Washington, D.C. 20549
Ford B. Draper, Jr., President
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission
to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory,
disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and
the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (OMB) control
number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has
reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
The Report to Shareholders is attached herewith.
KALMAR POOLED INVESTMENT TRUST
Kalmar Growth-with-Value Small Cap Fund
Annual Report
December 31, 2013
This report has
been prepared for the general information of Kalmar Pooled Investment Trust shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current prospectus. Investors are reminded to read the
prospectus carefully before investing or sending money.
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Report from Management
December 31, 2013
January 30, 2014
Dear Fellow Shareholders and Friends:
In the lexicon of the past few years, 2013
was certainly a risk-on year for U.S. equity investors overall and particularly for smaller company investors. The Russell 2000 Index had its fourth best year ever, with the Growth subset of the Index performing 4.5% better, ending the
year up 43.3%. Despite a Fourth Quarter that saw the small stock indexes advance powerfully, investors mixed a little caution into the otherwise pedal to the metal behavior that was most rewarded in the market last year. Accordingly, the
S&P 500 outperformed them quarterly for the first time in 2013. Also, while the three smallest market cap quintiles within the Russell 2000 Growth Index outperformed notably again and stocks with prices under $5 were far stronger than those with
higher prices, at the same time in a seemingly tentative shift from earlier in the year investors favored companies in the highest ROE quintiles, companies with lower rather than high-to-infinite P/Es, and companies with lower
expected growth rates. These Fourth Quarter performance influences represented a mixed environment for Kalmars investment style, yet good stock picking helped us outperform for December and the full Fourth Quarter in the Kalmar
Growth-with-Value Small Cap Fund.
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Total Returns %
As of 12/31/13
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Average Annualized Total Returns %
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QTD
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1-Yr
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3-Yr
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5-Yr
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10-Yr
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Since
Inception
4/11/97
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KGSCX Investor Class
a
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8.56
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43.14
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17.80
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24.05
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9.55
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10.03
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KGSAX Advisor Class
b
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8.56
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43.14
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17.80
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24.05
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9.55
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10.03
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KGSIX Institutional Class
c
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8.56
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43.14
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17.80
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24.05
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9.55
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10.03
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Russell 2000
Growth
®
Index
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8.17
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43.30
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16.82
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22.58
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9.41
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7.29
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Russell
2000
®
Index
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8.72
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38.82
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15.67
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20.08
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9.07
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8.95
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S&P 500 Index
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10.50
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32.44
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16.19
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17.90
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7.37
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7.38
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Note:
Returns shown longer than 1-year are annualized. The performance data quoted
represents past performance. Past performance does not guarantee future results. Investment return and principal values will fluctuate, and upon redemption shares may be worth more or less than original cost. The Funds current performance may
be lower or higher than the performance data quoted. Contact the investment adviser at 800-463-6670 to obtain performance current to the most recent month-end. The table does not reflect the deduction of taxes that a shareholder would pay on fund
distributions or the redemption of fund shares. The Funds annual gross operating expenses for the Investor, Advisor and Institutional classes, as stated in the current prospectus, are 1.52%, 1.37% and 1.27%, respectively. This rate can
fluctuate and may differ from that printed in the prospectus. As of December 31, 2013, the expense ratios were 1.29%, 1.32% and 1.22% respectively. The Fund imposes a 2.0% redemption fee on shares redeemed within 90 days of purchase. Small company
stocks are generally riskier than large company stocks due to greater volatility and less liquidity. You cannot invest directly in an index.
a
Investor class performance prior to May 1, 2013 reflects certain sub-accounting and shareholder
1
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Report from Management continued
services fees similar to the formal Shareholder Services Fees plan initiated on that date and deducted from the Funds assets at the annualized rate of 0.25%.
b
Advisor Class federal registration was effective beginning April 22, 2013 but the class did not begin operations until
July 18, 2013. Advisor Class performance prior to July 19, 2013 is the performance of the Investor Class.
c
Institutional Class federal registration was effective beginning April 22, 2013 but the class did not begin
operations until May 14, 2013. Institutional Class performance prior to May 15, 2013 is the performance of the Investor Class.
It is our
full year 2013 performance, however, that most gratifies us on behalf of shareholders. The principal reason is that, despite the slight shift at year-end, for the full year low market cap and low quality performance factors clearly dominated returns
among smaller companies. Driving performance conspicuously for the year were the very smallest market caps, the non-earners, the lowest-ROEs, the higher-Betas, and the highest-debt-to-cap stocks. This had the biggest negative impact on
our comparative performance in the First Quarter when the Kalmar Fund lagged our primary benchmark, the Russell 2000 Growth, by approximately 3.0% percentage points. Critically, Kalmar maintained conviction in our company research and our commitment
to high quality business ownership, to inefficient valuations which we judged could rise, and to employing strong risk control in all aspects of the investment process. Despite the persistence of the low quality trends throughout the following nine
months, we gradually pulled back to effectively even with the Funds powerful benchmark, while importantly taking less risk. Witness the fact that this fine performance for the year came despite a very large underweight to the highest
performing sector in the Index, namely Health Care, because for sensible risk control reasons we elect to avoid the volatility, binary risk, cash burn, and money-losing character of the many small speculative Pharma and Biotech stocks that comprise
half that sector in the Russell 2000. (Youve heard this litany from Kalmar many times before.) We believe a good job for the year 2013, thanks to the collective capabilities of Kalmars experienced team and the fundamental productivity of
our Growth-with-Value investment philosophy.
Fourth Quarter Performance Attribution
(Please recall that Kalmar invests
bottom-up, not top-down sectorally.)
Evaluating the Fourth Quarter in general, our longer term stock selection was the
prime driver of good returns, as it was all year. That positive effect was partially offset by a slightly rising cash position that came about as we rigorously employed our peel the onion strategy to pare back positions as short term
price targets were met and market valuations continued to expand. Though our pipeline of new ideas is fertile, we were temporarily a bit cautious redeploying cash as we either trimmed or sold holdings outright.
Looking at
performance attribution
specifically, our holdings in the Technology sector our largest sectoral allocation contributed
the most and were up approximately double the overall sector. Our holdings in the Materials & Processing, Financial Services, Health Care, and Consumer Staples sectors also contributed to relative returns. It is interesting to note that this
quarter within Health Care the Biotech industry was essentially flat while the Pharma industry was strong and outperformed both the sector and the overall benchmark. In past periods these two industries have moved approximately in tandem with each
other. Our Health Care results contributed this quarter because we enjoyed good results from most of our holdings there and our single holdings from both the
2
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Report from Management continued
Biotech and Pharma industries outperformed nicely. Offsetting these contributions was relative underperformance among our holdings in the Consumer Discretionary and Energy sectors. Aside from the
more meaningful impact of cash mentioned above, our sector weighting differentials made little difference to relative return individually or in aggregate.
Recent Portfolio Activity
1
During the Fourth Quarter we purchased 3 new holdings for the Kalmar Fund (and sold 13 completely) Peel the Onion trim and Beef Up
decisions were active in our effort to optimize future portfolio reward-to-risk and, as mentioned, to control risk. Examples of recent new purchases include:
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Stein Mart
,
Inc.
2
(SMRT) Market Cap $600 Million: This small-box department store concept offers every-day low prices that
are as much as 60% off department store regular prices along with higher levels of customer service. We anticipate growth from improved merchandising, a reinvigorated home department, a re-launched E-commerce website, growth in their relatively new
private label credit card, and a re-acceleration in new store expansion.
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Electronics for Imaging, Inc
.
3
Market Cap $1.5 Billion: The company provides large format digital inkjet printers, printing process automation software solutions, and color digital print
controllers. It appears to be transforming its business into a higher margin, higher recurring revenue business model with the benefit of new products, new markets, and the productive reinvestment of its growing free cash flow.
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Vitamin Shoppe, Inc
.
4
(VSI) Market Cap $1.7 Billion: We believe this specialty retailer can benefit from a confluence of factors that may drive revenues, and earnings higher, namely,
new store growth, targeted marketing into its loyalty card program, growing e-commerce sales, and expanding private label product offerings.
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Portfolio Positioning
Kalmar invests with a forward horizon of at least one to several
years, seeking strong returns with lower risk over longer time frames. We dont attempt to trade short term themes and sector shifts. Our research is intensely bottom-up focused
1
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The information provided in this commentary is not sufficient upon which to base an investment decision and should not be considered a recommendation to purchase or
sell a particular security. There is no guarantee that the portfolio will continue to hold any one particular security or stay invested in any one particular sector or that any stock mentioned will be successful. This commentary is not
representative of all securities purchased or sold for the portfolio. Holdings are subject to change. Kalmar Investments will provide a list of security purchases and sales for the past 12 months upon request.
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2
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Stein Mart, Inc. (0.4% % of the Kalmar Fund assets as of 12/31/2013)
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3
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Electronics for Imaging, Inc. (0.5% of % of the Kalmar Fund assets as of 12/31/13)
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4
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Vitamin Shoppe, Inc. (0.7% of % of the Kalmar Fund assets as of 12/31/13)
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3
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Report from Management continued
on developing proprietary conviction in a companys fundamental ability to deliver above-expectation competitive gains, revenue growth, margin expansion, earnings progress, and cash
generation. Accordingly, our sector weights evolve slowly and organically over market cycles.
That said, our bottom-up research has led the
Kalmar Fund to be overweight in the Materials & Processing, Producer Durables, and Technology sectors. These sectors of the economy offer many opportunities to qualify growth companies with special attributes such as intellectual property, niche
expertise, or manufacturing/service dominance, to name a few, that can be leveraged across the globe rather than just in the U.S., which can give them larger addressable markets and longer runway for potential growth. Though more economically
sensitive, such companies can have relatively fewer competitors, which enhances pricing power, while their regulatory oversight can be less onerous than in other industries. Further, unlike many growth stocks now, certain of these companies trade at
moderate multiples of 2014 and 2015 consensus earnings expectations. This should make for attractive reward-to-risk opportunities, particularly when our research can develop a differentiated earnings power assessment for the particular business. And
if we are indeed on the cusp of improving world growth, this could also provide a helpful tailwind for such companies.
In contrast, we remain
underweight in the Health Care and Financial Services sectors. The Health Care underweight results mostly from our oft-described risk control discipline to avoid the binary risk and other higher risk/lower reward characteristics of many
smaller limited-product Pharmaceutical and Biotech companies, such as speculative valuations, negative earnings, and cash burn. Moreover, policy uncertainty related to Obamacare as it will impact Health Care services and reimbursement
rates makes it that much more difficult to find companies able to lower costs, improve patient outcomes, and grow unimpeded. We think better opportunities can be found elsewhere. The same is true of the now more highly regulated Financial Services
sector, where we have been systematically underweight for years. This is because most garden-variety banks, insurers, finance companies, and REITs either broadly do not meet our growth investment criteria or have unacceptable transparency
risk related to the quality of their assets when they attempt to grow rapidly. For graphic examples, just think back to the Financial Crisis.
While purposefully avoiding
direct
investment in smaller Biotechs, or Banks with outsized growth ambitions, or other volatile groups like commodity-dependent companies, Kalmar invests in such
industries
indirectly
by identifying service companies supplying their particular needs, or the needs of their customers, without taking on the sorts of risks referred to above. Related to Biotech binary risk for instance, think of the good
growth companies that developed selling picks and shovels to the miners during the gold rush, rather than the difficulty of attempting to divine in advance the scarce few in the gold camps that would ever actually strike paydirt.
