Date of fiscal year end:
|
9/30
|
Date of reporting period:
|
3/31/2015
|
ITEM 1.
|
REPORT TO STOCKHOLDERS
|
3 Letter to Shareholders
4 Performance Summary
7 Portfolio Management Team
7 Portfolio Summary
9 Investment Portfolio
15 Statement of Assets and Liabilities
17 Statement of Operations
18 Statement of Changes in Net Assets
19 Financial Highlights
29 Notes to Financial Statements
38 Information About Your Fund's Expenses
40 Advisory Agreement Board Considerations and Fee Evaluation
45 Account Management Resources
47 Privacy Statement
|
Class A
|
6-Month‡
|
1-Year
|
5-Year
|
10-Year
|
Average Annual Total Returns as of 3/31/15
|
||||
Unadjusted for Sales Charge
|
17.82%
|
12.51%
|
17.61%
|
7.23%
|
Adjusted for the Maximum Sales Charge (max 5.75% load)
|
11.05%
|
6.04%
|
16.23%
|
6.60%
|
Russell 2000® Growth Index†
|
17.36%
|
12.06%
|
16.58%
|
10.02%
|
Class B
|
6-Month‡
|
1-Year
|
5-Year
|
10-Year
|
Average Annual Total Returns as of 3/31/15
|
||||
Unadjusted for Sales Charge
|
17.35%
|
11.65%
|
16.64%
|
6.39%
|
Adjusted for the Maximum Sales Charge (max 4.00% CDSC)
|
13.35%
|
8.72%
|
16.54%
|
6.39%
|
Russell 2000® Growth Index†
|
17.36%
|
12.06%
|
16.58%
|
10.02%
|
Class C
|
6-Month‡
|
1-Year
|
5-Year
|
10-Year
|
Average Annual Total Returns as of 3/31/15
|
||||
Unadjusted for Sales Charge
|
17.36%
|
11.68%
|
16.72%
|
6.42%
|
Adjusted for the Maximum Sales Charge (max 1.00% CDSC)
|
16.36%
|
11.68%
|
16.72%
|
6.42%
|
Russell 2000® Growth Index†
|
17.36%
|
12.06%
|
16.58%
|
10.02%
|
Class R
|
6-Month‡
|
1-Year
|
Life of Class*
|
|
Average Annual Total Returns as of 3/31/15
|
||||
No Sales Charges
|
17.70%
|
12.32%
|
17.67%
|
|
Russell 2000® Growth Index†
|
17.36%
|
12.06%
|
17.40%
|
|
Class R6
|
6-Month‡
|
Life of Class**
|
||
Average Annual Total Returns as of 3/31/15
|
||||
No Sales Charges
|
18.03%
|
13.24%
|
||
Russell 2000® Growth Index†
|
17.36%
|
7.54%
|
||
Class S
|
6-Month‡
|
1-Year
|
5-Year
|
10-Year
|
Average Annual Total Returns as of 3/31/15
|
||||
No Sales Charges
|
17.98%
|
12.84%
|
17.88%
|
7.50%
|
Russell 2000® Growth Index†
|
17.36%
|
12.06%
|
16.58%
|
10.02%
|
Institutional Class
|
6-Month‡
|
1-Year
|
5-Year
|
10-Year
|
Average Annual Total Returns as of 3/31/15
|
||||
No Sales Charges
|
18.04%
|
12.87%
|
18.09%
|
7.59%
|
Russell 2000® Growth Index†
|
17.36%
|
12.06%
|
16.58%
|
10.02%
|
Growth of an Assumed $10,000 Investment (Adjusted for Maximum Sales Charge)
|
Yearly periods ended March 31
|
Class A
|
Class B
|
Class C
|
Class R
|
Class R6
|
Class S
|
Institutional Class
|
||||||||||||||||||||||
Net Asset Value
|
||||||||||||||||||||||||||||
3/31/15
|
$ | 31.92 | $ | 27.97 | $ | 28.09 | $ | 31.66 | $ | 31.99 | $ | 32.99 | $ | 33.35 | ||||||||||||||
9/30/14
|
$ | 30.49 | $ | 27.24 | $ | 27.34 | $ | 30.30 | $ | 30.50 | $ | 31.36 | $ | 31.66 | ||||||||||||||
Distribution Information as of 3/3/15
|
||||||||||||||||||||||||||||
Capital Gain Distributions, Six Months
|
$ | 3.51 | $ | 3.51 | $ | 3.51 | $ | 3.51 | $ | 3.51 | $ | 3.51 | $ | 3.51 |
Ten Largest Equity Holdings at March 31, 2015 (16.6% of Net Assets)
|
|
1. Providence Service Corp.
Provides privatized family social services
|
1.9%
|
2. MAXIMUS, Inc.
Provides program management and consulting services
|
1.8%
|
3. Cognex Corp.
Develops and markets machine vision systems
|
1.8%
|
4. Centene Corp.
Multi-line managed care organization that provides Medicaid and Medicaid-related programs
|
1.7%
|
5. Tyler Technologies, Inc.
Provides end-to-end information management solutions and services for local governments
|
1.6%
|
6. Anacor Pharmaceuticals, Inc.
Biopharmaceutical company
|
1.6%
|
7. Molina Healthcare, Inc.
Managed care organization
|
1.6%
|
8. Ultimate Software Group, Inc.
Designs, markets and supports Web-based and client-servers
|
1.6%
|
9. Proofpoint, Inc.
Global provider of enterprise software solutions
|
1.5%
|
10. Aspen Technology, Inc.
Provider of prepackaged software
|
1.5%
|
Portfolio holdings and characteristics are subject to change.
|
Shares
|
Value ($)
|
|||||||
Common Stocks 92.5%
|
||||||||
Consumer Discretionary 15.7%
|
||||||||
Auto Components 3.8%
|
||||||||
American Axle & Manufacturing Holdings, Inc.*
|
44,957 | 1,161,239 | ||||||
Fox Factory Holding Corp.*
|
85,506 | 1,311,662 | ||||||
Gentherm, Inc.*
|
35,918 | 1,814,218 | ||||||
Tenneco, Inc.*
|
29,597 | 1,699,460 | ||||||
5,986,579 | ||||||||
Hotels, Restaurants & Leisure 4.6%
|
||||||||
Buffalo Wild Wings, Inc.* (a)
|
11,302 | 2,048,374 | ||||||
Jack in the Box, Inc.
|
22,072 | 2,117,146 | ||||||
Life Time Fitness, Inc.*
|
11,807 | 837,825 | ||||||
Red Robin Gourmet Burgers, Inc.* (a)
|
18,319 | 1,593,753 | ||||||
Zoe's Kitchen, Inc.*
|
20,633 | 686,873 | ||||||
7,283,971 | ||||||||
Household Durables 2.4%
|
||||||||
iRobot Corp.* (a)
|
52,758 | 1,721,494 | ||||||
Ryland Group, Inc.
