,707

 

Unrealized depreciation

 

                                              -

 

Net unrealized appreciation

 

 $                           6,171,707

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 



COMPASS EMP ALTERNATIVE STRATEGIES FUND

 

CONSOLIDATED SCHEDULE OF INVESTMENTS

 

June 30, 2014

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Value

 

 

COMMON STOCK - 30.4 %

 

 

 

 

ADVERTISING - 0.1 %

 

 

                737

 

Omnicom Group, Inc.

 

 $                                                  52,489

 

 

 

 

 

 

 

AEROSPACE/DEFENSE - 0.6 %

 

 

                478

 

B/E Aerospace, Inc. *

 

                                                      44,210

                339

 

Boeing Co.

 

                                                      43,131

                541

 

L-3 Communications Holdings, Inc.

 

                                                      65,326

                337

 

Lockheed Martin Corp.

 

                                                      54,166

                460

 

Northrop Grumman Corp.

 

                                                      55,030

                528

 

Raytheon Co.

 

                                                      48,708

                686

 

Rockwell Collins, Inc.

 

                                                      53,604

                516

 

United Technologies Corp.

 

                                                      59,572

 

 

 

 

                                                   423,747

 

 

AGRICULTURE - 0.4 %

 

 

             1,804

 

Altria Group, Inc.

 

                                                      75,660

             1,040

 

Archer-Daniels-Midland Co.

 

                                                      45,874

             1,031

 

Lorillard, Inc.

 

                                                      62,860

                741

 

Philip Morris International, Inc.

 

                                                      62,474

             1,172

 

Reynolds American, Inc.

 

                                                      70,730

 

 

 

 

                                                   317,598

 

 

AIRLINES - 0.2 %

 

 

                363

 

Alaska Air Group, Inc.

 

                                                      34,503

                833

 

Delta Air Lines, Inc.

 

                                                      32,254

             1,762

 

Southwest Airlines Co.

 

                                                      47,327

 

 

 

 

                                                   114,084

 

 

APPAREL - 0.3 %

 

 

                469

 

Hanesbrands, Inc.

 

                                                      46,168

                698

 

NIKE, Inc.

 

                                                      54,130

                270

 

Polo Ralph Lauren Corp.

 

                                                      43,386

                436

 

Under Armour, Inc. - Cl. A * ^

 

                                                      25,938

                797

 

VF Corp. ^

 

                                                      50,211

 

 

 

 

                                                   219,833

 

 

AUTO MANUFACTURERS - 0.2 %

 

 

             2,743

 

Ford Motor Co.

 

                                                      47,289

             1,168

 

General Motors Co.

 

                                                      42,398

                522

 

Oshkosh Truck Corp.

 

                                                      28,987

                779

 

Paccar, Inc.

 

                                                      48,945

 

 

 

 

                                                   167,619

 

 

AUTO PARTS & EQUIPMENT - 0.4 %

 

 

             1,385

 

Allison Transmission Holdings

 

                                                      43,074

                690

 

BorgWarner, Inc. ^

 

                                                      44,981

                873

 

Johnson Controls, Inc.

 

                                                      43,589

                607

 

Lear Corp.

 

                                                      54,217

                507

 

TRW Automotive Holdings Corp. * ^

 

                                                      45,387

                465

 

WABCO Holdings, Inc. *

 

                                                      49,671

 

 

 

 

                                                   280,919

 

 

BANKS - 1.4 %

 

 

             2,719

 

Bank of America Corp.

 

                                                      41,791

             1,507

 

BB&T Corp.

 

                                                      59,421

                687

 

Capital One Financial Corp.

 

                                                      56,746

             1,133

 

CIT Group, Inc.

 

                                                      51,846

                906

 

Citigroup, Inc.

 

                                                      42,673

                907

 

Comerica, Inc. ^

 

                                                      45,495

             1,111

 

East West Bancorp, Inc.

 

                                                      38,874

             2,489

 

Fifth Third Bancorp

 

                                                      53,140

                878

 

First Republic Bank ^

 

                                                      48,281

                304

 

Goldman Sachs Group, Inc.

 

                                                      50,902

             4,536

 

Huntington Bancshares, Inc.

 

                                                      43,273

             2,998

 

Keycorp

 

                                                      42,961

                517

 

M&T Bank Corp. ^

 

                                                      64,134

             1,278

 

Morgan Stanley

 

                                                      41,318

                831

 

Northern Trust Corp.

 

                                                      53,359

                646

 

PNC Financial Services Group, Inc.

 

                                                      57,526

             3,643

 

Regions Financial Corp.

 

                                                      38,687

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP ALTERNATIVE STRATEGIES FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2014 (Continued)

 

 

 

 

 

 

 

Shares

 

 

 

Value

 

 

BANKS (Continued) - 1.4 %

 

 

                289

 

Signature Bank *

 

 $                                                  36,466

                659

 

State Street Corp.

 

                                                      44,324

             1,195

 

SunTrust Banks, Inc.

 

                                                      47,872

                317

 

SVB Financial Group *

 

                                                      36,969

             1,648

 

US Bancorp

 

                                                      71,391

             1,304

 

Wells Fargo & Co.

 

                                                      68,540

 

 

 

 

                                                1,135,989

 

 

BEVERAGES - 0.6 %

 

 

                647

 

Brown-Forman Corp. - Cl. B

 

                                                      60,928

             1,780

 

Coca-Cola Co.

 

                                                      75,401

             1,158

 

Coca-Cola Enterprises, Inc.

 

                                                      55,329

                532

 

Constellation Brands, Inc. - Cl. A *

 

                                                      46,885

             1,221

 

Dr. Pepper Snapple Group, Inc.

 

                                                      71,526

                175

 

Keurig Green Mountain, Inc.

 

                                                      21,807

                840

 

Molson Coors Brewing Co. - Cl. B

 

                                                      62,294

                534

 

Monster Beverage Corp. *

 

                                                      37,930

                835

 

Pepsico, Inc.

 

                                                      74,599

 

 

 

 

                                                   506,699

 

 

BIOTECHNOLOGY - 0.2 %

 

 

                305

 

Amgen, Inc.

 

                                                      36,103

                  86

 

Biogen Idec, Inc. *

 

                                                      27,117

                450

 

Celgene Corp. * ^

 

                                                      38,646

                457

 

Gilead Sciences, Inc. *

 

                                                      37,890

                  71

 

Regeneron Pharmaceuticals, Inc. * ^

 

                                                      20,055

 

 

 

 

                                                   159,811

 

 

BUILDING MATERIALS - 0.0 %

 

 

                752

 

Fortune Brands Home & Security

 

                                                      30,027

 

 

 

 

 

 

 

CHEMICALS - 1.3 %

 

 

                354

 

Air Products & Chemicals, Inc.

 

                                                      45,531

                512

 

Airgas, Inc.

 

                                                      55,762

                819

 

Albemarle Corp.

 

                                                      58,559

                522

 

Ashland, Inc.

 

                                                      56,762

                132

 

CF Industries Holdings, Inc.

 

                                                      31,750

                837

 

Du Pont (EI) De Nemours & Co.

 

                                                      54,773

                513

 

Ecolab, Inc.

 

                                                      57,117

                745

 

FMC Corp.

 

                                                      53,037

                639

 

International Flavors & Fragrances

 

                                                      66,635

                565

 

LyondellBasell NV

 

                                                      55,172

                128

 

Newmarket Corp.

 

                                                      50,190

                268

 

PPG Industries, Inc.

 

                                                      56,320

                533

 

Praxair, Inc.

 

                                                      70,804

                555

 

Rockwood Holdings, Inc.

 

                                                      42,174

                210

 

Sherwin Williams Co.

 

                                                      43,451

                759

 

Sigma-Aldrich Corp.

 

                                                      77,023

                561

 

The Mosaic Co.

 

                                                      27,741

                627

 

Valspar Corp.

 

                                                      47,771

                647

 

Westlake Chemical Corp.

 

                                                      54,195

 

 

 

 

                                                1,004,767

 

 

COMMERCIAL SERVICES - 1.2 %

 

 

                967

 

ADT Corp.

 

                                                      33,787

                145

 

Alliance Data Systems Corp. * ^

 

                                                      40,781

                888

 

Automatic Data Processing, Inc.

 

                                                      70,401

             1,039

 

Cintas Corp.

 

                                                      66,018

                790

 

Equifax, Inc.

 

                                                      57,307

                268

 

FleetCor Technologies, Inc. *

 

                                                      35,322

                551

 

Gartner Group, Inc. *

 

                                                      38,857

                571

 

Global Payments, Inc.

 

                                                      41,597

             1,488

 

Iron Mountain, Inc.

 

                                                      52,750

                480

 

Manpower, Inc.

 

                                                      40,728

                595

 

MasterCard, Inc. - Cl. A

 

                                                      43,715

                506

 

Moody's Corp. ^

 

                                                      44,356

             1,248

 

Quanta Services, Inc. *

 

                                                      43,156

                953

 

Robert Half International, Inc.

 

                                                      45,496

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP ALTERNATIVE STRATEGIES FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2014 (Continued)

 

 

 

 

 

 

 

Shares

 

 

 

Value

 

 

COMMERCIAL SERVICES (Continued) - 1.2 %

 

 

             1,457

 

SEI Investments Co.

 

 $                                                  47,746

             1,851

 

Total System Services, Inc.

 

                                                      58,140

                291

 

Towers Watson & Co.

 

                                                      30,331

                300

 

United Rentals, Inc. * ^

 

                                                      31,419

             1,118

 

Vantiv, Inc. *

 

                                                      37,587

                792

 

Verisk Analytics, Inc. - Cl. A *

 

                                                      47,536

             2,212

 

Western Union Co. ^

 

                                                      38,355

 

 

 

 

                                                   945,385

 

 

COMPUTERS - 0.8 %

 

 

                346

 

3D Systems Corp. * ^

 

                                                      20,691

                497

 

Apple, Inc.

 

                                                      46,186

                900

 

Cognizant Technology Solutions Corp. - Cl. A *

 

                                                      44,019

                620

 

Computer Sciences Corp.

 

                                                      39,184

             1,816

 

EMC Corp.

 

                                                      47,833

             1,067

 

Henry Jack & Associates, Inc.

 

                                                      63,412

                956

 

Hewlett Packard Co.

 

                                                      32,198

                295

 

IBM Corp.

 

                                                      53,475

                393

 

IHS, Inc. - Cl. A *

 

                                                      53,318

                961

 

NCR Corp. *

 

                                                      33,721

             1,220

 

NetApp, Inc.

 

                                                      44,554

                446

 

Sandisk Corp.

 

                                                      46,576

             1,390

 

Synopsys, Inc. *

 

                                                      53,960

                520

 

Teradata Corp. *

 

                                                      20,904

                397

 

Western Digital Corp.

 

                                                      36,644

 

 

 

 

                                                   636,675

 

 

COSMETICS/PERSONAL CARE - 0.3 %

 

 

             1,099

 

Colgate Palmolive Co.

 

                                                      74,930

                741

 

Estee Lauder Co's., Inc. - Cl. A

 

                                                      55,027

                893

 

Procter & Gamble Co.

 

                                                      70,180

 

 

 

 

                                                   200,137

 

 

DISTRIBUTION/WHOLESALE - 0.3 %

 

 

                743

 

Arrow Electronics, Inc. *

 

                                                      44,885

                750

 

Fastenal Co.

 

                                                      37,118

                253

 

Fossil Group, Inc. *

 

                                                      26,444

                599

 

Genuine Parts Co.

 

                                                      52,592

             1,069

 

LKQ Corp. *

 

                                                      28,532

                210

 

WW Grainger, Inc. ^

 

                                                      53,395

 

 

 

 

                                                   242,966

 

 

DIVERSIFIED FINANCIAL SERVICES - 1.1 %

 

 

                219

 

Affiliated Managers Group, Inc. *

 

                                                      44,983

                551

 

American Express Co.

 

                                                      52,273

                426

 

Ameriprise Financial, Inc.

 

                                                      51,120

                138

 

Blackrock, Inc.

 

                                                      44,105

                703

 

CBOE Holdings, Inc.

 

                                                      34,595

             1,291

 

Charles Schwab Corp.

 

                                                      34,767

                604

 

CME Group, Inc.

 

                                                      42,854

                746

 

Discover Financial Services

 

                                                      46,237

             1,093

 

Eaton Vance Corp.

 

                                                      41,304

             1,550

 

FNF Group *

 

                                                      50,778

                813

 

Franklin Resources, Inc. ^

 

                                                      47,024

             1,076

 

Invesco Ltd.

 

                                                      40,619

                849

 

LPL Investment Holdings

 

                                                      42,229

             1,252

 

Nasdaq OMX Group

 

                                                      48,352

                714

 

Ocwen Financial Corp. *

 

                                                      26,489

                917

 

Raymond James Financial, Inc.

 

                                                      46,519

             4,861

 

SLM Corp.

 

                                                      40,395

                561

 

T. Rowe Price Group, Inc.

 

                                                      47,354

             1,103

 

TD Ameritrade Holding Corp.

 

                                                      34,579

                188

 

Visa, Inc. ^

 

                                                      39,613

                519

 

Waddell & Reed Financial, Inc.

 

                                                      32,485

 

 

 

 

                                                   888,674

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP ALTERNATIVE STRATEGIES FUND

 

CONSOLIDATED SCHEDULE OF INVESTMENTS

 

June 30, 2014 (Continued)

 

 

 

 

 

 

 

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Value

 

 

ELECTRIC - 1.5 %

 

 

             1,247

 

Alliant Corp.

 

 $                                                  75,893

             1,340

 

American Electric Power, Inc.

 

                                                      74,732

             2,331

 

CMS Energy Corp.

 

                                                      72,611

             1,334

 

Consolidated Edison, Inc.

 

                                                      77,025

                924

 

DTE Energy Co.

 

                                                      71,952

             1,084

 

Duke Energy Corp.

 

                                                      80,422

                857

 

Entergy Corp.

 

                                                      70,351

             1,501

 

ITC Holdings Corp.

 

                                                      54,756

                651

 

NextEra Energy, Inc. ^

 

                                                      66,714

             1,546

 

Northeast Utilities

 

                                                      73,079

             1,528

 

OGE Energy Corp.

 

                                                      59,714

             1,145

 

Pinnacle West Capital Corp.

 

                                                      66,227

             1,667

 

Public Service Enterprise

 

                                                      67,997

             1,391

 

Scana Corp.

 

                                                      74,850

             1,725

 

Southern Co.

 

                                                      78,281

             1,532

 

Wisconsin Energy Corp.

 

                                                      71,881

             2,388

 

Xcel Energy, Inc.

 

                                                      76,965

 

 

 

 

                                                1,213,450

 

 

ELECTRICAL COMPONENTS & EQUIPMENT - 0.3 %

 

 

                231

 

Acuity Brands, Inc. ^

 

                                                      31,936

             1,054

 

Ametek, Inc.

 

                                                      55,103

                920

 

Emerson Electric Co.

 

                                                      61,051

                476

 

Energizer Holdings, Inc.

 

                                                      58,086

                417

 

Hubbell, Inc. - Cl. B

 

                                                      51,354

 

 

 

 

                                                   257,530

 

 

ELECTRONICS - 0.5 %

 

 

                704

 

Agilent Technologies, Inc.

 

                                                      40,438

                494

 

Amphenol Corp. - Cl. A

 

                                                      47,592

                933

 

Avnet, Inc.

 

                                                      41,341

                833

 

Flir Systems, Inc.

 

                                                      28,930

             1,197

 

Gentex Corp.

 

                                                      34,821

                630

 

Honeywell International, Inc.

 

                                                      58,559

                197

 

Mettler Toledo International, Inc. *

 

                                                      49,876

                467

 

Thermo Fisher Scientific, Inc.

 

                                                      55,106

                710

 

Trimble Navigation Ltd. *

 

                                                      26,235

                415

 

Waters Corp. *

 

                                                      43,342

 

 

 

 

                                                   426,240

 

 

ENGINEERING & CONSTRUCTION - 0.1 %

 

 

                741

 

Jacobs Engineering Group, Inc. *

 

                                                      39,480

 

 

 

 

 

 

 

ENVIRONMENTAL CONTROL - 0.3 %

 

 

             1,860

 

Republic Services, Inc.

 

                                                      70,624

                571

 

Stericycle, Inc. *

 

                                                      67,618

             1,319

 

Waste Connections, Inc.

 

                                                      64,037

 

 

 

 

                                                   202,279

 

 

FOOD - 1.0 %

 

 

             1,554

 

Conagra Foods, Inc.

 

                                                      46,123

             1,303

 

General Mills, Inc.

 

                                                      68,460

                615

 

Hershey Foods Corp.

 

                                                      59,883

             1,409

 

Hillshire Brands Co.

 

                                                      87,781

             1,152

 

Hormel Foods Corp.

 

                                                      56,851

                499

 

Ingredion, Inc.

 

                                                      37,445

                527

 

JM Smucker Co.

 

                                                      56,162

             1,044

 

Kraft Foods Group, Inc.

 

                                                      62,588

             1,113

 

Kroger Co.

 

                                                      55,016

                885

 

McCormick & Company, Inc.

 

                                                      63,357

             1,451

 

Mondelez International, Inc. - Cl. A

 

                                                      54,572

                852

 

Safeway, Inc.

 

                                                      29,258

             1,359

 

Sysco Corp.

 

                                                      50,895

                953

 

Tyson Foods, Inc. - Cl. A

 

                                                      35,776

             1,175

 

WhiteWave Foods Co. *

 

                                                      38,035

                680

 

Whole Foods Market, Inc.

 

                                                      26,266

 

 

 

 

                                                   828,468

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP ALTERNATIVE STRATEGIES FUND

 

CONSOLIDATED SCHEDULE OF INVESTMENTS

 

June 30, 2014 (Continued)

 

 

 

 

 

 

 

Shares

 

 

 

Value

 

 

FOREST PRODUCTS & PAPER - 0.1 %

 

 

                941

 

International Paper Co.

 

 $                                                  47,492

             1,159

 

MeadWestvaco Corp.

 

                                                      51,298

 

 

 

 

                                                      98,790

 

 

GAS - 0.4 %

 

 

             1,466

 

AGL Resources, Inc.

 

                                                      80,674

             1,240

 

Atmos Energy Corp.

 

                                                      66,216

                829

 

National Fuel Gas Co.

 

                                                      64,911

             1,822

 

NiSource, Inc.

 

                                                      71,677

                674

 

Sempra Energy

 

                                                      70,575

 

 

 

 

                                                   354,053

 

 

HAND/MACHINE TOOLS - 0.2 %

 

 

                615

 

Lincoln Electric Holdings

 

                                                      42,976

                448

 

Snap-on, Inc.

 

                                                      53,097

                457

 

Stanley Black & Decker, Inc.

 

                                                      40,134

 

 

 

 

                                                   136,207

 

 

HEALTHCARE PRODUCTS - 1.0 %

 

 

                864

 

Baxter International, Inc.

 

                                                      62,467

                612

 

Becton Dickinson & Co.

 

                                                      72,400

             1,200

 

Carefusion Corp. *

 

                                                      53,220

                349

 

Cooper Cos., Inc.

 

                                                      47,300

             1,499

 

Dentsply International, Inc.

 

                                                      70,978

                552

 

Edwards Lifesciences Corp. *

 

                                                      47,384

                558

 

Henry Schein, Inc. *

 

                                                      66,218

                438

 

IDEXX Laboratories, Inc. *

 

                                                      58,504

                  60

 

Intuitive Surgical, Inc. *

 

                                                      24,708

             1,039

 

Medtronic, Inc.

 

                                                      66,247

                766

 

Resmed, Inc. ^

 

                                                      38,783

                730

 

St. Jude Medical, Inc.

 

                                                      50,553

                832

 

Stryker Corp.

 

                                                      70,154

                600

 

Varian Medical Systems, Inc. *

 

                                                      49,884

                612

 

Zimmer Holdings, Inc.

 

                                                      63,560

 

 

 

 

                                                   842,360

 

 

HEALTHCARE SERVICES - 0.7 %

 

 

                612

 

Aetna, Inc.

 

                                                      49,621

                484

 

Cigna Corp.

 

                                                      44,513

                763

 

Community Health Systems, Inc. *

 

                                                      34,617

                474

 

Covance, Inc. *

 

                                                      40,565

                594

 

DaVita, Inc. *

 

                                                      42,958

                810

 

HCA Holdings, Inc. *

 

                                                      45,668

                495

 

Laboratory Corp. of America Holdings *

 

                                                      50,688

                959

 

MEDNAX, Inc. *

 

                                                      55,766

                953

 

Quest Diagnostics, Inc.

 

                                                      55,932

                564

 

UnitedHealth Group, Inc.

 

                                                      46,107

                600

 

Universal Health Services, Inc. - Cl. B

 

                                                      57,456

                498

 

WellPoint, Inc.

 

                                                      53,590

 

 

 

 

                                                   577,481

 

 

HOLDING COMPANIES DIVERS - 0.1 %

 

 

             1,687

 

Leucadia National Corp.

 

                                                      44,233

 

 

 

 

 

 

 

HOME BUILDERS - 0.2 %

 

 

             1,098

 

DR Horton, Inc.

 

                                                      26,989

                662

 

Lennar Corp. - Cl. A

 

                                                      27,791

                  35

 

NVR, Inc. *

 

                                                      40,271

             1,306

 

Pulte Corp.

 

                                                      26,329

                851

 

Toll Brothers, Inc. *

 

                                                      31,401

 

 

 

 

                                                   152,781

 

 

HOME FURNISHINGS - 0.1 %

 

 

                239

 

Harman International

 

                                                      25,676

                203

 

Whirlpool Corp.

 

                                                      28,262

 

 

 

 

                                                      53,938

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP ALTERNATIVE STRATEGIES FUND

 

CONSOLIDATED SCHEDULE OF INVESTMENTS

 

June 30, 2014 (Continued)

 

 

 

 

 

 

Shares

 

 

 

Value

 

 

HOUSEHOLD PRODUCTS - 0.3 %

 

 

                917

 

Avery Dennison Corp.

 

 $                                                  46,996

                913

 

Church & Dwight, Inc.

 

                                                      63,864

                820

 

Clorox Co. ^

 

                                                      74,948

                595

 

Kimberly-Clark Corp.

 

                                                      66,177

 

 

 

 

                                                   251,985

 

 

HOUSEWARES - 0.1 %

 

 

             1,862

 

Newell Rubbermaid, Inc.

 

                                                      57,703

 

 

 

 

 

 

 

INSURANCE - 1.3 %

 

 

                918

 

Aflac, Inc.

 

                                                      57,146

                966

 

Allstate Corp.

 

                                                      56,724

             1,154

 

American Financial Group, Inc.

 

                                                      68,732

             1,308

 

Arthur J Gallagher & Co.

 

                                                      60,953

                853

 

Assurant, Inc.

 

                                                      55,914

                820

 

Chubb Corp.

 

                                                      75,579

             1,360

 

Cincinnati Financial Corp.

 

                                                      65,334

             2,147

 

Genworth Financial, Inc. - Cl. A *

 

                                                      37,358

                694

 

Lincoln National Corp.

 

                                                      35,699

                140

 

Markel Corp. *

 

                                                      91,790

             1,331

 

Marsh & McLennan Co's., Inc.

 

                                                      68,972

                765

 

Metlife, Inc.

 

                                                      42,503

                935

 

Principal Financial Group, Inc.

 

                                                      47,199

             2,313

 

Progressive Corp.

 

                                                      58,658

                801

 

The Travelers Companies., Inc.

 

                                                      75,350

                835

 

Torchmark Corp.

 

                                                      68,403

             1,232

 

Unumprovident Corp.

 

                                                      42,824

             1,652

 

WR Berkley Corp.

 

                                                      76,505

 

 

 

 

                                                1,085,643

 

 

INTERNET - 0.5 %

 

 

                694

 

EBay, Inc. *

 

                                                      34,742

                275

 

F5 Networks, Inc. *

 

                                                      30,646

                277

 

Facebook, Inc. *

 

                                                      18,639

                  35

 

Google, Inc. - Cl. A *

 

                                                      20,463

                  35

 

Google, Inc. - Cl. C *

 

                                                      20,135

                429

 

InteractiveCorp.

 

                                                      29,700

             1,469

 

Liberty Interactive Corp. - Cl. A *

 

                                                      43,130

                  53

 

Netflix, Inc. *

 

                                                      23,352

                  31

 

Priceline Group, Inc. *

 

                                                      37,293

                555

 

Rackspace Hosting, Inc. *

 

                                                      18,681

             1,747

 

Symantec Corp.

 

                                                      40,006

                242

 

TripAdvisor, Inc. *

 

                                                      26,296

             1,002

 

VeriSign, Inc. * ^

 

                                                      48,908

                821

 

Yahoo!, Inc. *

 

                                                      28,841

 

 

 

 

                                                   420,832

 

 

INVESTMENT COMPANIES - 0.1 %

 

 

             4,334

 

Ares Capital Corp.

 

                                                      77,405

 

 

 

 

 

 

 

IRON/STEEL - 0.1 %

 

 

                996

 

Nucor Corp.

 

                                                      49,053

                660

 

Reliance Steel & Aluminum

 

                                                      48,649

 

 

 

 

                                                      97,702

 

 

LEISURE TIME - 0.2 %

 

 

             1,068

 

Carnival Corp.

 

                                                      40,210

                752

 

Harley Davidson, Inc.

 

                                                      52,527

                275

 

Polaris Industries, Inc.

 

                                                      35,816

 

 

 

 

                                                   128,553

 

 

LODGING - 0.3 %

 

 

                818

 

Hyatt Hotels Corp. - Cl. A *

 

                                                      49,882

                467

 

Las Vegas Sands Corp.

 

                                                      35,595

             1,025

 

Marriott International, Inc. ^

 

                                                      65,703

                658

 

Wyndham Worldwide Corp.

 

                                                      49,824

                161

 

Wynn Resorts Ltd.

 

                                                      33,416

 

 

 

 

                                                   234,420

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP ALTERNATIVE STRATEGIES FUND

 

CONSOLIDATED SCHEDULE OF INVESTMENTS

 

June 30, 2014 (Continued)

 

 

 

 

 

 

 

Shares

 

 

 

Value

 

 

MACHINERY-CONSTRUCTION & MINING - 0.1 %

 

 

                519

 

Caterpillar, Inc.

 

 $                                                  56,400

                676

 

Joy Global, Inc. ^

 

                                                      41,628

 

 

 

 

                                                      98,028

 

 

MACHINERY-DIVERSIFIED - 0.7 %

 

 

                812

 

AGCO Corp. ^

 

                                                      45,651

                319

 

Cummins, Inc.

 

                                                      49,219

                696

 

Deere & Co.

 

                                                      63,023

                497

 

Flowserve Corp.

 

                                                      36,952

                600

 

Graco, Inc.

 

                                                      46,848

                309

 

Middleby Corp. *

 

                                                      25,560

                700

 

Nordson Corp.

 

                                                      56,133

                409

 

Rockwell Automation, Inc. ^

 

                                                      51,190

                403

 

Roper Industries, Inc.

 

                                                      58,842

                632

 

Wabtec Corp.

 

                                                      52,197

                847

 

Xylem, Inc.

 

                                                      33,100

 

 

 

 

                                                   518,715

 

 

MEDIA - 0.8 %

 

 

                470

 

AMC Networks, Inc. - Cl. A *

 

                                                      28,900

                639

 

CBS Corp. - Cl. B

 

                                                      39,707

                876

 

Comcast Corp. - Cl. A ^

 

                                                      47,024

                663

 

DIRECTV *

 

                                                      56,362

                524

 

Discovery Communications, Inc. - Cl. A *

 

                                                      38,923

                623

 

Disney (Walt) Co. ^

 

                                                      53,416

             1,344

 

Gannett, Inc.

 

                                                      42,081

                385

 

Liberty Media Corp. *

 

                                                      52,622

             1,061

 

Nielsen Holdings N.V.

 

                                                      51,363

                588

 

Scripps Networks Interactive

 

                                                      47,710

           11,282

 

Sirius XM Holdings, Inc. *

 

                                                      39,035

                277

 

Time Warner Cable - Cl. A

 

                                                      40,802

                822

 

Time Warner, Inc.

 

                                                      57,746

                588

 

Viacom, Inc. - Cl. B

 

                                                      50,997

 

 

 

 

                                                   646,688

 

 

METAL FABRICATE - 0.1 %

 

 

                195

 

Precision Castparts Corp.

 

                                                      49,218

                528

 

Timken Co.

 

                                                      35,820

 

 

 

 

                                                      85,038

 

 

MINING - 0.1 %

 

 

             1,281

 

Freeport-McMoRan Copper & Gold

 

                                                      46,757

             1,211

 

Southern Copper Corp. ^

 

                                                      36,778

 

 

 

 

                                                      83,535

 

 

MISCELLANEOUS MANUFACTURING - 0.9 %

 

 

                476

 

3M Co.

 

                                                      68,182

                691

 

Carlisle Companies, Inc.

 

                                                      59,854

                602

 

Colfax Corp. *

 

                                                      44,873

                743

 

Danaher Corp.

 

                                                      58,496

             1,218

 

Donaldson Company, Inc.

 

                                                      51,546

                618

 

Dover Corp.

 

                                                      56,207

             2,206

 

General Electric Co.

 

                                                      57,974

                789

 

Illinois Tool Works, Inc.

 

                                                      69,085

                683

 

Pall Corp.

 

                                                      58,321

                376

 

Parker Hannifin Corp.

 

                                                      47,274

                458

 

SPX Corp.

 

                                                      49,560

                846

 

Textron., Inc.

 

                                                      32,393

                816

 

Trinity Industries, Inc.

 

                                                      35,677

 

 

 

 

                                                   689,442

 

 

OFFICE/BUSINESS EQUIPMENT - 0.1 %

 

 

             3,154

 

Xerox Corp.

 

                                                      39,236

 

 

 

 

 

 

 

OIL & GAS - 1.3 %

 

 

                567

 

Apache Corp.

 

                                                      57,052

                891

 

Cabot Oil & Gas Corp.

 

                                                      30,419

                587

 

Chevron Corp.

 

                                                      76,633

                259

 

Cimarex Energy Co.

 

                                                      37,156

                266

 

Concho Resources, Inc. *

 

                                                      38,437

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP ALTERNATIVE STRATEGIES FUND

 

CONSOLIDATED SCHEDULE OF INVESTMENTS

 

June 30, 2014 (Continued)

 

 

 

 

 

 

 

Shares

 

 

 

Value

 

 

OIL & GAS (Continued) - 1.3 %

 

 

             1,043

 

ConocoPhillips

 

 $                                                  89,416

                264

 

Continental Resources, Inc. * ^

 

                                                      41,723

             2,510

 

Denbury Resources, Inc. ^

 

                                                      46,335

                967

 

Diamond Offshore Drilling, Inc.

 

                                                      47,992

                438

 

EQT Corp.

 

                                                      46,822

                719

 

Exxon Mobil Corp.

 

                                                      72,389

                396

 

Gulfport Energy Corp. *

 

                                                      24,869

                441

 

Helmerich & Payne, Inc. ^

 

                                                      51,205

                609

 

Hess Corp.

 

                                                      60,224

                620

 

HollyFrontier Corp. ^

 

                                                      27,088

             1,320

 

Marathon Oil Corp.

 

                                                      52,694

                339

 

Marathon Petroleum Corp.

 

                                                      26,466

                749

 

Murphy Oil Corp.

 

                                                      49,794

                612

 

Noble Energy, Inc.

 

                                                      47,406

                641

 

Occidental Petroleum Corp.

 

                                                      65,786

                501

 

Phillips 66

 

                                                      40,295

                595

 

Valero Energy Corp.

 

                                                      29,807

 

 

 

 

                                                1,060,008

 

 

OIL & GAS SERVICES - 0.4 %

 

 

                717

 

Baker Hughes, Inc.

 

                                                      53,381

                515

 

Cameron International Corp. *

 

                                                      34,871

                802

 

FMC Technologies, Inc. *

 

                                                      48,978

                772

 

National-Oilwell Varco, Inc.

 

                                                      63,574

                525

 

Oceaneering International, Inc.

 

                                                      41,018

                745

 

Oil States International, Inc. *

 

                                                      47,747

                537

 

Schlumberger Ltd.

 

                                                      63,339

 

 

 

 

                                                   352,908

 

 

PACKAGING & CONTAINERS - 0.3 %

 

 

             1,086

 

Ball Corp.

 

                                                      68,070

             1,280

 

Crown Holdings, Inc. *

 

                                                      63,693

                476

 

Packaging Corp. of America

 

                                                      34,029

                317

 

Rock-Tenn Co. - Cl. A

 

                                                      33,472

             1,061

 

Sealed Air Corp.

 

                                                      36,255

 

 

 

 

                                                   235,519

 

 

PHARMACEUTICALS - 0.9 %

 

 

                370

 

Allergan, Inc.

 

                                                      62,611

                971

 

Amerisource Bergen Corp.

 

                                                      70,553

                761

 

Bristol-Myers Squibb Co.

 

                                                      36,916

                939

 

Eli Lilly & Co.

 

                                                      58,378

                710

 

Express Scripts Holding Co. *

 

                                                      49,224

                760

 

Johnson & Johnson

 

                                                      79,511

                257

 

McKesson HBOC, Inc.

 

                                                      47,856

                467

 

Mead Johnson Nutrition

 

                                                      43,510

             1,137

 

Merck & Company, Inc.

 

                                                      65,775

                688

 

Mylan, Inc. *

 

                                                      35,473

             2,011

 

Pfizer, Inc.

 

                                                      59,686

                890

 

Quintiles Transnational *

 

                                                      47,428

                274

 

Salix Pharmaceuticals Ltd. * ^

 

                                                      33,800

 

 

 

 

                                                   690,721

 

 

PIPELINES - 0.2 %

 

 

             1,495

 

Kinder Morgan, Inc.

 

                                                      54,209

                480

 

ONEOK, Inc.

 

                                                      32,678

             1,677

 

Spectra Energy Corp.

 

                                                      71,239

 

 

 

 

                                                   158,126

 

 

REAL ESTATE - 0.1 %

 

 

             1,652

 

CBRE Group, Inc. *

 

                                                      52,930

                322

 

Jones Lang LaSalle, Inc.

 

                                                      40,698

 

 

 

 

                                                      93,628

 

 

RETAIL - 2.5 %

 

 

                246

 

Advance Auto Parts, Inc.

 

                                                      33,190

                787

 

Autonation, Inc. *

 

                                                      46,968

                105

 

AutoZone, Inc. *

 

                                                      56,305

                590

 

Bed Bath & Beyond, Inc. *

 

                                                      33,854

             1,850

 

Burger King Worldwide Inc

 

                                                      50,357

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP ALTERNATIVE STRATEGIES FUND

 

CONSOLIDATED SCHEDULE OF INVESTMENTS

 

June 30, 2014 (Continued)

 

 

 

 

 

 

 

Shares

 

 

 

Value

 

 

RETAIL (Continued) - 2.5 %

 

 

                517

 

Cabela's, Inc. - Cl. A *

 

 $                                                  32,261

                857

 

CarMax, Inc. * ^

 

                                                      44,573

                  54

 

Chipotle Mexican Grill, Inc. *

 

                                                      31,995

                872

 

Coach, Inc.

 

                                                      29,814

             1,225

 

Copart, Inc. *

 

                                                      44,051

                538

 

Costco Wholesale Corp.

 

                                                      61,956

                816

 

CVS Corp.

 

                                                      61,502

                817

 

Darden Restaurants, Inc. ^

 

                                                      37,803

                719

 

Dick's Sporting Goods, Inc.

 

                                                      33,477

                707

 

Dollar General Corp. *

 

                                                      40,554

             1,004

 

Dollar Tree, Inc. *

 

                                                      54,678

                946

 

Dunkin' Brands Group, Inc. ^

 

                                                      43,336

                767

 

Family Dollar Stores, Inc.

 

                                                      50,729

                929

 

Foot Locker, Inc.

 

                                                      47,119

                958

 

Gap, Inc.

 

                                                      39,824

                737

 

Home Depot, Inc.

 

                                                      59,668

                735

 

Kohls Corp. ^

 

                                                      38,720

                688

 

L Brands, Inc.

 

                                                      40,358

                838

 

Lowe's Companies, Inc.

 

                                                      40,216

                646

 

Macy's, Inc.

 

                                                      37,481

                888

 

McDonald's Corp.

 

                                                      89,457

                511

 

MSC Industrial Direct Co. - Cl. A

 

                                                      48,872

                855

 

Nordstrom, Inc.

 

                                                      58,080

                201

 

Nu Skin Enterprises, Inc. - Cl. A

 

                                                      14,866

                298

 

O'Reilly Automotive, Inc. * ^

 

                                                      44,879

                225

 

Panera Bread Co. - Cl. A *

 

                                                      33,712

                807

 

PETsMART, Inc.

 

                                                      48,259

             2,962

 

Rite Aid Corp. *

 

                                                      21,238

                713

 

Ross Stores

 

                                                      47,151

             1,288

 

Sally Beauty Holdings, Inc. *

 

                                                      32,303

                567

 

Starbucks Corp.

 

                                                      43,874

                861

 

Target Corp. ^

 

                                                      49,895

                495

 

Tiffany & Co.

 

                                                      49,624

                868

 

TJX Companies, Inc.

 

                                                      46,134

                567

 

Tractor Supply Co.

 

                                                      34,247

                230

 

Ulta Salon Cosmetics & Fragrance *

 

                                                      21,024

             1,005

 

Urban Outfitters, Inc. *

 

                                                      34,029

             1,030

 

Wal Mart Stores, Inc. ^

 

                                                      77,322

                614

 

Walgreen Co.

 

                                                      45,516

                739

 

Williams Sonoma, Inc.

 

                                                      53,045

                544

 

Yum! Brands, Inc.

 

                                                      44,171

 

 

 

 

                                                2,028,487

 

 

SAVINGS & LOANS - 0.1 %

 

 

             5,576

 

Hudson City Bancorp, Inc.

 

                                                      54,812

             3,435

 

New York Community Bancorp

 

                                                      54,891

 

 

 

 

                                                   109,703

 

 

SEMICONDUCTORS - 0.8 %

 

 

             1,000

 

Altera Corp.

 

                                                      34,760

             1,071

 

Analog Devices, Inc.

 

                                                      57,909

                303

 

Cree, Inc. * ^

 

                                                      15,135

                271

 

First Solar, Inc. *

 

                                                      19,257

             1,978

 

Intel Corp. ^

 

                                                      61,120

                666

 

KLA-Tencor Corp.

 

                                                      48,378

                708

 

Lam Research Corp.

 

                                                      47,846

             1,261

 

Linear Technology Corp.

 

                                                      59,355

             1,490

 

Maxim Integrated Products, Inc.

 

                                                      50,377

             1,035

 

Microchip Technology, Inc.

 

                                                      50,518

             2,384

 

NVIDIA Corp.

 

                                                      44,199

                717

 

QUALCOMM, Inc.

 

                                                      56,786

                843

 

Skyworks Solutions, Inc.

 

                                                      39,587

             1,259

 

Texas Instruments, Inc.

 

                                                      60,168

                879

 

Xilinx, Inc.

 

                                                      41,588

 

 

 

 

                                                   686,983

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP ALTERNATIVE STRATEGIES FUND

 

CONSOLIDATED SCHEDULE OF INVESTMENTS

 

June 30, 2014 (Continued)

 

 

 

 

 

 

 

Shares

 

 

 

Value

 

 

SHIPBUILDING - 0.1 %

 

 

                481

 

Huntington Ingalls Industries

 

 $                                                  45,498

 

 

 

 

 

 

 

SOFTWARE - 0.9 %

 

 

             1,424

 

Activision Blizzard, Inc.

 

                                                      31,755

                525

 

Adobe Systems, Inc. *

 

                                                      37,989

                440

 

Akamai Technologies, Inc. *

 

                                                      26,866

                519

 

ANSYS, Inc. *

 

                                                      39,351

                713

 

Autodesk, Inc. *

 

                                                      40,199

             1,888

 

CA, Inc.

 

                                                      54,261

                669

 

Cerner Corp. *

 

                                                      34,507

                485

 

Citrix Systems, Inc. *

 

                                                      30,337

                930

 

Fidelity National Information

 

                                                      50,908

             1,075

 

Fiserv, Inc. *

 

                                                      64,844

                883

 

Microsoft Corp.

 

                                                      36,821

             1,087

 

MSCI, Inc. *

 

                                                      49,839

             1,408

 

Oracle Corp.

 

                                                      57,066

             1,543

 

Paychex, Inc.

 

                                                      64,127

             1,114

 

PTC, Inc. *

 

                                                      43,223

                525

 

Red Hat, Inc. *

 

                                                      29,017

                279

 

Ultimate Software Group, Inc. *

 

                                                      38,549

                286

 

VMware, Inc. - Cl. A * ^

 

                                                      27,689

 

 

 

 

                                                   757,348

 

 

TELECOMMUNICATIONS - 0.4 %

 

 

             1,590

 

Amdocs Ltd.

 

                                                      73,665

             1,898

 

Cisco Systems, Inc.

 

                                                      47,165

             1,818

 

Corning, Inc.

 

                                                      39,905

                635

 

Harris Corp.

 

                                                      48,101

             1,257

 

Juniper Networks, Inc. *

 

                                                      30,847

                851

 

Motorola Solutions, Inc.

 

                                                      56,651

             5,548

 

Windstream Corp. ^

 

                                                      55,258

 

 

 

 

                                                   351,592

 

 

TEXTILES - 0.0 %

 

 

                257

 

Mohawk Industries, Inc. *

 

                                                      35,553

 

 

 

 

 

 

 

TOYS/GAMES/HOBBIES - 0.0 %

 

 

             1,029

 

Mattel, Inc. ^

 

                                                      40,100

 

 

 

 

 

 

 

TRANSPORTATION - 0.7 %

 

 

                843

 

C H Robinson Worldwide, Inc. ^

 

                                                      53,775

             1,695

 

CSX Corp.

 

                                                      52,223

             1,082

 

Expeditors Int'l of Washington

 

                                                      47,781

                320

 

Fedex Corp.

 

                                                      48,442

                488

 

Genesee & Wyoming, Inc. - Cl. A *

 

                                                      51,240

                770

 

JB Hunt Transport Services, Inc.

 

                                                      56,811

                314

 

Kansas City Southern

 

                                                      33,758

                417

 

Kirby Corp. *

 

                                                      48,847

                466

 

Norfolk Southern Corp.

 

                                                      48,012

                875

 

Old Dominion Freight Line *

 

                                                      55,720

                644

 

Union Pacific Corp.

 

                                                      64,240

 

 

 

 

                                                   560,849

 

 

TRUCKING & LEASING - 0.0 %

 

 

                143

 

AMERCO

 

                                                      41,579

 

 

 

 

 

 

 

WATER - 0.1 %

 

 

             1,415

 

American Water Works Co.

 

                                                      69,972

 

 

 

 

 

 

 

TOTAL COMMON STOCK (Cost - $23,415,687)

 

                                              24,388,208

 

 

 

 

 

 

 

MUTUAL FUNDS - 51.7 %

 

 

 

 

ASSET ALLOCATION FUND - 13.4 %

 

 

     1,085,109

 

Compass EMP Market Neutral Income Fund, Class I +

 

                                              10,731,726

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP ALTERNATIVE STRATEGIES FUND

 

CONSOLIDATED SCHEDULE OF INVESTMENTS

 

June 30, 2014 (Continued)

 

 

 

 

 

 

Shares

 

 

 

Value

 

 

MUTUAL FUNDS (Continued) - 51.7 %

 

 

 

 

COMMODITY FUND - 7.4 %

 

 

        607,403

 

Compass EMP Commodity Strategies Volatility Weighted Fund, Class I +

 $                                             5,964,696

 

 

 

 

 

 

 

EQUITY FUNDS - 30.3 %

 

 

        549,592

 

Compass EMP International 500 Enhanced Volatility Weighted Fund, Class I +

                                                6,836,919

        798,723

 

Compass EMP REC Enhanced Volatility Weighted Fund, Class I +

                                                9,113,434

        586,574

 

Compass EMP US 500 Enhanced Volatility Weighted Fund, Class I +

                                                8,305,891

 

 

 

 

                                              24,256,244

 

 

FIXED INCOME FUND - 0.6 %

 

 

           45,282

 

Compass EMP Ultra Short-Term Fixed Income Fund, Class I +

 

                                                   452,816

 

 

 

 

 

 

 

TOTAL MUTUAL FUNDS (Cost - $38,773,354)

 

                                              41,405,482

 

 

 

 

 

Principal

 

BONDS & NOTES - 1.5 %

 

 

 

 

BANKS - 0.7 %

 

 

        500,000

 

Goldman Sachs Group, Inc., 5.625%, 1/15/17

 

                                                   550,270

 

 

 

 

 

 

 

TELECOMMUNICATIONS - 0.8 %

 

 

        600,000

 

AT&T, Inc., 2.40%, 8/15/16

 

                                                   618,280

 

 

 

 

 

 

 

TOTAL BONDS & NOTES (Cost - $1,163,782)

 

                                                1,168,550

 

 

 

 

 

 

 

 

 

Value

 

 

SHORT-TERM INVESTMENTS - 15.1 %

 

 

 

 

CERTIFICATES OF DEPOSIT - 5.1 %

 

 

        500,000

 

Agricultural Bank of China, 0.90%, 6/3/15

 

                                                   500,000

        700,000

 

Banco do Brasil SA, 1.36%, 4/7/15

 

                                                   699,976

        600,000

 

China Merchants Bank Co. Ltd., 1.18%, 1/26/15

 

                                                   600,000

        700,000

 

Credit Comm De Belg, 0.87%, 3/27/15

 

                                                   700,000

        700,000

 

Fortis Bank, 0.53%, 1/12/15

 

                                                   699,995

        400,000

 

HSH Nordbank AG, 0.91%, 3/24/15

 

                                                   400,000

        500,000

 

Itau Unibanco, 1.26%, 9/12/14

 

                                                   500,836

 

 

 

 

                                                4,100,807

 

 

COMMERCIAL PAPER - 3.3 %

 

 

        148,000

 

American Crystal Sugar,

 

                                                   147,957

        600,000

 

Ford Motor Credit Co., 12/1/14

 

                                                   598,011

        700,000

 

Intesa Funding LLC, 9/9/14

 

                                                   698,911

        500,000

 

Romulus Funding Corp., 6/18/14

 

                                                   499,388

        700,000

 

Shinhan Bank, 8/12/14

 

                                                   699,574

 

 

 

 

                                                2,643,841

Shares

 

 

 

 

 

 

MONEY MARKET FUNDS - 6.7 %

 

 

5,222,058

 

AIM STIT - Liquid Assets Portfolio, Institutional Class, 0.07% **

                                                5,222,058

135,958

 

Fidelity Institutional Money Market Funds - Money Market Portfolio, 0.01% **

                                                   135,958

 

 

 

 

                                                5,358,016

 

 

 

 

 

 

 

TOTAL SHORT-TERM INVESTMENTS (Cost - $12,102,664)

                                              12,102,664

 

 

 

 

 

 

 

COLLATERAL FOR SECURITIES LOANED - 2.3 %

 

     1,829,001

 

Mount Vernon Securities Lending Prime Portfolio, 0.19%

 

                                                1,829,001

 

 

TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $1,829,001)

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS - 101.0 % (Cost - $77,284,488) (a)

 $                                           80,893,905

 

 

LIABILITIES IN EXCESS OF OTHER ASSETS - (1.0) %

                                                 (825,115)

 

 

NET ASSETS - 100.0%

 

 $                                           80,068,790

 

 

 

 

 

+ Affiliated company.

 

 

^ All or a portion of this security is on loan. The market value of the loaned security is $1,758,862.

 

* Non-income producing security.

 

 

** Money market fund; interest rate reflects seven day effective yield on June 30, 2014.

 

 

See accompanying notes to financial statements.

 

 

 

COMPASS EMP ALTERNATIVE STRATEGIES FUND

 

CONSOLIDATED SCHEDULE OF INVESTMENTS

 

June 30, 2014 (Continued)

 

 

 

 

 

 

 

LLC - Limited liability company.

 

 

(a) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes (excluding futures contracts) is

      $59,936,540 and differs from the value by net unrealized appreciation/(depreciation) on securities as follows:

 

 

Unrealized appreciation

 

 $                                             3,123,539

 

Unrealized depreciation

 

                                                                -

 

Net unrealized appreciation

 

 $                                             3,123,539

 

 

 

 

 

Number of

 

 

Underlying Face Amount

Unrealized Appreciation

Contracts

 

 

at Value

(Depreciation)

 

 

LONG FUTURES CONTRACTS - (0.1) %

 

 

 

 

Commodity Futures - (0.1) %

 

 

9

 

Cocoa, Sep 2014

 $                                   281,430

 $                                                     2,434

2

 

Coffee, Sep 2014

                                      131,325

                                                        2,813

4

 

Copper Future, Sep 2014

                                      320,350

                                                      16,725

9

 

Corn Future. Dec 2014

                                      191,363

                                                      (9,375)

6

 

Cotton, Dec 2014

                                      220,530

                                                    (11,267)

3

 

Crude Oil Future, Aug 2014

                                      316,110

                                                        4,880

2

 

Gasoline RBOB, Aug 2014

                                      255,637

                                                        7,132

2

 

Gold, Aug 2014

                                      264,400

                                                        6,090

9

 

Lean Hogs, Aug 2014

                                      478,170

                                                        9,126

12

 

Live Cattle, Aug 2014

                                      720,360

                                                      56,865

8

 

LME Aluminum, Sep 2014

                                      378,150

                                                      18,250

7

 

LME Zinc Future, Sep 2014

                                      388,500

                                                      23,931

2

 

Natural Gas Future, Aug 2014

                                         89,220

                                                         (940)

3

 

NY Harbor ULSD Futures, Aug 2014

                                      374,888

                                                        5,204

1

 

Silver, Sep 2014

                                      105,300

                                                        9,225

3

 

Soybean Future, Nov 2014

                                      173,588

                                                      (9,200)

3

 

Soybean Meal, Dec 2014

                                      110,220

                                                      (9,303)

13

 

Soybean Oil Future, Dec 2014

                                      305,370

                                                        1,586

9

 

Wheat Future, Sep 2014

                                      259,875

                                                    (15,096)

14

 

World Sugar #11, Oct 2014

                                      282,397

                                                        4,748

 

 

TOTAL LONG FUTURES CONTRACTS

 $                                5,647,183

 $                                                113,828

 

 

 

 

 

 

 

SHORT FUTURES CONTRACTS - 0.2 %

 

 

 

 

Equity Futures - 0.2 %

 

 

55

 

S&P E-Mini Future, September 2014

                                   5,369,375

                                                    (43,725)

 

 

TOTAL SHORT FUTURES CONTRACTS

 $                                5,369,375

 $                                                (43,725)

 

 

 

 

 

 

See accompanying notes to financial statements.

