Form N-CSRS ADVISORS SERIES TRUST For: Jan 31

Letter to Shareholders	1
Expense Example	5
Sector Allocation of Portfolio Assets	7
Schedule of Investments	12
Statements of Assets and Liabilities	38
Statements of Operations	42
Statements of Changes in Net Assets	44
Financial Highlights	50
Notes to Financial Statements	57
Approval of Investment Advisory Agreement	67
Notice to Shareholders	71
Householding	71
Privacy Notice	72

	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During Period*
	8/1/18	1/31/19	8/1/18 – 1/31/19
Class A Actual	$1,000.00	$   908.80	$4.09
Class A Hypothetical
(5% return before expenses)	$1,000.00	$1,020.92	$4.33
Class C Actual	$1,000.00	$   905.50	$7.68
Class C Hypothetical
(5% return before expenses)	$1,000.00	$1,017.14	$8.13
Class I Actual	$1,000.00	$   909.90	$2.89
Class I Hypothetical
(5% return before expenses)	$1,000.00	$1,022.18	$3.06

*	Expenses are equal to the Fund’s annualized expense ratio of 0.85%, 1.60%, and 0.60% for Class A, Class C, and Class I, respectively, multiplied by the average account value over the period, multiplied by 184 (days in the most recent fiscal half-year)/365 days to reflect the one-half year expense.

	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During Period*
	8/1/18	1/31/19	8/1/18 – 1/31/19
Class I Actual	$1,000.00	$   915.20	$4.78
Class I Hypothetical
(5% return before expenses)	$1,000.00	$1,020.21	$5.04

*	Expenses are equal to the Fund’s annualized expense ratio of 0.99% for Class I, multiplied by the average account value over the period, multiplied by 184 (days in the most recent fiscal half-year)/365 days to reflect the one-half year expense.

	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During Period*
	8/1/18	1/31/19	8/1/18 – 1/31/19
Class I Actual	$1,000.00	$   913.20	$2.89
Class I Hypothetical
(5% return before expenses)	$1,000.00	$1,022.18	$3.06

*	Expenses are equal to the Fund’s annualized expense ratio of 0.60% for Class I, multiplied by the average account value over the period, multiplied by 184 (days in the most recent fiscal half-year)/365 days to reflect the one-half year expense.

	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During Period*
	8/1/18	1/31/19	8/1/18 – 1/31/19
Class I Actual	$1,000.00	$   885.90	$4.71
Class I Hypothetical
(5% return before expenses)	$1,000.00	$1,020.21	$5.04

*	Expenses are equal to the Fund’s annualized expense ratio of 0.99% for Class I, multiplied by the average account value over the period, multiplied by 184 (days in the most recent fiscal half-year)/365 days to reflect the one-half year expense.

	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During Period*
	8/1/18	1/31/19	8/1/18 – 1/31/19
Class I Actual	$1,000.00	$   880.70	$5.64
Class I Hypothetical
(5% return before expenses)	$1,000.00	$1,019.21	$6.06

*	Expenses are equal to the Fund’s annualized expense ratio of 1.19% for Class I, multiplied by the average account value over the period, multiplied by 184 (days in the most recent fiscal half-year)/365 days to reflect the one-half year expense.

Shares					Value
			COMMON STOCKS – 99.96%
			Aerospace & Defense – 2.59%
	286		Boeing Co.		$	110,287
	329		National Presto Industries, Inc.			39,355
	141		Spirit AeroSystems Holdings, Inc. – Class A			11,759
	1,050		Textron, Inc.			55,892
						217,293
			Airlines – 1.62%
	1,515		Delta Air Lines, Inc.			74,886
	377		Southwest Airlines Co.			21,399
	460		United Continental Holdings, Inc.*			40,144
						136,429
			Auto Components – 0.53%
	290		Lear Corp.			44,640
			Beverages – 0.58%
	196		Boston Beer Co., Inc. – Class A*			48,835
			Biotechnology – 3.94%
	1,370		AbbVie, Inc.			109,997
	1,094		Amgen, Inc.			204,698
	187		Celgene Corp.*			16,542
						331,237
			Building Products – 0.24%
	774		Continental Building Products, Inc.*			20,387
			Capital Markets – 3.42%
	1,652		Ameriprise Financial, Inc.			209,143
	1,658		Franklin Resources, Inc.			49,093
	1,717		Waddell & Reed Financial, Inc. – Class A			29,395
						287,631
			Chemicals – 2.50%
	3,041		FutureFuel Corp.			55,681
	613		LyondellBasell Industries NV – Class A#			53,313
	436		Stepan Co.			38,338
	1,326		Tredegar Corp.			21,627
	561		Westlake Chemical Corp.			41,458
						210,417
			Commercial Banks – 7.41%
	1,117		Bank of America Corp.			31,801
	534		BB&T Corp.			26,059
	801		Citigroup, Inc.			51,632
	235		Comerica, Inc.			18,504
	7,032		Fifth Third Bancorp			188,598
	787		JPMorgan Chase & Co.			81,455

Shares					Value
			COMMON STOCKS (Continued)
			Commercial Banks (Continued)
	10,454		Regions Financial Corp.		$	158,587
	1,119		SunTrust Banks, Inc.			66,491
						623,127
			Communications Equipment – 2.41%
	2,944		Cisco Systems, Inc.			139,222
	58		F5 Networks, Inc.*			9,335
	2,082		Juniper Networks, Inc.			54,007
						202,564
			Construction & Engineering – 1.21%
	664		Comfort Systems USA, Inc.			31,852
	556		EMCOR Group, Inc.			36,268
	2,553		Sterling Construction Co., Inc.*			33,802
						101,922
			Consumer Finance – 0.51%
	515		FirstCash, Inc.			42,451
			Diversified Consumer Services – 1.25%
	412		H&R Block, Inc.			9,719
	3,021		K12, Inc.*			95,192
						104,911
			Diversified Financial Services – 0.61%
	1,106		Voya Financial, Inc.			51,352
			Electrical Equipment – 0.51%
	253		Rockwell Automation, Inc.			42,889
			Electronic Equipment, Instruments & Components – 1.30%
	778		CDW Corp.			64,784
	793		Corning, Inc.			26,375
	187		Tech Data Corp.*			17,883
						109,042
			Energy Equipment & Services – 0.35%
	3,595		FTS International, Inc.*			29,299
			Food & Staples Retailing – 3.17%
	1,018		CVS Health Corp.			66,730
	2,388		Kroger Co.			67,652
	533		US Foods Holding Corp.*			17,973
	1,580		Walgreens Boots Alliance, Inc.			114,171
						266,526
			Food Products – 0.78%
	3,026		Conagra Brands, Inc.			65,483

Shares					Value
			COMMON STOCKS (Continued)
			Health Care Equipment & Supplies – 3.33%
	1,637		CONMED Corp.		$	115,163
	1,066		Haemonetics Corp.*			105,438
	277		IDEXX Laboratories, Inc.*			58,940
						279,541
			Health Care Providers & Services – 4.92%
	79		Amedisys, Inc.*			10,362
	205		Anthem, Inc.			62,115
	324		Cardinal Health, Inc.			16,190
	924		HCA Holdings, Inc.			128,833
	195		Humana, Inc.			60,253
	1,059		Premier, Inc. – Class A*			42,138
	339		WellCare Health Plans, Inc.*			93,727
						413,618
			Health Care Technology – 0.35%
	271		Veeva Systems, Inc. – Class A*			29,555
			Hotels, Restaurants & Leisure – 3.35%
	1,149		BJ’s Restaurants, Inc.			57,255
	1,657		Brinker International, Inc.			67,142
	617		Marriott International, Inc. – Class A			70,665
	918		Yum! Brands, Inc.			86,274
						281,336
			Household Durables – 0.99%
	206		Helen of Troy Ltd.*#			23,904
	2,126		PulteGroup, Inc.			59,124
						83,028
			Household Products – 1.32%
	229		Church & Dwight Co., Inc.			14,796
	999		Procter & Gamble Co.			96,374
						111,170
			Insurance – 2.09%
	1,382		Aflac, Inc.			65,921
	2,406		MetLife, Inc.			109,882
						175,803
			Internet & Direct Marketing Retail – 0.59%
	1,479		eBay, Inc.*			49,768
			Internet Software & Services – 0.78%
	2,221		Blucora, Inc.*			65,542
			IT Services – 5.14%
	621		Broadridge Financial Solutions, Inc.			62,615
	2,477		DXC Technology Co.			158,825

Shares					Value
			COMMON STOCKS (Continued)
			IT Services (Continued)
	927		Perficient, Inc.*		$	23,648
	505		Total System Services, Inc.			45,253
	988		Unisys Corp.*			12,923
	367		Visa, Inc. – Class A			49,549
	4,343		Western Union Co.			79,260
						432,073
			Life Sciences Tools & Services – 1.12%
	415		IQVIA Holdings, Inc.*			53,539
	165		Thermo Fisher Scientific, Inc.			40,536
						94,075
			Machinery – 1.43%
	177		Allison Transmission Holdings, Inc.			8,615
	927		Hillenbrand, Inc.			39,305
	68		IDEX Corp.			9,374
	630		Ingersoll–Rand PLC#			63,025
						120,319
			Media – 4.18%
	214		Nexstar Media Group, Inc. – Class A			17,863
	789		Omnicom Group, Inc.			61,447
	3,936		Viacom, Inc. – Class B			115,797
	1,402		Walt Disney Co.			156,351
						351,458
			Metals & Mining – 1.33%
	4,418		Freeport-McMoRan, Inc.			51,426
	990		Nucor Corp.			60,628
						112,054
			Multi-line Retail – 1.45%
	888		Kohl’s Corp.			60,997
	1,012		Macy’s, Inc.			26,615
	474		Target Corp.			34,602
						122,214
			Oil, Gas & Consumable Fuels – 5.68%
	1,492		ConocoPhillips			100,993
	677		Marathon Petroleum Corp.			44,858
	1,393		Peabody Energy Corp.			49,730
	1,378		Phillips 66			131,475
	3,171		Renewable Energy Group, Inc.*			91,642
	668		Valero Energy Corp.			58,664
						477,362
			Paper & Forest Products – 1.17%
	1,571		Boise Cascade Co.			43,155
	2,238		Verso Corp. – Class A*			55,211
						98,366

Shares					Value
			COMMON STOCKS (Continued)
			Personal Products – 0.92%
	778		Herbalife Nutrition Ltd.*#		$	46,447
	240		Medifast, Inc.			30,537
						76,984
			Pharmaceuticals – 3.05%
	216		Johnson & Johnson			28,745
	1,156		Mallinckrodt PLC*#			25,270
	1,383		Merck & Co., Inc.			102,937
	2,350		Pfizer, Inc.			99,758
						256,710
			Professional Services – 1.36%
	581		ASGN, Inc.*			36,597
	282		FTI Consulting, Inc.*			19,266
	882		ICF International, Inc.			58,141
						114,004
			Real Estate Management & Development – 0.65%
	848		Altisource Portfolio Solutions SA*#			20,081
	518		RMR Group, Inc. – Class A			34,193
						54,274
			Road & Rail – 1.49%
	3,340		ArcBest Corp.			125,651
			Semiconductors & Semiconductor Equipment – 3.20%
	684		Mellanox Technologies Ltd.*#			63,892
	2,651		Micron Technology, Inc.*			101,321
	838		NXP Semiconductors NV#			72,931
	621		QUALCOMM, Inc.			30,752
						268,896
			Software – 6.57%
	207		Adobe Systems, Inc.*			51,299
	1,074		CDK Global, Inc.			52,529
	2,062		Citrix Systems, Inc.			211,438
	840		Intuit, Inc.			181,289
	1,105		Oracle Corp.			55,504
						552,059
			Specialty Retail – 2.42%
	1,882		Best Buy Co., Inc.			111,490
	401		Caleres, Inc.			11,966
	369		Genesco, Inc.*			16,671
	1,137		Sally Beauty Holdings, Inc.*			19,579
	1,181		Shoe Carnival, Inc.			43,555
						203,261
			Technology Hardware, Storage & Peripherals – 2.35%
	4,458		Seagate Technology PLC#			197,400

Shares					Value
			COMMON STOCKS (Continued)
			Textiles, Apparel & Luxury Goods – 1.65%
	1,081		Deckers Outdoor Corp.*		$	138,854
			Trading Companies & Distributors – 0.78%
	221		W.W. Grainger, Inc.			65,281
			Wireless Telecommunication Services – 1.37%
	1,035		Telephone & Data Systems, Inc.			37,488
	1,119		T-Mobile U.S., Inc.*			77,905
						115,393
			Total Common Stocks (Cost $8,569,795)			8,402,484
			Total Investments in Securities (Cost $8,569,795) – 99.96%			8,402,484
			Other Assets in Excess of Liabilities – 0.04%			3,581
			Net Assets – 100.00%		$	8,406,065

*	Non-income producing security.
#	U.S. traded security of a foreign issuer.

