UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
OF REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-22208
Valued
Advisers Trust
(Exact name of registrant as specified in charter)
Huntington Asset Services, Inc. 2960 N. Meridian Street, Suite 300 Indianapolis, IN 46208
(Address of principal executive offices) (Zip code)
Capitol
Services, Inc.
615 S. Dupont Hwy.
Dover, DE 19901
(Name and
address of agent for service)
With a copy to:
John H.
Lively, Esq.
The Law Offices of John H. Lively & Associates, Inc.
A member firm of The 1940 Act Law Group
11300 Tomahawk Creek Pkwy, Suite 310
Leawood, KS 66211
Registrants telephone number, including area code: 317-917-7000
Date of fiscal year end: 10/31
Date of reporting period: 1/31/14
Item 1. Schedule of Investments.
BRC Large Cap Focus Equity Fund
Schedule of Investments
January 31, 2014
(Unaudited)
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Shares
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Fair Value
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Common Stocks 98.10%
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Consumer Discretionary 17.52%
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BorgWarner, Inc.
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4,814
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$
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258,512
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Foot Locker, Inc.
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6,448
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248,893
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Home Depot, Inc./The
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3,073
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236,160
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Michael Kors Holdings Ltd. *
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3,385
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270,563
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Starwood Hotels & Resorts Worldwide, Inc.
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3,299
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246,468
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Wyndham Worldwide Corp.
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3,643
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258,434
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1,519,030
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Consumer Staples 5.87%
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Constellation Brands, Inc.Class A *
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3,340
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256,078
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CVS Caremark Corp.
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3,740
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253,273
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509,351
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Energy 8.98%
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EOG Resources, Inc.
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1,440
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237,946
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Helmerich & Payne, Inc.
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3,235
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284,809
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Valero Energy Corp.
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5,008
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255,909
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778,664
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Financials 17.25%
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Discover Financial Services
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4,696
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251,940
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Goldman Sachs Group, Inc./The
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1,484
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243,554
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Lincoln National Corp.
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5,395
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259,122
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PNC Financial Services Group, Inc.
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3,353
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267,838
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Prudential Financial, Inc.
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2,977
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251,229
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Travelers Cos., Inc./The
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2,740
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222,707
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1,496,390
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Health Care 9.19%
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Biogen Idec, Inc. *
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913
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285,440
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CIGNA Corp.
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3,138
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270,841
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WellPoint, Inc.
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2,794
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240,284
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796,565
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Industrials 13.22%
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Northrop Grumman Corp.
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2,676
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309,212
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Raytheon Co.
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3,009
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286,066
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Ryder System, Inc.
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4,073
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289,957
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Snap-on, Inc.
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2,611
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261,492
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1,146,727
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Information Technology 15.01%
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Accenture PLCClass A
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3,100
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247,628
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Cognizant Technology Solutions Corp.Class A *
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2,751
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266,627
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Intuit, Inc.
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3,450
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252,712
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Microchip Technology, Inc.
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6,426
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288,270
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TE Connectivity Ltd.
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4,370
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246,949
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1,302,186
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Materials 6.21%
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Lyondellbasell Industries NVClass A
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3,310
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260,695
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Westlake Chemical Corp.
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2,289
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278,205
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538,900
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Telecommunication Services 2.40%
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Verizon Communications, Inc.
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4,341
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208,455
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See accompanying notes which are an integral part of this schedule of investments.
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Utilities 2.45%
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Public Service Enterprise Group, Inc.
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6,362
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212,109
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Total Common Stocks
(Cost $7,912,994)
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8,508,377
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Money Market Securities 1.63%
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Fidelity Institutional Money Market PortfolioInstitutional Class, 0.08% (a)
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140,919
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140,919
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Total Money Market Securities
(Cost $140,919)
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140,919
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Total Investments 99.73%
(Cost $8,053,913)
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8,649,296
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Other Assets in Excess of Liabilities 0.27%
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23,714
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TOTAL NET ASSETS 100.00%
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$
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8,673,010
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(a)
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Rate disclosed is the seven day yield as of January 31, 2014.
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*
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Non-income producing security.
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Tax relatedAt January 31, 2014, the net unrealized appreciation
(depreciation) for tax purposes was as follows:
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Unrealized appreciation
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$
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684,503
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Unrealized depreciation
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(89,120
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)
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Net unrealized appreciation
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$
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595,383
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Aggregate cost of securities for income tax purposes
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$
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8,053,913
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See accompanying notes which are an integral part of this schedule of investments.
BRC Large Cap Focus Equity Fund
Related Notes to the Schedule of Investments
January 31, 2014
(Unaudited)
Security Transactions and
Related Income
The BRC Large Cap Focus Equity Fund (the Fund) follows industry practice and records security transactions on the trade date for financial reporting purposes. The average cost method is used for determining gains
or losses for financial statements and income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Discounts and premiums on securities purchased are accreted or amortized using the
effective interest method. Withholding taxes on foreign dividends, if any, have been provided for in accordance with the Funds understanding of the applicable countrys tax rules and rates. The ability of issuers of debt securities held
by the Fund to meet their obligations may be affected by economic and political developments in a specific country or region.
Securities Valuation and
Fair Value Measurements
Fair value is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. Accounting
principles generally accepted in the United States of America (GAAP) established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair
value measurements for disclosure purposes.
Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability,
including assumptions about risk (ex., the risk inherent in a particular valuation technique used to measure fair value including items such as a pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be
observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity.
Unobservable inputs are inputs that reflect the reporting entitys own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels listed below.
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Level 1 quoted prices in active markets for identical securities
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Level 2 other significant observable inputs (including, but not limited to, quoted prices for an identical security in an inactive market, quoted prices for similar securities, interest rates, prepayment speeds,
credit risk, etc.)
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Level 3 significant unobservable inputs (including the Funds own assumptions in determining fair value of investments based on the best information available)
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The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the
fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Equity securities, including common stocks, are generally valued by using market quotations furnished by a pricing service. Securities that are traded on any
stock exchange are generally valued at the last quoted sale price. Lacking a last sale price, an exchange traded security is generally valued at its last bid price. Securities traded in the NASDAQ over-the-counter market are generally valued by at
the NASDAQ Official Closing Price. When using the market quotations or close prices provided by the pricing service and when the market is considered active, the security is classified as a Level 1 security. Sometimes, an equity security owned by
the Fund will be valued by the pricing service with factors other than market quotations or when the market is considered inactive. When this happens, the security is classified as a Level 2 security. When market quotations are not readily
available, when the Fund determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, or when restricted or illiquid securities are being valued, such securities are valued as
determined in good faith by the Fund, in conformity with guidelines adopted by and subject to review by the Board of Trustees (the Board). These securities are categorized as Level 3 securities.
Investments in open-end mutual funds, including money market mutual funds, are generally priced at the ending net asset value (NAV) provided by the service
agent of the funds. These securities will be categorized as Level 1 securities.
BRC Large Cap Focus Equity Fund
Related Notes to the Schedule of Investmentscontinued
January 31, 2014
(Unaudited)
Fixed income securities, when valued using market quotations in an active market, will be categorized as
Level 1 securities. However, they may be valued on the basis of prices furnished by a pricing service when the Fund believes such prices more accurately reflect the fair value of such securities. A pricing service uses various inputs and techniques,
which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer or comparable issuers, and option adjusted spread models that include base curve and spread curve inputs. Adjustments to
individual bonds can be applied to recognize trading differences compared to other bonds issued by the same issuer. The broker-dealer quotations received are supported by credit analysis of the issuer that takes into consideration credit quality
assessments, daily trading activity, and the activity of the underlying equities, listed bonds and sector-specific trends. To the extent that these inputs are observable, the values of fixed income securities are categorized as Level 2 securities.