 






 

COMPASS EMP FUNDS

 

 

 

 

 

 

 

 

 

 

 

Statements of Assets and Liabilities

 

 

 

 

 

 

 

 

 

 

 

June 30, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 U.S. 500

 

 U.S. Small Cap

 

 International

 

 Emerging Market

 

 REC Enhanced

 

 

 

 

 Volatility

 

 500 Volatility

 

 500 Volatility

 

 500 Volatility

 

 Volatility

 

 

 

 

 Weighted Fund

 

 Weighted Fund

 

 Weighted Fund

 

 Weighted Fund

 

 Weighted Fund

 

ASSETS:

 

 

 

 

 

 

 

 

 

 

 

Investments, at cost

 

 $         46,241,968

 

 $         20,336,842

 

 $         34,353,768

 

 $                19,746,008

 

 $         31,298,376

 

Investments, at value

 

 $         52,608,298

 

 $         22,025,205

 

 $         37,040,567

 

 $                21,035,403

 

 $         32,773,369

 

Cash

 

                               -

 

                               -

 

                    14,132

 

                             3,904

 

                               -

 

Foreign currency (b)

 

                               -

 

                               -

 

                    33,635

 

                                     -

 

                               -

 

Receivable for fund shares sold

 

                    23,497

 

                    17,200

 

                      4,895

 

                           24,532

 

                      7,848

 

Dividends and interest receivable

 

                    49,319

 

                    11,524

 

                  104,581

 

                           35,084

 

                  104,647

 

Receivable for securities sold

 

                               -

 

                               -

 

                      3,004

 

                           35,159

 

                               -

 

Receivable for security lending

 

                      1,085

 

                         685

 

                            77

 

                                850

 

                         598

 

Deposit with broker for futures contracts

 

                    53,626

 

                    51,318

 

                  219,887

 

                        206,241

 

                    12,531

 

Futures variation margin receivable

 

                    11,675

 

                      6,652

 

                         225

 

                                     -

 

                      3,930

 

Due from advisor

 

                               -

 

                               -

 

                               -

 

                        129,616

 

                               -

 

Prepaid expenses and other assets

 

                      9,573

 

                    10,023

 

                    11,462

 

                           13,869

 

                    12,698

 

 

Total Assets

 

            52,757,073

 

            22,122,607

 

            37,432,465

 

                   21,484,658

 

            32,915,621

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES:

 

 

 

 

 

 

 

 

 

 

 

Securities lending collateral

 

              4,407,859

 

              2,418,181

 

                    71,208

 

                        506,000

 

              4,287,753

 

Payable for fund shares redeemed

 

                         169

 

                      5,067

 

                         157

 

                           10,506

 

                      7,726

 

Payable for securities purchased

 

                               -

 

                               -

 

              1,123,583

 

                     1,352,488

 

                               -

 

Accrued advisory fees

 

                    40,616

 

                      8,974

 

                    70,450

 

                                     -

 

                    12,926

 

Accrued 12b-1 fees

 

                      3,825

 

                      6,030

 

                      1,769

 

                             2,366

 

                      2,958

 

Futures variation margin payable

 

                             -   

 

                               -

 

                             -   

 

                             2,560

 

                               -

 

Accrued expenses and other liabilities

 

                      7,671

 

                      5,576

 

                    15,533

 

                           24,467

 

                    10,374

 

 

Total Liabilities

 

              4,460,140

 

              2,443,828

 

              1,282,700

 

                     1,898,387

 

              4,321,737

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets

 

 $         48,296,933

 

 $         19,678,779

 

 $         36,149,765

 

 $                19,586,271

 

 $         28,593,884

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET ASSETS CONSIST OF:

 

 

 

 

 

 

 

 

 

 

 

Paid in capital  

 

 $         40,267,587

 

 $         17,176,053

 

 $         31,662,484

 

 $                18,520,159

 

 $         27,288,317

 

Accumulated net investment income (loss)

 

                      6,898

 

                      2,222

 

                  (84,693)

 

                             9,755

 

                               -

 

Accumulated net realized gain (loss) from

 

 

 

 

 

 

 

 

 

 

 

   investments, foreign currency transactions

 

 

 

 

 

 

 

 

 

 

 

   and futures contracts

 

              1,644,443

 

                  805,489

 

              1,883,972

 

                      (216,607)

 

                (173,406)

 

Net unrealized appreciation (depreciation) on

 

 

 

 

 

 

 

 

 

 

 

   investments and foreign currency translations

 

              6,366,330

 

              1,688,363

 

              2,687,777

 

                     1,275,524

 

              1,475,043

 

Net unrealized appreciation

 

 

 

 

 

 

 

 

 

 

 

   on futures contracts

 

                    11,675

 

                      6,652

 

                         225

 

                           (2,560)

 

                      3,930

 

Net Assets

 

 $         48,296,933

 

 $         19,678,779

 

 $         36,149,765

 

 $                19,586,271

 

 $         28,593,884

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A

 

 

 

 

 

 

 

 

 

 

 

Net Assets

 

 $         20,163,080

 

 $           7,705,072

 

 $         13,072,892

 

 $                  9,528,548

 

 $         12,343,285

 

Shares of beneficial interest outstanding

 

 

 

 

 

 

 

 

 

 

 

  [$0 par value, unlimited shares authorized]

 

              1,422,990

 

                  540,319

 

              1,015,600

 

                        890,803

 

              1,082,003

 

Net Asset Value and redemption price per share

 

 $                   14.17

 

 $                   14.26

 

 $                   12.87

 

 $                          10.70

 

 $                   11.41

 

Offering Price Per Share (a)

 

 $                   15.03

 

 $                   15.13

 

 $                   13.66

 

 $                          11.35

 

 $                   12.11

 

Class C

 

 

Net Assets

 

 $              832,740

 

 $           1,584,312

 

 $              140,541

 

 $                  1,601,840

 

 $              882,794

 

Shares of beneficial interest outstanding

 

 

 

 

 

 

 

 

 

 

 

  [$0 par value, unlimited shares authorized]

 

                    59,248

 

                  111,747

 

                    10,955

 

                        150,749

 

                    77,687

 

Net Asset Value, offering price and

 

 

 

 

 

 

 

 

 

 

 

   redemption price per share

 

 $                   14.06

 

 $                   14.18

 

 $                   12.83

 

 $                          10.63

 

 $                   11.36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class I

 

 

 

 

 

 

 

 

 

 

 

Net Assets

 

 $         26,961,909

 

 $         10,327,106

 

 $         22,931,709

 

 $                  8,233,673

 

 $         15,198,688

 

Shares of beneficial interest outstanding

 

 

 

 

 

 

 

 

 

 

 

  [$0 par value, unlimited shares authorized]

 

              1,900,138

 

                  722,597

 

              1,779,829

 

                        769,238

 

              1,332,021

 

Net Asset Value, offering price and

 

 

 

 

 

 

 

 

 

 

 

   redemption price per share

 

 $                   14.19

 

 $                   14.29

 

 $                   12.88

 

 $                          10.70

 

 $                   11.41

 

 

Class T

 

 

 

 

 

 

 

 

 

 

 

Net Assets

 

 $              339,204

 

 $                 62,289

 

 $                   4,623

 

 $                     222,210

 

 $              169,117

 

Shares of beneficial interest outstanding

 

 

 

 

 

 

 

 

 

 

 

  [$0 par value, unlimited shares authorized]

 

                    24,010

 

                      4,370

 

                         359

 

                           20,844

 

                    14,874

 

Net Asset Value and redemption price per share

 

 $                   14.13

 

 $                   14.25

 

 $                   12.87

(c)

 $                          10.66

 

 $                   11.37

 

Offering Price Per Share (a)

 

 $                   14.64

 

 $                   14.77

 

 $                   13.34

 

 $                          11.05

 

 $                   11.78

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

There is a maximum front-end sales charge (load) of 5.75% and 3.50% imposed on purchases of Class A shares and Class T shares, respectively.

 

 

 

(b)

Cost of Foreign Currency

 

 $                         -   

 

 $                         -   

 

 $                 33,402

 

 $                                -   

 

 $                         -   

 

(c)

Net assets divided by shares outstanding does not equal net asset value per share due to rounding.

 

 

 

 

 

See accompanying notes to financial statements.

 


 

 

COMPASS EMP FUNDS

 

 

 

 

 

 

 

  

 

Statements of Assets and Liabilities (Continued)

 

 

 

 

 

 

 

 

  

 

June 30, 2014

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 Commodity Strategies

 

 Commodity

 

 

 

 

 

 U.S. 500

 

 Long/Short

 

 International 500

 

 Enhanced Volatility

 

 Strategies Volatility

 

 

 

 

 

 Enhanced Volatility

 

 Strategies

 

 Enhanced Volatility

 

 Weighted Fund

 

 Weighted Fund

 

 

 

 

 

 Weighted Fund

 

 Fund

 

 Weighted Fund

 

 (Consolidated)

 

 (Consolidated)

 

 

ASSETS:

 

 

 

 

 

 

 

 

 

 

  

 

Affiliated investments, at cost

 

 $                         -   

 

 $                         -   

 

 $                         -   

 

 $              452,816

 

 $              556,773

 

 

Unaffiliated investments, at cost

 

          215,241,584

 

            26,584,254

 

            98,463,282

 

            10,338,517

 

            12,685,092

 

 

Total investments, at cost

 

 $       215,241,584

 

 $         26,584,254

 

 $         98,463,282

 

 $         10,791,333

 

 $         13,241,865

 

 

Affiliated investments, at value

 

 $                         -   

 

 $                         -   

 

 $                         -   

 

 $              452,816

 

 $              556,773

 

 

Unaffiliated investments, at value

 

          235,471,599

 

            27,556,775

 

          104,561,100

 

            10,343,286

 

            12,702,440

 

 

Total investments, at value

 

 $       235,471,599

 

 $         27,556,775

 

 $       104,561,100

 

 $         10,796,102

 

 $         13,259,213

 

 

Cash

 

                               -

 

                               -

 

                    31,344

 

                               -

 

                               -

 

 

Foreign currency (b)

 

                               -

 

                               -

 

                    52,360

 

                               -

 

                               -

 

 

Receivable for securities lending

 

                      4,789

 

                         573

 

                            49

 

                               -

 

                               -

 

 

Receivable for fund shares sold

 

              1,037,502

 

                      3,869

 

                  189,630

 

                    16,568

 

                      8,161

 

 

Dividends and interest receivable

 

                  213,714

 

                    25,455

 

                  249,370

 

                    31,477

 

                    56,836

 

 

Deposit with broker for futures contracts

 

                  532,211

 

                  328,883

 

                  615,356

 

                  487,460

 

                  726,683

 

 

Futures variation margin receivable

 

                      2,888

 

                               -

 

                         975

 

                  113,828

 

                  242,778

 

 

Prepaid expenses and other assets

 

                    35,227

 

                      6,119

 

                    22,827

 

                      7,293

 

                      7,589

 

 

 

Total Assets

 

          237,297,930

 

            27,921,674

 

          105,723,011

 

            11,452,728

 

            14,301,260

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

LIABILITIES:

 

 

 

 

 

 

 

 

 

 

  

 

Securities lending collateral

 

            23,143,099

 

              1,829,001

 

                  201,179

 

                               -

 

                    55,160

 

 

Payable for securities purchased

 

                               -

 

                               -

 

              5,750,820

 

                               -

 

                               -

 

 

Payable for fund shares redeemed

 

                  119,165

 

                               -

 

                    26,881

 

                      2,249

 

                              5

 

 

Accrued advisory fees

 

                  209,649

 

                    30,832

 

                  116,240

 

                      3,062

 

                    12,610

 

 

Accrued 12b-1 fees

 

                    44,543

 

                         816

 

                    11,591

 

                               -

 

                         436

 

 

Futures variation margin payable

 

                               -

 

                    43,725

 

                               -

 

                               -

 

                               -

 

 

Accrued expenses and other liabilities

 

                    23,012

 

                      6,606

 

                    23,269

 

                      3,783

 

                      4,135

 

 

 

Total Liabilities

 

            23,539,468

 

              1,910,980

 

              6,129,980

 

                      9,094

 

                    72,346

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

Net Assets

 

 $       213,758,462

 

 $         26,010,694

 

 $         99,593,031

 

 $         11,443,634

 

 $         14,228,914

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

NET ASSETS CONSIST OF:

 

 

 

 

 

 

 

 

 

 

  

 

Paid in capital  

 

 $       189,500,531

 

 $         25,074,005

 

 $         89,911,309

 

 $         11,383,703

 

 $         13,541,894

 

 

Accumulated net investment income (loss)

 

                    23,643

 

                  (59,714)

 

                (189,499)

 

                (153,407)

 

                  (72,002)

 

 

Accumulated net realized gain (loss) from

 

 

 

 

 

 

 

 

 

 

  

 

   investments, foreign currency transactions

 

 

 

 

 

 

 

 

 

 

  

 

   and futures contracts

 

              4,001,385

 

                    67,607

 

              3,770,358

 

                    94,741

 

                  498,896

 

 

Net unrealized appreciation on

 

 

 

 

 

 

 

 

 

 

  

 

   investments and foreign currency translations

 

            20,230,015

 

                  972,521

 

              6,099,888

 

                      4,769

 

                    17,348

 

 

Net unrealized appreciation (depreciation)

 

 

 

 

 

 

 

 

 

 

  

 

   on futures contracts

 

                      2,888

 

                  (43,725)

 

                         975

 

                  113,828

 

                  242,778

 

 

Net Assets

 

 $       213,758,462

 

 $         26,010,694

 

 $         99,593,031

 

 $         11,443,634

 

 $         14,228,914

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

Class A

 

 

 

 

 

 

 

 

 

 

  

 

Net Assets

 

 $         77,211,736

 

 $           3,658,311

 

 $         32,139,362

 

 $           1,845,424

 

 $           3,987,268

 

 

Shares of beneficial interest outstanding

 

 

 

 

 

 

 

 

 

 

  
 

  [$0 par value, unlimited shares authorized]

 

              5,451,232

                   331,983  

              2,584,511

 

                  193,236

 

                  407,623

 
 

Net Asset Value and redemption price per share

 

 $                   14.16

 

 $                   11.02

 

 $                   12.44

 

 $                     9.55

 

 $                     9.78

 
 

Offering Price Per Share (a)

 

 $                   15.02

 

 $                   11.69

 

 $                   13.20

 

 $                   10.13

 

 $                   10.38

 
                         
 

Class C

                     
                         
 

Net Assets

 

 $         33,463,835

 

 $                 30,434

 

 $           6,254,936

 

 $                 56,648

 

 $              186,356

 
 

Shares of beneficial interest outstanding

 

 

  

 

  

 

  

 

  

 

  
 

  [$0 par value, unlimited shares authorized]

 

              2,382,141

 

                      2,806

 

                  505,957

 

                      6,008

 

                    19,285

 
 

Net Asset Value, offering price and

 

 

  

 

  

 

  

 

  

 

  
 

   redemption price per share

 

 $                   14.05

 

 $                   10.85

 

 $                   12.36

 

 $                     9.43

 

 $                     9.66

 
                         
  Class I                      
                         
 

Net Assets

 

 $         92,699,245

 

 $         22,309,632

 

 $         57,920,413

 

 $           9,452,364

 

 $         10,034,912

 
 

Shares of beneficial interest outstanding

 

 

  

 

  

 

  

 

  

 

  
 

  [$0 par value, unlimited shares authorized]

 

              6,544,415

 

              2,015,158

 

              4,654,378

 

                  984,895

 

              1,021,394

 
 

Net Asset Value, offering price and

                     
 

   redemption price per share

 

 $                   14.16

 

 $                   11.07

 

 $                   12.44

 

 $                     9.60

 

 $                     9.82

 
                         
 

Class T

                     
                         
 

Net Assets

 

 $         10,383,646

 

 $                 12,317

 

 $           3,278,320

 

 $                 89,198

 

 $                 20,378

 
 

Shares of beneficial interest outstanding

                     
 

  [$0 par value, unlimited shares authorized]

 

                  735,233

 

                      1,121

 

                  264,163

 

                      9,382

                       2,091  
 

Net Asset Value, offering price and

                     
 

   redemption price per share

 

 $                   14.12

 

 $                   10.98

 (c)

 $                   12.41

 

 $                     9.51

 

 $                     9.74

 (c)

 

Offering Price Per Share (a)

 

 $                   14.63

 

 $                   11.38

 

 $                   12.86

 

 $                     9.85

 

 $                   10.09

 

 

  

 

 

 

 

 

 

 

    

 

(a)

There is a maximum front-end sales charge (load) of 5.75% and 3.50% imposed on purchases of Class A shares and Class T shares, respectively.

(b)

Cost of Foreign Currency

 

 $                         -

 

 $                         -

 

 $            52,185

 

 $                         -   

 

 $                         -   

(c)

Net assets divided by shares outstanding does not equal net asset value per share due to rounding.

 

    

 

 

 

 

 

 

 

 

 

 

 

    

 

See accompanying notes to financial statements.

 

 



 

COMPASS EMP FUNDS

 

 

 

 

 

 

 

 

 

 

 

Statements of Assets and Liabilities (Continued)

 

 

 

 

 

 

 

 

 

June 30, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Market Neutral

 

 Enhanced

 

 Ultra Short-Term

 

 

 

 

 

 

 

 

 Income

 

 Fixed Income

 

 Fixed Income

 

 

 

 

 

 

 

 

 Fund

 

 Fund

 

 Fund

 

ASSETS:

 

 

 

 

 

 

 

 

 

 

 

Affiliated investments, at cost

 

 

 

 

 

 $                         -   

 

 $           2,011,377

 

 $                         -   

 

Unaffiliated investments, at cost

 

 

 

 

 

            60,824,951

 

            46,125,509

 

            17,120,921

 

Total investments, at cost

 

 

 

 

 

 $         60,824,951

 

 $         48,136,886

 

 $         17,120,921

 

Affiliated investments, at value

 

 

 

 

 

 $                         -   

 

 $           2,011,377

 

 $                         -   

 

Unaffiliated investments, at value

 

 

 

 

 

            62,248,490

 

            46,191,914

 

            17,120,921

 

Total investments, at value

 

 

 

 

 

 $         62,248,490

 

 $         48,203,291

 

 $         17,120,921

 

Cash

 

 

 

 

 

                      3,766

 

                               -

 

                               -

 

Receivable for fund shares sold

 

 

 

 

 

                    60,077

 

                    27,912

 

                    92,000

 

Receivable for securities lending

 

 

 

 

 

                      1,386

 

                               -

 

                               -

 

Dividends and interest receivable

 

 

 

 

 

                  156,881

 

                  273,512

 

                    37,482

 

Due from advisor

 

 

 

 

 

                               -

 

                               -

 

                      6,747

 

Deposit with broker for futures contracts

 

 

 

 

 

              3,716,406

 

                  401,146

 

                               -

 

Futures variation margin receivable

 

 

 

 

 

                  203,520

 

                    71,194

 

                               -

 

Prepaid expenses and other assets

 

 

 

 

 

                    21,962

 

                      7,939

 

                      5,194

 

 

Total Assets

 

 

 

 

 

            66,412,488

 

            48,984,994

 

            17,262,344

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES:

 

 

 

 

 

 

 

 

 

 

 

Options on futures written, premiums

 

 

 

 

 

                  134,838

 

                               -

 

                               -

 

Options on futures written, at value

 

 

 

 

 

                    88,550

 

                               -

 

                               -

 

Due to custodian

 

 

 

 

 

                               -

 

                               -

 

                  293,299

 

Securities lending collateral

 

 

 

 

 

              3,233,421

 

                               -

 

                               -

 

Payable for fund shares redeemed

 

 

 

 

 

                               -

 

                      7,365

 

                  150,883

 

Distributions payable

 

 

 

 

 

                               -

 

                               -

 

                      2,616

 

Accrued advisory fees

 

 

 

 

 

                    40,391

 

                    33,362

 

                               -

 

Accrued 12b-1 fees

 

 

 

 

 

                      4,673

 

                      1,771

 

                      1,034

 

Accrued expenses and other liabilities

 

 

 

 

 

                      6,531

 

                      8,121

 

                      3,972

 

 

Total Liabilities

 

 

 

 

 

              3,373,566

 

                    50,619

 

                  451,804

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 $         63,038,922

 

 $         48,934,375

 

 $         16,810,540

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET ASSETS CONSIST OF:

 

 

 

 

 

 

 

 

 

 

 

Paid in capital  

 

 

 

 

 

 $         63,050,111

 

 $         48,892,696

 

 $         16,810,333

 

Accumulated net investment income (loss)

 

 

 

 

 

                    (7,401)

 

                  127,927

 

                       (587)

 

Accumulated net realized gain (loss) from

 

 

 

 

 

 

 

 

 

 

 

   investments, options on futures and

 

 

 

 

 

 

 

 

 

 

 

   futures contracts

 

 

 

 

 

            (1,677,541)

 

                (206,705)

 

                         794

 

Net unrealized appreciation on investments,

 

 

 

 

 

 

 

 

 

 

 

    foreign currency translations and options on

 

 

 

 

 

 

 

 

 

 

 

    futures

 

 

 

 

 

              1,470,233

 

                    49,263

 

                               -

 

Net unrealized appreciation

 

 

 

 

 

 

 

 

 

 

 

    on futures contracts

 

 

 

 

 

                  203,520

 

                    71,194

 

                               -

 

Net Assets

 

 

 

 

 

 $         63,038,922

 

 $         48,934,375

 

 $         16,810,540

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A

 

 

 

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 $         28,924,360

 

 $         30,145,059

 

 $           5,964,510

 

Shares of beneficial interest outstanding

 

 

 

 

 

 

 

 

 

 

 

  [$0 par value, unlimited shares authorized]

 

 

 

 

 

              2,938,329

 

              3,044,460

 

                  596,467

 

Net Asset Value and redemption price per share

     

 $                     9.84

 

 $                     9.90

 

 $                   10.00

 

Offering Price Per Share (a)

 

 

 

 

 

 $                   10.44

 

 $                   10.50

 

 $                   10.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class C

 

Net Assets

 

 

 

 

 

 $              267,003

 

 $              404,219

 

 $                           -

 

Shares of beneficial interest outstanding

 

 

 

 

 

 

 

 

 

 

 

  [$0 par value, unlimited shares authorized]

 

 

 

 

 

                    27,409

 

                    41,240

 

                               -

 

Net Asset Value, offering and redemption price

 

 

 

 

 

 

 

 

 

 

 

   per share

 

 

 

 

 

 $                     9.74

 

 $                     9.80

 

 $                           -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class I

 

 

 

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 $         33,772,945

 

 $         18,139,048

 

 $         10,846,030

 

Shares of beneficial interest outstanding

 

 

 

 

 

 

 

 

 

 

 

  [$0 par value, unlimited shares authorized]

 

 

 

 

 

              3,416,268

 

              1,830,297

 

              1,084,569

Net Asset Value, offering price and

 

   redemption price per share

 

 

 

 

 

 $                     9.89

 

 $                     9.91

 

 $                   10.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class T

 

Net Assets

 

 

 

 

 

 $                 74,614

 

 $              246,049

 

 $                           -

 

Shares of beneficial interest outstanding

 

 

 

 

 

 

 

 

 

 

 

  [$0 par value, unlimited shares authorized]

 

 

 

 

 

                      7,607

 

                    24,913

 

                               -

 

Net Asset Value and redemption price per share

 

 

 

 

 

 $                     9.81

 

 $                     9.88

 

 $                           -

 

Offering Price Per Share (a)

 

 

 

 

 

 $                   10.17

 

 $                   10.24

 

 $                           -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

There is a maximum front-end sales charge (load) of 5.75% and 3.50% imposed on purchases of Class A shares and Class T shares, respectively with the

 

 

exception of Ultra Short-Term Fixed Income Fund which has a maximum front-end sales charge (load) of 1.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




 

COMPASS EMP FUNDS

 

 

 

 

 

 

 

 

 

 

 

 

Statements of Assets and Liabilities (Continued)

 

 

 

 

 

 

 

 

 

 

June 30, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Alternative  

 

 

 

 

 

 

 

 

 

 Multi-Asset

 

 Multi-Asset

 

 Strategies Fund

 

 

 

 

 

 

 

 

 

 Balanced Fund

 

 Growth Fund

 

 (Consolidated)

 

 

ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

Affiliated investments, at cost

 

 

 

 

 

 $         94,687,607

 

 $         47,294,193

 

 $         38,773,354

 

 

Unaffiliated investments, at cost

 

 

 

 

 

              4,986,248

 

              1,408,801

 

            38,511,134

 

 

Total investments, at cost

 

 

 

 

 

 $         99,673,855

 

 $         48,702,994

 

 $         77,284,488

 

 

Affiliated investments, at value

 

 

 

 

 

 $       101,338,073

 

 $         53,466,926

 

 $         41,405,482

 

 

Unaffiliated investments, at value

 

 

 

 

 

              4,986,248

 

              1,408,801

 

            39,488,423

 

 

Total investments, at value

 

 

 

 

 

 $       106,324,321

 

 $         54,875,727

 

 $         80,893,905

 

 

Cash

 

 

 

 

 

                    13,741

 

                               -

 

                               -

 

 

Receivable for fund shares sold

 

 

 

 

 

                               -

 

                               -

 

                    26,382

 

 

Receivable for securities sold

 

 

 

 

 

                    53,538

 

                    16,353

 

                               -

 

 

Dividends and interest receivable

 

 

 

 

 

                  293,105

 

                  200,584

 

                  206,136

 

 

Receivable from administrator

 

 

 

 

 

                  224,411

 

                               -

 

                               -

 

 

Deposit with broker for futures contracts

 

 

 

 

 

                               -

 

                               -

 

                  816,343

 

 

Futures variation margin receivable

 

 

 

 

 

                               -

 

                               -

 

                    70,103

 

 

Receivable for security lending

 

 

 

 

 

                               -

 

                               -

 

                         573

 

 

Prepaid expenses and other assets

 

 

 

 

 

                    25,669

 

                    17,696

 

                    38,425

 

 

 

Total Assets

 

 

 

 

 

          106,934,785

 

            55,110,360

 

            82,051,867

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES:

 

 

 

 

 

 

 

 

 

 

 

 

Securities lending collateral

 

 

 

 

 

                               -

 

                               -

 

              1,829,001

 

 

Payable for fund shares redeemed

 

 

 

 

 

                  153,119

 

                    76,551

 

                    51,600

 

 

Fees payable to other affiliates

 

 

 

 

 

                               -

 

                               -

 

                      4,014

 

 

Due to manager

 

 

 

 

 

                      9,534

 

                      7,040

 

                    45,431

 

 

Accrued 12b-1 fees

 

 

 

 

 

                    33,750

 

                    16,770

 

                    20,881

 

 

Accrued expenses and other liabilities

 

 

 

 

 

                  246,621

 

                    12,241

 

                    32,150

 

 

 

Total Liabilities

 

 

 

 

 

                  443,024

 

                  112,602

 

              1,983,077

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 $       106,491,761

 

 $         54,997,758

 

 $         80,068,790

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET ASSETS CONSIST OF:

 

 

 

 

 

 

 

 

 

 

 

 

Paid in capital  

 

 

 

 

 

 $         99,854,393

 

 $         48,389,191

 

 $         65,503,715

 

 

Accumulated net investment income (loss)

 

 

 

 

 

                               -

 

                               -

 

                (210,183)

 

 

Accumulated net realized gain (loss) from

 

 

 

 

 

 

 

 

 

 

 

 

   investments and futures contracts

 

 

 

 

 

                  (13,098)

 

                  435,834

 

            (5,242,910)

 

 

Net unrealized appreciation on investments and

 

 

 

 

 

 

 

 

 

 

 

 

    foreign currency translations

 

 

 

 

 

              6,650,466

 

              6,172,733

 

              3,012,785

 

 

Net unrealized appreciation

 

 

 

 

 

 

 

 

 

 

 

 

    on futures contracts

 

 

 

 

 

                               -

 

                               -

 

                    70,103

 

 

Net assets - controlling interest

 

 

 

 

 

          106,491,761

 

            54,997,758

 

            63,133,510

 

 

Non-controlling interest

 

 

 

 

 

                               -

 

                               -

 

            16,935,280

 

 

Net Assets

 

 

 

 

 

 $       106,491,761

 

 $         54,997,758

 

 $         80,068,790

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A - Controlling Interest

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 $         82,533,905

 

 $         44,095,202

 

 $         51,003,131

 

 

Shares of beneficial interest outstanding

 

 

 

 

 

 

 

 

 

 

 

 

  [$0 par value, unlimited shares authorized]

 

 

 

 

 

              6,631,740

 

              3,517,495

 

              4,819,758

 

 

Net Asset Value and redemption price per share

   

 

 

 $                   12.45

 

 $                   12.54

 

 $                   10.58

 

 

 

Offering Price Per Share (a)

 

 

 

 

 $                   13.21

 

 

 $                   13.31

 

 

 $                   11.23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class C - Controlling Interest

 

 

Net Assets

 

 

 

 

 

 $         14,558,704

 

 $           6,912,755

 

 $           9,581,296

 

 

Shares of beneficial interest outstanding

 

 

 

 

 

 

 

 

 

 

 

 

  [$0 par value, unlimited shares authorized]

 

 

 

 

 

              1,195,589

 

                  569,168

 

                  933,317

 

 

Net Asset Value, offering and redemption price

 

 

 

 

 

 

 

 

 

 

 

 

   per share

 

 

 

 

 

 $                   12.18

 

 $                   12.15

 

 $                   10.27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class T - Controlling Interest

 

Net Assets

 

 

 

 

 

 $           9,399,152

 

 $           3,989,801

 

 $           2,549,083

 

 

Shares of beneficial interest outstanding

 

 

 

 

 

 

 

 

 

 

 

 

  [$0 par value, unlimited shares authorized]

 

 

 

 

 

                  758,362

 

                  322,212

 

                  243,429

 

 

Net Asset Value and redemption price per share

 

 

 

 

 

 $                   12.39

 

 $                   12.38

 

 $                   10.47

 

 

Offering Price Per Share (a)

 

 

 

 

 

 $                   12.84

 

 $                   12.83

 

 $                   10.85

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

There is a maximum front-end sales charge (load) of 5.75% and 3.50% imposed on purchases of Class A shares and Class T shares, respectively.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 



 

COMPASS EMP FUNDS

 

 

 

 

 

 

 

 

 

 

Statements of Operations

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended June 30, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 U.S. 500

 

 U.S. Small Cap

 

 International

 

 Emerging Market

 

 REC Enhanced

 

 

 

 

 Volatility Weighted

 

 500 Volatility

 

 500 Volatility

 

 500 Volatility

 

 Volatility

 

 

 

 

 Fund

 

 Weighted Fund

 

 Weighted Fund

 

 Weighted Fund

 

 Weighted Fund

 

Investment Income:

 

 

 

 

 

 

 

 

 

 

 

Dividend income

 

 $              748,898

 

 $              240,943

 

 $              831,233

 

 $              339,934

 

 $              387,539

 

Interest income

 

                         355

 

                         203

 

                      1,235

 

                         765

 

                      6,887

 

Securities lending income

 

                    10,641

 

                    14,643

 

                         927

 

                      4,045

 

                      3,989

 

Less: foreign dividend tax withheld

 

                       (334)

 

                               -

 

                  (75,313)

 

                  (35,055)

 

                               -

 

 

Total Investment Income

 

                  759,560

 

                  255,789

 

                  758,082

 

                  309,689

 

                  398,415

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

Investment advisory fees

 

                  349,495

 

                  137,707

 

                  307,710

 

                  152,583

 

                  214,053

 

12b-1 Fees:

 

 

 

 

 

 

 

 

 

 

 

   Class A

 

                    42,072

 

                    13,446

 

                    28,344

 

                    17,924

 

                    22,030

 

   Class C

 

                      3,764

 

                      9,543

 

                         700

 

                      8,976

 

                      5,824

 

   Class T

 

                         934

 

                         203

 

                            24

 

                         416

 

                         358

 

Administration fees

 

                    42,564

 

                    24,411

 

                    84,672

 

                    70,316

 

                    16,755

 

Registration fees

 

                    15,864

 

                    12,998

 

                    11,398

 

                    15,598

 

                    16,830

 

Professional fees

 

                    11,405

 

                    11,524

 

                    11,464

 

                    11,274

 

                    15,745

 

Printing expenses

 

                      7,241

 

                    15,068

 

                      5,666

 

                    14,912

 

                      3,565

 

Custody fees

 

                      6,488

 

                      2,807

 

                    73,425

 

                  181,700

 

                      2,773

 

Compliance officer fees

 

                      4,311

 

                      1,599

 

                      3,211

 

                      1,436

 

                      2,065

 

Trustees' fees

 

                      3,999

 

                      3,999

 

                      3,999

 

                      3,999

 

                      3,999

 

Non 12b-1 shareholder servicing fees

 

                      3,993

 

                      2,193

 

                      4,493

 

                      1,893

 

                    10,993

 

Insurance expenses

 

                      1,852

 

                         683

 

                      1,588

 

                         640

 

                         707

 

Miscellaneous expenses

 

                      4,467

 

                      3,001

 

                      3,467

 

                      3,001

 

                      3,000

 

 

Total Expenses

 

                  498,449

 

                  239,182

 

                  540,161

 

                  484,668

 

                  318,697

 

 

Less: Fees waived and expenses reimbursed

 

 

 

 

 

 

 

 

 

 

 

 

    by Advisor

 

                  (60,111)

 

                  (62,236)

 

                (156,294)

 

                (282,199)

 

                  (55,433)

 

 

Net Expenses

 

                  438,338

 

                  176,946

 

                  383,867

 

                  202,469

 

                  263,264

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income

 

                  321,222

 

                    78,843

 

                  374,215

 

                  107,220

 

                  135,151

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized and Unrealized

 

 

 

 

 

 

 

 

 

 

 

   Gain (Loss) on Investments:

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on investments and

 

 

 

 

 

 

 

 

 

 

 

   foreign currency transactions

 

              1,922,962

 

              1,425,917

 

              2,548,476

 

                (205,371)

 

                    36,609

 

Net realized gain (loss) on futures contracts

 

                    35,959

 

                    22,646

 

                  135,157

 

                  (13,569)

 

                    12,026

 

Net change in unrealized appreciation /

 

 

 

 

 

 

 

 

 

 

 

   (depreciation) on investments and foreign

 

 

 

 

 

 

 

 

 

 

 

   currency translations

 

              5,259,170

 

              1,225,357

 

              2,382,119

 

              1,570,977

 

              1,447,755

 

Net change in unrealized appreciation /

 

 

 

 

 

 

 

 

 

 

 

   (depreciation) on futures contracts

 

                    12,397

 

                      4,322

 

                      2,535

 

                    (3,320)

 

                      2,250

 

 

Net Realized and Unrealized

 

 

 

 

 

 

 

 

 

 

 

 

   Gain on Investments

 

              7,230,488

 

              2,678,242

 

              5,068,287

 

              1,348,717

 

              1,498,640

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Increase in

 

 

 

 

 

 

 

 

 

 

 

   Net Assets Resulting

 

 

 

 

 

 

 

 

 

 

 

   From Operations

 

 $           7,551,710

 

 $           2,757,085

 

 $           5,442,502

 

 $           1,455,937

 

 $           1,633,791

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




 

COMPASS EMP FUNDS

 

 

 

 

 

 

 

 

 

 

 

Statements of Operations (Continued)

 

 

 

 

 

 

 

 

 

 

For the Year Ended June 30, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Commodity Strategies

 

 Commodity Strategies

 

 

 

 

 

 U.S. 500

 

 Long/Short

 

 International 500

 

 Enhanced Volatility

 

 Volatility

 

 

 

 

 

 Enhanced Volatility

 

 Strategies

 

 Enhanced Volatility

 

 Weighted Fund

 

 Weighted Fund

 

 

 

 

 

 Weighted Fund

 

 Fund  

 

 Weighted Fund

 

 (Consolidated)

 

(Consolidated)

 

 

Investment Income:

 

 

 

 

 

 

 

 

 

 

 

 

Dividend income from unaffiliated investments

 

 $           2,404,579

 

 $              110,607

 

 $           1,855,061

 

 $                           -

 

 $                           -

 

 

Dividend income from affiliated investments

 

                               -

 

                      1,518

 

                               -

 

                         604

 

                      2,976

 

 

Interest income

 

                      2,020

 

                    87,936

 

                      2,485

 

                    98,673

 

                  143,445

 

 

Securities lending income

 

                    33,388

 

                      1,943

 

                      1,620

 

                               -

 

                            36

 

 

Less: foreign dividend tax withheld

 

                    (1,068)

 

                          (40)

 

                (171,155)

 

                               -

 

                               -

 

 

 

Total Investment Income

 

              2,438,919

 

                  201,964

 

              1,688,011

 

                    99,277

 

                  146,457

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory fees

 

              1,653,898

 

                  336,450

 

                  820,490

 

                  192,873

 

                  174,554

 

 

12b-1 fees:

 

 

 

 

 

 

 

 

 

 

 

 

   Class A

 

                  123,269

 

                    11,019

 

                    59,657

 

                      6,110

 

                      9,133

 

 

   Class C

 

                  154,368

 

                         140

 

                    32,092

 

                         277

 

                         973

 

 

   Class T

 

                    21,816

 

                              9

 

                      4,820

 

                            84

 

                            94

 

 

Administration fees

 

                  107,520

 

                    25,945

 

                  109,566

 

                    14,290

 

                    17,746

 

 

Registration fees

 

                    50,088

 

                      8,498

 

                    21,398

 

                      9,398

 

                    13,864

 

 

Custody fees

 

                    18,482

 

                      4,067

 

                  123,115

 

                      2,202

 

                      2,366

 

 

Non 12b-1 shareholder servicing fees

 

                    16,993

 

                      1,952

 

                    17,993

 

                      1,743

 

                      2,473

 

 

Printing expenses

 

                    16,002

 

                      4,649

 

                    12,654

 

                      6,111

 

                      2,339

 

 

Compliance officer fees

 

                    12,661

 

                      3,461

 

                      6,259

 

                      1,709

 

                      2,146

 

 

Professional fees

 

                    17,422

 

                    16,267

 

                    13,488

 

                    29,148

 

                    16,684

 

 

Trustees' fees

 

                      3,999

 

                      3,999

 

                      3,999

 

                      3,999

 

                      3,999

 

 

Insurance expenses

 

                      3,659

 

                         884

 

                      2,182

 

                         642

 

                         700

 

 

Miscellaneous expenses

 

                      6,433

 

                      3,965

 

                      4,967

 

                      4,933

 

                      3,967

 

 

 

Total Expenses

 

              2,206,610

 

                  421,305

 

              1,232,680

 

                  273,519

 

                  251,038

 

 

 

Less: Fees waived

 

 

 

 

 

 

 

 

 

 

 

 

 

   by Advisor

 

                (113,611)

 

                  (44,987)

 

                (214,072)

 

                  (59,019)

 

                  (49,104)

 

 

 

Net Expenses

 

              2,092,999

 

                  376,318

 

              1,018,608

 

                  214,500

 

                  201,934

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income (Loss)

 

                  345,920

 

                (174,354)

 

                  669,403

 

                (115,223)

 

                  (55,477)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized and Unrealized

 

 

 

 

 

 

 

 

 

 

 

 

   Gain (Loss) on Investments:

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on investments and

 

 

 

 

 

 

 

 

 

 

 

 

   foreign currency transactions

 

              4,656,787

 

                  (17,388)

 

              4,575,064

 

                  (79,704)

 

                          (94)

 

 

Net realized gain (loss) on futures contracts

 

                  431,194

 

                  291,040

 

                  447,000

 

                  254,330

 

              1,000,079

 

 

Net change in unrealized appreciation /

 

 

 

 

 

 

 

 

 

 

 

 

   on investments and foreign currency

 

 

 

 

 

 

 

 

 

 

 

 

   translations

 

            18,595,226

 

              1,043,648

 

              6,080,883

 

                  154,488

 

                  103,971

 

 

Net change in unrealized appreciation /

 

 

 

 

 

 

 

 

 

 

 

 

   (depreciation) on futures contracts

 

                      3,226

 

                (103,946)

 

                      5,290

 

                    15,753

 

                  663,959

 

 

 

Net Realized and Unrealized

 

 

 

 

 

 

 

 

 

 

 

 

 

   Gain on Investments

 

            23,686,433

 

              1,213,354

 

            11,108,237

 

                  344,867

 

              1,767,915

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Increase in

 

 

 

 

 

 

 

 

 

 

 

 

   Net Assets Resulting

 

 

 

 

 

 

 

 

 

 

 

 

   From Operations

 

 $         24,032,353

 

 $           1,039,000

 

 $         11,777,640

 

 $              229,644

 

 $           1,712,438

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




 

COMPASS EMP FUNDS

 

 

 

 

 

 

 

 

 

 

 

Statements of Operations (Continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Year Ended

 

For the Year Ended

 

For the Period Ended

 

For the Year Ended

 

 

 

 

 

June 30, 2014

 

June 30, 2014

 

June 30, 2014

 

June 30, 2014 (a)

 

November 30, 2013

 

 

 

 

 

 Market Neutral

 

 Enhanced

 

 Ultra Short-Term

 

 Multi-Asset

 

 Multi-Asset

 

 

 

 

 

 Income

 

 Fixed Income

 

 Fixed Income

 

 Balanced

 

 Balanced

 

 

 

 

 

 Fund

 

 Fund  

 

 Fund

 

 Fund

 

 Fund

 

 

Investment Income:

 

 

 

 

 

 

 

 

 

 

 

 

Dividend income from unaffiliated investments

 

 $              612,884

 

 $                           -

 

 $                           -

 

 $                             -

 

 $           1,288,625

 

 

Dividend income from affiliated investments

 

                      3,651

 

                    11,211

 

                               -

 

                1,472,657

 

                  103,653

 

 

Interest income

 

                  106,810

 

                  553,536

 

                  132,293

 

                        1,688

 

                    53,491

 

 

Securities lending income

 

                      4,500

 

                         256

 

 

 

                                 -

 

                               -

 

 

Less: foreign dividend tax withheld

 

                  (28,616)

 

                               -

 

                               -

 

                                 -

 

                               -

 

 

 

Total Investment Income

 

                  699,229

 

                  565,003

 

                  132,293

 

                1,474,345

 

              1,445,769

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory fees

 

                  260,127

 

                  316,265

 

                    64,621

 

                                 -

 

                  376,607

 

 

12b-1 fees:

 

 

 

 

 

 

 

 

 

 

 

 

   Class A

 

                    31,309

 

                  104,327

 

                    16,197

 

                    114,058

 

                  206,015

 

 

   Class C

 

                      1,669

 

                      3,193

 

                               -

 

                      87,642

 

                  198,051

 

 

   Class T

 

                         245

 

                         737

 

                               -

 

                      28,493

 

                    60,342

 

 

Administration fees

 

                    31,352

 

                    53,007

 

                    13,097

 

                      36,634

 

                  137,766

 

 

Professional fees

 

                    21,148

 

                    13,027

 

                      9,268

 

                        9,757

 

                    34,509

 

 

Registration fees

 

                    10,098

 

                    12,514

 

                      9,432

 

                      46,228

 

                    55,733

 

 

Printing expenses

 

                      5,965

 

                      5,701

 

                      2,045

 

                      11,800

 

                    28,300

 

 

Custody fees

 

                      4,111

 

                      9,450

 

                      1,985

 

                      11,923

 

                    22,001

 

 

Trustees' fees

 

                      3,999

 

                      3,999

 

                      3,999

 

                        1,839

 

                      4,950

 

 

Compliance officer fees

 

                      3,580

 

                      7,405

 

                      1,798

 

                        9,862

 

                      8,647

 

 

Insurance expenses

 

                      2,506

 

                      6,599

 

                      1,116

 

                        2,863

 

                      3,850

 

 

Non 12b-1 shareholder servicing fees

 

                      1,480

 

                      1,093

 

                      1,486

 

                        9,720

 

                    49,500

 

 

Interest/penalty on deficiency dividend

 

                               -

 

                               -

 

                               -

 

                                 -

 

                  224,411

 

 

Miscellaneous expenses

 

                      5,433

 

                      7,900

 

                      2,967

 

                                 -

 

                      9,362

 

 

 

Total Expenses

 

                  383,022

 

                  545,217

 

                  128,011

 

                    370,819

 

              1,420,044

 

 

 

Less: Fees reimbursed by administrator

 

                               -

 

                               -

 

                               -

 

                                 -

 

                (224,411)

 

 

 

Less: Fees waived and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

    reimbursed\recouped by Advisor

 

                  (43,172)

 

                  (55,861)

 

                  (71,367)

 

                        9,534

 

                    39,037

 

 

 

Net Expenses

 

                  339,850

 

                  489,356

 

                    56,644

 

                    380,353

 

              1,234,670

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income

 

                  359,379

 

                    75,647

 

                    75,649

 

                1,093,992

 

                  211,099

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized and Unrealized

 

 

 

 

 

 

 

 

 

 

 

 

   Gain (Loss) on Investments:

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain on unaffiliated investments

 

                  994,723

 

                      7,568

 

                         794

 

                                 -

 

              6,770,512

 

 

Net realized gain on affiliated investments

 

                               -

 

                               -

 

                               -

 

                    436,708

 

                  140,481

 

 

Net realized gain from options on futures

 

                  641,032

 

                               -

 

                               -

 

                                 -

 

                               -

 

 

Net realized gain (loss) from futures contracts

 

            (2,895,266)

 

                  114,697

 

                               -

 

                                 -

 

                  615,634

 

 

Net realized loss - other (b)

 

                               -

 

                               -

 

                               -

 

                                 -

 

                  (67,768)

 

 

Distributions of realized gains from affiliated

 

 

 

 

 

 

 

 

 

 

 

 

   underlying investment companies

 

                               -

 

                               -

 

                               -

 

                        4,298

 

                               -

 

 

Net change in unrealized appreciation

 

 

 

 

 

 

 

 

 

 

 

 

    (depreciation) on unaffiliated investments

 

 

 

 

 

 

 

 

 

 

 

 

    and foreign exchange contracts

 

              1,523,001

 

                  124,667

 

                               -

 

                                 -

 

            (2,667,559)

 

 

Net change in unrealized appreciation on

 

 

 

 

 

 

 

 

 

 

 

 

   affiliated investments

 

                               -

 

                               -

 

                               -

 

                3,485,078

 

              3,165,388

 

 

Net change in unrealized appreciation

 

 

 

 

 

 

 

 

 

 

 

 

   from options on futures

 

                    46,288

 

                               -

 

                               -

 

 

 

                               -

 

 

Net change in unrealized appreciation

 

 

 

 

 

 

 

 

 

 

 

 

   (depreciation) on futures contracts

 

                  163,017

 

                  891,013

 

                               -

 

 

 

                (260,744)

 

 

 

Net Realized and Unrealized

 

 

 

 

 

 

 

 

 

 

 

 

 

   Gain on Investments

 

                  472,795

 

              1,137,945

 

                         794

 

                3,926,084

 

              7,695,944

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Increase in

 

 

 

 

 

 

 

 

 

 

 

 

   Net Assets Resulting

 

 

 

 

 

 

 

 

 

 

 

 

   From Operations

 

 $              832,174

 

 $           1,213,592

 

 $                 76,443

 

 $             5,020,076

 

 $           7,907,043

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) For the period December 1, 2013 through June 30, 2014.

 

 

 

 

 

 

 

 

 

 

(b) Represents realized loss based on the Funds acceptance of an offer for the outstanding receivable due from MF Global, Inc.

 

 

 

 

See accompanying notes to financial statements.

 




 

COMPASS EMP FUNDS

 

 

 

 

 

 

 

 

 

 

 

 

Statements of Operations (Continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Period Ended

 

For the Year Ended

 

For the Period Ended

 

For the Year Ended

 

 

 

 

 

 

 

June 30, 2014 (a)

 

November 30, 2013

 

June 30, 2014 (a)

 

November 30, 2013

 

 

 

 

 

 

 

 

 

 

 

 Alternative  

 

 Alternative  

 

 

 

 

 

 

 

 Multi-Asset

 

 Multi-Asset

 

 Strategies

 

 Strategies

 

 

 

 

 

 

 

 Growth

 

 Growth

 

 Fund

 

 Fund

 

 

 

 

 

 

 

 Fund

 

 Fund

 

 (Consolidated)

 

 (Consolidated)

 

 

Investment Income:

 

 

 

 

 

 

 

 

 

 

 

 

Dividend income from unaffiliated investments

 

 

 

 $                           -

 

 $              900,188

 

 $              110,677

 

 $              858,553

 

 

Dividend income from affiliated investments

 

 

 

              1,278,480

 

                    95,501

 

                  593,341

 

                    35,438

 

 

Interest income

 

 

 

                         547

 

                    20,416

 

                    87,904

 

                  394,540

 

 

Securities lending income

 

 

 

                               -

 

                               -

 

                      1,829

 

                         220

 

 

 

Total Investment Income

 

 

 

              1,279,027

 

              1,016,105

 

                  793,751

 

              1,288,751

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory fees

 

 

 

                               -

 

                  307,203

 

                  340,095

 

                  991,641

 

 

12b-1 fees:

 

 

 

 

 

 

 

 

 

 

 

 

   Class A

 

 

 

                    62,647

 

                  125,501

 

                    88,130

 

                  226,087

 

 

   Class C

 

 

 

                    35,127

 

                    63,037

 

                    63,694

 

                  185,223

 

 

   Class T

 

 

 

                    10,906

 

                    17,960

 

                      7,303

 

                    16,323

 

 

Registration fees

 

 

 

                    39,631

 

                    50,733

 

                    55,483

 

                    70,722

 

 

Administration fees

 

 

 

                    18,171

 

                    73,837

 

                    44,873

 

                  176,304

 

 

Custody fees

 

 

 

                      9,471

 

                    12,501

 

                    12,890

 

                    22,440

 

 

Compliance officer fees

 

 

 

                      5,352

 

                      4,147

 

                      9,531

 

                    12,130

 

 

Printing expenses

 

 

 

                      4,540

 

                    17,000

 

                    25,969

 

                    38,580

 

 

Non 12b-1 shareholder servicing fees

 

 

 

                      2,362

 

                    13,796

 

                    19,390

 

                  106,915

 

 

Trustees' fees

 

 

 

                      1,788

 

                      5,000

 

                      8,378

 

                    10,195

 

 

Insurance expenses

 

 

 

                      1,312

 

                         498

 

                      3,106

 

                      3,523

 

 

Professional fees

 

 

 

                      1,299

 

                    23,559

 

                    39,397

 

                    41,703

 

 

Miscellaneous expenses

 

 

 

                               -

 

                         181

 

                      3,727

 

                    13,729

 

 

 

Total Expenses

 

 

 

                  192,606

 

                  714,953

 

                  721,966

 

              1,915,515

 

 

 

Less: Fees waived and expenses reimbursed/recouped

 

 

 

 

 

 

 

 

 

 

 

   by Advisor

 

 

 

                    (7,117)

 

                               -

 

                  (98,092)

 

                  (69,975)

 

 

 

Net Expenses

 

 

 

                  185,489

 

                  714,953

 

                  623,874

 

              1,845,540

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income

 

 

 

              1,093,538

 

                  301,152

 

                  169,877

 

                (556,789)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized and Unrealized

 

 

 

 

 

 

 

 

 

 

 

 

   Gain (Loss) on Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain on unaffiliated investments

 

 

 

 

 

 

 

 

 

 

 

 

   and foreign exchange contracts

 

 

 

                               -

 

              8,434,630

 

                      3,327

 

              5,741,260

 

 

Net realized gain on affiliated investments

 

 

 

                  471,611

 

                  374,814

 

                  495,454

 

                  111,354

 

 

Net realized gain (loss) on futures contracts

 

 

 

                               -

 

                (140,905)

 

              1,246,291

 

            (1,638,633)

 

 

Net realized loss - other (b)

 

 

 

                               -

 

                  (63,415)

 

                               -

 

                (232,079)

 

 

Distributions of realized gains from affiliated

 

 

 

 

 

 

 

 

 

 

 

 

   underlying investment companies

 

 

 

                      2,959

 

                               -

 

                      4,395

 

                               -

 

 

Net change in unrealized appreciation

 

 

 

 

 

 

 

 

 

 

 

 

   (depreciation) on unaffiliated investments

 

 

 

 

 

 

 

 

 

 

 

 

   and foreign exchange contracts

 

 

 

                               -

 

            (1,793,406)

 

              1,001,853

 

                (610,880)

 

 

Net change in unrealized appreciation on

 

 

 

 

 

 

 

 

 

 

 

 

   affiliated investments

 

 

 

              2,390,093

 

              3,782,640

 

                  936,031

 

                  903,784

 

 

Net change in unrealized depreciation from

 

 

 

 

 

 

 

 

 

 

 

 

   futures contracts

 

 

 

                               -

 

                (109,115)

 

                  446,781

 

                  (16,935)

 

 

 

Net Realized and Unrealized

 

 

 

 

 

 

 

 

 

 

 

 

 

   Gain on Investments

 

 

 

              2,864,663

 

            10,485,243

 

              4,134,132

 

              4,257,871

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Increase in

 

 

 

 

 

 

 

 

 

 

 

 

   Net Assets Resulting

 

 

 

 

 

 

 

 

 

 

 

 

   From Operations

 

 

 

 $           3,958,201

 

 $         10,786,395

 

 $           4,304,009

 

 $           3,701,082

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (gain) loss attributable to the non-controlling interest

 

                               -

 

                               -

 

            (1,194,493)

 

                  456,576

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Increase in Net Assets Resulting

 

 

 

 

 

 

 

 

 

 

 

 

   From Operations - Controlling Interest

 

 

 

 $           3,958,201

 

 $         10,786,395

 

 $           3,109,516

 

 $           4,157,658

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) For the period December 1, 2013 through June 30, 2014.