Shares					Value
			COMMON STOCKS – 99.81%
			Aerospace & Defense – 0.18%
	225		Textron, Inc.		$	11,977
			Airlines – 5.03%
	2,329		Delta Air Lines, Inc.			115,122
	2,910		Deutsche Lufthansa AG – ADR			73,608
	8,899		International Consolidated Airlines Group SA – ADR			150,642
						339,372
			Auto Components – 1.78%
	2,272		Magna International, Inc.#			120,212
			Automobiles – 4.51%
	2,916		Honda Motor Co., Ltd. – ADR			87,684
	1,942		Nissan Motor Co., Ltd. – ADR			33,140
	15,639		Subaru Corp. – ADR			182,976
						303,800
			Capital Markets – 3.89%
	1,929		Ameriprise Financial, Inc.			244,211
	4,763		Nomura Holdings, Inc. – ADR			17,909
						262,120
			Chemicals – 4.86%
	721		BASF SE – ADR			13,259
	2,681		LyondellBasell Industries NV – Class A#			233,167
	1,701		Sinopec Shanghai Petrochemical Co., Ltd. – ADR			81,376
						327,802
			Commercial Banks – 10.41%
	3,148		Australia & New Zealand Banking Group Ltd. – ADR			57,231
	15,272		Banco Santander Mexico SA Institucion de Banca
			Multiple Grupo Financiero Santand – ADR			113,776
	6,915		BNP Paribas SA – ADR			163,229
	346		Citigroup, Inc.			22,303
	1,343		Fifth Third Bancorp			36,019
	39,477		Societe Generale SA – ADR			246,337
	1,561		Woori Financial Group, Inc. – ADR			63,064
						701,959
			Consumer Finance – 1.68%
	1,085		Discover Financial Services			73,227
	1,338		Synchrony Financial			40,194
						113,421
			Diversified Financial Services – 1.71%
	1,535		ORIX Corp. – ADR			115,524
			Diversified Telecommunication Services – 2.81%
	3,768		BT Group PLC – ADR			57,500

Shares					Value
			COMMON STOCKS (Continued)
			Diversified Telecommunication Services (Continued)
	2,391		Nippon Telegraph & Telephone Corp. – ADR		$	102,909
	2,575		Telstra Corp., Ltd. – ADR			29,033
						189,442
			Electronic Equipment, Instruments & Components – 0.27%
	292		Hitachi Ltd. – ADR			18,376
			Food & Staples Retailing – 7.64%
	10,094		Koninklijke Ahold Delhaize NV – ADR			265,624
	4,655		Kroger Co.			131,876
	1,628		Walgreens Boots Alliance, Inc.			117,639
						515,139
			Insurance – 8.72%
	12,070		Aegon NV – ADR			62,402
	1,212		Allianz SE – ADR			25,652
	168		Allstate Corp.			14,762
	6,864		Aviva PLC – ADR			75,435
	3,626		AXA SA – ADR			84,123
	46		Fairfax Financial Holdings Ltd.#			21,793
	3,236		MetLife, Inc.			147,788
	1,697		Prudential Financial, Inc.			156,362
						588,317
			IT Services – 0.61%
	305		International Business Machines Corp.			40,998
			Media – 8.97%
	3,231		Interpublic Group of Companies, Inc.			73,505
	2,991		Omnicom Group, Inc.			232,939
	10,137		Viacom, Inc. – Class B			298,231
						604,675
			Metals & Mining – 6.13%
	1,391		ArcelorMittal – ADR			32,689
	2,344		Freeport-McMoRan, Inc.			27,284
	1,463		POSCO – ADR			88,102
	4,562		Rio Tinto PLC – ADR			256,704
	239		Steel Dynamics, Inc.			8,745
						413,524
			Multi-line Retail – 4.13%
	2,027		Kohl’s Corp.			139,235
	2,461		Macy’s, Inc.			64,724
	1,022		Target Corp.			74,606
						278,565
			Office Electronics – 1.25%
	2,933		Canon, Inc. – ADR			84,558

Shares					Value
			COMMON STOCKS (Continued)
			Oil, Gas & Consumable Fuels – 10.81%
	2,787		China Petroleum & Chemical Corp. – ADR		$	232,575
	536		ENI S.p.A. – ADR			18,160
	637		HollyFrontier Corp.			35,889
	3,346		PJSC LUKOIL – ADR			268,349
	366		Marathon Petroleum Corp.			24,251
	8,531		Repsol YPF, SA – ADR			149,762
						728,986
			Paper & Forest Products – 1.01%
	1,436		International Paper Co.			68,109
			Semiconductors & Semiconductor Equipment – 0.54%
	216		Lam Research Corp.			36,629
			Specialty Retail – 2.61%
	2,975		Best Buy Co., Inc.			176,239
			Technology Hardware, Storage & Peripherals – 1.46%
	2,230		Seagate Technology PLC#			98,744
			Trading Companies & Distributors – 3.96%
	819		Mitsui & Co., Ltd. – ADR			267,203
			Wireless Telecommunication Services – 4.84%
	2,620		China Mobile Ltd. – ADR			137,471
	5,020		Mobile TeleSystems – ADR			43,172
	5,729		SK Telecom Co., Ltd. – ADR			145,459
						326,102
			Total Common Stocks (Cost $6,887,983)			6,731,793
			Total Investments in Securities (Cost $6,887,983) – 99.81%			6,731,793
			Other Assets in Excess of Liabilities – 0.19%			12,857
			Net Assets – 100.00%		$	6,744,650

#	U.S. traded security of a foreign issuer.

Country		% of Net Assets
United States			36.1	%
Japan			13.4	%
Netherlands			8.3	%
France			7.3	%
United Kingdom			5.8	%
China			4.6	%
Russian Federation			4.6	%
Spain			4.4	%
Republic of Korea			4.4	%
Canada			2.1	%
Hong Kong			2.0	%
Mexico			1.7	%
Germany			1.7	%
Ireland			1.5	%
Australia			1.3	%
Luxembourg			0.5	%
Italy			0.3	%
			100.0	%

Shares					Value
			COMMON STOCKS – 98.61%
			Aerospace & Defense – 3.12%
	52,772		Spirit AeroSystems Holdings, Inc. – Class A		$	4,401,185
	14,276		Textron, Inc.			759,912
						5,161,097
			Airlines – 3.23%
	34,201		American Airlines Group, Inc.			1,223,370
	28,005		Delta Air Lines, Inc.			1,384,287
	31,331		United Continental Holdings, Inc.*			2,734,256
						5,341,913
			Biotechnology – 4.13%
	9,635		AbbVie, Inc.			773,594
	32,361		Amgen, Inc.			6,055,067
						6,828,661
			Capital Markets – 6.19%
	60,962		Ameriprise Financial, Inc.			7,717,789
	85,319		Franklin Resources, Inc.			2,526,296
						10,244,085
			Commercial Banks – 12.50%
	85,700		Bank of America Corp.			2,439,879
	23,884		BB&T Corp.			1,165,539
	87,176		Citigroup, Inc.			5,619,365
	16,586		Comerica, Inc.			1,305,982
	218,723		Fifth Third Bancorp			5,866,151
	227,202		Regions Financial Corp.			3,446,654
	17,186		Wells Fargo & Co.			840,567
						20,684,137
			Communications Equipment – 5.70%
	114,033		Cisco Systems, Inc.			5,392,621
	155,882		Juniper Networks, Inc.			4,043,579
						9,436,200
			Consumer Finance – 4.46%
	156,718		Ally Financial, Inc.			4,084,071
	21,861		Discover Financial Services			1,475,399
	60,772		Synchrony Financial			1,825,591
						7,385,061
			Containers & Packaging – 1.59%
	66,794		Sealed Air Corp.			2,638,363
			Diversified Financial Services – 2.63%
	93,782		Voya Financial, Inc.			4,354,298
			Electronic Equipment, Instruments & Components – 2.67%
	90,178		Corning, Inc.			2,999,320
	8,356		Rockwell Automation, Inc.			1,416,509
						4,415,829

Shares					Value
			COMMON STOCKS (Continued)
			Food & Staples Retailing – 3.45%
	132,231		Kroger Co.		$	3,746,104
	27,187		Walgreens Boots Alliance, Inc.			1,964,533
						5,710,637
			Food Products – 1.43%
	109,190		Conagra Brands, Inc.			2,362,872
			Health Care Providers & Services – 1.70%
	39,571		Cardinal Health, Inc.			1,977,363
	14,825		DaVita, Inc.*			832,127
						2,809,490
			Hotels, Restaurants & Leisure – 6.15%
	24,288		Marriott International, Inc. – Class A			2,781,705
	16,090		Starbucks Corp.			1,096,373
	67,080		Yum! Brands, Inc.			6,304,178
						10,182,256
			Household Durables – 0.67%
	39,618		PulteGroup, Inc.			1,101,777
			Insurance – 5.84%
	12,766		Aflac, Inc.			608,938
	10,199		Aon PLC#			1,593,390
	163,535		MetLife, Inc.			7,468,643
						9,670,971
			Internet & Direct Marketing Retail – 1.12%
	55,114		eBay, Inc.*			1,854,586
			IT Services – 1.56%
	141,555		Western Union Co.			2,583,379
			Machinery – 1.00%
	18,827		Dover Corp.			1,653,575
			Media – 2.43%
	2,892		Charter Communications, Inc. – Class A*			957,397
	27,465		Walt Disney Co.			3,062,897
						4,020,294
			Multi-line Retail – 0.93%
	22,523		Kohl’s Corp.			1,547,105
			Oil, Gas & Consumable Fuels – 10.12%
	58,697		Anadarko Petroleum Corp.			2,778,129
	46,697		ConocoPhillips			3,160,920
	82,279		Marathon Petroleum Corp.			5,451,807

Shares					Value
			COMMON STOCKS (Continued)
			Oil, Gas & Consumable Fuels (Continued)
	34,412		Phillips 66		$	3,283,249
	23,562		Valero Energy Corp.			2,069,215
						16,743,320
			Road & Rail – 2.72%
	8,892		CSX Corp.			584,204
	24,660		Union Pacific Corp.			3,922,666
						4,506,870
			Semiconductors & Semiconductor Equipment – 1.52%
	3,042		Lam Research Corp.			515,862
	6,176		NXP Semiconductors NV#			537,497
	29,691		QUALCOMM, Inc.			1,470,298
						2,523,657
			Software – 5.33%
	38,266		CDK Global, Inc.			1,871,590
	62,211		Citrix Systems, Inc.			6,379,116
	11,371		Oracle Corp.			571,165
						8,821,871
			Specialty Retail – 2.25%
	49,535		Best Buy Co., Inc.			2,934,453
	8,233		Lowe’s Companies, Inc.			791,685
						3,726,138
			Technology Hardware, Storage & Peripherals – 1.95%
	72,853		Seagate Technology PLC#			3,225,931
			Tobacco – 0.89%
	29,957		Altria Group, Inc.			1,478,378
			Trading Companies & Distributors – 1.33%
	52,352		HD Supply Holdings, Inc.*			2,195,643
			Total Common Stocks (Cost $170,669,419)			163,208,394
			Total Investments in Securities (Cost $170,669,419) – 98.61%			163,208,394
			Other Assets in Excess of Liabilities – 1.39%			2,308,527
			Net Assets – 100.00%		$	165,516,921

*	Non-income producing security.
#	U.S. traded security of a foreign issuer.