If the Fund decides that a price provided by the pricing service does not accurately reflect the fair value of the securities, when prices are not readily available from a pricing service, or when restricted or illiquid securities are being valued,
securities are valued at fair value as determined in good faith by the Fund, in conformity with guidelines adopted by and subject to review of the Board. These securities will be categorized as Level 3 securities.
Short-term investments in fixed income securities (those with maturities of less than 60 days when acquired or which subsequently are within 60 days of
maturity), are valued by using the amortized cost method of valuation, which the Board has determined will represent fair value. These securities will be classified as Level 2 securities.
In accordance with the Trusts good faith pricing guidelines, the Fund is required to consider all appropriate factors relevant to the value of
securities for which it has determined other pricing sources are not available or reliable as described above. No single standard exists for determining fair value because fair value depends upon the circumstances of each individual case. As a
general principle, the current fair value of an issue of securities being valued by the Fund would appear to be the amount which the owner might reasonably expect to receive for them upon their current sale. Methods which are in accordance with this
principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among
dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods. Good faith pricing is permitted if, in the Funds opinion, the validity of market quotations appears to be questionable based on
factors such as evidence of a thin market in the security based on a small number of quotations, a significant event occurs after the close of a market but before a Funds NAV calculation that may affect a securitys value, or the Fund is
aware of any other data that calls into question the reliability of market quotations. Good faith pricing may also be used in instances when the bonds the Fund invest in may default or otherwise cease to have market quotations readily available. Any
fair valuation pricing done outside the Funds approved pricing methods must be approved by the Pricing Committee of the Board.
The following is a
summary of the inputs used to value the Funds investments as of January 31, 2014:
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Valuation Inputs
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Investments
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Level 1Quoted
Prices in Active
Markets
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Level 2Other
Significant
Observable Inputs
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Level 3Significant
Unobservable
Inputs
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Total
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Common Stocks*
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$
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8,508,377
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$
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$
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$
|
8,508,377
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Money Market Securities
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140,919
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140,919
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Total
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$
|
8,649,296
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|
$
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$
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$
|
8,649,296
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*
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Refer to the Schedule of Investments for industry classifications.
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The Fund did not hold any investments at
any time during the reporting period in which significant unobservable inputs were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period. The Fund did not hold any derivative
instruments during the reporting period. The Trust recognizes transfers between fair value hierarchy levels at the reporting period end. There were no transfers between any levels for the period ended January 31, 2014.
Granite Value Fund
Schedule of Investments
January 31, 2014
(Unaudited)
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Shares
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Fair Value
|
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Common Stocks 97.63%
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Consumer Discretionary 22.00%
|
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Bed Bath & Beyond, Inc. *
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3,550
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$
|
226,668
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Coach, Inc.
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|
6,010
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|
|
|
287,819
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Comcast Corp.Class A
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|
6,300
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|
343,035
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|
Foot Locker, Inc.
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|
8,700
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|
|
335,820
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|
General Motors Co. *
|
|
|
10,890
|
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|
|
392,911
|
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News Corp.Class A *
|
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|
18,830
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|
|
300,527
|
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TRW Automotive Holdings Corp. *
|
|
|
3,500
|
|
|
|
259,525
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Weight Watchers International, Inc.
|
|
|
10,180
|
|
|
|
275,165
|
|
|
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2,421,470
|
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Consumer Staples 11.03%
|
|
Coca-Cola Co./The
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|
6,150
|
|
|
|
232,593
|
|
Tesco PLC ADR
|
|
|
20,870
|
|
|
|
330,163
|
|
Unilever PLC ADR
|
|
|
8,720
|
|
|
|
336,679
|
|
Wal-Mart Stores, Inc.
|
|
|
4,210
|
|
|
|
314,403
|
|
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1,213,838
|
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Energy 15.19%
|
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Apache Corp.
|
|
|
3,665
|
|
|
|
294,153
|
|
Exxon Mobil Corp.
|
|
|
4,640
|
|
|
|
427,622
|
|
Southwestern Energy Co. *
|
|
|
7,840
|
|
|
|
319,010
|
|
Ultra Petroleum Corp. *
|
|
|
15,555
|
|
|
|
372,542
|
|
Unit Corp. *
|
|
|
5,175
|
|
|
|
258,595
|
|
|
|
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|
|
|
|
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|
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1,671,922
|
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|
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Financials 15.59%
|
|
Alleghany Corp. *
|
|
|
850
|
|
|
|
316,481
|
|
American Express Co.
|
|
|
2,765
|
|
|
|
235,080
|
|
American International Group, Inc.
|
|
|
6,150
|
|
|
|
294,954
|
|
Berkshire Hathaway, Inc.Class B *
|
|
|
2,855
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|
|
|
318,618
|
|
Franklin Resources, Inc.
|
|
|
5,975
|
|
|
|
310,760
|
|
Goldman Sachs Group, Inc./The
|
|
|
1,460
|
|
|
|
239,615
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,715,508
|
|
|
|
|
|
|
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Health Care 10.57%
|
|
Humana, Inc.
|
|
|
3,180
|
|
|
|
309,414
|
|
Johnson & Johnson
|
|
|
2,590
|
|
|
|
229,137
|
|
Sanofi ADR
|
|
|
6,595
|
|
|
|
322,495
|
|
UnitedHealth Group, Inc.
|
|
|
4,185
|
|
|
|
302,492
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,163,538
|
|
|
|
|
|
|
|
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Industrials 8.42%
|
|
Boeing Co./The
|
|
|
2,530
|
|
|
|
316,908
|
|
FedEx Corp.
|
|
|
2,550
|
|
|
|
339,966
|
|
Kennametal, Inc.
|
|
|
6,240
|
|
|
|
270,442
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
927,316
|
|
|
|
|
|
|
|
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|
Information Technology 11.92%
|
|
Apple, Inc.
|
|
|
680
|
|
|
|
340,408
|
|
Cisco Systems, Inc.
|
|
|
16,385
|
|
|
|
358,995
|
|
Microsoft Corp.
|
|
|
8,395
|
|
|
|
317,751
|
|
Western Union Co./The
|
|
|
19,170
|
|
|
|
295,218
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,312,372
|
|
|
|
|
|
|
|
|
|
|
Utilities 2.91%
|
|
Calpine Corp. *
|
|
|
16,875
|
|
|
|
320,287
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks
(Cost $9,372,330)
|
|
|
|
|
|
|
10,746,251
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of this schedule of investments.
|
|
|
|
|
|
|
|
|
Money Market Securities 2.29%
|
|
|
|
|
|
|
|
|
Fidelity Institutional Money Market FundPrime Money Market PortfolioInstitutional Class, 0.03% (a)
|
|
|
252,474
|
|
|
|
252,474
|
|
|
|
|
|
|
|
|
|
|
Total Money Market Securities
(Cost $252,474)
|
|
|
|
|
|
|
252,474
|
|
|
|
|
|
|
|
|
|
|
Total Investments 99.92%
(Cost $9,624,804)
|
|
|
|
|
|
|
10,998,725
|
|
|
|
|
|
|
|
|
|
|
Other Assets in Excess of Liabilities 0.08%
|
|
|
|
|
|
|
8,709
|
|
|
|
|
|
|
|
|
|
|
TOTAL NET ASSETS 100.00%
|
|
|
|
|
|
$
|
11,007,434
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Rate disclosed is the seven day yield as of January 31, 2014.
|
*
|
Non-income producing security.
|
ADR
American Depositary Receipt
Tax relatedAt January 31, 2014, the net unrealized appreciation (depreciation) for tax purposes was as follows:
|
|
|
|
|
Unrealized appreciation
|
|
$
|
1,513,039
|
|
Unrealized depreciation
|
|
|
(150,862
|
)
|
|
|
|
|
|
Net unrealized appreciation
|
|
$
|
1,362,177
|
|
|
|
|
|
|
Aggregate cost of securities for income tax purposes
|
|
$
|
9,636,548
|
|
|
|
|
|
|
See accompanying notes which are an integral part of this schedule of investments.