 

 

 

 

 

 

 

 

 

 

(b) Represents realized loss based on the Funds acceptance of an offer for the outstanding receivable due from MF Global, Inc.

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP FUNDS

 

 

 

 

 

 

 

 

 

 

 

 

Statements of Changes in Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. 500

 

U.S. 500

 

U.S. Small Cap

 

U.S. Small Cap

 

International

 

International

 

 

 

 

 

Volatility

 

Volatility

 

500 Volatility

 

500 Volatility

 

 500 Volatility

 

 500 Volatility

 

 

 

 

 

 Weighted Fund

 

 Weighted Fund

 

 Weighted Fund

 

 Weighted Fund

 

 Weighed Fund

 

 Weighed Fund

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 For the Year Ended

 

 For the Period Ended

 

 For the Year Ended

 

 For the Period Ended

 

 For the Year Ended

 

 For the Period Ended

 

 

 

 

 

 June 30, 2014

 

 June 30, 2013 (a)

 

 June 30, 2014

 

 June 30, 2013 (a)

 

 June 30, 2014

 

 June 30, 2013 (a)

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 $                321,222

 

 $                  53,629

 

 $                  78,843

 

 $                  13,874

 

 $                374,215

 

 $                107,013

Net realized gain on investments, futures

 

 

 

 

 

 

 

 

 

 

 

 

 

contracts and foreign currency transactions

 

                1,958,921

 

                   174,457

 

                1,448,563

 

                   117,527

 

                2,683,633

 

                   168,424

Net change in unrealized appreciation on

 

 

 

 

 

 

 

 

 

 

 

 

 

on investments, futures contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

and foreign currency translations

 

 

 

                5,271,567

 

                1,106,438

 

                1,229,679

 

                   465,336

 

                2,384,654

 

                   303,348

Net increase in net assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   resulting from operations

 

 

 

                7,551,710

 

                1,334,524

 

                2,757,085

 

                   596,737

 

                5,442,502

 

                   578,785

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions to Shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

(231,160)

 

(53,411)

 

(241,182)

 

                   (14,398)

 

                 (453,753)

 

                 (107,291)

 Class C

 

 

 

(3,172)

 

(29)

 

(40,724)

 

                            (4)

 

                     (1,913)

 

                        (177)

 Class I

 

 

 

(392,280)

 

(236)

 

(433,168)

 

                     (1,075)

 

                 (831,173)

 

                        (103)

 Class T

 

 

 

(1,919)

 

(95)

 

(1,715)

 

                            (5)

 

                        (173)

 

                          (51)

Net realized gains

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

(72,620)

 

                               -

 

(40,745)

 

                               -

 

                   (51,863)

 

                               -

 Class C

 

 

 

(1,083)

 

                               -

 

(7,689)

 

                               -

 

                        (180)

 

                               -

 Class I

 

 

 

(100,345)

 

                               -

 

(70,088)

 

                               -

 

                   (87,307)

 

                               -

 Class T

 

 

 

(538)

 

                               -

 

(303)

 

                               -

 

                          (22)

 

                               -

Total distributions to shareholders

 

 

 

(803,117)

 

(53,771)

 

                 (835,614)

 

                   (15,482)

 

              (1,426,384)

 

                 (107,622)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share Transactions of Beneficial Interest:

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from shares sold

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

                8,148,526

 

              10,568,269

 

                3,794,251

 

                3,486,061

 

                4,331,470

 

                8,500,188

 Class C

 

 

 

                   975,800

 

                     43,226

 

                1,376,676

 

                   398,888

 

                   139,686

 

                     18,983

 Class I

 

 

 

              27,440,535

 

                1,220,414

 

              10,524,231

 

                1,675,636

 

              24,352,475

 

                       9,100

 Class T

 

 

 

243,555

 

64,805

 

29,143

 

                     25,212

 

                                          -

 

                       5,521

Reinvestment of distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

                   246,923

 

                     52,951

 

                   281,381

 

                     14,395

 

                   442,131

 

                   107,291

 Class C

 

 

 

                       4,182

 

                            29

 

                     48,159

 

                              4

 

                       2,093

 

                          177

 Class I

 

 

 

                     79,272

 

                          236

 

                   115,675

 

                       1,075

 

                   173,633

 

                          103

 Class T

 

 

 

                       1,127

 

                            95

 

                       2,018

 

                              5

 

                          195

 

                            51

Cost of shares redeemed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

(2,922,645)

 

(260,196)

 

             (1,056,692)

 

                 (123,549)

 

              (1,716,326)

 

                 (804,215)

 Class C

 

 

 

(235,532)

 

(11,293)

 

(155,828)

 

                 (203,831)

 

                   (29,176)

 

                     (1,170)

 Class I

 

 

 

(5,388,895)

 

(1,232)

 

(2,914,808)

 

                 (140,421)

 

              (3,866,471)

 

                     (1,185)

 Class T

 

 

 

(1,347)

 

(1,218)

 

(318)

 

                     (1,310)

 

                        (897)

 

                     (1,173)

Net increase in net assets from

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   share transactions of beneficial interest

 

              28,591,501

 

              11,676,086

 

              12,043,888

 

                5,132,165

 

              23,828,813

 

                7,833,671

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Increase in Net Assets

 

 

 

              35,340,094

 

              12,956,839

 

              13,965,359

 

                5,713,420

 

              27,844,931

 

                8,304,834

Net Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

 

              12,956,839

 

                               -

 

                5,713,420

 

                               -

 

                8,304,834

 

                               -

 

End of period*

 

 

 

 $           48,296,933

 

 $           12,956,839

 

 $           19,678,779

 

 $             5,713,420

 

 $           36,149,765

 

 $             8,304,834

* Includes accumulated net investment

 

 

 

 

 

 

 

 

 

 

 

 

 

      income (loss) at end of period

 

 

 

 $                    6,898

 

 $                            -

 

 $                    2,222

 

 $                       342

 

 $                (84,693)

 

 $                (24,041)

Share Activity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares Sold

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

                   635,084

 

                1,011,188

 

                   277,114

 

                   329,689

 

                   360,080

 

                   822,892

 Class C

 

 

 

                     73,817

 

                       3,702

 

                   102,977

 

                     35,250

 

                     11,464

 

                       1,730

 Class I

 

 

 

                2,200,482

 

                   104,161

 

                   706,591

 

                   143,468

 

                2,082,296

 

                          834

 Class T

 

 

 

                     18,634

 

                       5,480

 

                       2,083

 

                       2,270

 

                                          -

                          511

Shares Reinvested

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

                     18,956

 

                       4,809

 

                     20,632

 

                       1,348

 

                     37,113

 

                       9,920

 Class C

 

 

 

                          322

 

                              2

 

                       3,554

 

                               -

 

                          173

 

                            16

 Class I

 

 

 

                       6,064

 

                            20

 

                       8,471

 

                            88

 

                     14,535

 

                            10

 Class T

 

 

 

                            87

 

                              8

 

                          148

 

                               -

 

                            16

 

                              5

Shares Redeemed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

(224,450)

 

(22,598)

 

(77,842)

 

                   (10,622)

 

                 (141,963)

 

                   (72,442)

 Class C

 

 

 

(17,630)

 

(965)

 

(11,664)

 

                   (18,370)

 

                     (2,328)

 

                        (100)

 Class I

 

 

 

(410,488)

 

(101)

 

(213,673)

 

                   (12,348)

 

                 (317,745)

 

                        (101)

 Class T

 

 

 

(99)

 

(100)

 

(23)

 

                        (108)

 

                          (73)

 

                        (100)

Net increase in shares of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

beneficial interest outstanding

 

 

 

2,300,779

 

1,105,606

 

818,368

 

470,665

 

2,043,568

 

763,175

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

The Funds commenced operations on November 19, 2012.

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 



COMPASS EMP FUNDS

 

 

 

 

 

 

 

 

 

 

 

 

Statements of Changes in Net Assets (Continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Emerging Market

 

Emerging Market

 

REC Enhanced

 

REC Enhanced

 

U.S. 500

 

U.S. 500

 

 

 

 

 

500 Volatility

 

500 Volatility

 

 Volatility

 

 Volatility

 

 Enhanced Volatility

 

 Enhanced Volatility

 

 

 

 

 

  Weighted Fund

 

  Weighted Fund

 

 Weighted Fund

 

 Weighted Fund

 

 Weighted Fund

 

 Weighted Fund

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 For the Year Ended

 

 For the Period Ended

 

 For the Year Ended

 

 For the Period Ended

 

 For the Year Ended

 

 For the Period Ended

 

 

 

 

 

 June 30, 2014

 

 June 30, 2013 (a)

 

 June 30, 2014

 

 June 30, 2013 (a)

 

 June 30, 2014

 

 June 30, 2013 (a)

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 $                107,220

 

 $                  26,069

 

 $                135,151

 

 $                  37,197

 

 $                345,920

 

 $                  46,499

Net realized gain (loss) on investments,

 

 

 

 

 

 

 

 

 

 

 

 

 

futures contracts and foreign currency

 

 

 

 

 

 

 

 

 

 

 

 

 

transactions

 

 

 

                 (218,940)

 

                     21,590

 

                     48,635

 

                   143,907

 

                5,087,981

 

                   258,253

Net change in unrealized appreciation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(depreciation) on investments, futures

 

 

 

 

 

 

 

 

 

 

 

 

 

contracts and foreign currency

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

translations

 

 

 

                1,567,657

 

                 (294,693)

 

                1,450,005

 

                     28,968

 

              18,598,452

 

                1,634,451

Net increase (decrease) in net assets

 

 

 

 

 

 

 

 

 

 

 

 

   resulting from operations

 

 

 

                1,455,937

 

                 (247,034)

 

                1,633,791

 

                   210,072

 

              24,032,353

 

                1,939,203

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions to Shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

                   (49,324)

 

                   (19,376)

 

                   (55,489)

 

                   (56,693)

 

                 (492,909)

 

                   (44,401)

 Class C

 

 

 

                     (4,382)

 

                        (760)

 

                               -

 

                     (3,061)

 

                   (95,705)

 

                        (213)

 Class I

 

 

 

                   (62,503)

 

                     (5,439)

 

                   (79,192)

 

                     (3,033)

 

                 (782,097)

 

                     (2,872)

 Class T

 

 

 

                        (816)

 

                        (191)

 

                        (470)

 

                        (259)

 

                   (34,419)

 

                        (442)

Net realized gains

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

                               -

 

                               -

 

                 (151,098)

 

                               -

 

                   (99,499)

 

                               -

 Class C

 

 

 

                               -

 

                               -

 

                     (9,971)

 

                               -

 

                   (26,720)

 

                               -

 Class I

 

 

 

                               -

 

                               -

 

                 (177,610)

 

                               -

 

                 (126,327)

 

                               -

 Class T

 

 

 

                               -

 

                               -

 

                     (1,420)

 

                               -

 

                     (8,021)

 

                               -

Return of capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

                               -

 

                               -

 

(22,187)

 

                               -

 

                               -

 

                               -

 Class C

 

 

 

                               -

 

                               -

 

(1,601)

 

                               -

 

                               -

 

                               -

 Class I

 

 

 

                               -

 

                               -

 

(27,336)

 

                               -

 

                               -

 

                               -

 Class T

 

 

 

                               -

 

                               -

 

(304)

 

                               -

 

                               -

 

                               -

Total distributions to shareholders

 

 

 

                 (117,025)

 

                   (25,766)

 

                 (526,678)

 

                   (63,046)

 

              (1,665,697)

 

                   (47,928)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share Transactions of Beneficial Interest:

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from shares sold

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

                8,942,485

 

                3,547,801

 

              11,118,800

 

                3,891,852

 

              58,167,296

 

              18,593,469

 Class C

 

 

 

                1,383,248

 

                   227,459

 

                   558,009

 

                   347,456

 

              29,373,290

 

                2,658,628

 Class I

 

 

 

                9,317,493

 

                1,161,406

 

              17,474,084

 

                   644,341

 

              96,563,649

 

                4,258,754

 Class T

 

 

 

                   199,200

 

                     39,502

 

                   139,352

 

                     22,554

 

                8,559,904

 

                1,064,853

Reinvestment of distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

                     44,808

 

                     19,259

 

                   228,537

 

                     56,654

 

                   577,119

 

                     44,305

 Class C

 

 

 

                       4,161

 

                          760

 

                       9,266

 

                       2,979

 

                   117,169

 

                          205

 Class I

 

 

 

                       8,028

 

                       4,851

 

                     28,672

 

                       2,771

 

                   228,912

 

                       2,825

 Class T

 

 

 

                          815

 

                          191

 

                       1,723

 

                          259

 

                     38,569

 

                          442

Cost of shares redeemed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

              (3,312,496)

 

                 (188,122)

 

              (3,034,023)

 

                 (745,841)

 

            (10,279,037)

 

                 (493,144)

 Class C

 

 

 

                   (92,689)

 

                     (1,090)

 

                   (61,086)

 

                     (2,263)

 

              (1,299,981)

 

                     (2,263)

 Class I

 

 

 

              (2,646,742)

 

                 (114,850)

 

              (3,337,097)

 

                     (4,992)

 

            (18,556,354)

 

                   (54,065)

 Class T

 

 

 

                   (24,198)

 

                     (1,121)

 

                        (933)

 

                     (1,329)

 

                   (62,540)

 

                     (1,474)

Net increase in net assets from

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   share transactions of beneficial interest

 

              13,824,113

 

                4,696,046

 

              23,125,304

 

                4,214,441

 

            163,427,996

 

              26,072,535

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Increase in Net Assets

 

 

 

              15,163,025

 

                4,423,246

 

              24,232,417

 

                4,361,467

 

            185,794,652

 

              27,963,810

Net Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

 

                4,423,246

 

                               -

 

                4,361,467

 

                               -

 

              27,963,810

 

                               -

 

End of period*

 

 

 

 $           19,586,271

 

 $             4,423,246

 

 $           28,593,884

 

 $             4,361,467

 

 $         213,758,462

 

 $           27,963,810

* Includes accumulated net investment

 

 

 

 

 

 

 

 

 

 

 

 

 

      income (loss) at end of period

 

 

 

 $                    9,755

 

 $                            -

 

 $                            -

 

 $                            -

 

 $                  23,643

 

 $                            -

Share Activity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares Sold

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

                   892,514

 

                   345,104

 

                1,028,440

 

                   372,335

 

                4,478,973

 

                1,747,123

 Class C

 

 

 

                   138,266

 

                     21,545

 

                     51,379

 

                     30,904

 

                2,240,819

 

                   229,285

 Class I

 

 

 

                   933,824

 

                   109,749

 

                1,582,263

 

                     55,992

 

                7,581,379

 

                   363,332

 Class T

 

 

 

                     19,521

 

                       3,877

 

                     12,840

 

                       2,047

 

                   644,768

 

                     92,198

Shares Reinvested

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

                       4,305

 

                       1,980

 

                     21,088

 

                       5,103

 

                     44,610

 

                       4,133

 Class C

 

 

 

                          399

 

                            79

 

                          860

 

                          265

 

                       9,111

 

                            18

 Class I

 

 

 

                          769

 

                          505

 

                       2,629

 

                          251

 

                     17,557

 

                          242

 Class T

 

 

 

                            77

 

                            20

 

                          159

 

                            23

 

                       2,989

 

                            38

Shares Redeemed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

                 (335,203)

 

                   (17,897)

 

                 (279,153)

 

                   (65,810)

 

                 (780,801)

 

                   (42,806)

 Class C

 

 

 

                     (9,440)

 

                        (100)

 

                     (5,533)

 

                        (188)

 

                   (96,903)

 

                        (189)

 Class I

 

 

 

                 (264,858)

 

                   (10,751)

 

                 (308,678)

 

                        (436)

 

              (1,413,579)

 

                     (4,516)

 Class T

 

 

 

                     (2,548)

 

                        (103)

 

                          (87)

 

                        (108)

 

                     (4,637)

 

                        (123)

Net increase in shares of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

beneficial interest outstanding

 

 

 

1,377,626

 

454,008

 

2,106,207

 

400,378

 

12,724,287

 

2,388,735

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

The Funds commenced operations on November 19, 2012.

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP FUNDS

 

 

 

 

 

 

 

 

Statements of Changes in Net Assets (Continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long/Short

 

Long/Short

 

 International 500

 

 International 500

 

 

 

 

 

Strategies

 

Strategies

 

  Enhanced Volatility  

 

  Enhanced Volatility  

 

 

 

 

 

 Fund

 

 Fund

 

 Weighted Fund

 

 Weighted Fund

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 For the Year Ended

 

 For the Period Ended

 

 For the Year Ended

 

 For the Period Ended

 

 

 

 

 

 June 30, 2014

 

 June 30, 2013 (a)

 

 June 30, 2014

 

 June 30, 2013 (a)

Operations:

 

 

 

 

 

 

 

 

 

 

Net investment income (loss)

 

 

 

 $              (174,354)

 

 $                (31,787)

 

 $                669,403

 

 $                123,987

Net realized gain (loss) on investments,

 

 

 

 

 

 

 

 

 

futures contracts and foreign currency

 

 

 

 

 

 

 

 

 

transactions

 

 

 

                   273,652

 

                 (131,323)

 

                5,022,064

 

                   174,563

Net change in unrealized appreciation

 

 

 

 

 

 

 

 

 

 

(depreciation) on investments, futures

 

 

 

 

 

 

 

 

 

contracts and foreign currency

 

 

 

 

 

 

 

 

 

 

 

translations

 

 

 

                   939,702

 

                   (10,906)

 

                6,086,173

 

                     14,690

Net increase (decrease) in net assets

 

 

 

 

 

 

 

 

   resulting from operations

 

 

 

                1,039,000

 

                 (174,016)

 

              11,777,640

 

                   313,240

 

 

 

 

 

 

 

 

 

 

 

 

Distributions to Shareholders:

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

                               -

 

                               -

 

                 (775,591)

 

                 (112,802)

 Class C

 

 

 

                               -

 

                               -

 

                   (90,486)

 

                     (3,641)

 Class I

 

 

 

                               -

 

                               -

 

              (1,257,140)

 

                     (8,309)

 Class T

 

 

 

                               -

 

                               -

 

                   (37,967)

 

                        (479)

Net realized gains

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

                               -

 

                               -

 

                   (48,251)

 

                               -

 Class C

 

 

 

                               -

 

                               -

 

                     (6,017)

 

                               -

 Class I

 

 

 

                               -

 

                               -

 

                   (66,840)

 

                               -

 Class T

 

 

 

                               -

 

                               -

 

                     (1,635)

 

                               -

Total distributions to shareholders

 

 

 

                               -

 

                               -

 

              (2,283,927)

 

                 (125,231)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from shares sold

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

                   605,952

 

                6,072,312

 

              19,923,245

 

              11,824,925

 Class C

 

 

 

                     27,067

 

                       6,189

 

                5,547,029

 

                   443,209

 Class I

 

 

 

              24,050,477

 

                8,347,641

 

              54,512,960

 

                7,203,058

 Class T

 

 

 

                     10,979

 

                       1,000

 

                3,073,613

 

                     55,193

Reinvestment of distributions

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

                               -

 

                               -

 

                   811,063

 

                   112,522

 Class C

 

 

 

                               -

 

                               -

 

                     87,508

 

                       3,600

 Class I

 

 

 

                               -

 

                               -

 

                   232,366

 

                       8,211

 Class T

 

 

 

                               -

 

                               -

 

                     30,025

 

                          479

Cost of shares redeemed

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

              (3,262,177)

 

                 (102,869)

 

              (3,970,718)

 

                 (373,718)

 Class C

 

 

 

                     (2,699)

 

                     (1,088)

 

                 (264,316)

 

                     (1,122)

 Class I

 

 

 

              (7,136,176)

 

              (3,470,898)

 

              (9,234,554)

 

                 (101,777)

 Class T

 

 

 

                               -

 

                               -

 

                   (10,294)

 

                     (1,198)

Net increase in net assets from

 

 

 

 

 

 

 

 

 

 

   share transactions of beneficial interest

 

              14,293,423

 

              10,852,287

 

              70,737,927

 

              19,173,382

 

 

 

 

 

 

 

 

 

 

 

 

Total Increase in Net Assets

 

 

 

              15,332,423

 

              10,678,271

 

              80,231,640

 

              19,361,391

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets:

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

 

              10,678,271

 

                               -

 

              19,361,391

 

                               -

 

End of period*

 

 

 

 $           26,010,694

 

 $           10,678,271

 

 $           99,593,031

 

 $           19,361,391

* Includes accumulated net investment

 

 

 

 

 

 

 

 

 

      loss at end of period

 

 

 

 $                (59,714)

 

 $                (27,358)

 

 $              (189,499)

 

 $                (24,438)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

                     57,091

 

                   591,235

 

                1,722,881

 

                1,153,855

 Class C

 

 

 

                       2,563

 

                          598

 

                   479,259

 

                     40,924

 Class I

 

 

 

                2,231,164

 

                   781,453

 

                4,752,337

 

                   683,872

 Class T

 

 

 

                       1,021

 

                          100

 

                   257,380

 

                       5,173

 

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

                               -

 

                               -

 

                     70,264

 

                     10,798

 Class C

 

 

 

                               -

 

                               -

 

                       7,598

 

                          346

 Class I

 

 

 

                               -

 

                               -

 

                     19,899

 

                          788

 Class T

 

 

 

                               -

 

                               -

 

                       2,533

 

                            46

 

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

                 (306,686)

 

                     (9,657)

 

                 (338,304)

 

                   (34,983)

 Class C

 

 

 

                        (255)

 

                        (100)

 

                   (22,070)

 

                        (100)

 Class I

 

 

 

                 (664,202)

 

                 (333,257)

 

                 (793,124)

 

                     (9,394)

 Class T

 

 

 

                               -

 

                               -

 

                        (863)

 

                        (106)

Net increase in shares of

 

 

 

 

 

 

 

 

 

 

beneficial interest outstanding

 

 

 

1,320,696

 

1,030,372

 

6,157,790

 

1,851,219

 

 

 

 

 

 

 

 

 

 

 

 

(a)

The Funds commenced operations on November 19, 2012.

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP FUNDS

 

 

 

 

 

 

 

 

Statements of Changes in Net Assets (Continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity Strategy

 

Commodity Strategy

 

Commodity

 

Commodity

 

 

 

 

 

 

Enhanced Volatility

 

Enhanced Volatility

 

 Strategies Volatility

 

 Strategies Volatility

 

 

 

 

 

 

 Weighted  Fund

 

 Weighted  Fund

 

 Weighted Fund

 

 Weighted Fund

 

 

 

 

 

 

 (Consolidated)

 

 (Consolidated)

 

 (Consolidated)

 

 (Consolidated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 For the Year Ended

 

 For the Period Ended

 

 For the Year Ended

 

 For the Period Ended

 

 

 

 

 

 

 June 30, 2014

 

 June 30, 2013 (a)

 

 June 30, 2014

 

 June 30, 2013 (a)

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

Net investment loss

 

 

 

 $              (115,223)

 

 $                (40,942)

 

 $                (55,477)

 

 $                (18,806)

 

Net realized gain (loss) on investments,

 

 

 

 

 

 

 

 

 

 

options on futures and

 

 

 

 

 

 

 

 

 

 

 

 

futures contracts

 

 

 

                   174,626

 

                   (79,786)

 

                   999,985

 

                 (500,992)

 

Net change in unrealized appreciation

 

 

 

 

 

 

 

 

 

 

 

(depreciation) on investments, options

 

 

 

 

 

 

 

 

 

 

on futures and futures contracts

 

 

 

                   170,241

 

                   (51,644)

 

                   767,930

 

                 (507,804)

 

Net increase (decrease) in net assets

 

 

 

 

 

 

 

 

 

   resulting from operations

 

 

 

                   229,644

 

                 (172,372)

 

                1,712,438

 

              (1,027,602)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share Transactions of Beneficial Interest:

 

 

 

 

 

 

 

 

 

Net proceeds from shares sold

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

                   700,157

 

                3,786,267

 

                2,864,053

 

                4,048,793

 

 Class C

 

 

 

                     42,943

 

                     16,180

 

                   117,533

 

                     80,354

 

 Class I

 

 

 

                2,639,630

 

              19,385,784

 

              10,426,235

 

              10,591,211

 

 Class T

 

 

 

                     89,197

 

                       1,000

 

                       1,943

 

                     20,197

 

Cost of shares redeemed

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

              (2,368,925)

 

                   (81,050)

 

              (2,559,478)

 

                 (300,670)

 

 Class C

 

 

 

                     (2,635)

 

                            (9)

 

                   (12,375)

 

                        (920)

 

 Class I

 

 

 

              (7,252,472)

 

              (5,569,705)

 

              (8,098,643)

 

              (3,632,207)

 

 Class T

 

 

 

                               -

 

                               -

 

                        (955)

 

                        (993)

 

Net increase (decrease) in net assets from

 

 

 

 

 

 

 

 

 

   share transactions of beneficial interest

 

              (6,152,105)

 

              17,538,467

 

                2,738,313

 

              10,805,765

 

Total Increase (Decrease) in Net Assets

 

              (5,922,461)

 

              17,366,095

 

                4,450,751

 

                9,778,163

 

Net Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

 

              17,366,095

 

                               -

 

                9,778,163

 

                               -

 

 

End of period*

 

 

 

 $           11,443,634

 

 $           17,366,095

 

 $           14,228,914

 

 $             9,778,163

 

* Includes accumulated net investment

 

 

 

 

 

 

 

 

 

 

      loss at end of period

 

 

 

 $              (153,407)

 

 $                (38,184)

 

 $                (72,002)

 

 $                (16,525)

 

Share Activity:

 

 

 

 

 

 

 

 

 

 

 

Shares Sold

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

                     74,774

 

                   381,866

 

                   308,164

 

                   406,034

 

 Class C

 

 

 

                       4,592

 

                       1,694

 

                     12,282

 

                       8,433

 

 Class I

 

 

 

                   282,813

 

                2,062,255

 

                1,154,985

 

                1,125,002

 

 Class T

 

 

 

                       9,282

 

                          100

 

                          203

 

                       2,094

 

Shares Redeemed

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

                 (254,792)

 

                     (8,612)

 

                 (273,993)

 

                   (32,582)

 

 Class C

 

 

 

                        (277)

 

                            (1)

 

                     (1,330)

 

                        (100)

 

 Class I

 

 

 

                 (768,447)

 

                 (591,726)

 

                 (852,418)

 

                 (406,175)

 

 Class T

 

 

 

                               -

 

                               -

 

                          (98)

 

                        (108)

 

Net increase in shares of

 

 

 

 

 

 

 

 

 

 

 

beneficial interest outstanding

 

 

 

(652,055)

 

1,845,576

 

347,795

 

1,102,598

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

The Funds commenced operations on November 19, 2012.

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 

 




COMPASS EMP FUNDS

 

 

 

 

 

 

 

 

 

 

 

Statements of Changes in Net Assets (Continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Market Neutral

 

 Market Neutral

 

Enhanced

 

Enhanced

Ultra Short-Term

 

Ultra Short-Term

 

 

 

 

 

 Income

 

 Income

 

 Fixed Income

 

 Fixed Income

 Fixed Income

 

 Fixed Income

 

 

 

 

 

 Fund

 

 Fund

 

Fund

 

Fund

Fund

 

Fund

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 For the Year Ended

 

 For the Period Ended

 

 For the Year Ended

 

 For the Period Ended

 For the Year Ended

 

 For the Period Ended

 

 

 

 

 

 June 30, 2014

 

 June 30, 2013 (a)

 

 June 30, 2014

 

 June 30, 2013 (a)

 June 30, 2014

 

 June 30, 2013 (a)

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income (loss)

 

 

 

 $                359,379

 

 $                (16,764)

 

 $                  75,647

 

 $                  49,482

 $                  75,649

 

 $                  22,646

Net realized gain (loss) on investments,

 

 

 

 

 

 

 

 

 

 

 

 

options on futures and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

futures contracts

 

 

 

              (1,259,511)

 

                 (433,566)

 

                   122,265

 

                 (196,622)

                          794

 

                          948

Net change in unrealized appreciation

 

 

 

 

 

 

 

 

 

 

 

 

     (depreciation) on investments and

 

 

 

 

 

 

 

 

 

 

 

 

 

futures contracts

 

 

 

                1,732,306

 

                   (58,553)

 

                1,015,680

 

                 (895,223)

                               -

 

                               -

Net increase (decrease) in net assets

 

 

 

 

 

 

 

 

 

 

 

   resulting from operations

 

 

 

                   832,174

 

                 (508,883)

 

                1,213,592

 

              (1,042,363)

                     76,443

 

                     23,594

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions to Shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

                 (149,677)

 

                               -

 

                   (16,943)

 

                   (53,014)

                   (21,590)

 

                     (9,067)

 Class C

 

 

 

                        (893)

 

                               -

 

                               -

 

                        (121)

                                        -   

                             -   

 Class I

 

 

 

                 (200,514)

 

                               -

 

                   (63,119)

 

                            (3)

                   (55,440)

 

                   (13,733)

 Class T

 

 

 

                        (327)

 

                               -

 

                            (6)

 

                        (105)

                                        -   

                             -   

Total distributions to shareholders

 

 

 

 $              (351,411)

 

 $                            -

 

 $                (80,068)

 

 $                (53,243)

 $                (77,030)

 

 $                (22,800)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share Transactions of Beneficial Interest:

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from shares sold

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A

 

 

 

              24,907,857

 

              12,783,838

 

              24,205,580

 

              40,269,661

                4,329,672

 

                5,502,933

Class C

 

 

 

                   141,975

 

                   141,419

 

                   118,649

 

                   291,396

                               -

 

                               -

Class I

 

 

 

              31,455,908

 

                9,651,500

 

              26,316,552

 

                       1,500

              11,845,054

 

                4,596,095

Class T

 

 

 

                     40,568

 

                     36,147

 

                   145,447

 

                   106,452

                                          -

                               -

Reinvestment of distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A

 

 

 

                   149,512

 

                               -

 

                     16,939

 

                     53,014

                     19,955

 

                       8,784

Class C

 

 

 

                          825

 

                               -

 

                             -   

 

                          121

                               -

 

                               -

Class I

 

 

 

                     10,509

 

                               -

 

                          973

 

                              3

                     27,877

 

                       1,856

Class T

 

 

 

                          327

 

                               -

 

                              6

 

                          105

                               -

 

                               -

Cost of shares redeemed

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A

 

 

 

              (8,013,742)

 

                 (878,815)

 

            (31,681,019)

 

              (2,412,275)

              (3,545,138)

 

                 (351,544)

Class C

 

 

 

                   (15,570)

 

                        (992)

 

                        (492)

 

                        (995)

                                          -

                               -

Class I

 

 

 

              (7,033,912)

 

                 (307,712)

 

              (8,529,227)

 

                             -   

              (5,668,473)

 

                   (56,738)

Class T

 

 

 

                     (1,389)

 

                     (1,211)

 

                     (4,285)

 

                     (1,648)

                                          -

 

                               -

Net increase in net assets from

 

 

 

 

 

 

 

 

 

 

 

 

 

   share transactions of beneficial interest

 

              41,642,868

 

              21,424,174

 

              10,589,123

 

              38,307,334

                7,008,947

 

                9,701,386

Total Increase in Net Assets

 

 

 

              42,123,631

 

              20,915,291

 

              11,722,647

 

              37,211,728

                7,008,360

 

                9,702,180

Net Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

 

              20,915,291

 

                               -

 

              37,211,728

 

                               -

                9,802,180

 

                   100,000

 

End of period*

 

 

 

 $           63,038,922

 

 $           20,915,291

 

 $           48,934,375

 

 $           37,211,728

 $           16,810,540

 

 $             9,802,180

* Includes accumulated net investment

 

 

 

 

 

 

 

 

 

 

 

 

      income (loss) at end of period

 

 

 

 $                  (7,401)

 

 $                  (9,792)

 

 $                127,927

 

 $                            -

 $                     (587)

 

 $                            -

Share Activity:

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares Sold

 

 

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

                2,554,645

 

                1,278,704

 

                2,470,997

 

                4,027,940

                   432,969

 

                   550,295

 Class C

 

 

 

                     14,810

 

                     14,218

 

                     12,163

 

                     29,215

                               -

 

                               -

 Class I

 

 

 

                3,206,934

 

                   958,442

 

                2,694,694

 

                          150

                1,184,505

 

                   469,611

 Class T

 

 

 

                       4,213

 

                       3,627

 

                     14,843

 

                     10,660

                               -

 

                               -

Shares Reinvested

 

 

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

                     15,227

 

                               -

 

                       1,733

 

                       5,404

                       1,996

 

                          879

 Class C

 

 

 

                            85

 

                               -

 

                               -

 

                            12

                               -

 

                               -

 Class I

 

 

 

                       1,076

 

                               -

 

                            99

 

                               -

                       2,788

 

                          186

 Class T

 

 

 

                            33

 

                               -

 

                              1

 

                            11

                               -

 

                               -

Shares Redeemed

 

 

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

                 (822,131)

 

                   (88,116)

 

              (3,220,193)

 

                 (241,421)

                 (354,514)

 

                   (35,158)

 Class C

 

 

 

                     (1,604)

 

                        (100)

 

                          (50)

 

                        (100)

                               -

 

                               -

 Class I

 

 

 

                 (718,805)

 

                   (31,379)

 

                 (864,646)

 

                               -

                 (566,847)

 

                     (5,674)

 Class T

 

 

 

                        (144)

 

                        (122)

 

                        (436)

 

                        (166)

                               -

 

                               -

Net increase in shares of

 

 

 

 

 

 

 

 

 

 

 

 

 

beneficial interest outstanding

 

 

 

4,254,339

 

2,135,274

 

1,109,205

 

3,831,705

700,897

 

980,139

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

The Funds commenced operations on November 19, 2012.

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP FUNDS

 

 

 

 

 

 

 

 

 

 

 

 

Statements of Changes in Net Assets (Continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multi-Asset

 

Multi-Asset

 

Multi Asset

 

Multi-Asset

 

Multi-Asset

 

Multi Asset

 

 

 

 

 

Balanced

 

Balanced

 

Balanced

 

Growth

 

Growth

 

Growth

 

 

 

 

 

 Fund

 

 Fund

 

 Fund

 

 Fund

 

 Fund

 

 Fund

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 For the Period Ended

 

 For the Year Ended

 

 For the Year Ended

 

 For the Period Ended

 

 For the Year Ended

 

 For the Year Ended

 

 

 

 

 

 June 30, 2014 (a)

 

 November 30, 2013  

 

 November 30, 2012

 

 June 30, 2014 (a)

 

 November 30, 2013  

 

 November 30, 2012  

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income (loss)

 

 

 

 $             1,093,992

 

 $                211,099

 

 $              (154,414)

 

 $             1,093,538

 

 $                301,152

 

 $              (208,841)

Net realized gain (loss) on investments,

 

 

 

 

 

 

 

 

 

 

 

 

 

futures contracts and foreign currency

 

 

 

 

 

 

 

 

 

 

 

 

 

transactions

 

 

 

                   436,708

 

                7,458,859

 

                   (11,457)

 

                   471,611

 

                8,605,124

 

(2,258,601)

Distributions of realized gains from

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

from underlying investment companies

 

                       4,298

 

                               -

 

                               -

 

                       2,959

 

                               -

 

                               -

Net change in unrealized appreciation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 on investments, futures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

contracts and foreign currency

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

translations

 

 

 

                3,485,078

 

                   237,085

 

                2,368,833

 

                2,390,093

 

                1,880,119

 

                   848,266

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets

 

                5,020,076

 

                7,907,043

 

                2,202,962

 

                3,958,201

 

              10,786,395

 

              (1,619,176)

   resulting from operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions to Shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

                             -   

 

              (2,672,969)

 

                 (419,454)

 

              (1,085,730)

 

                             -   

 

                             -   

 Class C

 

 

 

                             -   

 

                 (735,234)

 

                 (117,428)

 

                 (104,872)

 

                             -   

 

                             -   

 Class T

 

 

 

                             -   

 

                 (410,692)

 

                   (74,029)

 

                   (85,965)

 

                             -   

 

                             -   

Net realized gains

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

              (5,092,004)

 

              (1,104,099)

 

                             -   

 

              (5,990,425)

 

                             -   

 

                             -   

 Class C

 

 

 

              (1,107,628)

 

                   (53,046)

 

                             -   

 

                 (823,835)

 

                             -   

 

                             -   

 Class T

 

 

 

                 (680,225)

 

                   (68,228)

 

                             -   

 

                 (514,682)

 

                             -   

 

                             -   

Total distributions to shareholders

 

 

 

 $           (6,879,857)

 

 $           (5,044,268)

 

 $              (610,911)

 

 $           (8,605,509)

 

 $                            -

 

 $                            -

Share Transactions of Beneficial Interest:

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from shares sold

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

              10,876,849

 

              62,488,448

 

              38,029,289

 

                3,657,935

 

              31,589,743

 

              18,840,397

 Class C

 

 

 

                   927,874

 

                1,760,046

 

              13,379,726

 

                1,571,681

 

                   830,245

 

                2,812,264

 Class T

 

 

 

                   628,912

 

                1,051,841

 

                4,028,685

 

                   750,897

 

                   974,678

 

                1,227,532

Reinvestment of distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

                4,945,163

 

                3,681,304

 

                   394,977

 

                6,984,467

 

                                          -

                               -

 Class C

 

 

 

                   996,710

 

                   716,908

 

                   110,750

 

                   871,195

 

                                          -

                               -

 Class T

 

 

 

                   667,561

 

                   471,375

 

                     71,948

 

                   493,374

 

                                          -

                               -

Cost of shares redeemed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

              (9,266,148)

 

            (78,333,920)

 

            (28,254,100)

 

              (9,404,114)

 

            (42,871,637)

 

            (22,868,856)

 Class C

 

 

 

              (3,367,558)

 

            (11,312,524)

 

            (10,199,753)

 

                 (822,814)

 

              (3,634,346)

 

              (2,478,735)

 Class T

 

 

 

              (2,175,298)

 

              (4,955,658)

 

              (4,207,989)

 

                 (537,787)

 

              (1,565,679)

 

              (1,106,352)

Redemption Fees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

                               -

 

                               -

 

                       1,375

 

                             -   

 

                             -   

 

                       1,237

 Class C

 

 

 

                               -

 

                               -

 

                       1,441

 

                             -   

 

                             -   

 

                            84

 Class T

 

 

 

                               -

 

                               -

 

                          480

 

                             -   

 

                             -   

 

                            47

Net increase (decrease) in net assets from

 

 

 

 

 

 

 

 

 

 

 

 

   share transactions of beneficial interest

 

                4,234,065

 

            (24,432,180)

 

              13,356,829

 

                3,564,834

 

            (14,676,996)

 

              (3,572,382)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Increase (Decrease) in Net Assets

 

                2,374,284

 

            (21,569,405)

 

              14,948,880

 

              (1,082,474)

 

              (3,890,601)

 

              (5,191,558)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

 

            104,117,477

 

            125,686,882

 

            110,738,002

 

              56,080,232

 

              59,970,833

 

              65,162,391

 

End of period*

 

 

 

 $         106,491,761

 

 $         104,117,477

 

 $         125,686,882

 

 $           54,997,758

 

 $           56,080,232

 

 $           59,970,833

* Includes accumulated net investment

 

 

 

 

 

 

 

 

 

 

 

 

 

      income (loss) at end of period

 

 

 

 $                            -

 

 $                            -

 

 

 

 $                            -

 

 $                  15,147

 

 $              (274,825)

Share Activity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares Sold

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

                   902,220

 

                5,004,205

 

3,097,899

 

                   303,139

 

                2,356,396

 

1,579,525

 Class C

 

 

 

                     77,565

 

                   146,022

 

1,105,844

 

                   134,312

 

                     66,379

 

239,834

 Class T

 

 

 

                     52,377

 

                     86,150

 

330,327

 

                     63,394

 

                     77,757

 

102,949

Shares Reinvested

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

                   422,303

 

                   304,336

 

32,535

 

                   610,530

 

 

 

 

 Class C

 

 

 

                     86,670

 

                     60,133

 

9,221

 

                     78,274

 

 

 

 

 Class T

 

 

 

                     57,154

 

                     39,076

 

5,951

 

                     43,584

 

 

 

 

Shares Redeemed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

                 (766,908)

 

              (6,294,256)

 

(2,298,905)

 

                 (739,519)

 

              (3,212,939)

 

(1,905,358)

 Class C

 

 

 

                 (285,215)

 

                 (937,191)

 

(842,495)

 

                   (70,579)

 

                 (295,636)

 

(213,359)

 Class T

 

 

 

                 (179,989)

 

                 (403,323)

 

                 (344,058)

 

                   (45,441)

 

                 (122,678)

 

                   (94,175)

Net increase (decrease) in shares of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

beneficial interest outstanding

 

 

 

366,177

 

(1,994,848)

 

1,096,319

 

377,694

 

(1,130,721)

 

(290,584)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Represents the period December 1, 2013 to June 30, 2014.

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 



COMPASS EMP FUNDS

 

 

 

 

 

 

 

 

Statements of Changes in Net Assets (Continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternative

 

Alternative

 

Alternative

 

 

 

 

 

Strategies

 

Strategies

 

Strategies

 

 

 

 

 

 Fund

 

 Fund

 

 Fund

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 For the Period Ended

 

 For the Year Ended

 

 For the Year Ended

 

 

 

 

 

 June 30, 2014 (a)

 

 November 30, 2013

 

 November 30, 2012  

Operations:

 

 

 

 

 

 

 

 

Net investment income (loss)

 

 

 

 $                   169,877

 

 $                 (556,789)

 

 $              (1,809,405)

Net realized gain (loss) on investments and

 

 

 

 

 

 

 

 

 

futures contracts

 

 

 

1,745,072

 

3,981,902

 

(11,502,882)

Distributions of realized gains from

 

 

 

 

 

 

 

 

 

from underlying investment companies

 

 

 

4,395

 

                                  -

 

                                  -

Net change in unrealized appreciation

 

 

 

 

 

 

 

 

 

(depreciation) on investments and futures contracts

 

 

 

2,384,665

 

                      275,969

 

(243,024)

Net (gain) loss attributable to the non-controlling interest

 

 

 

                 (1,194,493)

 

                      456,576

 

                                  -

Net increase (decrease) in net assets

 

 

 

 

 

 

 

 

   resulting from operations

 

 

 

                   3,109,516

 

                   4,157,658

 

               (13,555,311)

 

 

 

 

 

 

 

 

 

 

Share Transactions of Beneficial Interest:

 

 

 

 

 

 

 

 

Net proceeds from shares sold

 

 

 

 

 

 

 

 

 Class A

 

 

 

                   3,572,975

 

                   9,971,959

 

                 81,457,343

 Class C

 

 

 

                      329,463

 

                      754,433

 

                 13,413,426

 Class T

 

 

 

                      184,733

 

                      291,516

 

                   2,528,267

Cost of shares redeemed

 

 

 

 

 

 

 

 

 Class A

 

 

 

               (14,191,626)

 

               (73,271,483)

 

             (138,708,898)

 Class C

 

 

 

                 (4,117,702)

 

               (12,765,923)

 

               (10,954,355)

 Class T

 

 

 

                    (336,471)

 

                 (1,733,038)

 

                 (1,498,016)

Redemption Fees

 

 

 

 

 

 

 

 

 Class A

 

 

 

                                  -

 

                                  -

 

                          9,406

 Class C

 

 

 

                                  -

 

                                  -

 

                               70

 Class T

 

 

 

                                  -

 

                                  -

 

                             579

Net decrease in net assets from

 

 

 

 

 

 

 

 

   share transactions of beneficial interest - Controlling Interest

 

 

               (14,558,628)

 

               (76,752,536)

 

               (53,752,178)

 

 

 

 

 

 

 

 

 

 

Share Transactions of Beneficial Interest - Non-controlling Interest

 

 

 

 

 

 

Non-Controlling interest on dates of initial consolidation

 

 

 

 $                               -

 

 $              18,857,566

 

 $                               -

Non-Controlling interest on dates of deconsolidation

 

 

 

                 (8,799,112)

 

                                  -

 

                                  -

Proceeds from shares sold

 

 

 

                   2,820,603

 

19,649,905

 

                                  -

Cost of shares redeemed

 

 

 

                 (2,643,745)

 

(13,687,854)

 

                                  -

Net gain (loss) attributable to non-controlling interest

 

 

 

                   1,194,493

 

                    (456,576)

 

                                  -

Net increase (decrease) in net assets from share transactions

 

 

 

 

 

 

 

 

   of beneficial interest - Non-controlling Interest

 

 

 

                 (7,427,761)

 

                 24,363,041

 

                                  -

 

 

 

 

 

 

 

 

 

 

Total Decrease in Net Assets

 

 

 

               (18,876,873)

 

               (48,231,837)

 

               (67,307,489)

 

 

 

 

 

 

 

 

 

 

Net Assets:

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

 

                 98,945,663

 

               147,177,500

 

               214,484,989

 

End of period*

 

 

 

 $              80,068,790

 

 $              98,945,663

 

 $            147,177,500

* Includes accumulated net investment

 

 

 

 

 

 

 

 

      income (loss) at end of period

 

 

 

 $                 (210,183)

 

 $                 (703,129)

 

 $              (1,931,295)

Share Activity:

 

 

 

 

 

 

 

 

Shares Sold

 

 

 

 

 

 

 

 

 Class A

 

 

 

351,172

 

1,010,005

 

8,029,750

 Class C

 

 

 

33,250

 

78,179

 

1,334,464

 Class T

 

 

 

17,915

 

29,697

 

250,509

Shares Reinvested

 

 

 

 

 

 

 

 

 Class A

 

 

 

                                  -

 

                                  -

 

                                  -

 Class C

 

 

 

                                  -

 

                                  -

 

                                  -

 Class T

 

 

 

                                  -

 

                                  -

 

                                  -

Shares Redeemed

 

 

 

 

 

 

 

 

 Class A

 

 

 

(1,395,626)

 

(7,415,927)

 

(13,986,678)

 Class C

 

 

 

(415,981)

 

(1,320,389)

 

(1,125,043)

 Class T

 

 

 

                      (33,442)

 

                    (177,222)

 

                    (149,958)

Net decrease in shares of

 

 

 

 

 

 

 

 

beneficial interest outstanding

 

 

 

(1,442,712)

 

(7,795,657)

 

(5,646,956)

 

 

 

 

 

 

 

 

 

 

(a)

Represents the period December 1, 2013 to June 30, 2014.

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 






COMPASS EMP U.S. 500 VOLATILITY WEIGHTED FUND

 

 

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

 

Class A

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 $                              11.72

 

 $                        10.00

 

 

 

 

 

 

 

 

 

INCOME FROM INVESTMENT  

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

Net investment income (2)

 

                                    0.08

 

                              0.06

 

Net realized and unrealized gain on investments  

 

                                    2.59

 

                              1.72

 

Total from investment operations  

 

2.67

 

1.78

 

 

 

 

 

 

 

 

 

LESS DISTRIBUTIONS:  

 

 

 

 

 

From net investment income  

 

                                  (0.17)

 

                            (0.06)

 

From net realized gains on investments  

 

                                  (0.05)

 

                                  -   

 

Total distributions  

 

                                  (0.22)

 

                            (0.06)

 

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 $                              14.17

 

 $                        11.72

 

 

 

 

 

 

 

 

 

Total return (3)

 

                               23.00%

 

                         17.86%

(4)

 

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 $                            20,163

 

 $                      11,641

 

Ratios to average net assets   

 

 

 

 

 

    Expenses, before waiver/reimbursement

 

1.34%

 

1.63%

(5)

    Expenses, net waiver/reimbursement

 

1.20%

 

1.20%

(5)

    Net investment income, before waiver/reimbursement

 

0.51%

 

0.49%

(5)

    Net investment income, net waiver/reimbursement

 

0.65%

 

0.92%

(5)

Portfolio turnover rate

 

                               34.08%

 

                         14.88%

(4)

 

 

 

 

 

 

 

 

(1)

The Compass EMP U.S. 500 Volatility Weighted Fund Class A commenced operations on November 19, 2012.

 

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions and does not reflect the impact of sales loads on Class A shares. Total return would have been higher or

 

 

lower if certain expenses had not been reimbursed or waived.

 

 

 

 

 

(4)

Not annualized.

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

See accompanying notes to financial statements.

 





COMPASS EMP U.S. 500 VOLATILITY WEIGHTED FUND

 

 

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

Class C

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 $                              11.68

 

 $                        10.00

 

 

 

 

 

 

 

 

INCOME FROM INVESTMENT  

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

Net investment income (loss) (2)

 

                                  (0.01)

 

                              0.01

 

Net realized and unrealized gain on investments  

 

                                    2.57

 

                              1.72

 

Total from investment operations  

 

2.56

 

1.73

 

 

 

 

 

 

 

 

LESS DISTRIBUTIONS:  

 

 

 

 

 

From net investment income  

 

                                  (0.13)

 

                            (0.05)

 

From net realized gains on investments  

 

                                  (0.05)

 

                                  -   

 

Total distributions  

 

                                  (0.18)

 

                            (0.05)

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 $                              14.06

 

 $                        11.68

 

 

 

 

 

 

 

 

Total return (3)

 

                               22.13%

 

                         17.28%

(4)

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 $                                 833

 

 $                              32

 

Ratios to average net assets   

 

 

 

 

 

    Expenses, before waiver/reimbursement

 

2.09%

 

2.38%

(5)

    Expenses, net waiver/reimbursement

 

1.95%

 

1.95%

(5)

    Net investment loss, before waiver/reimbursement

 

(0.24)%

 

(0.30)%

(5)

    Net investment income (loss), net waiver/reimbursement

 

(0.10)%

 

0.13%

(5)

Portfolio turnover rate

 

                               34.08%

 

                         14.88%

(4)

 

 

 

 

 

 

 

(1)

The Compass EMP U.S. 500 Volatility Weighted Fund Class C commenced operations on November 19, 2012.