Shares					Value
			COMMON STOCKS – 99.66%
			Aerospace & Defense – 0.22%
	1,643		Vectrus, Inc.*		$	41,387
			Airlines – 0.68%
	4,095		Hawaiian Holdings, Inc.			131,122
			Auto Components – 1.08%
	3,279		American Axle & Manufacturing Holdings, Inc.*			48,464
	5,471		Tower International, Inc.			159,151
						207,615
			Building Products – 2.17%
	7,602		Armstrong Flooring, Inc.*			102,779
	8,112		Continental Building Products, Inc.*			213,670
	6,289		Quanex Building Products Corp.			98,423
						414,872
			Capital Markets – 3.25%
	2,825		Artisan Partners Asset Management, Inc. – Class A			65,879
	8,961		GAIN Capital Holdings, Inc.			57,978
	3,230		Oppenheimer Holdings, Inc. – Class A			86,984
	24,084		Waddell & Reed Financial, Inc. – Class A			412,318
						623,159
			Chemicals – 2.99%
	1,458		AdvanSix, Inc.*			46,131
	10,631		FutureFuel Corp.			194,654
	3,194		Stepan Co.			280,848
	3,154		Tredegar Corp.			51,442
						573,075
			Commercial Banks – 4.89%
	3,264		Flushing Financial Corp.			72,396
	23,893		Hilltop Holdings, Inc.			439,870
	23,832		Hope Bancorp, Inc.			341,036
	4,000		Opus Bank			83,600
						936,902
			Commercial Services & Supplies – 3.01%
	2,804		ACCO Brands Corp.			24,759
	4,514		Deluxe Corp.			212,023
	5,468		Ennis, Inc.			108,485
	5,475		Herman Miller, Inc.			187,409
	6,076		Pitney Bowes, Inc.			43,808
						576,484
			Communications Equipment – 0.91%
	2,392		InterDigital, Inc.			174,161

Shares					Value
			COMMON STOCKS (Continued)
			Construction & Engineering – 2.56%
	5,009		EMCOR Group, Inc.		$	326,737
	12,294		Sterling Construction Co, Inc.*			162,773
						489,510
			Consumer Finance – 1.16%
	4,222		Nelnet, Inc. – Class A			222,077
			Diversified Consumer Services – 0.79%
	4,790		K12, Inc.*			150,933
			Diversified Financial Services – 0.39%
	3,820		Cannae Holdings, Inc.*			73,879
			Electrical Equipment – 1.97%
	6,578		Atkore International Group, Inc. – Class I*			152,544
	2,061		EnerSys, Inc.			175,721
	880		Preformed Line Products Co.			48,840
						377,105
			Electronic Equipment, Instruments & Components – 6.67%
	1,665		Belden, Inc.			89,261
	3,508		Fabrinet*#			199,395
	3,171		Kimball Electronics, Inc.*			51,275
	3,130		Sanmina Corp.*			97,719
	638		SYNNEX Corp.			61,733
	3,509		Tech Data Corp.*			335,566
	13,905		TTM Technologies, Inc.*			159,629
	14,452		Vishay Intertechnology, Inc.			281,814
						1,276,392
			Energy Equipment & Services – 2.68%
	6,755		FTS International, Inc.*			55,053
	13,703		Keane Group, Inc.*			138,126
	4,929		Liberty Oilfield Services, Inc. – Class A			74,970
	11,097		Mammoth Energy Services, Inc.			245,577
						513,726
			Food & Staples Retailing – 2.32%
	5,060		Ingles Markets, Inc. – Class A			144,412
	6,178		Weis Markets, Inc.			299,757
						444,169
			Food Products – 2.33%
	2,430		Cal-Maine Foods, Inc.			102,497
	5,078		Pilgrim’s Pride Corp.*			102,880
	1,955		Sanderson Farms, Inc.			240,660
						446,037

Shares					Value
			COMMON STOCKS (Continued)
			Health Care Providers & Services – 2.83%
	2,531		National HealthCare Corp.		$	203,315
	15,212		Patterson Companies, Inc.			339,075
						542,390
			Hotels, Restaurants & Leisure – 3.15%
	2,937		Bloomin’ Brands, Inc.			54,129
	12,052		Brinker International, Inc.			488,347
	1,333		Cheesecake Factory, Inc.			59,825
						602,301
			Household Durables – 1.46%
	2,831		Hooker Furniture Corp.			81,448
	3,384		La-Z-Boy, Inc.			100,234
	8,652		ZAGG, Inc.*			97,075
						278,757
			Insurance – 6.09%
	672		American National Insurance Co.			93,536
	6,595		CNA Financial Corp.			302,447
	1,522		FBL Financial Group, Inc. – Class A			106,875
	5,846		FedNat Holding Co.			105,871
	2,349		HCI Group, Inc.			111,296
	666		Primerica, Inc.			74,838
	1,594		Protective Insurance Corp. – Class B			29,377
	646		Stewart Information Services Corp.			28,715
	8,306		Universal Insurance Holdings, Inc.			313,302
						1,166,257
			Internet & Direct Marketing Retail – 0.45%
	5,424		1-800-Flowers.com, Inc. – Class A*			86,513
			IT Services – 1.95%
	5,504		Sykes Enterprises, Inc.*			151,745
	16,978		Unisys Corp.*			222,072
						373,817
			Leisure Products – 0.38%
	1,339		Sturm Ruger & Co., Inc.			72,949
			Machinery – 2.15%
	2,285		Global Brass & Copper Holdings, Inc.			69,098
	1,271		Hurco Companies, Inc.			48,743
	1,217		Hyster-Yale Materials Handling, Inc.			84,691
	7,207		Meritor, Inc.*			149,041
	4,273		Wabash National Corp.			59,566
						411,139
			Media – 2.28%
	8,955		National CineMedia, Inc.			61,879
	1,091		Nexstar Media Group, Inc. – Class A			91,066

Shares					Value
			COMMON STOCKS (Continued)
			Media (Continued)
	7,031		Sinclair Broadcast Group, Inc. – Class A		$	216,625
	5,743		TEGNA, Inc.			67,423
						436,993
			Metals & Mining – 2.96%
	6,800		Schnitzer Steel Industries, Inc. – Class A			164,560
	9,190		SunCoke Energy, Inc.*			103,296
	7,937		Worthington Industries, Inc.			299,463
						567,319
			Multi-line Retail – 1.03%
	2,964		Dillard’s, Inc. – Class A			197,966
			Oil, Gas & Consumable Fuels – 6.80%
	8,243		CONSOL Energy, Inc.*			292,874
	1,448		Contura Energy, Inc.*			93,222
	1,641		CVR Energy, Inc.			65,886
	8,185		Peabody Energy Corp.			292,204
	10,352		Renewable Energy Group, Inc.*			299,173
	1,538		REX American Resources Corp.*			112,166
	29,161		W&T Offshore, Inc.*			146,971
						1,302,496
			Paper & Forest Products – 2.70%
	4,140		Boise Cascade Co.			113,726
	4,842		Schweitzer-Mauduit International, Inc.			155,234
	10,089		Verso Corp. – Class A*			248,896
						517,856
			Personal Products – 0.50%
	2,383		Edgewell Personal Care Co.*			94,009
	16		USANA Health Sciences, Inc.*			1,874
						95,883
			Pharmaceuticals – 3.48%
	21,506		Innoviva, Inc.*			367,753
	10,968		Mallinckrodt PLC*#			239,760
	8,782		SIGA Technologies, Inc.*			59,542
						667,055
			Professional Services – 3.48%
	2,768		FTI Consulting, Inc.*			189,110
	1,893		ICF International, Inc.			124,787
	8,656		Kforce, Inc.			284,003
	2,787		TrueBlue, Inc.*			67,975
						665,875
			Real Estate Management & Development – 2.51%
	7,125		Altisource Portfolio Solutions SA*#			168,720
	2,751		RE/MAX Holdings, Inc. – Class A			114,772

Shares					Value
			COMMON STOCKS (Continued)
			Real Estate Management & Development (Continued)
	2,993		RMR Group, Inc. – Class A		$	197,568
						481,060
			Road & Rail – 2.04%
	10,378		ArcBest Corp.			390,420
			Semiconductors & Semiconductor Equipment – 3.87%
	6,418		Amkor Technology, Inc.*			51,344
	12,313		Cirrus Logic, Inc.*			457,428
	5,906		Nanometrics, Inc.*			180,664
	4,790		Photronics, Inc.*			51,205
						740,641
			Specialty Retail – 5.28%
	4,075		Aaron’s, Inc.			203,994
	9,556		Abercrombie & Fitch Co. – Class A			207,079
	3,235		American Eagle Outfitters, Inc.			68,323
	3,993		Caleres, Inc.			119,151
	2,654		Genesco, Inc.*			119,908
	7,918		Shoe Carnival, Inc.			292,016
						1,010,471
			Textiles, Apparel & Luxury Goods – 0.90%
	19,168		Vera Bradley, Inc.*			171,554
			Thrifts & Mortgage Finance – 1.31%
	3,545		Federal Agricultural Mortgage Corp. – Class C			250,809
			Tobacco – 1.12%
	3,705		Universal Corp.			213,778
			Trading Companies & Distributors – 0.87%
	7,354		BMC Stock Holdings, Inc.*			126,195
	4,399		Foundation Building Materials, Inc.*			40,207
						166,402
			Total Common Stocks (Cost $19,503,661)			19,083,306
			Total Investments in Securities (Cost $19,503,661) – 99.66%			19,083,306
			Other Assets in Excess of Liabilities – 0.34%			64,216
			Net Assets – 100.00%		$	19,147,522

*	Non-income producing security.
#	U.S. traded security of a foreign issuer.

Shares					Value
			COMMON STOCKS – 98.18%
			Aerospace & Defense – 2.86%
	721		Axon Enterprise, Inc.*		$	36,778
	668		Curtiss-Wright Corp.			75,831
	557		HEICO Corp.			47,066
	1,256		National Presto Industries, Inc.			150,243
	191		Teledyne Technologies, Inc.*			42,826
						352,744
			Auto Components – 0.44%
	1,114		Standard Motor Products, Inc.			54,764
			Beverages – 0.76%
	375		Boston Beer Co., Inc. – Class A*			93,435
			Biotechnology – 2.64%
	195		Emergent BioSolutions, Inc.*			12,166
	663		Enanta Pharmaceuticals, Inc.*			52,662
	961		Genomic Health, Inc.*			72,853
	1,092		Ligand Pharmaceuticals, Inc.*			128,965
	929		Osiris Therapeutics, Inc.*			13,684
	793		Repligen Corp.*			45,209
						325,539
			Building Products – 1.22%
	532		Armstrong World Industries, Inc.			36,197
	1,077		Continental Building Products, Inc.*			28,368
	5,154		PGT Innovations, Inc.*			85,763
						150,328
			Capital Markets – 1.41%
	1,361		Federated Investors, Inc. – Class B			35,563
	1,564		Houlihan Lokey, Inc.			69,191
	1,451		SEI Investments Co.			68,981
						173,735
			Chemicals – 3.52%
	1,818		Balchem Corp.			150,930
	6,221		FutureFuel Corp.			113,907
	404		Quaker Chemical Corp.			82,602
	1,170		Westlake Chemical Corp.			86,463
						433,902
			Commercial Banks – 1.83%
	828		Bank of N.T. Butterfield & Son Ltd.#			29,021
	376		Commerce Bancshares, Inc.			22,485
	1,317		First Financial Bankshares, Inc.			80,469
	292		SVB Financial Group*			68,147
	413		Westamerica Bancorporation			25,879
						226,001

Shares					Value
			COMMON STOCKS (Continued)
			Commercial Services & Supplies – 3.16%
	1,814		Brady Corp. – Class A		$	81,104
	1,940		Casella Waste Systems, Inc. – Class A*			58,433
	296		Clean Harbors, Inc.*			17,526
	1,255		Copart, Inc.*			63,541
	2,406		Rollins, Inc.			89,599
	1,443		Tetra Tech, Inc.			79,639
						389,842
			Communications Equipment – 1.19%
	3,495		Ciena Corp.*			133,125
	535		Juniper Networks, Inc.			13,878
						147,003
			Construction & Engineering – 1.73%
	2,601		Comfort Systems USA, Inc.			124,770
	8,476		Great Lakes Dredge & Dock Corp.*			59,925
	437		Jacobs Engineering Group, Inc.			28,318
						213,013
			Consumer Finance – 0.74%
	1,112		FirstCash, Inc.			91,662
			Containers & Packaging – 0.71%
	1,529		Sonoco Products Co.			88,040
			Diversified Consumer Services – 1.39%
	5,429		K12, Inc.*			171,068
			Diversified Financial Services – 1.07%
	1,060		Morningstar, Inc.			131,599
			Diversified Telecommunication Services – 0.66%
	8,977		Vonage Holdings Corp.*			81,780
			Electrical Equipment – 0.51%
	1,487		Allied Motion Technologies, Inc.			62,692
			Electronic Equipment, Instruments & Components – 4.03%
	310		CDW Corp.			25,814
	762		Fabrinet*#			43,312
	2,661		FLIR Systems, Inc.			130,070
	1,823		Keysight Technologies, Inc.*			134,938
	2,403		Park Electrochemical Corp.			54,740
	2,182		Vishay Precision Group, Inc.*			72,944
	199		Zebra Technologies Corp. – Class A*			34,546
						496,364

Shares					Value
			COMMON STOCKS (Continued)
			Energy Equipment & Services – 0.23%
	495		Helmerich & Payne, Inc.		$	27,715
			Food Products – 1.20%
	2,315		Darling Ingredients, Inc.*			49,240
	1,309		Flowers Foods, Inc.			25,735
	343		Lancaster Colony Corp.			54,561
	318		TreeHouse Foods, Inc.*			18,558
						148,094
			Health Care Equipment & Supplies – 6.14%
	3,725		CONMED Corp.			262,054
	2,739		Haemonetics Corp.*			270,914
	61		Hill-Rom Holdings, Inc.			6,101
	270		Inogen, Inc.*			40,827
	255		Integer Holdings Corp.*			20,652
	6,185		Meridian Bioscience, Inc.			101,372
	479		STERIS PLC#			54,635
						756,555
			Health Care Providers & Services – 4.34%
	1,010		Amedisys, Inc.*			132,472
	207		AMN Healthcare Services, Inc.*			13,412
	369		Chemed Corp.			109,940
	1,288		Encompass Health Corp.			86,090
	215		National HealthCare Corp.			17,271
	1,065		Premier, Inc. – Class A*			42,376
	650		Providence Service Corp.*			41,691
	332		WellCare Health Plans, Inc.*			91,791
						535,043
			Health Care Technology – 2.96%
	6,990		HMS Holdings Corp.*			209,630
	2,408		NextGen Healthcare, Inc.*			42,573
	1,030		Veeva Systems, Inc. – Class A*			112,332
						364,535
			Hotels, Restaurants & Leisure – 5.63%
	3,676		BJ’s Restaurants, Inc.			183,175
	1,052		Brinker International, Inc.			42,627
	1,011		Churchill Downs, Inc.			92,992
	332		Cracker Barrel Old Country Store, Inc.			55,537
	2,848		Denny’s Corp.*			50,381
	1,016		Hyatt Hotels Corp. – Class A			71,029
	1,093		Marcus Corp.			48,715
	520		Nathan’s Famous, Inc.			35,100
	988		Penn National Gaming, Inc.*			23,949
	215		Texas Roadhouse, Inc.			13,081
	410		Vail Resorts, Inc.			77,187
						693,773