That said, Biotechs in the Russell 2000 index comprise such a large 7% weighting that it is nearly impossible to create adequate indirect exposure when
such a group is on fire like recently. The good news is that such periods have generally been short-lived and self-correcting, though this one is proving longer-lived, primarily because of takeovers by Big Pharma seeking to boost their drug
pipelines. Still, in the interest of better risk control, if we cant
4
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Report from Management continued
create indirect angle shots, then we accept the consequences when some group that doesnt meet our rigorous investment criteria fires up. Whatever the momentary outcome, over time this
particular risk-avoidance practice has proven to be beneficial to longer term portfolio returns while also damping volatility. Moreover, good fundamental stock picking in systematically underweighted groups can deliver significant relative
contribution vis-à-vis the indexes. Witness the big impact our few differentiated Financial Service holdings had in the Fund portfolio for the Year 2013.
Reasonable valuation is a critical concept of course. Much of 2013s strong equity returns came from rising stock valuations in certain areas, plus an expanding market multiple generally, rather than
commensurately strong corporate earnings growth. Ballooning valuation was most notable in several areas, some not especially healthy. Examples include: many Micro-Caps; low quality/non-earnings companies; Biotechs; some Consumer Staples names;
social media stocks, IPOs and the like; as well as purportedly bullet-proof ultra high revenue growth companies with little earnings. Performance/momentum chasing accounted for much of this. So, how in such an environment does Kalmar cope with
this performance influence, attempt to protect against excesses, and create future opportunities?
First, Kalmar is avoiding what appear to be
extremes by maintaining our quality and valuation disciplines yet nevertheless has succeeded in running neck and neck with the exceptionally strong yet low-quality-driven Russell 2000 Growth index return for the year 2013, importantly with
less risk taken. Second, we are carefully adhering to our Peel the Onion strategy that seeks to successfully harvest partial positions in winning stocks when they exceed our short term price targets. The intended benefits of this are to
maintain a reasonable valuation for the overall portfolio, guard against unforeseen company mis-steps or competitive threats, and create capital for re-deployment into new quality-growth holdings at inefficient valuations.
Arguably, in todays more highly valued market and slow economy, finding high reward with low risk opportunities is a challenge. Nevertheless, the
seasoning and creativity of Kalmars investment team, the benefits of purposefully casting a wide research net into areas not necessarily considered growthy, plus a longer term focus than employed by many investors assists this
process. So does the discovery opportunity inherent in the several-thousand-stock small stock universe and the deep knowledge base, which we continually feed, of Kalmars 10-person investment team. Suffice to say that we have still been able to
refresh the Fund portfolio with new opportunities that complement our longer term positions.
Economic and Market Outlook
Since fall 2012 Kalmar has been up-beat on U.S. equity market prospects, more so than many observers. In part this was because we have believed for an
extended period that the U.S. is the best house on the world block. That conviction, coupled with our more positive views on the economic and market outlook for 2013, have been well rewarded despite substantial economic and policy uncertainties and
political gridlock. We also remain several-year bullish, though there will be significant corrections along the way possibly triggered by overvaluation or third world events, who knows and inevitably greater market volatility than in
2013.
5
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Report from Management continued
Our view is pretty simple: Despite the internationally embarrassing dysfunction in Washington and
the more highly valued market the U.S. Economy is gradually strengthening. Layoffs are dwindling, hiring and capital spending plans are rising, the wealth effect is now a positive, and housing has moved from a substantial drag to a cyclical
driver. Europe has bottomed and green shoots are sprouting. Japan too, but somewhat more robustly so. Chinas growth trajectory will be benefitted by all this though its economy is in a definite slowing trend and a blow-up in its
debt-fueled financial and shadow banking system probably represents the biggest risk to developed markets among the known unknowns. Even more so in case of such a dangerous event, concerted central bank stimulus likely would continue to
support the global economy and tapering will be gradual both here and abroad. We appear some time away from monetary tightening. Moreover, with significant output gaps in many economies and a potential gathering of positives, we do not
envisage recession risk for several years rather a probable improvement in the rate of U.S. and world growth which we believe can support market valuations on rising earnings.
This possibility suggests to us an on-going beneficial outlook for equities, continuation of a gradual secular shift from bonds to stocks, and potentially good 2014 returns as well when all is said and
done. Kindly remember, though, that Kalmar manages the Fund holdings by holding bottom-up, seeking companies that can thrive against
a range of
economic outcomes and not against the dictates of any specific scenario. Also remember that for
shareholders we seek to avoid swing-for-the-fences volatility in favor of longer term, strong risk-adjusted returns.
Organizational
Developments
Things go very well at Kalmar. Morale and energy are high throughout. Our 10-person investment team, we believe, is the
deepest and most capable in the firms history and like our trading operations, admin/compliance, and client service teams is stable, productive, and motivated to succeed for shareholders.
We wish you all a successful, healthy, and prosperous New Year. As discouraging as things often are in Washington, in the U.S. broadly as well as
internationally the outlook is better. There appears to be a synchronized but gradual global expansion underway that could succeed in raising growth without boosting inflation significantly for some time. If this were to transpire, it should be a
good combination for future equity returns.
Yours faithfully,
Ford B. Draper, Jr., President
Kalmar Pooled Investment Trust
6
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Report from Management continued
IMPORTANT INFORMATION
Kalmars comments reflect the investment advisers general opinions regarding the market, economy, and any stocks mentioned or stock opinions given, were current only as of the date of this
letter, and are subject to change at any time. The information provided in this letter is not sufficient upon which to base an investment decision and should not be considered a recommendation to purchase or sell a particular security.
A preponderant portion of the investments in the Kalmar Fund are in small cap stocks. Investments in small cap stocks involve greater risks than
investments in larger, more established companies, are more volatile, and may suffer significant losses. Further, the market for small cap stocks is generally less liquid than the markets for larger stocks, which can contribute to increased price
volatility of small cap stocks. Kalmar invests in growth stocks with the potential for significant growth and may be more volatile because they are more sensitive to market conditions. Kalmar may seek to buy these stocks at undervalued prices and
this involves the risk that the securities may remain undervalued for an extended period of time and may not realize its full potential. Market or economic conditions can vary widely over time and can result in a loss of portfolio value.
Current and future portfolio holdings are subject risk. There is no guarantee that the Kalmar Fund will continue to hold any one particular security or
stay invested in any one particular sector. The performance of any single portfolio holding is no indication of the performance of other portfolio holdings or of the performance of the Fund itself. This commentary is not representative of all
securities purchased or sold for the Kalmar Fund. Holdings are subject to change. Kalmar Investments will provide a list of security purchases and sales for the past 12 months upon request. The market cap values are shown at time of purchase.
ROE (Return on equity) measures a corporations profitability by revealing how much profit a company generates with the money
shareholders have invested. Beta measures a portfolios sensitivity to market movements. The beta of the market is 1.00 by definition.
The Kalmar Growth-with-Value Small Cap Funds benchmark is the Russell 2000
®
Growth. The Russell 2000
®
Growth Index is reconstituted annually and measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth rates. The Russell 2000
®
Index covers up to 2,000 companies in the U.S. market. The Russell 2000
®
Index and Russell 2000
Growth
®
Index are registered trademarks of Russell Investments. Russell is a trademark of Russell Investments.
For comparative purposes, the S&P 500 index is shown. The S&P 500 Index is an unmanaged group of securities generally considered to represent the performance of the large capitalization sector of the U.S. equity securities market.
The indices mentioned here-in are unmanaged and not available for direct investment. Unlike a mutual fund, the performance of these indices
assumes no taxes, transaction costs, management fees or other expenses.
Shares of the Kalmar Pooled Investment Trust are distributed by
Foreside Funds Distributors LLC, Berwyn, PA., not an adviser affiliate.
7
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Report from Management concluded
Kalmar Pooled Investment Trust Growth-with-Value Small Cap Fund
Investor Class Shares
Growth of $10,000 vs. The Russell 2000
®
Growth Index and The Russell 2000
®
Index
The performance data quoted represents past performance and does not guarantee future results. Current performance
may be lower or higher. Performance data current to the most recent
month-end
may be obtained by calling
800-463-6670.
The
investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund
distributions or the redemption of fund shares. The Funds annual gross operating expense, as stated in the current prospectus, is 1.52%, 1.27% and 1.37% with respect to the Investor Class, the Institutional Class and the Advisor Class. This
rate can fluctuate and may differ from the actual expenses incurred for the period covered by this report. The Funds investment adviser, Kalmar Investment Advisers (Kalmar or the Adviser), has contractually agreed to
the reimbursement of other operating expenses or the waiver of all or a portion of its advisory fee in order to limit Total Annual Fund Operating Expenses, excluding extraordinary expenses, brokerage commissions, interest and
Acquired Fund Fees and Expenses, to, as a percentage of average daily net assets, 1.50%, 1.25% and 1.35% with respect to the Investor Class, the Institutional Class and the Advisor Class, respectively (the Expense
Limitation). Kalmar will reimburse expenses attributable to a specific class before waiving its advisory fee or reimbursing other expenses allocated to the Fund as a whole (Fund-wide expenses). The Expense Limitation will remain in
place until April 30, 2014, unless the Board of Trustees approves its earlier termination. Subject to approval by the Board of Trustees, the Adviser may recoup any expenses reimbursed or fees waived within a three-year period from the year in which
the Adviser reimbursed expenses of a Class or the Fund or waived its fees. No recoupment will occur unless the expenses of a Class or the Fund are below the Expense Limitation. The Fund imposes a 2% redemption fee calculated as a percentage of the
amount redeemed and is charged only if shares are redeemed within 90 days of purchase.
The Russell 2000
®
Growth and the Russell 2000
®
indices are unmanaged stock market indices and do not reflect any
asset-based charges for investment management or transaction expenses. It is not possible to invest directly into an index.
8
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Fund Expense Example
(Unaudited)
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including
redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to 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 six months ended December 31, 2013.
Actual Expenses
The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, 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 first line under the heading entitled Expenses
Paid During Six Months Ended December 31, 2013 to estimate the expenses you paid on your account during this period.
Hypothetical
Example for Comparison Purposes
The second line of the table below provides information about hypothetical account values and hypothetical
expenses based on the Funds actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds actual return. The hypothetical account values and expenses may not be used to estimate the actual
ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that
appear in the shareholder reports of other funds.
9
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Fund Expense Example concluded
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 redemption fees. Therefore, the second line of 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
transactional costs were included, your costs would have been higher.