 

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions. Total return would have been higher or lower if certain expenses had not been reimbursed or waived.

 

(4)

Not annualized.

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

See accompanying notes to financial statements.




COMPASS EMP U.S. 500 VOLATILITY WEIGHTED FUND

 

 

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

Class I

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 $                              11.73

 

 $                        10.00

 

 

 

 

 

 

 

 

INCOME FROM INVESTMENT  

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

Net investment income (2)

 

                                    0.12

 

                              0.07

 

Net realized and unrealized gain on investments  

 

                                    2.59

 

                              1.73

 

Total from investment operations  

 

2.71

 

1.80

 

 

 

 

 

 

 

 

LESS DISTRIBUTIONS:  

 

 

 

 

 

From net investment income  

 

                                  (0.20)

 

                            (0.07)

 

From net realized gains on investments  

 

                                  (0.05)

 

                                  -   

 

Total distributions  

 

                                  (0.25)

 

                            (0.07)

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 $                              14.19

 

 $                        11.73

 

 

 

 

 

 

 

 

Total return (3)

 

                               23.36%

 

                         18.07%

(4)

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 $                            26,962

 

 $                        1,221

 

Ratios to average net assets   

 

 

 

 

 

    Expenses, before waiver/reimbursement

 

1.09%

 

1.38%

(5)

    Expenses, net waiver/reimbursement

 

0.95%

 

0.95%

(5)

    Net investment income, before waiver/reimbursement

 

0.76%

 

0.53%

(5)

    Net investment income, net waiver/reimbursement

 

0.90%

 

0.96%

(5)

Portfolio turnover rate

 

                               34.08%

 

                         14.88%

(4)

 

 

 

 

 

 

 

(1)

The Compass EMP U.S. 500 Volatility Weighted Fund Class I commenced operations on November 19, 2012.

 

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions. Total return would have been higher or lower if certain expenses had not been reimbursed or waived.

 

(4)

Not annualized.

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP U.S. 500 VOLATILITY WEIGHTED FUND

 

 

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

Class T

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 $                              11.70

 

 $                        10.00

 

 

 

 

 

 

 

 

INCOME FROM INVESTMENT  

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

Net investment income (2)

 

                                    0.05

 

                              0.05

 

Net realized and unrealized gain on investments  

 

                                    2.58

 

                              1.71

 

Total from investment operations  

 

2.63

 

1.76

 

 

 

 

 

 

 

 

LESS DISTRIBUTIONS:  

 

 

 

 

 

From net investment income  

 

                                  (0.15)

 

                            (0.06)

 

From net realized gains on investments  

 

                                  (0.05)

 

                                  -   

 

Total distributions  

 

                                  (0.20)

 

                            (0.06)

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 $                              14.13

 

 $                        11.70

 

 

 

 

 

 

 

 

Total return (3)

 

                               22.71%

 

                         17.67%

(4)

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 $                                 339

 

 $                              63

 

Ratios to average net assets   

 

 

 

 

 

    Expenses, before waiver/reimbursement

 

1.59%

 

1.88%

(5)

    Expenses, net waiver/reimbursement

 

1.45%

 

1.45%

(5)

    Net investment income, before waiver/reimbursement

 

0.25%

 

0.25%

(5)

    Net investment income, net waiver/reimbursement

 

0.39%

 

0.68%

(5)

Portfolio turnover rate

 

                               34.08%

 

                         14.88%

(4)

 

 

 

 

 

 

 

(1)

The Compass EMP U.S. 500 Volatility Weighted Fund Class T commenced operations on November 19, 2012.

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions and does not reflect the impact of sales loads on Class T shares. Total return would have been higher or

 

 

lower if certain expenses had not been reimbursed or waived.

 

 

 

 

 

(4)

Not annualized.

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP U.S. SMALL CAP 500 VOLATILITY WEIGHTED FUND

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

Class A

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 $                              12.14

 

 $                        10.00

 

 

 

 

 

 

 

 

INCOME (LOSS) FROM INVESTMENT  

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

Net investment income (2)

 

                                    0.06

 

0.05

 

Net realized and unrealized gain on investments  

 

                                    2.80

 

                              2.15

 

Total from investment operations  

 

2.86

 

2.20

 

 

 

 

 

 

 

 

LESS DISTRIBUTIONS:  

 

 

 

 

 

From net investment income  

 

                                  (0.63)

 

                            (0.06)

 

From net realized gains on investments  

 

                                  (0.11)

 

                                  -   

 

Total distributions  

 

                                  (0.74)

 

                            (0.06)

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 $                              14.26

 

 $                        12.14

 

 

 

 

 

 

 

 

Total return (3)

 

                               23.88%

 

                         22.04%

(4)

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 $                              7,705

 

 $                        3,889

 

Ratios to average net assets   

 

 

 

 

 

    Expenses, before waiver/reimbursement

 

1.65%

 

2.20%

(5)

    Expenses, net waiver/reimbursement

 

1.25%

 

1.25%

(5)

    Net investment income (loss), before waiver/reimbursement

 

0.01%

 

(0.22)%

(5)

    Net investment income, net waiver/reimbursement

 

0.41%

 

0.73%

(5)

Portfolio turnover rate

 

69.43%

 

25.25%

(4)

 

 

 

 

 

 

 

(1)

The Compass U.S. Small Cap 500 Volatility Weighted Fund Class A commenced operations on November 19, 2012.

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions and does not reflect the impact of sales loads on Class A shares. Total return would have been higher or

 

lower if certain expenses had not been reimbursed or waived.

 

 

 

 

 

(4)

Not annualized.

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP U.S. SMALL CAP 500 VOLATILITY WEIGHTED FUND

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

Class C

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 $                              12.09

 

 $                        10.00

 

 

 

 

 

 

 

 

INCOME (LOSS) FROM INVESTMENT  

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

Net investment loss (2)

 

                                  (0.04)

 

(0.04)

 

Net realized and unrealized gain on investments  

 

                                    2.82

 

                              2.17

 

Total from investment operations  

 

2.78

 

2.13

 

 

 

 

 

 

 

 

LESS DISTRIBUTIONS:  

 

 

 

 

 

From net investment income  

 

                                  (0.58)

 

                            (0.04)

 

From net realized gains on investments  

 

                                  (0.11)

 

                                  -   

 

Total distributions  

 

                                  (0.69)

 

                            (0.04)

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 $                              14.18

 

 $                        12.09

 

 

 

 

 

 

 

 

Total return (3)

 

                               23.21%

 

                         21.36%

(4)

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 $                              1,584

 

 $                           204

 

Ratios to average net assets   

 

 

 

 

 

    Expenses, before waiver/reimbursement

 

2.40%

 

2.95%

(5)

    Expenses, net waiver/reimbursement

 

2.00%

 

2.00%

(5)

    Net investment loss, before waiver/reimbursement

 

(0.74)%

 

(1.56)%

(5)

    Net investment loss, net waiver/reimbursement

 

(0.34)%

 

(0.61)%

(5)

Portfolio turnover rate

 

69.43%

 

25.25%

(4)

 

 

 

 

 

 

 

(1)

The Compass U.S. Small Cap 500 Volatility Weighted Fund Class C commenced operations on November 19, 2012.

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions. Total return would have been higher or lower if certain expenses had not been reimbursed or waived.

 

(4)

Not annualized.

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP U.S. SMALL CAP 500 VOLATILITY WEIGHTED FUND

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

Class I

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 $                              12.15

 

 $                        10.00

 

 

 

 

 

 

 

 

INCOME (LOSS) FROM INVESTMENT  

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

Net investment income (2)

 

                                    0.09

 

0.03

 

Net realized and unrealized gain on investments  

 

                                    2.83

 

                              2.18

 

Total from investment operations  

 

2.92

 

2.21

 

 

 

 

 

 

 

 

LESS DISTRIBUTIONS:  

 

 

 

 

 

From net investment income  

 

                                  (0.67)

 

                            (0.06)

 

From net realized gains on investments  

 

                                  (0.11)

 

                                  -   

 

Total distributions  

 

                                  (0.78)

 

                            (0.06)

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 $                              14.29

 

 $                        12.15

 

 

 

 

 

 

 

 

Total return (3)

 

                               24.32%

 

                         22.21%

(4)

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 $                            10,327

 

 $                        1,594

 

Ratios to average net assets   

 

 

 

 

 

    Expenses, before waiver/reimbursement

 

1.40%

 

1.95%

(5)

    Expenses, net waiver/reimbursement

 

1.00%

 

1.00%

(5)

    Net investment income (loss), before waiver/reimbursement

 

0.26%

 

(0.51)%

(5)

    Net investment income, net waiver/reimbursement

 

0.66%

 

0.44%

(5)

Portfolio turnover rate

 

69.43%

 

25.25%

(4)

 

 

 

 

 

 

 

(1)

The Compass U.S. Small Cap 500 Volatility Weighted Fund Class I commenced operations on November 19, 2012.

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions. Total return would have been higher or lower if certain expenses had not been reimbursed or waived.

 

(4)

Not annualized.

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP U.S. SMALL CAP 500 VOLATILITY WEIGHTED FUND

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

Class T

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 $                              12.12

 

 $                        10.00

 

 

 

 

 

 

 

 

INCOME (LOSS) FROM INVESTMENT  

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

Net investment income (loss) (2)

 

                                    0.02

 

(0.00)

(3)

Net realized and unrealized gain on investments  

 

                                    2.83

 

                              2.17

 

Total from investment operations  

 

2.85

 

2.17

 

 

 

 

 

 

 

 

LESS DISTRIBUTIONS:  

 

 

 

 

 

From net investment income  

 

                                  (0.61)

 

                            (0.05)

 

From net realized gains on investments  

 

                                  (0.11)

 

                                  -   

 

Total distributions  

 

                                  (0.72)

 

                            (0.05)

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 $                              14.25

 

 $                        12.12

 

 

 

 

 

 

 

 

Total return (4)

 

                               23.77%

 

                         21.78%

(5)

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 $                                    62

 

 $                              26

 

Ratios to average net assets   

 

 

 

 

 

    Expenses, before waiver/reimbursement

 

1.90%

 

2.45%

(6)

    Expenses, net waiver/reimbursement

 

1.50%

 

1.50%

(6)

    Net investment loss, before waiver/reimbursement

 

(0.24)%

 

(1.00)%

(6)

    Net investment income (loss), net waiver/reimbursement

 

0.16%

 

(0.05)%

(6)

Portfolio turnover rate

 

69.43%

 

25.25%

(5)

 

 

 

 

 

 

 

(1)

The Compass U.S. Small Cap 500 Volatility Weighted Fund Class T commenced operations on November 19, 2012.

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

(3)

Amount represents less than $0.01 per share.

 

 

 

 

 

(4)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions and does not reflect the impact of sales loads on Class T shares. Total return would have been higher or

 

 

lower if certain expenses had not been reimbursed or waived.

 

 

 

 

 

(5)

Not annualized.

 

 

 

 

 

(6)

Annualized.

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.




COMPASS EMP INTERNATIONAL 500 VOLATILITY WEIGHTED FUND

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

Class A

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 $                              10.88

 

 $                            10.00

 

 

 

 

 

 

 

 

INCOME FROM INVESTMENT  

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

Net investment income (2)

 

                                    0.12

 

                                 0.15

 

Net realized and unrealized gain on investments  

 

                                    2.38

 

                                 0.87

 

Total from investment operations  

 

2.50

 

1.02

 

 

 

 

 

 

 

 

LESS DISTRIBUTIONS:  

 

 

 

 

 

From net investment income  

 

                                  (0.46)

 

                               (0.14)

 

From net realized gains on investments  

 

                                  (0.05)

 

                                      -   

 

Total distributions  

 

                                  (0.51)

 

                               (0.14)

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 $                              12.87

 

 $                            10.88

 

 

 

 

 

 

 

 

Total return (3)

 

                               23.43%

 

                             10.23%

(4)

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 $                            13,073

 

 $                            8,274

 

Ratios to average net assets   

 

 

 

 

 

    Expenses, before waiver/reimbursement

 

1.86%

 

3.67%

(5)

    Expenses, net waiver/reimbursement

 

1.40%

 

1.40%

(5)

    Net investment income (loss), before waiver/reimbursement

 

0.57%

 

(0.08)%

(5)

    Net investment income, net waiver/reimbursement

 

1.03%

 

2.19%

(5)

Portfolio turnover rate

 

90.18%

 

27.47%

(4)

 

 

 

 

 

 

 

(1)

The Compass EMP International 500 Volatility Weighted Fund Class A commenced operations on November 19, 2012.

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions and does not reflect the impact of sales loads on Class A shares. Total return would have been higher or

 

 

lower if certain expenses had not been reimbursed or waived.

 

 

 

 

 

(4)

Not annualized.

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP INTERNATIONAL 500 VOLATILITY WEIGHTED FUND

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

Class C

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 $                              10.87

 

 $                            10.00

 

 

 

 

 

 

 

 

INCOME FROM INVESTMENT  

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

Net investment income (2)

 

                                    0.13

 

                                 0.22

 

Net realized and unrealized gain on investments  

 

                                    2.27

 

                                 0.76

 

Total from investment operations  

 

2.40

 

0.98

 

 

 

 

 

 

 

 

LESS DISTRIBUTIONS:  

 

 

 

 

 

From net investment income  

 

                                  (0.39)

 

                               (0.11)

 

From net realized gains on investments  

 

                                  (0.05)

 

                                      -   

 

Total distributions  

 

                                  (0.44)

 

                               (0.11)

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 $                              12.83

 

 $                            10.87

 

 

 

 

 

 

 

 

Total return (3)

 

                               22.49%

 

                               9.79%

(4)

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 $                                 141

 

 $                                 18

 

Ratios to average net assets   

 

 

 

 

 

    Expenses, before waiver/reimbursement

 

2.61%

 

4.42%

(5)

    Expenses, net waiver/reimbursement

 

2.15%

 

2.15%

(5)

    Net investment income, before waiver/reimbursement

 

0.63%

 

0.95%

(5)

    Net investment income, net waiver/reimbursement

 

1.09%

 

3.22%

(5)

Portfolio turnover rate

 

90.18%

 

27.47%

(4)

 

 

 

 

 

 

 

(1)

The Compass EMP International 500 Volatility Weighted Fund Class C commenced operations on November 19, 2012.

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions. Total return would have been higher or lower if certain expenses had not been reimbursed or waived.

 

(4)

Not annualized.

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP INTERNATIONAL 500 VOLATILITY WEIGHTED FUND

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

Class I

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 $                              10.89

 

 $                            10.00

 

 

 

 

 

 

 

 

INCOME FROM INVESTMENT  

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

Net investment income (2)

 

                                    0.16

 

                                 0.24

 

Net realized and unrealized gain on investments  

 

                                    2.37

 

                                 0.80

 

Total from investment operations  

 

2.53

 

1.04

 

 

 

 

 

 

 

 

LESS DISTRIBUTIONS:  

 

 

 

 

 

From net investment income  

 

                                  (0.49)

 

                               (0.15)

 

From net realized gains on investments  

 

                                  (0.05)

 

                                      -   

 

Total distributions  

 

                                  (0.54)

 

                               (0.15)

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 $                              12.88

 

 $                            10.89

 

 

 

 

 

 

 

 

Total return (3)

 

                               23.70%

 

                             10.42%

(4)

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 $                            22,932

 

 $                                    8

 

Ratios to average net assets   

 

 

 

 

 

    Expenses, before waiver/reimbursement

 

1.61%

 

3.42%

(5)

    Expenses, net waiver/reimbursement

 

1.15%

 

1.15%

(5)

    Net investment income, before waiver/reimbursement

 

0.86%

 

1.19%

(5)

    Net investment income, net waiver/reimbursement

 

1.32%

 

3.46%

(5)

Portfolio turnover rate

 

90.18%

 

27.47%

(4)

 

 

 

 

 

 

 

(1)

The Compass EMP International 500 Volatility Weighted Fund Class I commenced operations on November 19, 2012.

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions. Total return would have been higher or lower if certain expenses had not been reimbursed or waived.

 

(4)

Not annualized.

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP INTERNATIONAL 500 VOLATILITY WEIGHTED FUND

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

Class T

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 $                              10.88

 

 $                            10.00

 

 

 

 

 

 

 

 

INCOME FROM INVESTMENT  

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

Net investment income (2)

 

                                    0.07

 

                                 0.21

 

Net realized and unrealized gain on investments  

 

                                    2.40

 

                                 0.80

 

Total from investment operations  

 

2.47

 

1.01

 

 

 

 

 

 

 

 

LESS DISTRIBUTIONS:  

 

 

 

 

 

From net investment income  

 

                                  (0.43)

 

                               (0.13)

 

From net realized gains on investments  

 

                                  (0.05)

 

                                      -   

 

Total distributions  

 

                                  (0.48)

 

                               (0.13)

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 $                              12.87

 

 $                            10.88

 

 

 

 

 

 

 

 

Total return (3)

 

                               23.12%

 

                             10.13%

(4)

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 $                                      5

 

 $                                    5

 

Ratios to average net assets   

 

 

 

 

 

    Expenses, before waiver/reimbursement

 

2.11%

 

3.92%

(5)

    Expenses, net waiver/reimbursement

 

1.65%

 

1.65%

(5)

    Net investment income, before waiver/reimbursement

 

0.13%

 

0.80%

(5)

    Net investment income, net waiver/reimbursement

 

0.59%

 

3.07%

(5)

Portfolio turnover rate

 

90.18%

 

27.47%

(4)

 

 

 

 

 

 

 

(1)

The Compass EMP International 500 Volatility Weighted Fund Class T commenced operations on November 19, 2012.

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions and does not reflect the impact of sales loads on Class T shares. Total return would have been higher or

 

 

lower if certain expenses had not been reimbursed or waived.

 

 

 

 

 

(4)

Not annualized.

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP EMERGING MARKET 500 VOLATILITY WEIGHTED FUND

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

Class A

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 $                                9.74

 

 $                        10.00

 

 

 

 

 

 

 

 

INCOME (LOSS) FROM INVESTMENT  

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

Net investment income (2)

 

                                    0.07

 

                              0.08

 

Net realized and unrealized gain (loss) on investments  

 

                                    0.96

 

                            (0.28)

 

Total from investment operations  

 

1.03

 

(0.20)

 

 

 

 

 

 

 

 

LESS DISTRIBUTIONS:  

 

 

 

 

 

From net investment income  

 

                                  (0.07)

 

                            (0.06)

 

Total distributions  

 

                                  (0.07)

 

                            (0.06)

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 $                              10.70

 

 $                          9.74

 

 

 

 

 

 

 

 

Total return (3)

 

                               10.57%

 

                        (1.97)%

(4)

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 $                              9,531

 

 $                        3,207

 

Ratios to average net assets   

 

 

 

 

 

    Expenses, before waiver/reimbursement

 

3.37%

 

8.32%

(5)

    Expenses, net waiver/reimbursement

 

1.45%

 

1.45%

(5)

    Net investment loss, before waiver/reimbursement

 

(1.25)%

 

(5.69)%

(5)

    Net investment income, net waiver/reimbursement

 

0.67%

 

1.18%

(5)

Portfolio turnover rate

 

48.99%

 

25.32%

(4)

 

 

 

 

 

 

 

(1)

The Compass EMP Emerging Market 500 Volatility Weighted Fund Class A commenced operations on November 19, 2012.

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions and does not reflect the impact of sales loads on Class A shares. Total return would have been higher or

 

 

lower if certain expenses had not been reimbursed or waived.

 

 

 

 

 

(4)

Not annualized.

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP EMERGING MARKET 500 VOLATILITY WEIGHTED FUND

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

Class C

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 $                                9.72

 

 $                        10.00

 

 

 

 

 

 

 

 

INCOME (LOSS) FROM INVESTMENT  

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

Net investment income (loss) (2)

 

                                  (0.01)

 

                              0.10

 

Net realized and unrealized gain (loss) on investments  

 

                                    0.96

 

                            (0.33)

 

Total from investment operations  

 

0.95

 

(0.23)

 

 

 

 

 

 

 

 

LESS DISTRIBUTIONS:  

 

 

 

 

 

From net investment income  

 

                                  (0.04)

 

                            (0.05)

 

Total distributions  

 

                                  (0.04)

 

                            (0.05)

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 $                              10.63

 

 $                          9.72

 

 

 

 

 

 

 

 

Total return (3)

 

                                 9.77%

 

                        (2.35)%

(4)

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 $                              1,602

 

 $                           209

 

Ratios to average net assets   

 

 

 

 

 

    Expenses, before waiver/reimbursement

 

4.12%

 

9.07%

(5)

    Expenses, net waiver/reimbursement

 

2.20%

 

2.20%

(5)

    Net investment loss, before waiver/reimbursement

 

(2.00)%

 

(5.40)%

(5)

    Net investment income (loss), net waiver/reimbursement

 

(0.08)%

 

1.47%

(5)

Portfolio turnover rate

 

48.99%

 

25.32%

(4)

 

 

 

 

 

 

 

(1)

The Compass EMP Emerging Market 500 Volatility Weighted Fund Class C commenced operations on November 19, 2012.

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions. Total return would have been higher or lower if certain expenses had not been reimbursed or waived.

 

(4)

Not annualized.

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP EMERGING MARKET 500 VOLATILITY WEIGHTED FUND

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

Class I

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 $                                9.75

 

 $                        10.00

 

 

 

 

 

 

 

 

INCOME (LOSS) FROM INVESTMENT  

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

Net investment income (2)

 

                                    0.09

 

                              0.14

 

Net realized and unrealized gain (loss) on investments  

 

                                    0.95

 

                            (0.32)

 

Total from investment operations  

 

1.04

 

(0.18)

 

 

 

 

 

 

 

 

LESS DISTRIBUTIONS:  

 

 

 

 

 

From net investment income  

 

                                  (0.09)

 

                            (0.07)

 

Total distributions  

 

                                  (0.09)

 

                            (0.07)

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 $                              10.70

 

 $                          9.75

 

 

 

 

 

 

 

 

Total return (3)

 

                               10.68%

 

                        (1.79)%

(4)

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 $                              8,236

 

 $                           970

 

Ratios to average net assets   

 

 

 

 

 

    Expenses, before waiver/reimbursement

 

3.12%

 

8.07%

(5)

    Expenses, net waiver/reimbursement

 

1.20%

 

1.20%

(5)

    Net investment loss, before waiver/reimbursement

 

(1.00)%

 

(4.81)%

(5)

    Net investment income, net waiver/reimbursement

 

0.92%

 

2.06%

(5)

Portfolio turnover rate

 

48.99%

 

25.32%

(4)

 

 

 

 

 

 

 

(1)

The Compass EMP Emerging Market 500 Volatility Weighted Fund Class I commenced operations on November 19, 2012.

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions. Total return would have been higher or lower if certain expenses had not been reimbursed or waived.

 

(4)

Not annualized.

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 



COMPASS EMP EMERGING MARKET 500 VOLATILITY WEIGHTED FUND

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

Class T

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 $                                9.72

 

 $                        10.00

 

 

 

 

 

 

 

 

INCOME (LOSS) FROM INVESTMENT  

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

Net investment income (2)

 

                                    0.06

 

                              0.12

 

Net realized and unrealized gain (loss) on investments  

 

                                    0.93

 

                            (0.33)

 

Total from investment operations  

 

0.99

 

(0.21)

 

 

 

 

 

 

 

 

LESS DISTRIBUTIONS:  

 

 

 

 

 

From net investment income  

 

                                  (0.05)

 

                            (0.07)

 

Total distributions  

 

                                  (0.05)

 

                            (0.07)

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 $                              10.66

 

 $                          9.72

 

 

 

 

 

 

 

 

Total return (3)

 

                               10.24%

 

                        (2.10)%

(4)

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 $                                 222

 

 $                              37

 

Ratios to average net assets   

 

 

 

 

 

    Expenses, before waiver/reimbursement

 

3.62%

 

8.57%

(5)

    Expenses, net waiver/reimbursement

 

1.70%

 

1.70%

(5)

    Net investment loss, before waiver/reimbursement

 

(1.31)%

 

(4.98)%

(5)

    Net investment income, net waiver/reimbursement

 

0.61%

 

1.89%

(5)

Portfolio turnover rate

 

48.99%

 

25.32%

(4)

 

 

 

 

 

 

 

(1)

The Compass EMP Emerging Market 500 Volatility Weighted Fund Class T commenced operations on November 19, 2012.

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions and does not reflect the impact of sales loads on Class T shares. Total return would have been higher or

 

 

lower if certain expenses had not been reimbursed or waived.

 

 

 

 

 

(4)

Not annualized.

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP REC ENHANCED VOLATILITY WEIGHTED FUND

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

Class A

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 $                              10.89

 

 $                        10.00

 

 

 

 

 

 

 

 

INCOME FROM INVESTMENT  

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

Net investment income (2)

 

                                    0.07

 

                              0.12

 

Net realized and unrealized gain on investments  

 

                                    0.69

 

                              0.97

 

Total from investment operations  

 

0.76

 

1.09

 

 

 

 

 

 

 

 

LESS DISTRIBUTIONS:  

 

 

 

 

 

From net investment income  

 

                                  (0.06)

 

                            (0.12)

 

In excess of net investment income

 

                                        -   

 

                            (0.08)

 

From net realized gains on investments  

 

                                  (0.16)

 

                                  -   

 

Return of capital

 

                                  (0.02)

 

                                  -   

 

Total distributions  

 

                                  (0.24)

 

                            (0.20)

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 $                              11.41

 

 $                        10.89

 

 

 

 

 

 

 

 

Total return (3)

 

                                 7.14%

 

                         10.82%

(4)

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 $                            12,343

 

 $                        3,395

 

Ratios to average net assets   

 

 

 

 

 

    Expenses, before waiver/reimbursement

 

1.67%

 

1.99%

(5)

    Expenses, net waiver/reimbursement

 

1.40%

 

1.40%

(5)

    Net investment income, before waiver/reimbursement

 

0.40%

 

1.25%

(5)

    Net investment income, net waiver/reimbursement

 

0.67%

 

1.84%

(5)

Portfolio turnover rate

 

                               62.60%

 

                         35.24%

(4)

 

 

 

 

 

 

 

(1)

The Compass EMP REC Enhanced Volatility Weighted Fund Class A commenced operations on November 19, 2012.

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions and does not reflect the impact of sales loads on Class A shares. Total return would have been higher or

 

 

lower if certain expenses had not been reimbursed or waived.

 

 

 

 

 

(4)

Not annualized.

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP REC ENHANCED VOLATILITY WEIGHTED FUND

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

Class C

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 $                              10.88

 

 $                        10.00

 

 

 

 

 

 

 

 

INCOME FROM INVESTMENT  

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

Net investment income (2)

 

                                  (0.01)

 

                              0.09

 

Net realized and unrealized gain on investments  

 

                                    0.68

 

                              0.96

 

Total from investment operations  

 

0.67

 

1.05

 

 

 

 

 

 

 

 

LESS DISTRIBUTIONS:  

 

 

 

 

 

From net investment income  

 

                                        -   

 

                            (0.09)

 

In excess of net investment income

 

                                        -   

 

                            (0.08)

 

From net realized gains on investments  

 

                                  (0.16)

 

                                  -   

 

Return of capital

 

                                  (0.03)

 

                                  -   

 

Total distributions  

 

                                  (0.19)

 

                            (0.17)

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 $                              11.36

 

 $                        10.88

 

 

 

 

 

 

 

 

Total return (3)

 

                                 6.25%

 

                         10.45%

(4)

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 $                                 883

 

 $                           337

 

Ratios to average net assets   

 

 

 

 

 

    Expenses, before waiver/reimbursement

 

2.42%

 

2.74%

(5)

    Expenses, net waiver/reimbursement

 

2.15%

 

2.15%

(5)

    Net investment income (loss), before waiver/reimbursement

 

(0.31)%

 

0.65%

(5)

    Net investment income (loss), net waiver/reimbursement

 

(0.04)%

 

1.24%

(5)

Portfolio turnover rate

 

                               62.60%

 

                         35.24%

(4)

 

 

 

 

 

 

 

(1)

The Compass EMP REC Enhanced Volatility Weighted Fund Class C commenced operations on November 19, 2012.

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions. Total return would have been higher or lower if certain expenses had not been reimbursed or waived.

 

(4)

Not annualized.

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP REC ENHANCED VOLATILITY WEIGHTED FUND

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

Class I

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 $                              10.89

 

 $                        10.00

 

 

 

 

 

 

 

 

INCOME FROM INVESTMENT  

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

Net investment income (2)

 

                                    0.08

 

                              0.19

 

Net realized and unrealized gain on investments  

 

                                    0.70

 

                              0.91

 

Total from investment operations  

 

0.78

 

1.10

 

 

 

 

 

 

 

 

LESS DISTRIBUTIONS:  

 

 

 

 

 

From net investment income  

 

                                  (0.08)

 

                            (0.18)

 

In excess of net investment income

 

                                        -   

 

                            (0.03)

 

From net realized gains on investments  

 

                                  (0.16)

 

                                  -   

 

Return of capital

 

                                  (0.02)

 

                                  -   

 

Total distributions  

 

                                  (0.26)

 

                            (0.21)

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 $                              11.41

 

 $                        10.89

 

 

 

 

 

 

 

 

Total return (3)

 

                                 7.36%

 

                         11.00%

(4)

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 $                            15,199

 

 $                           608

 

Ratios to average net assets   

 

 

 

 

 

    Expenses, before waiver/reimbursement

 

1.42%

 

1.74%

(5)

    Expenses, net waiver/reimbursement

 

1.15%

 

1.15%

(5)

    Net investment income, before waiver/reimbursement

 

0.47%

 

1.97%

(5)

    Net investment income, net waiver/reimbursement

 

0.74%

 

2.56%

(5)

Portfolio turnover rate

 

                               62.60%

 

                         35.24%

(4)

 

 

 

 

 

 

 

(1)

The Compass EMP REC Enhanced Volatility Weighted Fund Class I commenced operations on November 19, 2012.

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions. Total return would have been higher or lower if certain expenses had not been reimbursed or waived.

 

(4)

Not annualized.

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP REC ENHANCED VOLATILITY WEIGHTED FUND

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

Class T

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 $                              10.88

 

 $                        10.00

 

 

 

 

 

 

 

 

INCOME FROM INVESTMENT  

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

Net investment income (2)

 

                                    0.10

 

                              0.12

 

Net realized and unrealized gain on investments  

 

                                    0.62

 

                              0.95

 

Total from investment operations  

 

0.72

 

1.07

 

 

 

 

 

 

 

 

LESS DISTRIBUTIONS:  

 

 

 

 

 

From net investment income  

 

                                  (0.05)

 

                            (0.12)

 

In excess of net investment income

 

                                        -   

 

                            (0.07)

 

From net realized gains on investments  

 

                                  (0.16)

 

                                  -   

 

Retun of capital

 

                                  (0.02)

 

                                  -   

 

Total distributions  

 

                                  (0.23)

 

                            (0.19)

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 $                              11.37

 

 $                        10.88

 

 

 

 

 

 

 

 

Total return (3)

 

                                 6.77%

 

                         10.69%

(4)

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 $                                 169

 

 $                              21

 

Ratios to average net assets   

 

 

 

 

 

    Expenses, before waiver/reimbursement

 

1.92%

 

2.24%

(5)

    Expenses, net waiver/reimbursement

 

1.65%

 

1.65%

(5)

    Net investment income, before waiver/reimbursement

 

0.64%

 

1.17%

(5)

    Net investment income, net waiver/reimbursement

 

0.91%

 

1.76%

(5)

Portfolio turnover rate

 

                               62.60%

 

                         35.24%

(4)

 

 

 

 

 

 

 

(1)

The Compass EMP REC Enhanced Volatility Weighted Fund Class T commenced operations on November 19, 2012.

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions and does not reflect the impact of sales loads on Class T shares. Total return would have been higher or

 

 

lower if certain expenses had not been reimbursed or waived.

 

 

 

 

 

(4)

Not annualized.

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 


COMPASS EMP U.S. 500 ENHANCED VOLATILITY WEIGHTED FUND

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

Class A

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

Net asset value, beginning of period  

 $                              11.71

 

 $                        10.00

 

 

 

 

 

 

 

INCOME (LOSS) FROM INVESTMENT  

 

 

 

 

  OPERATIONS:  

 

 

 

 

Net investment income (2)

                                    0.03

 

                              0.04

 

Net realized and unrealized gain on investments  

                                    2.58

 

                              1.71

 

Total from investment operations  

2.61

 

1.75

 

 

 

 

 

 

 

LESS DISTRIBUTIONS:  

 

 

 

 

From net investment income  

                                  (0.13)

 

                            (0.04)

 

From net realized gains on investments  

                                  (0.03)

 

                                  -   

 

Total distributions  

                                  (0.16)

 

                            (0.04)

 

 

 

 

 

 

 

Net asset value, end of period  

 $                              14.16

 

 $                        11.71

 

 

 

 

 

 

 

Total return (3)

                               22.39%

 

                         17.49%

(4)

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

Net assets, end of period (in 000's)  

 $                            77,212

 

 $                      20,008

 

Ratios to average net assets   

 

 

 

 

    Expenses, before waiver/reimbursement

1.68%

 

1.89%

(5)

    Expenses, net waiver/reimbursement

1.60%

 

1.60%

(5)

    Net investment income, before waiver/reimbursement

0.17%

 

0.22%

(5)

    Net investment income, net waiver/reimbursement

0.25%

 

0.51%

(5)

Portfolio turnover rate

                               29.28%

 

                         12.78%

(4)

 

 

 

 

 

 

(1)

The Compass EMP U.S. 500 Enhanced Volatility Weighted Fund Class A commenced operations on November 19, 2012.

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions and does not reflect the impact of sales loads on Class A shares. Total return would have been higher or

 

 

lower if certain expenses had not been reimbursed or waived.

 

 

 

 

(4)

Not annualized.

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP U.S. 500 ENHANCED VOLATILITY WEIGHTED FUND

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

Class C

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 $                              11.67

 

 $                        10.00

 

 

 

 

 

 

 

 

INCOME (LOSS) FROM INVESTMENT  

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

Net investment loss (2)

 

                                  (0.07)

 

                            (0.03)

 

Net realized and unrealized gain on investments  

 

                                    2.57

 

                              1.72

 

Total from investment operations  

 

2.50

 

1.69

 

 

 

 

 

 

 

 

LESS DISTRIBUTIONS:  

 

 

 

 

 

From net investment income  

 

                                  (0.09)

 

                            (0.02)

 

From net realized gains on investments  

 

                                  (0.03)

 

                                  -   

 

Total distributions  

 

                                  (0.12)

 

                            (0.02)

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 $                              14.05

 

 $                        11.67

 

 

 

 

 

 

 

 

Total return (3)

 

                               21.52%

 

                         16.98%

(4)

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 $                            33,464

 

 $                        2,673

 

Ratios to average net assets   

 

 

 

 

 

    Expenses, before waiver/reimbursement

 

2.43%

 

2.64%

(5)

    Expenses, net waiver/reimbursement

 

2.35%

 

2.35%

(5)

    Net investment loss, before waiver/reimbursement

 

(0.58)%

 

(0.63)%

(5)

    Net investment loss, net waiver/reimbursement

 

(0.50)%

 

(0.34)%

(5)

Portfolio turnover rate

 

                               29.28%

 

                         12.78%

(4)

 

 

 

 

 

 

 

(1)

The Compass EMP U.S. 500 Enhanced Volatility Weighted Fund Class C commenced operations on November 19, 2012.

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions. Total return would have been higher or lower if certain expenses had not been reimbursed or waived.

 

(4)

Not annualized.

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP U.S. 500 ENHANCED VOLATILITY WEIGHTED FUND

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

 

 

 

 

Class I

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

 

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 

 

 $                              11.71

 

 $                        10.00

 

 

 

 

 

 

 

 

 

 

 

 

INCOME (LOSS) FROM INVESTMENT  

 

 

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

 

 

 

Net investment income (2)

 

 

 

 

                                    0.07

 

                              0.05

 

Net realized and unrealized gain on investments  

 

 

 

                                    2.57

 

                              1.71

 

Total from investment operations  

 

 

 

2.64

 

1.76

 

 

 

 

 

 

 

 

 

 

 

 

LESS DISTRIBUTIONS:  

 

 

 

 

 

 

 

 

From net investment income  

 

 

 

                                  (0.16)

 

                            (0.05)

 

From net realized gains on investments  

 

 

 

                                  (0.03)

 

                                  -   

 

Total distributions  

 

 

 

 

                                  (0.19)

 

                            (0.05)

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 

 

 $                              14.16

 

 $                        11.71

 

 

 

 

 

 

 

 

 

 

 

 

Total return (3)

 

 

 

 

                               22.66%

 

                         17.65%

(4)

 

 

 

 

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 

 

 $                            92,699

 

 $                        4,205

 

Ratios to average net assets   

 

 

 

 

 

 

 

    Expenses, before waiver/reimbursement

 

 

 

1.43%

 

1.64%

(5)

    Expenses, net waiver/reimbursement

 

 

 

1.35%

 

1.35%

(5)

    Net investment income, before waiver/reimbursement

 

0.42%

 

0.34%

(5)

    Net investment income, net waiver/reimbursement

 

 

0.50%

 

0.63%

(5)

Portfolio turnover rate

 

 

 

 

                               29.28%

 

                         12.78%

(4)

 

 

 

 

 

 

 

 

 

 

 

(1)

The Compass EMP U.S. 500 Enhanced Volatility Weighted Fund Class I commenced operations on November 19, 2012.

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions. Total return would have been higher or lower if certain expenses had not been reimbursed or waived.

 

(4)

Not annualized.

 

 

 

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP U.S. 500 ENHANCED VOLATILITY WEIGHTED FUND

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

 

 

 

 

Class T

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

 

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 

 

 $                              11.69

 

 $                        10.00

 

 

 

 

 

 

 

 

 

 

 

 

INCOME (LOSS) FROM INVESTMENT  

 

 

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

 

 

 

Net investment income (2)(3)

 

 

 

                                    0.00

 

                              0.00

 

Net realized and unrealized gain on investments  

 

 

 

                                    2.57

 

                              1.73

 

Total from investment operations  

 

 

 

2.57

 

1.73

 

 

 

 

 

 

 

 

 

 

 

 

LESS DISTRIBUTIONS:  

 

 

 

 

 

 

 

 

From net investment income  

 

 

 

                                  (0.11)

 

                            (0.04)

 

From net realized gains on investments  

 

 

 

                                  (0.03)

 

                                  -   

 

Total distributions  

 

 

 

 

                                  (0.14)

 

                            (0.04)

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 

 

 $                              14.12

 

 $                        11.69

 

 

 

 

 

 

 

 

 

 

 

 

Total return (4)

 

 

 

 

                               22.10%

 

                         17.35%

(5)

 

 

 

 

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 

 

 $                            10,384

 

 $                        1,077

 

Ratios to average net assets   

 

 

 

 

 

 

 

    Expenses, before waiver/reimbursement

 

 

 

1.93%

 

2.14%

(6)

    Expenses, net waiver/reimbursement

 

 

 

1.85%

 

1.85%

(6)

    Net investment loss, before waiver/reimbursement

 

 

(0.08)%

 

(0.24)%

(6)

    Net investment income, net waiver/reimbursement

 

 

0.00%

 

0.05%

(6)

Portfolio turnover rate

 

 

 

 

                               29.28%

 

                         12.78%

(5)

 

 

 

 

 

 

 

 

 

 

 

(1)

The Compass EMP U.S. 500 Enhanced Volatility Weighted Fund Class T commenced operations on November 19, 2012.

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

(3)

Amount represents less than $0.01 per share.

 

 

 

 

 

 

 

(4)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions and does not reflect the impact of sales loads on Class T shares. Total return would have been higher or

 

 

lower if certain expenses had not been reimbursed or waived.

 

 

 

 

 

(5)

Not annualized.

 

 

 

 

 

 

 

 

(6)

Annualized.

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP LONG/SHORT STRATEGIES FUND

 

 

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

 

 

 

 

Class A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

 

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 

 

 $                              10.36

 

 $                        10.00

 

 

 

 

 

 

 

 

 

 

 

 

INCOME (LOSS) FROM INVESTMENT  

 

 

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

 

 

 

Net investment loss (2)

 

 

 

 

                                  (0.09)

 

                            (0.05)

 

Net realized and unrealized gain on investments

 

 

 

                                    0.75

 

                              0.41

(3)

Total from investment operations  

 

 

 

0.66

 

0.36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 

 

 $                              11.02

 

 $                        10.36

 

 

 

 

 

 

 

 

 

 

 

 

Total return (4)

 

 

 

 

                                 6.37%

 

                           3.60%

(5)

 

 

 

 

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 

 

 $                              3,658

 

 $                        6,022

 

Ratios to average net assets   

 

 

 

 

 

 

 

    Expenses, before waiver/reimbursement (7)

 

 

 

1.76%

 

2.06%

(6)

    Expenses, net waiver/reimbursement (7)

 

 

 

1.60%

 

1.60%

(6)

    Net investment loss, before waiver/reimbursement (7)

 

 

(1.02)%

 

(1.17)%

(6)

    Net investment loss, net waiver/reimbursement (7)

 

 

 

(0.86)%

 

(0.71)%

(6)

Portfolio turnover rate

 

 

 

 

87.39%

 

0.14%

(5)

 

 

 

 

 

 

 

 

 

 

 

(1)

The Compass EMP Long/Short Strategies Fund  Class A commenced operations on November 19, 2012.

 

 

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

(3)

The amount of net realized and unrealized gain on investments per share for the period ended June 30, 2013 does not accord with the

 

 

amounts in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market

 

 

values.

 

 

 

 

 

 

 

 

 

(4)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions and does not reflect the impact of sales loads on Class A shares. Total return would have been higher or

 

 

lower if certain expenses had not been reimbursed or waived.

 

 

 

 

 

(5)

Not annualized.

 

 

 

 

 

 

 

 

(6)

Annualized.

 

 

 

 

 

 

 

 

(7)

The ratios of expenses to average net assets and net investment loss to average net assets do not reflect the expenses of the

 

 

underlying investment companies in which the Fund invests.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 



COMPASS EMP LONG/SHORT STRATEGIES FUND

 

 

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

 

 

 

 

Class C

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

 

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 

 

 $                              10.27

 

 $                        10.00

 

 

 

 

 

 

 

 

 

 

 

 

INCOME (LOSS) FROM INVESTMENT  

 

 

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

 

 

 

Net investment loss (2)

 

 

 

 

                                  (0.14)

 

                            (0.09)

 

Net realized and unrealized gain on investments

 

 

 

                                    0.72

 

                              0.36

(3)

Total from investment operations  

 

 

 

0.58

 

0.27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 

 

 $                              10.85

 

 $                        10.27

 

 

 

 

 

 

 

 

 

 

 

 

Total return (4)

 

 

 

 

                                 5.65%

 

                           2.70%

(5)

 

 

 

 

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 

 

 $                                    30

 

 $                                5

 

Ratios to average net assets   

 

 

 

 

 

 

 

    Expenses, before waiver/reimbursement (7)

 

 

 

2.51%

 

2.81%

(6)

    Expenses, net waiver/reimbursement (7)

 

 

 

2.35%

 

2.35%

(6)

    Net investment loss, before waiver/reimbursement (7)

 

 

(1.49)%

 

(1.89)%

(6)

    Net investment loss, net waiver/reimbursement (7)

 

 

 

(1.33)%

 

(1.43)%

(6)

Portfolio turnover rate

 

 

 

 

87.39%

 

0.14%

(5)

 

 

 

 

 

 

 

 

 

 

 

(1)

The Compass EMP Long/Short Strategies Fund Class C commenced operations on November 19, 2012.

 

 

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

(3)

The amount of net realized and unrealized gain on investments per share for the period ended June 30, 2013 does not accord with the

 

 

amounts in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market

 

 

values.

 

 

 

 

 

 

 

 

 

(4)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distribution. Total return would have been higher or lower if certain expenses had not been reimbursed or waived.

 

(5)

Not annualized.

 

 

 

 

 

 

 

 

(6)

Annualized.

 

 

 

 

 

 

 

 

(7)

The ratios of expenses to average net assets and net investment loss to average net assets do not reflect the expenses of the

 

 

underlying investment companies in which the Fund invests.

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP LONG/SHORT STRATEGIES FUND

 

 

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

 

 

 

 

Class I

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

 

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 

 

 $                              10.37

 

 $                        10.00

 

 

 

 

 

 

 

 

 

 

 

 

INCOME (LOSS) FROM INVESTMENT  

 

 

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

 

 

 

Net investment loss (2)

 

 

 

 

                                  (0.07)

 

                            (0.03)

 

Net realized and unrealized gain on investments

 

 

 

                                    0.77

 

                              0.40

(3)

Total from investment operations  

 

 

 

0.70

 

0.37

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 

 

 $                              11.07

 

 $                        10.37

 

 

 

 

 

 

 

 

 

 

 

 

Total return (4)

 

 

 

 

                                 6.75%

 

                           3.70%

(5)

 

 

 

 

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 

 

 $                            22,310

 

 $                        4,650

 

Ratios to average net assets   

 

 

 

 

 

 

 

    Expenses, before waiver/reimbursement (7)

 

 

 

1.51%

 

1.81%

(6)

    Expenses, net waiver/reimbursement (7)

 

 

 

1.35%

 

1.35%

(6)

    Net investment loss, before waiver/reimbursement (7)

 

 

(0.77)%

 

(0.94)%

(6)

    Net investment loss, net waiver/reimbursement (7)

 

 

 

(0.61)%

 

(0.48)%

(6)

Portfolio turnover rate

 

 

 

 

87.39%

 

0.14%

(5)

 

 

 

 

 

 

 

 

 

 

 

(1)

The Compass EMP Long/Short Strategies Fund Class I commenced operations on November 19, 2012.

 

 

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

(3)

The amount of net realized and unrealized gain on investments per share for the period ended June 30, 2013 does not accord with the

 

 

amounts in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market

 

 

values.

 

 

 

 

 

 

 

 

 

(4)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distribution. Total return would have been higher or lower if certain expenses had not been reimbursed or waived.

 

(5)

Not annualized.

 

 

 

 

 

 

 

 

(6)

Annualized.

 

 

 

 

 

 

 

 

(7)

The ratios of expenses to average net assets and net investment loss to average net assets do not reflect the expenses of the

 

 

underlying investment companies in which the Fund invests.

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 



COMPASS EMP LONG/SHORT STRATEGIES FUND

 

 

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

 

 

 

 

Class T

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

 

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 

 

 $                              10.35

 

 $                        10.00

 

 

 

 

 

 

 

 

 

 

 

 

INCOME (LOSS) FROM INVESTMENT  

 

 

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

 

 

 

Net investment loss (2)

 

 

 

 

                                  (0.05)

 

                            (0.06)

 

Net realized and unrealized gain on investments

 

 

 

                                    0.68

 

                              0.41

(3)

Total from investment operations  

 

 

 

0.63

 

0.35

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 

 

 $                              10.98

 

 $                        10.35

 

 

 

 

 

 

 

 

 

 

 

 

Total return (4)

 

 

 

 

                                 6.09%

 

                           3.50%

(5)

 

 

 

 

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 

 

 $                                    12

 

 $                                1

 

Ratios to average net assets   

 

 

 

 

 

 

 

    Expenses, before waiver/reimbursement (7)

 

 

 

2.01%

 

2.31%

(6)

    Expenses, net waiver/reimbursement (7)

 

 

 

1.85%

 

1.85%

(6)

    Net investment loss, before waiver/reimbursement (7)

 

 

(0.58)%

 

(1.37)%

(6)

    Net investment loss, net waiver/reimbursement (7)

 

 

 

(0.42)%

 

(0.91)%

(6)

Portfolio turnover rate

 

 

 

 

87.39%

 

0.14%

(5)

 

 

 

 

 

 

 

 

 

 

 

(1)

The Compass EMP Long/Short Strategies Fund Class T commenced operations on November 19, 2012.

 

 

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

(3)

The amount of net realized and unrealized gain on investments per share for the period ended June 30, 2013 does not accord with the

 

 

amounts in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market

 

 

values.

 

 

 

 

 

 

 

 

 

(4)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions and does not reflect the impact of sales loads on Class T shares. Total return would have been higher or

 

 

lower if certain expenses had not been reimbursed or waived.

 

 

 

 

 

(5)

Not annualized.

 

 

 

 

 

 

 

 

(6)

Annualized.

 

 

 

 

 

 

 

 

(7)

The ratios of expenses to average net assets and net investment loss to average net assets do not reflect the expenses of the

 

 

underlying investment companies in which the Fund invests.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP INTERNATIONAL 500 ENHANCED VOLATILITY WEIGHTED FUND

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

 

 

 

 

Class A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

 

 

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 

 

 $                              10.46

 

 $                           10.00

 

 

 

 

 

 

 

 

 

 

 

 

INCOME FROM INVESTMENT  

 

 

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

 

 

 

Net investment income (2)

 

 

 

 

                                    0.10

 

                                 0.12

 

Net realized and unrealized gain on investments  

 

 

 

                                    2.24

 

                                 0.44

 

Total from investment operations  

 

 

 

 

2.34

 

0.56

 

 

 

 

 

 

 

 

 

 

 

 

LESS DISTRIBUTIONS:  

 

 

 

 

 

 

 

 

From net investment income  

 

 

 

 

                                  (0.34)

 

                               (0.10)

 

From net realized gains on investments  

 

 

 

                                  (0.02)

 

                                     -   

 

Total distributions  

 

 

 

 

                                  (0.36)

 

                               (0.10)

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 

 

 

 $                              12.44

 

 $                           10.46

 

 

 

 

 

 

 

 

 

 

 

 

Total return (3)

 

 

 

 

                               22.73%

 

                              5.61%

(4)

 

 

 

 

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 

 

 $                            32,139

 

 $                         11,815

 

Ratios to average net assets   

 

 

 

 

 

 

 

 

    Expenses, before waiver/reimbursement

 

 

 

1.97%

 

3.59%

(5)

    Expenses, net waiver/reimbursement

 

 

 

1.65%

 

1.65%

(5)

    Net investment income (loss), before waiver/reimbursement

 

 

0.59%

 

(0.06)%

(5)

    Net investment income, net waiver/reimbursement

 

 

 

0.91%

 

1.88%

(5)

Portfolio turnover rate

 

 

 

 

80.56%

 

26.59%

(4)

 

 

 

 

 

 

 

 

 

 

 

(1)

The Compass EMP International 500 Enhanced Volatility Weighted Fund Class A commenced operations on November 19, 2012.

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions and does not reflect the impact of sales loads on Class A shares. Total return would have been higher or

 

 

lower if certain expenses had not been reimbursed or waived.

 

 

 

 

 

 

(4)

Not annualized.

