N-CSRS 1 dgincsrs.htm N-CSRS

united states
securities and exchange commission
washington, d.c. 20549

form n-csr

certified shareholder report of registered management
investment companies

Investment Company Act file number 333-252816 and 811-23637

 

DGI Investment Trust

(Exact name of registrant as specified in charter)

 

c/o Oriental Trust, 254 Munoz Rivera Ave., 10th Floor, San Juan Puerto Rico 00918__

(Address of principal executive offices) (Zip code)

 

Maggie Bull, Ultimus Fund Solutions LLC

2 Easton Oval, Suite 300, Columbus OH 43219

(Name and address of agent for service)

 

Registrant's telephone number, including area code: 513-869-4262

 

Date of fiscal year end: 6/30

 

Date of reporting period: 12/31/21

 

Item 1. Reports to Stockholders.

 

(a)       Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

 

 

 

 

 

 

 

 

DGI Balanced Fund

 

 

 

 

 

 

 

 

 

 

Semi-Annual Report 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

This report and the financial statements contained herein are submitted for the general information of shareholders and are not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which contains information about the Fund’s investment objective, risks, fees and expenses. Investors are reminded to read the prospectus carefully before investing in the Fund. 

 

 

DGI Balanced Fund 

PORTFOLIO REVIEW (Unaudited) 

December 31, 2021

 

The Fund’s performance figures* for the periods ended December 31, 2021, compared to its benchmarks: 

 

Six Months Six Months Since Inception (a)
DGI Balanced Fund - Class P Shares 1.34% 1.78%
DGI Balanced Fund - Class T Shares 1.34% 1.78%
DGI Balanced Fund - Class NT Shares 1.34% 1.78%
Blended Benchmark Index (67% Bloomberg Barclays U.S. Aggregate Bond Index /33% S&P 500 Total Return Index) 3.87% 5.81%
Bloomberg Barclays U.S. Aggregate Bond Index ** 0.06% 1.12%
S&P 500 Total Return Index *** 11.67% 15.65%

 

(a)Inception date is May 24, 2021.

 

*The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total Returns for periods of less than one year are not annualized. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. The estimated total annual operating expense ratio for each share class is 1.18% per the Fund’s Prospectus dated October 28, 2021. For performance information current to the most recent month-end, please call 1-877-910-4232.

 

**The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, Mortgage-Backed Securities (agency fixed-rate pass-throughs), Asset-Backed Securities and Commercial Mortgage-Backed Securities (agency and non-agency). Investors cannot invest directly into an index. Index returns are gross of any fees, brokerage commissions or other expenses of investing.

 

***The S&P 500 Total Return Index is a widely accepted, unmanaged index of U.S. stock market performance which does not take into account charges, fees and other expenses. Investors cannot invest directly in an index. Index returns are gross of any fees, brokerage commissions or other expenses of investing.

 

Holdings by Type of Investment      % of Net Assets 
U.S. Government Agencies   44.0%
Exchange Traded Funds   33.7%
Common Stocks   10.6%
Collateralized Mortgage Obligations   0.2%
Other Assets Less Liabilities   11.5%
    100.0%

 

Please refer to the Portfolio of Investments that follows in this semi-annual report for a detail of the Fund’s holdings.

1

 

DGI BALANCED FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2021

 

Principal      Coupon Rate        
Amount ($)      (%)  Maturity   Value  
     U.S. GOVERNMENT & AGENCIES — 44.0%             
     FEDERAL HOME LOAN MORTGAGE CORP. — 0.6%(a)             
 4,929   Federal Home Loan Mortgage Corporation B70084  7.5000   06/01/23   $4,950 
 580,992   Federal Home Loan Mortgage Corporation D97349  6.0000   09/01/25    639,245 
 27,150   Federal Home Loan Mortgage Corporation D75702  7.5000   01/01/26    28,992 
 33,176   Federal Home Loan Mortgage Corporation D79168  8.0000   02/01/27    33,818 
 928,460   Federal Home Loan Mortgage Corporation J20654  3.0000   08/01/27    976,341 
 129,665   Federal Home Loan Mortgage Corporation C10178  6.5000   05/01/28    143,257 
 349,244   Federal Home Loan Mortgage Corporation P51380  5.5000   03/01/36    380,332 
 193,674   Federal Home Loan Mortgage Corporation C02554  6.0000   06/01/36    217,584 
                 2,424,519 
     FEDERAL MORTGAGE OBLIGATIONS —0.0%(d)             
 2,338   R&G Federal Mortgage Trust(b)  —   08/25/23    — 
                   
     FEDERAL NATIONAL MORTGAGE ASSOCIATION — 11.6%(a)
 7,795   Federal National Mortgage Association 179193  7.0000   07/01/22    7,833 
 2,061   Federal National Mortgage Association 179192  7.5000   07/01/22    2,066 
 35,383   Federal National Mortgage Association 426650  6.5000   03/01/24    39,047 
 118,262   Federal National Mortgage Association 426648  7.0000   04/01/24    122,961 
 27,258   Federal National Mortgage Association 426646  8.0000   10/01/24    27,638 
 14,802   Federal National Mortgage Association 426645  8.5000   10/01/24    14,994 
 2,614   Federal National Mortgage Association 302501  8.5000   12/01/24    2,641 
 105,533   Federal National Mortgage Association 426651  6.5000   03/01/26    116,516 
 32,167   Federal National Mortgage Association 511569  8.5000   07/01/26    32,915 
 259,148   Federal National Mortgage Association AE1268  3.5000   10/01/26    272,982 
 24,574   Federal National Mortgage Association 367023  7.5000   11/01/26    24,664 
 390,417   Federal National Mortgage Association AE1285  3.5000   12/01/26    411,637 
 35,339   Federal National Mortgage Association 367025  8.0000   12/01/26    36,065 
 926,079   Federal National Mortgage Association AJ1905  3.0000   02/01/27    972,701 
 157,806   Federal National Mortgage Association 426649  7.0000   02/01/27    168,417 
 321,942   Federal National Mortgage Association AI9096  3.5000   03/01/27    339,433 
 11,492   Federal National Mortgage Association 374925  7.5000   03/01/27    11,534 
 666,837   Federal National Mortgage Association AL3274  3.0000   05/01/27    700,838 
 530,580   Federal National Mortgage Association AJ1913  3.0000   06/01/27    556,720 
 37,244   Federal National Mortgage Association 426647  7.5000   06/01/27    38,708 
 1,911,807   Federal National Mortgage Association AP1217  2.5000   07/01/27    1,986,846 

 

See accompanying notes to financial statements.