Shares					Value
			COMMON STOCKS (Continued)
			Household Durables – 1.93%
	1,792		Helen of Troy Ltd.*#		$	207,944
	1,093		PulteGroup, Inc.			30,396
						238,340
			Insurance – 1.23%
	351		Hanover Insurance Group, Inc.			40,028
	179		Kemper Corp.			13,457
	689		Old Republic International Corp.			13,883
	2,237		Universal Insurance Holdings, Inc.			84,380
						151,748
			Internet Software & Services – 1.77%
	1,254		Blucora, Inc.*			37,006
	565		Envestnet, Inc.*			30,651
	1,616		Etsy, Inc.*			88,314
	4,281		TechTarget, Inc.*			62,075
						218,046
			IT Services – 6.28%
	1,855		Broadridge Financial Solutions, Inc.			187,040
	330		CACI International, Inc. – Class A*			55,169
	6,566		EVERTEC, Inc.#			181,681
	1,164		Jack Henry & Associates, Inc.			155,452
	1,032		LiveRamp Holdings, Inc.*			44,830
	780		MAXIMUS, Inc.			54,701
	2,602		Perficient, Inc.*			66,377
	2,260		Unisys Corp.*			29,561
						774,811
			Leisure Products – 0.39%
	4,250		Clarus Corp.			47,558
			Life Sciences Tools & Services – 2.63%
	1,078		Bio-Techne Corp.			188,068
	3,407		Luminex Corp.			95,021
	430		Medpace Holdings, Inc.*			27,692
	783		NeoGenomics, Inc.*			13,013
						323,794
			Machinery – 3.69%
	1,604		Allison Transmission Holdings, Inc.			78,067
	1,135		Blue Bird Corp.*			22,552
	1,910		Donaldson Co., Inc.			90,305
	809		ESCO Technologies, Inc.			52,674
	1,034		Gorman-Rupp Co.			35,725
	651		Graco, Inc.			28,208
	1,203		Hillenbrand, Inc.			51,007
	700		IDEX Corp.			96,502
						455,040

Shares					Value
			COMMON STOCKS (Continued)
			Media – 2.17%
	1,730		John Wiley & Sons, Inc. – Class A		$	89,579
	537		Nexstar Media Group, Inc. – Class A			44,823
	1,617		World Wrestling Entertainment, Inc. – Class A			133,144
						267,546
			Metals & Mining – 0.39%
	654		Steel Dynamics, Inc.			23,930
	851		Warrior Met Coal, Inc.			24,449
						48,379
			Multi-line Retail – 1.21%
	1,629		Kohl’s Corp.			111,896
	470		Ollie’s Bargain Outlet Holdings, Inc.*			36,740
						148,636
			Oil, Gas & Consumable Fuels – 1.55%
	529		Continental Resources, Inc.*			24,424
	1,374		CVR Energy, Inc.			55,166
	2,437		Evolution Petroleum Corp.			18,204
	314		HollyFrontier Corp.			17,691
	2,622		Renewable Energy Group, Inc.*			75,776
						191,261
			Paper & Forest Products – 0.68%
	1,006		Boise Cascade Co.			27,635
	2,295		Verso Corp. – Class A*			56,618
						84,253
			Personal Products – 0.61%
	865		Herbalife Ltd.*#			51,640
	282		Inter Parfums, Inc.			18,742
	42		Medifast, Inc.			5,344
						75,726
			Pharmaceuticals – 1.68%
	7,082		Endo International PLC*#			69,050
	2,360		Horizon Pharma PLC*#			50,716
	5,104		Innoviva, Inc.*			87,278
						207,044
			Professional Services – 2.38%
	1,165		ASGN, Inc.*			73,383
	2,567		CBIZ, Inc.*			50,313
	581		FTI Consulting, Inc.*			39,694
	2,298		Kforce, Inc.			75,397
	850		Robert Half International, Inc.			54,766
						293,553
			Real Estate Management & Development – 1.26%
	163		Jones Lang LaSalle, Inc.			23,376
	1,812		Marcus & Millichap, Inc.*			71,755
	911		RMR Group, Inc. – Class A			60,135
						155,266

Shares					Value
			COMMON STOCKS (Continued)
			Road & Rail – 0.71%
	1,489		Marten Transport Ltd.		$	28,812
	435		Old Dominion Freight Line, Inc.			59,130
						87,942
			Semiconductors & Semiconductor Equipment – 2.11%
	1,589		Marvell Technology Group Ltd.#			29,444
	1,421		Mellanox Technologies Ltd.*#			132,736
	3,796		ON Semiconductor Corp.*			76,072
	1,994		Photronics, Inc.*			21,316
						259,568
			Software – 7.87%
	1,118		ACI Worldwide, Inc.*			33,048
	2,377		AppFolio, Inc. – Class A*			150,488
	1,757		Aspen Technology, Inc.*			169,779
	1,292		Bottomline Technologies (DE), Inc.*			66,732
	2,256		Fortinet, Inc.*			172,742
	1,722		Progress Software Corp.			62,388
	2,759		PTC, Inc.*			233,936
	1,583		SS&C Technologies Holdings, Inc.			81,509
						970,622
			Specialty Retail – 2.68%
	1,242		American Eagle Outfitters, Inc.			26,231
	879		America’s Car-Mart, Inc.*			61,495
	996		Burlington Stores, Inc.*			171,023
	2,774		Cato Corp. – Class A			41,194
	784		Rent-A-Center, Inc.*			13,720
	107		Winmark Corp.			16,494
						330,157
			Textiles, Apparel & Luxury Goods – 2.56%
	190		Carter’s, Inc.			15,751
	535		Columbia Sportswear Co.			47,717
	2,173		Crocs, Inc.*			62,409
	969		Deckers Outdoor Corp.*			124,468
	370		Oxford Industries, Inc.			28,335
	322		Ralph Lauren Corp.			37,397
						316,077
			Thrifts & Mortgage Finance – 0.26%
	1,555		PennyMac Financial Services, Inc.			32,157
			Trading Companies & Distributors – 0.22%
	945		BlueLinx Holdings, Inc.*			27,547

Shares					Value
			COMMON STOCKS (Continued)
			Wireless Telecommunication Services – 1.55%
	3,755		Telephone & Data Systems, Inc.		$	136,006
	967		United States Cellular Corp.*			55,680
						191,686
			Total Common Stocks (Cost $12,233,102)			12,105,983
			Total Investments in Securities (Cost $12,233,102) – 98.18%			12,105,983
			Other Assets in Excess of Liabilities – 1.82%			223,907
			Net Assets – 100.00%		$	12,329,890

*	Non-income producing security.
#	U.S. traded security of a foreign issuer.

		All Cap				Enhanced				Market Leaders
		Core Fund				Dividend Fund				Value Fund
ASSETS
Investments in securities, at value (cost $8,569,795,
$6,887,983 and $170,669,419, respectively)		$	8,402,484			$	6,731,793			$	163,208,394
Cash			51,251				34,349				1,047,977
Receivables:
Fund shares issued			31,234				—				1,281,834
Dividends			5,447				1,924				86,996
Due from Advisor (Note 4)			37,711				16,990				—
Dividend tax reclaim			—				30,300				1,056
Prepaid expenses			419				423				18,246
Total assets			8,528,546				6,815,779				165,644,503
LIABILITIES
Payables:
Fund shares redeemed			29,102				26,942				21,779
Administration fees			12,818				9,030				8,997
Audit fees			11,549				10,037				10,037
Transfer agent fees and expenses			12,912				5,891				12,020
Due to Advisor (Note 4)			—				—				56,155
Custody fees			2,361				1,460				1,725
Legal fees			1,259				921				908
Fund accounting fees			12,608				8,084				8,358
Chief Compliance Officer fee			2,287				2,287				2,287
12b-1 distribution fees			19,158				—				—
Trustee fees and expenses			172				222				—
Shareholder reporting			10,088				2,626				3,856
Accrued other expenses			8,167				3,629				1,460
Total liabilities			122,481				71,129				127,582
NET ASSETS		$	8,406,065			$	6,744,650			$	165,516,921

		All Cap				Enhanced				Market Leaders
		Core Fund				Dividend Fund				Value Fund
CALCULATION OF NET ASSET VALUE PER SHARE
Class A Shares
Net assets applicable to shares outstanding		$	1,101,802				—				—
Shares issued and outstanding [unlimited
number of shares (par value $0.01) authorized]			115,247				—				—
Net asset value and redemption price per share		$	9.56				—				—
Maximum offering price per share
(Net asset value per share divided by 94.75%)		$	10.09				—				—
Class C Shares
Net assets applicable to shares outstanding		$	2,935,057				—				—
Shares issued and outstanding [unlimited
number of shares (par value $0.01) authorized]			328,329				—				—
Net asset value and offering price per share (Note 1)		$	8.94				—				—
Class I Shares
Net assets applicable to shares outstanding		$	4,369,206			$	6,744,650			$	165,516,921
Shares issued and outstanding [unlimited
number of shares (par value $0.01) authorized]			465,318				610,204				13,172,619
Net asset value, offering
and redemption price per share		$	9.39			$	11.05			$	12.57
COMPONENTS OF NET ASSETS
Paid-in capital		$	9,910,748			$	25,224,770			$	176,903,816
Total distributable earnings			(1,504,683	)			(18,480,120	)			(11,386,895	)
Net assets		$	8,406,065			$	6,744,650			$	165,516,921

		Small Cap				Small/Mid Cap
		Value Fund				Growth Fund
ASSETS
Investments in securities, at value
(cost $19,503,661 and $12,233,102, respectively)		$	19,083,306			$	12,105,983
Cash			67,629				139,401
Receivables:
Securities sold			—				26,070
Fund shares issued			9,462				141,475
Dividends			16,829				1,449
Due from Advisor (Note 4)			3,196				7,340
Dividend tax reclaim			415				—
Prepaid expenses			9,756				435
Total assets			19,190,593				12,422,153
LIABILITIES
Payables:
Fund shares redeemed			—				44,420
Administration fees			9,195				9,263
Audit fees			10,037				10,037
Transfer agent fees and expenses			5,221				6,986
Custody fees			3,152				2,889
Legal fees			588				859
Fund accounting fees			9,054				9,464
Chief Compliance Officer fee			2,287				2,287
Trustee fees and expenses			177				208
Shareholder reporting			1,416				1,534
Accrued other expenses			1,944				4,316
Total liabilities			43,071				92,263
NET ASSETS		$	19,147,522			$	12,329,890

		Small Cap				Small/Mid Cap
		Value Fund				Growth Fund
CALCULATION OF NET ASSET VALUE PER SHARE
Class I Shares
Net assets applicable to shares outstanding		$	19,147,522			$	12,329,890
Shares issued and outstanding [unlimited
number of shares (par value $0.01) authorized]			1,557,757				961,555
Net asset value, offering and redemption price per share		$	12.29			$	12.82
COMPONENTS OF NET ASSETS
Paid-in capital		$	20,444,741			$	13,325,435
Total distributable earnings			(1,297,219	)			(995,545	)
Net assets		$	19,147,522			$	12,329,890

		All Cap				Enhanced				Market Leaders
		Core Fund				Dividend Fund				Value Fund
INVESTMENT INCOME
Income
Dividends (net of foreign tax withheld and issuance
fees of $7, $12,270, and $0, respectively)		$	92,589			$	141,799			$	1,802,651
Total income			92,589				141,799				1,802,651
Expenses
Advisory fees (Note 4)			26,926				30,291				333,102
Registration fees			26,297				9,951				13,602
Administration fees (Note 4)			25,653				17,840				17,771
Fund accounting fees (Note 4)			25,567				16,312				16,577
Transfer agent fees and expenses (Note 4)			24,150				10,519				34,705
12b-1 distribution fees – Class A (Note 5)			1,499				—				—
12b-1 distribution fees – Class C (Note 5)			17,494				—				—
Audit fees			12,150				10,637				10,637
Trustee fees and expenses			7,423				7,456				8,160
Custody fees (Note 4)			5,549				4,113				9,051
Chief Compliance Officer fee (Note 4)			4,537				4,537				4,537
Legal fees			4,109				3,766				3,653
Miscellaneous expense			3,789				3,228				4,381
Reports to shareholders			1,690				705				5,752
Insurance expense			831				837				451
Total expenses			187,664				120,192				462,379
Advisory fee waiver and expense
reimbursement (Note 4)			(139,297	)			(74,057	)			—
Net expenses			48,367				46,135				462,379
Net investment income			44,222				95,664				1,340,272
REALIZED AND UNREALIZED GAIN/(LOSS)
ON INVESTMENTS
Net realized gain/(loss) on investments			452,149				(25,949	)			(975,722	)
Net change in unrealized appreciation/(depreciation)
on investments			(1,465,245	)			(1,071,434	)			(15,044,114	)
Net realized and unrealized loss on investments			(1,013,096	)			(1,097,383	)			(16,019,836	)
Net decrease in net assets
resulting from operations		$	(968,874	)		$	(1,001,719	)		$	(14,679,564	)