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Kalmar Growth-with-Value
Small-Cap
Fund
|
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Beginning Account Value
July 1,
2013
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Ending Account Value
December 31, 2013
|
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Expenses Paid During
Six Months Ended
December 31, 2013
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Investor Class*
|
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Actual
|
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$1,000.00
|
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$1,230.80
|
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$7.27
|
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Hypothetical (5% return before expenses)
|
|
$1,000.00
|
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$1,018.69
|
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$6.58
|
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Institutional Class**
|
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|
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Actual
|
|
$1,000.00
|
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$1,230.10
|
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$6.85
|
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Hypothetical (5% return before expenses)
|
|
$1,000.00
|
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$1,019.06
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$6.20
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Advisor Class***
|
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Actual
|
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$1,000.00
|
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$1,154.80
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|
|
|
$6.45
|
|
Hypothetical (5% return before expenses)
|
|
$1,000.00
|
|
|
$1,016.76
|
|
|
|
$6.69
|
|
*
|
Expenses are equal to the Investor Classs annualized expense ratio of 1.29% multiplied by the average account value over the period, multiplied by 184 days/365
days (to reflect the
one-half
year period). The Investor Classs ending account value on the first line in the table is based on its actual total return of 23.08% for the
six-month
period of July 1, 2013 to December 31, 2013.
|
**
|
The Fund began issuing Institutional Class on May 15, 2013. Expenses are equal to the Institutional Classs annualized expense ratio of 1.22% multiplied by the
average account value over the period, multiplied by 184 days/365 days (to reflect the one-half year period). The Institutional Classs ending account value on the first line in the table is based on its actual total return of 23.01% for the
six-month period of July 1, 2013 to December 31, 2013.
|
***
|
The Fund began issuing Advisor Class on July 19, 2013. Actual expenses are equal to the Advisor Classs annualized expense ratio of 1.32% multiplied by the average
account value over the period, multiplied by 166 days/365 days (to reflect the period July 19, 2013 through December 31, 2013). Hypothetical expenses reflect the full one-half year period (184 days). The Advisor Classs ending account value on
the first line in the table is based on its actual return of 15.48% for the period of July 19, 2013 to December 31, 2013.
|
10
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Portfolio Holdings Summary Table
December 31, 2013
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
% of Net
Assets
|
|
|
Value
|
|
Common Stock:
|
|
|
|
|
|
|
|
|
Technology
|
|
|
25.9
|
%
|
|
$
|
234,790,488
|
|
Consumer Discretionary
|
|
|
18.6
|
|
|
|
168,420,858
|
|
Producer Durables
|
|
|
13.1
|
|
|
|
118,945,203
|
|
Materials & Processing
|
|
|
10.1
|
|
|
|
90,925,265
|
|
Healthcare
|
|
|
9.4
|
|
|
|
85,081,201
|
|
Financial Services
|
|
|
6.1
|
|
|
|
54,885,900
|
|
Energy
|
|
|
4.7
|
|
|
|
42,833,085
|
|
Consumer Staples
|
|
|
2.1
|
|
|
|
19,009,212
|
|
Utilities
|
|
|
0.6
|
|
|
|
5,734,914
|
|
Exchange-Traded Fund
|
|
|
5.8
|
|
|
|
52,205,905
|
|
Money Market Security
|
|
|
3.6
|
|
|
|
33,076,113
|
|
Securities Lending Collateral
|
|
|
9.6
|
|
|
|
86,666,639
|
|
|
|
|
|
|
|
|
|
|
Total Investments
|
|
|
109.6
|
|
|
|
992,574,783
|
|
Liabilities In Excess Of Other Assets
|
|
|
(9.6
|
)
|
|
|
(86,717,960
|
)
|
|
|
|
|
|
|
|
|
|
NET ASSETS 100.0%
|
|
|
100.0
|
%
|
|
$
|
905,856,823
|
|
|
|
|
|
|
|
|
|
|
See Accompanying Notes to
Financial Statements
11
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Schedule of Investments
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
(Note 2)
|
|
Common Stock 90.6%
|
|
|
|
|
|
|
|
|
Consumer Discretionary 18.6%
|
|
|
|
|
|
|
|
|
A
UTO
P
ARTS
1.0%
|
|
|
|
|
|
|
|
|
Fox Factory Holding Corp. *
|
|
|
71,020
|
|
|
$
|
1,251,372
|
|
LKQ Corp. *
|
|
|
248,750
|
|
|
|
8,183,875
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,435,247
|
|
|
|
|
|
|
|
|
|
|
C
OSMETICS
0.4%
|
|
|
|
|
|
|
|
|
Elizabeth Arden, Inc. *
|
|
|
111,318
|
|
|
|
3,946,222
|
|
|
|
|
|
|
|
|
|
|
E
NTERTAINMENT
1.9%
|
|
|
|
|
|
|
|
|
Imax Corp. (Canada) * (a)
|
|
|
282,385
|
|
|
|
8,324,709
|
|
Live Nation Entertainment, Inc. *
|
|
|
463,985
|
|
|
|
9,168,344
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,493,053
|
|
|
|
|
|
|
|
|
|
|
L
EISURE
T
IME
1.7%
|
|
|
|
|
|
|
|
|
Life Time Fitness, Inc. *
|
|
|
323,930
|
|
|
|
15,224,709
|
|
|
|
|
|
|
|
|
|
|
R
ESTAURANTS
1.6%
|
|
|
|
|
|
|
|
|
Krispy Kreme Doughnuts, Inc. *
|
|
|
724,775
|
|
|
|
13,980,909
|
|
|
|
|
|
|
|
|
|
|
S
PECIALTY
R
ETAIL
10.2%
|
|
|
|
|
|
|
|
|
Conns, Inc. *
|
|
|
223,810
|
|
|
|
17,633,989
|
|
DSW, Inc. (A Shares)
|
|
|
430,110
|
|
|
|
18,378,600
|
|
Monro Muffler Brake, Inc. (a)
|
|
|
117,955
|
|
|
|
6,647,944
|
|
Pier 1 Imports, Inc.
|
|
|
382,095
|
|
|
|
8,818,753
|
|
Stage Stores, Inc.
|
|
|
411,600
|
|
|
|
9,145,752
|
|
Stein Mart, Inc.
|
|
|
300,400
|
|
|
|
4,040,380
|
|
Tractor Supply Co.
|
|
|
119,360
|
|
|
|
9,259,949
|
|
Ulta Salon Cosmetics & Fragrance, Inc. *
|
|
|
71,340
|
|
|
|
6,885,737
|
|
Vitamin Shoppe, Inc. *
|
|
|
130,580
|
|
|
|
6,791,466
|
|
Zumiez, Inc. *
|
|
|
175,795
|
|
|
|
4,570,670
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
92,173,240
|
|
|
|
|
|
|
|
|
|
|
See Accompanying Notes to Financial Statements
12
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Schedule of Investments continued
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
(Note 2)
|
|
Consumer Discretionary (Continued)
|
|
|
|
|
|
|
|
|
T
EXTILES
A
PPAREL
& S
HOES
1.8%
|
|
|
|
|
|
|
|
|
Oxford Industries, Inc.
|
|
|
200,415
|
|
|
$
|
16,167,478
|
|
|
|
|
|
|
|
|
|
|
T
OTAL
C
ONSUMER
D
ISCRETIONARY
|
|
|
|
|
|
|
168,420,858
|
|
|
|
|
|
|
|
|
|
|
Consumer Staples 2.1%
|
|
|
|
|
|
|
|
|
F
OODS
2.1%
|
|
|
|
|
|
|
|
|
United Natural Foods, Inc. *
|
|
|
252,145
|
|
|
|
19,009,212
|
|
|
|
|
|
|
|
|
|
|
T
OTAL
C
ONSUMER
S
TAPLES
|
|
|
|
|
|
|
19,009,212
|
|
|
|
|
|
|
|
|
|
|
Energy 4.7%
|
|
|
|
|
|
|
|
|
O
FFSHORE
D
RILLING
& O
THER
S
ERVICES
0.6%
|
|
|
|
|
|
|
|
|
Atwood Oceanics, Inc. *
|
|
|
107,925
|
|
|
|
5,762,116
|
|
|
|
|
|
|
|
|
|
|
O
IL
: C
RUDE
P
RODUCERS
4.1%
|
|
|
|
|
|
|
|
|
Bonanza Creek Energy, Inc. *
|
|
|
143,300
|
|
|
|
6,229,251
|
|
Magnum Hunter Resources Corp. * (a)
|
|
|
1,862,805
|
|
|
|
13,617,105
|
|
PDC Energy, Inc. *
|
|
|
123,105
|
|
|
|
6,551,648
|
|
Rex Energy Corp. *
|
|
|
541,500
|
|
|
|
10,672,965
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37,070,969
|
|
|
|
|
|
|
|
|
|
|
T
OTAL
E
NERGY
|
|
|
|
|
|
|
42,833,085
|
|
|
|
|
|
|
|
|
|
|
Financial Services 6.1%
|
|
|
|
|
|
|
|
|
A
SSET
M
ANAGEMENT
& C
USTODIAN
1.1%
|
|
|
|
|
|
|
|
|
Financial Engines, Inc.
|
|
|
141,050
|
|
|
|
9,800,154
|
|
|
|
|
|
|
|
|
|
|
C
ONSUMER
L
ENDING
1.5%
|
|
|
|
|
|
|
|
|
Encore Capital Group, Inc. *
|
|
|
275,960
|
|
|
|
13,869,750
|
|
|
|
|
|
|
|
|
|
|
F
INANCIAL
D
ATA
& S
YSTEMS
3.5%
|
|
|
|
|
|
|
|
|
Alliance Data Systems Corp. *
|
|
|
63,285
|
|
|
|
16,639,525
|
|
WageWorks, Inc. *
|
|
|
245,230
|
|
|
|
14,576,471
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31,215,996
|
|
|
|
|
|
|
|
|
|
|
T
OTAL
F
INANCIAL
S
ERVICES
|
|
|
|
|
|
|
54,885,900
|
|
|
|
|
|
|
|
|
|
|
See Accompanying Notes to Financial Statements
13
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Schedule of Investments continued
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
(Note 2)
|
|
Healthcare 9.4%
|
|
|
|
|
|
|
|
|
B
IOTECHNOLOGY
0.6%
|
|
|
|
|
|
|
|
|
Repligen Corp. *
|
|
|
392,105
|
|
|
$
|
5,348,312
|
|
|
|
|
|
|
|
|
|
|
M
EDICAL
& D
ENTAL
I
NSTRUMENTS
& S
UPPLIES
4.3%
|
|
|
|
|
|
|
|
|
Cooper Companies, Inc. (The)
|
|
|
127,560
|
|
|
|
15,797,030
|
|
ResMed, Inc. (a)
|
|
|
124,550
|
|
|
|
5,863,814
|
|
Vascular Solutions, Inc. *
|
|
|
55,113
|
|
|
|
1,275,866
|
|
West Pharmaceutical Services, Inc.
|
|
|
324,580
|
|
|
|
15,923,895
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38,860,605
|
|
|
|
|
|
|
|
|
|
|
M
EDICAL
E
QUIPMENT
3.6%
|
|
|
|
|
|
|
|
|
Cyberonics, Inc. *
|
|
|
152,765
|
|
|
|
10,007,635
|
|
Haemonetics Corp. *
|
|
|
171,425
|
|
|
|
7,222,135
|
|
Luminex Corp. *
|
|
|
373,000
|
|
|
|
7,236,200
|
|
Spectranetics Corp. *
|
|
|
319,925
|
|
|
|
7,998,125
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,464,095
|
|
|
|
|
|
|
|
|
|
|
P
HARMACEUTICALS
0.9%
|
|
|
|
|
|
|
|
|
Akorn, Inc. *
|
|
|
341,380
|
|
|
|
8,408,189
|
|
|
|
|
|
|
|
|
|
|
T
OTAL
H
EALTHCARE
|
|
|
|
|
|
|
85,081,201
|
|
|
|
|
|
|
|
|
|
|
Materials & Processing 10.1%
|
|
|
|
|
|
|
|
|
B
UILDING
M
ATERIALS
1.7%
|
|
|
|
|
|
|
|
|
NCI Building Systems, Inc. *
|
|
|
282,525
|
|
|
|
4,955,489
|
|
Trex Co., Inc. *
|
|
|
132,940
|
|
|
|
10,572,718
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,528,207
|
|
|
|
|
|
|
|
|
|
|
C
HEMICALS
: D
IVERSIFIED
4.5%
|
|
|
|
|
|
|
|
|
Albemarle Corp.
