TABLE OF CONTENTS
|
Gurtin National Municipal Value Fund
|
|
|
A Message to Our Shareholders
|
|
3
|
Performance Chart and Analysis
|
|
5
|
Schedule of Investments
|
|
7
|
Statement of Assets and Liabilities
|
|
11
|
Statement of Operations
|
|
12
|
Statements of Changes in Net Assets
|
|
13
|
Financial Highlights
|
|
14
|
Gurtin California Municipal Value Fund
|
|
A Message to Our Shareholders
|
|
15
|
Performance Chart and Analysis
|
|
17
|
Schedule of Investments
|
|
19
|
Statement of Assets and Liabilities
|
|
24
|
Statement of Operations
|
|
25
|
Statements of Changes in Net Assets
|
|
26
|
Financial Highlights
|
|
27
|
Gurtin National Municipal Intermediate Value Fund
|
|
A Message to Our Shareholders
|
|
28
|
Performance Chart and Analysis
|
|
30
|
Schedule of Investments
|
|
31
|
Statement of Assets and Liabilities
|
|
35
|
Statement of Operations
|
|
36
|
Statements of Changes in Net Assets
|
|
37
|
Financial Highlights
|
|
38
|
Gurtin California Municipal Intermediate Value Fund
|
|
A Message to Our Shareholders
|
|
39
|
Performance Chart and Analysis
|
|
41
|
Schedule of Investments
|
|
42
|
Statement of Assets and Liabilities
|
|
46
|
Statement of Operations
|
|
47
|
Statements of Changes in Net Assets
|
|
48
|
Financial Highlights
|
|
49
|
Notes to Financial Statements
|
|
50
|
Additional Information
|
|
54
|
·
|
Maintaining our discipline
|
·
|
Purchasing shorter duration structures
|
·
|
Increasing swappable cash equivalents
|
$
|
1,000,000
|
Natomas Unified School District, California General Obligation Bond (a)
|
5.14
|
%
|
08/01/27
|
$
|
567,550
|
||||
130,000
|
State of California, General Obligation Bond, Series 07
|
5.13
|
10/01/27
|
130,532
|
|||||||
1,500,000
|
Stockton East Water District, California Certificate of Participation, Series B (a)
|
5.96-5.97
|
04/01/20
|
1,186,755
|
|||||||
2,200,000
|
Stockton East Water District, California Certificate of Participation, Series B (a)
|
6.09
|
04/01/26
|
1,207,602
|
|||||||
250,000
|
Victor Valley Community College District, California General Obligation Bond, Series A
|
5.38
|
08/01/29
|
285,162
|
|||||||
13,195,301
|
|||||||||||
Connecticut - 13.2%
|
|||||||||||
2,800,000
|
Connecticut State Health & Educational Facility Authority, Connecticut Revenue Bond
|
5.00
|
07/01/36
|
2,830,548
|
|||||||
5,370,000
|
Connecticut State Health & Educational Facility Authority, Connecticut Revenue Bond, Series Z-1
|
5.00
|
07/01/42
|
5,428,855
|
|||||||
3,000,000
|
State of Connecticut, Connecticut General Obligation Bond, Series A (b)
|
1.35
|
03/01/24
|
2,910,900
|
|||||||
2,125,000
|
State of Connecticut, Connecticut General Obligation Bond, Series F
|
5.00
|
12/01/21
|
2,191,449
|
|||||||
1,000,000
|
University of Connecticut, Connecticut Revenue Bond, Series A
|
5.00
|
02/15/18
|
1,002,570
|
|||||||
14,364,322
|
|||||||||||
Florida - 8.9%
|
|||||||||||
2,775,000
|
County of Miami-Dade Transit System, Florida Revenue Bond
|
5.00
|
07/01/32
|
2,990,978
|
Principal
|
Security
Description
|
Rate
|
Maturity
|
Value
|
$
|
1,145,000
|
Highlands County Health Facilities Authority, Florida Revenue Bond, Series G
|
5.13
|
%
|
11/15/22
|
$
|
1,177,392
|
||||
2,000,000
|
South Florida Water Management District, Florida Certificate of Participation
|
5.00
|
10/01/20
|
2,044,740
|
|||||||
675,000
|
South Florida Water Management District, Florida Certificate of Participation
|
5.00
|
10/01/36
|
690,100
|
|||||||
2,675,000
|
South Miami Health Facilities Authority, Florida Revenue Bond
|
5.00
|
08/15/32
|
2,791,577
|
|||||||
9,694,787
|
|||||||||||
Illinois - 12.5%
|
|||||||||||
500,000
|
Chicago Park District, Illinois General Obligation Bond, Series A
|
5.00
|
01/01/27
|
539,185
|
|||||||
525,000
|
Chicago Park District, Illinois General Obligation Bond, Series A
|
5.50
|
01/01/33
|
604,937
|
|||||||
980,000
|
Chicago Park District, Illinois General Obligation Bond, Series A
|
5.00
|
01/01/33
|
1,042,308
|
|||||||
1,475,000
|
Chicago Park District, Illinois General Obligation Bond, Series A
|
5.75
|
01/01/38
|
1,731,281
|
|||||||
1,975,000
|
Chicago Park District, Illinois General Obligation Bond, Series A
|
5.00
|
01/01/40
|
2,113,526
|
|||||||
1,500,000
|
Chicago Park District, Illinois General Obligation Bond, Series C
|
5.00
|
01/01/27
|
1,626,975
|
|||||||
900,000
|
Chicago Park District, Illinois General Obligation Bond, Series C
|
5.00
|
01/01/29
|
976,545
|
|||||||
1,250,000
|
Illinois Finance Authority, Illinois Revenue Bond
|
5.00
|
07/01/46
|
1,317,087
|
|||||||
525,000
|
Illinois Finance Authority, Illinois Revenue Bond, Series D
|
6.25
|
11/01/28
|
596,747
|
Principal
|
Security
Description
|
Rate
|
Maturity
|
Value
|
$
|
1,030,000
|
University of Illinois, Illinois Revenue Bond, Series A
|
5.13
|
%
|
04/01/36
|
$
|
1,147,626
|
||||
900,000
|
University of Illinois, Illinois Revenue Bond, Series A
|
5.00
|
04/01/39
|
1,006,812
|
|||||||
825,000
|
Will Grundy Etc Counties Community College District No. 525, Illinois General Obligation Bond, Series B
|
5.25
|
06/01/36
|
964,178
|
|||||||
13,667,207
|
|||||||||||
Indiana - 2.0%
|
|||||||||||
1,950,000
|
Indiana Finance Authority, Indiana Revenue Bond, Series A
|
5.00
|
05/01/42
|
2,163,018
|
|||||||
Kansas - 1.8%
|
|||||||||||
2,000,000
|
State of Kansas Department of Transportation, Kansas Revenue Bond, Series B-3 (b)
|
0.53
|
09/01/17
|
1,992,680
|
|||||||
Maryland - 0.6%
|
|||||||||||
625,000
|
Montgomery County Housing Opportunites Commission, Maryland Revenue Bond, Series C
|
5.00
|
07/01/31
|
677,619
|
|||||||
Massachusetts - 1.1%
|
|||||||||||
1,130,000
|
Massachusetts Housing Finance Agency, Massachusetts Revenue Bond, Series C
|
5.00
|
12/01/30
|
1,190,240
|
|||||||
Michigan - 2.2%
|
|||||||||||
550,000
|
Michigan State Building Authority, Michigan Revenue Bond, Series A
|
5.20
|
10/15/31
|
640,299
|
|||||||
1,760,000
|
Michigan State Housing Development Authority, Michigan Revenue Bond, Series A
|
5.15
|
10/01/29
|
1,769,082
|
|||||||
2,409,381
|
Principal
|
Security
Description
|
Rate
|
Maturity
|
Value
|
Nebraska - 2.8%
|
||||||||||
$
|
3,050,000
|
Douglas County School District No. 17, Nebraska General Obligation Bond
|
3.00
|
%
|
06/15/16
|
$
|
3,066,531
|
Nevada - 6.3%
|
||||||||||
3,100,000
|
County of Clark Department of Aviation, Nevada Revenue Bond, Series D
|
5.00
|
07/01/16
|
3,135,340
|
||||||
1,150,000
|
County of Clark, Nevada General Obligation Bond
|
4.75
|
11/01/30
|
1,154,209
|
||||||
2,375,000
|
County of Clark, Nevada General Obligation Bond
|
4.75
|
11/01/35
|
2,383,692
|
||||||
145,000
|
Nevada Housing Division, Nevada Revenue Bond, Series A
|
5.85
|
10/01/20
|
145,638
|
||||||
6,818,879
|
||||||||||
New York - 5.1%
|
||||||||||
1,000,000
|
Metropolitan Transportation Authority, New York Revenue Bond, Series A
|
5.00
|
11/15/31
|
1,028,390
|
||||||
1,000,000
|
New York State Dormitory Authority, New York Revenue Bond
|
5.00
|
08/01/17
|
1,009,320
|
||||||
1,725,000
|
New York State Dormitory Authority, New York Revenue Bond
|
5.00
|
07/01/30
|
1,744,734
|
||||||
50,000
|
New York State Dormitory Authority, New York Revenue Bond, Series D
|
5.75
|
02/15/19
|
50,223
|
||||||
1,410,000
|
Schenectady Metroplex Development Authority, New York Revenue Bond, Series A
|
5.50
|
08/01/33
|
1,685,514
|
||||||
5,518,181
|
||||||||||
Ohio - 3.8%
|
||||||||||
2,950,000
|
American Municipal Power, Inc., Ohio Revenue Bond, Series B
|
5.00
|
02/15/37
|
3,336,597
|
||||||
825,000
|
Gallia County Local School District, Ohio General Obligation Bond
|
5.00
|
12/01/30
|
831,328
|
||||||
4,167,925
|
Principal
|
Security
Description
|
Rate
|
Maturity
|
Value
|