		Small Cap				Small/Mid Cap
		Value Fund				Growth Fund
INVESTMENT INCOME
Income
Dividends (net of foreign tax withheld and issuance
fees of $22 and $0, respectively)		$	156,527			$	72,166
Total income			156,527				72,166
Expenses
Advisory fees (Note 4)			80,084				47,124
Registration fees			12,051				11,260
Administration fees (Note 4)			18,111				18,418
Fund accounting fees (Note 4)			17,859				18,779
Transfer agent fees and expenses (Note 4)			12,231				12,786
Audit fees			10,637				10,637
Trustee fees and expenses			7,482				7,493
Custody fees (Note 4)			9,287				6,097
Chief Compliance Officer fee (Note 4)			4,538				4,537
Legal fees			3,514				3,678
Miscellaneous expense			3,175				3,256
Reports to shareholders			642				1,150
Insurance expense			2				862
Total expenses			179,613				146,077
Advisory fee waiver and expense reimbursement (Note 4)			(84,467	)			(52,614	)
Net expenses			95,146				93,463
Net investment income/(loss)			61,381				(21,297	)
REALIZED AND UNREALIZED LOSS ON INVESTMENTS
Net realized loss on investments			(872,252	)			(3,360	)
Net change in unrealized appreciation/(depreciation)
on investments			(1,683,898	)			(2,254,600	)
Net realized and unrealized loss on investments			(2,556,150	)			(2,257,960	)
Net decrease in net assets resulting from operations		$	(2,494,769	)		$	(2,279,257	)

		Six Months Ended
		January 31, 2019				Year Ended
		(Unaudited)				July 31, 2018
INCREASE/(DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income		$	44,222			$	159,989
Net realized gain on investments			452,149				4,164,222
Net change in unrealized appreciation/(depreciation)
on investments			(1,465,245	)			(2,459,490	)
Net increase/(decrease) in net assets
resulting from operations			(968,874	)			1,864,721
DISTRIBUTIONS TO SHAREHOLDERS
Class A Shares			(229,230	)			(376,283	)
Class C Shares			(596,020	)			(1,335,697	)
Class I Shares			(1,008,493	)			(2,567,606	)
Total distributions to shareholders			(1,833,743	)			(4,279,586	)*
CAPITAL SHARE TRANSACTIONS
Net increase/(decrease) in net assets derived
from net change in outstanding shares (a)			269,360				(3,846,141	)
Total decrease in net assets			(2,533,257	)			(6,261,006	)
NET ASSETS
Beginning of period			10,939,322				17,200,328
End of period		$	8,406,065			$	10,939,322

*	Includes net investment income distributions of $211,137 and net realized gain distributions of $4,068,449.

(a)	A summary of share transactions is as follows:

		Six Months Ended
		January 31, 2019				Year Ended
		(Unaudited)				July 31, 2018
Class A Shares
Net proceeds from shares sold		$	20,587			$	498,736
Distributions reinvested			213,563				339,562
Payment for shares redeemed			(64,944	)			(1,252,243	)+
Net increase/(decrease) in net assets from capital share transactions		$	169,206			$	(413,945	)
+  Net of redemption fees of		$	—			$	311
Class C Shares
Net proceeds from shares sold		$	125,000			$	298,612
Distributions reinvested			581,959				1,230,612
Payment for shares redeemed			(844,078	)			(2,580,604	)
Net decrease in net assets from capital share transactions		$	(137,119	)		$	(1,051,380	)
Class I Shares
Net proceeds from shares sold		$	178,587			$	1,001,924
Distributions reinvested			857,977				2,223,546
Payment for shares redeemed			(799,291	)			(5,606,286	)+
Net increase/(decrease) in net assets from capital share transactions		$	237,273			$	(2,380,816	)
+  Net of redemption fees of		$	—			$	167
		$	269,360			$	(3,846,141	)
Class A Shares
Shares sold			1,907				37,261
Shares issued on reinvestment of distributions			23,063				27,833
Shares redeemed			(5,669	)			(82,900	)
Net increase/(decrease) in shares outstanding			19,301				(17,806	)
Class C Shares
Shares sold			15,451				24,323
Shares issued on reinvestment of distributions			67,123				106,362
Shares redeemed			(71,687	)			(171,642	)
Net increase/(decrease) in shares outstanding			10,887				(40,957	)
Class I Shares
Shares sold			16,369				70,241
Shares issued on reinvestment of distributions			94,387				184,833
Shares redeemed			(75,370	)			(393,122	)
Net increase/(decrease) in shares outstanding			35,386				(138,048	)
			65,574				(196,811	)

		Six Months Ended
		January 31, 2019				Year Ended
		(Unaudited)				July 31, 2018
INCREASE/(DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income		$	95,664			$	318,016
Net realized gain/(loss) on investments			(25,949	)			1,621,815
Net change in unrealized appreciation/(depreciation)
on investments			(1,071,434	)			(459,696	)
Net increase/(decrease) in net assets
resulting from operations			(1,001,719	)			1,480,135
DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders			(108,369	)			(312,443	)
Total distributions to shareholders			(108,369	)			(312,443	)*
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived
from net change in outstanding shares (a)			(2,776,366	)			(1,731,139	)
Total decrease in net assets			(3,886,454	)			(563,447	)
NET ASSETS
Beginning of period			10,631,104				11,194,551
End of period		$	6,744,650			$	10,631,104	**

(a)	A summary of share transactions is as follows:

Class I Shares
Net proceeds from shares sold		$	297,184			$	723,874
Distributions reinvested			66,445				192,395
Payment for shares redeemed			(3,139,995	)+			(2,647,408	)+
Net decrease in net assets from capital share transactions		$	(2,776,366	)		$	(1,731,139	)
+  Net of redemption fees of		$	1,937			$	14
Class I Shares
Shares sold			26,189				62,395
Shares issued on reinvestment of distributions			5,977				16,189
Shares redeemed			(292,273	)			(222,763	)
Net decrease in shares outstanding			(260,107	)			(144,179	)

*		Includes distributions to shareholders from net investment income of $312,443.
**		Includes accumulated net investment income of $5,492.

		Six Months Ended
		January 31, 2019				Year Ended
		(Unaudited)				July 31, 2018
INCREASE/(DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income		$	1,340,272			$	1,329,267
Net realized gain/(loss) on investments			(975,722	)			7,313,426
Net change in unrealized appreciation/(depreciation)
on investments			(15,044,114	)			2,077,259
Net increase/(decrease) in net assets
resulting from operations			(14,679,564	)			10,719,952
DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders			(10,856,602	)			(2,475,130	)
Total distributions to shareholders			(10,856,602	)			(2,475,130	)*
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived
from net change in outstanding shares (a)			51,005,104				74,967,760
Total increase in net assets			25,468,938				83,212,582
NET ASSETS
Beginning of period			140,047,983				56,835,401
End of period		$	165,516,921			$	140,047,983	**

(a)	A summary of share transactions is as follows:

Class I Shares
Net proceeds from shares sold		$	72,472,125			$	86,019,073
Distributions reinvested			9,266,959				1,754,095
Payment for shares redeemed			(30,733,980	)+			(12,805,408	)+
Net increase in net assets from capital share transactions		$	51,005,104			$	74,967,760
+  Net of redemption fees of		$	26,460			$	13,514
Class I Shares
Shares sold			5,359,996				5,961,235
Shares issued on reinvestment of distributions			765,864				124,847
Shares redeemed			(2,429,165	)			(897,068	)
Net increase in shares outstanding			3,696,695				5,189,014

*		Includes net investment income distributions of $849,782 and net realized gain distributions of $1,625,348.
**		Includes accumulated net investment income of $703,754.

		Six Months Ended
		January 31, 2019				Year Ended
		(Unaudited)				July 31, 2018
INCREASE/(DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income		$	61,381			$	124,286
Net realized gain/(loss) on investments			(872,252	)			849,116
Net change in unrealized appreciation/(depreciation)
on investments			(1,683,898	)			568,862
Net increase/(decrease) in net assets
resulting from operations			(2,494,769	)			1,542,264
DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders			(717,120	)			(474,161	)
Total distributions to shareholders			(717,120	)			(474,161	)*
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived
from net change in outstanding shares (a)			4,027,098				10,002,875
Total increase in net assets			815,209				11,070,978
NET ASSETS
Beginning of period			18,332,313				7,261,335
End of period		$	19,147,522			$	18,332,313	**

(a)	A summary of share transactions is as follows:

Class I Shares
Net proceeds from shares sold		$	7,483,724			$	10,302,805
Distributions reinvested			533,855				410,973
Payment for shares redeemed			(3,990,481	)+			(710,903	)+
Net increase in net assets from capital share transactions		$	4,027,098			$	10,002,875
+  Net of redemption fees of		$	7,884			$	1,112
Class I Shares
Shares sold			578,511				743,928
Shares issued on reinvestment of distributions			45,396				30,854
Shares redeemed			(336,546	)			(51,884	)
Net increase in shares outstanding			287,361				722,898

*		Includes net investment income distributions of $67,293 and net realized gain distributions of $406,868.
**		Includes accumulated net investment income of $70,160.

		Six Months Ended
		January 31, 2019				Year Ended
		(Unaudited)				July 31, 2018
INCREASE/(DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment loss		$	(21,297	)		$	(52,168	)
Net realized gain/(loss) on investments			(3,360	)			2,533,298
Net change in unrealized appreciation/(depreciation)
on investments			(2,254,600	)			298,481
Net increase/(decrease) in net assets
resulting from operations			(2,279,257	)			2,779,611
DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders			(2,478,022	)			(1,301,893	)
Total distributions to shareholders			(2,478,022	)			(1,301,893	)*
CAPITAL SHARE TRANSACTIONS
Net increase/(decrease) in net assets derived
from net change in outstanding shares (a)			(127,740	)			1,069,261
Total increase/(decrease) in net assets			(4,885,019	)			2,546,979
NET ASSETS
Beginning of period			17,214,909				14,667,930
End of period		$	12,329,890			$	17,214,909	**

(a)	A summary of share transactions is as follows:

Class I Shares
Net proceeds from shares sold		$	997,336			$	1,899,867
Distributions reinvested			1,390,762				741,243
Payment for shares redeemed			(2,515,838	)+			(1,571,849	)
Net increase/(decrease) in net assets from capital share transactions		$	(127,740	)		$	1,069,261
+  Net of redemption fees of		$	137			$	—
Class I Shares
Shares sold			65,241				114,560
Shares issued on reinvestment of distributions			110,995				47,853
Shares redeemed			(197,549	)			(94,736	)
Net increase/(decrease) in shares outstanding			(21,313	)			67,677

*		Includes net investment income distributions of $38,646 and net realized gain distributions of $1,263,247.
**		Includes accumulated net investment loss of $(32,393).

		Six Months
		Ended				Year				Year				Year				Year				Year
		January 31,				Ended				Ended				Ended				Ended				Ended
		2019				July 31,				July 31,				July 31,				July 31,				July 31,
		(Unaudited)				2018				2017				2016				2015				2014
Net asset value, beginning of period		$	13.32			$	16.85			$	14.87			$	15.91			$	17.07			$	15.98
Income from investment operations:
Net investment income†			0.08				0.17				0.20				0.18				0.17				0.12
Net realized and unrealized
gain/(loss) on investments			(1.37	)			2.01				3.05				(0.01	)			1.17				2.35
Total from investment operations			(1.29	)			2.18				3.25				0.17				1.34				2.47
Less distributions:
From net investment income			(0.17	)			(0.30	)			(0.32	)			(0.08	)			(0.07	)			(0.13	)
From net realized
gain on investments			(2.30	)			(5.41	)			(0.95	)			(1.16	)			(2.43	)			(1.25	)
Total distributions			(2.47	)			(5.71	)			(1.27	)			(1.24	)			(2.50	)			(1.38	)
Redemption fees retained			—			0.00		†^			—				0.03	†			—				—
Net asset value, end of period		$	9.56			$	13.32			$	16.85			$	14.87			$	15.91			$	17.07
Total return			-9.12	%++			16.06	%			22.78	%			1.45	%			8.19	%			15.89	%
Ratios/supplemental data:
Net assets, end of period (thousands)		$	1,102			$	1,278			$	1,916			$	2,077			$	2,379			$	6,471
Ratio of expenses to average net assets:
Before fee waiver and expense
reimbursement/recoupment			3.71	%+			2.96	%			2.01	%			1.15	%			1.03	%			1.01	%
After fee waiver and expense
reimbursement/recoupment			0.85	%+			0.85	%			0.85	%			0.85	%			0.93	%#			1.23	%
Ratio of net investment income/(loss)
to average net assets:
Before fee waiver and expense
reimbursement/recoupment			(1.82	)%+			(0.91	)%			0.13	%			0.91	%			0.93	%			0.91	%
After fee waiver and expense
reimbursement/recoupment			1.04	%+			1.20	%			1.29	%			1.21	%			1.03	%			0.69	%
Portfolio turnover rate			36.76	%++			86.21	%			60.54	%			104.46	%			81.23	%			71.56	%

+		Annualized.
++		Not annualized.
†		Based on average shares outstanding.
^		Amount is less than $0.01.
#		Effective January 1, 2015, the Advisor agreed to temporarily lower the net annual operating expense limit to 0.85%.