2

 

DGI BALANCED FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021

 

Principal      Coupon Rate        
Amount ($)      (%)  Maturity   Value  
     U.S. GOVERNMENT & AGENCIES — 44.0% (Continued)
     FEDERAL NATIONAL MORTGAGE ASSOCIATION — 11.6%(a) (Continued)
 596,780   Federal National Mortgage Association AI9133  3.5000   11/01/27   $630,883 
 1,319,684   Federal National Mortgage Association AR5151  2.5000   04/01/28    1,371,528 
 140,146   Federal National Mortgage Association AU2244  3.0000   09/01/28    147,302 
 1,422,515   Federal National Mortgage Association AR5202  3.0000   11/01/28    1,495,226 
 744,874   Federal National Mortgage Association AR5223  3.0000   02/01/29    782,978 
 841,814   Federal National Mortgage Association AS2542  3.0000   04/01/29    884,665 
 638,438   Federal National Mortgage Association AS2465  3.0000   04/01/29    670,281 
 74,093   Federal National Mortgage Association 488061  7.0000   04/01/29    81,132 
 910,103   Federal National Mortgage Association AV6988  3.0000   05/01/29    956,644 
 30,461   Federal National Mortgage Association 488076  7.0000   05/01/29    30,652 
 1,671,743   Federal National Mortgage Association AV6999  3.0000   06/01/29    1,757,335 
 2,047,105   Federal National Mortgage Association AV1451  3.0000   06/01/29    2,151,812 
 1,786,557   Federal National Mortgage Association AV6993  3.0000   06/01/29    1,877,978 
 1,033,040   Federal National Mortgage Association AV1452  3.0000   07/01/29    1,086,930 
 103,594   Federal National Mortgage Association 504137  7.5000   07/01/29    112,672 
 96,888   Federal National Mortgage Association 504148  7.5000   08/01/29    106,720 
 809,751   Federal National Mortgage Association AV7011  3.0000   09/01/29    850,997 
 42,420   Federal National Mortgage Association 523120  7.0000   01/01/30    43,432 
 895,081   Federal National Mortgage Association AV7045  3.0000   02/01/30    941,808 
 21,412   Federal National Mortgage Association 523123  7.5000   02/01/30    21,491 
 183,348   Federal National Mortgage Association 567014  6.5000   03/01/31    202,460 
 844,717   Federal National Mortgage Association AX5513  3.0000   04/01/31    888,909 
 189,605   Federal National Mortgage Association 573448  6.5000   04/01/31    210,807 
 888,178   Federal National Mortgage Association AX5544  3.0000   08/01/31    934,699 
 1,323,473   Federal National Mortgage Association AX5551  2.5000   10/01/31    1,375,887 
 515,407   Federal National Mortgage Association AX5567  3.0000   12/01/31    540,831 
 870,204   Federal National Mortgage Association BD9019  3.0000   01/01/32    915,811 
 808,109   Federal National Mortgage Association 695394  5.0000   06/01/33    913,898 
 229,114   Federal National Mortgage Association 850040  6.5000   06/01/36    256,945 
 98,242   Federal National Mortgage Association 931180  5.5000   04/01/39    107,853 
 575,609   Federal National Mortgage Association 953131  4.5000   09/01/39    636,686 
 2,720,097   Federal National Mortgage Association AI9098  4.0000   03/01/42    2,980,323 
 1,779,602   Federal National Mortgage Association AS3545  4.0000   09/01/44    1,959,323 
 1,804,045   Federal National Mortgage Association AV7027  4.0000   11/01/44    1,986,249 

 

See accompanying notes to financial statements.

3

 

DGI BALANCED FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021

 

Principal      Coupon Rate        
Amount ($)      (%)  Maturity   Value  
     U.S. GOVERNMENT & AGENCIES — 44.0% (Continued)
     FEDERAL NATIONAL MORTGAGE ASSOCIATION — 11.6%(a) (Continued)
 892,362   Federal National Mortgage Association AV7076  3.0000   07/01/45   $947,140 
 588,085   Federal National Mortgage Association AX5471  3.0000   07/01/45    615,226 
 5,378,682   Federal National Mortgage Association AS8523  3.0000   11/01/46    5,717,238 
 1,628,837   Federal National Mortgage Association AX5564  3.0000   12/01/46    1,731,367 
                 44,811,274 
                   