 

 

 

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP INTERNATIONAL 500 ENHANCED VOLATILITY WEIGHTED FUND

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class C

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

 

 

 

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 

 

 

 $                              10.43

 

 $                           10.00

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME FROM INVESTMENT  

 

 

 

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

 

 

 

 

Net investment income (2)

 

 

 

 

 

                                    0.04

 

                                 0.18

 

Net realized and unrealized gain on investments  

 

 

 

 

                                    2.19

 

                                 0.34

 

Total from investment operations  

 

 

 

 

 

2.23

 

0.52

 

 

 

 

 

 

 

 

 

 

 

 

 

LESS DISTRIBUTIONS:  

 

 

 

 

 

 

 

 

 

From net investment income  

 

 

 

 

 

                                  (0.28)

 

                               (0.09)

 

From net realized gains on investments  

 

 

 

 

                                  (0.02)

 

                                     -   

 

Total distributions  

 

 

 

 

 

                                  (0.30)

 

                               (0.09)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 

 

 

 

 $                              12.36

 

 $                           10.43

 

 

 

 

 

 

 

 

 

 

 

 

 

Total return (3)

 

 

 

 

 

                               21.70%

 

                              5.20%

(4)

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 

 

 

 $                              6,255

 

 $                              429

 

Ratios to average net assets   

 

 

 

 

 

 

 

 

 

    Expenses, before waiver/reimbursement

 

 

 

 

2.72%

 

4.34%

(5)

    Expenses, net waiver/reimbursement

 

 

 

 

2.40%

 

2.40%

(5)

    Net investment income, before waiver/reimbursement

 

 

 

 

0.06%

 

0.83%

(5)

    Net investment income, net waiver/reimbursement

 

 

 

 

0.38%

 

2.77%

(5)

Portfolio turnover rate

 

 

 

 

 

80.56%

 

26.59%

(4)

 

 

 

 

 

 

 

 

 

 

 

 

(1)

The Compass EMP International 500 Enhanced Volatility Weighted Fund Class C commenced operations on November 19, 2012.

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions. Total return would have been higher or lower if certain expenses had not been reimbursed or waived.

 

(4)

Not annualized.

 

 

 

 

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 



COMPASS EMP INTERNATIONAL 500 ENHANCED VOLATILITY WEIGHTED FUND

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class I

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

 

 

 

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 

 

 

 $                              10.46

 

 $                           10.00

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME FROM INVESTMENT  

 

 

 

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

 

 

 

 

Net investment income (2)

 

 

 

 

 

                                    0.14

 

                                 0.16

 

Net realized and unrealized gain on investments  

 

 

 

 

                                    2.23

 

                                 0.41

 

Total from investment operations  

 

 

 

 

 

2.37

 

0.57

 

 

 

 

 

 

 

 

 

 

 

 

 

LESS DISTRIBUTIONS:  

 

 

 

 

 

 

 

 

 

From net investment income  

 

 

 

 

 

                                  (0.37)

 

                               (0.11)

 

From net realized gains on investments  

 

 

 

 

                                  (0.02)

 

                                     -   

 

Total distributions  

 

 

 

 

 

                                  (0.39)

 

                               (0.11)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 

 

 

 

 $                              12.44

 

 $                           10.46

 

 

 

 

 

 

 

 

 

 

 

 

 

Total return (3)

 

 

 

 

 

                               22.99%

 

                              5.67%

(4)

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 

 

 

 $                            57,920

 

 $                           7,063

 

Ratios to average net assets   

 

 

 

 

 

 

 

 

 

    Expenses, before waiver/reimbursement

 

 

 

 

1.72%

 

3.34%

(5)

    Expenses, net waiver/reimbursement

 

 

 

 

1.40%

 

1.40%

(5)

    Net investment income, before waiver/reimbursement

 

 

 

 

0.84%

 

0.55%

(5)

    Net investment income, net waiver/reimbursement

 

 

 

 

1.16%

 

2.49%

(5)

Portfolio turnover rate

 

 

 

 

 

80.56%

 

26.59%

(4)

 

 

 

 

 

 

 

 

 

 

 

 

(1)

The Compass EMP International 500 Enhanced Volatility Weighted Fund Class I commenced operations on November 19, 2012.

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions. Total return would have been higher or lower if certain expenses had not been reimbursed or waived.

 

(4)

Not annualized.

 

 

 

 

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP INTERNATIONAL 500 ENHANCED VOLATILITY WEIGHTED FUND

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class T

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

 

 

 

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 

 

 

 $                              10.45

 

 $                           10.00

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME FROM INVESTMENT  

 

 

 

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

 

 

 

 

Net investment income (2)

 

 

 

 

 

                                    0.18

 

                                 0.23

 

Net realized and unrealized gain on investments  

 

 

 

 

                                    2.13

 

                                 0.31

 

Total from investment operations  

 

 

 

 

 

2.31

 

0.54

 

 

 

 

 

 

 

 

 

 

 

 

 

LESS DISTRIBUTIONS:  

 

 

 

 

 

 

 

 

 

From net investment income  

 

 

 

 

 

                                  (0.33)

 

                               (0.09)

 

From net realized gains on investments  

 

 

 

 

                                  (0.02)

 

                                     -   

 

Total distributions  

 

 

 

 

 

                                  (0.35)

 

                               (0.09)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 

 

 

 

 $                              12.41

 

 $                           10.45

 

 

 

 

 

 

 

 

 

 

 

 

 

Total return (3)

 

 

 

 

 

                               22.42%

 

                              5.45%

(4)

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 

 

 

 $                              3,278

 

 $                                 53

 

Ratios to average net assets   

 

 

 

 

 

 

 

 

 

    Expenses, before waiver/reimbursement

 

 

 

 

2.22%

 

3.84%

(5)

    Expenses, net waiver/reimbursement

 

 

 

 

1.90%

 

1.90%

(5)

    Net investment income, before waiver/reimbursement

 

 

 

 

1.18%

 

1.51%

(5)

    Net investment income, net waiver/reimbursement

 

 

 

 

1.50%

 

3.45%

(5)

Portfolio turnover rate

 

 

 

 

 

80.56%

 

26.59%

(4)

 

 

 

 

 

 

 

 

 

 

 

 

(1)

The Compass EMP International 500 Enhanced Volatility Weighted Fund Class T commenced operations on November 19, 2012.

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions and does not reflect the impact of sales loads on Class T shares. Total return would have been higher or

 

 

lower if certain expenses had not been reimbursed or waived.

 

 

 

 

 

 

 

(4)

Not annualized.

 

 

 

 

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP COMMODITY STRATEGY ENHANCED VOLATILITY WEIGHTED FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

 

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 

 

 $                                9.39

 

 $                        10.00

 

 

 

 

 

 

 

 

 

 

 

 

LOSS FROM INVESTMENT  

 

 

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

 

 

 

Net investment loss (2)

 

 

 

 

                                  (0.08)

 

                            (0.05)

 

Net realized and unrealized gain (loss) on investments  

 

 

 

                                    0.24

 

                            (0.56)

 

Total from investment operations  

 

 

 

0.16

 

(0.61)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 

 

 

 $                                9.55

 

 $                          9.39

 

 

 

 

 

 

 

 

 

 

 

 

Total return (3)

 

 

 

 

                                 1.70%

 

                        (6.10)%

(4)

 

 

 

 

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 

 

 $                              1,845

 

 $                        3,505

 

Ratios to average net assets   

 

 

 

 

 

 

 

 

    Expenses, before waiver/reimbursement (6)

 

 

 

1.98%

 

1.71%

(5)

    Expenses, net waiver/reimbursement (6)

 

 

 

1.60%

 

1.60%

(5)

    Net investment loss, before waiver/reimbursement (6)

 

 

 

(1.35)%

 

(0.88)%

(5)

    Net investment loss, net waiver/reimbursement (6)

 

 

 

(0.97)%

 

(0.77)%

(5)

Portfolio turnover rate

 

 

 

 

41.81%

 

0.07%

(4)

 

 

 

 

 

 

 

 

 

 

 

(1)

The Compass EMP Commodity Strategy Enhanced Volatility Weighted Fund Class A commenced operations on November 19, 2012.

 

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

 

 

reinvestment of distributions and does not reflect the impact of sales loads on Class A shares. Total return would have been higher or

 

 

 

lower if certain expenses had not been reimbursed or waived.

 

 

 

 

 

 

 

(4)

Not annualized.

 

 

 

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

 

 

(6)

The ratios of expenses to average net assets and net investment loss to average net assets do not reflect the expenses of the

 

 

 

 

underlying investment companies in which the Fund invests.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP COMMODITY STRATEGY ENHANCED VOLATILITY WEIGHTED FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class C

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

 

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 

 

 

 $                                9.34

 

 $                        10.00

 

 

 

 

 

 

 

 

 

 

 

 

LOSS FROM INVESTMENT  

 

 

 

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

 

 

 

Net investment loss (2)

 

 

 

 

                                  (0.16)

 

                            (0.09)

 

Net realized and unrealized gain (loss) on investments  

 

 

 

                                    0.25

 

                            (0.57)

 

Total from investment operations  

 

 

 

 

0.09

 

(0.66)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 

 

 

 $                                9.43

 

 $                          9.34

 

 

 

 

 

 

 

 

 

 

 

 

Total return (3)

 

 

 

 

                                 0.96%

 

                        (6.60)%

(4)

 

 

 

 

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 

 

 

 $                                    57

 

 $                              16

 

Ratios to average net assets   

 

 

 

 

 

 

 

 

    Expenses, before waiver/reimbursement (6)

 

 

 

2.73%

 

2.46%

(5)

    Expenses, net waiver/reimbursement (6)

 

 

 

2.35%

 

2.35%

(5)

    Net investment loss, before waiver/reimbursement (6)

 

 

 

(2.10)%

 

(1.62)%

(5)

    Net investment loss, net waiver/reimbursement (6)

 

 

 

(1.72)%

 

(1.51)%

(5)

Portfolio turnover rate

 

 

 

 

41.81%

 

0.07%

(4)

 

 

 

 

 

 

 

 

 

 

 

(1)

The Compass EMP Strategy Enhanced Volatility Weighted Fund Class C commenced operations on November 19, 2012.

 

 

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

 

reinvestment of distributions. Total return would have been higher or lower if certain expenses had not been reimbursed or waived.

 

 

 

(4)

Not annualized.

 

 

 

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

 

 

(6)

The ratios of expenses to average net assets and net investment loss to average net assets do not reflect the expenses of the

 

 

 

 

underlying investment companies in which the Fund invests.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP COMMODITY STRATEGY ENHANCED VOLATILITY WEIGHTED FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class I

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

 

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 

 

 $                                9.41

 

 $                        10.00

 

 

 

 

 

 

 

 

 

 

 

 

LOSS FROM INVESTMENT  

 

 

 

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

 

 

 

Net investment loss (2)

 

 

 

 

                                  (0.07)

 

                            (0.04)

 

Net realized and unrealized gain (loss) on investments  

 

 

 

                                    0.26

 

                            (0.55)

 

Total from investment operations  

 

 

 

 

0.19

 

(0.59)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 

 

 

 $                                9.60

 

 $                          9.41

 

 

 

 

 

 

 

 

 

 

 

 

Total return (3)

 

 

 

 

                                 2.02%

 

                        (5.90)%

(4)

 

 

 

 

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 

 

 $                              9,452

 

 $                      13,844

 

Ratios to average net assets   

 

 

 

 

 

 

 

 

    Expenses, before waiver/reimbursement (6)

 

 

 

1.73%

 

1.46%

(5)

    Expenses, net waiver/reimbursement (6)

 

 

 

1.35%

 

1.35%

(5)

    Net investment loss, before waiver/reimbursement (6)

 

 

 

(1.10)%

 

(0.76)%

(5)

    Net investment loss, net waiver/reimbursement (6)

 

 

 

(0.72)%

 

(0.65)%

(5)

Portfolio turnover rate

 

 

 

 

41.81%

 

0.07%

(4)

 

 

 

 

 

 

 

 

 

 

 

(1)

The Compass EMP Strategy Enhanced Volatility Weighted Fund Class I commenced operations on November 19, 2012.

 

 

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

 

 

reinvestment of distributions. Total return would have been higher or lower if certain expenses had not been reimbursed or waived.

 

 

 

(4)

Not annualized.

 

 

 

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

 

 

(6)

The ratios of expenses to average net assets and net investment loss to average net assets do not reflect the expenses of the

 

 

 

 

underlying investment companies in which the Fund invests.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.




COMPASS EMP COMMODITY STRATEGY ENHANCED VOLATILITY WEIGHTED FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class T

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

 

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 

 

 $                                9.37

 

 $                        10.00

 

 

 

 

 

 

 

 

 

 

 

 

LOSS FROM INVESTMENT  

 

 

 

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

 

 

 

Net investment loss (2)

 

 

 

 

                                  (0.09)

 

                            (0.06)

 

Net realized and unrealized gain (loss) on investments  

 

 

 

                                    0.23

 

                            (0.57)

 

Total from investment operations  

 

 

 

 

0.14

 

(0.63)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 

 

 

 $                                9.51

 

 $                          9.37

 

 

 

 

 

 

 

 

 

 

 

 

Total return (3)

 

 

 

 

                                 1.49%

 

                        (6.30)%

(4)

 

 

 

 

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 

 

 $                                    89

 

 $                                1

 

Ratios to average net assets   

 

 

 

 

 

 

 

 

    Expenses, before waiver/reimbursement (6)

 

 

 

2.23%

 

1.96%

(5)

    Expenses, net waiver/reimbursement (6)

 

 

 

1.85%

 

1.85%

(5)

    Net investment loss, before waiver/reimbursement (6)

 

 

 

(1.30)%

 

(1.15)%

(5)

    Net investment loss, net waiver/reimbursement (6)

 

 

 

(0.92)%

 

(1.04)%

(5)

Portfolio turnover rate

 

 

 

 

41.81%

 

0.07%

(4)

 

 

 

 

 

 

 

 

 

 

 

(1)

The Compass EMP Strategy Enhanced Volatility Weighted Fund Class T commenced operations on November 19, 2012.

 

 

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

 

 

reinvestment of distributions and does not reflect the impact of sales loads on Class T shares. Total return would have been higher or

 

 

 

lower if certain expenses had not been reimbursed or waived.

 

 

 

 

 

 

 

(4)

Not annualized.

 

 

 

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

 

 

(6)

The ratios of expenses to average net assets and net investment loss to average net assets do not reflect the expenses of the

 

 

 

 

underlying investment companies in which the Fund invests.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP COMMODITY STRATEGIES VOLATILITY WEIGHTED FUND

 

CONSOLIDATED FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

 

 

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 

 

 $                                8.86

 

 $                        10.00

 

 

 

 

 

 

 

 

 

 

 

 

 

LOSS FROM INVESTMENT  

 

 

 

 

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

 

 

 

 

Net investment loss (2)

 

 

 

 

 

                                  (0.05)

 

                            (0.03)

 

Net realized and unrealized gain (loss) on investments  

 

 

 

                                    0.97

 

                            (1.11)

 

Total from investment operations  

 

 

 

 

0.92

 

(1.14)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 

 

 

 

 $                                9.78

 

 $                          8.86

 

 

 

 

 

 

 

 

 

 

 

 

 

Total return (3)

 

 

 

 

 

                               10.38%

 

                      (11.40)%

(4)

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 

 

 

 $                              3,987

 

 $                        3,309

 

Ratios to average net assets   

 

 

 

 

 

 

 

 

 

    Expenses, before waiver/reimbursement (6)

 

 

 

1.70%

 

1.53%

(5)

    Expenses, net waiver/reimbursement (6)

 

 

 

1.40%

 

1.40%

(5)

    Net investment loss, before waiver/reimbursement (6)

 

 

 

(0.82)%

 

(0.67)%

(5)

    Net investment loss, net waiver/reimbursement (6)

 

 

 

(0.52)%

 

(0.54)%

(5)

Portfolio turnover rate

 

 

 

 

 

13.00%

 

0.18%

(4)

 

 

 

 

 

 

 

 

 

 

 

 

(1)

The Compass EMP Commodity Strategies Volatility Weighted Fund Class A commenced operations on November 19, 2012.

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions and does not reflect the impact of sales loads on Class A shares.  Total return would have been higher or lower

 

 

if certain expenses had not been reimbursed or waived.

 

 

 

 

 

 

 

(4)

Not annualized.

 

 

 

 

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

 

 

 

(6)

The ratios of expenses to average net assets and net investment loss to average net assets do not reflect the expenses of the underlying

 

 

 investment companies in which the Fund invests.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP COMMODITY STRATEGIES VOLATILITY WEIGHTED FUND

 

CONSOLIDATED FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

 

 

 

 

 

Class C

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

 

 

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 

 

 $                                8.82

 

 $                        10.00

 

 

 

 

 

 

 

 

 

 

 

 

 

LOSS FROM INVESTMENT  

 

 

 

 

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

 

 

 

 

Net investment loss (2)

 

 

 

 

 

                                  (0.12)

 

                            (0.07)

 

Net realized and unrealized gain (loss) on investments  

 

 

 

                                    0.96

 

                            (1.11)

 

Total from investment operations  

 

 

 

 

0.84

 

(1.18)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 

 

 

 

 $                                9.66

 

 $                          8.82

 

 

 

 

 

 

 

 

 

 

 

 

 

Total return (3)

 

 

 

 

 

                                 9.52%

 

                      (11.80)%

(4)

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 

 

 

 $                                 186

 

 $                              73

 

Ratios to average net assets   

 

 

 

 

 

 

 

 

 

    Expenses, before waiver/reimbursement (6)

 

 

 

2.45%

 

2.28%

(5)

    Expenses, net waiver/reimbursement (6)

 

 

 

2.15%

 

2.15%

(5)

    Net investment loss, before waiver/reimbursement (6)

 

 

 

(1.57)%

 

(1.42)%

(5)

    Net investment loss, net waiver/reimbursement (6)

 

 

 

(1.27)%

 

(1.29)%

(5)

Portfolio turnover rate

 

 

 

 

 

13.00%

 

0.18%

(4)

 

 

 

 

 

 

 

 

 

 

 

 

(1)

The Compass EMP Commodity Strategies Volatility Weighted Fund Class C commenced operations on November 19, 2012.

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions. Total return would have been higher or lower if certain expenses had not been reimbursed or waived.

 

(4)

Not annualized.

 

 

 

 

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

 

 

 

(6)

The ratios of expenses to average net assets and net investment loss to average net assets do not reflect the expenses of the underlying

 

 

 investment companies in which the Fund invests.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP COMMODITY STRATEGIES VOLATILITY WEIGHTED FUND

 

CONSOLIDATED FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

 

 

 

 

 

Class I

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

 

 

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 

 

 $                                8.87

 

 $                        10.00

 

 

 

 

 

 

 

 

 

 

 

 

 

LOSS FROM INVESTMENT  

 

 

 

 

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

 

 

 

 

Net investment loss (2)

 

 

 

 

 

                                  (0.03)

 

                            (0.02)

 

Net realized and unrealized gain (loss) on investments  

 

 

 

                                    0.98

 

                            (1.11)

 

Total from investment operations  

 

 

 

 

0.95

 

(1.13)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 

 

 

 

 $                                9.82

 

 $                          8.87

 

 

 

 

 

 

 

 

 

 

 

 

 

Total return (3)

 

 

 

 

 

                               10.71%

 

                      (11.30)%

(4)

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 

 

 

 $                            10,035

 

 $                        6,379

 

Ratios to average net assets   

 

 

 

 

 

 

 

 

 

    Expenses, before waiver/reimbursement (6)

 

 

 

1.45%

 

1.28%

(5)

    Expenses, net waiver/reimbursement (6)

 

 

 

1.15%

 

1.15%

(5)

    Net investment loss, before waiver/reimbursement (6)

 

 

 

(0.57)%

 

(0.48)%

(5)

    Net investment loss, net waiver/reimbursement (6)

 

 

 

(0.27)%

 

(0.35)%

(5)

Portfolio turnover rate

 

 

 

 

 

13.00%

 

0.18%

(4)

 

 

 

 

 

 

 

 

 

 

 

 

(1)

The Compass EMP Commodity Strategies Volatility Weighted Fund Class I commenced operations on November 19, 2012.

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions. Total return would have been higher or lower if certain expenses had not been reimbursed or waived.

 

(4)

Not annualized.

 

 

 

 

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

 

 

 

(6)

The ratios of expenses to average net assets and net investment loss to average net assets do not reflect the expenses of the underlying

 

 

 investment companies in which the Fund invests.

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 



COMPASS EMP COMMODITY STRATEGIES VOLATILITY WEIGHTED FUND

 

CONSOLIDATED FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

 

 

 

 

 

Class T

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

 

 

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 

 

 $                                8.85

 

 $                        10.00

 

 

 

 

 

 

 

 

 

 

 

 

 

LOSS FROM INVESTMENT  

 

 

 

 

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

 

 

 

 

Net investment loss (2)

 

 

 

 

 

                                  (0.07)

 

                            (0.05)

 

Net realized and unrealized gain (loss) on investments  

 

 

 

                                    0.96

 

                            (1.10)

 

Total from investment operations  

 

 

 

 

0.89

 

(1.15)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 

 

 

 

 $                                9.74

 

 $                          8.85

 

 

 

 

 

 

 

 

 

 

 

 

 

Total return (3)

 

 

 

 

 

                               10.06%

 

                      (11.50)%

(4)

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 

 

 

 $                                    20

 

 $                              18

 

Ratios to average net assets   

 

 

 

 

 

 

 

 

 

    Expenses, before waiver/reimbursement (6)

 

 

 

1.95%

 

1.78%

(5)

    Expenses, net waiver/reimbursement (6)

 

 

 

1.65%

 

1.65%

(5)

    Net investment loss, before waiver/reimbursement (6)

 

 

 

(1.07)%

 

(0.91)%

(5)

    Net investment loss, net waiver/reimbursement (6)

 

 

 

(0.77)%

 

(0.78)%

(5)

Portfolio turnover rate

 

 

 

 

 

13.00%

 

0.18%

(4)

 

 

 

 

 

 

 

 

 

 

 

 

(1)

The Compass EMP Commodity Strategies Volatility Weighted Fund Class T commenced operations on November 19, 2012.

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions and does not reflect the impact of sales loads on Class T shares.  Total return would have been higher or lower

 

 

if certain expenses had not been reimbursed or waived.

 

 

 

 

 

 

 

(4)

Not annualized.

 

 

 

 

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

 

 

 

(6)

The ratios of expenses to average net assets and net investment loss to average net assets do not reflect the expenses of the underlying

 

 

 investment companies in which the Fund invests.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP MARKET NEUTRAL INCOME FUND

 

 

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

 

 

 

 

Class A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

 

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 

 

 $                                9.78

 

 $                        10.00

 

 

 

 

 

 

 

 

 

 

 

 

INCOME (LOSS) FROM INVESTMENT  

 

 

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

 

 

 

Net investment income (loss) (2)

 

 

 

                                    0.11

 

                            (0.01)

 

Net realized and unrealized gain (loss) on investments  

 

 

                                    0.00

(7)

                            (0.21)

 

Total from investment operations  

 

 

 

0.11

 

(0.22)

 

 

 

 

 

 

 

 

 

 

 

 

LESS DISTRIBUTIONS:  

 

 

 

 

 

 

 

 

From net investment income  

 

 

 

                                  (0.05)

 

                                  -   

 

Total distributions  

 

 

 

 

                                  (0.05)

 

                                  -   

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 

 

 $                                9.84

 

 $                          9.78

 

 

 

 

 

 

 

 

 

 

 

 

Total return (3)

 

 

 

 

                                 1.15%

 

                        (2.20)%

(4)

 

 

 

 

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 

 

 $                            28,924

 

 $                      11,648

 

Ratios to average net assets   

 

 

 

 

 

 

 

    Expenses, before waiver/reimbursement (6)

 

 

 

1.25%

 

1.35%

(5)

    Expenses, net waiver/reimbursement (6)

 

 

 

1.15%

 

1.15%

(5)

    Net investment income (loss), before waiver/reimbursement (6)

 

0.99%

 

(0.43)%

(5)

    Net investment income (loss), net waiver/reimbursement (6)

 

1.09%

 

(0.23)%

(5)

Portfolio turnover rate

 

 

 

 

190.17%

 

0.08%

(4)

 

 

 

 

 

 

 

 

 

 

 

(1)

The Compass EMP Market Nuetral Income Fund Class A commenced operations on November 19, 2012.

 

 

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions and does not reflect the impact of sales loads on Class A shares.  Total return would have been higher or

 

 

lower if certain expenses had not been reimbursed or waived.

 

 

 

 

 

(4)

Not annualized.

 

 

 

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

 

 

(6)

The ratios of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of

 

 

the underlying investment companies in which the Fund invests.

 

 

 

 

 

(7)

Amount represents less than $0.01 per share.

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP MARKET NEUTRAL INCOME FUND

 

 

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

 

 

 

 

Class C

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

 

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 

 

 $                                9.74

 

 $                        10.00

 

 

 

 

 

 

 

 

 

 

 

 

INCOME (LOSS) FROM INVESTMENT  

 

 

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

 

 

 

Net investment income (loss) (2)

 

 

 

                                    0.01

 

                            (0.06)

 

Net realized and unrealized gain (loss) on investments  

 

 

                                    0.02

 

                            (0.20)

 

Total from investment operations  

 

 

 

0.03

 

(0.26)

 

 

 

 

 

 

 

 

 

 

 

 

LESS DISTRIBUTIONS:  

 

 

 

 

 

 

 

 

From net investment income  

 

 

 

                                  (0.03)

 

                                  -   

 

Total distributions  

 

 

 

 

                                  (0.03)

 

                                  -   

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 

 

 $                                9.74

 

 $                          9.74

 

 

 

 

 

 

 

 

 

 

 

 

Total return (3)

 

 

 

 

                                 0.34%

 

                        (2.60)%

(4)

 

 

 

 

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 

 

 $                                 267

 

 $                           137

 

Ratios to average net assets   

 

 

 

 

 

 

 

    Expenses, before waiver/reimbursement (6)

 

 

 

2.00%

 

2.10%

(5)

    Expenses, net waiver/reimbursement (6)

 

 

 

1.90%

 

1.90%

(5)

    Net investment loss, before waiver/reimbursement (6)

 

(0.04)%

 

(1.13)%

(5)

    Net investment income (loss), net waiver/reimbursement (6)

 

0.06%

 

(0.93)%

(5)

Portfolio turnover rate

 

 

 

 

190.17%

 

0.08%

(4)

 

 

 

 

 

 

 

 

 

 

 

(1)

The Compass EMP Market Nuetral Income Fund Class C commenced operations on November 19, 2012.

 

 

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions.  Total return would have been higher or lower if certain expenses had not been reimbursed or waived.

 

(4)

Not annualized.

 

 

 

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

 

 

(6)

The ratios of expenses to average net assets and net investment loss to average net assets do not reflect the expenses of

 

 

the underlying investment companies in which the Fund invests.

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP MARKET NEUTRAL INCOME FUND

 

 

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

 

 

 

 

Class I

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

 

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 

 

 $                                9.81

 

 $                        10.00

 

 

 

 

 

 

 

 

 

 

 

 

INCOME (LOSS) FROM INVESTMENT  

 

 

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

 

 

 

Net investment income (2)

 

 

 

 

                                    0.10

 

                              0.00

(3)

Net realized and unrealized gain (loss) on investments  

 

 

                                    0.04

 

                            (0.19)

 

Total from investment operations  

 

 

 

0.14

 

(0.19)

 

 

 

 

 

 

 

 

 

 

 

 

LESS DISTRIBUTIONS:  

 

 

 

 

 

 

 

 

From net investment income  

 

 

 

                                  (0.06)

 

                                  -   

 

Total distributions  

 

 

 

 

                                  (0.06)

 

                                  -   

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 

 

 $                                9.89

 

 $                          9.81

 

 

 

 

 

 

 

 

 

 

 

 

Total return (4)

 

 

 

 

                                 1.44%

 

                        (1.90)%

(5)

 

 

 

 

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 

 

 $                            33,773

 

 $                        9,095

 

Ratios to average net assets   

 

 

 

 

 

 

 

    Expenses, before waiver/reimbursement (7)

 

 

 

1.00%

 

1.10%

(6)

    Expenses, net waiver/reimbursement (7)

 

 

 

0.90%

 

0.90%

(6)

    Net investment income (loss), before waiver/reimbursement (7)

 

0.87%

 

(0.20)%

(6)

    Net investment income (loss), net waiver/reimbursement (7)

 

0.97%

 

0.00%

(6)

Portfolio turnover rate

 

 

 

 

190.17%

 

0.08%

(5)

 

 

 

 

 

 

 

 

 

 

 

(1)

The Compass EMP Market Nuetral Income Fund Class I commenced operations on November 19, 2012.

 

 

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

(3)

Amount represents less than $0.01 per share.

 

 

 

 

 

 

 

(4)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions.  Total return would have been higher or lower if certain expenses had not been reimbursed or waived.

 

(5)

Not annualized.

 

 

 

 

 

 

 

 

(6)

Annualized.

 

 

 

 

 

 

 

 

(7)

The ratios of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of

 

 

the underlying investment companies in which the Fund invests.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP MARKET NEUTRAL INCOME FUND

 

 

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

 

 

 

 

Class T

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

 

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 

 

 $                                9.77

 

 $                        10.00

 

 

 

 

 

 

 

 

 

 

 

 

INCOME (LOSS) FROM INVESTMENT  

 

 

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

 

 

 

Net investment income (loss) (2)

 

 

 

                                    0.06

 

                            (0.03)

 

Net realized and unrealized gain (loss) on investments  

 

 

                                    0.02

 

                            (0.20)

 

Total from investment operations  

 

 

 

0.08

 

(0.23)

 

 

 

 

 

 

 

 

 

 

 

 

LESS DISTRIBUTIONS:  

 

 

 

 

 

 

 

 

From net investment income  

 

 

 

                                  (0.04)

 

                                  -   

 

Total distributions  

 

 

 

 

                                  (0.04)

 

                                  -   

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 

 

 $                                9.81

 

 $                          9.77

 

 

 

 

 

 

 

 

 

 

 

 

Total return (3)

 

 

 

 

                                 0.85%

 

                        (2.30)%

(4)

 

 

 

 

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 

 

 $                                    75

 

 $                              34

 

Ratios to average net assets   

 

 

 

 

 

 

 

    Expenses, before waiver/reimbursement (6)

 

 

 

1.50%

 

1.60%

(5)

    Expenses, net waiver/reimbursement (6)

 

 

 

1.40%

 

1.40%

(5)

    Net investment income (loss), before waiver/reimbursement (6)

 

0.49%

 

(0.63)%

(5)

    Net investment income (loss), net waiver/reimbursement (6)

 

0.59%

 

(0.43)%

(5)

Portfolio turnover rate

 

 

 

 

190.17%

 

0.08%

(4)

 

 

 

 

 

 

 

 

 

 

 

(1)

The Compass EMP Market Nuetral Income Fund Class T commenced operations on November 19, 2012.

 

 

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions and does not reflect the impact of sales loads on Class T shares.  Total return would have been higher or lower

 

if certain expenses had not been reimbursed or waived.

 

 

 

 

 

(4)

Not annualized.

 

 

 

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

 

 

(6)

The ratios of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of

 

 

the underlying investment companies in which the Fund invests.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.




COMPASS EMP ENHANCED FIXED INCOME FUND

 

 

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

 

 

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 

 

 $                                9.71

 

 $                      10.00

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME (LOSS) FROM INVESTMENT  

 

 

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

 

 

 

 

Net investment income (2)

 

 

 

 

 

                                    0.00

(7)

                           0.01

 

Net realized and unrealized gain (loss) on investments  

 

 

 

                                    0.19

 

                         (0.29)

 

Total from investment operations  

 

 

 

0.19

 

(0.28)

 

 

 

 

 

 

 

 

 

 

 

 

 

LESS DISTRIBUTIONS:  

 

 

 

 

 

 

 

 

 

From net investment income  

 

 

 

 

                                  (0.00)

(7)

                         (0.01)

 

Total distributions  

 

 

 

 

 

                                  (0.00)

 

                         (0.01)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 

 

 

 $                                9.90

 

 $                        9.71

 

 

 

 

 

 

 

 

 

 

 

 

 

Total return (3)

 

 

 

 

 

                                 2.00%

 

                      (2.76)%

(4)

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 

 

 $                            30,145

 

 $                    36,826

 

Ratios to average net assets   

 

 

 

 

 

 

 

 

    Expenses, before waiver/reimbursement (6)

 

 

 

0.94%

 

1.02%

(5)

    Expenses, net waiver/reimbursement (6)

 

 

 

0.85%

 

0.85%

(5)

    Net investment income (loss), before waiver/reimbursement (6)

 

(0.06)%

 

0.06%

(5)

    Net investment income, net waiver/reimbursement (6)

 

 

 

0.03%

 

0.23%

(5)

Portfolio turnover rate

 

 

 

 

 

                               26.52%

 

                         0.04%

(4)

 

 

 

 

 

 

 

 

 

 

 

 

(1)

The Compass EMP Enhanced Fixed Income Fund Class A commenced operations on November 19, 2012.

 

 

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions and does not reflect the impact of sales loads on Class A shares.  Total return would have been higher or lower

 

 

if certain expenses had not been reimbursed or waived.

 

 

 

 

 

 

 

(4)

Not annualized.

 

 

 

 

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

 

 

 

(6)

The ratios of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses

 

 

 of the underlying investment companies in which the Fund invests.

 

 

 

 

 

(7)

Amount represents less than $0.01 per share.

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP ENHANCED FIXED INCOME FUND

 

 

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

 

 

 

 

 

Class C

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

 

 

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 

 

 $                                9.68

 

 $                      10.00

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME (LOSS) FROM INVESTMENT  

 

 

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

 

 

 

 

Net investment loss (2)

 

 

 

 

 

                                  (0.07)

 

                         (0.03)

 

Net realized and unrealized gain (loss) on investments  

 

 

 

                                    0.19

 

                         (0.28)

 

Total from investment operations  

 

 

 

0.12

 

(0.31)

 

 

 

 

 

 

 

 

 

 

 

 

 

LESS DISTRIBUTIONS:  

 

 

 

 

 

 

 

 

 

From net investment income  

 

 

 

 

                                        -   

 

                         (0.01)

 

Total distributions  

 

 

 

 

 

                                        -   

 

                         (0.01)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 

 

 

 $                                9.80

 

 $                        9.68

 

 

 

 

 

 

 

 

 

 

 

 

 

Total return (3)

 

 

 

 

 

                                 1.24%

 

                      (3.15)%

(4)

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 

 

 $                                 404

 

 $                         282

 

Ratios to average net assets   

 

 

 

 

 

 

 

 

    Expenses, before waiver/reimbursement (6)

 

 

 

1.69%

 

1.77%

(5)

    Expenses, net waiver/reimbursement (6)

 

 

 

1.60%

 

1.60%

(5)

    Net investment loss, before waiver/reimbursement (6)

 

 

 

(0.81)%

 

(0.58)%

(5)

    Net investment loss, net waiver/reimbursement (6)

 

 

 

(0.72)%

 

(0.41)%

(5)

Portfolio turnover rate

 

 

 

 

 

                               26.52%

 

                         0.04%

(4)

 

 

 

 

 

 

 

 

 

 

 

 

(1)

The Compass EMP Enhanced Fixed Income Fund Class C commenced operations on November 19, 2012.

 

 

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions.  Total return would have been higher or lower if certain expenses had not been reimbursed or waived.

 

(4)

Not annualized.

 

 

 

 

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

 

 

 

(6)

The ratios of expenses to average net assets and net investment loss to average net assets do not reflect the expenses

 

 

 

 of the underlying investment companies in which the Fund invests.

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 



COMPASS EMP ENHANCED FIXED INCOME FUND

 

 

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

 

 

 

 

 

Class I

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

 

 

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 

 

 $                                9.72

 

 $                      10.00

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME (LOSS) FROM INVESTMENT  

 

 

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

 

 

 

 

Net investment income (2)

 

 

 

 

 

                                    0.03

 

                           0.03

 

Net realized and unrealized gain (loss) on investments  

 

 

 

                                    0.19

 

                         (0.29)

 

Total from investment operations  

 

 

 

0.22

 

(0.26)

 

 

 

 

 

 

 

 

 

 

 

 

 

LESS DISTRIBUTIONS:  

 

 

 

 

 

 

 

 

 

From net investment income  

 

 

 

 

                                  (0.03)

 

                         (0.02)

 

Total distributions  

 

 

 

 

 

                                  (0.03)

 

                         (0.02)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 

 

 

 $                                9.91

 

 $                        9.72

 

 

 

 

 

 

 

 

 

 

 

 

 

Total return (3)

 

 

 

 

 

                                 2.25%

 

                      (2.60)%

(4)

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 

 

 $                            18,139

 

 $                              1

 

Ratios to average net assets   

 

 

 

 

 

 

 

 

    Expenses, before waiver/reimbursement (6)

 

 

 

0.69%

 

0.77%

(5)

    Expenses, net waiver/reimbursement (6)

 

 

 

0.60%

 

0.60%

(5)

    Net investment income, before waiver/reimbursement (6)

 

 

0.19%

 

0.31%

(5)

    Net investment income, net waiver/reimbursement (6)

 

 

 

0.28%

 

0.48%

(5)

Portfolio turnover rate

 

 

 

 

 

                               26.52%

 

                         0.04%

(4)

 

 

 

 

 

 

 

 

 

 

 

 

(1)

The Compass EMP Enhanced Fixed Income Fund Class I commenced operations on November 19, 2012.

 

 

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions.  Total return would have been higher or lower if certain expenses had not been reimbursed or waived.

 

(4)

Not annualized.

 

 

 

 

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

 

 

 

(6)

The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses

 

 

 of the underlying investment companies in which the Fund invests.

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP ENHANCED FIXED INCOME FUND

 

 

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

 

 

 

 

 

Class T

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

 

 

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 

 

 $                                9.71

 

 $                      10.00

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME (LOSS) FROM INVESTMENT  

 

 

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

 

 

 

 

Net investment income (loss) (2)

 

 

 

                                  (0.02)

 

                           0.01

 

Net realized and unrealized gain (loss) on investments  

 

 

 

                                    0.19

 

                         (0.29)

 

Total from investment operations  

 

 

 

0.17

 

(0.28)

 

 

 

 

 

 

 

 

 

 

 

 

 

LESS DISTRIBUTIONS:  

 

 

 

 

 

 

 

 

 

From net investment income  

 

 

 

 

                                  (0.00)

(7)

                         (0.01)

 

Total distributions  

 

 

 

 

 

                                  (0.00)

 

                         (0.01)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 

 

 

 $                                9.88

 

 $                        9.71

 

 

 

 

 

 

 

 

 

 

 

 

 

Total return (3)

 

 

 

 

 

                                 1.76%

 

                      (2.80)%

(4)

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 

 

 $                                 246

 

 $                         102

 

Ratios to average net assets   

 

 

 

 

 

 

 

 

    Expenses, before waiver/reimbursement (6)

 

 

 

1.19%

 

1.27%

(5)

    Expenses, net waiver/reimbursement (6)

 

 

 

1.10%

 

1.10%

(5)

    Net investment loss, before waiver/reimbursement (6)

 

 

 

(0.31)%

 

(0.08)%

(5)

    Net investment income (loss), net waiver/reimbursement (6)

 

(0.22)%

 

0.09%

(5)

Portfolio turnover rate

 

 

 

 

 

                               26.52%

 

                         0.04%

(4)

 

 

 

 

 

 

 

 

 

 

 

 

(1)

The Compass EMP Enhanced Fixed Income Fund Class T commenced operations on November 19, 2012.

 

 

 

(2)

Per share amounts calculated using average shares method.

 

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions and does not reflect the impact of sales loads on Class T shares.  Total return would have been higher or lower

 

 

if certain expenses had not been reimbursed or waived.

 

 

 

 

 

 

 

(4)

Not annualized.

 

 

 

 

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

 

 

 

(6)

The ratios of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses

 

 

 of the underlying investment companies in which the Fund invests.

 

 

 

 

 

(7)

Amount represents less than $0.01 per share.

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP ULTRA SHORT-TERM FIXED INCOME FUND

 

 

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

 

 

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 

 

 

 $                              10.00

 

 $                        10.00

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME (LOSS) FROM INVESTMENT  

 

 

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

                                    0.03

 

                              0.03

 

Net realized and unrealized gain on investments (2)

 

 

 

0.00

 

0.00

 

Total from investment operations  

 

 

 

 

0.03

 

0.03

 

 

 

 

 

 

 

 

 

 

 

 

 

LESS DISTRIBUTIONS:  

 

 

 

 

 

 

 

 

 

From net investment income  

 

 

 

 

                                  (0.03)

 

                            (0.03)

 

Total distributions  

 

 

 

 

 

                                  (0.03)

 

                            (0.03)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 

 

 

 $                              10.00

 

 $                        10.00

 

 

 

 

 

 

 

 

 

 

 

 

 

Total return (3)

 

 

 

 

 

0.30%

 

0.25%

(4)

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 

 

 

 $                              5,965

 

 $                        5,161

 

Ratios to average net assets   

 

 

 

 

 

 

 

 

    Expenses, before waiver/reimbursement

 

 

 

0.96%

 

1.06%

(5)

    Expenses, net waiver/reimbursement

 

 

 

 

0.50%

 

0.55%

(5)

    Net investment loss, before waiver/reimbursement

 

 

 

(0.14)%

 

(0.06)%

(5)

    Net investment income, net waiver/reimbursement

 

 

 

0.32%

 

0.45%

(5)

Portfolio turnover rate

 

 

 

 

 

0%

 

0%

(4)

 

 

 

 

 

 

 

 

 

 

 

 

(1)

The Compass EMP Ultra Short-Term Fixed Income Fund Class A commenced operations on November 19, 2012.

 

 

 

(2)

Amount represents less than $0.01 per share.

 

 

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions and does not reflect the impact of sales loads on Class A shares.  Total return would have been higher or lower

 

 

if certain expenses had not been reimbursed or waived.

 

 

 

 

 

 

 

(4)

Not annualized.

 

 

 

 

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP ULTRA SHORT-TERM FIXED INCOME FUND

 

 

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class I

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

For the Period Ended

 

 

 

 

 

 

 

 

June 30, 2014

 

June 30, 2013 (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period  

 

 

 

 

 $                              10.00

 

 $                        10.00

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME (LOSS) FROM INVESTMENT  

 

 

 

 

 

 

 

  OPERATIONS:  

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

                                    0.06

 

                              0.03

 

Net realized and unrealized gain on investments (2)

 

 

 

0.00

 

0.00

 

Total from investment operations  

 

 

 

 

0.06

 

0.03

 

 

 

 

 

 

 

 

 

 

 

 

 

LESS DISTRIBUTIONS:  

 

 

 

 

 

 

 

 

 

From net investment income  

 

 

 

 

                                  (0.06)

 

                            (0.03)

 

Total distributions  

 

 

 

 

 

                                  (0.06)

 

                            (0.03)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period  

 

 

 

 

 $                              10.00

 

 $                        10.00

 

 

 

 

 

 

 

 

 

 

 

 

 

Total return (3)

 

 

 

 

 

0.61%

 

0.40%

(4)

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS/SUPPLEMENTAL DATA:  

 

 

 

 

 

 

 

 

Net assets, end of period (in 000's)  

 

 

 

 

 $                            10,846

 

 $                        4,642

 

Ratios to average net assets   

 

 

 

 

 

 

 

 

    Expenses, before waiver/reimbursement

 

 

 

0.71%

 

0.81%

(5)

    Expenses, net waiver/reimbursement

 

 

 

 

0.25%

 

0.30%

(5)

    Net investment income, before waiver/reimbursement

 

 

 

0.11%

 

0.25%

(5)

    Net investment income, net waiver/reimbursement

 

 

 

0.57%

 

0.76%

(5)

Portfolio turnover rate

 

 

 

 

 

0%

 

0%

(4)

 

 

 

 

 

 

 

 

 

 

 

 

(1)

The Compass EMP Ultra Short-Term Fixed Income Fund Class I commenced operations on November 19, 2012.

 

 

 

(2)

Amount represents less than $0.01 per share.

 

 

 

 

 

 

 

(3)

Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming

 

 

reinvestment of distributions.  Total return would have been higher or lower if certain expenses had not been reimbursed or waived.

 

(4)

Not annualized.

 

 

 

 

 

 

 

 

 

(5)

Annualized.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


See accompanying notes to financial statements.



COMPASS EMP MULTI-ASSET BALANCED FUND

 

 

 

 

 

 

 

 

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 For the Seven Month

 

 For the

 

 For the

 

 For the

 

 For the Five Month

 

 For the

 

 

 

 

 

 

Period Ended

 

Year Ended

 

Year Ended

 

Year Ended

 

Period Ended

 

Year Ended

 

 

 

 

 

 

June 30, 2014 (1)

 

November 30, 2013

 

November 30, 2012

  

November 30, 2011

  

November 30, 2010 (1)

  

June 30, 2010 (1)

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

 $                        12.70

 

 $                     12.36

 

 $                     12.18

 

 $                     12.64

 

 $                        11.86

 

 $                  10.93

 

Activity from investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

                              0.14

(2)

                           0.04

(2)

                          0.01

(2)

                          0.12

 

                              0.02

 

                        0.15

 

 

Net realized and unrealized gain

 

                              0.45

 

                           0.84

 

                          0.24

 

                          0.07

(3)

                              0.78

 

                        0.93

 

 

Total from investment operations

 

                              0.59

 

                           0.88

 

                          0.25

 

                          0.19

 

                              0.80

 

                        1.08

 

Less distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

                                  -   

 

                         (0.16)

 

                              -   

 

                        (0.10)

 

                            (0.02)

 

                      (0.15)

 

 

Net realized gains

 

 

                            (0.84)

 

                         (0.38)

 

                        (0.07)

 

                        (0.55)

 

                                  -   

 

                            -   

 

Total distributions

 

 

                            (0.84)

 

                         (0.54)

 

                        (0.07)

 

                        (0.65)

 

                            (0.02)

 

                      (0.15)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paid in capital from redemption fees

 

                                  -   

 

                               -   

 

                              -   

(4)

                               -   

(4)

                                  -   

(4)

                            -   

(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period

 

 $                        12.45

 

 $                     12.70

 

 $                     12.36

 

 $                     12.18

 

 $                        12.64

 

 $                  11.86

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total return (5)

 

 

 

5.10%

(8)

7.36%

 

2.03%

 

1.40%

 

6.73%

(8)

9.87%

 

Ratios/Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (in 000s)

 $                      82,534

 

 $                   77,160

 

 $                  87,255

 

 $                   75,842

 

 $                      35,516

 

 $                29,880

 

Ratios of expenses to average net assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Before fees waived and expenses absorbed/recouped (6)

0.49%

(7)

1.08%

 

1.13%

 

1.22%

 

1.32%

(7)

1.37%

 

 

After fees waived and expenses absorbed/recouped (6)

0.50%

(7)

0.92%

 

1.15%

 

1.15%

 

1.15%

(7)

1.15%

 

Ratios of net investment income to average net assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Before fees waived and expenses absorbed/recouped (6)

1.94%

(7)

0.13%

 

0.08%

 

0.61%

 

0.22%

(7)

1.12%

 

 

After fees waived and expenses absorbed/recouped (6)

1.93%

(7)

0.29%

 

0.06%

 

0.68%

 

0.39%

(7)

1.34%

 

Portfolio turnover rate

 

 

12%

(8)

111%

 

58%

 

235%

 

16%

(8)

96%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

The period does not include the consolidation of the wholly owned subsidiary.

 

 

 

 

 

 

 

 

 

 

 

(2)

Per share amounts calculated using the average shares method.

 

 

 

 

 

 

 

 

 

 

 

(3)

Realized and unrealized gain per share does not correlate to the aggregate of the net realized and unrealized gains on the Consolidated Statements of Operations for the year ended November 30, 2011, primarily due to the timing of sales and repurchases of the Fund's shares in relation to fluctuating market values for the Fund's portfolio.

(4)

Redemption fees resulted in less than $0.01 per share.

 

 

 

 

 

 

 

 

 

 

 

 

(5)

Aggregate total return, not annualized. Total return in the above table represents the rate that the investor would have earned or lost in an investment in the Fund assuming reinvestment of dividends.  Total return does not reflect the impact of sales charges.

(6)

These ratios exclude the impact of the expenses of the other investment companies in which the Fund invests.

 

 

 

 

 

 

 

(7)

Annualized.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8)

Not annualized.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP MULTI-ASSET BALANCED FUND

 

 

 

 

 

 

 

 

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class C

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 For the Seven Month

 

 For the

 

 For the

 

 For the

 

 For the Five Month

 

 For the

 

 

 

 

 

 

Period Ended

 

Year Ended

 

Year Ended

 

Year Ended

 

Period Ended

 

Year Ended

 

 

 

 

 

 

June 30, 2014 (1)

 

November 30, 2013

 

November 30, 2012

  

November 30, 2011

  

November 30, 2010 (1)

  

June 30, 2010 (1)

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

 $                        12.50

 

 $                     12.13

 

 $                     12.05

 

 $                    12.58

 

 $                        11.82

 

 $                  10.92

 

Activity from investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income (loss)

 

                              0.09

(2)

                         (0.05)

(2)

                        (0.09)

(2)

                          0.04

 

                            (0.02)

 

                       0.08

 

 

Net realized and unrealized gain

 

                              0.43

 

                           0.83

 

                          0.24

 

                          0.06

(3)

                              0.78

 

                       0.91

 

 

Total from investment operations

 

                              0.52

 

                           0.78

 

                          0.15

 

                          0.10

 

                              0.76

 

                       0.99

 

Less distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

                                  -   

 

                         (0.03)

 

                              -   

 

                        (0.08)

 

                                  -   

 

                     (0.09)

 

 

Net realized gains

 

 

                            (0.84)

 

                         (0.38)

 

                        (0.07)

 

                        (0.55)

 

                                  -   

 

                           -   

 

Total distributions

 

 

                            (0.84)

 

                         (0.41)

 

                        (0.07)

 

                        (0.63)

 

                                  -   

 

                     (0.09)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paid in capital from redemption fees

 

                                  -   

 

                               -   

 

                              -   

(4)

                              -   

(4)

                                  -   

(4)

                           -   

(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period

 

 $                        12.18

 

 $                     12.50

 

 $                     12.13

 

 $                    12.05

 

 $                        12.58

 

 $                  11.82

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total return (5)

 

 

 

4.59%

(8)

6.64%

 

1.22%

 

0.65%

 

6.43%

(8)

9.03%

 

Ratios/Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (in 000s)

 $                      14,559

 

 $                   16,455

 

 $                  24,847

 

 $                  21,383

 

 $                      10,691

 

 $                  7,124

 

Ratios of expenses to average net assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Before fees waived and expenses absorbed/recouped (6)

1.24%

(7)

1.83%

 

1.88%

 

1.97%

 

2.07%

(7)

2.13%

 

 

After fees waived and expenses absorbed/recouped (6)

1.25%

(7)

1.67%

 

1.90%

 

1.90%

 

1.90%

(7)

1.90%

 

Ratios of net investment income (loss) to average net assets:

 

 

 

 

 

 

 

 

 

 

 

 

Before fees waived and expenses absorbed/recouped (6)

1.34%

(7)

(0.62)%

 

(0.67)%

 

(0.13)%

 

(0.53)%

(7)

0.32%

 

 

After fees waived and expenses absorbed/recouped (6)

1.33%

(7)

(0.46)%

 

(0.69)%

 

(0.06)%

 

(0.36)%

(7)

0.55%

 

Portfolio turnover rate

 

 

12%

(8)

111%

 

58%

 

235%

 

16%

(8)

96%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

The period does not include the consolidation of the wholly owned subsidiary.