|
42,748 | 2,083,537 | ||||||
3,805,031 | ||||||||
Media 0.7%
|
||||||||
Sinclair Broadcast Group, Inc. "A" (a)
|
34,213 | 1,074,631 | ||||||
Specialty Retail 4.2%
|
||||||||
ANN, Inc.*
|
30,974 | 1,270,863 | ||||||
DSW, Inc. "A"
|
41,469 | 1,529,377 | ||||||
Outerwall, Inc. (a)
|
14,532 | 960,856 | ||||||
Penske Automotive Group, Inc.
|
29,616 | 1,524,928 | ||||||
The Children's Place, Inc.
|
22,739 | 1,459,616 | ||||||
6,745,640 | ||||||||
Consumer Staples 3.5%
|
||||||||
Food & Staples Retailing 2.5%
|
||||||||
Casey's General Stores, Inc.
|
14,959 | 1,347,806 | ||||||
The Fresh Market, Inc.* (a)
|
25,393 | 1,031,971 | ||||||
United Natural Foods, Inc.*
|
20,118 | 1,549,891 | ||||||
3,929,668 | ||||||||
Food Products 1.0%
|
||||||||
Boulder Brands, Inc.* (a)
|
70,577 | 672,599 | ||||||
Hain Celestial Group, Inc.*
|
16,040 | 1,027,362 | ||||||
1,699,961 | ||||||||
Energy 3.3%
|
||||||||
Energy Equipment & Services 0.3%
|
||||||||
Dril-Quip, Inc.*
|
5,562 | 380,385 | ||||||
Oil, Gas & Consumable Fuels 3.0%
|
||||||||
Diamondback Energy, Inc.*
|
20,340 | 1,562,926 | ||||||
Gulfport Energy Corp.*
|
17,927 | 823,028 | ||||||
Matador Resources Co.* (a)
|
41,150 | 902,008 | ||||||
Pacific Ethanol, Inc.* (a)
|
55,233 | 595,964 | ||||||
Western Refining, Inc.
|
18,736 | 925,371 | ||||||
4,809,297 | ||||||||
Financials 5.4%
|
||||||||
Banks 3.0%
|
||||||||
Banco Latinoamericano de Comercio Exterior SA "E"
|
35,630 | 1,168,308 | ||||||
Pinnacle Financial Partners, Inc.
|
33,540 | 1,491,188 | ||||||
Talmer Bancorp., Inc. "A"
|
100,715 | 1,542,450 | ||||||
TriState Capital Holdings, Inc.*
|
54,252 | 568,019 | ||||||
4,769,965 | ||||||||
Capital Markets 0.9%
|
||||||||
Moelis & Co. "A"
|
46,384 | 1,397,086 | ||||||
Consumer Finance 1.5%
|
||||||||
Encore Capital Group, Inc.*
|
14,804 | 615,698 | ||||||
PRA Group, Inc.* (a)
|
31,720 | 1,723,031 | ||||||
2,338,729 | ||||||||
Health Care 24.0%
|
||||||||
Biotechnology 7.9%
|
||||||||
ACADIA Pharmaceuticals, Inc.* (a)
|
32,044 | 1,044,314 | ||||||
Anacor Pharmaceuticals, Inc.* (a)
|
43,281 | 2,503,806 | ||||||
Bluebird Bio, Inc.*
|
10,484 | 1,266,152 | ||||||
Isis Pharmaceuticals, Inc.* (a)
|
21,543 | 1,371,643 | ||||||
Neurocrine Biosciences, Inc.*
|
28,624 | 1,136,659 | ||||||
Puma Biotechnology, Inc.* (a)
|
6,479 | 1,529,757 | ||||||
Retrophin, Inc.*
|
77,029 | 1,845,615 | ||||||
Threshold Pharmaceuticals, Inc.* (a)
|
264,118 | 1,072,319 | ||||||
Ultragenyx Pharmaceutical, Inc.*
|
11,576 | 718,754 | ||||||
12,489,019 | ||||||||
Health Care Equipment & Supplies 5.6%
|
||||||||
CONMED Corp.
|
28,850 | 1,456,637 | ||||||
HeartWare International, Inc.*
|
11,017 | 966,962 | ||||||
Sunshine Heart, Inc.*
|
180,881 | 766,935 | ||||||
SurModics, Inc.*
|
58,807 | 1,530,746 | ||||||
Thoratec Corp.*
|
47,629 | 1,995,179 | ||||||
Zeltiq Aesthetics, Inc.*
|
71,805 | 2,213,748 | ||||||
8,930,207 | ||||||||
Health Care Providers & Services 6.9%
|
||||||||
Centene Corp.*
|
38,852 | 2,746,448 | ||||||
Kindred Healthcare, Inc.
|
62,893 | 1,496,224 | ||||||
Molina Healthcare, Inc.*
|
36,720 | 2,470,889 | ||||||
Providence Service Corp.*
|
52,582 | 2,793,156 | ||||||
Universal American Corp.*
|
135,315 | 1,445,164 | ||||||
10,951,881 | ||||||||
Life Sciences Tools & Services 1.0%
|
||||||||
PAREXEL International Corp.*
|
23,296 | 1,607,191 | ||||||
Pharmaceuticals 2.6%
|
||||||||
Flamel Technologies SA (ADR)*
|
126,739 | 2,278,767 | ||||||
Pacira Pharmaceuticals, Inc.*
|
20,010 | 1,777,889 | ||||||
4,056,656 | ||||||||
Industrials 13.8%
|
||||||||
Aerospace & Defense 2.2%
|
||||||||
DigitalGlobe, Inc.*
|
33,088 | 1,127,308 | ||||||
HEICO Corp.
|
37,543 | 2,292,751 | ||||||
3,420,059 | ||||||||
Airlines 1.1%
|
||||||||
JetBlue Airways Corp.* (a)
|
90,376 | 1,739,738 | ||||||
Commercial Services & Supplies 0.6%
|
||||||||
Team, Inc.*
|
23,834 | 929,049 | ||||||
Construction & Engineering 0.7%
|
||||||||
Primoris Services Corp.
|
62,209 | 1,069,373 | ||||||
Electrical Equipment 1.4%
|
||||||||
AZZ, Inc.
|
27,182 | 1,266,409 | ||||||
Thermon Group Holdings, Inc.*
|
43,185 | 1,039,463 | ||||||
2,305,872 | ||||||||
Machinery 2.6%
|
||||||||
Altra Industrial Motion Corp.