     GOVERNMENT NATIONAL MORTGAGE ASSOCIATION — 31.8%
 999   Government National Mortgage Association 319251  8.0000   03/15/22    1,000 
 36,527   Government National Mortgage Association  8.0000   09/15/22    37,102 
 8,868   Government National Mortgage Association 406062  7.5000   01/15/25    8,903 
 7,915   Government National Mortgage Association 406065  7.5000   01/15/25    7,947 
 14,338   Government National Mortgage Association 439194  7.5000   08/15/25    14,395 
 78,479   Government National Mortgage Association 425509  8.0000   09/15/25    83,651 
 144,573   Government National Mortgage Association 705899  3.5000   01/15/26    151,729 
 32,733   Government National Mortgage Association 385183  7.5000   01/15/26    33,295 
 30,351   Government National Mortgage Association 5127  4.0000   07/20/26    31,588 
 346,472   Government National Mortgage Association 711631  3.5000   02/15/27    364,579 
 76,995   Government National Mortgage Association 5310  3.5000   02/20/27    80,124 
 494,202   Government National Mortgage Association 705941  3.0000   04/15/27    517,089 
 314,832   Government National Mortgage Association 711651  3.5000   05/15/27    331,285 
 1,121,546   Government National Mortgage Association 740018  3.5000   07/15/27    1,182,779 
 459,034   Government National Mortgage Association 705951  2.5000   08/15/27    472,895 
 1,002,405   Government National Mortgage Association 744440  3.5000   10/15/27    1,057,215 
 335,779   Government National Mortgage Association 705956  2.5000   11/15/27    345,979 
 36,738   Government National Mortgage Association 711707  2.5000   01/15/28    37,997 
 400,349   Government National Mortgage Association 767026  2.5000   02/15/28    412,461 
 493,600   Government National Mortgage Association 721979  2.5000   03/15/28    510,534 
 443,716   Government National Mortgage Association 722012  3.0000   09/15/28    463,655 
 402,678   Government National Mortgage Association 722016  2.5000   12/15/28    414,902 
 449,508   Government National Mortgage Association 722033  3.0000   06/15/29    468,194 
 60,003   Government National Mortgage Association 626932  3.0000   04/15/30    62,694 
 109,069   Government National Mortgage Association 548539  6.0000   10/15/31    120,247 
 443,883   Government National Mortgage Association 635142  3.0000   11/20/31    465,245 
 115,946   Government National Mortgage Association 636427  6.0000   11/15/34    127,633 

 

See accompanying notes to financial statements.

4

 

DGI BALANCED FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021

 

Principal      Coupon Rate        
Amount ($)      (%)  Maturity   Value 
     U.S. GOVERNMENT & AGENCIES — 44.0% (Continued)
     GOVERNMENT NATIONAL MORTGAGE ASSOCIATION — 31.8% (Continued)
 108,051   Government National Mortgage Association 636567  6.0000   07/15/35   $119,130 
 68,267   Government National Mortgage Association 643754  6.0000   10/15/35    75,182 
 179,744   Government National Mortgage Association 592885  6.0000   05/15/36    198,175 
 1,908,415   Government National Mortgage Association 655703  6.0000   08/15/37    2,219,008 
 1,514,652   Government National Mortgage Association 722002  3.5000   03/15/38    1,687,338 
 755,753   Government National Mortgage Association 767055  3.0000   05/15/38    803,049 
 896,463   Government National Mortgage Association 767066  3.0000   06/15/38    952,644 
 2,524,049   Government National Mortgage Association 721997  3.5000   01/15/39    2,811,828 
 1,436,425   Government National Mortgage Association 678638  4.5000   08/15/39    1,677,939 
 581,844   Government National Mortgage Association 678639  5.0000   08/15/39    666,961 
 1,820,526   Government National Mortgage Association 678641  4.5000   09/15/39    2,126,551 
 132,626   Government National Mortgage Association 719894  4.5000   09/15/39    147,189 
 1,050,526   Government National Mortgage Association 678642  5.0000   09/15/39    1,222,614 
 706,400   Government National Mortgage Association 678645  4.5000   10/15/39    823,924 
 461,831   Government National Mortgage Association 678646  5.0000   10/15/39    529,461 
 531,415   Government National Mortgage Association 678643  5.5000   11/15/39    604,301 
 380,344   Government National Mortgage Association 678660  5.0000   03/15/40    433,255 
 533,606   Government National Mortgage Association 722009  3.5000   07/15/40    583,519 
 1,930,532   Government National Mortgage Association 705892  4.0000   11/15/40    2,172,057 
 444,877   Government National Mortgage Association 705894  4.5000   11/15/40    511,310 
 551,735   Government National Mortgage Association 705937  4.0000   01/15/42    607,247 
 2,187,160   Government National Mortgage Association 705936  3.5000   02/15/42    2,437,192 
 59,977   Government National Mortgage Association 5302  3.5000   02/20/42    61,979 
 2,360,003   Government National Mortgage Association 711653  3.5000   05/20/42    2,622,707 
 2,044,983   Government National Mortgage Association 721969  3.0000   11/15/42    2,173,194 
 2,083,865   Government National Mortgage Association 711731  3.0000   03/15/43    2,214,493 
 1,795,901   Government National Mortgage Association 722001  3.5000   06/15/43    2,000,892 
 985,112   Government National Mortgage Association 722008  3.0000   08/15/43    1,046,821 
 1,217,123   Government National Mortgage Association 722010  3.5000   08/15/43    1,356,138 
 699,839   Government National Mortgage Association 722011  4.0000   08/15/43    783,080 
 2,982,465   Government National Mortgage Association 722013  3.5000   09/15/43    3,323,033 
 668,007   Government National Mortgage Association 722020  3.0000   12/15/43    707,854 
 2,078,688   Government National Mortgage Association 722021  3.5000   12/15/43    2,316,126 
 4,367,719   Government National Mortgage Association 609103  3.5000   01/15/44    4,866,717 

 

See accompanying notes to financial statements.