		Six Months
		Ended				Year				Year				Year				Year				Year
		January 31,				Ended				Ended				Ended				Ended				Ended
		2019				July 31,				July 31,				July 31,				July 31,				July 31,
		(Unaudited)				2018				2017				2016				2015				2014
Net asset value, beginning of period		$	12.63			$	16.13			$	14.30			$	15.41			$	16.68			$	15.67
Income from investment operations:
Net investment income/(loss)†			0.02				0.12				0.08				0.07				0.04				(0.01	)
Net realized and unrealized
gain/(loss) on investments			(1.29	)			1.91				2.92				(0.02	)			1.15				2.31
Total from investment operations			(1.27	)			2.03				3.00				0.05				1.19				2.30
Less distributions:
From net investment income			(0.12	)			(0.12	)			(0.22	)			—				(0.03	)			(0.04	)
From net realized
gain on investments			(2.30	)			(5.41	)			(0.95	)			(1.16	)			(2.43	)			(1.25	)
Total distributions			(2.42	)			(5.53	)			(1.17	)			(1.16	)			(2.46	)			(1.29	)
Redemption fees retained			—				—				—				—				—			0.00		†^
Net asset value, end of period		$	8.94			$	12.63			$	16.13			$	14.30			$	15.41			$	16.68
Total return			-9.45	%++			15.77	%			21.83	%			0.45	%			7.40	%			15.02	%
Ratios/supplemental data:
Net assets, end of period (thousands)		$	2,935			$	4,009			$	5,782			$	8,521			$	10,082			$	10,139
Ratio of expenses to average net assets:
Before fee waiver and expense
reimbursement/recoupment			4.43	%+			3.31	%			2.71	%			1.90	%			1.77	%			1.76	%
After fee waiver and expense
reimbursement/recoupment			1.60	%+			1.16	%			1.60	%			1.60	%			1.67	%#			1.98	%
Ratio of net investment income/(loss)
to average net assets:
Before fee waiver and expense
reimbursement/recoupment			(2.55	)%+			(1.26	)%			(0.54	)%			0.17	%			0.14	%			0.18	%
After fee waiver and expense
reimbursement/recoupment			0.28	%+			0.89	%			0.57	%			0.47	%			0.24	%			(0.04	)%
Portfolio turnover rate			36.76	%++			86.21	%			60.54	%			104.46	%			81.23	%			71.56	%

+		Annualized.
++		Not annualized.
†		Based on average shares outstanding.
^		Amount is less than $0.01.
#		Effective January 1, 2015, the Advisor agreed to temporarily lower the net annual operating expense limit to 1.60%.

		Six Months
		Ended				Year				Year				Year				Year				Year
		January 31,				Ended				Ended				Ended				Ended				Ended
		2019				July 31,				July 31,				July 31,				July 31,				July 31,
		(Unaudited)				2018				2017				2016				2015				2014
Net asset value, beginning of period		$	13.15			$	16.73			$	14.77			$	15.84			$	17.04			$	15.95
Income from investment operations:
Net investment income†			0.07				0.22				0.24				0.21				0.20				0.16
Net realized and unrealized
gain/(loss) on investments			(1.34	)			1.97				3.03				(0.01	)			1.18				2.35
Total from investment operations			(1.27	)			2.19				3.27				0.20				1.38				2.51
Less distributions:
From net investment income			(0.19	)			(0.36	)			(0.36	)			(0.11	)			(0.15	)			(0.17	)
From net realized
gain on investments			(2.30	)			(5.41	)			(0.95	)			(1.16	)			(2.43	)			(1.25	)
Total distributions			(2.49	)			(5.77	)			(1.31	)			(1.27	)			(2.58	)			(1.42	)
Redemption fees retained			—			0.00		†^		0.00		†^		0.00		†^		0.00		†^		0.00		†^
Net asset value, end of period		$	9.39			$	13.15			$	16.73			$	14.77			$	15.84			$	17.04
Total return			-9.01	%++			16.36	%			23.14	%			1.46	%			8.49	%			16.18	%
Ratios/supplemental data:
Net assets, end of period (thousands)		$	4,369			$	5,652			$	9,502			$	65,615			$	106,675			$	119,470
Ratio of expenses to average net assets:
Before fee waiver and expense
reimbursement/recoupment			3.45	%+			2.72	%			1.31	%			0.90	%			0.77	%			0.76	%
After fee waiver and expense
reimbursement/recoupment			0.60	%+			0.60	%			0.60	%			0.60	%			0.67	%#			0.98	%
Ratio of net investment income/(loss)
to average net assets:
Before fee waiver and expense
reimbursement/recoupment			(1.55	)%+			(0.62	)%			0.91	%			1.15	%			1.15	%			1.18	%
After fee waiver and expense
reimbursement/recoupment			1.30	%+			1.50	%			1.62	%			1.45	%			1.25	%			0.96	%
Portfolio turnover rate			36.76	%++			86.21	%			60.54	%			104.46	%			81.23	%			71.56	%

+		Annualized.
++		Not annualized.
†		Based on average shares outstanding.
^		Amount is less than $0.01.
#		Effective January 1, 2015, the Advisor agreed to temporarily lower the net annual operating expense limit to 0.60%.

		Six Months
		Ended				Year				Year				Year				Year				Year
		January 31,				Ended				Ended				Ended				Ended				Ended
		2019				July 31,				July 31,				July 31,				July 31,				July 31,
		(Unaudited)				2018				2017				2016				2015				2014
Net asset value, beginning of period		$	12.22			$	11.03			$	9.87			$	9.97			$	13.59			$	11.96
Income from investment operations:
Net investment income†			0.11				0.34				0.29				0.34				0.38				0.72
Net realized and unrealized
gain/(loss) on investments			(1.15	)			1.19				1.17				(0.10	)			(2.78	)			1.60
Total from investment operations			(1.04	)			1.53				1.46				0.24				(2.40	)			2.32
Less distributions:
From net investment income			(0.13	)			(0.34	)			(0.30	)			(0.34	)			(0.44	)			(0.68	)
From net realized
gain on investments			—				—				—				—				(0.78	)			(0.01	)
Total distributions			(0.13	)			(0.34	)			(0.30	)			(0.34	)			(1.22	)			(0.69	)
Redemption fees retained†^			0.00				0.00				0.00				0.00				0.00				0.00
Net asset value, end of period		$	11.05			$	12.22			$	11.03			$	9.87			$	9.97			$	13.59
Total return			-8.48	%++			14.03	%			15.02	%			2.74	%			-18.11	%			19.64	%
Ratios/supplemental data:
Net assets, end of period (thousands)		$	6,745			$	10,631			$	11,195			$	19,980			$	37,492			$	127,799
Ratio of expenses to average net assets:
Before fee waiver and expense
reimbursement/recoupment			2.58	%+			2.20	%			1.86	%			1.40	%			0.94	%#			0.87	%
After fee waiver and expense
reimbursement/recoupment			0.99	%+			0.99	%			0.99	%			0.99	%			1.02	%#			0.99	%
Ratio of net investment income
to average net assets:
Before fee waiver and expense
reimbursement/recoupment			0.46	%+			1.65	%			1.89	%			3.23	%			3.34	%			5.64	%
After fee waiver and expense
reimbursement/recoupment			2.05	%+			2.86	%			2.76	%			3.64	%			3.26	%			5.52	%
Portfolio turnover rate			27.14	%++			64.04	%			37.49	%			47.61	%			50.89	%			45.47	%

+		Annualized.
++		Not annualized.
†		Based on average shares outstanding.
^		Amount is less than $0.01.
#		Includes expenses of Class A shares and Class C shares which converted to Class I shares on November 28, 2014.

		Six Months Ended												February 26, 2016*
		January 31, 2019				Year Ended				Year Ended				to
		(Unaudited)				July 31, 2018				July 31, 2017				July 31, 2016
Net asset value, beginning of period		$	14.78			$	13.26			$	10.87			$	10.00
Income from investment operations:
Net investment income†			0.09				0.22				0.22				0.08
Net realized and unrealized
gain/(loss) on investments			(1.41	)			1.82				2.29				0.79
Total from investment operations			(1.32	)			2.04				2.51				0.87
Less distributions:
From net investment income			(0.12	)			(0.18	)			(0.12	)			—
From net realized
gain on investments			(0.77	)			(0.34	)			—				—
Total distributions			(0.89	)			(0.52	)			(0.12	)			—
Redemption fees retained†^			0.00				0.00				0.00				0.00
Net asset value, end of period		$	12.57			$	14.78			$	13.26			$	10.87
Total return			-8.68	%++			15.58	%			23.25	%			8.70	%++
Ratios/supplemental data:
Net assets, end of
period (thousands)		$	165,517			$	140,048			$	56,835			$	15,284
Ratio of expenses to average net assets:
Before fee waiver and
expense reimbursement			0.60	%+			0.74	%			1.20	%			2.98	%+
After fee waiver and
expense reimbursement			0.60	%+			0.65	%			0.65	%			0.65	%+
Ratio of net investment income/(loss)
to average net assets:
Before fee waiver and
expense reimbursement			1.73	%+			1.46	%			1.23	%			(0.63	)%+
After fee waiver and
expense reimbursement			1.73	%+			1.55	%			1.78	%			1.70	%+
Portfolio turnover rate			29.12	%++			50.95	%			63.30	%			2.32	%++

*		Commencement of operations.
+		Annualized.
++		Not annualized.
†		Based on average shares outstanding.
^		Amount is less than $0.01.

		Six Months Ended												February 26, 2016*
		January 31, 2019				Year Ended				Year Ended				to
		(Unaudited)				July 31, 2018				July 31, 2017				July 31, 2016
Net asset value, beginning of period		$	14.43			$	13.26			$	10.90			$	10.00
Income from investment operations:
Net investment income†			0.03				0.15				0.20				0.05
Net realized and unrealized
gain/(loss) on investments			(1.71	)			1.74				2.31				0.84
Total from investment operations			(1.68	)			1.89				2.51				0.89
Less distributions:
From net investment income			(0.06	)			(0.10	)			(0.15	)			—
From net realized
gain on investments			(0.41	)			(0.62	)			—				—
Total distributions			(0.47	)			(0.72	)			(0.15	)			—
Redemption fees retained			0.01	†		0.00		†^		0.00		†^			0.01	†
Net asset value, end of period		$	12.29			$	14.43			$	13.26			$	10.90
Total return			-11.41	%++			14.70	%			23.04	%			9.00	%++
Ratios/supplemental data:
Net assets, end of
period (thousands)		$	19,148			$	18,332			$	7,261			$	2,628
Ratio of expenses to average net assets:
Before expense reimbursement			1.87	%+			2.53	%			4.80	%			10.64	%+
After expense reimbursement			0.99	%+			0.99	%			0.99	%			0.99	%+
Ratio of net investment income/(loss)
to average net assets:
Before expense reimbursement			(0.24	)%+			(0.43	)%			(2.21	)%			(8.57	)%+
After expense reimbursement			0.64	%+			1.11	%			1.60	%			1.08	%+
Portfolio turnover rate			40.72	%++			67.10	%			77.61	%			19.10	%++

*		Commencement of operations.
+		Annualized.
++		Not annualized.
†		Based on average shares outstanding.
^		Amount is less than $0.01.