Pennsylvania - 9.1%
|
|||||||||||
$
|
7,500,000
|
Pennsylvania Turnpike Commission, Pennsylvania Revenue Bond, Series A-2 (b)
|
0.55
|
%
|
05/01/16
|
$
|
7,499,925
|
||||
2,325,000
|
Swarthmore Borough Authority, Pennsylvania Revenue Bond, Series A
|
5.00
|
09/15/30
|
2,372,337
|
|||||||
9,872,262
|
|||||||||||
Texas - 7.7%
|
|||||||||||
1,425,000
|
City Public Service Board of San Antonio, Texas Revenue Bond
|
5.00
|
02/01/32
|
1,477,183
|
|||||||
1,600,000
|
County of Harris, Texas Revenue Bond (b)
|
1.08
|
08/15/35
|
1,424,768
|
|||||||
1,000,000
|
Eagle Mountain & Saginaw Independent School District, Texas General Obligation Bond
|
4.50
|
08/15/33
|
1,013,170
|
|||||||
1,375,000
|
Lamar Consolidated Independent School District, Texas General Obligation Bond
|
5.00
|
02/15/38
|
1,427,608
|
|||||||
2,000,000
|
Northside Independent School District, Texas General Obligation Bond
|
5.00
|
06/15/35
|
2,018,780
|
|||||||
1,000,000
|
Red River Education Financing Corp., Texas Revenue Bond
|
5.00
|
03/15/38
|
1,041,660
|
|||||||
8,403,169
|
|||||||||||
Washington - 5.3%
|
|||||||||||
1,715,000
|
Central Puget Sound Regional Transit Authority, Washington Revenue Bond
|
4.75
|
02/01/28
|
1,788,831
|
|||||||
2,000,000
|
City of Seattle Drainage & Wastewater Revenue, Washington Revenue Bond
|
5.00
|
06/01/38
|
2,164,060
|
|||||||
1,455,000
|
Everett Housing Authority, Washington Revenue Bond (b)
|
4.89
|
06/01/37
|
1,489,469
|
Principal
|
Security
Description
|
Rate
|
Maturity
|
Value
|
$
|
250,000
|
State of Washington, Washington Certificate of Participation, Series D
|
5.45
|
%
|
07/01/28
|
$
|
276,357
|
||||
5,718,717
|
Total Municipal Bonds
(Cost $101,585,065)
|
104,456,564
|
Shares
|
Security
Description
|
Value
|
Money Market Fund - 3.2%
|
|||||||
3,452,996
|
Fidelity Government Money Market Fund, 0.23% (b) (Cost $3,452,996)
|
3,452,996
|
Total Investments - 99.1%
(Cost $105,038,061)*
|
$
|
107,909,560
|
Other Assets & Liabilities, Net – 0.9%
|
984,072
|
||
Net Assets – 100.0%
|
$
|
108,893,632
|
(a) | Zero coupon bond. Interest rate presented is yield to maturity. |
(b) | Variable rate security. Rate presented is as of March 31, 2016. |
Gross Unrealized Appreciation
|
$
|
2,881,552
|
||
Gross Unrealized Depreciation
|
(10,053
|
)
|
||
Net Unrealized Appreciation
|
$
|
2,871,499
|
Valuation Inputs
|
Investments in Securities
|
Level 1 - Quoted Prices
|
$
|
-
|
||
Level 2 - Other Significant Observable Inputs
|
107,909,560
|
|||
Level 3 - Significant Unobservable Inputs
|
-
|
|||
Total
|
$
|
107,909,560
|
PORTFOLIO HOLDINGS
|
||
% of Total Investments
|
||
Municipal Bonds
|
96.8
|
%
|
Money Market Fund
|
3.2
|
%
|
100.0
|
%
|
ASSETS
|
||||||
|
Total investments, at value (Cost $105,038,061)
|
$
|
107,909,560
|
|||
Receivables:
|
||||||
Dividends and interest
|
1,136,351
|
|||||
Prepaid expenses
|
9,972
|
|||||
Total Assets
|
|
109,055,883
|
|
|||
LIABILITIES
|
||||||
Payables:
|
||||||
Fund shares redeemed
|
64,609
|
|||||
Distributions payable
|
17,328
|
|||||
Accrued Liabilities:
|
||||||
Investment adviser fees
|
35,021
|
|||||
Trustees' fees and expenses
|
1,591
|
|||||
Fund services fees
|
11,685
|
|||||
Other expenses
|
32,017
|
|||||
Total Liabilities
|
|
162,251
|
|
|||
NET ASSETS
|
$
|
108,893,632
|
|
|||
COMPONENTS OF NET ASSETS
|
||||||
Paid-in capital
|
$
|
105,813,075
|
||||
Accumulated net realized gain
|
209,058
|
|||||
Net unrealized appreciation
|
2,871,499
|
|||||
NET ASSETS
|
$
|
108,893,632
|
|
|||
SHARES OF BENEFICIAL INTEREST AT NO PAR VALUE (UNLIMITED SHARES AUTHORIZED)
|
|
10,789,287
|
|
|||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
|
$
|
10.09
|
|
|||
INVESTMENT INCOME
|
|||||||
Dividend income
|
.
|
$
|
5,677
|
||||
Interest income
|
1,307,601
|
||||||
Total Investment Income
|
|
1,313,278
|
|
||||
|
|||||||
EXPENSES
|
|||||||
Investment adviser fees
|
232,942
|
||||||
Fund services fees
|
70,679
|
||||||
Non 12b-1 shareholder servicing fees
|
10,251
|
||||||
Custodian fees
|
5,281
|
||||||
Registration fees
|
8,158
|
||||||
Professional fees
|
26,519
|
||||||
Trustees' fees and expenses
|
6,964
|
||||||
Offering costs
|
5,655
|
||||||
Miscellaneous expenses
|
24,671
|
||||||
Total Expenses
|
|
391,120
|
|
||||
Fees waived and expenses reimbursed
|
(80,531
|
)
|
|||||
Net Expenses
|
|
310,589
|
|
||||
NET INVESTMENT INCOME
|
|
1,002,689
|
|
||||
NET REALIZED AND UNREALIZED GAIN (LOSS)
|
|||||||
Net realized gain on investments
|
225,169
|
||||||
Net change in unrealized appreciation (depreciation) on investments
|
614,902
|
||||||
NET REALIZED AND UNREALIZED GAIN
|
|
840,071
|
|
||||
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$
|
1,842,760
|
|
||||
|
|
|
|
|
*
|
|
|||||
For the
Six Months Ended
March 31, 2016
|
November 3, 2014* through
September 30, 2015
|
||||||||||
OPERATIONS
|
|||||||||||
Net investment income
|
$
|
1,002,689
|
$
|
1,301,681
|
|||||||
Net realized gain (loss)
|
225,169
|
(16,111
|
)
|
||||||||
Net change in unrealized appreciation (depreciation)
|
614,902
|
171,293
|
|||||||||
Increase in Net Assets Resulting from Operations
|
|
1,842,760
|
|
|
1,456,863
|
|
|||||
DISTRIBUTIONS TO SHAREHOLDERS FROM
|
|||||||||||
Net investment income
|
(1,002,694
|
)
|
(1,301,676
|
)
|
|||||||
Total Distributions to Shareholders
|
|
(1,002,694
|
)
|
|
(1,301,676
|
)
|
|||||
CAPITAL SHARE TRANSACTIONS
|
|||||||||||
Sale of shares
|
20,169,035
|
106,706,244
|
|||||||||
Reinvestment of distributions
|
895,653
|
1,136,510
|
|||||||||
Redemption of shares
|
(4,742,939
|
)
|
(16,266,124
|
)
|
|||||||
Increase in Net Assets from Capital Share Transactions
|
|
16,321,749
|
|
|
91,576,630
|
|
|||||
Increase in Net Assets
|
|
17,161,815
|
|
|
91,731,817
|
|
|||||
NET ASSETS
|
|||||||||||
Beginning of Period
|
|
91,731,817
|
|
|
-
|
|
|||||
End of Period (Including line (a))
|
$
|
108,893,632
|
|
$
|
91,731,817
|
|
|||||
SHARE TRANSACTIONS
|
|||||||||||
Sale of shares
|
2,009,124
|
10,678,702
|
|||||||||
Reinvestment of distributions
|
88,961
|
113,588
|
|||||||||
Redemption of shares
|
(472,207
|
)
|
(1,628,881
|
)
|
|||||||
Increase in Shares
|
|
1,625,878
|
|
|
9,163,409
|
|
|||||
(a)
|
Undistributed net investment income
|
$
|
-
|
|
$
|
5
|
|
||||
*
|
Commencement of operations.
|
These financial highlights reflect selected data for a share outstanding throughout each period.
|
|||||||||
For the Six Months Ended March 31, 2016
|
November 3, 2014 (a) through September 30, 2015
|
||||||||
INSTITUTIONAL CLASS
|
|||||||||
NET ASSET VALUE, Beginning of Period
|
$
|
10.01
|
$
|
10.00
|
|||||
INVESTMENT OPERATIONS
|
|||||||||
Net investment income (b)
|
0.10
|
0.20
|
|||||||
Net realized and unrealized gain (loss)
|
|
0.08
|
|
0.02
|
|||||
Total from Investment Operations
|
|
0.18
|
|
0.22
|
|||||
DISTRIBUTIONS TO SHAREHOLDERS FROM
|
|||||||||
Net investment income
|
|
(0.10
|
)
|
|
(0.21
|
)
|
|||
NET ASSET VALUE, End of Period
|
$
|
10.09
|
$
|
10.01
|
|||||
TOTAL RETURN
|
1.78
|
%(c)
|
2.18
|
%(c)
|
|||||
RATIOS/SUPPLEMENTARY DATA
|
|||||||||
Net Assets at End of Period (000's omitted)
|
$108,894
|
$91,732
|
|||||||
Ratios to Average Net Assets:
|
|||||||||
Net investment income
|
1.94
|
%(d)
|
2.21
|
%(d)
|
|||||
Net expenses
|
0.60
|
%(d)
|
0.60
|
%(d)
|
|||||
Gross expenses (e)
|
0.76
|
%(d)
|
0.93
|
%(d)
|
|||||
PORTFOLIO TURNOVER RATE
|
35
|
%(c)
|
32
|
%(c)
|
|||||
|
|
|
|
||||||
(a)
|
Commencement of operations.
|
||||||||
(b)
|
Calculated based on average shares outstanding during each period.
|
||||||||
(c)
|
Not annualized.
|
||||||||
(d)
|
Annualized.
|
||||||||
(e)
|
Reflects the expense ratio excluding any waivers and/or reimbursements.