5

 

DGI BALANCED FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021

 

Principal      Coupon Rate        
Amount ($)      (%)  Maturity   Value 
     U.S. GOVERNMENT & AGENCIES — 44.0% (Continued)
     GOVERNMENT NATIONAL MORTGAGE ASSOCIATION — 31.8% (Continued)
 2,391,738   Government National Mortgage Association 609163  3.5000   07/15/44   $2,664,963 
 3,025,233   Government National Mortgage Association 609200  3.5000   10/15/44    3,370,839 
 2,432,118   Government National Mortgage Association 609214  3.0000   11/20/44    2,594,981 
 2,950,050   Government National Mortgage Association 626921  3.0000   03/15/45    3,134,864 
 8,971,578   Government National Mortgage Association 626934  3.0000   04/20/45    9,572,233 
 5,883,750   Government National Mortgage Association 626941  3.0000   05/15/45    6,252,329 
 3,222,270   Government National Mortgage Association 635068  3.0000   04/15/46    3,424,081 
 2,460,833   Government National Mortgage Association AE3319  3.0000   07/15/46    2,614,937 
 1,617,781   Government National Mortgage Association AW2756  3.0000   09/15/46    1,719,049 
 1,897,232   Government National Mortgage Association 635133  3.0000   10/20/46    2,023,938 
 2,593,213   Government National Mortgage Association AW3558  3.0000   11/15/46    2,755,709 
 1,206,452   Government National Mortgage Association 635153  3.0000   12/20/46    1,287,021 
 2,261,887   Government National Mortgage Association 690615  3.0000   06/15/47    2,403,486 
 2,370,312   Government National Mortgage Association 690625  3.0000   07/20/47    2,528,635 
 2,359,391   Government National Mortgage Association AD6371  3.0000   03/15/48    2,507,166 
 608,550   Government National Mortgage Association BC3027  3.0000   03/15/48    646,688 
 3,683,486   Government National Mortgage Association BE1665  4.0000   05/20/48    4,173,726 
 3,128,477   Government National Mortgage Association  4.0000   09/15/48    3,520,939 
 1,153,987   Government National Mortgage Association BJ1540  3.5000   09/20/48    1,282,986 
 828,821   Government National Mortgage Association BJ1536  3.5000   09/20/48    921,470 
 3,002,864   Government National Mortgage Association BJ9877  4.0000   11/15/48    3,378,249 
 2,133,925   Government National Mortgage Association BJ9885  4.0000   12/15/48    2,399,166 
 1,201,535   Government National Mortgage Association BJ9893  3.5000   12/20/48    1,335,861 
 1,093,281   Government National Mortgage Association BJ9892  3.5000   01/15/49    1,207,014 
                 122,408,355 
     TOTAL U.S. GOVERNMENT & AGENCIES (Cost $159,089,530)   169,644,148 
                   
     COLLATERALIZED MORTGAGE OBLIGATIONS — 0.2%     
 438,448   CFSC Mortgage Trust Series 1 1ZZ(b)  3.7700   03/25/23    438,448 
 5,000   CFSC Mortgage Trust Series 1 1R (b)  8.0000   03/25/23    — 

 

See accompanying notes to financial statements.

6

 

DGI BALANCED FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021

 

Principal         Coupon Rate        
Amount ($)      Spread  (%)  Maturity   Value  
     COLLATERALIZED MORTGAGE OBLIGATIONS — 0.2% (Continued)       
 1,286,662   Federal National Mortgage Association Series 2011-M1X(c)  US0001M + 6.000%  5.8980   07/25/38   $239,872 
 80,796   Government National Mortgage Association Series IGCT 4Z(b)     7.5000   02/01/22    80,796 
 740,220   Lehman Brothers Grantor Trust Series 1993-3E(b)     0.9920   10/24/23    — 
     TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $631,650)     759,116 
                      
Shares                    
     EXCHANGE-TRADED FUNDS — 33.7%       
     EQUITY - 33.7%                
 139,300   iShares MSCI EAFE ETF              10,960,124 
 160,000   iShares MSCI Emerging Markets ETF              7,816,000 
 150,000   iShares Russell 2000 Index Fund              33,367,500 
 113,400   SPDR S&P 500 ETF Trust              53,860,464 
 30,500   SPDR S&P China ETF              3,149,125 
 201,000   Vanguard FTSE Emerging Markets ETF              9,941,460 
 156,000   Vanguard MSCI Europe ETF              10,645,440 
     TOTAL EXCHANGE-TRADED FUNDS (Cost $104,695,410)     129,740,113 
                      
     COMMON STOCKS — 10.6%                
     BANKING - 10.6%                
 685,000   First BanCorporation              9,439,300 
 380,000   Popular, Inc.              31,175,200 
     TOTAL COMMON STOCKS (Cost $19,436,086)     40,614,500 

 

See accompanying notes to financial statements.

7

 

DGI BALANCED FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021

 

Shares      Value 
     SHORT-TERM INVESTMENTS — 11.2%     
     MONEY MARKET FUND - 11.2%     
 43,099,589   Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 0.01% (Cost $43,099,589)(e)  $43,099,589 
           
     TOTAL INVESTMENTS - 99.7% (Cost $326,952,265)  $383,857,466 
     OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%   1,187,165 
     NET ASSETS - 100.0%  $385,044,631 

 

EAFE- Europe, Australasia and Far East

 

ETF- Exchange-Traded Fund

 

MSCI- Morgan Stanley Capital International

 

SPDR- Standard & Poor’s Depositary Receipt

 

US0001MICE LIBOR USD 1 Month

 

(a)Issuer operates under a Congressional charter; its securities are neither issued nor guaranteed by the U.S. government. The Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation currently operate under a federal conservatorship.

 

(b)The value of this security has been determined in good faith under policies of the Board of Trustees. The total value of these securities is $519,244 or 0.1% of net assets.

 

(c)Variable rate security; the rate shown represents the rate on December 31, 2021.

 

(d)Percentage rounds to less than 0.1%.

 

(e)Rate disclosed is the seven day effective yield as of December 31, 2021.

 

See accompanying notes to financial statements.