		Six Months
		Ended				Year				Year				Year				Year				Year
		January 31,				Ended				Ended				Ended				Ended				Ended
		2019				July 31,				July 31,				July 31,				July 31,				July 31,
		(Unaudited)				2018				2017				2016				2015				2014
Net asset value, beginning of period		$	17.51			$	16.03			$	13.96			$	14.79			$	15.54			$	16.18
Income from investment operations:
Net investment income/(loss)†			(0.02	)			(0.05	)			0.04				0.05				0.09			0.00		^
Net realized and unrealized
gain/(loss) on investments			(2.13	)			2.99				2.07				0.05				1.11				1.76
Total from investment operations			(2.15	)			2.94				2.11				0.10				1.20				1.76
Less distributions:
From net investment income			—				(0.04	)			(0.04	)			(0.05	)			—				—
From net realized
gain on investments			(2.54	)			(1.42	)			—				(0.88	)			(1.95	)			(2.40	)
Total distributions			(2.54	)			(1.46	)			(0.04	)			(0.93	)			(1.95	)			(2.40	)
Redemption fees retained		0.00		†^			—			0.00		†^		0.00		†^		0.00		†^			—
Net asset value, end of period		$	12.82			$	17.51			$	16.03			$	13.96			$	14.79			$	15.54
Total return			-11.93	%++			19.51	%			15.17	%			0.87	%			8.54	%			10.83	%
Ratios/supplemental data:
Net assets, end of period (thousands)		$	12,330			$	17,215			$	14,668			$	14,303			$	17,930			$	7,516
Ratio of expenses to average net assets:
Before fee waiver and
expense reimbursement			1.86	%+			1.83	%			1.84	%			1.83	%			1.95	%#			2.54	%
After fee waiver and
expense reimbursement			1.19	%+			1.19	%			1.19	%			1.19	%			1.19	%#			1.19	%
Ratio of net investment income/(loss)
to average net assets:
Before fee waiver and
expense reimbursement			(0.94	)%+			(0.97	)%			(0.38	)%			(0.30	)%			(0.15	)%			(1.34	)%
After fee waiver and
expense reimbursement			(0.27	)%+			(0.33	)%			0.27	%			0.34	%			0.61	%			0.01	%
Portfolio turnover rate			48.87	%++			84.81	%			99.34	%			90.41	%			83.71	%			98.91	%

+		Annualized.
++		Not annualized.
†		Based on average shares outstanding.
^		Amount is less than $0.01.
#		Includes expenses of Class A shares which converted to Class I shares on November 28, 2014.

A.	Security Valuation: All investments in securities are recorded at their estimated fair value, as described in note 3.
B.	Federal Income Taxes: It is the Funds’ policy to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no Federal income or excise tax provision is required.
	The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Funds’ tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on the Funds’ returns filed for open tax years 2016-2018, or expected to be taken in the Funds’ 2019 tax returns. The Funds identify their major tax jurisdictions as U.S. Federal and the state of Wisconsin; however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.
C.	Security Transactions, Income and Distributions: Security transactions are accounted for on the trade date.  Realized gains and losses on securities sold are determined on the basis of identified cost. Interest income is recorded on an accrual basis. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates.
	The All Cap Core Fund, Market Leaders Value Fund, Small Cap Value Fund and Small/Mid Cap Growth Fund distribute substantially all net investment income, if any, and net realized gains, if any, annually.  The Enhanced Dividend Fund distributes substantially all net investment income, if any, monthly, and net realized gains, if any, annually. Distributions from net realized gains for book purposes may include short-term capital gains.  All short-term capital gains are included in ordinary income for tax purposes.  The amount of dividends and distributions to shareholders from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations which differ from accounting principles generally accepted in

	the United States of America. To the extent these book/tax differences are permanent, such amounts are reclassified within the capital accounts based on their Federal tax treatment.
	Investment income, expenses (other than those specific to the class of shares), and realized and unrealized gains and losses on investments are allocated to the separate classes of a Fund based upon their relative net assets on the date income is earned or expensed and realized and unrealized gains and losses are incurred.
	Each Fund is charged for those expenses that are directly attributable to the Fund, such as investment advisory, custody, and transfer agent fees. Expenses that are not attributable to a Fund are typically allocated among the Funds in proportion to their respective net assets. Common expenses of the Trust are typically allocated among the funds in the Trust based on a fund’s respective net assets, or by other equitable means.
D.	Reclassification of Capital Accounts: Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.
E.	Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets during the reporting period. Actual results could differ from those estimates.
F.	Redemption Fee: The Funds charge a 2.00% redemption fee to shareholders who redeem shares held 90 days or less. Such fees are retained by the Funds and accounted for as an addition to paid-in capital.
G.	REITs: The Funds may invest in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon funds available from operations.  It is quite common for these dividends to exceed the REIT’s taxable earnings and profits resulting in the excess portion of such dividends being designated as a return of capital.  The Funds intend to include the gross dividends from such REITs in their annual distributions to its shareholders and, accordingly, a portion of the Funds’ distributions may also be designated as a return of capital.
H.	Foreign Currency: Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated to U.S. dollar amounts on the respective dates of such transactions.
	The Funds do not isolate those portions of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.
	Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.
I.	Events Subsequent to the Fiscal Period End: In preparing the financial statements as of January 31, 2019, management considered the impact of subsequent events for potential recognition or disclosure in the financial statements. Management has determined there were no subsequent events that would need to be disclosed in the Funds’ financial statements.

Level 1 –	Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
Level 2 –	Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 –	Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

All Cap Core Fund
		Level 1				Level 2				Level 3				Total
Common Stocks
Communication Services		$	466,851			$	—			$	—			$	466,851
Consumer Discretionary			1,028,012				—				—				1,028,012
Consumer Staples			502,267				—				—				502,267
Energy			506,661				—				—				506,661
Financials			1,245,907				—				—				1,245,907
Health Care			1,471,466				—				—				1,471,466
Industrials			944,176				—				—				944,176
Information Technology			1,762,034				—				—				1,762,034
Materials			420,836				—				—				420,836
Real Estate			54,274				—				—				54,274
Total Common Stocks			8,402,484				—				—				8,402,484
Total Investments in Securities		$	8,402,484			$	—			$	—			$	8,402,484
Enhanced Dividend Fund
		Level 1				Level 2				Level 3				Total
Common Stocks
Communication Services		$	1,120,219			$	—			$	—			$	1,120,219
Consumer Discretionary			878,816				—				—				878,816
Consumer Staples			515,139				—				—				515,139
Energy			728,985				—				—				728,985
Financials			1,781,341				—				—				1,781,341
Industrials			618,553				—				—				618,553
Information Technology			279,306				—				—				279,306
Materials			809,434				—				—				809,434
Total Common Stocks			6,731,793				—				—				6,731,793
Total Investments in Securities		$	6,731,793			$	—			$	—			$	6,731,793
Market Leaders Value Fund
		Level 1				Level 2				Level 3				Total
Common Stocks
Communication Services		$	4,020,293			$	—			$	—			$	4,020,293
Consumer Discretionary			18,411,862				—				—				18,411,862
Consumer Staples			9,551,886				—				—				9,551,886
Energy			16,743,319				—				—				16,743,319
Financials			52,338,553				—				—				52,338,553
Health Care			9,638,151				—				—				9,638,151
Industrials			20,275,608				—				—				20,275,608
Information Technology			29,590,359				—				—				29,590,359
Materials			2,638,363				—				—				2,638,363
Total Common Stocks			163,208,394				—				—				163,208,394
Total Investments in Securities		$	163,208,394			$	—			$	—			$	163,208,394

Small Cap Value Fund
		Level 1				Level 2				Level 3				Total
Common Stocks
Communication Services		$	436,993			$	—			$	—			$	436,993
Consumer Discretionary			2,779,058				—				—				2,779,058
Consumer Staples			1,199,868				—				—				1,199,868
Energy			1,816,223				—				—				1,816,223
Financials			3,273,082				—				—				3,273,082
Health Care			1,209,446				—				—				1,209,446
Industrials			3,664,315				—				—				3,664,315
Information Technology			2,565,012				—				—				2,565,012
Materials			1,658,249				—				—				1,658,249
Real Estate			481,060				—				—				481,060
Total Common Stocks			19,083,306				—				—				19,083,306
Total Investments in Securities		$	19,083,306			$	—			$	—			$	19,083,306
Small/Mid Cap Growth Fund
		Level 1				Level 2				Level 3				Total
Common Stocks
Communication Services		$	651,802			$	—			$	—			$	651,802
Consumer Discretionary			2,039,970				—				—				2,039,970
Consumer Staples			317,256				—				—				317,256
Energy			218,976				—				—				218,976
Financials			843,908				—				—				843,908
Health Care			2,512,512				—				—				2,512,512
Industrials			2,032,701				—				—				2,032,701
Information Technology			2,679,019				—				—				2,679,019
Materials			654,573				—				—				654,573
Real Estate			155,266				—				—				155,266
Total Common Stocks			12,105,983				—				—				12,105,983
Total Investments in Securities		$	12,105,983			$	—			$	—			$	12,105,983

	Class A	Class C	Class I
All Cap Core Fund	0.85%	1.60%	0.60%
	percent of average daily net assets

	Class I
Enhanced Dividend Fund	0.99%
Market Leaders Value Fund	0.65%
Small Cap Value Fund	0.99%
Small/Mid Cap Growth Fund	1.19%
	percent of average daily net assets

		7/31/19				7/31/20				8/1/20-7/31/21				8/1/21-1/31/22				Total
Enhanced Dividend Fund		$	98,030			$	123,137			$	134,136			$	74,057			$	429,360
Small Cap Value Fund			—				—				—				28,910				28,910
Small/Mid Cap Growth Fund			93,949				96,308				99,587				52,614				342,458

		Cost of Purchases				Proceeds from Sales
All Cap Core Fund		$	3,563,741			$	4,993,600
Enhanced Dividend Fund			2,471,294				5,154,382
Market Leaders Value Fund			85,798,923				44,113,544
Small Cap Value Fund			11,079,866				7,702,155
Small/Mid Cap Growth Fund			7,547,245				10,141,656

		January 31, 2019				July 31, 2018
All Cap Core Fund
Ordinary income		$	124,297			$	610,798
Long-term capital gains			1,709,446				3,668,788
Enhanced Dividend Fund
Ordinary income			108,369				312,443
Market Leaders Value Fund
Ordinary income			1,474,813				1,030,609
Long-term capital gains			9,381,789				1,444,521
Small Cap Value Fund
Ordinary income			97,740				67,293
Long-term capital gains			619,380				406,868
Small/Mid Cap Growth Fund
Ordinary income			—				38,646
Long-term capital gains			2,478,022				1,263,247

		All Cap Core				Enhanced				Market Leaders
		Fund				Dividend Fund				Value Fund
Cost of investments (a)		$	9,549,598			$	9,601,204			$	129,977,957
Gross tax unrealized appreciation			1,552,338				1,397,360				12,016,332
Gross tax unrealized depreciation			(254,404	)			(486,297	)			(4,451,438	)
Net tax unrealized appreciation (a)			1,297,934				911,063				7,564,894
Undistributed ordinary income			—				5,492				1,379,717
Undistributed long-term capital gain			—				—				5,204,660
Total distributable earnings			—				5,492				6,584,377
Other accumulated gains/(losses)			—				(18,286,587	)			—
Total accumulated earnings/(losses)		$	1,297,934			$	(17,370,032	)		$	14,149,271
						Small Cap				Small/Mid Cap
						Value Fund				Growth Fund
Cost of investments (a)						$	17,000,485			$	14,831,606
Gross tax unrealized appreciation							1,958,937				2,583,263
Gross tax unrealized depreciation							(697,691	)			(455,782	)
Net tax unrealized appreciation (a)							1,261,246				2,127,481
Undistributed ordinary income							70,160				—
Undistributed long-term capital gain							583,264				1,666,646
Total distributable earnings							653,424				1,666,646
Other accumulated gains/(losses)							—				(32,393	)
Total accumulated earnings/(losses)						$	1,914,670			$	3,761,734

(a)	Any differences between the book basis and tax basis net unrealized appreciation and cost are attributable primarily to the tax deferral of losses on wash sales adjustments.

•	Sector Risk. To the extent a Fund invests a significant portion of its assets in the securities of companies in the same sector of the market, the Fund is more susceptible to economic, political, regulatory and other occurrences influencing those sectors.
•	Foreign Securities and Emerging Markets Risk. The risks of investing in the securities of foreign issuers, including emerging market issuers and depositary receipts, can include fluctuations in foreign currencies, foreign currency exchange controls, political and economic instability, differences in securities regulation and trading, and foreign taxation issues. These risks are greater in emerging markets.

•	Depositary Receipt Risk. A Fund’s equity investments may take the form of sponsored or unsponsored depositary receipts. Holders of unsponsored depositary receipts generally bear all the costs of such facilities and the depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through voting rights to the holders of such receipts of the deposited securities.
•	Small- and Medium-Sized Companies Risk. Small- and medium-sized companies often have less predictable earnings, more limited product lines, markets, distribution channels or financial resources and the management of such companies may be dependent upon one or few key people. The market movements of equity securities of small- and medium-sized companies may be more abrupt and volatile than the market movements of equity securities of larger, more established companies or the stock market in general and small-sized companies in particular, are generally less liquid than the equity securities of larger companies.
•	REITs and Foreign Real Estate Company Risk. Investing in REITs and foreign real estate companies makes a Fund more susceptible to risks associated with the ownership of real estate and with the real estate industry in general, as well as tax compliance risks, and may involve duplication of management fees and other expenses. REITs and foreign real estate companies may be less diversified than other pools of securities, may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets.
•	Frontier Markets Risk. There is an additional increased risk of price volatility associated with frontier market countries (pre-emerging markets), which may be further magnified by currency fluctuations relative to the U.S. dollar. Frontier market countries generally have smaller economies or less developed capital markets than in more advanced emerging markets and, as a result, the risks of investing in emerging market countries may be magnified in frontier market countries.
•	Value Style Investing Risk. At times when the value investing style is out of favor, the Fund may underperform other funds that use different investing styles. Value stocks may be purchased based upon the belief that a given security may be out of favor; that belief may be misplaced or the security may stay out of favor for an extended period of time.