|
·
|
Maintaining our discipline
|
·
|
Purchasing shorter duration structures
|
·
|
Increasing swappable cash equivalents
|
Principal
|
Security
Description
|
Rate
|
Maturity
|
Value
|
Municipal Bonds - 99.1%
|
||||||||||
California - 90.9%
|
||||||||||
$
|
1,000,000
|
Abag Finance Authority for Nonprofit Corps, California Revenue Bond
|
5.00
|
%
|
01/01/33
|
$
|
1,169,610
|
|||
1,160,000
|
Alameda Public Financing Authority, California Revenue Bond, Series A
|
5.25
|
07/01/29
|
1,325,567
|
||||||
5,000,000
|
Bay Area Toll Authority, California Revenue Bond, Series A (a)
|
1.00
|
04/01/47
|
5,011,350
|
||||||
290,000
|
Bret Harte Union High School District, California Certificate of Participation
|
4.25
|
09/01/20
|
294,193
|
||||||
1,675,000
|
California Health Facilities Financing Authority, California Revenue Bond
|
5.00
|
07/01/36
|
1,694,346
|
||||||
700,000
|
California Infrastructure & Economic Development Bank, California Revenue Bond
|
5.00
|
08/15/23
|
766,311
|
||||||
500,000
|
California Infrastructure & Economic Development Bank, California Revenue Bond
|
5.75
|
08/15/29
|
581,025
|
||||||
3,465,000
|
California Infrastructure & Economic Development Bank, California Revenue Bond, Series A2 (a)
|
0.68
|
10/01/47
|
3,464,931
|
||||||
500,000
|
California State Public Works Board, California Revenue Bond, Series B
|
6.00
|
04/01/27
|
577,610
|
||||||
500,000
|
California State Public Works Board, California Revenue Bond, Series B1
|
5.40
|
03/01/26
|
577,495
|
||||||
500,000
|
California State Public Works Board, California Revenue Bond, Series G
|
5.00
|
11/01/31
|
512,880
|
Principal
|
Security
Description
|
Rate
|
Maturity
|
Value
|
$
|
4,100,000
|
California State Public Works Board, California Revenue Bond, Series G
|
5.00
|
%
|
11/01/37
|
$
|
4,772,646
|
|||
1,000,000
|
California State Public Works Board, California Revenue Bond, Series G1
|
5.75
|
10/01/30
|
1,162,220
|
||||||
600,000
|
California State Public Works Board, California Revenue Bond, Series I-1
|
6.13
|
11/01/29
|
712,356
|
||||||
1,000,000
|
Centinela Valley Union High School District, California General Obligation Bond, Series B
|
5.75
|
08/01/30
|
1,284,460
|
||||||
1,910,000
|
Centinela Valley Union High School District, California General Obligation Bond, Series B
|
5.75
|
08/01/33
|
2,427,591
|
||||||
7,790,000
|
Chabot-Las Positas Community College District, California General Obligation Bond, Series C (b)
|
4.92
|
08/01/36
|
2,838,053
|
||||||
1,000,000
|
Chino Valley Unified School District, California General Obligation Bond (b)
|
5.85
|
08/01/26
|
620,330
|
||||||
3,000,000
|
Chino Valley Unified School District, California General Obligation Bond (b)
|
4.62
|
08/01/29
|
1,607,550
|
||||||
4,260,000
|
City & County of San Francisco, California Certificate of Participation, Series B
|
5.00
|
09/01/16
|
4,341,068
|
||||||
2,000,000
|
City of Fairfield, California Certificate of Participation, Series A (b)
|
6.55
|
04/01/30
|
1,185,620
|
||||||
1,000,000
|
City of Fresno CA Water System, California Revenue Bond, Series A
|
5.25
|
06/01/18
|
1,004,190
|
||||||
1,690,000
|
City of Vallejo Water Revenue, California Revenue Bond
|
5.00
|
05/01/18
|
1,696,236
|
Principal
|
Security
Description
|
Rate
|
Maturity
|
Value
|
$
|
2,575,000
|
Coachella Valley Unified School District, California General Obligation Bond, Series D
|
5.00
|
%
|
08/01/37
|
$
|
3,002,321
|
|||
250,000
|
Corona Public Financing Authority, California Revenue Bond, Series C
|
5.00
|
09/01/21
|
254,613
|
||||||
1,400,000
|
County of San Bernardino, California Certificate of Participation, Series C
|
5.00
|
08/01/28
|
1,404,074
|
||||||
1,275,000
|
County of San Bernardino, California Certificate of Participation, Series C
|
4.75
|
08/01/28
|
1,279,934
|
||||||
2,835,000
|
Dublin Unified School District, California General Obligation Bond, Series D (b)
|
5.73
|
08/01/34
|
1,042,259
|
||||||
1,500,000
|
Elk Grove Finance Authority, California Special Tax Bond
|
5.00
|
09/01/38
|
1,721,925
|
||||||
1,600,000
|
Fresno Unified School District, California General Obligation Bond, Series G (b)
|
6.10
|
08/01/41
|
355,824
|
||||||
6,250,000
|
Golden Empire Schools Financing Authority, California Revenue Bond (a)
|
0.60
|
05/01/16
|
6,248,500
|
||||||
125,000
|
Golden State Tobacco Securitization Corp., California Revenue Bond, Series A
|
4.60
|
06/01/23
|
133,589
|
||||||
1,000,000
|
Los Angeles Community Redevelopment Agency, California Revenue Bond
|
5.00
|
09/01/37
|
1,003,430
|
||||||
2,500,000
|
Los Angeles County Regional Financing Authority, California Revenue Bond, Series B-1
|
3.00
|
11/15/21
|
2,505,625
|
Principal
|
Security
Description
|
Rate
|
Maturity
|
Value
|
$
|
1,050,000
|
Los Angeles County Schools Regionalized Business Services Corp., California Certificate of Participation, Series B
|
4.75
|
%
|
06/01/27
|
$
|
1,100,809
|
|||
5,140,000
|
Los Angeles Department of Water & Power, California Revenue Bond, Series A-1
|
5.00
|
07/01/39
|
5,407,280
|
||||||
6,000,000
|
Los Angeles Department of Water, California Revenue Bond
|
5.00
|
07/01/38
|
6,294,600
|
||||||
4,900,000
|
Los Angeles Department of Water, California Revenue Bond, Series A2
|
5.00
|
07/01/35
|
4,957,869
|
||||||
2,000,000
|
Los Angeles Municipal Improvement Corp., California Revenue Bond
|
5.00
|
08/01/23
|
2,007,700
|
||||||
2,750,000
|
Los Angeles Unified School District, California General Obligation Bond, Series B
|
4.75
|
07/01/21
|
2,780,057
|
||||||
8,575,000
|
Metropolitan Water District of Southern California, California Revenue Bond
|
5.00
|
07/01/37
|
9,018,156
|
||||||
5,000,000
|
Metropolitan Water District of Southern California, California Revenue Bond, Series A4 (a)
|
0.78
|
07/01/36
|
4,980,300
|
||||||
2,175,000
|
Metropolitan Water District of Southern California, California Revenue Bond, Series C
|
5.00
|
07/01/32
|
2,199,838
|
||||||
1,000,000
|
Metropolitan Water District of Southern California, California Revenue Bond, Series C
|
5.00
|
07/01/35
|
1,010,990
|
Principal
|
Security
Description
|
Rate
|
Maturity
|
Value
|
$
|
3,185,000
|
Modesto Irrigation District Financing Authority, California Revenue Bond (a)
|
1.01
|
%
|
09/01/27
|
$
|
3,062,983
|
|||
1,600,000
|
Modesto Irrigation District Financing Authority, California Revenue Bond (a)
|
1.06
|
09/01/37
|
1,435,072
|
||||||
1,500,000
|
New Haven Unified School District, California General Obligation Bond, Series A (b)
|
5.05
|
08/01/24
|
981,735
|
||||||
1,785,000
|
New Haven Unified School District, California General Obligation Bond, Series A (b)
|
5.20
|
08/01/27
|
986,123
|
||||||
5,625,000
|
Northern California Transmission Agency, California Revenue Bond (a)
|
0.98
|
05/01/24
|
5,617,969
|
||||||
2,650,000
|
Oakland Unified School District/Alameda County, California General Obligation Bond
|
6.63
|
08/01/38
|
3,233,238
|
||||||
770,000
|
Oxnard School District, California General Obligation Bond, Series A
|
5.75
|
08/01/30
|
952,683
|
||||||
3,000,000
|
Pleasanton-Suisun City Home Financing Authority, California Revenue Bond (b)
|
0.46
|
10/01/16
|
2,991,930
|
||||||
2,500,000
|
Port of Oakland, California Revenue Bond, Series P
|
5.00
|
05/01/33
|
2,822,025
|
||||||
5,120,000
|
Regents of the University of California Medical Center Pooled Revenue, California Revenue Bond, Series C2 (a)
|
1.15
|
05/15/43
|
4,418,765
|
||||||
1,690,000
|
Riverside County Asset Leasing Corp., California General Obligation Bond
|
5.00
|
06/01/16
|
1,703,013
|
Principal
|
Security
Description
|
Rate
|
Maturity
|
Value
|
$
|
7,575,000
|
Sacramento County Sanitation Districts Financing Authority, California Revenue Bond, Series B (a)
|
0.96
|
%
|
12/01/35
|
$
|
7,004,299
|
|||
2,000,000
|
Sacramento County Water Financing Authority, California Revenue Bond, Series B (a)
|
0.98
|
06/01/34
|
1,857,680
|
||||||
5,475,000
|
San Bernardino City Unified School District, California General Obligation Bond, Series C
|
5.00
|
08/01/40
|
6,368,082
|
||||||
2,000,000
|
San Bernardino Community College District, California General Obligation Bond, Series C
|
5.00
|
08/01/31
|
2,030,420
|
||||||
135,000
|
San Bernardino Municipal Water Department, California Certificate of Participation
|
5.00
|
02/01/17
|
135,416
|
||||||
1,000,000
|
San Diego Public Facilities Financing Authority, California Revenue Bond, Series A
|
5.25
|
04/15/29
|
1,163,250
|
||||||
2,715,000
|
San Diego Regional Building Authority, California Revenue Bond, Series A
|
4.00
|
10/15/16
|
2,766,395
|
||||||
2,500,000
|
San Jose Redevelopment Agency, California Tax Allocation Bond, Series D
|
5.00
|
08/01/21
|
2,629,975
|
||||||
2,275,000
|
San Jose Unified School District, California General Obligation Bond, Series D
|
5.00
|
08/01/32
|
2,500,430
|
||||||
1,000,000
|
San Mateo Union High School District, California General Obligation Bond, Series A (b)
|
6.01
|
09/01/25
|
716,210
|
||||||
2,355,000
|
Sierra View Local Health Care District, California Revenue Bond
|
5.25
|
07/01/37
|
2,490,224
|
Principal
|
Security
Description
|
Rate
|
Maturity
|
Value
|
$
|
1,000,000
|
Southern California Public Power, California Revenue Bond
|
5.00
|
%
|
07/01/16
|
$
|
1,011,500
|
||||
5,000
|
State of California, California General Obligation Bond