8

 

DGI Balanced Fund
STATEMENT OF ASSETS AND LIABILITIES (Unaudited)
December 31, 2021

 

ASSETS    
Investment securities:     
At cost  $326,952,265 
At value  $383,857,466 
Interest receivable   1,059,550 
Prepaid expenses & other assets   477,017 
TOTAL ASSETS   385,394,033 
      
LIABILITIES     
Due to custodian   63,723 
Advisory fees payable   222,336 
Administration fees payable   26,553 
Accrued expenses and other liabilities   36,790 
TOTAL LIABILITIES   349,402 
NET ASSETS  $385,044,631 
      
Net Assets Consist Of:     
Paid in capital ($0 par value, unlimited shares authorized)  $327,127,953 
Accumulated earnings   57,916,678 
NET ASSETS  $385,044,631 
      
Net Asset Value Per Share:     
Class P Shares     
Net Assets  $232,466,061 
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)   19,886,295 
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share  $11.69 
      
Class T Shares     
Net Assets  $127,735,895 
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)   10,927,155 
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share  $11.69 
      
Class NT Shares     
Net Assets  $24,842,675 
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)   2,125,103 
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share  $11.69 

 

See accompanying notes to financial statements.

9

 

DGI Balanced Fund
STATEMENT OF OPERATIONS (Unaudited)
For the Six Months Ended December 31, 2021

 

INVESTMENT INCOME    
Dividends (Foreign Taxes Withheld: $45,845)  $1,678,179 
Interest   2,656,863 
TOTAL INVESTMENT INCOME   4,335,042 
      
EXPENSES     
Investment advisory fees   1,824,970 
Administrative services fees   162,920 
Audit and tax fees   9,027 
Legal fees   55,545 
Trustees fees and expenses   34,408 
Transfer agent fees   43,808 
Registration fees   18,096 
Compliance officer fees   15,274 
Custodian fees   16,163 
Insurance fees   12,080 
Printing and postage expenses   4,629 
Other expenses   160,112 
TOTAL EXPENSES   2,357,032 
      
NET INVESTMENT INCOME   1,978,010 
      
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS     
Net realized loss on:     
Investments   (248,181)
      
Net change in unrealized appreciation on:     
Investments   3,595,390 
      
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS   3,347,209 
      
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS  $5,325,219 

 

See accompanying notes to financial statements.

10

 

DGI Balanced Fund
STATEMENT OF CHANGES IN NET ASSETS

 

   Six Months Ended   Period* Ended 
   December 31, 2021   June 30, 
   (Unaudited)   2021 
FROM OPERATIONS          
Net investment income  $1,978,010   $862,268 
Net realized loss from investments   (248,181)   (52,239)
Net change in unrealized appreciation on investments   3,595,390    591,642 
Net increase in net assets resulting from operations   5,325,219    1,401,671 
           
DISTRIBUTIONS          
Distributions to shareholders   (1,528,381)   — 
           
FROM SHARES OF BENEFICIAL INTEREST          
Proceeds from contribution in-kind          
Class P Shares   —    236,498,768 
Class T Shares   —    131,075,028 
Class NT Shares   —    25,546,005 
Proceeds from shares sold:          
Class P Shares   1,504,835    694,972 
Class T Shares   367,871    477 
Class NT Shares   97,993    95 
Payments for shares redeemed:          
Class P Shares   (7,627,020)   (1,833,403)
Class T Shares   (4,338,092)   (1,101,044)
Class NT Shares   (888,184)   (252,179)
Net increase/(decrease) in net assets from shares of beneficial interest   (10,882,597)   390,628,719 
           
TOTAL INCREASE IN NET ASSETS   (7,085,759)   392,030,390 
           
NET ASSETS          
Beginning of period   392,130,390    100,000 
End of period  $385,044,631   $392,130,390 
           
SHARE ACTIVITY          
Class P Shares:          
Shares issues in connection with Contribution in-kind   —    20,503,647 
Shares Sold   129,117    59,979 
Shares Redeemed   (656,603)   (158,541)
Net increase in shares of beneficial interest outstanding   (527,486)   20,405,085 
           
Class T Shares:          
Shares issues in connection with Contribution in-kind   —    11,363,656 
Shares Sold   31,591    41 
Shares Redeemed   (373,301)   (94,832)
Net increase in shares of beneficial interest outstanding   (341,710)   11,268,865 
           
Class NT Shares:          
Shares issues in connection with Contribution in-kind   —    2,214,735 
Shares sold   8,408    8 
Shares redeemed   (76,360)   (21,688)
Net increase in shares of beneficial interest outstanding   (67,952)   2,193,055 

 

*DGI Balanced Fund commenced operations on May 24, 2021.

 

See accompanying notes to financial statements.

11

 

DGI Balanced Fund
FINANCIAL HIGHLIGHTS

 

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Period

 

   Class P Shares 
   Six Months Ended   Period* Ended 
   December 31, 2021   June 30, 
   (Unaudited)   2021 
Net asset value, beginning of period  $11.58   $11.53 
Activity from investment operations:          
Net investment income (1,2)   0.06    0.03 
Net realized and unrealized gain on investments   0.10    0.02 
Total from investment operations   0.16    0.05 
Distribution to Shareholders   (0.05)   — 
Total distributions   (0.05)   — 
Net asset value, end of period  $11.69   $11.58 
Total return (3)   1.34%   0.43%
Net assets, end of period (000’s)  $232,466   $236,301 
Ratio of expenses to average net assets (4,5)   1.20%   1.17%
Ratio of net investment income to average net assets (2,4,5)   1.01%   2.10%
Portfolio Turnover Rate (6)   1%   0%
           

*The DGI Balanced Fund commenced operations on May 24, 2021.