1.	THE NATURE, EXTENT AND QUALITY OF THE SERVICES PROVIDED AND TO BE PROVIDED BY THE ADVISOR UNDER THE ADVISORY AGREEMENT.  The Board considered the nature, extent and quality of the Advisor’s overall services provided to the Funds, as well as its responsibilities in all aspects of day-to-day investment management of the Funds. The Board considered the qualifications, experience and responsibilities of the portfolio managers, as well as the responsibilities of other key personnel of the Advisor involved in the day-to-day activities of the Funds.  The Board also considered the resources and compliance structure of the Advisor, including information regarding its compliance program, its chief compliance officer and the Advisor’s compliance record, as well as the Advisor’s cybersecurity program and business continuity plan.  The Board also considered the prior relationship between the Advisor and the Trust, as well as the Board’s knowledge of the Advisor’s operations, and noted that during the course of the prior year they had met with the Advisor to discuss Fund performance and investment outlook as well as various marketing and compliance topics, including the Advisor’s risk management process.  The Board concluded that the Advisor had the quality and depth of personnel, resources, investment methods, and compliance policies and procedures essential to performing its duties under the Advisory Agreement and that the nature, overall quality and extent of such management services are satisfactory.
2.	THE FUNDS’ HISTORICAL PERFORMANCE AND THE OVERALL PERFORMANCE OF THE ADVISOR.  In assessing the quality of the portfolio management delivered by the Advisor, the Board reviewed the short-term and long-term performance of each Fund as of July 31, 2018 on both an absolute basis and in comparison to its peer funds utilizing Morningstar classifications and appropriate securities benchmarks.  While the Board considered both short-term and long-term performance, it placed greater emphasis on longer term performance.  The Board noted that the Market Leaders Value Fund and the Small Cap Value Fund were each newer, with less than three years of performance. The Board also took into account that each Fund’s track record is measured as of a specific date, and that track records can vary as of different measurement dates. Therefore, in reviewing a Fund’s performance, the Trustees also considered the broader perspective of the Fund’s performance over varying time periods, the market conditions experienced during the periods under review, as well as the outlook for the Fund going forward in light of expected market conditions. When reviewing each Fund’s performance against its comparative peer group universe, the Board took into account that the investment objectives and strategies of each Fund, as well as its level of risk tolerance, may differ significantly from funds in its peer universe.  The Trustees also discussed with the Advisor and considered that certain periods of underperformance may be transitory while other periods of underperformance may be reflective of broader issues that may warrant consideration of corrective action. The Board therefore took into account the Advisor’s views as to the reasons for each Fund’s relative performance against peers and benchmarks over various time periods and its future outlook for each Fund. In considering each Fund’s performance, the Trustees placed greater emphasis on performance against peers as opposed to the unmanaged benchmark indices.
	All Cap Core Fund: The Board noted that the Fund’s performance, with regard to its Morningstar comparative universe, was above its peer group median for the one-year, three-year and five-year periods.

	The Board reviewed the performance of the Fund against broad-based securities market benchmarks.
	The Board also considered the Fund’s performance compared to the Advisor’s similarly managed composite and considered the reasons for any differences.  The Board noted that the Advisor represented that differences in performance between the Fund and the composite of similarly managed accounts are due to a limitation on the number of holdings for similarly managed accounts (no more than 100), which does not apply to the Fund.
	Enhanced Dividend Fund: The Board noted that the Fund’s performance, with regard to its Morningstar comparative universe, was above its peer group median for the one-year and three-year periods and below its peer group median for the five-year and since inception periods.
	The Board reviewed the performance of the Fund against broad-based securities market benchmarks.
	The Board also considered the Fund’s performance compared to the Advisor’s similarly managed composite and considered the reasons for any differences.  The Board noted that the Advisor represented that differences in performance between the Fund and the composite of similarly managed accounts are due to an industry allocation limitation for the Fund (no more than 25%), which does not apply to the similarly managed accounts.
	Small/Mid Cap Growth Fund: The Board noted that the Fund’s performance, with regard to its Morningstar comparative universe, was below its peer group median for the one-year, five-year and since inception periods and above its peer group median for the three-year period.
	The Board reviewed the performance of the Fund against a broad-based securities market benchmark.
	The Board also considered the Fund’s performance compared to the Advisor’s similarly managed composite and considered the reasons for any differences.  The Board noted that the Advisor represented that differences in performance between the Fund and the composite of similarly managed accounts are due to a limitation on the number of holdings for similarly managed accounts (no more than 100), which does not apply to the Fund.
	Market Leaders Value Fund: The Board noted that the Fund’s performance, with regard to its Morningstar comparative universe, was above its peer group median for the one-year and since inception periods.
	The Board reviewed the performance of the Fund against a broad-based securities market benchmark.
	The Board also considered the Fund’s performance compared to the Advisor’s similarly managed composite, noting that the Fund had underperformed for the one-year period.
	Small Cap Value Fund: The Board noted that the Fund’s performance, with regard to its Morningstar comparative universe, was above its peer group median for the one-year and since inception periods.
	The Board reviewed the performance of the Fund against a broad-based securities market benchmark.
	The Board also considered the Fund’s performance compared to the Advisor’s similarly managed composite, noting that the Fund had outperformed for the one-year period.
3.	THE COSTS OF THE SERVICES TO BE PROVIDED BY THE ADVISOR AND THE STRUCTURE OF THE ADVISOR’S FEE UNDER THE ADVISORY AGREEMENT.  In considering the advisory fee and total fees and expenses of each Fund, the Board reviewed comparisons to the peer funds and the Advisor’s similarly managed separate accounts for other types of clients, as well as all expense waivers and reimbursements.  When reviewing fees charged to other similarly managed accounts, the Board took into account the type of account and the differences in the management of that account that might be germane to the difference, if any, in the fees charged to such accounts.
	All Cap Core Fund: The Board noted that the Advisor had contractually agreed to maintain an expense limitation for the Fund of 1.24% for the Class A shares, 1.99% for the Class C shares and 0.99% for the Class I shares (respectively, the “Expense Caps”).  The Board also noted that throughout the period, the Advisor had voluntarily agreed to maintain an expense limitation for the Fund of 0.85% for the Class A shares, 1.60% for the Class C shares and 0.60% for the Class I shares. The Board noted that the Fund’s total expense ratio with

	the voluntary expense limitation was below the peer group median and peer group average for Class I and Class A and above the peer group median and average for Class C.  Additionally, the Board considered that when the Fund’s peer group was adjusted to include only funds with similar asset sizes, the total expense ratio with the voluntary expense limitation for the Class I and Class A shares was below the median and average, and the total expense ratio for the Class C shares was above the median and average.  The Board noted that the Fund’s contractual advisory fee was slightly below its peer group median and slightly above its peer group average.  Additionally, the Board noted that the Fund’s contractual advisory fee was below the median and average of the Fund’s peer group when adjusted to include only funds with similar asset sizes.  The Board also considered that after advisory fee waivers and the reimbursement of Fund expenses necessary to maintain the Expense Caps, the Advisor did not receive any advisory fees from the Fund for the year ended July 31, 2018.  The Board also took into consideration the services the Advisor provided to its similarly managed account clients, comparing the fees charged for those management services to the management fees charged to the Fund.  The Board found that the management fees charged to the Fund were lower than or equal to the fees charged to the Advisor’s similarly managed account clients depending on the asset level.
	Enhanced Dividend Fund: The Board noted that the Advisor had contractually agreed to maintain an expense limitation for the Fund of 0.99% for the Class I shares (the “Expense Cap”).  The Board noted that the Fund’s total expense ratio was below its peer group median and average, as well as below the median and average of the Fund’s peer group when adjusted to include only funds with similar asset sizes.  The Board noted that the Fund’s contractual advisory fee was below its peer group median and average, as well as below the median and average of its peer group when adjusted to include only funds with similar asset sizes.  The Board also considered that after advisory fee waivers and the reimbursement of Fund expenses necessary to maintain the Expense Cap, the Advisor did not receive any advisory fees from the Fund for the year ended July 31, 2018.  The Board also took into consideration the services the Advisor provided to its similarly managed account clients, comparing the fees charged for those management services to the management fees charged to the Fund.  The Board found that the management fees charged to the Fund were lower than or equal to the fees charged to the Advisor’s similarly managed account clients depending on the asset level.
	Small/Mid Cap Growth Fund: The Board noted that the Advisor had contractually agreed to maintain an expense limitation for the Fund of 1.19% for the Class I shares (the “Expense Cap”).  The Board noted that the Fund’s total expense ratio was slightly above its peer group median and below its peer group average.  Additionally, the Board considered that when the Fund’s peer group was adjusted to include only funds with similar asset sizes, the total expense ratio was below the median and average.  The Board noted that the Fund’s contractual advisory fee was below its peer group median and average, as well as below the median and average of its peer group when adjusted to include only funds with similar asset sizes.  The Board also considered that after advisory fee waivers and the reimbursement of Fund expenses necessary to maintain the Expense Cap, the Advisor received only 0.03% of advisory fees from the Fund for the year ended July 31, 2018.  The Board also took into consideration the services the Advisor provided to its similarly managed account clients, comparing the fees charged for those management services to the management fees charged to the Fund.  The Board found that the management fees charged to the Fund were lower than or equal to the fees charged to the Advisor’s similarly managed account clients depending on the asset level.
	Market Leaders Value Fund: The Board noted that the Advisor had voluntarily agreed to maintain an expense limitation for the Fund of 0.65% for the Class I shares (the “Expense Cap”) and that effective November 28, 2018, the Advisor had contractually agreed to maintain that Expense Cap.  The Board noted that the Fund’s total expense ratio was above its peer group median and below its peer group average.  Additionally, the Board considered that when the Fund’s peer group was adjusted to include only funds with similar asset sizes, the total expense ratio was below the median and average.  The Board noted that the Fund’s contractual advisory fee was below its peer group median and average, as well as below the median and average of its peer group when adjusted to include only funds with similar asset sizes.  The Board also took into consideration the services the Advisor provided to its similarly managed account clients, comparing the fees charged for those management services to the management fees charged to the Fund.  The Board found that the management fees charged to the Fund were the same as the fees charged to the Advisor’s similarly managed account clients.

	Small Cap Value Fund: The Board noted that the Advisor had voluntarily agreed to maintain an expense limitation for the Fund of 0.99% for the Class I shares (the “Expense Cap”) and that effective November 28, 2018, the Advisor had contractually agreed to maintain that Expense Cap.  The Board noted that the Fund’s total expense ratio was below its peer group median and average.  Additionally, the Board considered that when the Fund’s peer group was adjusted to include only funds with similar asset sizes, the total expense ratio was below the peer group median and average.  The Board noted that the Fund’s contractual advisory fee was previously 0.85% but was reduced to 0.80% on October 18, 2018. The Board noted that the newer contractual advisory fee was equal to its peer group median and slightly above its peer group average, as well as below the peer group median and average when adjusted to include only funds with similar asset sizes.  The Board also considered that after advisory fee waivers and the reimbursement of Fund expenses necessary to maintain the Expense Cap, the Advisor did not receive any advisory fees from the Fund for the year ended July 31, 2018.  The Board also took into consideration the services the Advisor provided to its similarly managed account clients, comparing the fees charged for those management services to the management fees charged to the Fund.  The Board found that the management fees charged to the Fund were higher than, equal to, or lower than the fees charged to the Advisor’s similarly managed account clients depending on the asset level.
	The Board determined that it would continue to monitor the appropriateness of the advisory fee for each Fund and concluded that, at this time, the fees to be paid to the Advisor were fair and reasonable.
4.	ECONOMIES OF SCALE.  The Board also considered whether economies of scale were being realized by the Advisor that should be shared with shareholders.  In this regard, the Board noted that the Advisor contractually and/or voluntarily agreed to reduce its advisory fees or reimburse Fund expenses so that the Funds do not exceed the specified Expense Caps.  The Board also noted that the Market Leaders Value Fund and Small Cap Value Fund advisory fees included breakpoints. The Board noted that at current asset levels, it did not appear that there were additional significant economies of scale being realized by the Advisor and concluded that it would continue to monitor economies of scale in the future as circumstances changed and assuming asset levels continued to increase.
5.	THE PROFITS TO BE REALIZED BY THE ADVISOR AND ITS AFFILIATES FROM THEIR RELATIONSHIP WITH THE FUNDS.  The Board reviewed the Advisor’s financial information and took into account both the direct benefits and the indirect benefits to the Advisor from advising the Funds, such as benefits received in the form of Rule 12b-1 fees received from the Funds which are used to pay custodial platform costs.  The Board also considered that the Funds do not utilize “soft dollar” benefits that may be received by the Advisor in exchange for Fund brokerage.  The Board considered the profitability to the Advisor from its relationship with the Funds and considered any additional benefits derived by the Advisor from its relationship with the Funds.  After such review, the Board determined that the profitability to the Advisor with respect to the Advisory Agreement was not excessive, and that the Advisor had maintained adequate profit levels to support the services it provides to the Funds.