|
5.00
|
10/01/28
|
5,020
|
|||||||
3,350,000
|
State of California, California General Obligation Bond
|
5.00
|
11/01/37
|
3,572,004
|
|||||||
85,000
|
State of California, California General Obligation Bond, Series 2007
|
5.75
|
05/01/30
|
85,371
|
|||||||
135,000
|
State of California, General Obligation Bond, Series 07
|
5.13
|
10/01/27
|
135,552
|
|||||||
3,300,000
|
Stockton East Water District, California Certificate of Participation, Series B (b)
|
5.96-6.00
|
04/01/21
|
2,457,840
|
|||||||
2,000,000
|
Stockton East Water District, California Certificate of Participation, Series B (b)
|
6.08
|
04/01/25
|
1,166,880
|
|||||||
775,000
|
Stockton Unified School District, California General Obligation Bond
|
5.00
|
07/01/27
|
924,250
|
|||||||
1,600,000
|
Tulare County Board of Education, California Certificate of Participation
|
5.38
|
05/01/33
|
1,879,296
|
|||||||
1,000,000
|
University of California, California Revenue Bond
|
5.00
|
05/15/41
|
1,015,410
|
|||||||
250,000
|
Victor Valley Community College District, California General Obligation Bond, Series A
|
5.38
|
08/01/29
|
285,163
|
|||||||
168,743,534
|
|||||||||||
Illinois - 8.2%
|
|||||||||||
1,000,000
|
Chicago Park District, Illinois General Obligation Bond, Series A
|
5.00
|
01/01/30
|
1,104,570
|
|||||||
1,000,000
|
Chicago Park District, Illinois General Obligation Bond, Series A
|
5.00
|
01/01/35
|
1,081,240
|
Principal
|
Security
Description
|
Rate
|
Maturity
|
Value
|
$
|
2,325,000
|
Chicago Park District, Illinois General Obligation Bond, Series A
|
5.00
|
%
|
01/01/40
|
$
|
2,488,075
|
||||
1,755,000
|
Chicago Park District, Illinois General Obligation Bond, Series B
|
5.00
|
01/01/26
|
1,984,379
|
|||||||
1,000,000
|
Chicago Park District, Illinois General Obligation Bond, Series B
|
5.00
|
01/01/26
|
1,130,700
|
|||||||
1,580,000
|
Chicago Park District, Illinois General Obligation Bond, Series C
|
5.00
|
01/01/23
|
1,769,600
|
|||||||
1,600,000
|
Chicago Park District, Illinois General Obligation Bond, Series C
|
5.25
|
01/01/37
|
1,743,392
|
|||||||
3,580,000
|
Chicago Park District, Illinois General Obligation Bond, Series C
|
5.25
|
01/01/40
|
3,884,407
|
|||||||
15,186,363
|
Total Municipal Bonds
(Cost $177,140,582)
|
183,929,897
|
Shares
|
Security
Description
|
Value
|
Money Market Fund - 0.2%
|
|||||||
420,993
|
Fidelity Government Money Market Fund, 0.23% (a) (Cost $420,993)
|
420,993
|
|||||
Total Investments - 99.3%
(Cost $177,561,575)*
|
$
|
184,350,890
|
Other Assets & Liabilities, Net – 0.7%
|
1,250,724
|
||
Net Assets – 100.0%
|
$
|
185,601,614
|
(a) | Variable rate security. Rate presented is as of March 31, 2016. |
(b) | Zero coupon bond. Interest rate presented is yield to maturity. |
Gross Unrealized Appreciation
|
$
|
6,961,711
|
||
Gross Unrealized Depreciation
|
(172,396
|
)
|
||
Net Unrealized Appreciation
|
$
|
6,789,315
|
Valuation Inputs
|
Investments in Securities
|
Level 1 - Quoted Prices
|
$
|
-
|
||
Level 2 - Other Significant Observable Inputs
|
184,350,890
|
|||
Level 3 - Significant Unobservable Inputs
|
-
|
|||
Total
|
$
|
184,350,890
|
PORTFOLIO HOLDINGS
|
||
% of Total Investments
|
||
Municipal Bonds
|
99.8
|
%
|
Money Market Fund
|
0.2
|
%
|
100.0
|
%
|
ASSETS
|
||||||
|
Total investments, at value (Cost $177,561,575)
|
$
|
184,350,890
|
|||
Receivables:
|
||||||
Dividends and interest
|
1,479,994
|
|||||
Prepaid expenses
|
1,085
|
|||||
Total Assets
|
|
185,831,969
|
|
|||
LIABILITIES
|
||||||
Payables:
|
||||||
Fund shares redeemed
|
81,844
|
|||||
Distributions payable
|
17,307
|
|||||
Accrued Liabilities:
|
||||||
Investment adviser fees
|
68,179
|
|||||
Trustees' fees and expenses
|
2,996
|
|||||
Fund services fees
|
14,649
|
|||||
Other expenses
|
45,380
|
|||||
Total Liabilities
|
|
230,355
|
|
|||
NET ASSETS
|
$
|
185,601,614
|
|
|||
COMPONENTS OF NET ASSETS
|
||||||
Paid-in capital
|
$
|
178,602,028
|
||||
Accumulated net realized gain
|
210,271
|
|||||
Net unrealized appreciation
|
6,789,315
|
|||||
NET ASSETS
|
$
|
185,601,614
|
|
|||
SHARES OF BENEFICIAL INTEREST AT NO PAR VALUE (UNLIMITED SHARES AUTHORIZED)
|
|
18,254,522
|
|
|||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
|
$
|
10.17
|
|
|||
INVESTMENT INCOME
|
|||||||
Dividend income
|
.
|
$
|
4,745
|
||||
Interest income
|
2,388,568
|
||||||
Total Investment Income
|
|
2,393,313
|
|
||||
|
|||||||
EXPENSES
|
|||||||
Investment adviser fees
|
397,318
|
||||||
Fund services fees
|
102,908
|
||||||
Non 12b-1 shareholder servicing fees
|
22,489
|
||||||
Custodian fees
|
9,226
|
||||||
Registration fees
|
2,637
|
||||||
Professional fees
|
32,221
|
||||||
Trustees' fees and expenses
|
11,296
|
||||||
Offering costs
|
5,079
|
||||||
Miscellaneous expenses
|
34,034
|
||||||
Total Expenses
|
|
617,208
|
|
||||
Fees waived and expenses reimbursed
|
(87,453
|
)
|
|||||
Net Expenses
|
|
529,755
|
|
||||
NET INVESTMENT INCOME
|
|
1,863,558
|
|
||||
NET REALIZED AND UNREALIZED GAIN (LOSS)
|
|||||||
Net realized gain on investments
|
297,613
|
||||||
Net change in unrealized appreciation (depreciation) on investments
|
1,553,708
|
||||||
NET REALIZED AND UNREALIZED GAIN
|
|
1,851,321
|
|
||||
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$
|
3,714,879
|
|
||||
|
|
|
|
|
|
|
|||||
For the
Six Months Ended
March 31, 2016
|
November 3, 2014* through
September 30, 2015
|
||||||||||
OPERATIONS
|
|||||||||||
Net investment income
|
$
|
1,863,558
|
$
|
2,313,780
|
|||||||
Net realized gain (loss)
|
297,613
|
(87,342
|
)
|
||||||||
Net change in unrealized appreciation (depreciation)
|
1,553,708
|
830,284
|
|||||||||
Increase in Net Assets Resulting from Operations
|
|
3,714,879
|
|
|
3,056,722
|
|
|||||
DISTRIBUTIONS TO SHAREHOLDERS FROM
|
|||||||||||
Net investment income
|
(1,863,575
|
)
|
(2,313,763
|
)
|
|||||||
Total Distributions to Shareholders
|
|
(1,863,575
|
)
|
|
(2,313,763
|
)
|
|||||
CAPITAL SHARE TRANSACTIONS
|
|||||||||||
Sale of shares
|
24,677,799
|
181,959,715
|
|||||||||
Reinvestment of distributions
|
1,751,177
|
2,119,555
|
|||||||||
Redemption of shares
|
(5,143,793
|
)
|
(22,357,102
|
)
|
|||||||
Increase in Net Assets from Capital Share Transactions
|
|
21,285,183
|
|
|
161,722,168
|
|
|||||
Increase in Net Assets
|
|
23,136,487
|
|
|
162,465,127
|
|
|||||
NET ASSETS
|
|||||||||||
Beginning of Period
|
|
162,465,127
|
|
|
-
|
|
|||||
End of Period (Including line (a))
|
$
|
185,601,614
|
|
$
|
162,465,127
|
|
|||||
SHARE TRANSACTIONS
|
|||||||||||
Sale of shares
|
2,441,463
|
18,169,038
|
|||||||||
Reinvestment of distributions
|
172,799
|
211,373
|
|||||||||
Redemption of shares
|
(508,109
|
)
|
(2,232,042
|
)
|
|||||||
Increase in Shares
|
|
2,106,153
|
|
|
16,148,369
|
|
|||||
(a)
|
Undistributed net investment income
|
$
|
-
|
|
$
|
17
|
|
||||
*
|
Commencement of operations.
|
These financial highlights reflect selected data for a share outstanding throughout each period.
|
|||||||||
For the Six Months Ended March 31, 2016
|
November 3, 2014 (a) through September 30, 2015
|
||||||||
INSTITUTIONAL CLASS
|
|||||||||
NET ASSET VALUE, Beginning of Period
|
$
|
10.06
|
$
|
10.00
|
|||||
INVESTMENT OPERATIONS
|
|||||||||
Net investment income (b)
|
0.11
|
0.19
|
|||||||
Net realized and unrealized gain (loss)
|
|
0.11
|
|
0.07
|
|||||
Total from Investment Operations
|
|
0.22
|
|
0.26
|
|||||
DISTRIBUTIONS TO SHAREHOLDERS FROM
|
|||||||||
Net investment income
|
|
(0.11
|
)
|
|
(0.20
|
)
|
|||
NET ASSET VALUE, End of Period
|
$
|
10.17
|
$
|
10.06
|
|||||
TOTAL RETURN
|
2.17
|
%(c)
|
2.55
|
%(c)
|
|||||
RATIOS/SUPPLEMENTARY DATA
|
|||||||||
Net Assets at End of Period (000's omitted)
|
$185,602
|
$162,465
|
|||||||
Ratios to Average Net Assets:
|
|||||||||
Net investment income
|
2.11
|
%(d)
|
2.09
|
%(d)
|
|||||
Net expenses
|
0.60
|
%(d)
|
0.60
|
%(d)
|
|||||
Gross expenses (e)
|
0.70
|
%(d)
|
0.79
|
%(d)
|
|||||
PORTFOLIO TURNOVER RATE
|
27
|
%(c)
|
83
|
%(c)
|
|||||
|
|
|
|
||||||
(a)
|
Commencement of operations.
|
||||||||
(b)
|
Calculated based on average shares outstanding during each period.
|
||||||||
(c)
|
Not annualized.
|
||||||||
(d)
|
Annualized.
|
||||||||
(e)
|
Reflects the expense ratio excluding any waivers and/or reimbursements.
|
Fund3
|
Yield-to-Maturity4
at Market
|
Yield-to-Worst5
at Market
|
30-Day SEC Yield (Subsidized/Unsubsidized) 6
|
|||
Gurtin National Municipal Intermediate Value Fund (GNMVX)
|
2.37%
|
1.76%
|
1.79%/1.09%
|
|||
Gurtin California Municipal Intermediate Value Fund (GCMVX)
|
2.34%
|
1.68%
|
1.72%/0.22%
|
|||
Merrill Lynch 1-15 Year Blend Index7
|
2.22%
|
1.53%
|
N/A
|
|||
Merrill Lynch 1-12 Year Index
|
1.82%
|
1.35%
|
N/A
|
·
|
without sacrificing the structural integrity of the fund.
|
·
|
Fund diversification. We did not overweight any particular credit for any reason, providing us with the diversification we desired, which included credit quality distribution, sector allocation, and duration distribution.
|
·
|
Opportunistic buying. Historically, when interest rates move higher, spreads tend to widen, creating opportunities to buy at more attractive levels. Over the past six months, in instances where such opportunities were presented, we were able to use our cash position to take advantage of them.