|
|
|
129,095
|
|
|
|
8,183,332
|
|
Chemtura Corp. *
|
|
|
271,315
|
|
|
|
7,575,115
|
|
PolyOne Corp.
|
|
|
716,269
|
|
|
|
25,320,109
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41,078,556
|
|
|
|
|
|
|
|
|
|
|
See Accompanying Notes to Financial Statements
14
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Schedule of Investments continued
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
(Note 2)
|
|
Materials & Processing (Continued)
|
|
|
|
|
|
|
|
|
C
HEMICALS
: S
PECIALTY
0.7%
|
|
|
|
|
|
|
|
|
Polypore International, Inc. * (a)
|
|
|
151,145
|
|
|
$
|
5,879,541
|
|
|
|
|
|
|
|
|
|
|
D
IVERSIFIED
M
ATERIALS
& P
ROCESSING
2.0%
|
|
|
|
|
|
|
|
|
Belden, Inc.
|
|
|
254,515
|
|
|
|
17,930,582
|
|
|
|
|
|
|
|
|
|
|
S
TEEL
1.2%
|
|
|
|
|
|
|
|
|
Carpenter Technology Corp. (a)
|
|
|
168,945
|
|
|
|
10,508,379
|
|
|
|
|
|
|
|
|
|
|
T
OTAL
M
ATERIALS
& P
ROCESSING
|
|
|
|
|
|
|
90,925,265
|
|
|
|
|
|
|
|
|
|
|
Producer Durables 13.1%
|
|
|
|
|
|
|
|
|
B
ACK
O
FFICE
S
UPPORT
, HR,
AND
C
ONSULTING
1.6%
|
|
|
|
|
|
|
|
|
Corporate Executive Board Co.
|
|
|
101,285
|
|
|
|
7,842,498
|
|
WNS Holdings, Ltd., ADR *
|
|
|
292,529
|
|
|
|
6,409,310
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,251,808
|
|
|
|
|
|
|
|
|
|
|
C
OMMERCIAL
S
ERVICES
: R
ENTAL
& L
EASING
1.6%
|
|
|
|
|
|
|
|
|
Mobile Mini, Inc. *
|
|
|
363,155
|
|
|
|
14,954,723
|
|
|
|
|
|
|
|
|
|
|
E
NGINEERING
& C
ONTRACTING
S
ERVICES
1.7%
|
|
|
|
|
|
|
|
|
Chicago Bridge & Iron Co. N.V. (Netherlands)
|
|
|
189,885
|
|
|
|
15,787,039
|
|
|
|
|
|
|
|
|
|
|
I
NTERNATIONAL
T
RADE
A
ND
D
IVERSIFIED
L
OGISTICS
1.1%
|
|
|
|
|
|
|
|
|
MSC Industrial Direct Co., Inc. (A Shares)
|
|
|
119,240
|
|
|
|
9,642,939
|
|
|
|
|
|
|
|
|
|
|
M
ACHINERY
: I
NDUSTRIAL
2.7%
|
|
|
|
|
|
|
|
|
Middleby Corp. *
|
|
|
51,200
|
|
|
|
12,286,464
|
|
Tennant Co.
|
|
|
174,800
|
|
|
|
11,853,188
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,139,652
|
|
|
|
|
|
|
|
|
|
|
O
FFICE
S
UPPLIES
& E
QUIPMENT
0.5%
|
|
|
|
|
|
|
|
|
Electronics For Imaging, Inc. *
|
|
|
115,700
|
|
|
|
4,481,061
|
|
|
|
|
|
|
|
|
|
|
See Accompanying Notes to Financial Statements
15
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Schedule of Investments continued
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
(Note 2)
|
|
Producer Durables (Continued)
|
|
|
|
|
|
|
|
|
S
CIENTIFIC
I
NSTRUMENTS
: E
LECTRICAL
3.3%
|
|
|
|
|
|
|
|
|
A.O. Smith Corp.
|
|
|
273,455
|
|
|
$
|
14,750,163
|
|
EnerSys, Inc.
|
|
|
216,150
|
|
|
|
15,149,954
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,900,117
|
|
|
|
|
|
|
|
|
|
|
S
HIPPING
0.6%
|
|
|
|
|
|
|
|
|
UTi Worldwide, Inc.
|
|
|
329,605
|
|
|
|
5,787,864
|
|
|
|
|
|
|
|
|
|
|
T
OTAL
P
RODUCER
D
URABLES
|
|
|
|
|
|
|
118,945,203
|
|
|
|
|
|
|
|
|
|
|
Technology 25.9%
|
|
|
|
|
|
|
|
|
C
OMMUNICATIONS
T
ECHNOLOGY
1.2%
|
|
|
|
|
|
|
|
|
Finisar Corp. *
|
|
|
225,782
|
|
|
|
5,400,705
|
|
NICE-Systems, Ltd., Sponsored ADR
|
|
|
128,710
|
|
|
|
5,271,962
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,672,667
|
|
|
|
|
|
|
|
|
|
|
C
OMPUTER
S
ERVICES
S
OFTWARE
& S
YSTEMS
15.7%
|
|
|
|
|
|
|
|
|
Acxiom Corp. *
|
|
|
697,886
|
|
|
|
25,807,824
|
|
Bankrate, Inc. *
|
|
|
771,005
|
|
|
|
13,831,830
|
|
Bottomline Technologies, Inc. *
|
|
|
365,675
|
|
|
|
13,222,808
|
|
Dealertrack Holdings, Inc. *
|
|
|
401,310
|
|
|
|
19,294,985
|
|
InterXion Holding NV *
|
|
|
263,975
|
|
|
|
6,232,450
|
|
MICROS Systems, Inc. * (a)
|
|
|
107,210
|
|
|
|
6,150,638
|
|
NIC, Inc.
|
|
|
415,827
|
|
|
|
10,341,617
|
|
Pegasystems, Inc. (a)
|
|
|
197,575
|
|
|
|
9,716,739
|
|
Sapient Corp. *
|
|
|
690,810
|
|
|
|
11,992,462
|
|
SciQuest, Inc. *
|
|
|
197,115
|
|
|
|
5,613,835
|
|
Syntel, Inc.
|
|
|
66,477
|
|
|
|
6,046,083
|
|
Ultimate Software Group, Inc. *
|
|
|
91,880
|
|
|
|
14,077,854
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
142,329,125
|
|
|
|
|
|
|
|
|
|
|
C
ONSUMER
S
ERVICES
S
OFTWARE
& S
YSTEM
0.3%
|
|
|
|
|
|
|
|
|
MiX Telematics, Ltd., Sponsored ADR *
|
|
|
225,245
|
|
|
|
2,795,290
|
|
|
|
|
|
|
|
|
|
|
See Accompanying Notes to Financial Statements
16
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Schedule of Investments continued
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
(Note 2)
|
|
Technology (Continued)
|
|
|
|
|
|
|
|
|
E
LECTRONIC
C
OMPONENTS
3.7%
|
|
|
|
|
|
|
|
|
3D Systems Corp. * (a)
|
|
|
115,957
|
|
|
$
|
10,775,884
|
|
Methode Electronics, Inc.
|
|
|
176,035
|
|
|
|
6,018,637
|
|
Rogers Corp. *
|
|
|
269,930
|
|
|
|
16,600,695
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33,395,216
|
|
|
|
|
|
|
|
|
|
|
P
RODUCTION
T
ECHNOLOGY
E
QUIPMENT
1.7%
|
|
|
|
|
|
|
|
|
ATMI, Inc. *
|
|
|
205,885
|
|
|
|
6,219,786
|
|
Teradyne, Inc. * (a)
|
|
|
528,300
|
|
|
|
9,308,646
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,528,432
|
|
|
|
|
|
|
|
|
|
|
S
EMICONDUCTORS
& C
OMPONENTS
3.3%
|
|
|
|
|
|
|
|
|
Diodes, Inc. *
|
|
|
294,295
|
|
|
|
6,933,590
|
|
Integrated Device Technology, Inc. *
|
|
|
1,211,735
|
|
|
|
12,347,580
|
|
MaxLinear, Inc. (A Shares) *
|
|
|
384,155
|
|
|
|
4,006,737
|
|
Power Integrations, Inc.
|
|
|
121,495
|
|
|
|
6,781,851
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,069,758
|
|
|
|
|
|
|
|
|
|
|
T
OTAL
T
ECHNOLOGY
|
|
|
|
|
|
|
234,790,488
|
|
|
|
|
|
|
|
|
|
|
Utilities 0.6%
|
|
|
|
|
|
|
|
|
T
ELECOMMUNICATIONS
0.6%
|
|
|
|
|
|
|
|
|
8X8, Inc. *
|
|
|
564,460
|
|
|
|
5,734,914
|
|
|
|
|
|
|
|
|
|
|
T
OTAL
U
TILITIES
|
|
|
|
|
|
|
5,734,914
|
|
|
|
|
|
|
|
|
|
|
T
OTAL
C
OMMON
S
TOCK
(C
OST
$460,074,196)
|
|
|
|
|
|
|
820,626,126
|
|
|
|
|
|
|
|
|
|
|
Warrants 0.0%
|
|
|
|
|
|
|
|
|
Energy 0.0%
|
|
|
|
|
|
|
|
|
Magnum Hunter Resources, Strike price $8.50, Expires 4/15/16
|
|
|
186,281
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
T
OTAL
E
NERGY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
T
OTAL
W
ARRANTS
(C
OST
$ )
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Accompanying Notes to Financial Statements
17
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Schedule of Investments concluded
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
(Note 2)
|
|
EXCHANGE-TRADED FUND 5.8%
|
|
|
|
|
|
|
|
|
D
IVERSIFIED
F
INANCIAL
S
ERVICES
5.8%
|
|
|
|
|
|
|
|
|
iShares Russell 2000 Growth Index Fund (a)
|
|
|
385,255
|
|
|
$
|
52,205,905
|
|
|
|
|
|
|
|
|
|
|
T
OTAL
E
XCHANGE
-T
RADED
F
UND
(C
OST
$49,454,576)
|
|
|
|
|
|
|
52,205,905
|
|
|
|
|
|
|
|
|
|
|
SECURITIES LENDING COLLATERAL 9.6%
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds TempFund Portfolio
|
|
|
86,666,639
|
|
|
|
86,666,639
|
|
|
|
|
|
|
|
|
|
|
T
OTAL
S
ECURITIES
L
ENDING
C
OLLATERAL
(C
OST
$86,666,639)
|
|
|
|
|
|
|
86,666,639
|
|
|
|
|
|
|
|
|
|
|
MONEY MARKET SECURITY 3.6%
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds TempFund Portfolio
|
|
|
33,076,113
|
|
|
|
33,076,113
|
|
|
|
|
|
|
|
|
|
|
T
OTAL
M
ONEY
M
ARKET
S
ECURITY
(C
OST
$33,076,113)
|
|
|
|
|
|
|
33,076,113
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS (C
OST
$629,271,524) 109.6%
|
|
|
|
|
|
|
992,574,783
|
|
|
|
|
LIABILITIES IN EXCESS OF OTHER ASSETS (9.6)%
|
|
|
|
|
|
|
(86,717,960
|
)
|
|
|
|
|
|
|
|
|
|
NET ASSETS 100.0%
|
|
|
|
|
|
$
|
905,856,823
|
|
|
|
|
|
|
|
|
|
|
*
|
Non-income producing security.