|
40,800 | 1,127,712 | ||||||
Chart Industries, Inc.*
|
11,990 | 420,549 | ||||||
Manitex International, Inc.* (a)
|
97,925 | 952,810 | ||||||
WABCO Holdings, Inc.*
|
12,911 | 1,586,504 | ||||||
4,087,575 | ||||||||
Professional Services 3.0%
|
||||||||
On Assignment, Inc.*
|
37,113 | 1,424,026 | ||||||
TriNet Group, Inc.*
|
37,587 | 1,324,190 | ||||||
TrueBlue, Inc.*
|
28,783 | 700,866 | ||||||
WageWorks, Inc.*
|
25,138 | 1,340,610 | ||||||
4,789,692 | ||||||||
Road & Rail 2.2%
|
||||||||
Roadrunner Transportation Systems, Inc.*
|
67,991 | 1,718,132 | ||||||
Swift Transportation Co.* (a)
|
69,987 | 1,821,062 | ||||||
3,539,194 | ||||||||
Information Technology 22.9%
|
||||||||
Electronic Equipment, Instruments & Components 3.0%
|
||||||||
Cognex Corp.*
|
56,803 | 2,816,861 | ||||||
IPG Photonics Corp.* (a)
|
20,518 | 1,902,019 | ||||||
4,718,880 | ||||||||
Internet Software & Services 2.3%
|
||||||||
CoStar Group, Inc.*
|
9,687 | 1,916,379 | ||||||
WebMD Health Corp.*
|
39,214 | 1,718,946 | ||||||
3,635,325 | ||||||||
IT Services 4.4%
|
||||||||
Cardtronics, Inc.*
|
52,801 | 1,985,318 | ||||||
MAXIMUS, Inc.
|
43,563 | 2,908,266 | ||||||
Virtusa Corp.*
|
51,627 | 2,136,325 | ||||||
7,029,909 | ||||||||
Semiconductors & Semiconductor Equipment 4.6%
|
||||||||
Advanced Energy Industries, Inc.*
|
55,045 | 1,412,455 | ||||||
Cavium, Inc.*
|
30,134 | 2,134,090 | ||||||
Qorvo, Inc.*
|
18,555 | 1,478,833 | ||||||
SunEdison, Inc.* (a)
|
59,535 | 1,428,840 | ||||||
Ultra Clean Holdings, Inc.*
|
110,632 | 791,019 | ||||||
7,245,237 | ||||||||
Software 8.1%
|
||||||||
Aspen Technology, Inc.*
|
60,388 | 2,324,334 | ||||||
Proofpoint, Inc.* (a)
|
40,400 | 2,392,488 | ||||||
PTC, Inc.*
|
31,113 | 1,125,357 | ||||||
TiVo, Inc.*
|
96,649 | 1,025,446 | ||||||
Tyler Technologies, Inc.*
|
21,747 | 2,621,166 | ||||||
Ultimate Software Group, Inc.*
|
14,523 | 2,468,256 | ||||||
Varonis Systems, Inc.*
|
33,889 | 869,592 | ||||||
12,826,639 | ||||||||
Technology Hardware, Storage & Peripherals 0.5%
|
||||||||
Super Micro Computer, Inc.*
|
27,030 | 897,666 | ||||||
Materials 3.9%
|
||||||||
Chemicals 1.7%
|
||||||||
A Schulman, Inc.
|
28,324 | 1,365,217 | ||||||
Minerals Technologies, Inc.
|
18,404 | 1,345,332 | ||||||
2,710,549 | ||||||||
Construction Materials 0.6%
|
||||||||
Eagle Materials, Inc.
|
12,037 | 1,005,812 | ||||||
Containers & Packaging 0.6%
|
||||||||
Berry Plastics Group, Inc.*
|
26,951 | 975,357 | ||||||
Metals & Mining 1.0%
|
||||||||
Constellium NV "A"*
|
51,392 | 1,044,284 | ||||||
Haynes International, Inc.
|
10,244 | 456,985 | ||||||
1,501,269 | ||||||||
Total Common Stocks (Cost $109,732,696)
|
146,683,092 | |||||||
Convertible Preferred Stock 0.2%
|
||||||||
Health Care
|
||||||||
Providence Service Corp., 5.5%, (Cost $212,100)
|
2,121 | 254,265 | ||||||
Rights 0.1%
|
||||||||
Health Care
|
||||||||
Furiex Pharmaceuticals, Inc.* (Cost $140,756)
|
14,407 | 140,756 | ||||||
Exchange-Traded Funds 1.2%
|
||||||||
SPDR S&P Biotech ETF (a)
|
5,298 | 1,194,699 | ||||||
SPDR S&P Oil & Gas Exploration & Production ETF (a)
|
13,563 | 700,665 | ||||||
Total Exchange-Traded Funds (Cost $1,430,104)
|
1,895,364 | |||||||
Securities Lending Collateral 16.8%
|
||||||||
Daily Assets Fund Institutional, 0.11% (b) (c) (Cost $26,672,072)
|
26,672,072 | 26,672,072 | ||||||
Cash Equivalents 4.2%
|
||||||||
Central Cash Management Fund, 0.08% (b) (Cost $6,576,555)
|
6,576,555 | 6,576,555 |
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $144,764,283)†
|
115.0 | 182,222,104 | ||||||
Other Assets and Liabilities, Net
|
(15.0 | ) | (23,725,798 | ) | ||||
Net Assets
|
100.0 | 158,496,306 |
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Common Stocks (d)
|
$ | 146,683,092 | $ | — | $ | — | $ | 146,683,092 | ||||||||
Convertible Preferred Stock
|
— | — | 254,265 | 254,265 | ||||||||||||
Rights
|
— | — | 140,756 | 140,756 | ||||||||||||
Exchange-Traded Funds
|
1,895,364 | — | — | 1,895,364 | ||||||||||||
Short-Term Investments (d)
|
33,248,627 | — | — | 33,248,627 | ||||||||||||
Total
|
$ | 181,827,083 | $ | — | $ | 395,021 | $ | 182,222,104 |
as of March 31, 2015 (Unaudited)
|
||||
Assets
|
||||
Investments:
Investments in non-affiliated securities, at value (cost $111,515,656) — including $25,788,910 of securities loaned
|
$ | 148,973,477 | ||
Investment in Daily Assets Fund Institutional (cost $26,672,072)*
|
26,672,072 | |||
Investment in Central Cash Management Fund (cost $6,576,555)
|
6,576,555 | |||
Total investments, at value (cost $144,764,283)
|
182,222,104 | |||
Cash
|
10,000 | |||
Foreign currency, at value (cost $672)
|
595 | |||
Receivable for investments sold
|
151,742 | |||
Receivable for Fund shares sold
|
4,855,182 | |||
Dividends receivable
|
20,702 | |||
Interest receivable
|
10,354 | |||
Other assets
|
69,156 | |||
Total assets
|
187,339,835 | |||
Liabilities
|
||||
Payable upon return of securities loaned
|
26,672,072 | |||
Payable for investments purchased
|
1,452,573 | |||
Payable for Fund shares redeemed
|
469,080 | |||
Accrued management fee
|
83,729 | |||
Accrued Trustees' fees
|
90 | |||
Other accrued expenses and payables
|
165,985 | |||
Total liabilities
|
28,843,529 | |||
Net assets, at value
|
$ | 158,496,306 | ||
Net Assets Consist of
|
||||
Accumulated net investment loss
|
(535,437 | ) | ||
Net unrealized appreciation (depreciation) on:
Investments
|
37,457,821 | |||
Foreign currency
|
(77 | ) | ||
Accumulated net realized gain (loss)
|
2,145,247 | |||
Paid-in capital
|
119,428,752 | |||
Net assets, at value
|
$ | 158,496,306 |
Statement of Assets and Liabilities as of March 31, 2015 (Unaudited) (continued)
|
||||
Net Asset Value
|
||||
Class A
Net Asset Value and redemption price(a) per share ($37,662,903 ÷ 1,179,822 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)
|
$ | 31.92 | ||
Maximum offering price per share (100 ÷ 94.25 of $31.92)
|
$ | 33.87 | ||
Class B