|
Principal
|
Security
Description
|
Rate
|
Maturity
|
Value
|
Municipal Bonds - 97.2%
|
Arkansas - 1.2%
|
||||||||||
$
|
400,000
|
Bentonville School District No. 6, Arkansas General Obligation Bond
|
4.50
|
%
|
06/01/30
|
$
|
417,188
|
California - 8.5%
|
||||||||||
520,000
|
Centinela Valley Union High School District, California General Obligation Bond, Series B
|
5.75
|
08/01/30
|
667,919
|
||||||
350,000
|
Compton Unified School District, California General Obligation Bond, Series D (a)
|
1.42
|
06/01/18
|
339,164
|
||||||
335,000
|
Inglewood Public Financing Authority, California Revenue Bond
|
5.00
|
08/01/19
|
373,977
|
||||||
275,000
|
Placentia-Yorba Linda Unified School District, California Certificate of Participation, Series A
|
4.00
|
10/01/30
|
301,758
|
||||||
1,070,000
|
Solano County Community College District, California General Obligation Bond (a)
|
1.39
|
08/01/29
|
912,763
|
||||||
400,000
|
Stockton Unified School District, California General Obligation Bond, Series A
|
5.00
|
08/01/18
|
438,136
|
||||||
3,033,717
|
Colorado - 0.7%
|
||||||||||
250,000
|
County of Adams, Colorado Certificate of Participation
|
4.00
|
12/01/18
|
269,638
|
Connecticut - 1.2%
|
||||||||||
200,000
|
State of Connecticut, Connecticut General Obligation Bond, Series E
|
4.00
|
12/15/19
|
204,934
|
||||||
195,000
|
State of Connecticut, Connecticut General Obligation Bond, Series F
|
5.00
|
11/15/28
|
236,342
|
||||||
441,276
|
Principal
|
Security
Description
|
Rate
|
Maturity
|
Value
|
Illinois - 13.5%
|
|||||||||||
$
|
310,000
|
Chicago Park District, Illinois General Obligation Bond, Series A
|
4.00
|
%
|
01/01/20
|
$
|
319,359
|
||||
540,000
|
Chicago Park District, Illinois General Obligation Bond, Series A
|
5.00
|
01/01/28
|
602,689
|
|||||||
395,000
|
Chicago Park District, Illinois General Obligation Bond, Series B
|
4.00
|
01/01/22
|
417,100
|
|||||||
235,000
|
Cook County Community Consolidated School District No. 15 Palatine, Illinois General Obligation Bond
|
5.00
|
12/01/23
|
285,229
|
|||||||
635,000
|
Cook County Community High School District No. 218 Dwight D. Eisenhower, Illinois General Obligation Bond
|
4.25
|
12/01/24
|
715,766
|
|||||||
240,000
|
Cook County School District No. 29 Sunset Ridge, Illinois Revenue Bond, Series A
|
3.00
|
12/01/20
|
256,051
|
|||||||
500,000
|
Illinois Finance Authority, Illinois Revenue Bond
|
5.00
|
11/15/25
|
575,145
|
|||||||
575,000
|
Illinois Finance Authority, Illinois Revenue Bond, Series C
|
4.50
|
11/15/32
|
586,540
|
|||||||
250,000
|
Kane County Community Unit School District No. 304 Geneva, Illinois General Obligation Bond, Series A
|
5.00
|
01/01/26
|
257,870
|
|||||||
700,000
|
University of Illinois, Illinois Revenue Bond, Series A
|
5.00
|
04/01/30
|
825,888
|
|||||||
4,841,637
|
|||||||||||
Indiana - 1.6%
|
|||||||||||
545,000
|
South Madison Middle School Building Corp., Indiana Revenue Bond
|
2.00
|
07/15/18
|
558,347
|
Principal
|
Security
Description
|
Rate
|
Maturity
|
Value
|
Kansas - 1.3%
|
|||||||||||
$
|
375,000
|
Kansas Development Finance Authority, Kansas Revenue Bond, Series G
|
5.00
|
%
|
04/01/25
|
$
|
451,823
|
||||
Kentucky - 13.4%
|
|||||||||||
300,000
|
Boone County School District Finance Corp., Kentucky Revenue Bond
|
3.00
|
04/01/25
|
313,506
|
|||||||
400,000
|
Corbin Independent School District Finance Corp., Kentucky Revenue Bond
|
2.00
|
02/01/22
|
407,464
|
|||||||
425,000
|
Corbin Independent School District Finance Corp., Kentucky Revenue Bond
|
3.00
|
02/01/25
|
454,703
|
|||||||
630,000
|
Corbin Independent School District Finance Corp., Kentucky Revenue Bond
|
3.00
|
02/01/26
|
668,166
|
|||||||
420,000
|
Grant County School District Finance Corp., Washington Revenue Bond
|
3.00
|
04/01/24
|
444,684
|
|||||||
280,000
|
Kenton County School District Finance Corp., Kentucky Revenue Bond
|
3.00
|
02/01/26
|
292,233
|
|||||||
775,000
|
Madison County School District Finance Corp., Kentucky Revenue Bond
|
5.00
|
05/01/22
|
914,864
|
|||||||
630,000
|
Madison County School District Finance Corp., Kentucky Revenue Bond
|
5.00
|
05/01/23
|
754,406
|
|||||||
475,000
|
Owensboro Independent School District Finance Corp., Kentucky Revenue Bond
|
4.00
|
09/01/20
|
524,338
|
|||||||
4,774,364
|
|||||||||||
Michigan - 7.3%
|
|||||||||||
350,000
|
Central Michigan University, Michigan Revenue Bond
|
5.00
|
10/01/24
|
435,645
|
Principal
|
Security
Description
|
Rate
|
Maturity
|
Value
|
$
|
225,000
|
Charles Stewart Mott Community College, Michigan Revenue Bond
|
3.00
|
%
|
05/01/24
|
$
|
242,649
|
||||
500,000
|
Howell Public Schools, Michigan General Obligation Bond, Series B
|
5.00
|
05/01/25
|
578,440
|
|||||||
695,000
|
L'Anse Creuse Public Schools, Michigan General Obligation Bond
|
5.00
|
05/01/25
|
857,873
|
|||||||
210,000
|
Lansing School District, Michigan General Obligation Bond
|
5.00
|
05/01/21
|
245,994
|
|||||||
200,000
|
Rockford Public Schools, Michigan General Obligation Bond
|
5.00
|
05/01/22
|
236,428
|
|||||||
2,597,029
|
|||||||||||
Missouri - 1.8%
|
|||||||||||
250,000
|
Liberty Public School District No. 53, Missouri Certificate of Participation
|
3.00
|
04/01/20
|
266,563
|
|||||||
300,000
|
Missouri Joint Municipal Electric Utility Commission, Missouri Revenue Bond, Series A
|
5.00
|
01/01/24
|
365,751
|
|||||||
632,314
|
|||||||||||
New Jersey - 0.6%
|
|||||||||||
200,000
|
Borough of Tuckerton, New Jersey General Obligation Bond
|
2.00
|
03/01/18
|
203,982
|
|||||||
New York - 1.3%
|
|||||||||||
400,000
|
Metropolitan Transportation Authority, New York Revenue Bond, Series H
|
5.00
|
11/15/30
|
476,368
|
|||||||
North Dakota - 1.4%
|
|||||||||||
460,000
|
City of Mandan, North Dakota General Obligation Bond, Series B
|
5.00
|
05/01/18
|
498,405
|
|||||||
Ohio - 2.0%
|
|||||||||||
200,000
|
Trotwood-Madison City School District, Ohio Certificate of Participation
|
4.00
|
12/01/23
|
230,908
|
|||||||
200,000
|
Trotwood-Madison City School District, Ohio Certificate of Participation
|
4.00
|
12/01/24
|
231,490
|
Principal
|
Security
Description
|
Rate
|
Maturity
|
Value
|
$
|
215,000
|
Trotwood-Madison City School District, Ohio Certificate of Participation
|
4.00
|
%
|
12/01/25
|
$
|
249,086
|
||||
711,484
|
|||||||||||
Pennsylvania - 17.4%
|
|||||||||||
230,000
|
Clearfield Area School District, Pennsylvania General Obligation Bond
|
3.00
|
09/01/24
|
232,279
|
|||||||
500,000
|
Commonwealth of Pennsylvania, Pennsylvania General Obligation Bond, First Series
|
5.00
|
11/15/22
|
595,535
|
|||||||
300,000
|
Commonwealth of Pennsylvania, Pennsylvania General Obligation Bond, First Series
|
5.00
|
04/01/26
|
357,657
|
|||||||
810,000
|
Commonwealth of Pennsylvania, Pennsylvania General Obligation Bond, First Series
|
5.00
|
05/15/27
|
876,744
|
|||||||
700,000
|
Commonwealth of Pennsylvania, Pennsylvania General Obligation Bond, First Series
|
5.00
|
06/01/28
|
807,268
|
|||||||
365,000
|
Deer Lakes School District, Pennsylvania General Obligation Bond
|
2.63
|
04/01/25
|
369,179
|
|||||||
250,000
|
Hampton Township School District, Pennsylvania General Obligation Bond, Series A
|
3.00
|
11/15/17
|
258,498
|
|||||||
425,000
|
Northern Tioga School District, Pennsylvania General Obligation Bond
|
2.00
|
04/01/21
|
437,899
|
|||||||
265,000
|
Pennsylvania State University, Pennsylvania Revenue Bond, Series A
|
5.00
|
03/01/28
|
292,157
|
|||||||
200,000
|
Pennsylvania Turnpike Commission, Pennsylvania Revenue Bond, Series B
|
5.00
|
12/01/25
|
249,456
|
Principal
|
Security
Description
|
Rate
|
Maturity
|
Value
|
$
|
750,000
|
Red Lion Area School District, Pennsylvania General Obligation Bond
|
5.00
|
%
|
05/01/23
|
$
|
810,233
|
||||
500,000
|
West Allegheny School District, Pennsylvania General Obligation Bond
|
3.20
|
09/01/24
|
508,515
|
|||||||
430,000
|
Wyalusing Area School District, Pennsylvania General Obligation Bond
|
2.00
|
04/01/21
|
442,001
|
|||||||
6,237,421
|
|||||||||||
South Dakota - 1.7%
|
|||||||||||
315,000
|
South Dakota Board of Regents, South Dakota Revenue Bond
|
4.00
|
04/01/18
|
333,862
|
|||||||
250,000
|
South Dakota Board of Regents, South Dakota Revenue Bond
|
5.00
|
04/01/19
|
278,540
|
|||||||
612,402
|
|||||||||||
Texas - 18.6%
|
|||||||||||
750,000
|
Brazoria-Fort Bend County Municipal Utility District No. 1, Texas General Obligation Bond
|
2.00
|
09/01/19
|
767,392
|
|||||||
845,000
|
Brazoria-Fort Bend County Municipal Utility District No. 1, Texas General Obligation Bond
|
3.00
|
09/01/23
|
900,956
|
|||||||
300,000