 

(1)Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

 

(2)Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

 

(3)Total returns are historical and assume changes in share price and reinvestment of dividends, if any. Total returns for periods of less than one year are not annualized.

 

(4)Does not include the expenses of other investment companies in which the Fund invests, if any.

 

(5)Annualized.

 

(6)Not Annualized.

 

See accompanying notes to financial statements.

12

 

DGI Balanced Fund
FINANCIAL HIGHLIGHTS

 

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Period

 

   Class T Shares 
   Six Months Ended   Period* Ended 
   December 31, 2021   June 30, 
   (Unaudited)   2021 
Net asset value, beginning of period  $11.58   $11.53 
Activity from investment operations:          
Net investment income (1,2)   0.06    0.03 
Net realized and unrealized gain on investments   0.10    0.02 
Total from investment operations   0.16    0.05 
Distribution to Shareholders   (0.05)   — 
Total distributions   (0.05)   — 
Net asset value, end of period  $11.69   $11.58 
Total return (3)   1.34%   0.43%
Net assets, end of period (000’s)  $127,736   $130,443 
Ratio of expenses to average net assets (4,5)   1.20%   1.17%
Ratio of net investment income to average net assets (2,4,5)   1.01%   2.10%
Portfolio Turnover Rate (6)   1%   0%
           

*The DGI Balanced Fund commenced operations on May 24, 2021.

 

(1)Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

 

(2)Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

 

(3)Total returns are historical and assume changes in share price and reinvestment of dividends, if any. Total returns for periods of less than one year are not annualized.

 

(4)Does not include the expenses of other investment companies in which the Fund invests, if any.

 

(5)Annualized.

 

(6)Not Annualized.

 

See accompanying notes to financial statements.

13

 

DGI Balanced Fund
FINANCIAL HIGHLIGHTS
 
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Period

 

   Class NT Shares 
   Six Months Ended   Period* Ended 
   December 31, 2021   June 30, 
   (Unaudited)   2021 
Net asset value, beginning of period  $11.58   $11.53 
Activity from investment operations:          
Net investment income (1,2)   0.06    0.03 
Net realized and unrealized gain on investments   0.10    0.02 
Total from investment operations   0.16    0.05 
Distribution to Shareholders   (0.05)   — 
Total distributions   (0.05)   — 
Net asset value, end of period  $11.69   $11.58 
Total return (3)   1.34%   0.43%
Net assets, end of period (000’s)  $24,843   $25,386 
Ratio of expenses to average net assets (4,5)   1.20%   1.17%
Ratio of net investment income to average net assets (2,4,5)   1.01%   2.10%
Portfolio Turnover Rate (6)   1%   0%
           

*The DGI Balanced Fund commenced operations on May 24, 2021.

 

(1)Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

 

(2)Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

 

(3)Total returns are historical and assume changes in share price and reinvestment of dividends, if any. Total returns for periods of less than one year are not annualized.

 

(4)Does not include the expenses of other investment companies in which the Fund invests, if any.

 

(5)Annualized.

 

(6)Not Annualized.

 

See accompanying notes to financial statements.

14

 

DGI Balanced Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited)
December 31, 2021

 

1.ORGANIZATION

 

The DGI Balanced Fund (the “Fund”) is a diversified series of shares of beneficial interest of DGI Investment Trust (the “Trust”), a collective investment trust formed and organized under the laws of the Commonwealth of Puerto Rico (the “Commonwealth” or “Puerto Rico”) pursuant to a certain Deed of Constitution of Trust, dated January 28, 2021, as amended and restated from time to time (the “Deed of Trust”), and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified, open-end management investment company. The Fund offers Class P, Class T and Class NT shares. The Fund commenced investment operations on May 24, 2021. The Fund’s investment objective is to seek long-term capital appreciation and current income. Investment in the Fund is intended for residents of Puerto Rico.

 

As of the close of business on May 21, 2021, all of the assets of the Puerto Rico Diversified Tax Managed Total Return IRA Trust were acquired by the Fund. The net asset value of the Fund’s shares on the close of business May 21, 2021, after the reorganization, and the value of in-kind capital contributions of securities and cash valued was as follows:

 

  Net Asset    
Share Value Per Capital  
Class Share Contribution Shares Issued
Class P $11.53 $236,498,768 20,503,647
Class T 11.53 131,075,028 11,363,656
Class NT 11.53 25,546,005 2,214,735

 

Each share class represents an interest in the same assets of the Fund and classes are identical except for differences in tax treatment. All classes of shares of the Fund have equal voting privileges with respect to the Fund. The Fund’s income, expenses and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of such class.

 

2.SIGNIFICANT ACCOUNTING POLICIES

 

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. The policies are in conformity with U.S. generally accepted accounting principles in the United States of America (“U.S. GAAP”) . The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies”.

 

Securities Valuation – The Fund’s assets will be valued based upon market quotations when such quotations are available. A security listed or traded on any exchange in the United States will be valued at its last sales price on the principal exchange on which it is traded prior to the time the assets of the Fund are valued. If no sale is reported at that time or the security is traded in the over-the-counter (“OTC”) market, the most recent bid will be used for purposes of the valuation. Assets for which market quotations are not readily available will be valued at fair value as determined in good faith by the Fund’s investment adviser, pursuant to procedures approved by the Fund’s board. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Board of the Trust based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost. These prices may change depending on market conditions.

15

 

DGI Balanced Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
December 31, 2021

 

Exchange Traded Funds – The Funds may invest in exchange traded funds (“ETFs”). ETFs are a type of index fund bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities designed to track the performance and dividend yield of a particular domestic or foreign market index. The Funds may purchase an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

 

The Fund utilizes various methods to measure the fair value of all of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

 

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has 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 in 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.