Net Asset Value, offering and redemption price(a) per share ($124,392 ÷ 4,447 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)
|
$ | 27.97 | ||
Class C
Net Asset Value, offering and redemption price(a) (subject to contingent deferred sales charge) per share ($5,951,772 ÷ 211,885 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)
|
$ | 28.09 | ||
Class R
Net Asset Value, offering and redemption price(a) per share ($2,239,112 ÷ 70,729 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)
|
$ | 31.66 | ||
Class R6
Net Asset Value, offering and redemption price(a) per share ($11,322 ÷ 353.97 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)
|
$ | 31.99 | ||
Class S
Net Asset Value, offering and redemption price(a) per share ($110,482,152 ÷ 3,348,878 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)
|
$ | 32.99 | ||
Institutional Class
Net Asset Value, offering and redemption price(a) per share ($2,024,653 ÷ 60,707 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)
|
$ | 33.35 |
for the six months ended March 31, 2015 (Unaudited)
|
||||
Investment Income
|
||||
Income:
Dividends
|
$ | 232,855 | ||
Income distributions — Central Cash Management Fund
|
1,337 | |||
Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates
|
71,144 | |||
Total income
|
305,336 | |||
Expenses:
Management fee
|
431,979 | |||
Administration fee
|
66,458 | |||
Services to shareholders
|
147,211 | |||
Distribution and service fees
|
71,589 | |||
Custodian fee
|
6,035 | |||
Professional fees
|
43,631 | |||
Reports to shareholders
|
21,133 | |||
Registration fees
|
40,987 | |||
Trustees' fees and expenses
|
3,184 | |||
Other
|
7,877 | |||
Total expenses before expense reductions
|
840,084 | |||
Expense reductions
|
(96 | ) | ||
Total expenses after expense reductions
|
839,988 | |||
Net investment income (loss)
|
(534,652 | ) | ||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) from investments
|
2,899,447 | |||
Change in net unrealized appreciation (depreciation) on:
Investments
|
20,265,174 | |||
Foreign currency
|
(78 | ) | ||
20,265,096 | ||||
Net gain (loss)
|
23,164,543 | |||
Net increase (decrease) in net assets resulting from operations
|
$ | 22,629,891 |
Increase (Decrease) in Net Assets
|
Six Months Ended March 31, 2015 (Unaudited)
|
Years Ended September 30, 2014
|
||||||
Operations:
Net investment income (loss)
|
$ | (534,652 | ) | $ | (988,961 | ) | ||
Operations:
Net investment income (loss)
|
$ | (534,652 | ) | $ | (988,961 | ) | ||
Net realized gain (loss)
|
2,899,447 | 15,171,695 | ||||||
Change in net unrealized appreciation (depreciation)
|
20,265,096 | (9,840,976 | ) | |||||
Net increase (decrease) in net assets resulting from operations
|
22,629,891 | 4,341,758 | ||||||
Distributions to shareholders from:
Net realized gains:
Class A
|
(3,567,899 | ) | (2,894,895 | ) | ||||
Class B
|
(15,640 | ) | (23,789 | ) | ||||
Class C
|
(674,211 | ) | (525,996 | ) | ||||
Class R
|
(154,366 | ) | (11,725 | ) | ||||
Class R6
|
(1,105 | ) | (11,725 | ) | ||||
Class S
|
(9,174,512 | ) | (7,624,601 | ) | ||||
Institutional Class
|
(217,510 | ) | (80,273 | ) | ||||
Total distributions
|
(13,805,243 | ) | (11,161,279 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
39,892,319 | 56,973,782 | ||||||
Reinvestment of distributions
|
12,917,650 | 10,126,828 | ||||||
Payments for shares redeemed
|
(21,080,290 | ) | (52,184,930 | ) | ||||
Redemption fees
|
540 | 2,830 | ||||||
Net increase (decrease) in net assets from Fund share transactions
|
31,730,219 | 14,918,510 | ||||||
Increase (decrease) in net assets
|
40,554,867 | 8,098,989 | ||||||
Net assets at beginning of period
|
117,941,439 | 109,842,450 | ||||||
Net assets at end of period (including accumulated net investment loss of $535,437 and $785, respectively)
|
$ | 158,496,306 | $ | 117,941,439 |
Years Ended September 30,
|
||||||||||||||||||||||||
Class A
|
Six Months Ended 3/31/15 (Unaudited)
|
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 30.49 | $ | 32.30 | $ | 24.37 | $ | 19.28 | $ | 18.31 | $ | 15.26 | ||||||||||||
Income (loss) from investment operations:
Net investment income (loss)a
|
(.14 | ) | (.29 | ) | (.11 | ) | (.21 | ) | (.19 | ) | (.15 | ) | ||||||||||||
Net realized and unrealized gain (loss)
|
5.08 | 1.48 | 8.04 | 5.30 | 1.16 | 3.14 | ||||||||||||||||||
Total from investment operations
|
4.94 | 1.19 | 7.93 | 5.09 | .97 | 2.99 | ||||||||||||||||||
Less distributions from:
Net realized gains
|
(3.51 | ) | (3.00 | ) | — | — | — | — | ||||||||||||||||
Increase from regulatory settlements
|
— | — | — | — | — | .06 | d | |||||||||||||||||
Redemption fees
|
.00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | ||||||||||||
Net asset value, end of period
|
$ | 31.92 | $ | 30.49 | $ | 32.30 | $ | 24.37 | $ | 19.28 | $ | 18.31 | ||||||||||||
Total Return (%)b
|
17.82 | ** | 3.71 | c | 32.54 | 26.40 | 5.30 | 19.99 | c,d | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of period ($ millions)
|
38 | 32 | 31 | 29 | 25 | 27 | ||||||||||||||||||
Ratio of expenses before expense reductions (%)
|
1.42 | * | 1.41 | 1.47 | 1.46 | 1.51 | 1.52 | |||||||||||||||||
Ratio of expenses after expense reductions (%)
|
1.42 | * | 1.39 | 1.47 | 1.46 | 1.51 | 1.42 | |||||||||||||||||
Ratio of net investment income (loss) (%)
|
(.95 | )* | (.92 | ) | (.41 | ) | (.91 | ) | (.87 | ) | (.91 | ) | ||||||||||||
Portfolio turnover rate (%)
|
25 | ** | 72 | 74 | 81 | 67 | 66 | |||||||||||||||||
a Based on average shares outstanding during the period.
b Total return does not reflect the effect of any sales charges.
c Total return would have been lower had certain expenses not been reduced.
d Includes a non-recurring payment from the Advisor which amounted to $0.056 per share recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements. The Fund also received $0.001 per share of non-affiliated regulatory settlements. Excluding these non-recurring payments, total return would have been 0.38% lower.