|
(a)
|
All or a portion of the security is on loan. See Note 11 in Notes to Financial Statements.
|
ADR American Depository Receipt
See Accompanying Notes to Financial Statements
18
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Statement of Assets and Liabilities
|
|
|
|
|
|
|
As of
December 31, 2013
|
|
Assets:
|
|
|
|
|
Investment in securities, at fair value*
|
|
|
|
|
(Cost $629,271,524)
|
|
$
|
992,574,783
|
|
Receivables for:
|
|
|
|
|
Capital shares subscribed
|
|
|
1,547,198
|
|
Dividends
|
|
|
387,670
|
|
Investment securities sold
|
|
|
364,698
|
|
Other assets
|
|
|
170,481
|
|
|
|
|
|
|
Total Assets
|
|
|
995,044,830
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
Payables for:
|
|
|
|
|
Securities lending collateral
|
|
|
86,666,639
|
|
Capital shares redeemed
|
|
|
788,883
|
|
Advisory fee
|
|
|
752,450
|
|
Investment securities purchased
|
|
|
692,591
|
|
Trustee fees
|
|
|
52
|
|
Accrued expenses and other liabilities
|
|
|
287,392
|
|
|
|
|
|
|
Total Liabilities
|
|
|
89,188,007
|
|
|
|
|
|
|
Net Assets
|
|
$
|
905,856,823
|
|
|
|
|
|
|
Net Assets Consisted of:
|
|
|
|
|
Shares of beneficial interest at par value
|
|
$
|
397,161
|
|
Additional paid-in capital
|
|
|
542,271,371
|
|
Accumulated net realized loss on investments
|
|
|
(114,968
|
)
|
Net unrealized appreciation on investments
|
|
|
363,303,259
|
|
|
|
|
|
|
Net Assets
|
|
$
|
905,856,823
|
|
|
|
|
|
|
See Accompanying Notes to Financial Statements
19
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Statement of Assets and Liabilities concluded
|
|
|
|
|
|
|
As of
December 31, 2013
|
|
INVESTOR CLASS
|
|
|
|
|
Net asset value, offering and redemption price per share
($379,417,160 / 16,637,396 outstanding shares of beneficial interest, $0.01 par value, unlimited authorized
shares)
|
|
$
|
22.81
|
|
|
|
|
|
|
INSTITUTIONAL CLASS
|
|
|
|
|
Net asset value, offering and redemption price per share
($384,551,157 / 16,856,847 outstanding shares of beneficial interest, $0.01 par value, unlimited authorized
shares)
|
|
$
|
22.81
|
|
|
|
|
|
|
ADVISOR CLASS
|
|
|
|
|
Net asset value, offering and redemption price per share
($141,888,506 / 6,221,815 outstanding shares of beneficial interest, $0.01 par value, unlimited authorized
shares)
|
|
$
|
22.81
|
|
|
|
|
|
|
*
|
Includes market value of securities on loan of $84,903,084.
|
See Accompanying Notes to Financial Statements
20
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Statement of Operations
|
|
|
|
|
|
|
For the
Year Ended
December 31, 2013
|
|
Investment Income:
|
|
|
|
|
Dividends (net of $18,041 foreign taxes withheld)
|
|
$
|
2,440,027
|
|
Securities lending income
|
|
|
937,450
|
|
|
|
|
|
|
Total income
|
|
|
3,377,477
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
Advisory fees (Note 6)
|
|
|
7,189,551
|
|
Accounting and administration fees (Note 6)
|
|
|
443,440
|
|
Transfer agent fees (Note 6)
|
|
|
411,307
|
|
Registration fees
|
|
|
176,642
|
|
Legal fees
|
|
|
161,749
|
|
Compliance service fees
|
|
|
81,263
|
|
Trustees fees (Note 6)
|
|
|
76,052
|
|
Custodian fees (Note 6)
|
|
|
61,888
|
|
Audit & tax fees
|
|
|
46,000
|
|
Printing & shareholder report fees
|
|
|
41,764
|
|
Shareholder servicing fees, Investor Class (See Note 6)
|
|
|
467,521
|
|
Shareholder servicing fees, Advisor Class (See Note 6)
|
|
|
13,849
|
|
Miscellaneous
|
|
|
85,699
|
|
|
|
|
|
|
Total expenses
|
|
|
9,256,725
|
|
|
|
|
|
|
Net investment loss
|
|
|
(5,879,248
|
)
|
|
|
|
|
|
Realized and unrealized gain (loss) from investments
|
|
|
|
|
Net realized gain from investments
|
|
|
14,916,831
|
|
Net change in unrealized appreciation on investments
|
|
|
245,382,419
|
|
|
|
|
|
|
Net realized and unrealized gain from investments
|
|
|
260,299,250
|
|
|
|
|
|
|
Net increase in net assets resulting from operations
|
|
$
|
254,420,002
|
|
|
|
|
|
|
See Accompanying Notes to
Financial Statements
21
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Statements of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
For the
Year Ended
December 31, 2013
|
|
|
For the
Year Ended
December 31, 2012
|
|
Increase (Decrease) in Net Assets from Operations:
|
|
|
|
|
|
|
|
|
Net investment loss
|
|
$
|
(5,879,248
|
)
|
|
$
|
(2,715,500
|
)
|
Net realized gain from investments
|
|
|
14,916,831
|
|
|
|
34,221,460
|
|
Net change in unrealized appreciation on investments
|
|
|
245,382,419
|
|
|
|
15,780,342
|
|
|
|
|
|
|
|
|
|
|
Net increase in net assets resulting from operations
|
|
|
254,420,002
|
|
|
|
47,286,302
|
|
|
|
|
|
|
|
|
|
|
Distributions to shareholders:
|
|
|
|
|
|
|
|
|
From net realized capital gains
|
|
|
|
|
|
|
|
|
Investor Class
|
|
|
(6,176,963
|
)
|
|
|
(31,589,357
|
)
|
Institutional Class
|
|
|
(6,331,799
|
)
|
|
|
|
|
Advisor Class
|
|
|
(2,341,027
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions to shareholders
|
|
|
(14,849,789
|
)
|
|
|
(31,589,357
|
)
|
|
|
|
|
|
|
|
|
|
Increase in net assets from capital share transactions
1
|
|
|
230,884,570
|
|
|
|
87,905,441
|
|
|
|
|
|
|
|
|
|
|
Total increase in net assets
|
|
|
470,454,783
|
|
|
|
103,602,386
|
|
Net assets:
|
|
|
|
|
|
|
|
|
Beginning of Year
|
|
|
435,402,040
|
|
|
|
331,799,654
|
|
|
|
|
|
|
|
|
|
|
End of Year
|
|
$
|
905,856,823
|
|
|
$
|
435,402,040
|
|
|
|
|
|
|
|
|
|
|
1
|
For details on capital share transactions by class, see Statement of Changes in Net Assets Capital Stock Activity on page 23.
|
See Accompanying Notes to
Financial Statements
22
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Statement of Changes in Net Assets Capital Stock Activity
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For the
Year Ended
December 31, 2013
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For the
Year Ended
December 31, 2012
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Shares
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Value
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Shares
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Value
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Investor Class
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Proceeds from Shares issued
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18,459,653
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$
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338,343,911
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9,728,364
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$
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163,413,277
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Reinvestment of distributions
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212,850
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4,835,944
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1,336,170
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21,191,663
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Redemption fees (Note 5)
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97,409
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49,258
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Cost of Shares redeemed
1
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(28,914,719
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)
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(614,732,156
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)
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(5,788,759
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)
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(96,748,757
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)
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Net increase (decrease)
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(10,242,216
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)
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$
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(271,454,892
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)
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5,275,775
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$
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87,905,441
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Institutional Class*
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Proceeds from Shares issued
1
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17,267,862
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$
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371,671,616
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$
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Reinvestment of distributions
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76,301
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1,733,569
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Redemption fees (Note 5)
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9,852
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Cost of Shares redeemed
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(487,316
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)
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(10,741,993
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)
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Net increase
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16,856,847
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$
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362,673,044
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$
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Advisor Class**
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Proceeds from Shares issued
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6,370,519
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$
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143,009,988
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$
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Reinvestment of distributions
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173
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3,931
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Redemption fees (Note 5)
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1,627
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Cost of Shares redeemed
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(148,877
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)
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(3,349,128
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)
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Net increase
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6,221,815
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$
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139,666,418
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$
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Increase in Net Assets from Capital Share Transactions
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12,836,446
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$
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230,884,570
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5,275,775
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$
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87,905,441
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*
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Institutional Class Shares commenced operations on May 15, 2013.
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**
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Advisor Class Shares commenced operations on July 19, 2013.
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1
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Includes seed amount of $1,717,391 from Investor Class to Institutional
Class on May 15, 2013.
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See
Accompanying Notes to Financial Statements
23
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Financial Highlights
The following tables includes selected data for a share outstanding throughout each period and
other performance information derived from the financial statements. The total returns in the tables represent the rate an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions).
The information should be read in conjunction with the financial statements and notes thereto.
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For the Years Ended December 31
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Investor Class
1
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2013
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2012
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2011
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2010
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2009
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Net asset value at beginning of year
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$
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16.20
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$
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15.36
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$
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16.13
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$
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12.19
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$
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9.13
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Investment Operations
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Net investment loss
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(0.16
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)
2
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(0.10
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)
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(0.16
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)
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(0.14
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)
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(0.11
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)
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Net realized and unrealized gain (loss) on investments
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7.15
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2.17
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0.25
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4.36
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3.17
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Total from investment operations
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6.99
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2.07
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0.09
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4.22
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3.06
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Distributions
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From net realized gain on investments
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(0.38
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)
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(1.23
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)
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(0.86
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)
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(0.28
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)
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Total distributions
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(0.38
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)
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(1.23
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)
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(0.86
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)
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(0.28
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)
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Net asset value at end of year
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$
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22.81
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$
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16.20
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$
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15.36
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$
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16.13
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$
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12.19
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Total return
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43.14
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%
3
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13.64
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%
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0.50
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%
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34.57
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%
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33.52
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%
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Ratios to average net assets/Supplemental Data:
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Expenses to average net assets
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1.29
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%
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1.47
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%
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1.44
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%
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1.48
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%
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1.46
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%
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Net investment loss to average net assets
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(0.83
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)%
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(0.68
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)%
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(0.99
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)%
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(1.00
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)%
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(1.09
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)%
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Portfolio turnover rate
4
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42.89
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%
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34.03
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%
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41.68
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%
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29.12
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%
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32.14
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%
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Net assets at end of year (000s omitted)
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$
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379,417
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$
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435,402
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$
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331,800
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$
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314,776
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$
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253,273
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1
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In connection with the adoption of the Multi-Class Plan, the existing shares of the Fund were designated as Investor Class shares effective April 22,
2013.