|
City of Houston, Texas General Obligation Bond, Series A
|
5.00
|
03/01/24
|
355,845
|
|||||||
295,000
|
City of League Texas Water and Sewer, Texas General Obligation Bond, Series B
|
5.00
|
02/15/30
|
336,126
|
|||||||
500,000
|
Dallas/Fort Worth International Airport, Texas Revenue Bond
|
5.25
|
11/01/27
|
595,955
|
|||||||
200,000
|
Fort Bend County Municipal Utility District No. 2, Texas General Obligation Bond
|
4.35
|
10/01/29
|
209,356
|
|||||||
750,000
|
Harris County Municipal Utility District No. 290, Texas General Obligation Bond
|
2.00
|
09/01/21
|
762,360
|
Principal
|
Security
Description
|
Rate
|
Maturity
|
Value
|
$
|
235,000
|
Harris County Municipal Utility District No. 383, Texas General Obligation Bond
|
2.00
|
%
|
09/01/19
|
$
|
241,803
|
|||||
255,000
|
Harris County Municipal Utility District No. 383, Texas General Obligation Bond
|
3.00
|
09/01/20
|
273,656
|
||||||||
200,000
|
Harris County Municipal Utility District No. 383, Texas General Obligation Bond
|
2.00
|
09/01/20
|
205,204
|
||||||||
235,000
|
Harris County Municipal Utility District No. 383, Texas General Obligation Bond
|
2.00
|
09/01/21
|
240,758
|
||||||||
235,000
|
Harris County Municipal Utility District No. 383, Texas General Obligation Bond
|
3.00
|
09/01/24
|
252,912
|
||||||||
235,000
|
Harris County Municipal Utility District No. 383, Texas General Obligation Bond
|
3.00
|
09/01/25
|
250,284
|
||||||||
275,000
|
Lower Colorado River Authority, Texas Revenue Bond
|
5.00
|
05/15/30
|
312,026
|
||||||||
330,000
|
Reagan County Independent School District, Texas General Obligation Bond
|
3.00
|
02/15/23
|
330,445
|
||||||||
590,000
|
Travis County Water Control & Improvement District No. 17, Texas General Obligation Bond
|
3.00
|
11/01/25
|
617,040
|
||||||||
6,652,118
|
||||||||||||
Vermont - 0.5%
|
||||||||||||
200,000
|
Vermont Housing Finance Agency, Vermont Revenue Bond, Series B
|
1.95
|
05/01/23
|
200,400
|
||||||||
Washington - 1.4%
|
||||||||||||
395,000
|
Grant County Public Utility District No. 2, Washington Revenue Bond, Series B
|
5.00
|
01/01/26
|
488,437
|
||||||||
Principal
|
Security
Description
|
Rate
|
Maturity
|
Value
|
Wisconsin - 1.8%
|
|||||||||||
$
|
600,000
|
Evansville Community School District, Wisconsin General Obligation Bond
|
3.00
|
%
|
04/01/19
|
$
|
634,650
|
Total Municipal Bonds
(Cost $34,422,955)
|
34,733,000
|
Shares
|
Security
Description
|
Value
|
Money Market Fund - 5.6%
|
|||||||
1,982,472
|
Fidelity Institutional Cash Money Market Fund, 0.34% (b)
(Cost $1,982,472)
|
1,982,472
|
Total Investments - 102.8%
(Cost $36,405,427)*
|
$
|
36,715,472
|
Other Assets & Liabilities, Net – (2.8)%
|
(994,092
|
)
|
|
Net Assets – 100.0%
|
$
|
35,721,380
|
(a) | Zero coupon bond. Interest rate presented is yield to maturity. |
(b) | Variable rate security. Rate presented is as of March 31, 2016. |
Gross Unrealized Appreciation
|
$
|
335,634
|
||
Gross Unrealized Depreciation
|
(25,589
|
)
|
||
Net Unrealized Appreciation
|
$
|
310,045
|
Valuation Inputs
|
Investments in Securities
|
Level 1 - Quoted Prices
|
$
|
-
|
||
Level 2 - Other Significant Observable Inputs
|
36,715,472
|
|||
Level 3 - Significant Unobservable Inputs
|
-
|
|||
Total
|
$
|
36,715,472
|
PORTFOLIO HOLDINGS
|
||
% of Total Investments
|
||
Municipal Bonds
|
94.6
|
%
|
Money Market Fund
|
5.4
|
%
|
100.0
|
%
|
ASSETS
|
||||||
|
Total investments, at value (Cost $36,405,427)
|
$
|
36,715,472
|
|||
Receivables:
|
||||||
Dividends and interest
|
321,585
|
|||||
From investment adviser
|
9,647
|
|||||
Prepaid expenses
|
3,308
|
|||||
Deferred offering costs
|
11,851
|
|||||
Total Assets
|
|
37,061,863
|
|
|||
LIABILITIES
|
||||||
Payables:
|
||||||
Investment securities purchased
|
1,291,703
|
|||||
Fund shares redeemed
|
4,089
|
|||||
Distributions payable
|
3,276
|
|||||
Accrued Liabilities:
|
||||||
Trustees' fees and expenses
|
1,023
|
|||||
Fund services fees
|
15,652
|
|||||
Other expenses
|
24,740
|
|||||
Total Liabilities
|
|
1,340,483
|
|
|||
NET ASSETS
|
$
|
35,721,380
|
|
|||
COMPONENTS OF NET ASSETS
|
||||||
Paid-in capital
|
$
|
35,401,535
|
||||
Accumulated net realized gain
|
9,800
|
|||||
Net unrealized appreciation
|
310,045
|
|||||
NET ASSETS
|
$
|
35,721,380
|
|
|||
SHARES OF BENEFICIAL INTEREST AT NO PAR VALUE (UNLIMITED SHARES AUTHORIZED)
|
|
3,531,522
|
|
|||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
|
$
|
10.12
|
|
|||
INVESTMENT INCOME
|
|||||||
Dividend income
|
.
|
$
|
4,308
|
||||
Interest income
|
127,216
|
||||||
Total Investment Income
|
|
131,524
|
|
||||
|
|||||||
EXPENSES
|
|||||||
Investment adviser fees
|
27,948
|
||||||
Fund services fees
|
35,085
|
||||||
Custodian fees
|
2,552
|
||||||
Registration fees
|
1,608
|
||||||
Professional fees
|
18,932
|
||||||
Trustees' fees and expenses
|
1,970
|
||||||
Offering costs
|
15,776
|
||||||
Miscellaneous expenses
|
15,782
|
||||||
Total Expenses
|
|
119,653
|
|
||||
Fees waived and expenses reimbursed
|
(88,511
|
)
|
|||||
Net Expenses
|
|
31,142
|
|
||||
NET INVESTMENT INCOME
|
|
100,382
|
|
||||
NET REALIZED AND UNREALIZED GAIN (LOSS)
|
|||||||
Net realized gain on investments
|
9,800
|
||||||
Net change in unrealized appreciation (depreciation) on investments
|
310,045
|
||||||
NET REALIZED AND UNREALIZED GAIN
|
|
319,845
|
|
||||
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$
|
420,227
|
|
||||
*
|
Commencement of operations was December 1, 2015.
|
|
|
|
|
|
|||
December 1, 2015*
through
March 31, 2016
|
|||||||
OPERATIONS
|
|||||||
Net investment income
|
$
|
100,382
|
|||||
Net realized gain
|
9,800
|
||||||
Net change in unrealized appreciation (depreciation)
|
310,045
|
||||||
Increase in Net Assets Resulting from Operations
|
|
420,227
|
|
||||
DISTRIBUTIONS TO SHAREHOLDERS FROM
|
|||||||
Net investment income
|
|
(100,382
|
)
|
||||
CAPITAL SHARE TRANSACTIONS
|
|||||||
Sale of shares
|
35,309,872
|
||||||
Reinvestment of distributions
|
95,752
|
||||||
Redemption of shares
|
(4,089
|
)
|
|||||
Increase in Net Assets from Capital Share Transactions
|
|
35,401,535
|
|
||||
Increase in Net Assets
|
|
35,721,380
|
|
||||
NET ASSETS
|
|||||||
Beginning of Period
|
|
-
|
|
||||
End of Period
|
$
|
35,721,380
|
|
||||
SHARE TRANSACTIONS
|
|||||||
Sale of shares
|
3,522,446
|
||||||
Reinvestment of distributions
|
9,480
|
||||||
Redemption of shares
|
(404
|
)
|
|||||
Increase in Shares
|
|
3,531,522
|
|
||||
*
|
Commencement of operations.
|
These financial highlights reflect selected data for a share outstanding throughout each period.
|
|||||
December 1, 2015 (a)
through
March 31, 2016
|
|||||
INSTITUTIONAL CLASS
|
|||||
NET ASSET VALUE, Beginning of Period
|
$
|
10.00
|
|||
INVESTMENT OPERATIONS
|
|||||
Net investment income (b)
|
0.04
|
||||
Net realized and unrealized gain (loss)
|
|
0.12
|
|||
Total from Investment Operations
|
|
0.16
|
|||
DISTRIBUTIONS TO SHAREHOLDERS FROM
|
|||||
Net investment income
|
|
(0.04
|
)
|
||
NET ASSET VALUE, End of Period
|
$
|
10.12
|
|||
TOTAL RETURN
|
1.48
|
%(c)
|
|||
RATIOS/SUPPLEMENTARY DATA
|
|||||
Net Assets at End of Period (000's omitted)
|
$35,721
|
||||
Ratios to Average Net Assets:
|
|||||
Net investment income
|
1.25
|
%(d)
|
|||
Net expenses
|
0.39
|
%(d)
|
|||
Gross expenses (e)
|
1.49
|
%(d)
|
|||
PORTFOLIO TURNOVER RATE
|
8
|
%(c)
|
|||
|
|
|
|
||
(a)
|
Commencement of operations.
|
||||
(b)
|
Calculated based on average shares outstanding during the period.
|
||||
(c)
|
Not annualized.
|
||||
(d)
|
Annualized.
|
||||
(e)
|
Reflects the expense ratio excluding any waivers and/or reimbursements.
|
Fund3
|
Yield-to-Maturity4
at Market
|
Yield-to-Worst5
at Market
|
30-Day SEC Yield (Subsidized/Unsubsidized) 6
|
|||
Gurtin National Municipal Intermediate Value Fund (GNMVX)
|
2.37%
|
1.76%
|
1.79%/1.09%
|
|||
Gurtin California Municipal Intermediate Value Fund (GCMVX)
|
2.34%
|
1.68%
|
1.72%/0.22%
|
|||
Merrill Lynch 1-15 Year Blend Index7
|
2.22%
|
1.53%
|
N/A
|
|||
Merrill Lynch 1-12 Year Index
|
1.82%
|
1.35%
|
N/A
|
·
|
Bond structure optimization. By taking advantage of inefficiencies in the market due to mispriced structures and misunderstood credits, we were able to purchase what we identified as optimal bond structures at attractive levels
|
|
without sacrificing the structural integrity of the fund.
|
·
|
Fund diversification. We did not overweight any particular credit for any reason, providing us with the diversification we desired, which included credit quality distribution, sector allocation, and duration distribution.