* Annualized
** Not annualized
*** Amount is less than $.005.
|
Years Ended September 30,
|
||||||||||||||||||||||||
Class B
|
Six Months Ended 3/31/15 (Unaudited)
|
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 27.24 | $ | 29.37 | $ | 22.33 | $ | 17.80 | $ | 17.05 | $ | 14.34 | ||||||||||||
Income (loss) from investment operations:
Net investment income (loss)a
|
(.23 | ) | (.48 | ) | (.28 | ) | (.37 | ) | (.33 | ) | (.26 | ) | ||||||||||||
Net realized and unrealized gain (loss)
|
4.47 | 1.35 | 7.32 | 4.90 | 1.08 | 2.92 | ||||||||||||||||||
Total from investment operations
|
4.24 | .87 | 7.04 | 4.53 | .75 | 2.66 | ||||||||||||||||||
Less distributions from:
Net realized gains
|
(3.51 | ) | (3.00 | ) | — | — | — | — | ||||||||||||||||
Increase from regulatory settlements
|
— | — | — | — | — | .05 | d | |||||||||||||||||
Redemption fees
|
.00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | ||||||||||||
Net asset value, end of period
|
$ | 27.97 | $ | 27.24 | $ | 29.37 | $ | 22.33 | $ | 17.80 | $ | 17.05 | ||||||||||||
Total Return (%)b,c
|
17.35 | ** | 2.94 | 31.53 | 25.45 | 4.40 | 18.90 | d | ||||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of period ($ millions)
|
.12 | .14 | .28 | .28 | .33 | 1 | ||||||||||||||||||
Ratio of expenses before expense reductions (%)
|
2.37 | * | 2.26 | 2.39 | 2.47 | 2.46 | 2.56 | |||||||||||||||||
Ratio of expenses after expense reductions (%)
|
2.22 | * | 2.14 | 2.23 | 2.26 | 2.35 | 2.21 | |||||||||||||||||
Ratio of net investment income (loss) (%)
|
(1.75 | )* | (1.67 | ) | (1.15 | ) | (1.72 | ) | (1.71 | ) | (1.70 | ) | ||||||||||||
Portfolio turnover rate (%)
|
25 | ** | 72 | 74 | 81 | 67 | 66 | |||||||||||||||||
a Based on average shares outstanding during the period.
b Total return does not reflect the effect of any sales charges.
c Total return would have been lower had certain expenses not been reduced.
d Includes a non-recurring payment from the Advisor which amounted to $0.052 per share recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements. The Fund also received $0.001 per share of non-affiliated regulatory settlements. Excluding these non-recurring payments, total return would have been 0.38% lower.
* Annualized
** Not annualized
*** Amount is less than $.005.
|
Years Ended September 30,
|
||||||||||||||||||||||||
Class C
|
Six Months Ended 3/31/15 (Unaudited)
|
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 27.34 | $ | 29.47 | $ | 22.40 | $ | 17.86 | $ | 17.07 | $ | 14.34 | ||||||||||||
Income (loss) from investment operations:
Net investment income (loss)a
|
(.23 | ) | (.48 | ) | (.29 | ) | (.36 | ) | (.31 | ) | (.25 | ) | ||||||||||||
Net realized and unrealized gain (loss)
|
4.49 | 1.35 | 7.36 | 4.90 | 1.10 | 2.93 | ||||||||||||||||||
Total from investment operations
|
4.26 | .87 | 7.07 | 4.54 | .79 | 2.68 | ||||||||||||||||||
Less distributions from:
Net realized gains
|
(3.51 | ) | (3.00 | ) | — | — | — | — | ||||||||||||||||
Increase from regulatory settlements
|
— | — | — | — | — | .05 | d | |||||||||||||||||
Redemption fees
|
.00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | ||||||||||||
Net asset value, end of period
|
$ | 28.09 | $ | 27.34 | $ | 29.47 | $ | 22.40 | $ | 17.86 | $ | 17.07 | ||||||||||||
Total Return (%)b
|
17.36 | ** | 2.93 | c | 31.56 | 25.42 | 4.63 | 19.04 | c,d | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of period ($ millions)
|
6 | 5 | 5 | 4 | 4 | 4 | ||||||||||||||||||
Ratio of expenses before expense reductions (%)
|
2.20 | * | 2.19 | 2.22 | 2.22 | 2.22 | 2.32 | |||||||||||||||||
Ratio of expenses after expense reductions (%)
|
2.20 | * | 2.14 | 2.22 | 2.22 | 2.22 | 2.18 | |||||||||||||||||
Ratio of net investment income (loss) (%)
|
(1.73 | )* | (1.67 | ) | (1.16 | ) | (1.68 | ) | (1.58 | ) | (1.67 | ) | ||||||||||||
Portfolio turnover rate (%)
|
25 | ** | 72 | 74 | 81 | 67 | 66 | |||||||||||||||||
a Based on average shares outstanding during the period.
b Total return does not reflect the effect of any sales charges.
c Total return would have been lower had certain expenses not been reduced.
d Includes a non-recurring payment from the Advisor which amounted to $0.053 per share recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements. The Fund also received $0.001 per share of non-affiliated regulatory settlements. Excluding these non-recurring payments, total return would have been 0.38% lower.
* Annualized
** Not annualized
*** Amount is less than $.005.
|
Years Ended September 30,
|
||||||||||||||||
Class R
|
Six Months Ended 3/31/15 (Unaudited)
|
2014
|
2013
|
Period Ended 9/30/12a
|
||||||||||||
Selected Per Share Data
|
||||||||||||||||
Net asset value, beginning of period
|
$ | 30.30 | $ | 32.18 | $ | 24.33 | $ | 24.40 | ||||||||
Income (loss) from investment operations:
Net investment income (loss)b
|
(.18 | ) | (.37 | ) | (.25 | ) | (.11 | ) | ||||||||
Net realized and unrealized gain (loss)
|
5.05 | 1.49 | 8.10 | .04 | ||||||||||||
Total from investment operations
|
4.87 | 1.12 | 7.85 | (.07 | ) | |||||||||||
Less distributions from:
Net realized gains
|
(3.51 | ) | (3.00 | ) | — | — | ||||||||||
Redemption fees
|
.00 | *** | .00 | *** | .00 | *** | .00 | *** | ||||||||
Net asset value, end of period
|
$ | 31.66 | $ | 30.30 | $ | 32.18 | $ | 24.33 | ||||||||
Total Return (%)
|
17.70 | ** | 3.50 | 32.26 | c | (.29 | )c** | |||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||
Net assets, end of period ($ thousands)
|
2,239 | 1,084 | 115 | 3 | ||||||||||||
Ratio of expenses before expense reductions (%)
|
1.67 | * | 1.63 | 1.81 | 3.46 | * | ||||||||||
Ratio of expenses after expense reductions (%)
|
1.67 | * | 1.63 | 1.73 | 1.76 | * | ||||||||||
Ratio of net investment income (loss) (%)
|
(1.21 | )* | (1.18 | ) | (.88 | ) | (1.14 | )* | ||||||||
Portfolio turnover rate (%)
|
25 | ** | 72 | 74 | 81 | d | ||||||||||
a For the period from May 1, 2012 (commencement of operations) to September 30, 2012.
b Based on average shares outstanding during the period.
c Total return would have been lower had certain expenses not been reduced.
d Represents the Fund's portfolio turnover rate for the year ended September 30, 2012.