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2
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The net investment income per share is based on average shares outstanding for the period.
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3
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Investor Class performance prior to May 1, 2013 does not reflect a shareholder service fee initiated on that date.
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4
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Portfolio turnover is calculated at the Fund level.
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See Accompanying Notes to Financial Statements
24
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Financial Highlights
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Institutional Class
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For the
Period Ended
December 31, 2013
1
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Net asset value at beginning of period
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$
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18.82
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|
|
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Investment Operations
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Net investment loss
2
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(0.10
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)
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Net realized and unrealized gain on investments
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|
4.47
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|
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Total from investment operations
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4.37
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|
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|
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Distributions
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|
|
|
|
From net realized gain on investments
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|
(0.38
|
)
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|
|
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|
Total distributions
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|
(0.38
|
)
|
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|
|
|
|
Net asset value at end of period
|
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$
|
22.81
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|
|
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|
Total return
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|
23.21
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%*
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|
Ratios to average net assets/Supplemental Data:
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|
Expenses to average net assets
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|
1.22
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%**
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Net investment loss to average net assets
|
|
|
(0.72
|
)%**
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Portfolio turnover rate
3
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|
|
42.89
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%*
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Net assets at end of period (000s omitted)
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$
|
384,551
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|
1
|
Institutional Class shares commenced operations on May 15, 2013.
|
2
|
The net investment income per share is based on average shares outstanding for the period.
|
3
|
Portfolio turnover is calculated at the Fund level.
|
See Accompanying Notes to Financial Statements
25
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Financial Highlights
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|
Advisor Class
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For the
Period Ended
December 31, 2013
1
|
|
Net asset value at beginning of period
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|
$
|
20.08
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|
|
|
|
|
|
Investment Operations
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|
|
|
Net investment loss
2
|
|
|
(0.07
|
)
|
Net realized and unrealized gain on investments
|
|
|
3.18
|
|
|
|
|
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|
Total from investment operations
|
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|
3.11
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|
|
|
|
|
|
|
|
Distributions
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|
|
|
|
From net realized gain on investments
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|
(0.38
|
)
|
|
|
|
|
|
Total distributions
|
|
|
(0.38
|
)
|
|
|
|
|
|
Net asset value at end of period
|
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$
|
22.81
|
|
|
|
|
|
|
Total return
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|
|
15.48
|
%*
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|
|
Ratios to average net assets/Supplemental Data:
|
|
|
|
|
Expenses to average net assets
|
|
|
1.32
|
%**
|
Net investment loss to average net assets
|
|
|
(0.70
|
)%**
|
Portfolio turnover rate
3
|
|
|
42.89
|
%*
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Net assets at end of period (000s omitted)
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|
$
|
141,889
|
|
1
|
Advisor Class shares commenced operations on July 19, 2013.
|
2
|
The net investment income per share is based on average shares outstanding for the period.
|
3
|
Portfolio turnover is calculated at the Fund level.
|
See Accompanying Notes to Financial Statements
26
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Notes to Financial Statements
For the Year Ended December 31, 2013
1. Organization.
The Kalmar Growth-with-Value Small Cap Fund (the Fund)
is a series of Kalmar Pooled Investment Trust (the Trust), a Delaware statutory trust organized on September 30, 1996. The Fund is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an
open-end, diversified management investment company. The investment objective of the Fund is long-term capital appreciation. The Fund commenced investment operations on April 11, 1997.
Effective April 22, 2013, in connection with the adoption of a multiple class plan pursuant to Rule 18f-3 under the 1940 Act, (the Multi-Class Plan), the Board of Trustees of the Trust
designated the existing shares of the Fund as Investor Class shares and authorized the issuance of two additional Classes of shares, namely the Institutional Class and the Advisor Class. As of the date hereof, the Fund offers three classes of
shares: Investor Class, Institutional Class and Advisor Class shares. Prior to April 22, 2013, the Fund issued a single class of shares. Institutional Class shares commenced operations on May 15, 2013. Advisor Class shares commenced
operations on July 19, 2013. Shares of the Fund are offered and sold on a no-load basis, without the imposition of sales charges.
2. Risk
Considerations
Market Risk:
Because the values of the Funds investments will fluctuate with market conditions, so will the
value of your investment in the Fund. You could lose money on your investment in the Fund or the Fund could underperform other investments.
Counterparty Risk:
The Fund may be exposed to counterparty risk, or the risk that an entity with which the Fund has unsettled or open transactions
may default. Financial assets, which potentially expose the Fund to credit and counterparty risks, consist principally of investments and cash due from counterparties. The extent of the Funds exposure to credit and counterparty risks with
respect to these financial assets is approximated by their fair value recorded in the Funds Statement of Assets and Liabilities.
3.
Security Valuation.
A description of the valuation techniques applied to the Funds major categories of assets and liabilities measured at fair value on a recurring basis follows:
Common stock and exchange-traded funds:
Common stock and exchanged-traded funds are valued at their market value as determined by their last sale price in the principal market in which these
securities are normally traded. Securities traded on The Nasdaq Stock Market, Inc. (NASDAQ) are valued in accordance with the NASDAQ Official Closing Price, which may not be the last sale price. To the extent these securities are
actively traded, valuation adjustments are not applied and they are categorized in Level 1 of the fair value hierarchy. Lacking any sales, the security is valued at the mean between the closing asked and bid price. Restricted securities issued by
publicly held companies are valued at a discount to similar publicly traded securities and may be categorized as Level 2 of the fair value hierarchy to the extent that the discount is considered to be insignificant to the fair value measurement in
its entirety, otherwise they may be categorized as Level 3.
Open-end
mutual funds:
Investments
in
open-end
mutual funds, including money market funds and securities lending collateral, are valued at their closing net asset value each business day and are categorized in Level 1 of the fair value
hierarchy.
27
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Notes to Financial Statements continued
Short-term securities:
Short-term investments with remaining maturities of 60 days or less are
valued at amortized cost, which approximates fair value, unless the Trusts Board of Trustees determines that this does not represent fair value. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of
the fair value hierarchy.
All other securities are valued at fair value as determined in good faith under the direction of the Board of
Trustees.
Fair Value Measurements.
The inputs and valuation techniques used to measure fair value of the Funds
investments are summarized into three levels as described in the hierarchy below:
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|
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|
|
|
|
|
|
Level 1
|
|
|
|
quoted prices in active markets for identical securities
|
|
|
Level 2
|
|
|
|
prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk,
etc.)
|
|
|
Level 3
|
|
|
|
prices determined using significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments).
|
The following is a summary of the inputs used, as of December 31, 2013, in valuing the Funds assets carried at fair
value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Value at
December 31,
2013
|
|
|
Level 1
Quoted
Prices
|
|
|
Level 2
Other
Significant
Observable
Inputs
|
|
|
Level 3
Significant
Unobservable
Inputs
|
|
Common Stock*
|
|
$
|
820,626,126
|
|
|
$
|
820,626,126
|
|
|
$
|
|
|
|
$
|
|
|
Exchange Traded Fund
|
|
|
52,205,905
|
|
|
|
52,205,905
|
|
|
|
|
|
|
|
|
|
Money Market Security
|
|
|
33,076,113
|
|
|
|
33,076,113
|
|
|
|
|
|
|
|
|
|
Securities Lending Collateral
|
|
|
86,666,639
|
|
|
|
86,666,639
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
992,574,783
|
|
|
$
|
992,574,783
|
|
|
$
|
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Please refer to the Schedule of Investments for industry breakout.
|
At the end of each calendar quarter, management evaluates the classification of Level 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior
reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally,
management evaluates the classification of Level 1 and 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Funds investments may fluctuate from period to
period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize.
Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities. For the year ended December 31, 2013, there were no transfers between Levels 1, 2 and 3 for the Fund.
28
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Notes to Financial Statements continued
Foreign Currency Translation.
The books and records of the Fund are maintained in U.S. dollars.
Foreign currency amounts are translated into U.S. dollars on the following basis: (i) fair value of investment securities, assets and liabilities at the current rate of exchange; and (ii) purchases and sales of investment securities,
income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions. The Fund does not isolate that portion of gains and losses on investment securities which is due to changes in the foreign exchange rates
from that which is due to changes in the market prices of such securities. Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin as a result of, among other
factors, the possibility of political and economic instability or the level of governmental supervision and regulation of foreign securities markets.
Federal Income Taxes.
The Fund intends to continue to qualify for treatment as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the
Internal Revenue Code), and to distribute all of its taxable income to its shareholders. Therefore, no Federal income tax provision is required. The amounts of dividends from net investment income and of distributions from net realized
gains are determined in accordance with Federal income tax regulations, which may differ from accounting principles generally accepted in the United States (U.S. GAAP). These book/tax differences are either considered
temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their Federal
tax-basis
treatment;
temporary differences do not require reclassification.
As of December 31, 2013, the tax cost and related gross unrealized appreciation and
depreciation were as follows:
|
|
|
|
|
Cost of investments for tax purposes
|
|
$
|
629,386,522
|
|
|
|
|
|
|
Gross tax unrealized appreciation
|
|
|
366,493,404
|
|
Gross tax unrealized depreciation
|
|
|
(3,305,143
|
)
|
|
|
|
|
|
Net tax unrealized appreciation on investments
|
|
$
|
363,188,261
|
|
|
|
|
|
|
Management has analyzed the Funds tax positions taken on federal income tax returns for all open tax years (current
and prior three tax years) and has concluded that no provision for federal income tax is required in the Funds financial statements. The Funds federal and state income and federal excise tax returns for tax years for which the applicable
statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.
The Regulated Investment Company Modernization Act of 2010 (RIC Modernization Act) was signed into law on December 22, 2010. Under the
RIC Modernization Act, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 (Calendar Year 2011 for the Fund) indefinitely. Additionally, post-enactment capital losses that are
carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law. As of December 31, 2013, the Fund did not have a capital loss carryforward.
Use of Estimates in the Preparation of Financial Statements.
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires management to make estimates and assumptions
29
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Notes to Financial Statements continued
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 revenue and
expenses during the reporting period. Actual results could differ from those estimates.
Other.
Investment security transactions are
accounted for on a trade date basis. The Fund uses the specific identification method for determining realized gain or loss on investments for both financial and Federal income tax reporting purposes. Dividend income is recorded on the
ex-dividend
date. Interest income is recorded on an accrual basis. Securities denominated in currencies other than U.S. dollars are subject to changes in value due to fluctuation in exchange rates. Some countries in
which the Fund invests require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a countrys balance of payments for
other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.
4. Purchases and Sales of Investment
Securities.
During the year ended December 31, 2013, purchases and sales of investment securities (excluding short-term investments) aggregated as follows:
|
|
|
|
|
Purchases
|
|
$
|
473,438,677
|
|
Sales
|
|
$
|
299,535,467
|
|
5. Redemption Fees.
In accordance with the prospectus, the Fund charges a redemption fee of 2% on proceeds from
shares redeemed within 90 days following their acquisition. The redemption fee is included as a separate line item under the Share Transactions section on the Statements of Changes in Net Assets.