|
·
|
Opportunistic buying. Historically, when interest rates move higher, spreads tend to widen, creating opportunities to buy at more attractive levels. Over the past six months, in instances where such opportunities were presented, we were able to use our cash position to take advantage of them.
|
Municipal Bonds - 98.6%
|
Arkansas - 1.4%
|
$
|
420,000
|
Bentonville School District No. 6, Arkansas General Obligation Bond
|
4.50
|
%
|
06/01/30
|
$
|
438,047
|
California - 84.8%
|
||||||||||
200,000
|
California Statewide Communities Development Authority, California Revenue Bond
|
5.00
|
11/15/23
|
246,674
|
||||||
425,000
|
Campbell Union High School District, California Certificate of Participation
|
5.00
|
08/01/22
|
448,260
|
||||||
350,000
|
Campbell Union High School District, California Certificate of Participation
|
5.00
|
08/01/24
|
368,868
|
||||||
300,000
|
Campbell Union High School District, California Certificate of Participation
|
5.00
|
08/01/27
|
315,882
|
||||||
750,000
|
Centinela Valley Union High School District, California General Obligation Bond, Series B
|
5.75
|
08/01/30
|
963,345
|
||||||
275,000
|
Central Unified School District, California General Obligation Bond
|
5.50
|
08/01/29
|
310,981
|
||||||
855,000
|
Chula Vista Elementary School District, California Certificate of Participation
|
5.00
|
09/01/22
|
1,031,583
|
||||||
610,000
|
Chula Vista Elementary School District, California Certificate of Participation
|
5.00
|
09/01/23
|
748,110
|
||||||
380,000
|
Chula Vista Elementary School District, California Certificate of Participation, Series A
|
5.00
|
09/01/19
|
430,601
|
||||||
200,000
|
City & County of San Francisco, California Certificate of Participation, Series A
|
5.00
|
04/01/18
|
216,904
|
Principal
|
Security
Description
|
Rate
|
Maturity
|
Value
|
$
|
200,000
|
City of Sacramento, California Special Tax Bond
|
5.00
|
%
|
09/01/24
|
$
|
242,236
|
|||
250,000
|
City of Ukiah Water Revenue, California Revenue Bond
|
4.00
|
09/01/18
|
268,440
|
||||||
275,000
|
Colton Public Financing Authority, California Revenue Bond, Series A
|
5.00
|
04/01/24
|
321,728
|
||||||
500,000
|
Compton Unified School District, California General Obligation Bond, Series D (a)
|
1.42
|
06/01/18
|
484,520
|
||||||
295,000
|
County of Santa Cruz, California Certificate of Participation
|
5.00
|
08/01/23
|
360,124
|
||||||
500,000
|
Dinuba Unified School District, California General Obligation Bond
|
4.13
|
08/01/29
|
521,160
|
||||||
365,000
|
Fillmore Unified School District, California General Obligation Bond
|
4.00
|
07/01/18
|
391,415
|
||||||
1,015,000
|
Golden State Tobacco Securitization Corp., California Revenue Bond, Series A
|
5.00
|
06/01/29
|
1,198,350
|
||||||
190,000
|
Golden State Tobacco Securitization Corp., California Revenue Bond, Series A
|
5.00
|
06/01/30
|
224,067
|
||||||
660,000
|
Imperial Community College District, California General Obligation Bond
|
5.00
|
08/01/29
|
787,070
|
||||||
580,000
|
Irvine Unified School District, California Special Tax Bond
|
5.00
|
09/01/23
|
721,050
|
||||||
205,000
|
Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agency, California Tax Allocation Bond, Series A
|
5.00
|
09/01/20
|
238,889
|
$
|
250,000
|
Poway Unified School District Public Financing Authority, California Special Tax Bond, Series A
|
5.00
|
%
|
09/01/24
|
$
|
302,720
|
|||
350,000
|
Poway Unified School District Public Financing Authority, California Special Tax Bond, Series A
|
5.00
|
09/01/25
|
426,832
|
||||||
250,000
|
Riverside County Asset Leasing Corp., California Revenue Bond
|
4.00
|
06/01/28
|
271,952
|
||||||
300,000
|
Riverside County Redevelopment Successor Agency, California Tax Allocation Bond
|
5.00
|
10/01/25
|
369,996
|
||||||
300,000
|
Sacramento Redevelopment Agency Successor Agency, California Tax Allocation Bond, Series A
|
5.00
|
12/01/19
|
339,285
|
||||||
500,000
|
San Jose Redevelopment Agency, California Tax Allocation Bond
|
5.00
|
08/01/22
|
524,765
|
||||||
200,000
|
San Mateo County Transit District, California Revenue Bond, Series A
|
5.75
|
06/01/18
|
221,748
|
||||||
225,000
|
Santa Clara County Board of Education, California Certificate of Participation
|
5.00
|
04/01/21
|
268,063
|
||||||
1,525,000
|
Solano County Community College District, California General Obligation Bond (a)
|
1.39
|
08/01/29
|
1,300,901
|
||||||
500,000
|
Sonoma Community Development Agency Successor Agency, California Tax Allocation Bond
|
5.00
|
12/01/30
|
578,560
|
||||||
610,000
|
State of California Department of Veterans Affairs, Series A
|
3.50
|
12/01/25
|
655,933
|
||||||
785,000
|
Stockton Unified School District, California General Obligation Bond
|
4.00
|
08/01/18
|
841,748
|
Principal
|
Security
Description
|
Rate
|
Maturity
|
Value
|
$
|
415,000
|
Stockton Unified School District, California General Obligation Bond, Series B
|
5.00
|
%
|
08/01/18
|
$
|
454,969
|
|||
370,000
|
Stockton Unified School District, California General Obligation Bond, Series B
|
5.00
|
08/01/19
|
418,892
|
||||||
430,000
|
Stockton Unified School District, California General Obligation Bond, Series B
|
5.00
|
08/01/24
|
537,380
|
||||||
310,000
|
Travis Unified School District, California Certificate of Participation
|
4.00
|
09/01/19
|
339,695
|
||||||
375,000
|
Travis Unified School District, California Certificate of Participation
|
4.00
|
09/01/22
|
427,215
|
||||||
215,000
|
Val Verde Unified School District, California Certificate of Participation, Series A
|
5.00
|
08/01/26
|
265,897
|
||||||
500,000
|
Val Verde Unified School District, California Revenue Bond, Series A
|
4.10
|
03/01/20
|
542,485
|
||||||
225,000
|
Visalia Unified School District, California General Obligation Bond
|
4.00
|
08/01/17
|
233,879
|
||||||
300,000
|
Waugh School District, California Special Tax Bond
|
4.00
|
09/01/20
|
337,539
|
||||||
25,799,562
|
||||||||||
Illinois - 6.1%
|
||||||||||
400,000
|
Chicago Park District, Illinois General Obligation Bond, Series C
|
5.00
|
01/01/25
|
455,528
|
||||||
625,000
|
Chicago Park District, Illinois General Obligation Bond, Series C
|
5.00
|
01/01/25
|
691,237
|
||||||
255,000
|
Grundy & Kendall Counties Consolidated Grade School District No. 60-C/IL, Illinois General Obligation Bond
|
4.00
|
02/01/21
|
284,228
|
Principal
|
Security
Description
|
Rate
|
Maturity
|
Value
|
$
|
425,000
|
Illinois Finance Authority, Illinois Revenue Bond, Series C
|
4.50
|
%
|
11/15/32
|
$
|
433,530
|
|||
1,864,523
|
Kentucky - 0.4%
|
||||||||||
125,000
|
Corbin Independent School District Finance Corp., Kentucky Revenue Bond
|
3.00
|
02/01/26
|
131,354
|
Michigan - 1.0%
|
||||||||||
285,000
|
Macomb Township Building Authority, Michigan Revenue Bond
|
4.25
|
04/01/23
|
303,006
|
||||||
New Jersey - 2.1%
|
||||||||||
310,000
|
Middle Township Fire District No. 1, New Jersey General Obligation Bond
|
4.00
|
02/01/20
|
342,299
|
||||||
250,000
|
Township of Berlin, New Jersey General Obligation Bond, Series A
|
4.50
|
01/01/21
|
284,503
|
||||||
626,802
|
||||||||||
Pennsylvania - 0.8%
|
||||||||||
225,000
|
Wellsboro Area School District, Pennsylvania General Obligation Bond
|
3.00
|
04/15/21
|
242,746
|
||||||
Texas - 2.0%
|
||||||||||
575,000
|
Travis County Water Control & Improvement District No. 17, Texas General Obligation Bond
|
3.00
|
11/01/25
|
601,352
|
||||||
Total Municipal Bonds
(Cost $29,801,020)
|
30,007,392
|
Shares
|
Security
Description
|
Value
|
Money Market Fund - 1.5%
|
|||||||
445,406
|
Fidelity Institutional Cash Money Market Fund, 0.34% (b) (Cost $445,406)
|
445,406
|
Total Investments - 100.1%
(Cost $30,246,426)*
|
$
|
30,452,798
|
Other Assets & Liabilities, Net – (0.1)%
|
(23,565
|
)
|
|
Net Assets – 100.0%
|
$
|
30,429,233
|
(a) | Zero coupon bond. Interest rate presented is yield to maturity. |
(b) | Variable rate security. Rate presented is as of March 31, 2016. |
Gross Unrealized Appreciation
|
$
|
258,394
|
||
Gross Unrealized Depreciation
|
(52,022
|
)
|
||
Net Unrealized Appreciation
|
$
|
206,372
|
Valuation Inputs
|
Investments in Securities
|
Level 1 - Quoted Prices
|
$
|
-
|
||
Level 2 - Other Significant Observable Inputs
|
30,452,798
|
|||
Level 3 - Significant Unobservable Inputs
|
-
|
|||
Total
|
$
|
30,452,798
|
AFAPORTFOLIO HOLDINGS
|
||
% of Total Investments
|
||
Municipal Bonds
|
98.5
|
%
|
Money Market Fund
|
1.5
|
%
|
100.0
|
%
|
ASSETS
|
||||||
|
Total investments, at value (Cost $30,246,426)
|
$
|
30,452,798
|
|||
Receivables:
|
||||||
Fund shares sold
|
75,000
|
|||||
Dividends and interest
|
219,946
|
|||||
From investment adviser
|
29,530
|
|||||
Prepaid expenses
|
347
|
|||||
Deferred offering costs
|
1,723
|
|||||
Total Assets
|
|
30,779,344
|
|
|||
LIABILITIES
|
||||||
Payables:
|
||||||
Investment securities purchased
|
276,425
|
|||||
Fund shares redeemed
|
2,494
|
|||||
Distributions payable
|
546
|
|||||
Accrued Liabilities:
|
||||||
Trustees' fees and expenses
|
1,331
|
|||||
Fund services fees
|
28,328
|
|||||
Other expenses
|
40,987
|
|||||
Total Liabilities
|
|
350,111
|
|
|||
NET ASSETS
|
$
|
30,429,233
|
|
|||
COMPONENTS OF NET ASSETS
|
||||||
Paid-in capital
|
$
|
30,217,138
|
||||
Accumulated net realized gain
|
5,723
|
|||||
Net unrealized appreciation
|
206,372
|
|||||
NET ASSETS
|
$
|
30,429,233
|
|
|||
SHARES OF BENEFICIAL INTEREST AT NO PAR VALUE (UNLIMITED SHARES AUTHORIZED)
|
|
3,006,531
|
|
|||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
|
$
|
10.12
|
|
|||
INVESTMENT INCOME
|
|||||||
Dividend income
|
.