 

 

 

 

 

 

 

 

 

 

 

(2)

Per share amounts calculated using the average shares method.

 

 

 

 

 

 

 

 

 

 

 

(3)

Realized and unrealized gain per share does not correlate to the aggregate of the net realized and unrealized gains on the Consolidated Statements of Operations for the year ended November 30, 2011, primarily due to the timing of sales and repurchases of the Fund's shares in relation to fluctuating market values for the Fund's portfolio.

(4)

Redemption fees resulted in less than $0.01 per share.

 

 

 

 

 

 

 

 

 

 

 

 

(5)

Aggregate total return, not annualized. Total return in the above table represents the rate that the investor would have earned or lost in an investment in the Fund assuming reinvestment of dividends.  Total return does not reflect the impact of sales charges.

(6)

These ratios exclude the impact of the expenses of the other investment companies in which the Fund invests.

 

 

 

 

 

 

 

(7)

Annualized.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8)

Not annualized.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP MULTI-ASSET BALANCED FUND

 

 

 

 

 

 

 

 

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class T

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 For the Seven Month

 

 For the

 

 For the

 

 For the

 

 For the Five Month

 

 For the

 

 

 

 

 

 

Period Ended

 

Year Ended

 

Year Ended

 

Year Ended

 

Period Ended

 

Year Ended

 

 

 

 

 

 

June 30, 2014 (1)

 

November 30, 2013

 

November 30, 2012

  

November 30, 2011

  

November 30, 2010 (1)

  

June 30, 2010 (1)

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

 $                        12.67

 

 $                    12.27

 

 $                   12.12

 

 $                    12.61

 

 $                        11.84

 

 $                  12.23

 

Activity from investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income (loss)

 

                              0.12

(2)

                         0.01

(2)

                       (0.02)

(2)

                         0.08

 

                              0.01

 

                        0.11

 

 

Net realized and unrealized gain

 

                              0.44

 

                         0.84

 

                         0.24

 

                         0.07

(3)

                              0.77

 

                      (0.38)

 

 

Total from investment operations

 

                              0.56

 

                         0.85

 

                         0.22

 

                         0.15

 

                              0.78

 

                      (0.27)

 

Less distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

                                  -   

 

                       (0.07)

 

                             -   

 

                       (0.09)

 

                            (0.01)

 

                      (0.12)

 

 

Net realized gains

 

 

                            (0.84)

 

                       (0.38)

 

                       (0.07)

 

                       (0.55)

 

                                  -   

 

                            -   

 

Total distributions

 

 

                            (0.84)

 

                       (0.45)

 

                       (0.07)

 

                       (0.64)

 

                            (0.01)

 

                      (0.12)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paid in capital from redemption fees

 

                                  -   

 

                             -   

 

                             -   

(4)

                             -   

(4)

                                  -   

(4)

                            -   

(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period

 

 $                        12.39

 

 $                    12.67

 

 $                   12.27

 

 $                    12.12

 

 $                        12.61

 

 $                  11.84

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total return (5)

 

 

 

4.86%

(8)

7.14%

 

1.79%

 

1.10%

 

6.60%

(8)

(2.21)%

 

Ratios/Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (in 000s)

 $                        9,399

 

 $                 10,502

 

 $                 13,585

 

 $                 13,513

 

 $                        7,939

 

 $                  4,967

 

Ratios of expenses to average net assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Before fees waived and expenses absorbed/recouped (6)

0.74%

(7)

1.33%

 

1.38%

 

1.47%

 

1.57%

(7)

1.63%

 

 

After fees waived and expenses absorbed/recouped (6)

0.75%

(7)

1.17%

 

1.40%

 

1.40%

 

1.40%

(7)

1.40%

 

Ratios of net investment income (loss) to average net assets:

 

 

 

 

 

 

 

 

 

 

 

 

Before fees waived and expenses absorbed/recouped (6)

1.76%

(7)

(0.12)%

 

(0.17)%

 

0.41%

 

(0.03)%

(7)

0.67%

 

 

After fees waived and expenses absorbed/recouped (6)

1.75%

(7)

0.04%

 

(0.19)%

 

0.48%

 

0.14%

(7)

0.90%

 

Portfolio turnover rate

 

 

12%

(8)

111%

 

58%

 

235%

 

16%

(8)

96%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

The period does not include the consolidation of the wholly owned subsidiary.

 

 

 

 

 

 

 

 

 

 

 

(2)

Per share amounts calculated using the average shares method.

 

 

 

 

 

 

 

 

 

 

 

(3)

Realized and unrealized gain per share does not correlate to the aggregate of the net realized and unrealized gains on the Consolidated Statements of Operations for the year ended November 30, 2011, primarily due to the timing of sales and repurchases of the Fund's shares in relation to fluctuating market values for the Fund's portfolio.

(4)

Redemption fees resulted in less than $0.01 per share.

 

 

 

 

 

 

 

 

 

 

 

 

(5)

Aggregate total return, not annualized. Total return in the above table represents the rate that the investor would have earned or lost in an investment in the Fund assuming reinvestment of dividends.  Total return does not reflect the impact of sales charges.

(6)

These ratios exclude the impact of the expenses of the other investment companies in which the Fund invests.

 

 

 

 

 

 

 

(7)

Annualized.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8)

Not annualized.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 



COMPASS EMP MULTI-ASSET GROWTH FUND

 

 

 

 

 

 

 

 

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 For the Seven Month

 

 For the

 

 For the

 

 For the

 

 For the Five Month

 

 For the

 

 

 

 

 

 

Period Ended

 

Year Ended

 

Year Ended

 

Year Ended

 

Period Ended

 

Year Ended

 

 

 

 

 

 

June 30, 2014 (1)

 

November 30, 2013

 

November 30, 2012

  

November 30, 2011

  

November 30, 2010 (1)

  

June 30, 2010 (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

 $                        13.97

 

 $                     11.66

 

 $                     11.98

 

 $                        12.80

 

 $                        11.38

 

 $                        10.56

 

Activity from investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income (loss)

 

                              0.26

(2)

                          0.08

(2)

                         (0.03)

(2)

                              0.10

 

                            (0.03)

 

                              0.03

 

 

Net realized and unrealized gain (loss)

                              0.61

 

                          2.23

 

                         (0.29)

 

                            (0.04)

 

                              1.45

 

                              0.83

 

 

Total from investment operations

 

                              0.87

 

                          2.31

 

                         (0.32)

 

                              0.06

 

                              1.42

 

                              0.86

 

Less distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

                            (0.35)

 

                              -   

 

                               -   

 

                            (0.10)

 

                                  -   

 

                            (0.04)

 

 

Net realized gains

 

 

                            (1.95)

 

                              -   

 

                               -   

 

                            (0.78)

 

                                  -   

 

                                  -   

 

Total distributions

 

 

                            (2.30)

 

                              -   

 

                               -   

 

                            (0.88)

 

                                  -   

 

                            (0.04)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paid in capital from redemption fees

 

                                  -   

 

                              -   

 

                               -   

(3)

                                  -   

(3)

                                  -   

(3)

                                  -   

(3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period

 

 $                        12.54

 

 $                     13.97

 

 $                     11.66

 

 $                        11.98

 

 $                        12.80

 

 $                        11.38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total return (4)

 

 

 

7.82%

(7)

19.81%

 

2.67%

#

0.08%

 

12.48%

(7)

8.12%

 

Ratios/Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (in 000s)

 $                      44,095

 

 $                  46,693

 

 $                   48,959

 

 $                      54,198

 

 $                      15,832

 

 $                      14,170

 

Ratios of expenses to average net assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Before fees waived and expenses absorbed (5)

0.56%

(6)

1.09%

 

1.51%

 

1.68%

 

1.93%

(6)

1.97%

 

 

After fees waived and expenses absorbed (5)

0.50%

(6)

1.09%

 

1.45%

 

1.45%

 

1.45%

(6)

1.45%

 

Ratios of net investment income (loss) to average net assets:

 

 

 

 

 

 

 

 

 

 

 

 

Before fees waived and expenses absorbed (5)

3.63%

(6)

0.58%

 

(0.28)%

 

0.03%

 

(1.12)%

(6)

(0.32)%

 

 

After fees waived and expenses absorbed (5)

3.69%

(6)

0.58%

 

(0.22)%

 

0.26%

 

(0.64)%

(6)

0.20%

 

Portfolio turnover rate

 

 

4%

(7)

151%

 

108%

 

341%

 

31%

(7)

115%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

The period does not include the consolidation of the wholly owned subsidiary.

 

 

 

 

 

 

 

 

 

(2)

Per share amounts calculated using the average shares method.

 

 

 

 

 

 

 

 

 

 

 

(3)

Redemption fees resulted in less than $0.01 per share.

 

 

 

 

 

 

 

 

 

 

 

(4)

Aggregate total return, not annualized. Total return in the above table represents the rate that the investor would have earned or lost in an investment in the Fund assuming reinvestment of dividends.  Total return does not reflect the impact of sales charges.

(5)

These ratios exclude the impact of the expenses of the other investment companies in which the Fund invests.

 

 

 

 

 

 

 

(6)

Annualized.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7)

Not annualized.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

#

Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP MULTI-ASSET GROWTH FUND

 

 

 

 

 

 

 

 

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Class C

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 For the Seven Month

 

 For the

 

 For the

 

 For the

 

 For the Five Month

 

 For the

 

 

 

 

 

 

Period Ended

 

Year Ended

 

Year Ended

 

Year Ended

 

Period Ended

 

Year Ended

 

 

 

 

 

 

June 30, 2014 (1)

 

November 30, 2013

 

November 30, 2012

  

November 30, 2011

  

November 30, 2010 (1)

  

June 30, 2010 (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

 $                        13.55

 

 $                        11.40

 

 $                        11.80

 

 $                        12.65

 

 $                        11.28

 

 $                        10.51

 

Activity from investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income (loss)

 

                              0.19

(2)

                            (0.02)

(2)

                            (0.11)

(2)

                            (0.02)

 

                            (0.07)

 

                            (0.02)

 

 

Net realized and unrealized gain (loss)

                              0.61

 

                              2.17

 

                            (0.29)

 

                            (0.02)

 

                              1.44

 

                              0.80

 

 

Total from investment operations

 

                              0.80

 

                              2.15

 

                            (0.40)

 

                            (0.04)

 

                              1.37

 

                              0.78

 

Less distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

                            (0.25)

 

                                  -   

 

                                  -   

 

                            (0.03)

 

                                  -   

 

                            (0.01)

 

 

Net realized gains

 

 

                            (1.95)

 

                                  -   

 

                                  -   

 

                            (0.78)

 

                                  -   

 

                                  -   

 

Total distributions

 

 

                            (2.20)

 

                                  -   

 

                                  -   

 

                            (0.81)

 

                                  -   

 

                            (0.01)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paid in capital from redemption fees

 

                                  -   

 

                                  -   

 

                                  -   

(3)

                                  -   

(3)

                                  -   

(3)

                                  -   

(3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period

 

 $                        12.15

 

 $                        13.55

 

 $                        11.40

 

 $                        11.80

 

 $                        12.65

 

 $                        11.28

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total return (4)

 

 

 

7.36%

(7)

18.86%

 

(3.39)%

#

(0.71)%

 

12.15%

(7)

7.38%

 

Ratios/Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (in 000s)

 $                        6,913

 

 $                        5,787

 

 $                        7,480

 

 $                        7,432

 

 $                        4,085

 

 $                        3,363

 

Ratios of expenses to average net assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Before fees waived and expenses absorbed (5)

1.31%

(6)

1.84%

 

2.26%

 

2.43%

 

2.68%

(6)

2.72%

 

 

After fees waived and expenses absorbed (5)

1.25%

(6)

1.84%

 

2.20%

 

2.20%

 

2.20%

(6)

2.20%

 

Ratios of net investment income (loss) to average net assets:

 

 

 

 

 

 

 

 

 

 

 

 

Before fees waived and expenses absorbed (5)

2.88%

(6)

(0.16)%

 

(1.03)%

 

(0.57)%

 

(1.87)%

(6)

(0.96)%

 

 

After fees waived and expenses absorbed (5)

2.94%

(6)

(0.16)%

 

(0.97)%

 

(0.34)%

 

(1.39)%

(6)

(0.44)%

 

Portfolio turnover rate

 

 

4%

(7)

151%

 

108%

 

341%

 

31%

(7)

115%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

The period does not include the consolidation of the wholly owned subsidiary.

 

 

 

 

 

 

 

 

 

(2)

Per share amounts calculated using the average shares method.

 

 

 

 

 

 

 

 

 

 

 

(3)

Redemption fees resulted in less than $0.01 per share.

 

 

 

 

 

 

 

 

 

 

 

(4)

Aggregate total return, not annualized. Total return in the above table represents the rate that the investor would have earned or lost in an investment in the Fund assuming reinvestment of dividends.  Total return does not reflect the impact of sales charges.

(5)

These ratios exclude the impact of the expenses of the other investment companies in which the Fund invests.

 

 

 

 

 

 

 

(6)

Annualized.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7)

Not annualized.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

#

Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP MULTI-ASSET GROWTH FUND

 

 

 

 

 

 

 

 

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Class T

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 For the Seven Month

 

 For the

 

 For the

 

 For the

 

 For the Five Month

 

 For the

 

 

 

 

 

 

Period Ended

 

Year Ended

 

Year Ended

 

Year Ended

 

Period Ended

 

Period Ended

 

 

 

 

 

 

June 30, 2014 (1)

 

November 30, 2013

 

November 30, 2012

  

November 30, 2011

  

November 30, 2010 (1)

  

June 30, 2010 (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

 $                        13.81

 

 $                        11.56

 

 $                        11.90

 

 $                        12.76

 

 $                        11.36

 

 $                        12.49

 

Activity from investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income (loss)

 

                              0.23

(2)

                              0.04

(2)

                            (0.05)

(2)

                              0.08

 

                            (0.04)

 

                              0.07

 

 

Net realized and unrealized gain (loss)

                              0.62

 

                              2.21

 

                            (0.29)

 

                            (0.05)

 

                              1.44

 

                            (1.15)

 

 

Total from investment operations

 

                              0.85

 

                              2.25

 

                            (0.34)

 

                              0.03

 

                              1.40

 

                            (1.08)

 

Less distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

                            (0.33)

 

                                  -   

 

                                  -   

 

                            (0.11)

 

                                  -   

 

                            (0.05)

 

 

Net realized gains

 

 

                            (1.95)

 

                                  -   

 

                                  -   

 

                            (0.78)

 

                                  -   

 

                                  -   

 

Total distributions

 

 

                            (2.28)

 

                                  -   

 

                                  -   

 

                            (0.89)

 

                                  -   

 

                            (0.05)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paid in capital from redemption fees

 

                                  -   

 

                                  -   

 

                                  -   

(3)

                                  -   

(3)

                                  -   

(3)

                                  -   

(3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period

 

 $                        12.38

 

 $                        13.81

 

 $                        11.56

 

 $                        11.90

 

 $                        12.76

 

 $                        11.36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total return (4)

 

 

 

7.65%

(7)

19.46%

#

(2.86)%

#

(0.23)%

 

12.32%

(7)

(8.65)%

 

Ratios/Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (in 000s)

 $                        3,990

 

 $                        3,600

 

 $                        3,532

 

 $                        3,533

 

 $                           932

 

 $                           382

 

Ratios of expenses to average net assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Before fees waived and expenses absorbed (5)

0.81%

(6)

1.34%

 

1.76%

 

1.93%

 

2.18%

(6)

2.19%

 

 

After fees waived and expenses absorbed (5)

0.75%

(6)

1.34%

 

1.70%

 

1.70%

 

1.70%

(6)

1.70%

 

Ratios of net investment income (loss) to average net assets:

 

 

 

 

 

 

 

 

 

 

 

 

Before fees waived and expenses absorbed (5)

3.38%

(6)

0.31%

 

(0.53)%

 

(0.23)%

 

(1.37)%

(6)

0.13%

 

 

After fees waived and expenses absorbed (5)

3.44%

(6)

0.31%

 

(0.47)%

 

0.00%

 

(0.89)%

(6)

0.62%

 

Portfolio turnover rate

 

 

4%

(7)

151%

 

108%

 

341%

 

31%

(7)

115%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

The period does not include the consolidation of the wholly owned subsidiary.

 

 

 

 

 

 

 

 

 

(2)

Per share amounts calculated using the average shares method.

 

 

 

 

 

 

 

 

 

 

 

(3)

Redemption fees resulted in less than $0.01 per share.

 

 

 

 

 

 

 

 

 

 

 

(4)

Aggregate total return, not annualized. Total return in the above table represents the rate that the investor would have earned or lost in an investment in the Fund assuming reinvestment of dividends.  Total return does not reflect the impact of sales charges.

(5)

These ratios exclude the impact of the expenses of the other investment companies in which the Fund invests.

 

 

 

 

 

 

 

(6)

Annualized.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7)

Not annualized.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

#

Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 



COMPASS EMP ALTERNATIVE STRATEGIES FUND

 

 

 

 

 

 

 

 

 

CONSOLIDATED FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Class A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 For the Seven Month

 

 For the

 

 For the

 

 For the

 

 For the Five Month

 

 For the

 

 

 

 

 

 

Period Ended

 

Year Ended

 

Year Ended

 

Year Ended

 

Period Ended

 

Period Ended

 

 

 

 

 

 

June 30, 2014 (2)(12)

 

November 30, 2013 (12)

 

November 30, 2012

  

November 30, 2011

  

November 30, 2010 (2)

  

June 30, 2010 (1)(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

 

 $                        10.07

 

 $                          9.69

 

 $                        10.28

 

 $                        10.37

 

 $                          9.46

 

 $                        10.00

 

Activity from investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income (loss)

 

 

                              0.03

(3)

                            (0.04)

(3)

                            (0.07)

(3)

                            (0.01)

 

                            (0.02)

 

                                  -   

(5)

 

Net realized and unrealized gain (loss)

 

                              0.66

 

                              0.38

 

                            (0.52)

 

                              0.03

(4)

                              0.93

 

                            (0.54)

 

 

Total from investment operations

 

 

                              0.69

 

                              0.34

 

                            (0.59)

 

                              0.02

 

                              0.91

 

                            (0.54)

 

Less distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

                                  -   

 

                                  -   

 

                                  -   

 

                                  -   

 

                                  -   

 

                                  -   

 

 

Return of capital

 

 

 

                                  -   

 

                                  -   

 

                                  -   

 

                            (0.11)

 

                                  -   

 

                                  -   

 

Total distributions

 

 

 

                                  -   

 

                                  -   

 

                                  -   

 

                            (0.11)

 

                                  -   

 

                                  -   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paid in capital from redemption fees

 

 

                                  -   

 

                                  -   

 

                                  -   

(6)

                                  -   

(6)

                                  -   

(6)

                                  -   

(6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less (gain) loss attributable to non-controlling interest (3)

                            (0.18)

 

                              0.04

 

                                  -   

 

                                  -   

 

                                  -   

 

                                  -   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period

 

 

 $                        10.58

 

 $                        10.07

 

 $                          9.69

 

 $                        10.28

 

 $                        10.37

 

 $                          9.46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total return (7)

 

 

 

5.06%

 

3.92%

 

(5.74)%

 

0.17%

 

9.62%

 

(5.40)%

 

Ratios/Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (in 000s)

 

 $                      51,003

 

 $                      59,079

 

 $                    118,926

 

 $                    187,460

 

 $                        4,776

 

 $                        1,266

 

Ratios of expenses to average net assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Before fees waived and expenses absorbed/recouped (8)

1.73%

(9,10)

1.68%

(9)

1.37%

 

1.45%

 

4.21%

(10)

13.37%

(10)

 

After fees waived and expenses absorbed/recouped (8)

1.47%

(9,10)

1.61%

(9)

1.41%

 

1.45%

 

1.45%

(10)

1.45%

(10)

Ratios of net investment income (loss) to average net assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Before fees waived and expenses absorbed/recouped (8)

0.31%

(9,10)

(0.46)%

(9)

(0.67)%

 

(0.10)%

 

(3.51)%

(10)

(11.88)%

(10)

 

After fees waived and expenses absorbed/recouped (8)

0.57%

(9,10)

(0.39)%

(9)

(0.71)%

 

(0.10)%

 

(0.75)%

(10)

0.04%

(10)

Portfolio turnover rate

 

 

 

49%

(11)

153%

 

137%

 

278%

 

24%

(11)

81%

(11)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

The Compass EMP Alternative Strategies Fund Class A commenced operations on December 30, 2009.

(2)

The period does not include the consolidation of the wholly owned subsidiary.

 

 

 

 

 

 

 

 

 

 

 

(3)

Per share amounts calculated using the average shares method.

 

 

 

 

 

 

 

 

 

 

 

(4)

Realized and unrealized gain per share does not correlate to the aggregate of the net realized and unrealized gains on the Consolidated Statements of Operations for the year ended November 30, 2011, primarily due to the timing of sales and repurchases of the Fund's shares in relation to fluctuating market values for the Fund's portfolio.

(5)

Net investment income resulted in less than $0.01 per share

(6)

Redemption fees resulted in less than $0.01 per share.

 

 

 

 

 

 

 

 

 

 

 

 

(7)

Aggregate total return, not annualized. Total return in the above table represents the rate that the investor would have earned or lost in an investment in the Fund assuming reinvestment of dividends.  Total return does not reflect the impact of sales charges.

(8)

These ratios exclude the impact of the expenses of the other investment companies in which the Fund invests.

 

 

 

 

 

 

 

 

 

(9)

These ratios include the impact of the controlling interest.  Excluding the controlling interest the ratios would have been as follows:

 

 

 

 

 

 

 

 

Ratios of net expenses to average net assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Before fees waived and expenses absorbed/recouped (8)

0.59%

 

1.19%

 

 

 

 

 

 

 

 

 

 

     After fees waived and expenses absorbed/recouped (8)

0.50%

 

1.19%

 

 

 

 

 

 

 

 

 

 

Ratios of net investment income (loss) to average net assets:

 

 

 

 

 

 

 

 

 

 

 

 

     Before fees waived and expenses absorbed/recouped (8)

0.94%

 

(0.25)%

 

 

 

 

 

 

 

 

 

 

     After fees waived and expenses absorbed/recouped (8)

1.03%

 

(0.25)%

 

 

 

 

 

 

 

 

 

(10)

Annualized.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11)

Not annualized.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12)

The period includes consolidation of majority owned subsidiaries.

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP ALTERNATIVE STRATEGIES FUND

 

 

 

 

 

 

 

 

 

CONSOLIDATED FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Class C

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 For the Seven Month

 

 For the

 

 For the

 

 For the

 

 For the Five Month

 

 For the

 

 

 

 

 

 

Period Ended

 

Year Ended

 

Year Ended

 

Year Ended

 

Period Ended

 

Period Ended

 

 

 

 

 

 

June 30, 2014 (2)(10)

 

November 30, 2013 (10)

 

November 30, 2012

  

November 30, 2011

  

November 30, 2010 (2)

  

June 30, 2010 (1)(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

 

 $                          9.82

 

 $                          9.51

 

 $                        10.17

 

 $                        10.29

 

 $                          9.41

 

 $                        10.00

 

Activity from investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment loss

 

 

 

                            (0.01)

(3)

                            (0.11)

(3)

                            (0.15)

(3)

                            (0.04)

 

                            (0.05)

 

                            (0.01)

 

 

Net realized and unrealized gain (loss)

 

                              0.64

 

                              0.38

 

                            (0.51)

 

                            (0.02)

 

                              0.93

 

                            (0.58)

 

 

Total from investment operations

 

 

                              0.63

 

                              0.27

 

                            (0.66)

 

                            (0.06)

 

                              0.88

 

                            (0.59)

 

Less distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

                                  -   

 

                                  -   

 

                                  -   

 

                                  -   

 

                                  -   

 

                                  -   

 

 

Return of capital

 

 

 

                                  -   

 

                                  -   

 

                                  -   

 

                            (0.06)

 

                                  -   

 

                                  -   

 

Total distributions

 

 

 

                                  -   

 

                                  -   

 

                                  -   

 

                            (0.06)

 

                                  -   

 

                                  -   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paid in capital from redemption fees

 

 

                                  -   

 

                                  -   

 

                                  -   

(4)

                                  -   

(4)

                                  -   

(4)

                                  -   

(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less (gain) loss attributable to non-controlling interest (3)

                            (0.18)

 

                              0.04

 

                                  -   

 

                                  -   

 

                                  -   

 

                                  -   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period

 

 

 $                        10.27

 

 $                          9.82

 

 $                          9.51

 

 $                        10.17

 

 $                        10.29

 

 $                          9.41

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total return (5)

 

 

 

4.58%

 

3.26%

 

(6.49)%

 

(0.61)%

 

9.35%

 

(5.90)%

 

Ratios/Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (in 000s)

 

 $                        9,581

 

 $                      12,918

 

 $                      24,340

 

 $                      23,893

 

 $                        1,183

 

 $                           733

 

Ratios of expenses to average net assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Before fees waived and expenses absorbed/recouped (6)

2.48%

(7,8)

2.43%

(7)

2.12%

 

2.20%

 

4.96%

(8)

14.12%

(8)

 

After fees waived and expenses absorbed/recouped (6)

2.22%

(7,8)

2.36%

(7)

2.16%

 

2.20%

 

2.20%

(8)

2.20%

(8)

Ratios of net investment loss to average net assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Before fees waived and expenses absorbed/recouped (6)

(0.41)%

(7,8)

(1.21)%

(7)

(1.42)%

 

(1.05)%

 

(4.26)%

(8)

(12.60)%

(8)

 

After fees waived and expenses absorbed/recouped (6)

(0.15)%

(7,8)

(1.14)%

(7)

(1.46)%

 

(1.05)%

 

(1.50)%

(8)

(0.68)%

(8)

Portfolio turnover rate

 

 

 

49%

(9)

153%

 

137%

 

278%

 

24%

(9)

81%

(9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

The Compass EMP Alternative Strategies Fund Class C commenced operations on December 30, 2009.

(2)

The period does not include the consolidation of the wholly owned subsidiary.

 

 

 

 

 

 

 

 

 

 

 

(3)

Per share amounts calculated using the average shares method.

 

 

 

 

 

 

 

 

 

 

 

(4)

Redemption fees resulted in less than $0.01 per share.

 

 

 

 

 

 

 

 

 

 

 

 

(5)

Aggregate total return, not annualized. Total return in the above table represents the rate that the investor would have earned or lost in an investment in the Fund assuming reinvestment of dividends.

(6)

These ratios exclude the impact of the expenses of the other investment companies in which the Fund invests.

 

 

 

 

 

 

 

 

 

(7)

These ratios include the impact of the controlling interest.  Excluding the controlling interest the ratios would have been as follows:

 

 

 

 

 

 

 

 

Ratios of net expenses to average net assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Before fees waived and expenses absorbed/recouped (8)

1.34%

 

1.94%

 

 

 

 

 

 

 

 

 

 

     After fees waived and expenses absorbed/recouped (8)

1.25%

 

1.94%

 

 

 

 

 

 

 

 

 

 

Ratios of net investment income (loss) to average net assets:

 

 

 

 

 

 

 

 

 

 

 

 

     Before fees waived and expenses absorbed/recouped (8)

0.22%

 

(1.00)%

 

 

 

 

 

 

 

 

 

 

     After fees waived and expenses absorbed/recouped (8)

0.31%

 

(1.00)%

 

 

 

 

 

 

 

 

 

(8)

Annualized.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9)

Not annualized.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10)

The period includes consolidation of majority owned subsidiaries.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 




COMPASS EMP ALTERNATIVE STRATEGIES FUND

 

 

 

 

 

 

 

 

 

CONSOLIDATED FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data based on a share outstanding throughout each period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Class T

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 For the Seven Month

 

 For the

 

 For the

 

 For the

 

 For the Five Month

 

 For the

 

 

 

 

 

 

Period Ended

 

Year Ended

 

Year Ended

 

Year Ended

 

Period Ended

 

Period Ended

 

 

 

 

 

 

June 30, 2014 (2)(12)

 

November 30, 2013 (12)

 

November 30, 2012

  

November 30, 2011

  

November 30, 2010 (2)

  

June 30, 2010 (1)(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

 

 $                          9.98

 

 $                          9.62

 

 $                        10.24

 

 $                        10.34

 

 $                          9.44

 

 $                        10.00

 

Activity from investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment loss

 

 

 

                              0.02

(3)

                            (0.06)

(3)

                            (0.04)

(3)

                            (0.02)

 

                            (0.03)

 

                                  -   

(5)

 

Net realized and unrealized gain (loss)

 

                              0.65

 

                              0.38

 

                            (0.58)

 

                              0.02

(4)

                              0.93

 

                            (0.56)

 

 

Total from investment operations

 

 

                              0.67

 

                              0.32

 

                            (0.62)

 

                                  -   

 

                              0.90

 

                            (0.56)

 

Less distributions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

                                  -   

 

                                  -   

 

                                  -   

 

                                  -   

 

                                  -   

 

                                  -   

 

 

Return of capital

 

 

 

                                  -   

 

                                  -   

 

                                  -   

 

                            (0.10)

 

                                  -   

 

                                  -   

 

Total distributions

 

 

 

                                  -   

 

                                  -   

 

                                  -   

 

                            (0.10)

 

                                  -   

 

                                  -   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paid in capital from redemption fees

 

 

                                  -   

 

                                  -   

 

                                  -   

(6)

                                  -   

(6)

                                  -   

(6)

                                  -   

(6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less (gain) loss attributable to non-controlling interest (3)

                            (0.18)

 

                              0.04

 

                                  -   

 

                                  -   

 

                                  -   

 

                                  -   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period

 

 

 $                        10.47

 

 $                          9.98

 

 $                          9.62

 

 $                        10.24

 

 $                        10.34

 

 $                          9.44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total return (7)

 

 

 

4.91%

 

3.74%

 

(6.06)%

 

(0.07)%

 

9.53%

 

(5.60)%

 

Ratios/Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (in 000s)

 

 $                        2,549

 

 $                        2,585

 

 $                        3,912

 

 $                        3,132

 

 $                           118

 

 $                              30

 

Ratios of expenses to average net assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Before fees waived and expenses absorbed/recouped (8)

1.98%

(9,10)

1.93%

(9)

1.62%

 

1.70%

 

4.46%

(10)

13.62%

(10)

 

After fees waived and expenses absorbed/recouped (8)

1.72%

(9,10)

1.86%

(9)

1.66%

 

1.70%

 

1.70%

(10)

1.70%

(10)

Ratios of net investment income (loss) to average net assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Before fees waived and expenses absorbed/recouped (8)

0.07%

(9,10)

(0.71)%

(9)

(0.92)%

 

(0.55)%

 

(3.76)%

(10)

(12.15)%

(10)

 

After fees waived and expenses absorbed/recouped (8)

0.33%

(9,10)

(0.64)%

(9)

(0.96)%

 

(0.55)%

 

(1.00)%

(10)

(0.23)%

(10)

Portfolio turnover rate

 

 

 

49%

(11)

153%

 

137%

 

278%

 

24%

(11)

81%

(11)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

The Compass EMP Alternative Strategies Fund Class T commenced operations on December 30, 2009.

(2)

The period does not include the consolidation of the wholly owned subsidiary.

 

 

 

 

 

 

 

 

 

 

 

(3)

Per share amounts calculated using the average shares method.

 

 

 

 

 

 

 

 

 

 

 

(4)

Realized and unrealized gain per share does not correlate to the aggregate of the net realized and unrealized gains on the Consolidated Statements of Operations for the year ended November 30, 2011, primarily due to the timing of sales and repurchases of the Fund's shares in relation to fluctuating market values for the Fund's portfolio.

(5)

Net investment loss resulted in less than $0.01 per share.

(6)

Redemption fees resulted in less than $0.01 per share.

 

 

 

 

 

 

 

 

 

 

 

 

(7)

Aggregate total return, not annualized. Total return in the above table represents the rate that the investor would have earned or lost in an investment in the Fund assuming reinvestment of dividends.

(8)

These ratios exclude the impact of the expenses of the other investment companies in which the Fund invests.

 

 

 

 

 

 

 

 

 

(9)

These ratios include the impact of the controlling interest.  Excluding the controlling interest the ratios would have been as follows:

 

 

 

 

 

 

 

 

Ratios of net expenses to average net assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Before fees waived and expenses absorbed/recouped (8)

0.84%

 

1.37%

 

 

 

 

 

 

 

 

 

 

     After fees waived and expenses absorbed/recouped (8)

0.75%

 

1.37%

 

 

 

 

 

 

 

 

 

 

Ratios of net investment income (loss) to average net assets:

 

 

 

 

 

 

 

 

 

 

 

 

     Before fees waived and expenses absorbed/recouped (8)

0.69%

 

(0.50)%

 

 

 

 

 

 

 

 

 

 

     After fees waived and expenses absorbed/recouped (8)

0.78%

 

(0.50)%

 

 

 

 

 

 

 

 

 

(10)

Annualized.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11)

Not annualized.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12)

The period includes consolidation of majority owned subsidiaries.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 



COMPASS EMP FUNDS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2014



(1)

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES


Compass EMP Funds Trust (the "Trust"), was organized as a Delaware business trust on April 11, 2012.  The Trust is registered as an open-end management investment company under the Investment Company Act of 1940, as amended, ("1940 Act").  The Trust currently consists of sixteen series.  These financial statements include each fund in the series (each a "Fund" and collectively, the "Funds").  The Funds are registered as diversified.  The investment objectives of each Fund are set forth below.  The Funds’ investment manager is Compass Efficient Model Portfolios, LLC, also known as Compass Advisory Group (the "Manager" or "Compass").


The following Funds commenced operations on December 31, 2008 and their objectives are as follows:


-

Compass EMP Multi-Asset Balanced Fund ("Balanced Fund") - total return, which the Balanced Fund considers to be a combination of interest, capital gains, dividends and distributions.  

-

Compass EMP Multi-Asset Growth Fund ("Growth Fund") - long-term capital appreciation.


The Compass EMP Alternative Strategies Fund ("Alternative Fund") commenced operations on December 30, 2009 and seeks to achieve long-term capital appreciation.  


The Balanced Fund, Growth Fund and Alternative Fund were previously part of Mutual Fund Series Trust, formerly known as the Catalyst Funds and reorganized into the Trust on March 29, 2013.


The following Funds commenced operations on November 19, 2012 and their objectives are as follows:


-

Compass EMP US 500 Volatility Weighted Fund - seeks to provide investment results that match the performance of the CEMP U.S. Large

Cap 500 Volatility Weighted Index before expenses.

-

Compass EMP US Small Cap 500 Volatility Weighted Fund - seeks to provide investment results that match the performance of the CEMP

U.S. Small Cap 500 Volatility Weighted Index before expenses.

-

Compass EMP International 500 Volatility Weighted Fund - seeks to provide investment results that match the performance of the CEMP

International 500 Volatility Weighted Index before expenses.

-

Compass EMP Emerging Market 500 Volatility Weighted Fund - seeks to provide investment results that match the performance of the

CEMP Emerging Market 500 Volatility Weighted Index before expenses.

-

Compass EMP REC Enhanced Volatility Weighted Fund - seeks to provide investment results that match the performance of the CEMP

REIT Long/Cash Volatility Weighted Index before expenses.

-

Compass EMP US 500 Enhanced Volatility Weighted Fund - seeks to provide investment results that match the performance of the CEMP

U.S. Large Cap 500 Long/Cash Volatility Weighted Index before expenses.

-

Compass EMP Long/Short Strategies Fund - capital appreciation.

-

Compass EMP International 500 Enhanced Volatility Weighted Fund - seeks to provide investment results that match the performance of

the CEMP International 500 Long/Cash Volatility Weighted Index before expenses.

-

Compass EMP Commodity Strategies Enhanced Volatility Weighted Fund (formerly Compass EMP Commodity Long/Short Strategies Fund) - capital appreciation.

-

Compass EMP Commodity Strategies Volatility Weighted Fund - seeks to provide investment results that match the performance of the

CEMP Commodity Volatility Weighted Index before expenses.

-

Compass EMP Market Neutral Income Fund (formerly Compass EMP Long/Short Fixed Income Fund) - total return.

-

Compass EMP Enhanced Fixed Income Fund - total return.

-

Compass EMP Ultra Short-Term Fixed Income Fund - current income.


Each Fund currently offers Class A, Class C, Class I and Class T shares with the exception of the Balanced Fund, Growth Fund, and Alternative Fund which offer Class A, Class C, and Class T shares and the Ultra Short-Term Fixed Income Fund which offers Class A and Class I shares.  Each class represents an interest in the same assets of the applicable Fund, and the classes are identical except for differences in their sales charge structures and ongoing service and distribution charges.  All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans.  


The following is a summary of significant accounting policies consistently followed by the Funds and are in accordance with accounting principles generally accepted in the United States of America ("GAAP").


a) Investment Valuation - The net asset values per share of the Funds are determined as of the close of regular trading on the New York Stock Exchange ("NYSE") (normally 4:00 p.m., Eastern Time) on each day when the NYSE is open for trading.  Securities for which market quotations are available are valued as follows: (a) each listed security is valued at its closing price obtained from the respective primary exchange on which the security is listed, or, if there were no sales on that day, at its last reported current mean price; (b) each unlisted security is valued at the last current bid price obtained from the NASDAQ System; (c) United States Government and Agency obligations are valued based upon bid quotations from the Federal Reserve Bank for identical or similar obligations; (d) short-term money market instruments (such as certificates of deposit, bankers’ acceptances and commercial paper) are most often valued by bid quotations or by reference to bid quotations of available yields for similar

 

COMPASS EMP FUNDS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2014


 

instruments of issuers with similar credit ratings.  All these prices are obtained from services, which collect and disseminate such market prices.  Bid quotations for short-term money market instruments reported by such a service are the bid quotations reported to it by the major dealers.  Short-term securities with remaining maturities of sixty days or less for which market quotations and information pricing services are not readily available are valued either at amortized cost or at original cost plus accrued interest, both of which approximate current value.   When approved by the Trustees, certain securities may be valued on the basis of valuations provided by an independent pricing service when such prices the Trustees believe reflect the fair value of such securities.  In the absence of an ascertainable market value, or if an event occurs after the close of trading on the domestic or foreign exchange or market on which the security is principally traded (prior to the time the NAV is calculated) that materially affects fair value, assets are valued at their fair value as determined by the Manager using methods and procedures reviewed and approved by the Trustees.  Options contracts listed on a securities exchange or board of trade for which market quotations are readily available shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices on the day of valuation.  


In accordance with the Trust’s good faith pricing guidelines, the Manager is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable.  No single standard for determining fair value exists, since fair value depends upon the circumstances of each individual case.  As a general principle, the current fair value of securities being valued by the Manager would appear to be the amount which the owner might reasonably expect to receive for them upon their current sale.  Methods which are in accord with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods.


b) Exchange Traded Funds – Each Fund may invest in exchange traded funds (“ETFs”).  ETFs are a type of index fund bought and sold on a securities exchange.  An ETF trades like common stock and represents a fixed portfolio of securities designed to track the performance and dividend yield of a particular domestic or foreign market index.  The Fund may purchase an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market while awaiting purchase of underlying securities.  The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile.  Additionally, ETFs have fees and expenses that reduce their value.


c) Valuation of Underlying of Funds - Each Fund may invest in portfolios of open-end or closed-end investment companies (the “Underlying Funds”).  The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value to the methods established by the board of directors of the Underlying Funds.  


Open-end funds are valued at their respective net asset values as reported by such investment companies. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Funds will not change.


In accordance with the authoritative guidance on fair value measurements and disclosure under GAAP, the Funds disclose fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.  The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price).  Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).  The three levels of the fair value hierarchy under GAAP are described below:


Level 1 - quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities and identical securities in inactive markets, interest rates,

                amortized cost, 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.


The following is a summary of the valuation inputs, representing 100% of the Funds’ investments, used to value the Funds’ assets and liabilities as

of June 30, 2014:


Compass EMP U.S. 500 Volatility Weighted Fund

Assets

Level 1

Level 2

Level 3

Total

Common Stock *

 $ 47,272,709 

 $ - 

 $ - 

 $ 47,272,709 

Short-Term Investments

  927,730 

  - 

  - 

  927,730 

Collateral for Securities Loaned

  4,407,859 

  - 

  - 

  4,407,859 

Long Futures Contracts

  11,675 

  - 

  - 

  11,675 

Total

 $ 52,619,973 

 $ - 

 $ - 

 $ 52,619,973 

 

 

 

COMPASS EMP FUNDS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2014


 

 


Compass EMP U.S. Small Cap 500 Volatility Weighted Fund

Assets

Level 1

Level 2

Level 3

Total

Common Stock *

 $ 19,285,046 

 $ - 

 $ - 

 $ 19,285,046 

Short-Term Investments

  321,978 

  - 

  - 

  321,978 

Collateral for Securities Loaned

  2,418,181 

  - 

  - 

  2,418,181 

Long Futures Contracts

  6,652 

  - 

  - 

  6,652 

Total

 $ 22,031,857 

 $ - 

 $ - 

 $ 22,031,857 

 

 

 

 

 

 

 

 

 

 



Compass EMP International 500 Volatility Weighted Fund

Assets

Level 1

Level 2

Level 3

Total

Common Stock *

 $ 35,795,164 

 $ - 

 $ - 

 $ 35,795,164 

Warrants

  870 

  - 

  - 

  870 

Short-Term Investments

  1,173,325 

  - 

  - 

  1,173,325 

Collateral for Securities Loaned

  71,208 

  - 

  - 

  71,208 

Long Futures Contracts

  225 

  - 

  - 

  225 

Total

 $ 37,040,792 

 $ - 

 $ - 

 $ 37,040,792 



Compass EMP Emerging Market 500 Volatility Weighted Fund

Assets

Level 1

Level 2

Level 3

Total

Common Stock *

 $ 17,278,239 

 $ - 

 $ - 

 $ 17,278,239 

Exchange Traded Funds*

  1,250,837 

  - 

  - 

  1,250,837 

Warrants

  2,063 

  - 

  - 

  2,063 

Short-Term Investments

  1,998,264 

  - 

  - 

  1,998,264 

Collateral for Securities Loaned

  506,000 

  - 

  - 

  506,000 

Total

 $ 21,035,403 

 $ - 

 $ - 

 $ 21,035,403 

Liabilities

Level 1

Level 2

Level 3

Total

Long Futures Contracts

 $ 2,560 

 $ - 

 $ - 

 $ 2,560 

Total

 $ 2,560 

 $ - 

 $ - 

 $ 2,560 



Compass EMP REC Enhanced Volatility Weighted Fund

Assets

Level 1

Level 2

Level 3

Total

Common Stock *

 $ 78,533 

 $ - 

 $ - 

 $ 78,533 

REITS *

  28,220,104 

  - 

  - 

  28,220,104 

Short-Term Investments

  186,979 

  - 

  - 

  186,979 

Collateral for Securities Loaned

  4,287,753 

  - 

  - 

  4,287,753 

Long Futures Contracts

  3,930 

  - 

  - 

  3,930 

Total

 $ 32,777,299 

 $ - 

 $ - 

 $ 32,777,299 



Compass EMP U.S. 500 Enhanced Volatility Weighted Fund

Assets

Level 1

Level 2

Level 3

Total

Common Stock *

 $ 210,572,111 

 $ - 

 $ - 

 $ 210,572,111 

Short-Term Investments

  1,756,389 

  - 

  - 

  1,756,389 

Collateral for Securities Loaned

  23,143,099 

  - 

  - 

  23,143,099 

Long Futures Contracts

  2,888 

  - 

  - 

  2,888 

Total

 $ 235,474,487 

 $ - 

 $ - 

 $ 235,474,487 



Compass EMP Long/Short Strategies Fund

Assets

Level 1

Level 2

Level 3

Total

Common Stock *

 $ 24,388,208 

 $ - 

 $ - 

 $ 24,388,208 

Short-Term Investments

  1,339,566 

 

  - 

  1,339,566 

Collateral for Securities Loaned

  1,829,001 

  - 

  - 

  1,829,001 

Total

 $ 27,556,775 

 $ - 

 $ - 

 $ 27,556,775 

Liabilities

Level 1

Level 2

Level 3

Total

Short Futures Contracts

 $ 43,725 

 $ - 

 $ - 

 $ 43,725 

Total

 $ 43,725 

 $ - 

 $ - 

 $ 43,725 

 

 

 

COMPASS EMP FUNDS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2014


 

 



Compass EMP International 500 Enhanced Volatility Weighted Fund

Assets

Level 1

Level 2

Level 3

Total

Common Stock *

 $ 98,098,976 

 $ - 

 $ - 

 $ 98,098,976 

Warrants

  1,849 

 

  - 

  1,849 

Short-Term Investments

  6,259,096 

 

  - 

  6,259,096 

Collateral for Securities Loaned

  201,179 

 

  - 

  201,179 

Long Futures Contracts

  975 

  - 

  - 

  975 

Total

 $ 104,562,075 

 $ - 

 $ - 

 $ 104,562,075 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Compass EMP Commodity Strategies Enhanced Volatility Weighted Fund

Assets

Level 1

Level 2

Level 3

Total

Mutual Funds

 $ 452,816 

 

 $ - 

 $ 452,816 

Bond & Notes *

  - 

  1,168,550 

  - 

  1,168,550 

Short-Term Investments

  2,430,088 

  6,744,648 

  - 

  9,174,736 

Long Futures Contracts

  113,828 

  - 

  - 

  113,828 

Total

 $ 2,996,732 

 $ 7,913,198 

 $ - 

 $ 10,909,930 



Compass EMP Commodity Strategies Volatility Weighted Fund

Assets

Level 1

Level 2

Level 3

Total

Mutual Funds

 $ 556,773 

 

 $ - 

 $ 556,773 

Bond & Notes *

  - 

  6,170,054 

  - 

  6,170,054 

Short-Term Investments

  2,380,034 

  4,097,192 

  - 

  6,477,226 

Collateral for Securities Loaned

  55,160 

  - 

  - 

  55,160 

Long Futures Contracts

  242,778 

  - 

  - 

  242,778 

Total

 $ 3,234,745 

 $ 10,267,246 

 $ - 

 $ 13,501,991 



Compass EMP Market Neutral Income Fund

Assets

Level 1

Level 2

Level 3

Total

Common Stock *

 $ 50,817,358 

 $ - 

 $ - 

 $ 50,817,358 

Bonds & Notes *

 

 

  - 

  - 

Short-Term Investments

  8,197,711 

  - 

  - 

  8,197,711 

Collateral for Securities Loaned

  3,233,421 

  - 

  - 

  3,233,421 

Short Futures Contracts

  203,520 

 

  - 

  203,520 

Total

 $ 62,452,010 

 $ - 

 $ - 

 $ 62,452,010 

Liabilities

Level 1

Level 2

Level 3

Total

Written Put Options on Futures

 $ 88,550 

 

  - 

 $ 88,550 

Futures Contracts

  - 

 

  - 

  - 

Total

 $ 88,550 

 $ - 

 $ - 

 $ 88,550 


Compass EMP Enhanced Fixed Income Fund

Assets

Level 1

Level 2

Level 3

Total

Mutual Funds

 $ 2,011,377 

 $ - 

 $ - 

 $ 2,011,377 

Bond & Notes *

  - 

  18,887,661 

  - 

  18,887,661 

Short-Term Investments

  7,695,942 

  19,608,311 

  - 

  27,304,253 

Long Futures Contracts

  71,194 

  - 

  - 

  71,194 

Total

 $ 9,778,513 

 $ 38,495,972 

 $ - 

 $ 48,274,485 



Compass EMP Ultra Short-Term Fixed Income Fund

Assets

Level 1

Level 2

Level 3

Total

Short-Term Investments

 $ - 

 $ 17,120,921 

 $ - 

 $ 17,120,921 

Total

 $ - 

 $ 17,120,921 

 $ - 

 $ 17,120,921 

 

 

 

 

 



Compass EMP Multi-Asset Balanced Fund

Assets

Level 1

Level 2

Level 3

Total

Mutual Funds *

 $ 101,338,073 

 $ - 

 $ - 

 $ 101,338,073 

Short-Term Investments

  4,986,248 

  - 

  - 

  4,986,248 

Total

 $ 106,324,321 

 $ - 

 $ - 

 $ 106,324,321 

 

 

 

 

 

 

 

COMPASS EMP FUNDS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2014


 

 



Compass EMP Multi-Asset Growth Fund

Assets

Level 1

Level 2

Level 3

Total

Mutual Funds *

 $ 53,466,926 

 $ - 

 $ - 

 $ 53,466,926 

Short-Term Investments

  1,408,801 

  - 

  - 

  1,408,801 

Total

 $ 54,875,727 

 $ - 

 $ - 

 $ 54,875,727 

 

 

 

 

 



Compass EMP Alternative Strategies Fund

Assets

Level 1

Level 2

Level 3

Total

Common Stock *

 $ 24,388,208 

 $ - 

 $ - 

 $ 24,388,208 

Mutual Funds *

  41,405,482 

 

  - 

  41,405,482 

Bond & Notes *

  - 

  1,168,550 

  - 

  1,168,550 

Short-Term Investments

  5,358,016 

  6,744,648 

  - 

  12,102,664 

Collateral for Securities Loaned

  1,829,001 

  - 

  - 

  1,829,001 

Total

 $ 72,980,707 

 $ 7,913,198 

 $ - 

 $ 80,893,905 

 

 

 

 

 


*Please refer to the Schedules of Investments for industry classifications.

The Funds did not hold any Level 3 securities during the year.

There were no transfers into or out of Level 1 and Level 2 during the current period presented.  It is the Funds’ policy to record transfers into or out of Fair Value Levels at the end of the period.


d) Financial Futures Contracts – Each Fund may invest in futures contracts to hedge or manage risks associated with the Funds’ securities investments or to gain exposure to certain asset classes or markets.  As required by the 1940 Act, the Funds may purchase or sell futures contracts only if the Funds’ liabilities for the futures position are “covered” by an offsetting position in a futures contract or by the Funds segregating liquid assets equal to the Funds’ liabilities on the futures contract.  Upon entering into a financial futures contract, the Fund is required to pledge to the broker an amount of cash, U.S. government securities or other assets, equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as "variation margin," are made or received by the Funds upon closing the futures contract. The Funds record an unrealized gain or loss by marking each futures contract to market on a daily basis.  A realized gain or loss is recorded when the contract is closed. Should market conditions move unexpectedly, the Funds may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying assets. Futures contracts may have off-balance sheet risk. Off-balance sheet risk exists when the maximum potential loss on a particular financial instrument is greater than the value of such financial instrument, as reflected in the Consolidated Statements of Assets and Liabilities.


Positions in futures contracts may be closed out only on an exchange that provides a secondary market for such futures. However, there can be no assurance that a liquid secondary market will exist for any particular futures contract at any specific time. Thus, it may not be possible to close a futures position.  In the event of adverse price movements, the Funds may be required to make cash payments to maintain their required margin.  In such situations, if the Funds had insufficient cash, they might have to sell portfolio securities to meet margin requirements at a time when it would be disadvantageous to do so.  In addition, the Funds might be required to make delivery of the underlying instruments of futures contracts they hold. The inability to close positions in futures could also have an adverse impact on the Funds’ ability to hedge or manage risks effectively.