 

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

 

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of December 31, 2021 for the Fund’s assets and liabilities measured at fair value:

 

DGI Balanced Fund

 

Assets *  Level 1   Level 2   Level 3   Total 
U.S. Government Agencies  $—   $169,644,148   $—   $169,644,148 
Collateralized Mortgage Obligations   —    239,872    519,244    759,116 
Exchange Traded Funds   129,740,113    —    —    129,740,113 
Common Stocks   40,614,500    —    —    40,614,500 
Money Market Fund   43,099,589    —    —    43,099,589 
Total  $213,454,202   $169,884,020   $519,244   $383,857,466 

 

*Refer to the Portfolio of Investments for classification.

16

 

DGI Balanced Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
December 31, 2021

 

The following table is a reconciliation of assets in which Level 3 inputs were used in determining value:

 

   Collateralized 
   Mortgage 
   Obligations 
Beginning Balance  $620,254 
Securities received in reorganization   — 
Total realized gain/(loss)   20 
Unrealized Appreciation/(Depreciation)   (20)
Cost of Purchases   — 
Proceeds from Sales   (101,010)
Proceeds from Principal   — 
Accrued Interest   — 
Net transfers in/out of level 3   — 
Ending Balance  $519,244 

 

These securities were valued based on non-executable broker quotes. The Fund does not have access to unobservable inputs and therefore cannot disclose such inputs used in formulating such quotation.

 

Security Transactions and Investment Income – Security transactions are accounted for on trade date basis. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

 

Dividends and Distributions – The Fund expects to declare and distribute all of its net investment income, if any, to shareholders as dividends at least annually. The amount of any distribution will vary, and there is no guarantee the Fund will pay either an income dividend or a capital gains distribution. Distributions will be reinvested in shares of the Fund, unless otherwise directed by the shareholder. Generally, distributions within taxable accounts are taxable events for shareholders whether the distributions are received in cash or reinvested.

 

Dividends consisting of Ordinary Dividends to individual shareholders will be distributed net of the 15% tax imposed by the Puerto Rico Internal Revenue Code of 2011, as amended (the “PR Code”), which will be automatically withheld at source by the Fund. All dividend distributions by the Fund to a tax advantaged account, such as a Puerto Rico tax-qualified retirement plan or IRA account, will be made on a gross basis, without any tax withholding, and will be reinvested automatically in shares of the Fund. Such distributions may be taxed as ordinary income when withdrawn from the tax-advantaged account.

 

Tax Information – The Fund is intended solely for residents of Puerto Rico. The Fund will be treated as a registered investment company under the PR Code. As such, the Fund will be exempt from Puerto Rico income tax for a taxable year if it distributes to its shareholders at least 90% of its net income for the taxable year within the time period provided by the PR Code.

 

The Fund will be treated as a “passive foreign investment company” (“PFIC”) under the United States Internal Revenue Code of 1986, as amended (the “US Code”). As such, the Fund will not qualify as a regulated investment company under Subchapter M of the US Code and will be treated as a non-U.S. corporation whose only business activity in the United States is trading in stocks or securities for its own account; which, under the US Code, does not constitute engaging in the conduct of a trade or business within the United States, even if its principal office is located therein. As a result, the Fund will be subject to U.S. federal income tax withholding only with respect to certain types of income from United States sources considered fixed, determinable, annual and periodic income (such as dividends and interest paid by U.S. payors).

17

 

DGI Balanced Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
December 31, 2021

 

In general, the Fund’s distributions will be subject to Puerto Rico income taxes as dividend income, capital gains, or some combination of both, unless you are investing through a tax advantaged arrangement, such as a Puerto Rico tax-qualified retirement plan or an IRA, in which case your distributions may be taxed as ordinary income when withdrawn from the tax-advantaged account. Such distributions will also be subject to U.S federal income taxes and the PFIC rules if received by a U.S. person not residing in Puerto Rico. Distributions to residents of Puerto Rico who own, directly or indirectly, less than 10% of the total shares of the Fund will not be subject to U.S. federal income taxes.

 

Cash – The Fund considers its investment in an FDIC insured interest bearing savings account to be cash. The Fund maintains cash balances, which, at times, may exceed federally insured limits. The Fund maintains these balances with a high-quality financial institution.

 

3.INVESTMENT TRANSACTIONS AND ASSOCIATED RISKS

 

For the six months ended December 31, 2021, the aggregate purchases and sales of investments (excluding U.S. Government securities and short-term investments) were $4,894,979 and $ 101,016, respectively.

 

4.INVESTMENT ADVISORY AGREEMENT AND TRANSACTION WITH RELATED PARTIES

 

Oriental Trust, a separately identifiable division of Oriental Bank, the “Adviser”, acts as investment adviser to the Fund under an investment advisory agreement (the “Advisory Agreement”) with the Fund. Under the Advisory Agreement, the Fund pays to the Adviser a monthly advisory fee at an annual rate of 0.93% of its average daily net assets. Pursuant to the advisory agreement, the Fund incurred $1,824,970 in advisory fees for the six months ended December 31, 2021.

 

The distributor of the Fund is Oriental Financial Services LLC (the “Distributor”).

 

Pursuant to a separate servicing agreement with Ultimus Fund Solutions, LLC (“UFS”), the Fund pays UFS fees for providing administration, fund accounting and transfer agency services to the Fund. Certain officers of the Trust are also officers of UFS, and are not paid any fees directly by the Fund for serving in such capacities.

 

In addition, certain affiliates of UFS provide ancillary services to the Fund as follows:

 

Northern Lights Compliance Services, LLC (“NLCS”), an affiliate of UFS, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives fees from the Fund.

 

Blu Giant, LLC (“Blu Giant”), an affiliate of UFS, provides EDGAR conversion and filing services as well as print management services for the Fund on an ad-hoc basis. For the provision of these services, Blu Giant receives fees from the Fund.