6. Investment Adviser and Other Services.
The Fund employs Kalmar Investment Advisers (the Adviser) as its investment adviser. Pursuant
to an Investment Advisory Agreement with the Trust, on behalf of the Fund, the Adviser selects investments and supervises the assets of the Fund in accordance with the investment objective, policies and restrictions of the Fund, subject to the
supervision and direction of the Board of Trustees of the Trust. For its services, the Adviser is paid a monthly fee of 1.00% on the first $750 million of average daily net assets; 0.975% on the next $250 million of average daily net assets; and
0.95% on amounts exceeding $1 billion average of daily net assets. For the year ended December 31, 2013, investment advisory fees were $7,189,551.
The Funds investment adviser, Kalmar Investment Advisers (Kalmar or the Adviser), has contractually agreed to the reimbursement of other operating expenses or the waiver of
all or a portion of its advisory fee in order to limit Total Annual Fund Operating Expenses, excluding extraordinary expenses, brokerage commissions, interest and Acquired Fund Fees and Expenses, to, as a percentage of
average daily net assets, 1.50%, 1.25% and 1.35% with respect to the Investor Class, the Institutional Class and the Advisor Class, respectively (the Expense Limitation). Kalmar will reimburse expenses attributable to a specific class
before waiving its advisory fee or reimbursing other expenses allocated to the Fund as a whole (Fund-wide expenses). The Expense Limitation will remain in place until April 30, 2014, unless the Board of Trustees approves its earlier
termination. Subject to approval by the Board of Trustees, the Adviser may recoup any expenses reimbursed or fees waived within a three-year period from the year in which the Adviser reimbursed expenses of a Class or the Fund or waived its fees. For
the year ended December 31, 2013, the Adviser did not reimburse or waive any expenses.
30
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Notes to Financial Statements continued
BNY Mellon Investment Servicing (US) Inc. (BNY Mellon), serves as administrator and
accounting services agent for the Trust pursuant to an Administration and Accounting Services Agreement with the Trust. BNY Mellon also serves as transfer agent and dividend disbursing agent of the Fund pursuant to a Transfer Agency Services
Agreement with the Trust.
Foreside Funds Distributors LLC (the Underwriter), provides principal underwriting services to the Fund
pursuant to an Underwriting Services Agreement with the Trust.
The Bank of New York Mellon, serves as Custodian of the assets of the Fund
pursuant to a Custodian Services Agreement with the Trust.
Those Trustees who are not interested persons of the Fund receive an
annual retainer of $10,000, meeting fees of $1,500 and committee meeting fees of $1,000. The aggregate remuneration paid to the Trustees by the Fund during the fiscal year ended December 31, 2013 was $76,052. Trustees of the Fund who are officers or
employees of the Adviser are paid by the Adviser and not the Fund. Certain employees of BNY Mellon are officers of the Fund. They are not compensated by the Fund. The Chief Compliance Officer (CCO) is an employee of the Adviser. The Fund
is responsible for reimbursing the Adviser for a portion of her salary allocated to her duties as the CCO of the Fund.
Effective May 1, 2013,
pursuant to the Shareholder Services Plans adopted by the Trust with respect to the Investor Class and Advisor Class shares of the Fund, the Fund, or the Adviser on behalf of the Fund, may enter into shareholder service agreements with securities
broker-dealers and other securities professionals (Service Organizations) who provide shareholder servicing activities for their clients invested in the Fund. As compensation for shareholder servicing activities, the Fund is authorized
to pay a fee of up to 0.25% of the Funds average daily net assets of its Investor Class shares and a fee up to 0.10% of the Funds average daily net assets of its Advisor Class shares.
7. Distributions to Shareholders.
Distributions of any net investment income and any net realized gains will be made annually. Additional
distributions may be made to the extent necessary to avoid the payment of a 4% excise tax. Distributions to shareholders are recorded on the
ex-dividend
date.
The tax character of distributions paid during the last two fiscal years was as follows:
|
|
|
|
|
|
|
|
|
|
|
December 31, 2013
|
|
|
December 31, 2012
|
|
Distributions paid from:
|
|
|
|
|
|
|
|
|
Long-term capital gains
|
|
$
|
14,849,789
|
|
|
$
|
31,589,357
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
14,849,789
|
|
|
$
|
31,589,357
|
|
|
|
|
|
|
|
|
|
|
Distributions from net investment income and short-term capital gains are treated as ordinary income dividends for federal
income tax purposes.
31
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Notes to Financial Statements continued
8. Reclassification in the Capital Accounts.
The following permanent difference is primarily
attributable to a net operating loss and foreign currency gains/(losses) and has been reclassified to the accounts in the chart below as of December 31, 2013.
|
|
|
|
|
Paid in Capital
|
|
Undistributed Net
Investment Loss
|
|
Accumulated
Net Realized Gain
|
$(5,879,248)
|
|
$5,879,248
|
|
$
|
9. Components of Distributable Earnings.
As of December 31, 2013, the components of distributable earnings on
a tax basis were as follows:
|
|
|
|
|
Undistributed
Ordinary Income
|
|
Undistributed
Long-Term Gains
|
|
Unrealized
Appreciation
|
$
|
|
$30
|
|
$363,188,261
|
10. Contractual Obligations.
The Fund enters into contracts in the normal course of business that contain a variety
of indemnifications. The Funds maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Funds existing contracts and expects the
risk of loss to be remote.
11. Securities Lending.
The Fund may make secured loans of its portfolio securities to brokers, dealers and
other financial institutions to earn additional income and receive collateral equal to at least 100% of the current market value of the loaned securities, as marked to market each day that the net asset value of the Fund is determined. The Fund
receives securities lending income in the form of fees or by retaining a portion of interest or dividends on the investment of any cash received or collateral. When the collateral falls below specified amounts, the lending agent will use its best
effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. The Fund will pay administrative and custodial fees in connection with the loan of securities. Collateral is invested in
short-term investments and the Fund will bear the risk of loss of the invested collateral. Securities lending will expose the Fund to the risk of loss should a borrower default on its obligation to return the borrowed securities. As of December 31,
2013, the market value of the securities on loan and collateral are $84,903,084 and $86,666,639, respectively.
Securities lending transactions
are entered into by the Fund under a Master Securities Lending Agreement (MSLA) which permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund
to the same counterparty against amounts to be received and create one single net payment due to or from the Fund. The following table is a summary of the Funds open securities lending transactions which are subject to a MSLA as of December
31, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Amount Not Offset in the
Statement of Assets and Liabilities
|
|
|
|
Gross Amounts of
Recognized Assets
|
|
|
Gross Amounts
Offset in the
Statement of
Assets and
Liabilities
|
|
|
Net Amounts of
Assets Presented in
the Statement
of
Assets and Liabilities
|
|
|
Financial
Instruments
1
|
|
|
Cash
Collateral
Received
|
|
|
Net
Amount
|
|
Securities Lending
|
|
$
|
84,903,084
|
|
|
$
|
|
|
|
$
|
84,903,084
|
|
|
$
|
(84,903,084
|
)
|
|
$
|
|
|
|
$
|
|
|
1
|
Amount disclosed is limited to the amount of assets presented in the Statement of Assets and Liabilities. Actual collateral received may be more than
the amount shown.
|
32
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Notes to Financial Statements concluded
12.
New Accounting Pronouncements.
In June 2013, the Financial Accounting Standards Board
(the FASB) issued guidance that creates a two-tiered approach to assess whether an entity is an investment company. The guidance requires an investment company to measure noncontrolling ownership interests in other investment
companies at fair value and will require additional disclosures relating to investment company status, any changes thereto and information about financial support provided or contractually required to be provided to any of the investment
companys investees. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2013 and interim periods within those fiscal years. Management is evaluating the impact of this guidance on
the Funds financial statement disclosures.
13. Subsequent Events.
Management has evaluated the impact of all subsequent events on
the Fund through the date the financial statements were issued, and has determined that there were no subsequent events.
33
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Kalmar Pooled Investment Trust and the Shareholders of Kalmar
Growth-with-Value Small Cap Fund:
We have audited the accompanying statement of assets and liabilities, including the
schedule of investments, of the Kalmar Growth-with-Value Small Cap Fund (the sole portfolio of Kalmar Pooled Investment Trust) (the Fund), as of December 31, 2013, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the
Funds management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal
control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on
the effectiveness of the Funds internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2013, by
correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of
Kalmar Growth-with-Value Small Cap Fund (the sole portfolio of Kalmar Pooled Investment Trust) as of December 31, 2013, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the
period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Philadelphia, Pennsylvania
February 26, 2014
34
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Fund Management
(Unaudited)
Information pertaining to the Trustees and Officers of the Trust is set forth below. The statement of
additional information contains additional information about the Trustees and is available without charge, upon request, by calling
(800) 463-6670.
The address of each Trustee and Officer as it relates to
the Trusts business is Barley Mill House, 3701 Kennett Pike, Wilmington, DE 19807.
|
|
|
|
|
|
|
|
|
Name, DOB
and
Position(s) with Trust
|
|
Term of
Office and
Length of Time
Served
1
|
|
Principal
Occupation(s)
During Past 5 Years
|
|
Number of
Portfolios in
Fund Complex
Overseen by
Trustee
|
|
Other
Trusteeships
Directorships /
Held by Trustee
For Past 5 Years
|
DISINTERESTED
TRUSTEES
|
Wendell Fenton
Date of Birth: May 1939 Trustee
|
|
Since 1997
|
|
Retired since 2009; formerly, Partner, Richards, Layton & Finger (law firm) from 1971 to 2009.
|
|
1
|
|
None.
|
Nicholas A. Giordano
Date of Birth: March 1943 Trustee
|
|
Since 2000
|
|
Consultant, financial services organizations since 1997.
|
|
1
|
|
Trustee, Wilmington Funds (12 portfolios) (a registered investment company); Director,
Independence Blue Cross; Director, Intricon Corp. (producer of medical devices); and Director, The RBB Fund, Inc. (18 portfolios), (a registered investment company).
|
David M. Reese, Jr.
Date of Birth: July 1935
Trustee
|
|
Since 1997
|
|
Semi-retired since 1996.
|
|
1
|
|
None.
|
David D. Wakefield
Date of Birth: October 1930 Trustee
|
|
Since 1997
|
|
Retired private investor since 1997.
|
|
1
|
|
Formerly, Director, Townsends Inc. (food products and services)
(1998-2009).
|
INTERESTED
TRUSTEE
|
Ford B. Draper, Jr.