Successful use of futures by the Funds is also subject to the Manager’s ability to predict movements correctly in the direction of the market. There is typically an imperfect correlation between movements in the price of the future and movements in the price of the assets that are the subject of the hedge.  In addition, the price of futures may not correlate perfectly with movement in the cash market due to certain market distortions.  Due to the possibility of price distortion in the futures market and because of the imperfect correlation between the movements in the cash market and movements in the price of futures, a correct forecast of general market trends or interest rate movements by the Manager may still not result in a successful hedging transaction over a short time frame.


The trading of futures contracts is also subject to the risk of trading halts, suspension, exchange or clearing house equipment failures, government intervention, insolvency of a commodities or brokerage firm or clearing house or other disruption of normal trading activity, which could at times make it difficult or impossible to liquidate existing positions or to recover excess variation margin payments.


The Funds will purchase or sell futures contracts in accordance with the Commodity Futures Trading Commission (“CFTC”) regulations.


GAAP requires disclosures about the Funds’ derivative and hedging activities, including how such activities are accounted for and their effect on the Funds’ financial position, performance and cash flows.


Details of the disclosures for the year and/or period ended June 30, 2014 are as follows:


 

COMPASS EMP FUNDS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2014


 



The effect of derivative instruments on the Consolidated Statements of Assets and Liabilities is as follows:


U.S. 500 Volatility Weighted Fund

 

 

 

 

 

 

 

Contract Type / Primary Risk Exposure

 

Statements of Assets and Liabilities

 

Value **

Equity contracts / Equity price risk

 

Futures variation margin receivable / (payable)

 

 $                    11,675


U.S. Small Cap 500 Volatility Weighted Fund

 

 

 

 

 

 

Contract Type / Primary Risk Exposure

 

Statements of Assets and Liabilities

 

Value **

Equity contracts / Equity price risk

 

Futures variation margin receivable / (payable)

 

 $                      6,652


U.S. International 500 Volatility Weighted Fund

 

 

 

 

 

Contract Type / Primary Risk Exposure

 

Statements of Assets and Liabilities

 

Value **

Equity contracts / Equity price risk

 

Futures variation margin receivable / (payable)

 

 $                         225


Emerging Market 500 Volatility Weighted Fund

 

 

 

 

 

Contract Type / Primary Risk Exposure

 

Statements of Assets and Liabilities

 

Value **

Equity contracts / Equity price risk

 

Futures variation margin receivable / (payable)

 

 $                     (2,560)


REC Enhanced Volatility Weighted Fund

 

 

 

 

 

 

 

Contract Type / Primary Risk Exposure

 

Statements of Assets and Liabilities

 

Value **

Equity contracts / Equity price risk

 

Futures variation margin receivable / (payable)

 

 $                      3,930


U.S. 500 Enhanced Volatility Weighted Fund

 

 

 

 

 

 

Contract Type / Primary Risk Exposure

 

Statements of Assets and Liabilities

 

Value **

Equity contracts / Equity price risk

 

Futures variation margin receivable / (payable)

 

 $                      2,888


Long/Short Strategies Fund

 

 

 

 

 

 

 

Contract Type / Primary Risk Exposure

 

Statements of Assets and Liabilities

 

Value **

Equity contracts / Equity price risk

 

Futures variation margin receivable / (payable)

 

 $                   (43,725)

 

 

 

 

 


International 500 Enhanced Volatility Weighted Fund

 

 

 

 

 

Contract Type / Primary Risk Exposure

 

Statements of Assets and Liabilities

 

Value **

Equity contracts / Equity price risk

 

Futures variation margin receivable / (payable)

 

 $                         975


Commodity Strategies Enhanced Volatility Weighted Fund *

 

 

 

 

 

Contract Type / Primary Risk Exposure

 

Consolidated Statements of Assets and Liabilities

 

Value **

Commodity contracts / Commodity price risk

 

Futures variation margin receivable / (payable)

 

 $                   113,828


Commodity Strategies Volatility Weighted Fund *

 

 

 

 

 

Contract Type / Primary Risk Exposure

 

Consolidated Statements of Assets and Liabilities

 

Value **

Commodity contracts / Commodity price risk

 

Futures variation margin receivable / (payable)

 

 $                   242,778


Market Neutral Income Fund

 

 

 

 

 

 

 

 

 

Contract Type / Primary Risk Exposure

 

Statements of Assets and Liabilities

 

Value

 

Equity contracts / Equity price risk

 

Futures variation margin receivable / (payable)

 

 $                   203,520

**

 

 

 

 

 

 

Equity contracts / Equity price risk

 

Options on futures written, at value

 

                       88,550

 

 

 

 

 

 

 

Total

 

 

 

 $                   292,070

 

 


 

COMPASS EMP FUNDS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2014


Enhanced Fixed Income Fund

 

 

 

 

 

 

 

Contract Type / Primary Risk Exposure

 

Statements of Assets and Liabilities

 

Value **

Fixed income contracts / Interest rate risk

 

Futures variation margin receivable / (payable)

 

 $                    71,194


Alternative Strategies Fund *

 

 

 

 

 

 

 

Contract Type / Primary Risk Exposure

 

Consolidated Statements of Assets and Liabilities

 

Value **

Commodity contracts / Commodity price risk

 

Futures variation margin receivable / (payable)

 

 $                   113,828

 

 

 

 

 

Equity contracts / Equity price risk

 

Futures variation margin receivable / (payable)

 

                      (43,725)

 

 

 

 

 

Total

 

 

 

 $                    70,103

 

 

 

 

 


*Consolidated

**Includes only current variation margin.


The amounts of realized and changes in unrealized gains and losses on options on futures and futures contracts during the period as disclosed in the Consolidated Statements of Operations serve as indicators of the volume of derivative activity for the Funds.


The effect of derivative instruments on the Consolidated Statements of Operations is as follows:




U.S. 500 Volatility Weighted Fund

 

 

 

 

 

 

 

Change in Unrealized

 

 

 

 

 

 

 

 

Realized Gain

 

Appreciation or

Contract Type/

 

Location of Gain or (Loss) On

 

or (Loss) on

 

(Depreciation)

Primary Risk Exposure

 

Futures Contracts

 

Futures Contracts

 

on Futures Contracts

Equity contracts / Equity price risk

 

Net realized gain (loss) on futures contracts

 

 

 

 

 

 

Net change in unrealized appreciation (depreciation) from futures contracts

 

 $                           35,959

 

 $                           12,397


U.S. Small Cap 500 Volatility Weighted Fund

 

 

 

 

 

 

 

Change in Unrealized

 

 

 

 

 

 

 

 

Realized Gain

 

Appreciation or

Contract Type/

 

Location of Gain or (Loss) On

 

or (Loss) on

 

(Depreciation)

Primary Risk Exposure

 

Futures Contracts

 

Futures Contracts

 

on Futures Contracts

Equity contracts / Equity price risk

 

Net realized gain (loss) on futures contracts

 

 

 

 

 

 

Net change in unrealized appreciation (depreciation) from futures contracts

 

 $                           22,646

 

 $                             4,322


International 500 Volatility Weighted Fund

 

 

 

 

 

 

 

Change in Unrealized

 

 

 

 

 

 

 

 

Realized Gain

 

Appreciation or

Contract Type/

 

Location of Gain or (Loss) On

 

or (Loss) on

 

(Depreciation)

Primary Risk Exposure

 

Futures Contracts

 

Futures Contracts

 

on Futures Contracts

Equity contracts / Equity price risk

 

Net realized gain (loss) on futures contracts

 

 

 

 

 

 

Net change in unrealized appreciation (depreciation) from futures contracts

 

 $                         135,157

 

 $                             2,535

 

 

 

 

 

 

 

 

 

 

 


Emerging Market 500 Volatility Weighted Fund

 

 

 

 

 

 

 

Change in Unrealized

 

 

 

 

 

 

 

 

Realized Gain

 

Appreciation or

Contract Type/

 

Location of Gain or (Loss) On

 

or (Loss) on

 

(Depreciation)

Primary Risk Exposure

 

Futures Contracts

 

Futures Contracts

 

on Futures Contracts

Equity contracts / Equity price risk

 

Net realized gain (loss) on futures contracts

 

 

 

 

 

 

Net change in unrealized appreciation (depreciation) from futures contracts

 

 $                          (13,569)

 

 $                           (3,320)


REC Enhanced Volatility Weighted Fund

 

 

 

 

 

 

 

Change in Unrealized

 

 

 

 

 

 

 

 

Realized Gain

 

Appreciation or

Contract Type/

 

Location of Gain or (Loss) On

 

or (Loss) on

 

(Depreciation)

Primary Risk Exposure

 

Futures Contracts

 

Futures Contracts

 

on Futures Contracts

Equity contracts / Equity price risk

 

Net realized gain (loss) on futures contracts

 

 

 

 

 

 

Net change in unrealized appreciation (depreciation) from futures contracts

 

 $                           12,026

 

 $                             2,250

 


 

COMPASS EMP FUNDS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2014



U.S. 500 Enhanced Volatility Weighted Fund

 

 

 

 

 

 

 

Change in Unrealized

 

 

 

 

 

 

 

 

Realized Gain

 

Appreciation or

Contract Type/

 

Location of Gain or (Loss) On

 

or (Loss) on

 

(Depreciation)

Primary Risk Exposure

 

Futures Contracts

 

Futures Contracts

 

on Futures Contracts

Equity contracts / Equity price risk

 

Net realized gain (loss) on futures contracts

 

 

 

 

 

 

Net change in unrealized appreciation (depreciation) from futures contracts

 

 $                         431,194

 

 $                             3,226


Long/Short Strategies Fund

 

 

 

 

 

 

 

Change in Unrealized

 

 

 

 

 

 

 

 

Realized Gain

 

Appreciation or

Contract Type/

 

Location of Gain or (Loss) On

 

or (Loss) on

 

(Depreciation)

Primary Risk Exposure

 

Futures Contracts

 

Futures Contracts

 

on Futures Contracts

Equity contracts / Equity price risk

 

Net realized gain (loss) on futures contracts

 

 

 

 

 

 

Net change in unrealized appreciation (depreciation) from futures contracts

 

 $                         291,040

 

 $                        (103,946)


International 500 Enhanced Volatility Weighted Fund

 

 

 

 

 

 

 

Change in Unrealized

 

 

 

 

 

 

 

 

Realized Gain

 

Appreciation or

Contract Type/

 

Location of Gain or (Loss) On

 

or (Loss) on

 

(Depreciation)

Primary Risk Exposure

 

Futures Contracts

 

Futures Contracts

 

on Futures Contracts

Equity contracts / Equity price risk

 

Net realized gain (loss) on futures contracts

 

 

 

 

 

 

Net change in unrealized appreciation (depreciation) from futures contracts

 

 $                         447,000

 

 $                             5,290


Commodity Strategies Enhanced Volatility Weighted Fund *

 

 

 

 

 

 

 

Change in Unrealized

 

 

 

 

 

 

 

 

Realized Gain

 

Appreciation or

Contract Type/

 

Location of Gain or (Loss) On

 

or (Loss) on

 

(Depreciation)

Primary Risk Exposure

 

Futures Contracts

 

Futures Contracts

 

on Futures Contracts

Commodity contracts / Commodity

 

Net realized gain (loss) on futures contracts

 

 

 

 

price risk

 

Net change in unrealized appreciation (depreciation) from futures contracts

 

 $                         254,430

 

 $                           15,753


Commodity Strategies Volatility Weighted Fund *

 

 

 

 

 

 

 

Change in Unrealized

 

 

 

 

 

 

 

 

Realized Gain

 

Appreciation or

Contract Type/

 

Location of Gain or (Loss) On

 

or (Loss) on

 

(Depreciation)

Primary Risk Exposure

 

Futures Contracts

 

Futures Contracts

 

on Futures Contracts

Commodity contracts / Commodity

 

Net realized gain (loss) on futures contracts

 

 

 

 

price risk

 

Net change in unrealized appreciation (depreciation) from futures contracts

 

 $                       1,000,167

 

 $                         663,959


Market Neutral Income Fund

 

 

 

 

 

 

 

Change in Unrealized

 

 

 

 

 

 

 

 

Realized Gain

 

Appreciation or

 

 

 

 

or (Loss) on

 

(Depreciation)

Contract Type/

 

Location of Gain or (Loss) On

 

Futures Contracts

 

on Futures Contracts

Primary Risk Exposure

 

Derivatives

 

and Options on Futures

 

and Options on Futures

 

 

 

 

 

 

 

 

 

 

 

Fixed income contracts / Interest

 

 

 

 

 

 

rate risk

 

 

 

 

 

 

       Futures Contracts

 

Net realized gain (loss) on futures contracts

 

 $                          (45,548)

 

 $                          (40,503)

 

 

Net change in unrealized appreciation (depreciation) from futures contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity contracts / Equity price risk

 

 

 

 

 

 

       Options On Futures

 

Net realized gain on options on futures

 

 

 

 

 

 

Net change in unrealized appreciation (depreciation) on investments

 

 

 

 

 

 

and options on futures

 

 

 

 

 

                            641,032

 

                              46,288

       Futures Contracts

 

Net realized gain (loss) on futures contracts

 

 

 

 

 

 

Net change in unrealized appreciation (depreciation) from futures contracts

 

                        (2,849,718)

 

                            203,520

 

 

 

 

 

 

 

 

 $                     (2,254,234)

 

 $                         209,305


Enhanced Fixed Income Fund

 

 

 

 

 

 

 

Change in Unrealized

 

 

 

 

 

 

 

 

Realized Gain

 

Appreciation or

Contract Type/

 

Location of Gain or (Loss) On

 

or (Loss) on

 

(Depreciation)

Primary Risk Exposure

 

Futures Contracts

 

Futures Contracts

 

on Futures Contracts

Fixed income contracts / Interest

 

Net realized gain (loss) on futures contracts

 

 

 

 

rate risk

 

Net change in unrealized appreciation (depreciation) from futures contracts

 

 $                         114,697

 

 $                         891,013


 

COMPASS EMP FUNDS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2014


Alternative Strategies Fund *

 

 

 

 

 

 

 

Change in Unrealized

 

 

 

 

 

 

 

 

Realized Gain

 

Appreciation or

Contract Type/

 

Location of Gain or (Loss) On

 

or (Loss) on

 

(Depreciation)

Primary Risk Exposure

 

Futures Contracts

 

Futures Contracts

 

on Futures Contracts

Equity contracts / Equity price risk

 

Net realized gain (loss) on futures contracts

 

 

 

 

 

 

Net change in unrealized appreciation (depreciation) from futures contracts

 

 $                         313,902

 

 $                         (32,114)

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts / Commodity

 

Net realized gain (loss) on futures contracts

 

 

 

 

price risk

 

Net change in unrealized appreciation (depreciation) from futures contracts

 

                            932,389

 

                            478,895

 

 

 

 

 

 

 

 

 $                      1,246,291

 

 $                         446,781


*Consolidated


Offsetting of Financial Assets and Derivative Assets - The following table presents the Funds’ liability derivatives available for offset under a master netting arrangement net of collateral pledged as of June 30, 2014:

 

Gross Amounts of Assets Presented in the Statement of Assets and Liabilities

Fund

 

Gross Amounts of Recognized Assets & Liabilities

 

Financial Instruments Pledged

 

Cash Collateral Pledged

 

Net Amount of Assets

U.S. 500 Volatility Weighted Fund

 

 $                     11,675

 

 $                             -

 

 $                  53,626

 

 $                      65,301

U.S. Small Cap 500 Volatility Weighted Fund

 

                          6,652

 

                                -

 

                     51,318

 

                         57,970

International 500 Volatility Weighted Fund

 

                             225

 

                                -

 

                   219,887

 

                       220,112

Emerging Market 500 Volatility Weighted Fund

 

                        (2,560)

 

                                -

 

                   206,241

 

                       203,681

REC Enhanced Volatility Weighted Fund

 

                          3,930

 

                                -

 

                     12,531

 

                         16,461

U.S. 500 Enhanced Volatility Weighted Fund

 

                          2,888

 

                                -

 

                   532,211

 

                       535,099

Long Short Strategies Fund

 

                      (43,725)

 

                                -

 

                   328,883

 

                       285,158

International 500 Enhanced Volatility Weighted Fund

 

                             975

 

                                -

 

                   615,356

 

                       616,331

Commodity Strategies Enhanced Volatility Weighted Fund

 

                      113,828

 

                                -

 

                   487,460

 

                       601,288

Commodity Strategies Volatility Weighted Fund

 

                      242,778

 

                                -

 

                   726,683

 

                       969,461

Market Neutral Income Fund

 

                      203,520

 

                                -

 

                3,716,406

 

                    3,919,926

Enhanced Fixed Income Fund

 

                        71,194

 

                                -

 

                   401,146

 

                       472,340

Alternative Strategies Fund

 

                        70,103

 

                                -

 

                   816,343

 

                       886,446


e) Consolidation of Subsidiaries – The financial statements of the Commodity Strategies Enhanced Volatility Weighted Fund and Commodity Strategies Volatility Weighted Fund are consolidated and include the accounts of CEMPCLSSF Fund Ltd. and CEMPCSVWF Fund Ltd., respectively, each a wholly-owned and controlled Cayman Islands subsidiary (the “Subsidiaries”), which invest in commodity futures and other investments intended to serve as margin or collateral for the Subsidiaries’ derivatives positions. The Funds wholly own and control the Subsidiaries, and the Funds and Subsidiaries are both managed by Compass.  Significant intercompany accounts and transactions have been eliminated in consolidation for the Funds. The accompanying financial statements reflect the financial positions of the Funds and the results of operations on a consolidated basis with the Subsidiaries. The Funds may invest up to 25% of their total assets at the end of each fiscal quarter in their respective Subsidiaries which act as investment vehicles in order to effect certain investments consistent with the Funds’ investment objectives and policies.


For tax purposes, the Subsidiaries are exempted Cayman investment companies.  The Subsidiaries have received an undertaking from the Government of the Cayman Islands exempting them from all local income, profits and capital gains taxes.  No such taxes are levied in the Cayman Islands at the present time.  For U.S. income tax purposes, the Subsidiaries are Controlled Foreign Corporations (“CFCs”) and as such are not subject to U.S. income tax.  However, as wholly-owned CFCs, the Subsidiaries’ net income and capital gains, to the extent of their earnings and profits, will be included each year in the Funds’ investment company taxable income.  


During the period ended June 30, 2014, the Alternative Fund had a controlling interest in each of the Compass EMP Long Short Strategies Fund, Compass EMP Commodity Strategies Enhanced Volatility Weighted Fund and the Compass EMP Commodity Strategies Volatility Weighted Fund.  The Compass EMP Commodity Strategies Enhanced Volatility Weighted Fund and the Compass EMP Commodity Strategies Volatility Weighted Fund each have investments in wholly owned CFCs and report their financial statements on a consolidated basis with their respective wholly owned CFCs.  The consolidated Statements of Assets and Liabilities of the Alternative Fund includes the assets and liabilities of the Compass EMP Long Short Strategies Fund and the Compass EMP Commodity Strategies Enhanced Volatility Weighted Fund and its wholly owned CFC.  The consolidated Statements of Operations, Changes in Net Assets and Financial Highlights of the Alternative Fund include the activity of its wholly owned CFC, the activity of the Compass EMP Long Short Strategies Fund, the activity of  the Compass EMP Commodity Strategies Enhanced Volatility Weighted Fund and its wholly owned CFC for the period December 1, 2013 through June 30, 2014, and the activity of the Compass EMP Commodity Strategies Volatility Weighted Fund for the period December 1, 2013 through March 7, 2014 at which time it no longer maintained a controlling interest.  All inter-company accounts and transactions have been eliminated in consolidation.


f) Foreign Currency Translations – The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency, and income receipts and expense payments are translated into U.S. dollars using the prevailing

 

 

 

COMPASS EMP FUNDS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2014

 

exchange rate at the London market close. Purchases and sales of securities are translated into U.S. dollars at the contractual currency rates established at the approximate time of the trade.


Net realized gains and losses on foreign currency transactions represent net gains and losses from currency realized between the trade and settlement dates on securities transactions and the difference between income accrued versus income received. The effects of changes in foreign currency exchange rates on investments in securities are included with the net realized and unrealized gain or loss on investment securities.


g) Forward Currency Contracts – As foreign securities are purchased, a Fund generally enters into forward currency exchange contracts in order to hedge against foreign currency exchange rate risks.  A Fund may also enter into forward currency contracts as an investment strategy consistent with that Fund’s investment objective.  The market value of the contract fluctuates with changes in currency exchange rates.  The contract is marked-to-market daily and the change in market value is recorded by a Fund as an unrealized gain or loss.  As foreign securities are sold, a portion of the contract is generally closed and the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.  Realized gains and losses from contract transactions are included as a component of net realized gains (losses) from investments and foreign currency in the Consolidated Statements of Operations, if any.  


h) Option Transactions – Each Fund is subject to equity price risk in the normal course of pursuing its investment objective and may purchase or sell options to help hedge against risk.  When the Fund writes a call option, an amount equal to the premium received is included in the statement of assets and liabilities as a liability.  The amount of the liability is subsequently marked-to-market to reflect the current market value of the option.  If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a gain or loss is realized.  If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received.  As a writer of an option, the Fund has no control over whether the option will be exercised and, as a result, retains the market risk of an unfavorable change in the price of the security underlying the written option.


Each Fund may purchase put and call options.  Put options are purchased to hedge against a decline in the value of securities held in the Fund’s portfolio.  If such a decline occurs, the put options will permit the Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit.  The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Fund.  In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to the Fund, the benefits realized by the Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs.  Written and purchased options are non-income producing securities.  With purchased options, there is minimal counterparty risk to the Fund since these options are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default.


The number of call option contracts written and the premiums received by the Funds during the year ended June 30, 2014, was as follows:


 

Market Neutral Income Fund

 

 

Number of Contracts

Premiums Received

 

Options outstanding, beginning of year

  - 

 $ - 

 

Options written

  888 

  860,557 

 

Options exercised

  - 

  -   

 

Options expired

  - 

  -   

 

Options closed

  (727)

  (725,719)

 

Options outstanding, end of year

  161 

 $ 134,838 

 



i) Federal Income Tax - The Funds have qualified, except as described below, and intend to continue to qualify as regulated investment companies ("RICs") and to comply with the applicable provisions of the Internal Revenue Code of 1986, as amended (the "Code"), and to distribute substantially all of their taxable income to their shareholders. Therefore, no federal income or excise tax provisions are required.  During the five month period ended November 30, 2010, the Alternative Fund did not qualify as a RIC under Subchapter M of the Code because it did not meet certain quarterly diversification and annual income tests.  Accordingly, the Fund filed as a “C” corporation for the period ended November 30, 2010. As a "C" corporation, the Fund was subject to federal income taxes on any taxable income for that period.  However, the Fund had a net loss for that period and consequently did not incur any tax liability. The Code contains procedures to allow a fund that does not meet the requirements to be taxed as a RIC to re-establish its status as a RIC if it marks to market its appreciated security positions in its tax period immediately preceding re-election or if it pays tax on realized “built in gains” over the succeeding ten year period. Further, the Code contains an exception from the mark to market and built in gains tax for RICs that meet certain requirements. The Alternative Fund met these requirements and the Fund re-elected RIC status for the year ending November 30, 2011. Therefore, no provision was made for federal income or excise taxes related to the year ended November 30, 2011.


During the year ended November 30, 2012, the Balanced Fund inadvertently failed to distribute to its shareholders its undistributed ordinary taxable income from the year ended November 30, 2011, resulting in the Balanced Fund failing to meet the distribution requirements under Subchapter M of the Internal Revenue Code and causing its status as a RIC to terminate.  The Internal Revenue Code contains curative provisions that allowed the Balanced Fund to re-establish its status as a RIC retroactive to the year ended November 30, 2011.  In order to qualify for this relief, the Balanced Fund paid to its shareholders a “deficiency dividend” and will need to pay interest and penalties to the Internal Revenue Service.  The interest and penalties on the deficiency dividend will not be borne by the Balanced Fund and will be reimbursed by the Administrator.  As of June 30, 2014 interest and penalties are estimated to be $224,411.

 

 

 

COMPASS EMP FUNDS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2014

 

As of and during the year ended June 30, 2014, the Funds did not have a liability for any unrecognized tax expense. The Funds recognize interest and penalties, if any, related to unrecognized tax expense as income tax expense in the Consolidated Statements of Operations. As of June 30, 2014, the Funds did not incur any interest or penalties except as described above. As required, management has analyzed the Funds’ tax positions taken on Federal income tax returns filed for the open tax years (2011 – 2013), or expected to be taken in the Funds’ tax returns for the year ended June 30, 2014, and has concluded that no provision for income tax is required in these financial statements. These open tax periods and years are subject to examination by the applicable taxing authorities, including the Internal Revenue Service. No examination of the Funds’ tax returns is presently in progress.


j) Distribution to Shareholders - Distributions to shareholders, which are determined in accordance with income tax regulations and may differ from GAAP, are recorded on the ex-dividend date.


k) Multiple Class Allocations - Income, non-class specific expenses and realized/unrealized gains or losses are allocated to each class based on relative net assets.  Distribution fees are charged to each respective share class in accordance with the distribution plan.


l) Other - Investment and shareholder transactions are recorded on trade date.  The Funds determine the gain or loss realized from the investment transactions by comparing the original cost of the security lot sold with the net sales proceeds.  Dividend income is recognized on the ex-dividend date or as soon as information is available to the Funds and interest income is recognized on an accrual basis.  Discounts and premiums on debt securities are accreted or amortized over their respective lives using the effective interest method.  The Funds do not isolate the portion of the results of operations for realized gain and losses resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Unrealized gains and losses resulting from changes in foreign exchange rates on investments are not isolated from changes in the valuation of securities


m) Use of Estimates - The preparation of financial statements in conformity with 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 revenues and expenses during the reporting period.  Actual results could differ from those estimates.


n) Commitments and Contingencies - In the normal course of business, the Trust may enter into contracts that contain a variety of representations and warranties and provide general indemnifications.  The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated; however, management considers the risk of loss from such claims to be remote.


o) Redemption fees and sales charges (loads) - A $15 redemption fee may be charged for redemptions made by wire.  The redemption fee is paid directly to and retained by the Funds, and is designed to deter excessive short-term trading and to offset brokerage commissions, market impact and other costs that may be associated with short-term money movement in and out of the Funds.  A maximum sales charge of 5.75% is imposed on Class A shares of all the funds with the exception of Ultra Short-Term Fixed Income Fund, which is 1.00%.  A maximum sales charge of 3.50% is imposed on Class T shares of all the funds with the exception of Ultra Short-Term Fixed Income Fund.  


(2)

INVESTMENT TRANSACTIONS


For the year and/period ended June 30, 2014, aggregate purchases and proceeds from sales of investment securities (excluding short-term investments) for the Funds were as follows:

Fund

 

 Purchases

 

 Sales

U.S. 500 Volatility Weighted Fund

    

$ 42,246,369

 

$ 13,766,398

U.S. Small Cap 500 Volatility Weighted Fund

 

21,981,257

 

10,403,794

International 500 Volatility Weighted Fund

 

  48,941,197

 

  26,211,033

Emerging Market 500 Volatility Weighted Fund

 

19,493,002

 

6,691,766

REC Enhanced Volatility Weighted Fund

 

29,787,124

 

6,939,186

U.S. 500 Enhanced Volatility Weighted Fund

 

200,053,897

 

38,203,477

Long/Short Strategies Fund

 

26,805,049

 

8,798,504

International 500 Enhanced Volatility Weighted Fund

 

124,928,756

 

50,137,092

Commodity Strategies Enhanced Volatility Weighted Fund *

 

1,628,602

 

9,524,171

Commodity Strategies Volatility Weighted Fund *

 

1,428,369

 

834,290

Market Neutral Income Fund

 

70,235,794

 

30,625,281

Enhanced Fixed Income Fund

 

6,936,651

 

4,612,470

Ultra Short-Term Fixed Income Fund

 

-

 

-

Multi-Asset Balanced Fund

 

11,777,061

 

14,101,251

Multi-Asset Growth Fund

 

2,186,828

 

5,921,250

Alternative Strategies Fund*

 

32,867,974

 

28,874,170

 

 

 

 

 

* Consolidated

 

COMPASS EMP FUNDS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2014

 



(3)

MANAGEMENT AGREEMENT AND OTHER RELATED PARTY TRANSACTIONS


Compass acts as investment manager for the Funds pursuant to the terms of the Management Agreement (the "Management Agreement").  Under the terms of the Management Agreement, the Manager manages the investment operations of the Funds in accordance with the Funds’ investment policies and restrictions.  The Manager provides the Funds with investment advice and supervision and furnishes an investment program for the Funds.  For its investment management services, the Funds pay to the Manager, as of the last day of each month, an annualized fee equal to 0.85% of average net assets of the U.S. 500 Volatility Weighted Fund, 0.90% of the U.S. Small Cap 500 Volatility Weighted Fund, 1.00% of the International 500 Volatility Weighted Fund, 1.05% of the Emerging Market Volatility Weighted Fund, REC Enhanced Volatility Weighted Fund and Commodity Strategies Volatility Weighted Fund, 1.25% of the U.S. 500 Enhanced Volatility Weighted Fund, International 500 Enhanced Volatility Weighted Fund, Commodity Long/Short Strategies Fund, and the Long/Short Strategies Fund, 0.75% of the Long/Short Fixed Income Fund, 0.50% of the Enhanced Fixed Income Fund, and 0.40% of the Ultra Short-Term Fixed Income Fund, such fees to be computed daily based upon daily average net assets of the Funds.  The Manager pays expenses incurred by it in connection with acting as investment manager to the Funds other than costs (including taxes and brokerage commissions, borrowing costs, costs of investing in underlying funds and extraordinary expenses, if any) of securities purchased for the Funds and certain other expenses paid by the Funds (as detailed in the Management Agreement).  The Manager pays for all employees, office space and facilities required by it to provide services under the Management Agreement, with the exception of specific items of expense (as detailed in the Management Agreement). As of July 19, 2013, the Multi-Asset Balanced, Multi-Asset Growth, and Alternative Strategies Funds no longer charge a management fee.  The Management Fees listed for the Alternative Fund are consolidated and include the annualized fee paid to the Manager of 1.25% by the Compass EMP Commodity Strategies Enhanced Volatility Weighted Fund and 1.25% by the Compass EMP Long-Short Strategies Fund for the period December 1, 2013 through June 30, 2014 and 1.05% by the Compass EMP Commodity Strategies Volatility Weighted Fund for the period December 1, 2013 through March 7, 2014.   For the year and/or period ended June 30, 2014, management fees incurred by the Funds as well as amounts due to or from the Manager at June 30, 2014 were as follows:


Fund

 

Management Fees

 

Due To/(From) Manager

at June 30, 2014

U.S. 500 Volatility Weighted Fund

     

                  $ 349,495

       

                    $ 40,616

U.S. Small Cap 500 Volatility Weighted Fund

 

137,707

 

  8,974

International 500 Volatility Weighted Fund

 

307,710

 

70,450

Emerging Market 500 Volatility Weighted Fund

 

152,583

 

                   (129,616)

REC Enhanced Volatility Weighted Fund

 

214,053

 

12,926

U.S. 500 Enhanced Volatility Weighted Fund

 

                  1,653,898

 

                     209,649

Long/Short Strategies Fund

 

336,450

 

30,832

International 500 Enhanced Volatility Weighted Fund

 

820,490

 

                     116,240

Commodity Strategies Enhanced Volatility Weighted Fund

 

192,873

 

   3,062

Commodity Strategies Volatility Weighted Fund

 

174,554

 

12,610

Market Neutral Income Fund

 

260,127

 

40,391

Enhanced Fixed Income Fund

 

316,265

 

33,362

Ultra Short-Term Fixed Income Fund

 

  64,621

 

 (6,747)

Multi-Asset Balanced Fund

 

-

 

 9,534

Multi-Asset Growth Fund

 

-

 

 7,040

Alternative Strategies

 

340,095

 

                       45,431


For the year ended November 30, 2013, management fees incurred by the Funds were as follows:


Fund

 

Management Fees

 

Multi-Asset Balanced Fund

 

$ 376,607

 

Multi-Asset Growth Fund

 

   307,203

 

Alternative Strategies Fund

 

   991,641

 


The Manager and the Funds have entered into an Expense Limitation Agreement under which the Manager has contractually agreed to waive fees and/or reimburse expenses but only to the extent necessary to maintain total annual operating expenses (excluding brokerage costs; borrowing costs, such as (a) interest and (b) dividends on securities sold short; taxes; costs of investing in underlying funds; 12b-1 distribution plan and extraordinary expenses) at 0.95% of the U.S. 500 Volatility Weighted Fund's average daily net assets, 1.00% of the U.S. Small Cap 500 Volatility Weighted Fund, 1.15% of the International 500 Volatility Weighted Fund, the REC Enhanced Volatility Weighted Fund, and Commodity Strategies Volatility Weighted Fund, at 1.20% of the Emerging Market 500 Volatility Weighted Fund, at 1.35% of the U.S. 500 Enhanced Volatility Weighted Fund, Commodity Strategies Enhanced Volatility Weighted Fund, and the Long/Short Strategies Fund, at 1.40% of the International 500 Enhanced Volatility Weighted Fund, at 0.90% of the Market Neutral Income Fund, at 0.60% of the Enhanced Fixed Income Fund and at 0.45% of the Ultra Short-Term Fixed Income Fund’s average daily net assets through October 31, 2014.  Each waiver or reimbursement by the Manager is subject to

 

 

COMPASS EMP FUNDS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2014

 

 

repayment by the Funds within the three fiscal years following the fiscal year in which that particular expense is incurred, if the Funds are able to make the repayment without exceeding the expense limitation in effect at that time and the repayment is approved by the Board of Trustees.  


For the year and/or period ended June 30, 2014, the Manager waived management fees and reimbursed expenses as follows:



Fund

 

Management Fees Waived / Expense Reimbursed

 

U.S. 500 Volatility Weighted Fund

 

                $ 60,111

 

U.S. Small Cap 500 Volatility Weighted Fund

 

62,236

 

International 500 Volatility Weighted Fund

 

                 156,294

 

Emerging Market 500 Volatility Weighted Fund

 

                 282,199

 

REC Enhanced Volatility Weighted Fund

 

55,433

 

U.S. 500 Enhanced Volatility Weighted Fund

 

                 113,611

 

Long/Short Strategies Fund

 

44,987

 

International 500 Enhanced Volatility Weighted Fund

 

                 214,072

 

Commodity Strategies Enhanced Volatility Weighted Fund

 

59,019

 

Commodity Strategies Volatility Weighted Fund

 

49,104

 

Market Neutral Income Fund

 

43,172

 

Enhanced Fixed Income Fund

 

55,861

 

Ultra Short-Term Fixed Income Fund

 

71,367

 

Multi-Asset Balanced Fund

 

   -

 

Multi-Asset Growth Fund

 

                     7,117

 

Alternative Strategies Fund *

 

                   98,092

 


* Consolidated


For the year ended November 30, 2013, the Manager waived management fees and recouped expenses as follows:

 

 

Management

 

Expense Reimbursements / Waivers

Fund

 

Fees Waived

 

Recouped

Balanced Fund

 

$          -

 

$         39,037

Growth Fund

 

            -

 

            -

Alternative Fund

 

          69,975

 

            -


As of June 30, 2014, the Manager may recapture a portion of the waived and/or reimbursed amounts no later than the dates as stated below:

 

Fund

 

June 30, 2016

 

June 30, 2017

Total

U.S. 500 Volatility Weighted Fund

 

$  22,927

 

   $   60,111

    $  83,038

U.S. Small Cap 500 Volatility Weighted Fund

 

    20,528

 

 62,236

  82,764

International 500 Volatility Weighted Fund

 

  109,220

 

156,294

265,514

Emerging Market 500 Volatility Weighted Fund

 

  150,002

 

282,199

432,201

REC Enhanced Volatility Weighted Fund

 

    10,798

 

  55,433

  66,231

U.S. 500 Enhanced Volatility Weighted Fund

 

    23,076

 

113,611

136,687

Long/Short Strategies Fund

 

    14,806

 

  44,987

  59,793

International 500 Enhanced Volatility Weighted Fund

 

  130,961

 

214,072

345,033

Commodity Strategies Enhanced Volatility Weighted Fund

 

    14,579

 

  59,019

  73,598

Commodity Strategies Volatility Weighted Fund

 

    13,511

 

  49,104

  62,615

Market Neutral Income Fund

 

    13,054

 

  43,172

  49,945

Enhanced Fixed Income Fund

 

    24,387

 

  55,861

  80,248

Ultra Short-Term Fixed Income Fund

 

    17,354

 

  71,367

  88,721

 

 

COMPASS EMP FUNDS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2014

 

 

 

 

 




 

 

 

 

 

 

Fund

 

November 30, 2014

 

November 30, 2015

November 30, 2016

June 30, 2017

Total

Multi-Asset Balanced Fund

 

$  43,432

 

$      -

$        -

$        -

$  43,432

Multi-Asset Growth Fund

 

  103,575

 

 43,253

          -

   7,117

  153,945

Alternative Strategies Fund

 

            -

 

        -

          -

  22,842

    22,842


The Funds have entered into an Investment Company Services Agreement (the "Services Agreement") with Gemini Fund Services, LLC (“GFS”).  Pursuant to the Services Agreement, GFS provides administrative, fund accounting, and transfer agency services to the Funds pursuant to agreements with the Trust, for which it receives customary fess from each Fund.  


Certain officers of the Funds are officers and/or employees of GFS.


The Board has adopted a Distribution Plan and Agreement (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act.  The Plan provides that a monthly service and/or distribution fee is calculated by the Fund at an annual rate of 0.25% of its average daily net assets for Class A shares, 1.00% of its average daily net assets for Class C shares and 0.50% of its average daily net assets for Class T shares and is paid to Northern Lights Distributors, LLC (the “Distributor”) to provide compensation for ongoing shareholder servicing and distribution-related activities or services and/or maintenance of the Fund’s shareholder accounts not otherwise required to be provided by the Advisor.  


For the year and/or period ended June 30, 2014, the Funds incurred 12b-1 fees attributable to Class A, C and T shares as follows:

Fund

 

Class A

 

Class C

 

Class T

U.S. 500 Volatility Weighted Fund

 

$ 42,072

 

           $ 3,764

 

            $ 934

U.S. Small Cap 500 Volatility Weighted Fund

 

  13,446

 

9,543

 

203

International 500 Volatility Weighted Fund

 

  28,344

 

  700

 

 24

Emerging Market 500 Volatility Weighted Fund

 

  17,924

 

              8,976

 

               416

REC Enhanced Volatility Weighted Fund

 

  22,030

 

5,824

 

               358

U.S. 500 Enhanced Volatility Weighted Fund

 

 123,269

 

          154,368

 

          21,816

Long/Short Strategies Fund

 

  11,019

 

  140

 

  9

International 500 Enhanced Volatility Weighted Fund

 

 59,657

 

            32,092

 

            4,820

Commodity Strategies Enhanced Volatility Weighted Fund

 

  6,110

 

  277

 

                 84

Commodity Strategies Volatility Weighted Fund

 

  9,133

 

  973

 

 94

Market Neutral Income Fund

 

31,309

 

1,669

 

               245

Enhanced Fixed Income Fund

 

           104,327

 

3,193

 

               737

Ultra Short-Term Fixed Income Fund

 

             16,197

 

-

 

-

Multi-Asset Balanced Fund

 

           114,058

 

            87,642

 

          28,493

Multi-Asset Growth Fund

 

62,647

 

            35,127

 

          10,906

Alternative Strategies Fund *

 

88,130

 

            63,694

 

            7,303


* Consolidated


For the year ended November 30, 2013, the Funds incurred 12b-1 fees attributable to Class A, C and T shares as follows:

Fund

 

Class A

 

Class C

 

Class T

Multi-Asset Balanced Fund

 

          $ 206,015

 

           $ 198,051

 

            $ 60,342

Multi-Asset Growth Fund

 

  125,501

 

    63,037

 

   17,960

Alternative Strategies Fund *

 

  226,087

 

  185,223

 

  16,323

 


* Consolidated

 

 

 

COMPASS EMP FUNDS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2014

 

 

 

A maximum sales charge of 5.75% is imposed on Class A shares of the Funds and a maximum sales charge of 3.50% is imposed on Class T shares of the Funds.  For the year and/or period ended June 30, 2014, the Distributor received sales charges on sales of the Funds Class A shares and Class T shares.


The Distributor and the Manager have advised the Funds that the amounts are as follows:



Fund

 

Class A

 

Class T

U.S. 500 Volatility Weighted Fund

 

$ 5,665

 

$ 59

U.S. Small Cap 500 Volatility Weighted Fund

 

     319

 

    9

International 500 Volatility Weighted Fund

 

     36

 

   -

Emerging Market 500 Volatility Weighted Fund

 

 1,117

 

986

REC Enhanced Volatility Weighted Fund

 

   540

 

518

U.S. 500 Enhanced Volatility Weighted Fund

 

           52,593

 

          29,775

Long/Short Strategies Fund

 

  139

 

 57

International 500 Enhanced Volatility Weighted Fund

 

             3,129

 

            8,262

Commodity Strategies Enhanced Volatility Weighted Fund

 

  156

 

312

Commodity Strategies Volatility Weighted Fund

 

     6

 

   6

Market Neutral Income Fund

 

  389

 

 39

Enhanced Fixed Income Fund

 

  111

 

               286

Ultra Short-Term Fixed Income Fund

 

             3,636

 

  -

Multi-Asset Balanced Fund

 

2,845

 

            2,724

Multi-Asset Growth Fund

 

1,911

 

            1,386

Alternative Strategies Fund

 

  108

 

               912


(4)

BENEFICIAL OWNERSHIP


The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act.  As of June 30, 2014, the shareholders listed below held more than 25% of the Funds and may be deemed to control those Funds.  


Shareholder

Fund

Percent

Charles Schwab & Co., Inc. FBO

U.S. 500 Volatility Weighted Fund

28.67%

Charles Schwab & Co., Inc. FBO

U.S. Small Cap 500 Volatility Weighted Fund

27.50%

Charles Schwab & Co., Inc. FBO

International 500 Volatility Weighted Fund

29.56%

Charles Schwab & Co., Inc. FBO

Emerging Market 500 Volatility Weighted Fund

36.39%

LPL FINANCIAL

REC Enhanced Volatility Weighted Fund

36.66%

NFS LLC FEBO

REC Enhanced Volatility Weighted Fund

51.11%

LPL FINANCIAL

U.S. 500 Enhanced Volatility Weighted Fund

29.02%

NFS LLC FEBO

International 500 Enhanced Volatility Weighted Fund

33.29%

Charles Schwab & Co., Inc. FBO

Enhanced Fixed Income Fund

53.08%

NFS LLC FEBO

Enhanced Fixed Income Fund

35.86%

Charles Schwab & Co., Inc. FBO

Ultra Short-Term Fixed Income

25.81%

Andrew S Blank

Ultra Short-Term Fixed Income

43.27%

NFS LLC FEBO

Multi-Asset Balanced Fund

55.92%

NFS LLC FEBO

Multi-Asset Growth Fund

58.18%

 

(5)

CREDIT FACILITY


The Funds have collectively entered into a $15 million secured Revolving Credit Agreement (the “Agreement”) with U.S. Bank, National Association (“U.S. Bank”).  Under the terms of the Agreement, each Fund may not exceed the limit on borrowing money set forth in the Registration Statement of that Fund and the borrowing will be used only for temporary or emergency purposes including the financing of redemptions.  Interest is charged to each Fund based on the prevailing market rates in effect at the time of the borrowing.  The Funds will collateralize the borrowings with certain securities the Funds hold at the time of borrowing.  At June 30, 2014, there were no outstanding borrowings.


 

COMPASS EMP FUNDS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2014

 

 


(6)

SECURITIES LENDING


The Compass EMP Funds have entered into a securities lending arrangement with U.S. Bank National Association (the “Borrower”).  Under the terms of the agreement, the Funds are authorized to loan securities to the Borrower.  In exchange, the Funds receive cash collateral in the amount of at least 102% of the value of securities loaned or at least 105% of the value of foreign securities loaned.  The cash collateral is invested in short-term instruments as noted in the Funds’ Schedules of Investments.  Securities lending income is disclosed in the Funds’ Statements of Operations.  Although risk is mitigated by the collateral, the Funds could experience a delay in recovering its securities and possible loss of income or value if the Borrower fails to return them.   The agreement provides that the Funds receive a guaranteed amount in securities lending revenue annually.


The following table presents financial instruments that are subject to enforceable netting arrangements as of June 30, 2014.


Gross Amounts of Assets Presented in the Statements of Assets and Liabilities

Fund

 

Market Value of Loaned Securities

 

Market Value of Collateral (1)

 

Percentage of Total Investment Income

U.S. 500 Volatility Weighted Fund

 

 $                4,247,698

 

 $              4,247,698

 

1.40%

U.S. Small Cap 500 Volatility Weighted Fund

 

 $                2,338,287

 

 $              2,338,287

 

5.73%

International 500 Volatility Weighted Fund

 

 $                     69,175

 

 $                   69,175

 

0.12%

Emerging Market 500 Volatility Weighted Fund

 

 $                   494,340

 

 $                 494,340

 

1.31%

REC Enhanced Volatility Weighted Fund

 

 $                4,136,453

 

 $              4,136,453

 

0.99%

U.S. 500 Enhanced Volatility Weighted Fund

 

 $              22,348,278

 

 $            22,348,278

 

1.37%

Long Short Strategies Fund

 

 $                1,758,862

 

 $              1,758,862

 

0.96%

International 500 Enhanced Volatility Weighted Fund

 

 $                   194,380

 

 $                 194,380

 

0.10%

Commodity Strategies Enhanced Volatility Weighted Fund

 

 $                            -   

 

 $                           -   

 

0.00%

Commodity Strategies Volatility Weighted Fund

 

 $                     53,393

 

 $                   53,393

 

0.02%

Market Neutral Income Fund

 

 $                3,114,605

 

 $              3,114,605

 

0.64%

Enhanced Fixed Income Fund

 

 $                            -   

 

 $                           -   

 

0.00%

Ultra Short-Term Fixed Income Fund

 

 $                            -   

 

 $                           -   

 

0.00%

Multi-Asset Balanced Fund

 

 $                            -   

 

 $                           -   

 

0.00%

Multi-Asset Growth Fund

 

 $                            -   

 

 $                           -   

 

0.00%

Alternative Strategies Fund

 

 $                1,758,862

 

 $              1,758,862

 

0.23%



(1)The amount is limited to the loaned securities and accordingly, does not include excess collateral pledged.


(7)

DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL


The tax character of distributions for the following periods was as follows:


For the period ended June 30, 2014:

 

 

 

 

 

 

 

 

Ordinary

 

Long-Term

 

Return of

 

 

 

Income

 

Capital Gain

 

Capital

 

Total

U.S. 500 Volatility Weighted Fund

 $ 799,487 

 

 $ 3,630 

 

 $ -   

 

 $ 803,117 

U.S. Small Cap 500 Volatility Weighted Fund

  834,084 

 

  1,530 

 

  -   

 

  835,614 

International 500 Volatility Weighted Fund

  1,424,794 

 

  1,590 

 

  -   

 

  1,426,384 

Emerging Market 500 Volatility Weighted Fund

  117,025 

 

  -   

 

  -   

 

  117,025 

REC Enhanced Volatility Weighted Fund

  384,526 

 

  90,724 

 

  51,428 

 

  526,678 

U.S. 500 Enhanced Volatility Weighted Fund

  1,653,808 

 

  11,889 

 

  -   

 

  1,665,697 

Long/Short Strategies Fund

  -   

 

  -   

 

  -   

 

  -   

International 500 Enhanced Volatility Weighted Fund

  2,283,927 

 

  -   

 

  -   

 

  2,283,927 

Commodity Strategies Enhanced Volatility Weighted Fund

  -   

 

  -   

 

  -   

 

  -   

Commodity Strategies Volatility Weighted Fund

  -   

 

  -   

 

  -   

 

  -   

Market Neutral Income Fund

  351,411 

 

  -   

 

  -   

 

  351,411 

Enhanced Fixed Income Fund

  80,068 

 

  -   

 

  -   

 

  80,068 

Ultra Short-Term Fixed Income Fund

  77,030 

 

  -   

 

  -   

 

  77,030 

Multi-Asset Balanced Fund

  3,825,986 

 

  3,053,871 

 

  -   

 

  6,879,857 

Multi-Asset Growth Fund

  7,014,674 

 

  1,590,835 

 

  -   

 

  8,605,509 

Alternative Strategies Fund

  -   

 

  -   

 

  -   

 

  -   

 

 

 


 

COMPASS EMP FUNDS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2014

 



For the year ended November 30, 2013:

 

 

 

 

 

 

 

 

Ordinary

 

Long-Term

 

Return of

 

 

 

Income

 

Capital Gain

 

Capital

 

Total

Multi-Asset Balanced Fund

 $ 3,915,651 

 

 $ 1,128,617 

 

 $ -   

 

 $ 5,044,268 

Multi-Asset Growth Fund

  -   

 

  -   

 

  -   

 

  -   

Alternative Strategies Fund

  -   

 

  -   

 

  -   

 

  -   



For the period ended June 30, 2013:

 

 

 

 

 

 

 

 

Ordinary

 

Long-Term

 

Return of

 

 

 

Income

 

Capital Gain

 

Capital

 

Total

U.S. 500 Volatility Weighted Fund

 $ 53,771 

 

 $ -   

 

 $ -   

 

 $ 53,771 

U.S. Small Cap 500 Volatility Weighted Fund

  15,482 

 

  -   

 

  -   

 

  15,482 

International 500 Volatility Weighted Fund

  107,622 

 

  -   

 

  -   

 

  107,622 

Emerging Market 500 Volatility Weighted Fund

  25,766 

 

  -   

 

  -   

 

  25,766 

REC Enhanced Volatility Weighted Fund

  63,046 

 

  -   

 

  -   

 

  63,046 

U.S. 500 Enhanced Volatility Weighted Fund

  47,928 

 

  -   

 

  -   

 

  47,928 

Long/Short Strategies Fund

  -   

 

  -   

 

  -   

 

  -   

International 500 Enhanced Volatility Weighted Fund

  125,231 

 

  -   

 

  -   

 

  125,231 

Commodity Strategies Enhanced Volatility Weighted Fund

  -   

 

  -   

 

  -   

 

  -   

Commodity Strategies Volatility Weighted Fund

  -   

 

  -   

 

  -   

 

  -   

Market Neutral Income Fund

  -   

 

  -   

 

  -   

 

  -   

Enhanced Fixed Income Fund

  49,482 

 

  -   

 

  3,761 

 

  53,243 

Ultra Short-Term Fixed Income Fund

  22,800 

 

  -   

 

  -   

 

  22,800 



For the year ended November 30, 2012:

 

 

 

 

 

 

 

 

Ordinary

 

Long-Term

 

Return of

 

 

 

Income

 

Capital Gain

 

Capital

 

Total

Multi-Asset Balanced Fund

 $ -   

 

 $ 610,911 

 

 $ -   

 

 $ 610,911 

Multi-Asset Growth Fund

  -   

 

  -   

 

  -   

 

  -   

Alternative Strategies Fund

  -   

 

  -   

 

  -   

 

  -   



As of June 30, 2014, the components of distributable earnings / (deficit) on a tax basis were as follows:


 

Undistributed

 

Undistributed

 

Capital Loss

 

Other

 

Post October Loss

 

Non-

 

Unrealized

 

Total

 

Ordinary

 

Long-Term

 

Carry

 

Book/Tax

 

and

 

Controlling

 

Appreciation/

 

Accumulated

 

Income

 

Gains

 

Forwards

 

Differences

 

Late Year Loss

 

Interest

 

(Depreciation)

 

Earnings/(Deficits)

U.S. 500 Volatility Weighted Fund

 $ 812,053 

 

 $ 850,131 

 

 $ -   

 

 $ -   

 

 $ -   

 

 $ -   

 

 $ 6,367,162 

 

 $ 8,029,346 

U.S. Small Cap 500 Volatility Weighted Fund

  486,241 

 

  330,269 

 

  -   

 

  -   

 

  -   

 

  -   

 

  1,686,216 

 

  2,502,726 

International 500 Volatility Weighted Fund

  1,155,930 

 

  728,572 

 

  -   

 

  -   

 

  -   

 

  -   

 

  2,602,779 

 

  4,487,281 

Emerging Market 500 Volatility Weighted Fund

  27,130 

 

  -   

 

  (40,520)

 

  -   

 

  (168,662)

 

  -   

 

  1,248,164 

 

  1,066,112 

REC Enhanced Volatility Weighted Fund

  -   

 

  -   

 

  -   

 

  -   

 

  -   

 

  -   

 

  1,305,567 

 

  1,305,567 

U.S. 500 Enhanced Volatility Weighted Fund

  2,371,047 

 

  1,644,464 

 

  -   

 

  -   

 

  -   

 

  -   

 

  20,242,420 

 

  24,257,931 

Long/Short Strategies Fund

  -   

 

  23,882 

 

  -   

 

  -   

 

  (61,416)

 

  -   

 

  974,223 

 

  936,689 

International 500 Enhanced Volatility Weighted Fund

  2,714,848 

 

  1,058,085 

 

  -   

 

  -   

 

  -   

 

  -   

 

  5,908,789 

 

  9,681,722 

Commodity Strategies Enhanced Vol Weighted Fund

  121,093 

 

  -   

 

  (22,647)

 

  13,773 

 

  (57,057)

 

  -   

 

  4,769 

 

  59,931 

Commodity Strategies Volatility Weighted Fund

  1,456,795 

 

  -   

 

  (94)

 

  (787,029)

 

  -   

 

  -   

 

  17,348 

 

  687,020 

Market Neutral Income Fund

  -   

 

  -   

 

  (146,164)

 

  -   

 

  (1,169,033)

 

  -   

 

  1,304,008 

 

  (11,189)

Enhanced Fixed Income Fund

  127,927 

 

  -   

 

  (186,732)

 

  -   

 

  (14,535)

 

  -   

 

  115,019 

 

  41,679 

Ultra Short-Term Fixed Income Fund

  2,823 

 

  -   

 

  -   

 

  (2,616)

 

  -   

 

  -   

 

  -   

 

  207 

Multi-Asset Balanced Fund

  -   

 

  -   

 

  -   

 

  -   

 

  -   

 

  -   

 

  6,637,368 

 

  6,637,368 

Multi-Asset Growth Fund

  436,860 

 

  -   

 

  -   

 

  -   

 

  -   

 

  -   

 

  6,171,707 

 

  6,608,567 

Alternative Strategies Fund

  -   

 

  -   

 

  (5,493,744)

 

  -   

 

  -   

 

  -   

 

  3,123,539 

 

  (2,370,205)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



The difference between book basis and tax basis unrealized appreciation/(depreciation) is primarily attributable to the tax deferral of losses on wash sales, the mark-to-market on open futures contracts and adjustments for C-Corporation return of capital distributions, passive foreign investment companies and the Funds’ wholly-owned subsidiaries.