 

5.TAX INFORMATION

 

The Fund is intended solely for residents of Puerto Rico. The Fund will be treated as a registered investment company under the PR Code. As such, the Fund will be exempt from Puerto Rico income tax for a taxable year if it distributes to its shareholders at least 90% of its net income for the taxable year within the time period provided by the PR Code.

 

The Fund will be treated as a “passive foreign investment company” (“PFIC”) under the United States Internal Revenue Code of 1986, as amended (the “US Code”). As such, the Fund will not qualify as a regulated investment company under Subchapter M of the US Code and will be treated as a non-U.S. corporation whose only business activity in the United States is trading in stocks or securities for its own account; which, under the US Code, does not constitute engaging in the conduct of a trade or business within the United States, even if its principal office is located therein. As a result, the Fund will be subject to U.S. federal income tax withholding only with respect to certain types of income from United States sources considered fixed, determinable, annual and periodic income (such as dividends and interest paid by U.S. payors).

18

 

DGI Balanced Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
December 31, 2021

 

In general, the Fund’s distributions will be subject to Puerto Rico income taxes as dividend income, capital gains, or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a Puerto Rico tax-qualified retirement plan or an IRA, in which case your distributions may be taxed as ordinary income when withdrawn from the tax-advantaged account. Such distributions will also be subject to U.S federal income taxes and the PFIC rules if received by a U.S. person not residing in Puerto Rico. Distributions to residents of Puerto Rico who own, directly or indirectly, less than 10% of the total shares of the Fund will not be subject to U.S. federal income taxes.

 

6.CONTROL OWNERSHIP

 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of the Fund creates presumption of control of the Fund, under Section 2(a) 9 of the 1940 Act. As of December 31, 2021, Pershing, holding shares for the benefit of others in nominee name, held approximately 99.6% of the voting securities of the Fund.

 

7.SUBSEQUENT EVENTS

 

Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

19

 

DGI Balanced Fund
EXPENSE EXAMPLES (Unaudited)
December 31, 2021

 

As a shareholder of the DGI Balanced Fund, you incur ongoing costs, including management fees and certain Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and compare these costs with the ongoing costs of investing in other mutual funds.

 

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2021 through December 31, 2021.

 

Actual Expenses

 

The “Actual Expenses” line in the table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

 

Hypothetical Example for Comparison Purposes

 

The “Hypothetical” line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

 

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales loads, or redemption fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

           Actual  Hypothetical (5% return before
expenses)		  
                       
        Beginning              
        Account  Ending  Expenses Paid  Ending  Expenses Paid  
     Annualized  Value  Account Value  During Period  Account Value  During Period  
     Expense Ratio  7/1/2021  12/31/2021  7/1/21-12/31/21  12/31/2021  7/1/21-12/31/21  
                       
  Class P*  1.20%  $1,000.00  $1,013.40  $6.09  $1,019.16  $6.11  
  Class T*  1.20%  $1,000.00  $1,013.40  $6.09  $1,019.16  $6.11  
  Class NT*  1.20%  $1,000.00  $1,013.40  $6.09  $1,019.16  $6.11  

 

*Expenses paid during the period are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the full half-year period).

20

 

PROXY VOTING POLICY

 

Information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve month period ended June 30 as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies is available without charge, upon request, by calling 1-877-910-4232 or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

 

PORTFOLIO HOLDINGS

 

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to Form N-PORT. Form N-PORT are available on the SEC’s website at http://www.sec.gov. The information on Form N-PORT is available without charge, upon request, by calling 1- 877-910-4232.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
INVESTMENT ADVISER
Oriental Trust
254 Munoz Rivera Avenue, 10th Floor
San Juan, Puerto Rico 00918
 
ADMINISTRATOR
Ultimus Fund Solutions, LLC
225 Pictoria Drive, Suite 450
Cincinnati, OH 45246
 
DGIPR-SAR-21

 

 

(b)       Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

 

Item 2. Code of Ethics. Not applicable.

 

Item 3. Audit Committee Financial Expert. Not applicable.

 

Item 4. Principal Accountant Fees and Services. Not applicable.

 

Item 5. Audit Committee of Listed Companies. Not applicable to open-end investment companies.

 

Item 6. Schedule of Investments. Schedule of investments in securities of unaffiliated issuers is included under Item 1.

 

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. Not applicable to open-end investment companies.

 

Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable to open-end investment companies.

 
 

 

Item 9. Purchases of Equity Securities by Closed-End Funds. Not applicable to open-end investment companies.

 

Item 10. Submission of Matters to a Vote of Security Holders. None

 

Item 11. Controls and Procedures.

 

(a)       Based on an evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the principal executive officer and principal financial officer of the Registrant have concluded that the disclosure controls and procedures of the Registrant are reasonably designed to ensure that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported by the filing date, including that information required to be disclosed is accumulated and communicated to the Registrant’s management, including the Registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

 

(b)       There were no significant changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

 

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. Not applicable to open-end investment companies.

 

Item 13. Exhibits.

 

(a)(1) Code of Ethics filed herewith.

 

(a)(2) Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith.

 

(a)(3) Not applicable for open-end investment companies.

 

(b)       Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) are filed herewith.

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant) DGI Investment Trust

 

By (Signature and Title)

/s/ Jose R. Fernandez Martinez

Jose R. Fernandez Martinez, Principal Executive Officer/President

 

Date 3/7/22

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

 
 

By (Signature and Title)

/s/ Jose R. Fernandez Martinez

Jose R. Fernandez Martinez, Principal Executive Officer/President

 

Date 3/7/22

 

By (Signature and Title)

/s/ Maritza Arizmendi Diaz

Maritza Arizmendi Diaz, Principal Financial Officer/Treasurer

 

Date 3/7/22