* Annualized
** Not annualized
*** Amount is less than $.005.
|
Class R6
|
Six Months Ended 3/31/15 (Unaudited)
|
Period Ended 9/30/14a
|
||||||
Selected Per Share Data
|
||||||||
Net asset value, beginning of period
|
$ | 30.50 | $ | 31.79 | ||||
Income (loss) from investment operations:
Net investment income (loss)b
|
(.10 | ) | (.02 | ) | ||||
Net realized and unrealized gain (loss)
|
5.10 | (1.27 | ) | |||||
Total from investment operations
|
5.00 | (1.29 | ) | |||||
Less distributions from:
Net realized gains
|
(3.51 | ) | — | |||||
Redemption fees
|
.00 | *** | .00 | *** | ||||
Net asset value, end of period
|
$ | 31.99 | $ | 30.50 | ||||
Total Return (%)
|
18.03 | ** | (4.06 | )** | ||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||
Net assets, end of period ($ thousands)
|
11 | 10 | ||||||
Ratio of expense (%)
|
1.12 | * | 1.02 | * | ||||
Ratio of net investment income (loss) (%)
|
(.65 | )* | (.60 | )* | ||||
Portfolio turnover rate (%)
|
25 | ** | 72 | c | ||||
a For the period from August 25, 2014 (commencement of operations) to September 30, 2014.
b Based on average shares outstanding during the period.
c Represents the Fund's portfolio turnover rate for the year ended September 30, 2014.
* Annualized
** Not annualized
*** Amount is less than $.005.
|
Years Ended September 30,
|
||||||||||||||||||||||||
Class S
|
Six Months Ended 3/31/15 (Unaudited)
|
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 31.36 | $ | 33.06 | $ | 24.88 | $ | 19.64 | $ | 18.60 | $ | 15.45 | ||||||||||||
Income (loss) from investment operations:
Net investment income (loss)a
|
(.11 | ) | (.22 | ) | (.05 | ) | (.16 | ) | (.14 | ) | (.09 | ) | ||||||||||||
Net realized and unrealized gain (loss)
|
5.25 | 1.52 | 8.23 | 5.40 | 1.18 | 3.18 | ||||||||||||||||||
Total from investment operations
|
5.14 | 1.30 | 8.18 | 5.24 | 1.04 | 3.09 | ||||||||||||||||||
Less distributions from:
Net realized gains
|
(3.51 | ) | (3.00 | ) | — | — | — | — | ||||||||||||||||
Increase from regulatory settlements
|
— | — | — | — | — | .06 | c | |||||||||||||||||
Redemption fees
|
.00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | ||||||||||||
Net asset value, end of period
|
$ | 32.99 | $ | 31.36 | $ | 33.06 | $ | 24.88 | $ | 19.64 | $ | 18.60 | ||||||||||||
Total Return (%)
|
17.98 | ** | 3.98 | b | 32.88 | b | 26.68 | 5.59 | 20.39 | b,c | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of period ($ millions)
|
110 | 78 | 72 | 63 | 46 | 47 | ||||||||||||||||||
Ratio of expenses before expense reductions (%)
|
1.15 | * | 1.16 | 1.23 | 1.24 | 1.26 | 1.19 | |||||||||||||||||
Ratio of expenses after expense reductions (%)
|
1.15 | * | 1.14 | 1.23 | 1.24 | 1.26 | 1.04 | |||||||||||||||||
Ratio of net investment income (loss) (%)
|
(.69 | )* | (.67 | ) | (.16 | ) | (.69 | ) | (.62 | ) | (.53 | ) | ||||||||||||
Portfolio turnover rate (%)
|
25 | ** | 72 | 74 | 81 | 67 | 66 | |||||||||||||||||
a Based on average shares outstanding during the period.
b Total return would have been lower had certain expenses not been reduced.
c Includes a non-recurring payment from the Advisor which amounted to $0.057 per share recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements. The Fund also received $0.001 per share of non-affiliated regulatory settlements. Excluding these non-recurring payments, total return would have been 0.38% lower.
* Annualized
** Not annualized
*** Amount is less than $.005.
|
Years Ended September 30,
|
||||||||||||||||||||||||
Institutional Class
|
Six Months Ended 3/31/15 (Unaudited)
|
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 31.66 | $ | 33.33 | $ | 25.04 | $ | 19.72 | $ | 18.62 | $ | 15.47 | ||||||||||||
Income (loss) from investment operations:
Net investment income (loss)a
|
(.09 | ) | (.21 | ) | .13 | (.11 | ) | (.08 | ) | (.08 | ) | |||||||||||||
Net realized and unrealized gain (loss)
|
5.29 | 1.54 | 8.16 | 5.43 | 1.18 | 3.17 | ||||||||||||||||||
Total from investment operations
|
5.20 | 1.33 | 8.29 | 5.32 | 1.10 | 3.09 | ||||||||||||||||||
Less distributions from:
Net realized gains
|
(3.51 | ) | (3.00 | ) | — | — | — | — | ||||||||||||||||
Increase from regulatory settlements
|
— | — | — | — | — | .06 | c | |||||||||||||||||
Redemption fees
|
.00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | .00 | *** | ||||||||||||
Net asset value, end of period
|
$ | 33.35 | $ | 31.66 | $ | 33.33 | $ | 25.04 | $ | 19.72 | $ | 18.62 | ||||||||||||
Total Return (%)
|
18.04 | ** | 4.01 | 33.11 | 26.98 | 5.91 | 20.36 | b,c | ||||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of period ($ millions)
|
2 | 1 | 1 | 10 | 7 | 5 | ||||||||||||||||||
Ratio of expenses before expense reductions (%)
|
1.05 | * | 1.11 | 1.03 | .99 | 1.00 | 1.00 | |||||||||||||||||
Ratio of expenses after expense reductions (%)
|
1.05 | * | 1.11 | 1.03 | .99 | 1.00 | .98 | |||||||||||||||||
Ratio of net investment income (loss) (%)
|
(.59 | )* | (.64 | ) | .49 | (.46 | ) | (.36 | ) | (.47 | ) | |||||||||||||
Portfolio turnover rate (%)
|
25 | ** | 72 | 74 | 81 | 67 | 66 | |||||||||||||||||
a Based on average shares outstanding during the period.
b Total return would have been lower had certain expenses not been reduced.
c Includes a non-recurring payment from the Advisor which amounted to $0.057 per share recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements. The Fund also received $0.001 per share of non-affiliated regulatory settlements. Excluding these non-recurring payments, total return would have been 0.38% lower.