 

COMPASS EMP FUNDS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2014

 

 


Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes.  The Funds incurred and elected to defer such capital losses as follows:


 

Late Year

 

 

Losses

 

U.S. 500 Volatility Weighted Fund

 $ -   

 

U.S. Small Cap 500 Volatility Weighted Fund

  -   

 

International 500 Volatility Weighted Fund

  -   

 

Emerging Market 500 Volatility Weighted Fund

  -   

 

REC Enhanced Volatility Weighted Fund

  -   

 

U.S. 500 Enhanced Volatility Weighted Fund

  -   

 

Long/Short Strategies Fund

  61,416 

 

International 500 Enhanced Volatility Weighted Fund

  -   

 

Commodity Strategies Enhanced Volatility Weighted Fund

  -   

 

Commodity Strategies Volatility Weighted Fund

  -   

 

Market Neutral Income

  -   

 

Enhanced Fixed Income Fund

  -   

 

Ultra Short-Term Fixed Income Fund

  -   

 

Multi-Asset Balanced Fund

  -   

 

Multi-Asset Growth Fund

  -   

 

Alternative Strategies Fund

  -   

 



Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes.  The Funds incurred and elected to defer such late year losses as follows:


 

Post October

 

 

Losses

 

U.S. 500 Volatility Weighted Fund

 $ -   

 

U.S. Small Cap 500 Volatility Weighted Fund

  -   

 

International 500 Volatility Weighted Fund

  -   

 

Emerging Market 500 Volatility Weighted Fund

  168,662 

 

REC Enhanced Volatility Weighted Fund

  -   

 

U.S. 500 Enhanced Volatility Weighted Fund

  -   

 

Long/Short Strategies Fund

  -   

 

International 500 Enhanced Volatility Weighted Fund

  -   

 

Commodity Strategies Enhanced Volatility Weighted Fund

  57,057 

 

Commodity Strategies Volatility Weighted Fund

  -   

 

Market Neutral Income Fund

  1,169,033 

 

Enhanced Fixed Income Fund

  14,535 

 

Ultra Short-Term Fixed Income Fund

  -   

 

Multi-Asset Balanced Fund

  -   

 

Multi-Asset Growth Fund

  -   

 

Alternative Strategies Fund

  -   

 



 

COMPASS EMP FUNDS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2014

 

 



At June 30, 2014 the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:


 

 

Expiring FYE

 

Short-Term

 

Long-Term

 

Total

U.S. 500 Volatility Weighted Fund

 

 

 

 $ -   

 

 $ -   

 

 $ -   

U.S. Small Cap 500 Volatility Weighted Fund

 

 

 

  -   

 

  -   

 

  -   

International 500 Volatility Weighted Fund

 

 

 

  -   

 

  -   

 

  -   

Emerging Market 500 Volatility Weighted Fund

 

Non-expiring

 

  10,770 

 

  29,750 

 

  40,520 

REC Enhanced Volatility Weighted Fund

 

 

 

  -   

 

  -   

 

  -   

U.S. 500 Enhanced Volatility Weighted Fund

 

 

 

  -   

 

  -   

 

  -   

Long/Short Strategies Fund

 

 

 

  -   

 

  -   

 

  -   

International 500 Enhanced Volatility Weighted Fund

 

 

 

  -   

 

  -   

 

  -   

Commodity Strategies Enhanced Volatility Weighted Fund

 

Non-expiring

 

  22,647 

 

  -   

 

  22,647 

Commodity Strategies Volatility Weighted Fund

 

Non-expiring

 

  -   

 

  94 

 

  94 

Market Neutral Income Fund

 

Non-expiring

 

  -   

 

  146,164 

 

  146,164 

Enhanced Fixed Income Fund

 

Non-expiring

 

  118,521 

 

  68,211 

 

  186,732 

Ultra Short-Term Fixed Income Fund

 

 

 

  -   

 

  -   

 

  -   

Multi-Asset Balanced Fund

 

 

 

  -   

 

  -   

 

  -   

Multi-Asset Growth Fund

 

 

 

  -   

 

  -   

 

  -   

Alternative Strategies Fund

 

11/30/18

 

  7,027 

 

  -   

 

  7,027 

 

 

11/30/19

 

  4,438,025 

 

  -   

 

  4,438,025 

 

 

Non-expiring

 

  -   

 

  1,048,692 

 

  1,048,692 


Permanent book and tax differences, primarily attributable to the tax treatment of net operating losses and foreign currency gains (losses), the reclassification of fund distributions and tax adjustments for passive foreign investment companies and C-Corporation return-of-capital distributions, resulted in reclassification for the period ended June 30, 2014 as follows:


 

Paid

 

Accumulated

 

Accumulated

 

In

 

Net Investment

 

Net Realized

 

Capital

 

Income (Loss)

 

Gains (Loss)

U.S. 500 Volatility Weighted Fund

 $ -   

 

 $ 314,207 

 

 $ (314,207)

U.S. Small Cap 500 Volatility Weighted Fund

  -   

 

  639,826 

 

  (639,826)

International 500 Volatility Weighted Fund

  -   

 

  852,145 

 

  (852,145)

Emerging Market 500 Volatility Weighted Fund

  -   

 

  19,560 

 

  (19,560)

REC Enhanced Volatility Weighted Fund

  -   

 

  -   

 

  -   

U.S. 500 Enhanced Volatility Weighted Fund

  -   

 

  1,082,853 

 

  (1,082,853)

Long/Short Strategies Fund

  (71,583)

 

  141,998 

 

  (70,415)

International 500 Enhanced Volatility Weighted Fund

  -   

 

  1,326,720 

 

  (1,326,720)

Commodity Strategies Enhanced Volatility Weighted Fund

  -   

 

  -   

 

  -   

Commodity Strategies Volatility Weighted Fund

  -   

 

  -   

 

  -   

Market Neutral Income Fund

  (9,959)

 

  (5,577)

 

  15,536 

Enhanced Fixed Income Fund

  -   

 

  132,348 

 

  (132,348)

Ultra Short-Term Fixed Income Fund

  -   

 

  794 

 

  (794)

Multi-Asset Balanced Fund

  (22,675)

 

  (1,093,992)

 

  1,116,667 

Multi-Asset Growth Fund

  -   

 

  167,882 

 

  (167,882)

Alternative Strategies Fund

  (267,488)

 

  250,739 

 

  16,749 




 

COMPASS EMP FUNDS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2014

 



(8)

INVESTMENTS IN AFFILIATED COMPANIES

Affiliated companies are mutual funds which are managed by Compass, or an affiliate of Compass or which are distributed by an affiliate of the Funds’ distributor.  Companies which are affiliates of the Funds’ at June 30, 2014 are noted in the Funds’ Schedule of Investments.   Transactions during the year and/or period ended June 30, 2014 with companies which are affiliates are as follows:


Long/Short Strategies Fund


Affiliated Holding

Value - Beginning of Period

 

Purchases

 

Sales Proceeds

 

Realized Gain / (Loss)

 

Unrealized Gain / (Loss)

 

Dividend Income

 

Value - End of Period

Compass EMP Ultra Short-Term Fixed Income Fund

 $                            542,207

 

 $                   848,000

 

 $          1,390,207

 

 $                         -

 

 $                         -

 

 $                 1,518

 

 $                         -

 


Commodity Strategies Enhanced Volatility Weighted Fund


Affiliated Holding

Value - Beginning of Period

 

Purchases

 

Sales Proceeds

 

Realized Gain / (Loss)

 

Unrealized Gain / (Loss)

 

Dividend Income

 

Value - End of Period

Compass EMP Ultra Short-Term Fixed Income Fund

 $                            923,100

 

 $                   452,816

 

 $             923,100

 

 $                         -

 

 $                         -

 

 $                    604

 

 $             452,816


Commodity Strategies Volatility Weighted Fund


Affiliated Holding

Value - Beginning of Period

 

Purchases

 

Sales Proceeds

 

Realized Gain / (Loss)

 

Unrealized Gain / (Loss)

 

Dividend Income

 

Value - End of Period

Compass EMP Ultra Short-Term Fixed Income Fund

 $                            553,850

 

 $                   312,213

 

 $             309,290

 

 $                         -

 

 $                         -

 

 $                 2,976

 

 $             556,773

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Market Neutral Income Fund


Affiliated Holding

Value - Beginning of Period

 

Purchases

 

Sales Proceeds

 

Realized Gain / (Loss)

 

Unrealized Gain / (Loss)

 

Dividend Income

 

Value - End of Period

Compass EMP Ultra Short-Term Fixed Income Fund

 $                            480,570

 

 $                   990,580

 

 $          1,471,150

 

 $                         -

 

 $                         -

 

 $                 3,651

 

 $                         -


Enhanced Fixed Income Fund


Affiliated Holding

Value - Beginning of Period

 

Purchases

 

Sales Proceeds

 

Realized Gain / (Loss)

 

Unrealized Gain / (Loss)

 

Dividend Income

 

Value - End of Period

Compass EMP Ultra Short-Term Fixed Income Fund

 $                         1,548,398

 

 $                1,302,449

 

 $             839,470

 

 $                         -

 

 $                         -

 

 $               11,211

 

 $          2,011,377


Multi-Asset Balanced Fund


Affiliated Holding

Value - Beginning of Period

 

Purchases

 

Sales Proceeds

 

Realized Gain / (Loss)

 

Unrealized Gain / (Loss)

 

Dividend Income

 

LTCG from Affiliates

 

Value - End of Period

Compass EMP Enhanced Fixed Income Fund - Cl. I

 $          23,518,794

 

 $                1,293,617

 

 $          7,530,933

 

 $               89,808

 

 $               86,908

 

 $               44,269

 

 $                         -

 

 $           17,458,194

Compass EMP Market Neutral Income Fund - Cl. I

               7,828,127

 

                   6,377,115

 

                303,088

 

                (11,980)

 

                140,845

 

                  83,167

 

                            -

 

              14,031,019

Compass EMP Commodity Strategies Enhanced Volatility Weighted Fund - Cl. I

               3,736,631

 

                      121,777

 

             1,002,987

 

                  14,856

 

                102,189

 

                            -

 

                            -

 

                2,972,466

Compass EMP Commodity Strategies Volatility Weighted Fund - Cl. I

               3,639,810

 

                      125,976

 

             1,124,366

 

                  35,467

 

                286,051

 

                            -

 

                            -

 

                2,962,938

Compass EMP Emerging Market 500 Volatility Weighted Fund - Cl. I

               2,780,459

 

                      235,339

 

                  33,146

 

                       374

 

                178,520

 

                  17,114

 

                            -

 

                3,161,546

Compass EMP International 500 Enhanced Volatility Weighted Fund - Cl. I

             11,259,847

 

                      588,522

 

                660,352

 

                  48,747

 

                524,255

 

                351,131

 

                            -

 

              11,761,019

Compass EMP International 500 Volatility Weighted Fund - Cl. I

               8,433,817

 

                      441,096

 

                411,006

 

                  29,134

 

                325,732

 

                350,234

 

                       403

 

                8,818,773

Compass EMP Long/Short Strategies Fund - Cl. I

               6,772,303

 

                      248,221

 

                174,573

 

                       315

 

                126,779

 

                            -

 

                            -

 

                6,973,045

Compass EMP REC Enhanced Volatility Weighted Fund - Cl. I

               2,730,365

 

                   1,522,762

 

                  75,993

 

                  (2,273)

 

                206,043

 

                  74,477

 

                    1,349

 

                4,380,904

Compass EMP US 500 Enhanced Volatility Weighted Fund - Cl. I

             14,779,072

 

                      248,991

 

             1,645,289

 

                138,458

 

                911,999

 

                187,118

 

                    1,336

 

              14,433,231

Compass EMP US 500 Volatility Weighted Fund - Cl. I

             10,560,522

 

                      339,859

 

                843,643

 

                  70,127

 

                697,361

 

                181,351

 

                       872

 

              10,824,226

Compass EMP US Small Cap 500 Volatility Weighted Fund - Cl. I

               3,700,731

 

                      233,785

 

                295,875

 

                  23,675

 

              (101,604)

 

                183,796

 

                       338

 

 $             3,560,712

TOTAL

 $          99,740,478

 

 $              11,777,060

 

 $        14,101,251

 

 $             436,708

 

 $          3,485,078

 

 $          1,472,657

 

 $                 4,298

 

 $         101,338,073

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

COMPASS EMP FUNDS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2014

 


Multi-Asset Growth Fund

 

Affiliated Holding

Value - Beginning of Period

 

Purchases

 

Sales Proceeds

 

Realized Gain / (Loss)

 

Unrealized Gain / (Loss)

 

Dividend Income

 

LTCG from Affiliates

 

Value - End of Period

Compass EMP Emerging Market 500 Volatility Weighted Fund - Cl. I

 $           2,991,563

 

 $                326,651

 

 $             216,413

 

 $                   647

 

 $            182,959

 

 $            17,637

 

 $                       -

 

 $             3,285,407

Compass EMP International 500 Enhanced Volatility Weighted Fund - Cl. I

            11,810,179

 

                     97,691

 

                900,101

 

               100,804

 

               462,714

 

             350,808

 

                          -

 

              11,571,287

Compass EMP International 500 Volatility Weighted Fund - Cl. I

              8,875,346

 

                   669,163

 

                619,039

 

                 36,169

 

               325,612

 

             355,034

 

                     405

 

                9,287,251

Compass EMP US 500 Enhanced Volatility Weighted Fund - Cl. I

            15,437,934

 

                   462,322

 

             2,654,452

 

               203,990

 

               841,207

 

             187,625

 

                  1,340

 

              14,291,001

Compass EMP US 500 Volatility Weighted Fund - Cl. I

            11,153,614

 

                   360,666

 

                960,860

 

                 65,893

 

               721,733

 

             182,770

 

                     875

 

              11,341,046

Compass EMP US Small Cap 500 Volatility Weighted Fund - Cl. I

              4,071,008

 

                   270,335

 

                570,385

 

                 64,108

 

              (144,132)

 

             184,606

 

                     339

 

                3,690,934

TOTAL

 $         54,339,644

 

 $             2,186,828

 

 $          5,921,250

 

 $            471,611

 

 $         2,390,093

 

 $       1,278,480

 

 $               2,959

 

 $           53,466,926



Alternative Strategies Fund

 

Affiliated Holding

Value - Beginning of Period

 

Deconsolidation

 

Purchases

 

Sales Proceeds

 

Realized Gain / (Loss)

 

Unrealized Gain / (Loss)

 

Dividend Income

 

LTCG from Affiliates

 

Value - End of Period

Compass EMP Market Neutral Income Fund - Cl. I

 $         12,978,762

 

 $                                       -

 

 $                      -

 

 $        2,328,061

 

 $           (23,813)

 

 $           104,838

 

 $            67,135

 

 $                      -

 

 $           10,731,726

Compass EMP Commodity Strategies Volatility Weighted Fund - Cl. I

                            -

 

                           8,205,808

 

                         -

 

           2,245,071

 

              238,454

 

            (234,495)

 

                        -

 

                         -

 

                5,964,696

Compass EMP International 500 Enhanced Volatility Weighted Fund - Cl. I

              7,719,112

 

                                          -

 

              296,071

 

           1,515,895

 

              109,457

 

              228,174

 

             227,471

 

                         -

 

                6,836,919

Compass EMP REC Enhanced Volatility Weighted Fund - Cl. I

              7,195,663

 

                                          -

 

           2,709,882

 

           1,229,309

 

              (27,612)

 

              464,810

 

             173,434

 

                 3,497

 

                9,113,434

Compass EMP US 500 Enhanced Volatility Weighted Fund - Cl. I

            10,095,313

 

                                          -

 

                         -

 

           2,426,916

 

              198,968

 

              438,526

 

             123,614

 

                    898

 

                8,305,891

Compass EMP Ultra Short-Term Fixed Income Fund - Cl. I

                 791,063

 

                             (791,063)

 

              452,816

 

                         -

 

                         -

 

                         -

 

                 1,687

 

                         -

 

                   452,816

TOTAL

 $         38,779,913

 

 $                        7,414,745

 

 $        3,458,769

 

 $        9,745,252

 

 $           495,454

 

 $        1,001,853

 

 $          593,341

 

 $              4,395

 

 $           41,405,482


Transactions during the year ended November 30, 2013 with companies which are affiliates are as follows:


Multi-Asset Balanced Fund



Affiliated Holding

Value - November 30, 2012

 

Purchases

 

Sales Proceeds

 

Realized Gain / (Loss)

 

Unrealized Gain / (Loss)

 

Dividend Income

 

Value - November 30, 2013

Compass EMP Enhanced Fixed Income Fund - Cl. I

 $                            -

 

 $              24,282,211

 

 $             930,778

 

 $                  (117)

 

 $             167,479

 

 $               17,848

 

 $           23,518,794

Compass EMP Market Neutral Income Fund - Cl. I

                               -

 

                   9,650,000

 

             1,567,191

 

                (39,009)

 

              (215,673)

 

                            -

 

                7,828,127

Compass EMP Commodity Strategies Enhanced Volatility Weighted Fund - Cl. I

                               -

 

                   4,099,289

 

                336,255

 

                  (1,063)

 

                (25,341)

 

                            -

 

                3,736,631

Compass EMP Commodity Strategies Volatility Weighted Fund - Cl. I

                               -

 

                   4,062,446

 

                323,114

 

                  (4,440)

 

                (95,082)

 

                            -

 

                3,639,810

Compass EMP Emerging Market 500 Volatility Weighted Fund - Cl. I

                               -

 

                   3,101,039

 

                363,532

 

                    5,159

 

                  37,793

 

                    8,400

 

                2,780,459

Compass EMP International 500 Enhanced Volatility Weighted Fund - Cl. I

                               -

 

                 11,464,887

 

                981,535

 

                  34,087

 

                742,407

 

                  16,930

 

              11,259,847

Compass EMP International 500 Volatility Weighted Fund - Cl. I

                               -

 

                   8,604,063

 

                760,269

 

                  30,498

 

                559,525

 

                  16,425

 

                8,433,817

Compass EMP Long/Short Strategies Fund - Cl. I

                               -

 

                   7,128,938

 

                443,693

 

                    3,844

 

                  83,214

 

                            -

 

                6,772,303

Compass EMP REC Enhanced Volatility Weighted Fund - Cl. I

                               -

 

                   2,931,376

 

                125,000

 

                  (2,217)

 

                (73,794)

 

                       505

 

                2,730,365

Compass EMP US 500 Enhanced Volatility Weighted Fund - Cl. I

                               -

 

                 15,286,585

 

             1,479,560

 

                  51,162

 

                920,885

 

                  18,042

 

              14,779,072

Compass EMP US 500 Volatility Weighted Fund - Cl. I

                               -

 

                 10,922,092

 

             1,074,469

 

                  48,866

 

                664,033

 

                  21,762

 

              10,560,522

Compass EMP US Small Cap 500 Volatility Weighted Fund - Cl. I

                               -

 

                   3,637,078

 

                350,000

 

                  13,711

 

                399,942

 

                    3,741

 

 $             3,700,731

TOTAL

 $                            -

 

 $            105,170,004

 

 $          8,735,396

 

 $             140,481

 

 $          3,165,388

 

 $             103,653

 

 $           99,740,478



 

COMPASS EMP FUNDS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2014

 



Multi-Asset Growth Fund

Affiliated Holding

Value - November 30, 2012

 

Purchases

 

Sales Proceeds

 

Realized Gain / (Loss)

 

Unrealized Gain / (Loss)

 

Dividend Income

 

Value - November 30, 2013

Compass EMP Commodity Strategies Enhanced Volatility Weighted Fund - Cl. I

 $                              -

 

 $                3,000,000

 

 $          3,003,191

 

 $                 3,191

 

 $                         -

 

 $                         -

 

 $                              -

Compass EMP Commodity Strategies Volatility Weighted Fund - Cl. I

                                 -

 

                   3,187,315

 

             3,012,865

 

              (174,450)

 

                            -

 

                            -

 

                                 -

Compass EMP Emerging Market 500 Volatility Weighted Fund - Cl. I

                                 -

 

                   3,414,682

 

                472,981

 

                    6,748

 

                  43,114

 

                    9,270

 

                  2,991,563

Compass EMP International 500 Enhanced Volatility Weighted Fund - Cl. I

                                 -

 

                 12,386,978

 

             1,782,014

 

                171,220

 

             1,033,994

 

                  19,004

 

                11,810,179

Compass EMP International 500 Volatility Weighted Fund - Cl. I

                                 -

 

                   9,550,000

 

             1,328,617

 

                  65,146

 

                588,818

 

                  18,443

 

                  8,875,346

Compass EMP Long/Short Strategies Fund - Cl. I

                                 -

 

                   3,323,291

 

             3,228,769

 

                (94,522)

 

                            -

 

                            -

 

                                 -

Compass EMP US 500 Enhanced Volatility Weighted Fund - Cl. I

                                 -

 

                 16,848,163

 

             2,580,437

 

                208,270

 

                961,938

 

                  20,244

 

                15,437,934

Compass EMP US 500 Volatility Weighted Fund - Cl. I

                                 -

 

                 12,036,410

 

             1,727,055

 

                142,933

 

                701,326

 

                  24,403

 

                11,153,614

Compass EMP US Small Cap 500 Volatility Weighted Fund - Cl. I

                                 -

 

                   3,991,279

 

                420,000

 

                  46,278

 

                453,450

 

                    4,137

 

                  4,071,008

TOTAL

 $                              -

 

 $              67,738,118

 

 $        17,555,929

 

 $             374,814

 

 $          3,782,640

 

 $               95,501

 

 $             54,339,644



Alternative Strategies Fund

 

 

Affiliated Holding

Value - November 30, 2012

 

Purchases

 

Sales Proceeds

 

Realized Gain / (Loss)

 

Unrealized Gain / (Loss)

 

Dividend Income

 

Value - November 30, 2013

Compass EMP Long/Short Fixed Income Fund - Cl. I

 $                           -   

 

 $              16,034,418

 

 $          3,012,805

 

 $               (3,120)

 

 $             (39,731)

 

 $                         -

 

 $       12,978,762

Compass EMP International 500 Enhanced Volatility Weighted Fund - Cl. I

                                -

 

                   9,400,000

 

             2,261,985

 

                  72,145

 

                508,953

 

                  12,688

 

            7,719,112

Compass EMP REC Enhanced Volatility Weighted Fund - Cl. I

                                -

 

                   9,035,093

 

             1,616,431

 

                (28,522)

 

              (194,477)

 

                    1,458

 

            7,195,663

Compass EMP US 500 Enhanced Volatility Weighted Fund - Cl. I

                                -

 

                 12,559,352

 

             3,163,929

 

                  70,851

 

                629,039

 

                  13,519

 

          10,095,313

Compass EMP Ultra Short-Term Fixed Income Fund - Cl. I

                    782,425

 

                   2,396,945

 

             2,388,307

 

                            -

 

                            -

 

                    7,773

 

               791,063

TOTAL

 $                 782,425

 

 $              49,425,808

 

 $        12,443,457

 

 $             111,354

 

 $             903,784

 

 $               35,438

 

 $       38,779,913


(9)

INVESTMENTS IN MAJORITY OWNED SUBSIDIARIES


As explained in Note (e), the Alternative Strategies Fund, as a result of acquiring a controlling interest in Compass EMP Long Short Strategies Fund, Compass EMP Commodity Strategies Enhanced Volatility Weighted Fund and its wholly owned CFC, and Compass EMP Commodity Strategies Volatility Weighted Fund and its wholly owned CFC, has presented its financial statements on a consolidated basis.  The following schedule shows the details of and changes in the components of Non-Controlling Interest during the period ended June 30, 2014.



 

 

 

 

 

Accumulated Net

 

Net Unrealized

 

 

 

 

 

 

 

Realized Gain (Loss)

 

Appreciation (Depreciation)

 

 

 

 

 

Accmulated

 

on Investments,

 

on Investments,

 

 

 

 

 

Net Investment

 

Foreign Currency and

 

Foreign Currency and

 

 

 

Paid In Capital

 

 Income (Loss)

 

Futures Contracts

 

Futures Contracts

 

Total

 

 

 

 

 

 

 

 

 

 

 Non-Controlling Interest on Dates at November 30, 2013

 $           24,932,122

 

 $               (133,907)

 

 $                           (835,596)

 

 $                             400,422

 

 $                 24,363,041

 

 

 

 

 

 

 

 

 

 

 Change in Non-Controlling Interest from Shares Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Non-Controlling interest on dates of deconsolidation

                 (8,799,112)

 

 

 

 

 

 

 

                       (8,799,112)

 

 

 

 

 

 

 

 

 

 

 Proceeds from shares sold

                   2,820,603

 

 

 

 

 

 

 

                         2,820,603

 

 

 

 

 

 

 

 

 

 

 Cost of shares Redeemed

                 (2,643,745)

 

 

 

 

 

 

 

                       (2,643,745)

 

 

 

 

 

 

 

 

 

 

 Net Change in Non-Controlling Interest from Share Transactons

                 (8,622,254)

 

 

 

 

 

 

 

                       (8,622,254)

 

 

 

 

 

 

 

 

 

 

 Net loss attributable to Non-Controlling Interest consisting of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Net Investment Loss

 

 

                      (72,330)

 

 

 

 

 

                            (72,330)

 

 

 

 

 

 

 

 

 

 

 Net realized gain(loss) on investments, foreign currency

 

 

 

 

 

 

 

 

 

 and futures contracts

 

 

 

 

                                  524,843

 

 

 

                            524,843

 

 

 

 

 

 

 

 

 

 

 Net change in unrealized appreciation (depreciation) on

 

 

 

 

 

 

 

 

 

 investments, foreign currency and futures contracts

 

 

 

 

 

 

                                  741,980

 

                            741,980

 

 

 

 

 

 

 

 

 

 

 Net loss attributable to Non-Controlling Interest

                                  -

 

                     (72,330)

 

                                524,843

 

                                741,980

 

                       1,194,493

 

 

 

 

 

 

 

 

 

 

 Non-Controlling Interest at June 30, 2014

 $           16,309,868

 

 $               (206,237)

 

 $                           (310,753)

 

 $                         1,142,402

 

 $                 16,935,280

 


 

COMPASS EMP FUNDS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

June 30, 2014

 

 



(10)

SUBSEQUENT EVENTS


Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment or disclosure in the financial statements.



COMPASS EMP FUNDS

EXPENSE EXAMPLES

June 30, 2014 (Unaudited)


Example

As a shareholder of a Fund you will pay ongoing expenses, such as advisory fees, distribution and service fees (12b-1), and other fund expenses.  The following examples are intended to help you understand the ongoing cost (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.  Please note, the expenses shown in the tables are meant to highlight ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions which may be assessed by mutual funds.  This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.


Actual Expenses

The columns under the heading entitled “Actual” help you estimate the actual expenses you paid over the period.  The “Actual Ending Account Value” shown is derived from the Fund’s actual return, and the “Actual Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund.  To estimate the expenses you paid on your account during this 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 column under the heading entitled “Actual Expenses Paid During Period”.


Hypothetical Examples for Comparison Purposes

The columns under the heading entitled “Hypothetical” provide information about hypothetical account value and hypothetical expenses based on the Fund’s 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 the ongoing costs of investing in the Fund and other funds.  To do so, 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 on the next page are meant to highlight your ongoing costs only and do not reflect any transactional costs which may be applicable to your account.  Therefore, the last column of the table (Hypothetical Expenses Paid During Period) 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.

 

 

 

COMPASS EMP FUNDS

EXPENSE EXAMPLES (Continued)

June 30, 2014 (Unaudited)


 

 

 


Actual

Hypothetical

(5% return before expenses)

Fund’s Annualized

Expense Ratio

Beginning

Account

Value

1/1/14

Ending

Account Value

6/30/14

Expenses

Paid During Period(a)

Ending

Account Value

6/30/14

Expenses

 Paid During

Period(a)

 

 

 

 

 

 

 

Compass EMP U.S. 500 Vol. Weighted – Cl. A

1.20%

$1,000.00

$1,063.50

$6.14

$1,018.84

$6.01

Compass EMP U.S. 500 Vol. Weighted – Cl. C

1.95%

$1,000.00

$1,060.10

$9.96

$1,015.12

$9.74

Compass EMP U.S. 500 Vol. Weighted – Cl. I

0.95%

$1,000.00

 $1,065.50

$4.87

$1,020.08

$4.76

Compass EMP U.S. 500 Vol. Weighted – Cl. T

1.45%

$1,000.00

$1,062.70

$7.42

$1,017.60

$7.25

Compass EMP U.S. Small Cap 500 Vol. Weighted – Cl. A

1.25%

$1,000.00

$1,014.90

$6.24

$1,018.60

$6.26

Compass EMP U.S. Small Cap 500 Vol. Weighted – Cl. C

2.00%

$1,000.00

$1,011.40

$9.97

$1,014.88

$9.99

Compass EMP U.S. Small Cap 500 Vol. Weighted – Cl. I

1.00%

$1,000.00

$1,015.90

$5.00

$1,019.84

$5.01

Compass EMP U.S. Small Cap 500 Vol. Weighted – Cl. T

1.50%

$1,000.00

$1,013.80

$7.49

$1,017.36

$7.50

Compass EMP Intl. 500 Vol. Weighted – Cl. A

1.40%

$1,000.00

$1,066.20

$7.17

$1,017.85

$7.00

Compass EMP Intl. 500 Vol. Weighted – Cl. C

2.15%

$1,000.00

$1,062.50

$10.99

$1,014.13

$10.74

Compass EMP Intl. 500 Vol. Weighted – Cl. I

1.15%

$1,000.00

$1,067.40

$5.89

$1,019.09

$5.76

Compass EMP Intl. 500 Vol. Weighted – Cl. T

1.65%

$1,000.00

$1,065.00

$8.45

$1,016.61

$8.25

Compass EMP Emerging Market 500 Vol. Weighted – Cl. A

1.45%

$1,000.00

$1,074.40

$7.46

$1,017.60

$7.25

Compass EMP Emerging Market 500 Vol. Weighted – Cl. C

2.20%

$1,000.00

$1,070.60

$11.29

$1,013.88

$10.99

Compass EMP Emerging Market 500 Vol. Weighted – Cl. I

1.20%

$1,000.00

$1,076.60

$6.18

$1,018.84

$6.01

Compass EMP Emerging Market 500 Vol. Weighted – Cl. T

1.70%

$1,000.00

$1,072.90

$8.74

$1,016.36

$8.50

Compass EMP U.S. 500 Enhanced Vol. Weighted – Cl. A

1.60%

$1,000.00

$1,060.50

$8.17

$1,016.86

$8.00

Compass EMP U.S. 500 Enhanced Vol. Weighted – Cl. C

2.35%

$1,000.00

$1,057.20

$11.99

$1,013.14

$11.73

Compass EMP U.S. 500 Enhanced Vol. Weighted – Cl. I

1.35%

$1,000.00

$1,061.60

$6.90

$1,018.10

$6.76

Compass EMP U.S. 500 Enhanced Vol. Weighted – Cl. T

1.85%

$1,000.00

$1,059.40

$9.45

$1,015.62

$9.25

Compass EMP Intl. 500 Enhanced Vol. Weighted – Cl. A

1.65%

$1,000.00

$1,065.30

$8.45

$1,016.61

$8.25

Compass EMP Intl. 500 Enhanced Vol. Weighted – Cl. C

2.40%

$1,000.00

$1,060.40

$12.26

$1,012.89

$11.98

Compass EMP Intl. 500 Enhanced Vol. Weighted – Cl. I

1.40%

$1,000.00

$1,065.60

$7.17

$1,017.85

$7.00

Compass EMP Intl. 500 Enhanced Vol. Weighted – Cl. T

1.90%

$1,000.00

$1,063.90

$9.72

$1,015.37

$9.49

Compass EMP REC Enhanced Vol. Weighted – Cl. A

1.40%

$1,000.00

$1,089.10

$7.25

$1,017.85

$7.00

Compass EMP REC Enhanced Vol. Weighted – Cl. C

2.15%

$1,000.00

$1,084.20

$11.11

$1,014.13

$10.74

Compass EMP REC Enhanced Vol. Weighted – Cl. I

1.15%

$1,000.00

$1,090.20

$5.96

$1,019.09

$5.76

Compass EMP REC Enhanced Vol. Weighted – Cl. T

1.65%

$1,000.00

$1,087.40

$8.54,

$1,016.61

$8.25

Compass EMP Commodity Strategies Vol. Weighted – Cl. A

1.40%

$1,000.00

$1,090.30

$7.26

$1,017.85

$7.00

Compass EMP Commodity Strategies Vol. Weighted – Cl. C

2.15%

$1,000.00

$1,086.60

$11.12

$1,014.13

$10.74

Compass EMP Commodity Strategies Vol. Weighted – Cl. I

1.15%

$1,000.00

$1,091.10

$5.96

$1,019.09

$5.76

Compass EMP Commodity Strategies Vol. Weighted – Cl. T

1.65%

$1,000.00

$1,088.30

$8.54

$1,016.61

$8.25

Compass EMP Commodity Strategies Enhanced Vol. Weighted – Cl. A

1.60%

$1,000.00

$1,039.20

$8.09

$1,016.86

$8.00

Compass EMP Commodity Strategies Enhanced Vol. Weighted – Cl. C

2.35%

$1,000.00

$1,035.10

$11.86

$1,013.14

$11.73

Compass EMP Commodity Strategies Enhanced Vol. Weighted – Cl. I

1.35%

$1,000.00

$1,040.10

$6.83

$1,018.10

$6.76

Compass EMP Commodity Strategies Enhanced Vol. Weighted – Cl. T

1.85%

$1,000.00

$ 1,037.10

$9.34

$1,015.62

$9.25

Compass EMP Long/Short Strategies – Cl. A

1.60%

$1,000.00

$1,029.90

$8.05

$1,016.86

$8.00

Compass EMP Long/Short Strategies – Cl. C

2.35%

$1,000.00

$1,026.50

$11.81

$1,013.14

$11.73

Compass EMP Long/Short Strategies – Cl. I

1.35%

$1,000.00

$1,031.70

$6.80

$1,018.10

$6.76

Compass EMP Long/Short Strategies – Cl. T

1.85%

$1,000.00

$1,028.10

$9.30

$1,015.62

$9.25

Compass EMP Market Neutral Income – Cl. A

1.15%

$1,000.00

$1,024.00

$5.77

$1,019.09

$5.76

Compass EMP Market Neutral Income – Cl. C

1.90%

$1,000.00

$1,020.10

$9.52

$1,015.37

$9.49

Compass EMP Market Neutral Income – Cl. I

0.90%

$1,000.00

$1,025.90

$4.52

$1,020.33

$4.51

Compass EMP Market Neutral Income – Cl. T

1.40%

$1,000.00

$1,023.20

$7.02

$1,017.85

$7.00

Compass EMP Enhanced Fixed Income – Cl. A

0.85%

$1,000.00

$1,017.50

$4.25

$1,020.58

$4.26

Compass EMP Enhanced Fixed Income – Cl. C

1.60%

$1,000.00

$1,013.40

$7.99

$1,016.86

$8.00

Compass EMP Enhanced Fixed Income – Cl. I

0.60%

$1,000.00

$1,018.70

$3.00

$1,021.82

$3.01

Compass EMP Enhanced Fixed Income – Cl. T

1.10%

$1,000.00

$1,016.50

$5.50

$1,019.34

$5.51

Compass Ultra Short-Term Fixed Income – Cl. A

0.50%

$1,000.00

$1,001.50

$2.48

$1,022.32

$2.51

Compass Ultra Short-Term Fixed Income – Cl. I

0.25%

$1,000.00

$1,003.20

$1.24

$1,023.55

$1.25

Compass EMP Multi-Asset Balanced – Cl. A

0.50%

$1,000.00

$1,044.50

$2.53

$1,022.32

$2.51

Compass EMP Multi-Asset Balanced – Cl. C

1.25%

$1,000.00

$1,041.00

$2.53

$1,018.60

$2.50

Compass EMP Multi-Asset Balanced – Cl. T

0.75%

$1,000.00

 $1,042.90

$2.53

$1,021.08

$2.51

Compass EMP Multi-Asset Growth – Cl. A

0.50%

$1,000.00

$1,057.30

$2.55

$1,022.32

$2.51

Compass EMP Multi-Asset Growth – Cl. C

1.25%

$1,000.00

$1,053.80

$2.55

$1,018.60

$2.50

Compass EMP Multi-Asset Growth – Cl. T

0.75%

$1,000.00

$1,055.40

$2.55

$1,021.08

$2.51

Compass EMP Alternative Strategies – Cl. A

0.50%

$1,000.00

$1,050.60

$2.54

$1,022.32

$2.51

Compass EMP Alternative Strategies – Cl. C

1.25%

$1,000.00

$1,048.00

$2.54

$1,018.60

$2.50

Compass EMP Alternative Strategies – Cl. T

0.75%

$1,000.00

$1,050.20

$2.54

$1,021.08

$2.51

(a) Expenses are equal to the average account value over the period, multiplied by the Fund’s annualized expense ratio multiplied by the number of days in the period (181) divided by the number of days in the fiscal year (365).



COMPASS EMP FUNDS

SUPPLEMENTAL INFORMATION (Unaudited)

June 30, 2014




This chart provides information about the Trustees and Officers who oversee the Funds.  Officers elected by the Trustees manage the day-to-day operations of the Funds and execute policies formulated by the Trustees.


Independent Trustees

Name,
Address*
Year of Birth

Position(s) Held
with Registrant

Length of Service and Term

Principal Occupation(s)
During Past 5 Years

Number of Funds Overseen In The Fund Complex

Other Directorships Held During Past 5 Years

Donald T. Benson

1943

Trustee

Since July 2012; Indefinite

Principal, Texas Tenn LLC (Consulting) (May 2008-present); CEO and President, Trisurant (Insurance Third Party Administrator) (May 2005 – June 2008)

16

None

John M. Gering

1950

Trustee

Since July 2012; Indefinite

Organizational Effectiveness Group Director, HCA, Inc. (Health Care Facility Operator) (October 2005-present)

16

None

Ottis E. Mims

1950

Trustee

Since July 2012; Indefinite

Senior Pastor, Judson Baptist Church (January 2006-present)

16

None

* The address of each Trustee and officer is c/o Gemini Fund Services, LLC, 17605 Wright Street, Suite 2, Omaha, Nebraska 68130




COMPASS EMP FUNDS

SUPPLEMENTAL INFORMATION (Unaudited)

June 30, 2014



Interested Trustee and Officers of the Trust

Name,
Address*
Year of Birth

Position(s) Held
with Registrant

Length of Service and Term

Principal Occupation(s)
During Past 5 Years

Number of Funds Overseen In The Fund Complex

Other Directorships Held During Past 5 Years

David J. Moore(1)(2)

1952

Trustee

Since July 2012; Indefinite

Chairman, Compass EMP (Jan. 1996-present).

16

None

Stephen M. Hammers

1968

President

Since July 2012; Indefinite

Managing Partner, Co-Founder and Chief Investment Officer of Compass EMP (March 2003-present).

N/A

N/A

Robert W. Walker(2)

1967

Treasurer

Since July 2012; Indefinite

President, Compass EMP (March 2009-present); Independent Consultant (April 2008-March 2009); Senior Vice President and Partner, KPAC Solutions (Private Investment Company) (Nov. 2006 – April 2008).

N/A

N/A

Richard Gleason

1977

Assistant Treasurer

Since July 2012; Indefinite

AVP - Fund Administration, Gemini Fund Services, LLC (2012 - present); Manager - Fund Administration, Gemini Fund Services, LLC (2008-2012)

N/A

N/A

Pleshetta J. Loftin

1968

Secretary

Since July 2012; Indefinite

Chief Compliance Officer, Compass EMP (December 2011-present); Chief Compliance Officer / Registered Principal, FSC Securities (November 2007 – January 2012); Director of Compliance, BBVA Wealth Solutions, Inc. (March 1999 – December 2011)

N/A

N/A

James P. Ash

1976

Assistant Secretary

Since July 2012; Indefinite

Senior Vice President, Gemini Fund Services, LLC (2012-present); Vice President, Gemini Fund Services, LLC (2011 - 2012); Director of Legal Administration, Gemini Fund Services, LLC (2009 - 2011); Assistant Vice President of Legal Administration, Gemini Fund Services, LLC (2008 - 2011).

N/A

N/A

(1) Mr. Moore is deemed to be an interested Trustee because of his controlling ownership interest in the Trust's investment adviser.

(2) Mr. Moore is Mr. Walker's father-in-law.


The Funds’ Statement of Additional Information includes additional information about the Trustees and is available free of charge, upon request, by calling toll-free at 1-888-944-4367.




PRIVACY NOTICE

Rev. July 2012


FACTS

WHAT DOES COMPASS EMP FUNDS TRUST DO WITH YOUR PERSONAL INFORMATION?

 

 

Why?

Financial companies choose how they share your personal information.  Federal law gives consumers the right to limit some but not all sharing.  Federal law also requires us to tell you how we collect, share, and protect your personal information.  Please read this notice carefully to understand what we do.

 

 

What?

The types of personal information we collect and share depend on the product or service you have with us.  This information can include:

■   Social Security number and wire transfer instructions

■   account transactions and transaction history

■   investment experience and purchase history

When you are no longer a customer, we continue to share your information as described in this notice.

 

 

How?

All financial companies need to share customers' personal information to run their everyday business.  In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Compass EMP Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information

Does Compass EMP Funds Trust share?

Can you limit this sharing?

For our everyday business purposes -

such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus

Yes

No

For our marketing purposes -

to offer our products and services to you

Yes

No

For joint marketing with other financial companies

No

We don't share

For our affiliates' everyday business purposes -

information about your transactions and experiences

No

We don't share

For our affiliates' everyday business purposes -

information about your creditworthiness

No

We don't share

For nonaffiliates to market to you

No

We don't share


Questions?

Call 1-888-944-4367

 

 

 

 

 



What we do

How does Compass EMP Funds Trust protect my personal information?

To protect your personal information from unauthorized access and use, we use security measures that comply with federal law.  These measures include computer safeguards and secured files and buildings.

We permit only authorized parties and affiliates (as permitted by law) who have signed an agreement (which protects your personal information) with us to have access to customer information.

How does Compass EMP Funds  Trust collect my personal information?

We collect your personal information, for example, when you

■     open and account or deposit money

■     direct us to buy securities or direct us to sell your securities

■     seek advice about your investments


We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.

Why can't I limit all sharing?

Federal law gives you the right to limit only

■     sharing for affiliates' everyday business purposes-information about your creditworthiness

■     affiliates from using your information to market to you

■     sharing for nonaffiliates to market to you

State laws and individual companies may give you additional rights to limit sharing.

Definitions

Affiliates

Companies related by common ownership or control.  They can be financial and nonfinancial companies.

■  Our affiliates include financial companies, such as Compass Efficient Model Portfolios, LLC, the Funds' investment adviser.

■  Compass EMP Funds Trust has no affiliates.

Nonaffiliates

Companies not related by common ownership or control.  They can be financial and nonfinancial companies.

■  Compass EMP Funds Trust doesn’t share with nonaffiliates so they can market to you.

Joint marketing

A formal agreement between nonaffiliated financial companies that together market financial products or services to you.

■     Compass EMP Funds Trust doesn’t jointly market.








PROXY VOTING POLICY


Information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve month period ended June 30 as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies is available without charge, upon request, by calling 1-888-944-4367 or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.


PORTFOLIO HOLDINGS


The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (1-800-SEC-0330). The information on Form N-Q is available without charge, upon request, by calling 1-888-944-4367.























INVESTMENT ADVISOR

Compass Efficient Model Portfolios, LLC

213 Overlook Circle

Suite A-1

Brentwood, TN 37027


ADMINISTRATOR

Gemini Fund Services, LLC

80 Arkay Drive, Suite 110

Hauppauge, NY 11788








ITEM 2. CODE OF ETHICS.


(a)

The registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.


(b)

During the period covered by this report, there were no amendments to any provision of the code of ethics.


(c)

During the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.



ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.


 

The registrant’s Board of Trustees has determined that it does not have an audit committee financial expert serving on its audit committee.  At this time, the registrant believes that the experience provided by each member of the audit committee together offer the registrant adequate oversight for the registrant’s level of financial complexity.



ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.



(a)

Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

 

  

Trust Series

2014

2013

Compass EMP U.S. 500 Volatility Weighted                                                                                                

Compass EMP U.S. Small Cap 500 Volatility Weighted

$8,000

$8,000

$0

$0

Compass EMP International 500 Volatility Weighted    

$8,000

$0

Compass EMP Emerging Market 500 Volatility Weighted

$8,000

$0

Compass EMP REC Enhanced Volatility Weighted

$8,000

$0

Compass EMP U.S. 500 Enhanced Volatility Weighted

$8,000

$0

Compass EMP Long/Short Strategies

$10,000

$0

Compass EMP International 500 Enhanced Volatility Weighted

$8,000

$0

Compass EMP Commodity  Strategies Enhanced Volatility Weighted

$11,500

$0

Compass EMP Commodity Strategies Volatility Weighted

$11,500

$0

Compass EMP Market Neutral Income

$10,000

$0

Compass EMP Enhanced Fixed Income

$8,000

$0

Compass EMP Ultra Short-Term Fixed Income

$6,000

$0

Compass EMP Multi-Asset Balanced

$6,000

$30,000

Compass EMP Multi-Asset Growth

$6,000

$30,000

Compass EMP Alternative Strategies

$16,000

$30,000


(b)

Audit-Related Fees.  There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this item.

(c)

Tax Fees.  The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance are as follows:



Trust Series

2014

2013

Compass EMP U.S. 500 Volatility Weighted                                                                                                

$2,000

$0

Compass EMP U.S. Small Cap 500 Volatility Weighted

$2,000

$0

Compass EMP International 500 Volatility Weighted    

$2,000

$0

Compass EMP Emerging Market 500 Volatility Weighted

$2,000

$0

Compass EMP REC Enhanced Volatility Weighted

$2,000

$0

Compass EMP U.S. 500 Enhanced Volatility Weighted

$2,000

$0

Compass EMP Long/Short Strategies

$2,000

$0

Compass EMP International 500 Enhanced Volatility Weighted

$2,000

$0

Compass EMP Commodity  Strategies Enhanced Volatility Weighted

$3,500

$0

Compass EMP Commodity Strategies Volatility Weighted

$3,500

$0

Compass EMP Market Neutral Income

$2,000

$0

Compass EMP Enhanced Fixed Income

$2,000

$0

Compass EMP Ultra Short-Term Fixed Income

$2,000

$0

Compass EMP Multi-Asset Balanced

$2,000

$6,000

Compass EMP Multi-Asset Growth

$2,000

$6,000

Compass EMP Alternative Strategies

$2,000

$6,000



(d)

All Other Fees.   The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant’s principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended November 30, 2012 and 2011 respectively.

(e)(1)

The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant.

(e)(2)

There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

f)

Not applicable. The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was zero percent (0%).

(g)

All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended November 30, 2012 and 2011 respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser.


ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.


Not applicable


ITEM 6. SCHEDULE OF INVESTMENTS


Included in annual report to shareholders filed under item 1 of this form.


ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.


Not applicable Fund is an open-end management investment company


ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES


Not applicable Fund is an open-end management investment company

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.


Not applicable Fund is an open-end management investment company


ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.


Not applicable at this time.


ITEM 11. CONTROLS AND PROCEDURES.


(a)

The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act, are effective, as of a date within 90 days of the filing date of this report, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.



(b)

There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during 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. EXHIBITS


(1)

Code of Ethics for Principal Executive and Senior Financial Officers is attached hereto.


(2)

Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.


(3)

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are filed 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.


Compass EMP Trust



By Stephen M. Hammers

        /s/ Stephen M. Hammers

President,  

Date:  September 8, 2014

 



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 person on behalf of the registrant and in the capacities and on the date indicated.



By Stephen M. Hammers

       /s/ Stephen M. Hammers

President

Date: September 8, 2014

 



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 person on behalf of the registrant and in the capacities and on the date indicated.



By Robert W. Walker

       /s/ Robert W. Walker

Treasurer

Date: September 8, 2014