Granite Value Fund
Related Notes to the Schedule of Investments
January 31, 2014
(Unaudited)
Security Transactions and
Related Income
The Granite Value Fund (the Fund) follows industry practice and records security transactions on the trade date for financial reporting purposes. The First In, First Out method is used for determining gains or
losses for financial statements and income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Discounts and premiums on securities purchased are accreted or amortized using the
effective interest method. Withholding taxes on foreign dividends have been provided for in accordance with the Funds understanding of the applicable countrys tax rules and rates. The ability of issuers of debt securities held by the
Fund to meet their obligations may be affected by economic and political developments in a specific country or region.
Securities Valuation and Fair
Value Measurements
Fair value is defined as the price that a Fund would receive upon selling an investment in a orderly transaction to an independent buyer in the principal or most advantageous market of the investment. Accounting
principles generally accepted in the United States of America (GAAP) established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair
value measurements for disclosure purposes.
Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability,
including assumptions about risk (ex., the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable or
unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are
inputs that reflect the reporting entitys own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels listed below.
|
|
|
Level 1 quoted prices in active markets for identical securities
|
|
|
|
Level 2 other significant observable inputs (including, but not limited to, quoted prices for an identical security in an inactive market, quoted prices for similar securities, interest rates, prepayment speeds,
credit risk, etc.)
|
|
|
|
Level 3 significant unobservable inputs (including the Funds own assumptions in determining fair value of investments based on the best information available)
|
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the
fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Equity securities, including common stocks, are generally valued by using market quotations furnished by a pricing service. Securities that are traded on any
stock exchange are generally valued at the last quoted sale price. Lacking a last sale price, an exchange traded security is generally valued at its last bid price. Securities traded in the NASDAQ over-the-counter market are generally valued at the
NASDAQ Official Closing Price. When using the market quotations or close prices provided by the pricing service and when the market is considered active, the security is classified as a Level 1 security. Sometimes, an equity security owned by the
Fund will be valued by the pricing service with factors other than market quotations or when the market is considered inactive. When this happens, the security is classified as a Level 2 security. When market quotations are not readily available,
when the Fund determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, or when restricted or illiquid securities are being valued, such securities are valued as determined
in good faith by the Fund, in conformity with guidelines adopted by and subject to review by the Board of Trustees (the Board). These securities are categorized as Level 3 securities.
Investments in open-end mutual funds, including money market mutual funds, are generally priced at the ending net asset value (NAV) provided by the service
agent of the funds. These securities will be categorized as Level 1 securities.
Granite Value Fund
Related Notes to the Schedule of Investmentscontinued
January 31, 2014
(Unaudited)
Fixed income securities, when valued using market quotations in an active market, will be categorized as
Level 1 securities. However, they may be valued on the basis of prices furnished by a pricing service when the Fund believes such prices more accurately reflect the fair value of such securities. A pricing service uses various inputs and techniques,
which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer or comparable issuers, and option adjusted spread models that include base curve and spread curve inputs. Adjustments to
individual bonds can be applied to recognize trading differences compared to other bonds issued by the same issuer. The broker-dealer quotations received are supported by credit analysis of the issuer that takes into consideration credit quality
assessments, daily trading activity, and the activity of the underlying equities, listed bonds and sector-specific trends. To the extent that these inputs are observable, the values of fixed income securities are categorized as Level 2 securities.
If the Fund decides that a price provided by the pricing service does not accurately reflect the fair value of the securities, when prices are not readily available from a pricing service, or when restricted or illiquid securities are being valued,
securities are valued at fair value as determined in good faith by the Fund, in conformity with guidelines adopted by and subject to review of the Board. These securities will be categorized as Level 3 securities.
Short-term investments in fixed income securities (those with maturities of less than 60 days when acquired or which subsequently are within 60 days of
maturity), are valued by using the amortized cost method of valuation, which the Board has determined will represent fair value. These securities will be classified as Level 2 securities.
In accordance with the Trusts good faith pricing guidelines, the Fund is required to consider all appropriate factors relevant to the value of
securities for which it has determined other pricing sources are not available or reliable as described above. No single standard exists for determining fair value because fair value depends upon the circumstances of each individual case. As a
general principle, the current fair value of an issue of securities being valued by the Fund would appear to be the amount which the owner might reasonably expect to receive for them upon their current sale. Methods which are in accordance with this
principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among
dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods. Good faith pricing is permitted if, in the Funds opinion, the validity of market quotations appears to be questionable based on
factors such as evidence of a thin market in the security based on a small number of quotations, a significant event occurs after the close of a market but before a Funds NAV calculation that may affect a securitys value, or the Fund is
aware of any other data that calls into question the reliability of market quotations. Good faith pricing may also be used in instances when the bonds the Fund invest in may default or otherwise cease to have market quotations readily available. Any
fair valuation pricing done outside the Funds approved pricing methods must be approved by the Pricing Committee of the Board.
The following is a
summary of the inputs used to value the Funds investments as of January 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs
|
|
|
|
|
Investments
|
|
Level 1Quoted
Prices in Active
Markets
|
|
|
Level 2Other
Significant
Observable Inputs
|
|
|
Level 3
Significant
Unobservable
Inputs
|
|
|
Total
|
|
Common Stocks*
|
|
$
|
10,746,251
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
10,746,251
|
|
Money Market Securities
|
|
|
252,474
|
|
|
|
|
|
|
|
|
|
|
|
252,474
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
10,998,725
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
10,998,725
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Refer to the Schedule of Investments for industry classifications.
|
The Fund did not hold any investments at
any time during the reporting period in which significant unobservable inputs were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period. The Fund did not hold any derivative
instruments during the reporting period. The Trust recognizes transfers between fair value hierarchy levels at the reporting period end. There were no transfers between any Levels for the period ended January 31, 2014.