|
$
|
4,742
|
||||
Interest income
|
97,320
|
||||||
Total Investment Income
|
|
102,062
|
|
||||
|
|||||||
EXPENSES
|
|||||||
Investment adviser fees
|
23,972
|
||||||
Fund services fees
|
49,053
|
||||||
Custodian fees
|
3,703
|
||||||
Registration fees
|
1,551
|
||||||
Professional fees
|
26,897
|
||||||
Trustees' fees and expenses
|
2,271
|
||||||
Offering costs
|
17,642
|
||||||
Pricing fees
|
9,453
|
||||||
Miscellaneous expenses
|
13,541
|
||||||
Total Expenses
|
|
148,083
|
|
||||
Fees waived and expenses reimbursed
|
(121,371
|
)
|
|||||
Net Expenses
|
|
26,712
|
|
||||
NET INVESTMENT INCOME
|
|
75,350
|
|
||||
NET REALIZED AND UNREALIZED GAIN (LOSS)
|
|||||||
Net realized gain on investments
|
5,723
|
||||||
Net change in unrealized appreciation (depreciation) on investments
|
206,372
|
||||||
NET REALIZED AND UNREALIZED GAIN
|
|
212,095
|
|
||||
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$
|
287,445
|
|
||||
*
|
Commencement of operations was December 7, 2015.
|
|
|
|
|
|
|||
December 7, 2015*
through
March 31, 2016
|
|||||||
OPERATIONS
|
|||||||
Net investment income
|
$
|
75,350
|
|||||
Net realized gain
|
5,723
|
||||||
Net change in unrealized appreciation (depreciation)
|
206,372
|
||||||
Increase in Net Assets Resulting from Operations
|
|
287,445
|
|
||||
DISTRIBUTIONS TO SHAREHOLDERS FROM
|
|||||||
Net investment income
|
|
(75,350
|
)
|
||||
CAPITAL SHARE TRANSACTIONS
|
|||||||
Sale of shares
|
30,144,961
|
||||||
Reinvestment of distributions
|
74,671
|
||||||
Redemption of shares
|
(2,494
|
)
|
|||||
Increase in Net Assets from Capital Share Transactions
|
|
30,217,138
|
|
||||
Increase in Net Assets
|
|
30,429,233
|
|
||||
NET ASSETS
|
|||||||
Beginning of Period
|
|
-
|
|
||||
End of Period
|
$
|
30,429,233
|
|||||
SHARE TRANSACTIONS
|
|||||||
Sale of shares
|
2,999,389
|
||||||
Reinvestment of distributions
|
7,388
|
||||||
Redemption of shares
|
(246
|
)
|
|||||
Increase in Shares
|
|
3,006,531
|
|
||||
*
|
Commencement of operations.
|
These financial highlights reflect selected data for a share outstanding throughout the period. | |||||
December 7, 2015 (a)
through
March 31, 2016
|
|||||
INSTITUTIONAL CLASS
|
|||||
NET ASSET VALUE, Beginning of Period
|
$
|
10.00
|
|||
INVESTMENT OPERATIONS
|
|||||
Net investment income (b)
|
0.03
|
||||
Net realized and unrealized gain (loss)
|
|
0.12
|
|||
Total from Investment Operations
|
|
0.15
|
|||
DISTRIBUTIONS TO SHAREHOLDERS FROM
|
|||||
Net investment income
|
|
(0.03
|
)
|
||
NET ASSET VALUE, End of Period
|
$
|
10.12
|
|||
TOTAL RETURN
|
1.53
|
%(c)
|
|||
RATIOS/SUPPLEMENTARY DATA
|
|||||
Net Assets at End of Period (000's omitted)
|
$30,429
|
||||
Ratios to Average Net Assets:
|
|||||
Net investment income
|
1.09
|
%(d)
|
|||
Net expenses
|
0.39
|
%(d)
|
|||
Gross expenses (e)
|
2.16
|
%(d)
|
|||
PORTFOLIO TURNOVER RATE
|
6
|
%(c)
|
|||
|
|
|
|
||
(a)
|
Commencement of operations.
|
||||
(b)
|
Calculated based on average shares outstanding during the period.
|
||||
(c)
|
Not annualized.
|
||||
(d)
|
Annualized.
|
||||
(e)
|
Reflects the expense ratio excluding any waivers and/or reimbursements.
|
Fund
|
Date of Contribution
|
Net Assets
|
Shares Issued
|
Unrealized Gain on Investments Received from Reorganization
|
||||
Gurtin National Municipal Value Fund
|
November 3, 2014
|
$46,288,768
|
4,628,877
|
$2,085,304
|
||||
Gurtin California Municipal Value Fund
|
November 3, 2014
|
83,099,170
|
8,309,917
|
4,405,323
|
Fund
|
Investment Adviser Fees Waived
|
Investment Adviser Expenses Reimbursed
|
Other Waivers
|
Total Fees Waived and/or Expenses Reimbursed
|
||||||||
Gurtin National Municipal Value Fund
|
$
|
69,587
|
$
|
-
|
$
|
10,944
|
$
|
80,531
|
||||
Gurtin California Municipal Value Fund
|
61,819
|
-
|
25,634
|
87,453
|
||||||||
Gurtin National Municipal Intermediate Value Fund
|
27,948
|
57,121
|
3,442
|
88,511
|
||||||||
Gurtin Calfornia Municipal Intermediate Value Fund
|
23,972
|
91,106
|
6,293
|
121,371
|
||||||||
Purchases
|
Sales
|
|||||
Gurtin National Municipal Value Fund
|
$
|
32,813,062
|
$
|
32,410,101
|
||
Gurtin California Municipal Value Fund
|
45,528,199
|
44,549,786
|
||||
Gurtin National Municipal Intermediate Value Fund
|
36,517,301
|
2,007,973
|
||||
Gurtin California Municipal Intermediate Value Fund
|
31,154,324
|
1,253,523
|
Other Temporary Differences
|
Undistributed Tax Exempt Income
|
Undistributed Ordinary Income
|
Capital and Other Losses
|
Unrealized Appreciation
|
Total
|
|||||||||||||||||
Gurtin National Municipal Value Fund
|
$
|
(12,959)
|
$
|
11,081
|
$
|
1,883
|
$
|
(16,111
|
)
|
$
|
2,256,597
|
$
|
2,240,491
|
|||||||||
Gurtin California Municipal Value Fund
|
(17,255)
|
14,669
|
2,603
|
(87,342
|
)
|
5,235,607
|
5,148,282
|
Other Temporary Differences
|
Undistributed Tax Exempt Income
|
Undistributed Ordinary Income
|
Unrealized Appreciation
|
Total
|
||||||||||||||
Gurtin National Municipal Intermediate Value Fund
|
$
|
(3,276)
|
$
|
3,154
|
$
|
9,922
|
$
|
310,045
|
$
|
319,845
|
||||||||
Gurtin California Municipal Intermediate Value Fund
|
(546)
|
516
|
5,753
|
206,372
|
212,095
|
·
|
The terms of the proposed investment advisory agreement, including the fees payable under the agreement, and the commitment of the Adviser to provide expense caps and fee waivers for the Gurtin Funds;
|
·
|
The nature and extent of the services to be provided by the Adviser, including information about the investment objective, policies and strategies applicable to the Gurtin Funds;
|
·
|
The personnel of the Adviser, including educational background, experience in the investment management industry, and the ability of the Adviser to retain qualified personnel;
|
·
|
The compliance program of the Adviser;
|
·
|
The financial condition and stability of the Adviser;
|
·
|
The potential for the Adviser to derive benefits that are ancillary to serving as an investment adviser to the Gurtin Funds;
|
·
|
The investment performance of the Adviser with respect to other managed accounts investing in fixed income securities, including two existing series of the Trust, and the investing philosophy of the Adviser; and
|
·
|
The profitability of the Adviser from the advisory fee to be paid by each of the Gurtin Funds.
|
Beginning Account Value
October 1, 2015
|
Ending Account Value
March 31, 2016
|
Expenses Paid During Period *
|
Annualized Expense Ratio *
|
|||||||||||
Gurtin National Municipal Value Fund
|
||||||||||||||
Actual
|
$
|
1,000.00
|
$
|
1,017.85
|
$
|
3.03
|
0.60%
|
|||||||
Hypothetical
(5% return before expenses)
|
$
|
1,000.00
|
$
|
1,022.00
|
$
|
3.03
|
0.60%
|
|||||||
Gurtin California Municipal Value Fund
|
||||||||||||||
Actual
|
$
|
1,000.00
|
$
|
1,021.69
|
$
|
3.03
|
0.60%
|
|||||||
Hypothetical
(5% return before expenses)
|
$
|
1,000.00
|
$
|
1,022.00
|
$
|
3.03
|
0.60%
|
*
|
Expenses are equal to each Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by 366 to reflect the half-year period.
|
Beginning Account Value
December 1, 2015
|
Ending Account Value
March 31, 2016
|
Expenses Paid During Period **
|
Annualized Expense Ratio **
|
|||||||||||
Gurtin National Municipal Intermediate Value Fund
|
||||||||||||||
Actual
|
$
|
1,000.00
|
$
|
1,014.80
|
$
|
1.30
|
0.39%
|
|||||||
Hypothetical
(5% return before expenses)
|
$
|
1,000.00
|
$
|
1,023.05
|
$
|
1.97
|
0.39%
|
** | Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by 366 to reflect the half-year period (except that the average account values reflect the Fund's actual return information for the 121-day period between December 1, 2015, the commencement date of Fund operations, through March 31, 2016). |
Beginning Account Value
December 7, 2015
|
Ending Account Value
March 31, 2016
|
Expenses Paid During Period ***
|
Annualized Expense Ratio***
|
|||||||||||
Gurtin California Municipal Intermediate Value Fund
|
||||||||||||||
Actual
|
$
|
1,000.00
|
$
|
1,015.28
|
$
|
1.23
|
0.39%
|
|||||||
Hypothetical
(5% return before expenses)
|
$
|
1,000.00
|
$
|
1,023.05
|
$
|
1.97
|
0.39%
|
*** | Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by 366 to reflect the half-year period (except that the average account values reflect the Fund's actual return information for the 115-day period between December 7, 2015, the commencement date of Fund operations, through March 31, 2016). |
Date:
|
May 19, 2016
|
/s/ Jessica Chase
|
|
Jessica Chase
|
|||
Principal Executive Officer
|
Date:
|
May 19, 2016
|
/s/ Karen Shaw
|
|
Karen Shaw
|
|||
Principal Financial Officer
|
1.
|
The Report containing the financial statements fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.
|
*/BUXV_9
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