* Annualized
** Not annualized
*** Amount is less than $.005.
|
Class A
|
1.47%
|
Class B
|
2.22%
|
Class C
|
2.22%
|
Class R
|
1.72%
|
Class R6
|
1.22%
|
Class S
|
1.22%
|
Institutional Class
|
1.22%
|
Services to Shareholders
|
Total Aggregated
|
Unpaid at March 31, 2015
|
||||||
Class A
|
$ | 17,855 | $ | 10,497 | ||||
Class B
|
208 | 116 | ||||||
Class C
|
3,751 | 2,247 | ||||||
Class R
|
92 | 28 | ||||||
Class R6
|
9 | 2 | ||||||
Class S
|
46,607 | 24,093 | ||||||
Institutional Class
|
570 | 274 | ||||||
$ | 69,092 | $ | 37,257 |
Distribution Fee
|
Total Aggregated
|
Unpaid at March 31, 2015
|
||||||
Class B
|
$ | 478 | $ | 79 | ||||
Class C
|
20,862 | 3,790 | ||||||
Class R
|
1,865 | 446 | ||||||
$ | 23,205 | $ | 4,315 |
Service Fee
|
Total Aggregated
|
Unpaid at March 31, 2015
|
Annualized
Rate
|
|||||||||
Class A
|
$ | 39,364 | $ | 13,290 | .24 | % | ||||||
Class B
|
158 | 49 | .25 | % | ||||||||
Class C
|
6,997 | 2,366 | .25 | % | ||||||||
Class R
|
1,865 | 745 | .25 | % | ||||||||
$ | 48,384 | $ | 16,450 |
Six Months Ended
March 31, 2015
|
Year Ended
September 30, 2014
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Class A
|
213,988 | $ | 6,447,295 | 402,580 | $ | 12,836,624 | ||||||||||
Class B
|
— | — | 388 | 11,206 | ||||||||||||
Class C
|
23,387 | 636,268 | 82,764 | 2,377,190 | ||||||||||||
Class R
|
32,294 | 983,726 | 33,575 | 1,044,621 | ||||||||||||
Class R6
|
— | — | 315 | * | 10,000 | * | ||||||||||
Class S
|
1,008,070 | 31,357,601 | 1,208,715 | 40,048,274 | ||||||||||||
Institutional Class
|
14,852 | 467,429 | 19,757 | 645,867 | ||||||||||||
$ | 39,892,319 | $ | 56,973,782 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Class A
|
105,251 | $ | 2,945,962 | 76,357 | $ | 2,319,732 | ||||||||||
Class B
|
636 | 15,639 | 846 | 23,107 | ||||||||||||
Class C
|
24,933 | 615,345 | 17,638 | 483,290 | ||||||||||||
Class R
|
5,557 | 154,366 | 387 | 11,725 | ||||||||||||
Class R6
|
39 | 1,105 | — | — | ||||||||||||
Class S
|
310,302 | 8,967,724 | 231,124 | 7,208,701 | ||||||||||||
Institutional Class
|
7,446 | 217,509 | 2,551 | 80,273 | ||||||||||||
$ | 12,917,650 | $ | 10,126,828 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Class A
|
(194,059 | ) | $ | (5,882,899 | ) | (385,506 | ) | $ | (12,205,264 | ) | ||||||
Class B
|
(1,423 | ) | (37,579 | ) | (5,439 | ) | (156,044 | ) | ||||||||
Class C
|
(30,957 | ) | (847,106 | ) | (78,389 | ) | (2,222,679 | ) | ||||||||
Class R
|
(2,891 | ) | (88,157 | ) | (1,770 | ) | (54,729 | ) | ||||||||
Class S
|
(448,833 | ) | (13,961,005 | ) | (1,151,754 | ) | (37,487,756 | ) | ||||||||
Institutional Class
|
(8,290 | ) | (263,544 | ) | (1,763 | ) | (58,458 | ) | ||||||||
$ | (21,080,290 | ) | $ | (52,184,930 | ) | |||||||||||
Redemption fees
|
$ | 540 | $ | 2,830 | ||||||||||||
Net increase (decrease)
|
||||||||||||||||
Class A
|
125,180 | $ | 3,510,462 | 93,431 | $ | 2,952,607 | ||||||||||
Class B
|
(787 | ) | (21,940 | ) | (4,205 | ) | (121,731 | ) | ||||||||
Class C
|
17,363 | 404,507 | 22,013 | 637,957 | ||||||||||||
Class R
|
34,960 | 1,049,935 | 32,192 | 1,001,617 | ||||||||||||
Class R6
|
39 | 1,105 | 315 | * | 10,000 | * | ||||||||||
Class S
|
869,539 | 26,364,756 | 288,085 | 9,770,378 | ||||||||||||
Institutional Class
|
14,008 | 421,394 | 20,545 | 667,682 | ||||||||||||
$ | 31,730,219 | $ | 14,918,510 |
Expenses and Value of a $1,000 Investment
for the six months ended March 31, 2015 (Unaudited)
|
||||||||||||||||||||||||||||
Actual Fund Return
|
Class A
|
Class B
|
Class C
|
Class R
|
Class R6
|
Class S
|
Institutional Class
|
|||||||||||||||||||||
Beginning Account Value 10/1/14
|
$ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||||
Ending Account Value 3/31/15
|
$ | 1,178.20 | $ | 1,173.50 | $ | 1,173.60 | $ | 1,177.00 | $ | 1,180.30 | $ | 1,179.80 | $ | 1,180.40 | ||||||||||||||
Expenses Paid per $1,000*
|
$ | 7.71 | $ | 12.03 | $ | 11.92 | $ | 9.06 | $ | 6.09 | $ | 6.25 | $ | 5.71 | ||||||||||||||
Hypothetical 5% Fund Return
|
Class A
|
Class B
|
Class C
|
Class R
|
Class R6
|
Class S
|
Institutional Class
|
|||||||||||||||||||||
Beginning Account Value 10/1/14
|
$ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||||
Ending Account Value 3/31/15
|
$ | 1,017.85 | $ | 1,013.86 | $ | 1,013.96 | $ | 1,016.60 | $ | 1,019.35 | $ | 1,019.20 | $ | 1,019.70 | ||||||||||||||
Expenses Paid per $1,000*
|
$ | 7.14 | $ | 11.15 | $ | 11.05 | $ | 8.40 | $ | 5.64 | $ | 5.79 | $ | 5.29 |
Annualized Expense Ratios
|
Class A
|
Class B
|
Class C
|
Class R
|
Class R6
|
Class S
|
Institutional Class
|
Deutsche Small Cap Growth Fund
|
1.42%
|
2.22%
|
2.20%
|
1.67%
|
1.12%
|
1.15%
|
1.05%
|
For More Information
|
The automated telephone system allows you to access personalized account information and obtain information on other Deutsche funds using either your voice or your telephone keypad. Certain account types within Classes A, B, C and S also have the ability to purchase, exchange or redeem shares using this system.
For more information, contact your financial advisor. You may also access our automated telephone system or speak with a Shareholder Service representative by calling:
(800) 728-3337
|
|
Web Site
|
deutschefunds.com
View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates by e-mail, and change your address, 24 hours a day.