Green Owl Intrinsic Value Fund
Schedule of Investments
January 31, 2014
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Fair Value
|
|
Common Stocks 99.00%
|
|
Consumer Discretionary 22.69%
|
|
Bed Bath & Beyond, Inc. *
|
|
|
18,765
|
|
|
$
|
1,198,145
|
|
CarMax, Inc. *
|
|
|
25,240
|
|
|
|
1,138,576
|
|
Coach, Inc.
|
|
|
23,400
|
|
|
|
1,120,626
|
|
DIRECTVClass A *
|
|
|
19,650
|
|
|
|
1,364,300
|
|
General Motors Co. *
|
|
|
30,230
|
|
|
|
1,090,698
|
|
Kohls Corp.
|
|
|
37,500
|
|
|
|
1,898,625
|
|
Target Corp.
|
|
|
34,465
|
|
|
|
1,952,098
|
|
Walt Disney Co./The
|
|
|
20,005
|
|
|
|
1,452,563
|
|
Weight Watchers International, Inc.
|
|
|
6,045
|
|
|
|
163,396
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,379,027
|
|
|
|
|
|
|
|
|
|
|
Consumer Staples 12.42%
|
|
Coca-Cola Co./The
|
|
|
25,170
|
|
|
|
951,929
|
|
CVS Caremark Corp.
|
|
|
25,890
|
|
|
|
1,753,271
|
|
Walgreen Co.
|
|
|
30,815
|
|
|
|
1,767,240
|
|
Wal-Mart Stores, Inc.
|
|
|
23,565
|
|
|
|
1,759,834
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,232,274
|
|
|
|
|
|
|
|
|
|
|
Energy 1.77%
|
|
National Oilwell Varco, Inc.
|
|
|
11,850
|
|
|
|
888,869
|
|
|
|
|
|
|
|
|
|
|
Financials 29.65%
|
|
American Express Co.
|
|
|
10,815
|
|
|
|
919,491
|
|
American International Group, Inc.
|
|
|
30,250
|
|
|
|
1,450,790
|
|
Bank of America Corp.
|
|
|
96,600
|
|
|
|
1,618,050
|
|
Bank of New York Mellon Corp./The
|
|
|
52,360
|
|
|
|
1,673,426
|
|
Berkshire Hathaway, Inc.Class B *
|
|
|
28,815
|
|
|
|
3,215,754
|
|
Franklin Resources, Inc.
|
|
|
18,060
|
|
|
|
939,301
|
|
Goldman Sachs Group, Inc./The
|
|
|
3,700
|
|
|
|
607,244
|
|
JPMorgan Chase & Co.
|
|
|
26,000
|
|
|
|
1,439,360
|
|
Leucadia National Corp.
|
|
|
44,735
|
|
|
|
1,222,608
|
|
Wells Fargo & Co.
|
|
|
39,350
|
|
|
|
1,784,129
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,870,153
|
|
|
|
|
|
|
|
|
|
|
Health Care 3.35%
|
|
Abbott Laboratories
|
|
|
19,430
|
|
|
|
712,304
|
|
Johnson & Johnson
|
|
|
10,925
|
|
|
|
966,535
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,678,839
|
|
|
|
|
|
|
|
|
|
|
Industrials 11.69%
|
|
Boeing Co./The
|
|
|
10,290
|
|
|
|
1,288,925
|
|
Expeditors International of Washington, Inc.
|
|
|
28,605
|
|
|
|
1,168,800
|
|
Hertz Global Holdings, Inc. *
|
|
|
66,929
|
|
|
|
1,741,493
|
|
Robert Half International, Inc.
|
|
|
13,500
|
|
|
|
564,030
|
|
Trinity Industries, Inc.
|
|
|
8,552
|
|
|
|
497,983
|
|
United Parcel Service, Inc. (UPS)Class B
|
|
|
6,320
|
|
|
|
601,854
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,863,085
|
|
|
|
|
|
|
|
|
|
|
Information Technology 15.68%
|
|
Accenture PLCClass A
|
|
|
18,315
|
|
|
|
1,463,002
|
|
Apple, Inc.
|
|
|
4,360
|
|
|
|
2,182,616
|
|
Corning, Inc.
|
|
|
59,340
|
|
|
|
1,021,241
|
|
Google, Inc.Class A *
|
|
|
1,113
|
|
|
|
1,314,420
|
|
International Business Machines Corp.
|
|
|
10,650
|
|
|
|
1,881,642
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,862,921
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of this schedule of investments.
|
|
|
|
|
|
|
|
|
Telecommunication Services 1.75%
|
|
Vodafone Group PLC ADR
|
|
|
23,700
|
|
|
|
878,322
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks
(Cost $40,752,141)
|
|
|
|
49,653,490
|
|
|
|
|
|
|
|
|
|
|
Money Market Securities 1.76%
|
|
|
|
|
|
Federated Treasury Obligations FundService Shares, 0.01% (a)
|
|
|
884,038
|
|
|
|
884,038
|
|
|
|
|
|
|
|
|
|
|
Total Money Market Securities
(Cost $884,038)
|
|
|
|
884,038
|
|
|
|
|
|
|
|
|
|
|
Total Investments 100.76%
(Cost $41,636,179)
|
|
|
|
50,537,528
|
|
|
|
|
|
|
|
|
|
|
Liabilities in Excess of Other Assets (0.76)%
|
|
|
|
(382,119
|
)
|
|
|
|
|
|
|
|
|
|
TOTAL NET ASSETS 100.00%
|
|
|
$
|
50,155,409
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Rate disclosed is the seven day yield as of January 31, 2014.
|
*
|
Non-income producing security.
|
ADR
|
American Depositary Receipt
|
Tax related At January 31, 2014, the net unrealized
appreciation (depreciation) for tax purposes was as follows:
|
|
|
|
|
Unrealized appreciation
|
|
$
|
9,293,257
|
|
Unrealized depreciation
|
|
|
(391,908
|
)
|
|
|
|
|
|
Net unrealized appreciation
|
|
$
|
8,901,349
|
|
|
|
|
|
|
Aggregate cost of securities for income tax purposes
|
|
$
|
41,636,179
|
|
|
|
|
|
|
See accompanying notes which are an integral part of this schedule of investments.
Green Owl Intrinsic Value Fund
Related Notes to the Schedule of Investments
January 31, 2014
(Unaudited)
Security Transactions and
Related Income
The Green Owl Intrinsic Value Fund (the Fund) follows industry practice and records security transactions on the trade date for financial reporting purposes. The First In, First Out method is used for determining
gains or losses for financial statements and income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Discounts and premiums on securities purchased are accreted or amortized using
the effective interest method. Withholding taxes on foreign dividends have been provided for in accordance with the Funds understanding of the applicable countrys tax rules and rates. The ability of issuers of debt securities held by the
Fund to meet their obligations may be affected by economic and political developments in a specific country or region.
Writing Options
The
Fund may write covered call options on equity securities or futures contracts that the Fund is eligible to purchase to extend a holding period to obtain long-term capital gain treatment, to earn premium income, to assure a definite price for a
security it has considered selling, or to close out options previously purchased. The Fund may write covered call options if, immediately thereafter, not more than 30% of its net assets would be committed to such transactions. A call option gives
the holder (buyer) the right to purchase a security or futures contract at a specified price (the exercise price) at any time until a certain date (the expiration date). A call option is covered if the Fund owns the underlying security
subject to the call option at all times during the option period. When the Fund writes a covered call option, it maintains a segregated account with its Custodian or as otherwise required by the rules of the exchange the underlying security, cash or
liquid portfolio securities in an amount not less than the exercise price at all times while the option is outstanding.
The Fund will receive a premium
from writing a call option, which increases the Funds return in the event the option expires unexercised or is closed out at a profit. The amount of the premium will reflect, among other things, the relationship of the market price of the
underlying security to the exercise price of the option and the remaining term of the option. However, there is no assurance that a closing transaction can be affected at a favorable price. During the option period, the covered call writer has, in
return for the premium received, given up the opportunity for capital appreciation above the exercise price should the market price of the underlying security increase, but has retained the risk of loss should the price of the underlying security
decline.