2
Date of Birth: May 1942 Trustee, Chairman, President, Principal
Executive Officer
|
|
Since 1997
|
|
Founder, President, Director, and Chief Investment Officer of Kalmar Investments Inc. since 1982; President, Kalmar Investment Advisers since
1997.
|
|
1
|
|
None.
|
35
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Fund Management concluded
(Unaudited)
|
|
|
|
|
|
|
|
|
Name, DOB
and
Position(s) with Trust
|
|
Term of
Office and
Length of Time
Served
1
|
|
Principal
Occupation(s)
During Past 5 Years
|
|
Number
of
Portfolios in
Fund Complex
Overseen by
Trustee
|
|
Other
Trusteeships
Directorships /
Held by Trustee
For Past 5
Years
|
OFFICERS WHO
ARE NOT TRUSTEES
|
Ford B. Draper, III
3
Date of Birth: November 1966 Vice President
|
|
Since 2000
|
|
Managing Director, Trading and Client Services, Kalmar Investments Inc. since 1991 and Kalmar Investment Advisers since 1997.
|
|
N/A
|
|
N/A
|
Verna Knowles
Date of Birth: November 1945 Treasurer and Chief Financial Officer
|
|
Since 1998
|
|
Administration Director and Treasurer, Kalmar Investments Inc. since 1998; Trustee and Treasurer, Kalmar Investment Advisers since 1997;
President and Director, Books and Balances Ltd. (accounting services) since 1988.
|
|
N/A
|
|
N/A
|
Marjorie L. McMenamin
Date of Birth: August 1949 Secretary
|
|
Since 1998
|
|
Operations Director, Kalmar Investments Inc. since 1992; Operations Director, Kalmar Investment Advisers since 1997.
|
|
N/A
|
|
N/A
|
Kimberly R. Portmann
Date of Birth: January 1967 Chief Compliance Officer
|
|
Since 2004
|
|
Chief Compliance Officer, Kalmar Investments Inc. and Kalmar Investment Advisers since 2004.
|
|
N/A
|
|
N/A
|
Diane J. Drake
Date of Birth: July 1967 Assistant Secretary
|
|
Since 2005
|
|
Managing Director and Senior Counsel, BNY Mellon Investment Servicing (US) Inc. (BNY Mellon) (formerly PNC Global Investment
Servicing (U.S.) Inc.) since 2008.
|
|
N/A
|
|
N/A
|
James G. Shaw
Date of Birth: October 1960 Assistant Treasurer
|
|
Since 2005
|
|
Sr. Director and Vice President, BNY Mellon Investment Servicing (US) Inc. (BNY Mellon) since 2005.
|
|
N/A
|
|
N/A
|
1
|
Each Trustee and Officer serves for an indefinite term, until his or her
successor is elected.
|
2
|
Mr. Ford B. Draper, Jr. is an interested Trustee, as defined in the 1940 Act by reason of his affiliation with Kalmar Investment
Advisers, the Trusts investment adviser.
|
3
|
Mr. Ford B. Draper, III is the son of Ford B. Draper, Jr.
|
36
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Other Matters
(Unaudited)
1. Proxy Voting Policies and Procedures.
Information regarding how the Fund voted proxies
relating to portfolio securities during the most recent 12-month period ended June 30, 2013 and 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
800-463-6670,
by accessing the Advisers website,
www.kalmarinvestments.com
, or by accessing the SECs website at www.sec.gov.
2. Quarterly Portfolio Schedules.
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters
of each fiscal year on Form
N-Q,
which are available on the SECs website
www.sec.gov.
The Funds Form
N-Q
may be reviewed and copied at the SECs
Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
3.
Approval of Investment Management Agreement.
At the meeting held on November 12, 2013, the Board of Trustees of Kalmar Pooled Investment Trust, including a majority of those Trustees who are not interested persons as such term
is defined in the Investment Company Act of 1940 (Independent Trustees), unanimously approved the continuation of the investment management agreement (the Agreement) for an additional one year period. At the direction of the
Independent Trustees, counsel to the Fund sent a letter to the Adviser requesting information to be provided to the Trustees in advance of their November Board meeting. As a result, the Trustees received written information from the Adviser
describing: (i) the nature, extent and quality of services provided, (ii) the costs of services provided and estimated profits realized by the Adviser and its affiliates, (iii) the extent to which economies of scale may be realized as
the Fund grows, (iv) whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, (v) comparisons of advisory fees paid to other registered investment companies, as well as advisory fees paid to the
Adviser by other investment companies and institutional clients (vi) the size and qualifications of the Advisers portfolio management staff, (vii) a description of the investment decision-making process, sources of information and
investment strategies, (viii) investment performance, (ix) brokerage selection procedures (including soft dollar arrangements), (x) compliance with the Funds investment objective, policies and practices (including codes of
ethics), federal securities laws and other regulatory requirements, (xi) the Advisers proxy voting policies and (xii) benefits realized by the Adviser (and its affiliates) from its relationship with the Fund.
The Trustees also received a memorandum from counsel to the Fund describing their duties in connection with the approval of an advisory agreement. In
addition to the information provided by the Adviser as described above, the Trustees considered all other factors they believed to be relevant to evaluating the Agreement. The Board also considered and weighed their accumulated experience in
governing the Fund and working with the Adviser on matters relating to the Fund, and was assisted in their deliberations by the advice of the Funds legal counsel.
With respect to the nature, extent and quality of services provided by the Adviser, the Board reviewed the services performed by the Adviser, the Advisers Form ADV, the size of the Advisers
staff performing services for the Fund and their qualifications and considered the Advisers investment philosophy for the Fund. Based on the information
37
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Other Matters continued
(Unaudited)
provided and the Boards previous experience with the Adviser, the Board concluded that the nature and extent of services provided by the Adviser were appropriate and consistent with the
terms of the Agreement, that the quality of the services was consistent with the industry norms and that the Fund was expected to benefit from the continued provision of the Advisers services. The Board also concluded that the Adviser had
sufficient personnel, with the appropriate levels of education and experience, to serve the Fund effectively and had demonstrated its continuing ability to attract and retain qualified personnel.
The Board also reviewed information on the performance of the Fund along with performance information of relevant securities indices
and a peer group of mutual funds. The Trustees reviewed the Funds performance for the one year, three year, five year, and ten year periods, each ended September 30, 2013, and compared the Funds performance against the Russell 2000
®
Growth Index and the Russell 2000
®
Index for the same periods. The Trustees noted that the performance for the one year, three year, five year and ten year periods, the Funds performance exceeded
the performance of the indices. The Board also reviewed the performance of the Fund relative to a peer group of other small cap funds selected by the investment adviser and noted that the Funds performance was within an acceptable range of
performance relative to other mutual funds with similar investment objectives, strategies and policies. The Board also noted that it reviews the investment performance of the Fund on an ongoing basis throughout the year.
The Board also reviewed information on the Funds advisory fee and expense ratio in comparison to a peer group of mutual funds. This information
showed that the Advisers fee and the Funds overall expense ratio were within an acceptable range in relation to fees charged by other advisers for managing comparable mutual funds with similar strategies and such other mutual funds
total expense ratio. The Trustees also considered the fees the Adviser charges to separate accounts that it manages. The Trustees noted that the fees charged to the Fund are similar to the fees charged to the Advisers separate accounts,
although the Funds operations are more complicated and the Fund has additional compliance obligations. The Trustees also noted that, unlike the separate accounts, the Adviser needs to manage the Fund for daily liquidity and for various IRS and
compliance tests. The Board concluded that the Advisers fees were reasonable in relation to the nature and quality of the services provided. The Board also concluded that the overall expense ratio of the Fund was reasonable, taking into
account the size of the Fund, the quality of services provided, and the Funds investment performance.
The Board also considered the
costs of the services provided by the Adviser, the compensation and benefits received by the Adviser in providing services to the Fund, as well as the Advisers profitability. The Board reviewed the Advisers cost allocation methodology as
well as the Advisers balance sheet and schedule of revenue, expenses and operating income. The Board noted that the Advisers level of profitability in providing service to the Fund is an important factor and the Trustees should be
satisfied that the Advisers profits are sufficient to continue as a viable concern generally and as investment adviser of the Fund specifically, but are not excessive. Based on this information, the Board concluded that the Advisers fees
and profits derived from its relationship with the Fund were reasonable in relation to the nature and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar
strategies.
38
KALMAR
POOLED
INVESTMENT
TRUST
GROWTH-WITH-VALUE
SMALL CAP FUND
Other Matters concluded
(Unaudited)
The Board also concluded that the overall expense ratio of the Fund was reasonable, taking into account
the size of the Fund, the quality of services provided by the Adviser, the Advisers compliance culture and the Funds investment performance. The Board also considered the advisory fee breakpoints and the benefit derived by shareholders
as the Funds asset levels increase. The Board determined that economies of scale for the benefit of shareholders should be achieved as assets of the Fund increase as a result of breakpoint reductions in the advisory fee rate at specific asset
levels.
After consideration of all the factors, taking into consideration the information presented at the meeting and previous meetings of
the Board and deliberating in executive session, the entire Board, including the Independent Trustees, approved the Agreement with the Adviser for an additional one-year period ending November 30, 2014. In arriving at their decision the
Trustees did not identify any single matter as controlling the Boards analysis, but made their determination in light of all the circumstances.
39
KALMAR POOLED INVESTMENT TRUST
PRIVACY POLICY
Kalmar and
our employees recognize the importance of protecting the privacy and confidentiality of your nonpublic personal information. To help you better understand how your personal information is protected at Kalmar we are providing you with the following
statement describing our practices and policies regarding the collection, use, retention, and security of nonpublic information. In the event you terminate your client relationship with us, or temporarily become inactive, we will continue to adhere
to the policies and practices described in this notice.
INFORMATION WE COLLECT
We collect nonpublic personal information about you (and our other clients) from the following sources:
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Information we receive from you on contracts, fund applications or other forms;
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Information about your transactions with us, our affiliates or others; and
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Information we receive from you through conversations on the telephone or in person and written or
E-mail
correspondence.
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INFORMATION WE DISCLOSE
We do not disclose information about you, or our former clients, to third parties except on the limited basis necessary to help manage your affairs confidentially, and importantly on the limited basis
permitted or required by law. As an example, we may provide information about you to third parties such as your custodian or accountant to assist us in servicing your account and to send transaction confirmations, quarterly and annual reports, and
tax forms to you.
OUR SECURITY PROCEDURES
To ensure the highest level of confidentiality and security, we maintain physical, electronic, and procedural safeguards that comply with all applicable laws in order to protect your nonpublic personal
information. We also restrict access to your
non-public
personal and account information to those employees who need to know that information to provide products or services to you. In addition, reasonable
measures are taken to ensure for the proper disposal of any personal and account information in accordance with Securities and Exchange Commission Regulation
S-P.
INVESTMENT ADVISER
KALMAR INVESTMENT ADVISERS
BARLEY MILL HOUSE
3701 KENNETT PIKE
WILMINGTON, DE 19807
(WEBSITE) WWW.KALMARINVESTMENTS.COM
DISTRIBUTOR
FORESIDE FUNDS DISTRIBUTORS LLC
400 BERWYN PARK
899 CASSATT ROAD
BERWYN, PA 19312
SHAREHOLDER SERVICES
BNY MELLON INVESTMENT SERVICING (US) INC.
4400 COMPUTER DRIVE
WESTBOROUGH, MA 01581
CUSTODIAN
THE BANK OF NEW YORK MELLON
ONE WALL STREET
NEW YORK, NY 10286
LEGAL COUNSEL
PEPPER HAMILTON LLP
3000 TWO LOGAN SQUARE
18TH & ARCH STREETS
PHILADELPHIA, PA 19103-2799
INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM
DELOITTE & TOUCHE LLP
1700 MARKET STREET
PHILADELPHIA, PA 19103
KALMAR POOLED INVESTMENT TRUST
BNY MELLON INVESTMENT SERVICING (US) INC.
4400 COMPUTER DRIVE
WESTBOROUGH, MA 01581
(WEBSITE) WWW.KALMARINVESTMENTS.COM
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