Obtain prospectuses and applications, blank forms, interactive worksheets, news about Deutsche funds, retirement planning information, and more.
|
|
Written Correspondence
|
Deutsche Asset & Wealth Management
PO Box 219151
Kansas City, MO 64121-9151
|
|
Proxy Voting
|
The fund's policies and procedures for voting proxies for portfolio securities and information about how the fund voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site — deutschefunds.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at (800) 728-3337.
|
|
Portfolio Holdings
|
Following the fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. This form will be available on the SEC's Web site at sec.gov, and it also may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330. The fund's portfolio holdings are also posted on deutschefunds.com from time to time. Please see the fund's current prospectus for more information.
|
|
Principal Underwriter
|
If you have questions, comments or complaints, contact:
DeAWM Distributors, Inc.
222 South Riverside Plaza
Chicago, IL 60606-5808
(800) 621-1148
|
|
Investment Management
|
Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), which is part of Deutsche Asset & Wealth Management, is the investment advisor for the fund. DIMA and its predecessors have more than 80 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients.
DIMA is an indirect, wholly owned subsidiary of Deutsche Bank AG. Deutsche Bank AG is a major global banking institution engaged in a wide variety of financial services, including investment management, retail, private and commercial banking, investment banking and insurance.
Deutsche Asset & Wealth Management is the retail brand name in the U.S. for the wealth management and asset management activities of Deutsche Bank AG and DIMA. Deutsche Asset & Wealth Management is committed to delivering the investing expertise, insight and resources of this global investment platform to American investors.
|
Class A
|
Class B
|
Class C
|
Class S
|
Institutional Class
|
||
Nasdaq Symbol
|
SSDAX
|
SSDBX
|
SSDCX
|
SSDSX
|
SSDIX
|
|
CUSIP Number
|
25157M 885
|
25157M 802
|
25157M 703
|
25157M 604
|
25157M 505
|
|
Fund Number
|
471
|
671
|
771
|
2314
|
1471
|
For shareholders of Class R and Class R6
|
||
Automated Information Line
|
DeAWM Flex Plan Access (800) 728-3337
24-hour access to your retirement plan account.
|
|
Web Site
|
deutschefunds.com
Click "Retirement Plans" to reallocate assets, process transactions, review your funds, and subscribe to fund updates by e-mail through our secure online account access.
Obtain prospectuses and applications, blank forms, interactive worksheets, news about Deutsche funds, retirement planning information, and more.
|
|
For More Information
|
(800) 728-3337
To speak with a service representative.
|
|
Written Correspondence
|
DeAWM Service Company
222 South Riverside Plaza
Chicago, IL 60606-5806
|
Class R
|
Class R6
|
||
Nasdaq Symbol
|
SSDGX
|
SSDZX
|
|
CUSIP Number
|
25157M 638
|
25157M 596
|
|
Fund Number
|
1571
|
1614
|
FACTS
|
What Does Deutsche Asset & Wealth Management 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 can include:
— Social Security number
— Account balances
— Purchase and transaction history
— Bank account information
— Contact information such as mailing address, e-mail address and telephone number
|
||||
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 Deutsche Asset & Wealth Management chooses to share and whether you can limit this sharing.
|
||||
Reasons we can share your personal information
|
Does Deutsche Asset & Wealth Management 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 or legal investigations
|
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 do not share
|
|||
For our affiliates' everyday business purposes — information about your transactions and experiences
|
No
|
We do not share
|
|||
For our affiliates' everyday business purposes — information about your creditworthiness
|
No
|
We do not share
|
|||
For non-affiliates to market to you
|
No
|
We do not share
|
|||
Questions?
|
Call (800) 728-3337 or e-mail us at service@db.com
|
Who we are
|
||||
Who is providing this notice?
|
DeAWM Distributors, Inc.; Deutsche Investment Management Americas Inc.; DeAWM Trust Company; the Deutsche Funds
|
|||
What we do
|
||||
How does Deutsche Asset & Wealth Management 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.
|
|||
How does Deutsche Asset & Wealth Management collect my personal information?
|
We collect your personal information, for example. When you:
— open an account
— give us your contact information
— provide bank account information for ACH or wire transactions
— tell us where to send money
— seek advice about your investments
|
|||
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 non-affiliates 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 or non-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank ("DB") name, such as DB AG Frankfurt and DB Alex Brown.
|
|||
Non-affiliates
|
Companies not related by common ownership or control. They can be financial and non-financial companies.
Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud.
|
|||
Joint marketing
|
A formal agreement between non-affiliated financial companies that together market financial products or services to you. Deutsche Asset & Wealth Management does not jointly market.
|
|||
Rev. 08/2014
|
ITEM 2.
|
CODE OF ETHICS
|
|
Not applicable.
|
||
ITEM 3.
|
AUDIT COMMITTEE FINANCIAL EXPERT
|
|
Not applicable
|
||
ITEM 4.
|
PRINCIPAL ACCOUNTANT FEES AND SERVICES
|
|
Not applicable
|
||
ITEM 5.
|
AUDIT COMMITTEE OF LISTED REGISTRANTS
|
|
Not applicable
|
||
ITEM 6.
|
SCHEDULE OF INVESTMENTS
|
|
Not applicable
|
||
ITEM 7.
|
DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
|
|
Not applicable
|
||
ITEM 8.
|
PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
|
|
Not applicable
|
||
ITEM 9.
|
PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
|
|
Not applicable
|
||
ITEM 10.
|
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
|
|
There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Kenneth C. Froewiss, Independent Chairman, Deutsche Mutual Funds, P.O. Box 390601, Cambridge, MA 02139.
|
||
ITEM 11.
|
CONTROLS AND PROCEDURES
|
|
(a)
|
The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
|
|
(b)
|
There have been no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.
|
|
ITEM 12.
|
EXHIBITS
|
|
(a)(1)
|
Not applicable
|
|
(a)(2)
|
Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
|
|
(b)
|
Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.
|
Registrant:
|
Deutsche Small Cap Growth Fund, a series of Deutsche Investment Trust
|
By:
|
/s/Brian E. Binder
Brian E. Binder
President
|
Date:
|
May 29, 2015
|
By:
|
/s/Brian E. Binder
Brian E. Binder
President
|
Date:
|
May 29, 2015
|
By:
|
/s/Paul Schubert
Paul Schubert
Chief Financial Officer and Treasurer
|
Date:
|
May 29, 2015
|
1.
|
I have reviewed this report, filed on behalf of Deutsche Small Cap Growth Fund, a series of Deutsche Investment Trust, on Form N-CSRS;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
May 29, 2015
|
/s/Brian E. Binder
|
Brian E. Binder
|
|
President
|
1.
|
I have reviewed this report, filed on behalf of Deutsche Small Cap Growth Fund, a series of Deutsche Investment Trust, on Form N-CSRS;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
May 29, 2015
|
/s/Paul Schubert
|
Paul Schubert
|
|
Chief Financial Officer and Treasurer
|
1.
|
I have reviewed this report, filed on behalf of Deutsche Small Cap Growth Fund, a series of Deutsche Investment Trust, on Form N-CSRS;
|
2.
|
Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
1.
|
I have reviewed this report, filed on behalf of Deutsche Small Cap Growth Fund, a series of Deutsche Investment Trust, on Form N-CSRS;
|
2.
|
Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
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