The Fund may write put options on equity securities and futures contracts that the Fund is eligible to purchase to earn premium income or to
assure a definite price for a security if it is considering acquiring the security at a lower price than the current market price or to close out options previously purchased. The Fund may not write a put option if, immediately thereafter, more than
25% of its net assets would be committed to such transactions. A put option gives the holder of the option the right to sell, and the writer has the obligation to buy, the underlying security at the exercise price at any time during the option
period. The operation of put options in other respects is substantially identical to that of call options. When the Fund writes a put option, it maintains in a segregated account with its Custodian cash or liquid portfolio securities in an amount
not less than the exercise price at all times while the put option is outstanding.
The Fund will receive a premium from writing a put option, which
increases the Funds return in the event the option expires unexercised or is closed out at a profit. The amount of the premium will reflect, among other things, the relationship of the market price of the underlying security to the exercise
price of the option and the remaining term of the option. The risks involved in writing put options include the risk that a closing transaction cannot be effected at a favorable price and the possibility that the price of the underlying security may
fall below the exercise price, in which case the Fund may be required to purchase the underlying security at a higher price than the market price of the security at the time the option is exercised, resulting in a potential capital loss unless the
security subsequently appreciates in value.
Securities Valuation and Fair Value Measurements
Fair value is defined as the price that a Fund
would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. Accounting principles generally accepted in the United States of America (GAAP)
established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.
Green Owl Intrinsic Value Fund
Related Notes to the Schedule of Investmentscontinued
January 31, 2014
(Unaudited)
Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability,
including assumptions about risk (ex., the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable or
unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are
inputs that reflect the reporting entitys own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels listed below.
|
|
|
Level 1 quoted prices in active markets for identical securities
|
|
|
|
Level 2 other significant observable inputs (including, but not limited to, quoted prices for an identical security in an inactive market, quoted prices for similar securities, interest rates, prepayment speeds,
credit risk, etc.)
|
|
|
|
Level 3 significant unobservable inputs (including the Funds own assumptions in determining fair value of investments based on the best information available)
|
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the
fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Equity securities, including common stocks, are generally valued by using market quotations furnished by a pricing service. Securities that are traded on any
stock exchange are generally valued at the last quoted sale price. Lacking a last sale price, an exchange traded security is generally valued at its last bid price. Securities traded in the NASDAQ over-the-counter market are generally valued at the
NASDAQ Official Closing Price. When using the market quotations or close prices provided by the pricing service and when the market is considered active, the security is classified as a Level 1 security. Sometimes, an equity security owned by the
Fund will be valued by the pricing service with factors other than market quotations or when the market is considered inactive. When this happens, the security is classified as a Level 2 security. When market quotations are not readily available,
when the Fund determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, or when restricted or illiquid securities are being valued, such securities are valued as determined
in good faith by the Fund, in conformity with guidelines adopted by and subject to review by the Board of Trustees (the Board). These securities are categorized as Level 3 securities.
Investments in open-end mutual funds, including money market mutual funds, are generally priced at the ending net asset value (NAV) provided by the service
agent of the funds. These securities will be categorized as Level 1 securities.
Fixed income securities, when valued using market quotations in an active
market, will be categorized as Level 1 securities. However, they may be valued on the basis of prices furnished by a pricing service when the Fund believes such prices more accurately reflect the fair value of such securities. A pricing service uses
various inputs and techniques, which include broker-dealer quotations, like trading levels, recently executed transactions in securities of the issuer or comparable issuers, and option adjusted spread models that include base curve and spread curve
inputs. Adjustments to individual bonds can be applied to recognize trading differences compared to other bonds issued by the same issuer. The broker-dealer quotations received are supported by credit analysis of the issuer that takes into
consideration credit quality assessments, daily trading activity, and the activity of the underlying equities, listed bonds and sector-specific trends. To the extent that these inputs are observable, the fixed income securities are categorized as
Level 2 securities. If the Fund decides that a price provided by the pricing service does not accurately reflect the fair value of the securities, when prices are not readily available from a pricing service, or when restricted or illiquid
securities are being valued, securities are valued at fair value as determined in good faith by the Fund, in conformity with guidelines adopted by and subject to review of the Board. These securities will be categorized as Level 3 securities.
Green Owl Intrinsic Value Fund
Related Notes to the Schedule of Investmentscontinued
January 31, 2014
(Unaudited)
Short-term investments in fixed income securities (those with maturities of less than 60 days when acquired
or which subsequently are within 60 days of maturity), are valued by using the amortized cost method of valuation, which the Board has determined will represent fair value. These securities will be classified as Level 2 securities.
In accordance with the Trusts good faith pricing guidelines, the Fund is required to consider all appropriate factors relevant to the value of
securities for which it has determined other pricing sources are not available or reliable as described above. No single standard exists for determining fair value, because fair value depends upon the circumstances of each individual case. As a
general principle, the current fair value of an issue of securities being valued by the Fund would appear to be the amount which the owner might reasonably expect to receive for them upon their current sale. Methods which are in accordance with this
principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among
dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods. Good faith pricing is permitted if, in the Funds opinion, the validity of market quotations appears to be questionable based on
factors such as evidence of a thin market in the security based on a small number of quotations, a significant event occurs after the close of a market but before a Funds NAV calculation that may affect a securitys value, or the Fund is
aware of any other data that calls into question the reliability of market quotations. Good faith pricing may also be used in instances when the bonds the Fund invest in may default or otherwise cease to have market quotations readily available. Any
fair valuation pricing done outside the Funds approved pricing methods must be approved by the Pricing Committee of the Board.
The following is a
summary of the inputs used to value the Funds investments as of January 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs
|
|
|
|
|
Assets
|
|
Level 1Quoted
Prices in Active
Markets
|
|
|
Level 2Other
Significant
Observable Inputs
|
|
|
Level 3
Significant
Unobservable
Inputs
|
|
|
Total
|
|
Common Stocks*
|
|
$
|
49,653,490
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
49,653,490
|
|
Money Market Securities
|
|
|
884,038
|
|
|
|
|
|
|
|
|
|
|
|
884,038
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
50,537,528
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
50,537,528
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Refer to the Schedule of Investments for industry classifications.
|
The Fund did not hold any investments at
any time during the reporting period in which significant unobservable inputs were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period. The Trust recognizes transfers between fair
value hierarchy levels at the reporting period end. There were no transfers between any Levels for the period ended January 31, 2014.
The Sound Mind Investing Fund
Schedule of Investments
January 31, 2014
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Fair Value
|
|
Mutual Funds 99.65%
|
|
|
|
|
|
|
|
|
Mutual Funds Greater Than 1% of The Sound Mind Investing Funds Net Assets 97.73%
|
|
|
|
|
|
|
|
|
American Century International Discovery FundInstitutional Class
|
|
|
640,140
|
|
|
$
|
8,341,020
|
|
Ariel Appreciation FundInvestor Class
|
|
|
269,123
|
|
|
|
14,298,488
|
|
Aston/Fairpointe Mid Cap FundClass I
|
|
|
222,573
|
|
|
|
9,762,042
|
|
Baron Partners FundInstitutional Class *
|
|
|
166,708
|
|
|
|
5,474,703
|
|
Bogle Investment Management Small Cap Growth Fund
|
|
|
179,783
|
|
|
|
6,100,044
|
|
Cambiar Aggressive Value FundInvestor Class *
|
|
|
302,569
|
|
|
|
4,780,587
|
|
ClearBridge Aggressive Growth FundInstitutional Class
|
|
|
56,937
|
|
|
|
11,180,685
|
|
Dreyfus Opportunistic MidCap Value FundInstitutional Class
|
|
|
302,089
|
|
|
|
11,850,935
|
|
Dreyfus Opportunistic Small Cap Fund (a)
|
|
|
320,557
|
|
|
|
11,100,900
|
|
Fidelity International Small Cap Fund (a)
|
|
|
486,913
|
|
|
|
12,674,337
|
|
Fidelity Leveraged Company Stock Fund
|
|
|
301,397
|
|
|
|
12,646,619
|
|
Fidelity Mid Cap Value Fund
|
|
|
454,180
|
|
|
|
9,973,786
|
|
Fidelity OTC Portfolio
|
|
|
152,485
|
|
|
|
11,971,629
|
|
Hotchkis and Wiley Mid-Cap Value FundInstitutional Class
|
|
|
372,913
|
|
|
|
14,677,855
|
|
Ivy Cundill Global Value Fund (a)
|
|
|
351,610
|
|
|
|
6,205,917
|
|
Legg Mason Opportunity TrustInstitutional Class (a)
|
|
|
1,288,302
|
|
|
|
23,730,526
|
|
Longleaf Partners International Fund
|
|
|
228,754
|
|
|
|
4,019,205
|
|
Lord Abbett Developing Growth Fund, Inc.Institutional Class
|
|
|
519,413
|
|
|
|
14,927,928
|
|
Morgan Stanley Focus Growth FundInstitutional Class
|
|
|
290,017
|
|
|
|
15,704,401
|
|
Oakmark International FundInstitutional Class
|
|
|
410,839
|
|
|
|
10,435,320
|
|
Oppenheimer International Small Company FundClass Y
|
|
|
501,816
|
|
|
|
16,043,048
|
|
PRIMECAP Odyssey Aggressive Growth Fund
|
|
|
481,178
|
|
|
|
14,579,693
|
|
Skyline Special Equities Portfolio
|
|
|
355,926
|
|
|
|
13,453,997
|
|
Thornburg Core Growth FundInstitutional Class (a) *
|
|
|
496,827
|
|
|
|
14,099,936
|
|
Touchstone Sands Capital Select Growth FundClass Y
|
|
|
838,873
|
|
|
|
14,864,832
|
|
|
|
|
|
|
|
|
|
|
Total Mutual Funds Greater Than 1% of the Sound Mind Investing Funds Net Assets
(Cost
$251,397,793)
|
|
|
|
292,898,433
|
|
|
|
|
|
|
|
|
|
|
Mutual Funds Less Than 1% of The Sound Mind Investing Funds Net Assets 1.92% (b)
|
|
|
|
|
|
|
|
|
AllianzGI NFJ Dividend Value FundInstitutional Class
|
|
|
200
|
|
|
|
3,074
|
|
AllianzGI NFJ Small-Cap Value FundInstitutional Class
|
|
|
162
|
|
|
|
5,460
|
|
Artisan International Small Cap FundInvestor Class
|
|
|
150
|
|
|
|
3,974
|
|
Artisan International Value FundInvestor Class
|
|
|
150
|
|
|
|
5,344
|
|
Artisan Mid Cap Value FundInvestor Class
|
|
|
200
|
|
|
|
5,152
|
|
Artisan Small Cap FundInvestor Class *
|
|
|
150
|
|
|
|
4,562
|
|
Artisan Small Cap Value FundInvestor Class
|
|
|
150
|
|
|
|
2,691
|
|
Aston TAMRO Small Cap FundInstitutional Class
|
|
|
100
|
|
|
|
2,224
|
|
BBH Core Select FundClass N
|
|
|
100
|
|
|
|
2,073
|
|
Berwyn Fund
|
|
|
100
|
|
|
|
3,830
|
|
BlackRock International Opportunities PortfolioInstitutional Class
|
|
|
100
|
|
|
|
4,029
|
|
Bridgeway Small Cap Growth FundClass N
|
|
|
205
|
|
|
|
3,598
|
|
Bridgeway Small Cap Value FundClass N
|
|
|
179
|
|
|
|
3,780
|
|
Buffalo Small Cap Fund, Inc.
|
|
|
150
|
|
|
|
5,400
|
|
Columbia Acorn InternationalClass Z
|
|
|
100
|
|
|
|
4,489
|
|
Columbia Acorn SelectClass Z
|
|
|
150
|
|
|
|
3,861
|
|
Columbia Small Cap Growth I FundClass Z
|
|
|
100
|
|
|
|
3,250
|
|
Columbia Value and Restructuring FundClass Z
|
|
|
50
|
|
|
|
2,359
|
|
Delaware Select Growth FundInstitutional Class
|
|
|
100
|
|
|
|
5,081
|
|
Delaware Small Cap Value FundInstitutional Class
|
|
|
100
|
|
|
|
5,311
|
|
Delaware SMID Cap Growth FundInstitutional Class
|
|
|
100
|
|
|
|
3,417
|
|
Delaware Value FundInstitutional Class
|
|
|
144
|
|
|
|
2,253
|
|
DFA International Small Cap Value Portfolio
|
|
|
52,765
|
|
|
|
1,058,999
|
|
DFA International Small Company PortfolioInstitutional Class
|
|
|
100
|
|
|
|
1,887
|
|
DFA US Small Cap Value Portfolio
|
|
|
100
|
|
|
|
3,359
|
|
Dodge & Cox Stock Fund
|
|
|
11,026
|
|
|
|
1,800,805
|
|
See accompanying notes which are an integral part of these schedules of investments.
|
|
|
|
|
|
|
|
|
DWS Dreman Small Cap Value FundInstitutional Class
|
|
|
85
|
|
|
|
2,321
|
|
Fairholme Fund
|
|
|
100
|
|
|
|
3,804
|
|
FBR Focus FundInvestor Class *
|
|
|
100
|
|
|
|
6,338
|
|
Fidelity Mid-Cap Stock Fund
|
|
|
150
|
|
|
|
5,851
|
|
Fidelity Small Cap Discovery Fund
|
|
|
100
|
|
|
|
2,969
|
|
Fidelity Small Cap Stock Fund
|
|
|
150
|
|
|
|
3,027
|
|
Fidelity Small Cap Value FundInstitutional Class
|
|
|
150
|
|
|
|
2,855
|
|
Franklin Small Cap Value FundAdvisor Class
|
|
|
100
|
|
|
|
5,865
|
|
Hartford International Opportunities Fund/TheClass Y
|
|
|
248
|
|
|
|
4,255
|
|
Heartland Value Fund
|
|
|
100
|
|
|
|
4,729
|
|
Invesco American Value R5 Fund
|
|
|
100
|
|
|
|
3,851
|
|
Janus Contrarian FundClass T
|
|
|
38,333
|
|
|
|
800,000
|
|
Janus Overseas FundClass T
|
|
|
100
|
|
|
|
3,455
|
|
Janus Venture FundClass T
|
|
|
100
|
|
|
|
6,294
|
|
JPMorgan Mid Cap Value FundInstitutional Class
|
|
|
100
|
|
|
|
3,414
|
|
JPMorgan Small Cap Equity FundClass S
|
|
|
226
|
|
|
|
10,880
|
|
Kinetics Small Cap Opportunities Fund *
|
|
|
47,665
|
|
|
|
1,867,025
|
|
Longleaf Partners Fund
|
|
|
150
|
|
|
|
4,846
|
|
Longleaf Partners Small-Cap Fund
|
|
|
100
|
|
|
|
3,205
|
|
Morgan Stanley Institutional Fund, Inc.International Small Cap PortfolioInstitutional Class
|
|
|
36
|
|
|
|
491
|
|
Neuberger Berman Genesis FundInstitutional Class
|
|
|
100
|
|
|
|
5,909
|
|
Oakmark International Small Cap FundInstitutional Class
|
|
|
150
|
|
|
|
2,526
|
|
Oakmark Select FundInstitutional Class
|
|
|
150
|
|
|
|
5,853
|
|
Oppenheimer Small and Mid Cap Value FundClass Y
|
|
|
100
|
|
|
|
4,415
|
|
Perkins Mid Cap Value FundClass T
|
|
|
200
|
|
|
|
4,542
|
|
Principal SmallCap Growth Fund IInstitutional Class
|
|
|
200
|
|
|
|
2,832
|
|
Royce Low-Priced Stock FundInvestment Class
|
|
|
150
|
|
|
|
1,950
|
|
Royce Opportunity FundInvestor Class
|
|
|
151
|
|
|
|
2,284
|
|
Royce Premier FundInvestor Class
|
|
|
300
|
|
|
|
6,345
|
|
Royce Special Equity FundInstitutional Class
|
|
|
150
|
|
|
|
3,537
|
|
Royce Special Equity FundInvestor Class
|
|
|
100
|
|
|
|
2,371
|
|
Royce Value FundInstitutional Class
|
|
|
100
|
|
|
|
1,283
|
|
T. Rowe Price International Discovery Fund
|
|
|
150
|
|
|
|
8,230
|
|
T. Rowe Price New Horizons Fund
|
|
|
100
|
|
|
|
4,595
|
|
T. Rowe Price Small-Cap Value Fund
|
|
|
100
|
|
|
|
4,838
|
|
TIAA-CREF International Equity FundInstitutional Class
|
|
|
100
|
|
|
|
1,139
|
|
Tweedy Browne Global Value Fund
|
|
|
150
|
|
|
|
3,882
|
|
Vanguard Strategic Equity FundInvestor Class
|
|
|
100
|
|
|
|
2,939
|
|
Wasatch Emerging Markets Small Cap Fund
|
|
|
1,000
|
|
|
|
2,470
|
|
Wasatch International Growth Fund
|
|
|
150
|
|
|
|
4,205
|
|
|
|
|
|
|
|
|
|
|
Total Mutual Funds Less Than 1% of the Sound Mind Investing Funds Net Assets
(Cost $5,381,141)
|
|
|
|
5,771,882
|
|
|
|
|
|
|
|
|
|
|
Total Mutual Funds (Cost $256,778,934)
|
|
|
|
298,670,315
|
|
|
|
|
|
|
|
|
|
|
Money Market Securities 0.37%
|
|
|
|
|
Fidelity Institutional Money Market PortfolioInstitutional Class, 0.080% (c)
|
|
|
1,101,701
|
|
|
|
1,101,701
|
|
|
|
|
|
|
|
|
|
|
Total Money Market Securities (Cost $1,101,701)
|
|
|
|
1,101,701
|
|
|
|
|
|
|
|
|
|
|
Total Investments 100.02%
(Cost $257,880,635)
|
|
|
$
|
299,772,016
|
|
|
|
|
|
|
|
|
|
|
Liabilities in Excess of Other Assets (0.02)%
|
|
|
|
(59,235
|
)
|
|
|
|
|
|
|
|
|
|
Total Net Assets 100.00%
|
|
|
$
|
299,712,781
|
|
|
|
|
|
|
|
|
|
|
(a)
|
A portion of this security may be deemed illiquid due to the Investment Company Act of 1940 provision stating that no issuer of any investment company security purchased or acquired by a registered investment company
shall be obligated to redeem such security in an amount exceeding 1 per centum of such issuers total outstanding shares during any period of less than thirty days.
|
(b)
|
Small investments are occasionally retained in mutual funds that are closed to new investment, or in the managers opinion are at risk to close, so as to allow the Fund the flexibility to reinvest in these funds in
the future.
|
(c)
|
Rate disclosed is the seven day yield as of January 31, 2014.
|
*
|
Non-income producing security.
|
See accompanying notes which are an integral part of these
schedules of investments.
The Sound Mind Investing Balanced Fund
Schedule of Investments
January 31, 2014
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
Fair Value
|
|
Corporate Bonds 8.79%
|
|
Ally Financial, Inc., 3.125%, 1/15/2016
|
|
$
|
25,000
|
|
|
$
|
25,574
|
|
Ally Financial, Inc., 5.500%, 2/15/2017
|
|
|
55,000
|
|
|
|
59,606
|
|
Ally Financial, Inc., 4.750%, 9/10/2018
|
|
|
105,000
|
|
|
|
110,119
|
|
American Honda Finance Corp., 1.125%, 10/7/2016
|
|
|
80,000
|
|
|
|
80,401
|
|
American International Group, Inc., 5.050%, 10/1/2015
|
|
|
70,000
|
|
|
|
74,895
|
|
American International Group, Inc., 4.875%, 9/15/2016
|
|
|
65,000
|
|
|
|
71,431
|
|
American International Group, Inc., 3.800%, 3/22/2017
|
|
|
70,000
|
|
|
|
75,004
|
|
American International Group, Inc., 6.400%, 12/15/2020
|
|
|
50,000
|
|
|
|
59,575
|
|
American International Group, Inc., 4.125%, 2/15/2024
|
|
|
55,000
|
|
|
|
55,787
|
|
Bank of America Corp., 4.500%, 4/1/2015
|
|
|
200,000
|
|
|
|
208,529
|
|
Bank of America Corp., 1.500%, 10/9/2015
|
|
|
160,000
|
|
|
|
161,662
|
|
Bank of America Corp., 4.125%, 1/22/2024
|
|
|
65,000
|
|
|
|
65,764
|
|
Citigroup, Inc., 5.500%, 10/15/2014
|
|
|
27,000
|
|
|
|
27,929
|
|
Daimler Finance North America LLC, 1.250%, 1/11/2016 (a)
|
|
|
90,000
|
|
|
|
90,629
|
|
Entergy Arkansas, Inc., 5.000%, 7/1/2018
|
|
|
35,000
|
|
|
|
34,954
|
|
Entergy Texas, Inc., 3.600%, 6/1/2015
|
|
|
55,000
|
|
|
|
56,789
|
|
Ford Motor Credit Co. LLC, 3.875%, 1/15/2015
|
|
|
100,000
|
|
|
|
102,904
|
|
Ford Motor Credit Co. LLC, 3.984%, 6/15/2016 (a)
|
|
|
65,000
|
|
|
|
68,444
|
|
Ford Motor Credit Co. LLC, 4.250%, 2/3/2017
|
|
|
90,000
|
|
|
|
96,713
|
|
Ford Motor Credit Co. LLC, 5.000%, 5/15/2018
|
|
|
140,000
|
|
|
|
155,301
|
|
Ford Motor Credit Co. LLC, 4.375%, 8/6/2023
|
|
|
55,000
|
|
|
|
55,960
|
|
General Electric Capital Corp., 1.625%, 7/2/2015
|
|
|
80,000
|
|
|
|
81,245
|
|
General Electric Capital Corp., 1.000%, 12/11/2015
|
|
|
90,000
|
|
|
|
90,803
|
|
General Electric Capital Corp., 1.000%, 1/8/2016
|
|
|
90,000
|
|
|
|
90,628
|
|
Goldman Sachs Group, Inc./The, 3.700%, 8/1/2015
|
|
|
45,000
|
|
|
|
46,870
|
|
Goldman Sachs Group, Inc./The, 1.600%, 11/23/2015
|
|
|
85,000
|
|
|
|
86,007
|
|
Goldman Sachs Group, Inc./The, 1.436%, 4/30/2018 (b)
|
|
|
85,000
|
|
|
|
86,008
|
|
Hartford Financial Services Group, Inc., 5.500%, 10/15/2016
|
|
|
60,000
|
|
|
|
66,676
|
|
Hartford Financial Services Group, Inc., 5.375%, 3/15/2017
|
|
|
65,000
|
|
|
|
72,259
|
|
JPMorgan Chase & Co., 0.857%, 2/26/2016 (b)
|
|
|
75,000
|
|
|
|
75,347
|
|
JPMorgan Chase & Co., 3.250%, 9/23/2022
|
|
|
55,000
|
|
|
|
53,418
|
|
Liberty Mutual Group, Inc., 6.700%, 8/15/2016 (a)
|
|
|
25,000
|
|
|
|
28,390
|
|
Metropolitan Life Global Funding I, 1.700%, 6/29/2015 (a)
|
|
|
55,000
|
|
|
|
55,854
|
|
Morgan Stanley, 4.200%, 11/20/2014
|
|
|
105,000
|
|
|
|
108,045
|
|
Morgan Stanley, 1.488%, 2/25/2016 (b)
|
|
|
40,000
|
|
|
|
40,559
|
|
Verizon Communications, Inc., 0.442%, 3/6/2015 (a) (b)
|
|
|
55,000
|
|
|
|
54,969
|
|
|
|
|
|
|
|
|
|
|
Total Corporate Bonds
(Cost $2,694,791)
|
|
|
|
|
|
|
2,775,048
|
|
|
|
|
|
|
|
|
|
|
Foreign Bonds Denominated in U.S. Dollars 0.75%
|
|
|
|
|
|
|
|
|
ING Bank NV, 3.750%, 3/7/2017 (a)
|
|
|
165,000
|
|
|
|
175,457
|
|
Petrobras Global Finance BV, 2.379%, 1/15/2019 (b)
|
|
|
35,000
|
|
|
|
34,125
|
|
Petroleos Mexicanos, 3.500%, 7/18/2018
|
|
|
25,000
|
|
|
|
25,625
|
|
|
|
|
|
|
|
|
|
|
Total Foreign Bonds Denominated in U.S. Dollars
(Cost $224,477)
|
|
|
|
|
|
|
235,207
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of these schedules of investments.
|
|
|
|
|
|
|
|
|
U.S. Treasury Obligations 15.35%
|
|
U.S. Treasury Notes, 0.125%, 12/31/2014
|
|
|
220,000
|
|
|
|
220,000
|
|
U.S. Treasury Notes, 0.250%, 2/28/2015
|
|
|
1,165,000
|
|
|
|
1,166,160
|
|
U.S. Treasury Notes, 0.125%, 4/30/2015
|
|
|
2,020,000
|
|
|
|
2,019,053
|
|
U.S. Treasury Notes, 1.750%, 10/31/2020
|
|
|
600,000
|
|
|
|
587,390
|
|
U.S. Treasury Notes, 2.750%, 11/15/2023
|
|
|
620,000
|
|
|
|
624,553
|
|
U.S. Treasury Notes, 3.750%, 11/15/2043
|
|
|
225,000
|
|
|
|
230,274
|
|
|
|
|
|
|
|
|
|
|
Total U.S. Treasury Obligations
(Cost $4,831,639)
|
|
|
|
|
|
|
4,847,430
|
|
|
|
|
|
|
|
|
|
|
Asset-Backed Securities 9.60%
|
|
|
|
|
|
|
|
|
American Airlines Pass 2011-1 Through Trust, Class A, 5.250%, 1/31/2021
|
|
|
25,690
|
|
|
|
27,681
|
|
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2006-3, 5.889%, 7/10/2044 (b)
|
|
|
64,163
|
|
|
|
69,945
|
|
Burlington Northern and Santa Fe Railway Co. Pass Through Trust, Series 2004-1, 4.575%, 1/15/2021
|
|
|
57,101
|
|
|
|
62,072
|
|
Burlington Northern and Santa Fe Railway Co. Pass Through Trust, Series 2001-2, 6.462%, 1/15/2021
|
|
|
22,452
|
|
|
|
25,783
|
|
Burlington Northern and Santa Fe Railway Co. Pass Through Trust, Series 2005-4, 4.967%, 4/1/2023
|
|
|
18,691
|
|
|
|
20,323
|
|
Citigroup Commercial Mortgage Trust, Series 2004-C1, Class A4, 5.376%, 4/15/2040 (b)
|
|
|
20,596
|
|
|
|
20,708
|
|
Citigroup Commercial Mortgage Trust, Series 2012-GC8, Class A1, 0.685%, 9/10/2045
|
|
|
38,276
|
|
|
|
38,130
|
|
Commercial Mortgage Pass Through Certificates, 0.666%, 10/15/2045
|
|
|
27,494
|
|
|
|
27,360
|
|
Commercial Mortgage Trust, Series 2004-GG1, Class A7, 5.317%, 6/10/2036 (b)
|
|
|
4,987
|
|
|
|
5,003
|
|
Commercial Mortgage Trust, Series 2007-GC9, Class A7, 5.444%, 3/10/2039
|
|
|
30,000
|
|
|
|
33,146
|
|
Conseco Financial Corp., 7.600%, 4/15/2026 (b)
|
|
|
38,122
|
|
|
|
33,672
|
|
Countrywide Asset-Backed Certificates, 0.378%, 10/25/2036 (b)
|
|
|
18,167
|
|
|
|
17,459
|
|
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-10, Class 7A1, 5.000%, 9/25/2015
|
|
|
931
|
|
|
|
935
|
|
Credit Suisse Mortgage Capital Certificates, Series 2009-12R, Class 41A1, 5.250%, 3/27/2037 (a) (b)
|
|
|
15,144
|
|
|
|
15,847
|
|
DBRR Trust, Series 2012-EZ1, Class A, 0.946%, 9/25/2045 (a)
|
|
|
96,484
|
|
|
|
96,494
|
|
Delta Air Lines Pass Through Trust, Series 2007-1, Class A, 6.821%, 8/10/2022
|
|
|
30,274
|
|
|
|
34,512
|
|
Fannie Mae, Pool #468625, 0.558%, 7/1/2018 (b)
|
|
|
50,000
|
|
|
|
50,274
|
|
Fannie Mae, Pool #465468, 3.330%, 7/1/2020
|
|
|
76,894
|
|
|
|
82,500
|
|
Fannie Mae, Pool #466284, 3.330%, 10/1/2020
|
|
|
90,349
|
|
|
|
94,668
|
|
Fannie Mae, Pool #466319, 3.230%, 11/1/2020
|
|
|
89,975
|
|
|
|
93,687
|
|
Fannie Mae, Pool #AM2182, 2.160%, 1/1/2023
|
|
|
152,021
|
|
|
|
143,867
|
|
Fannie Mae, Pool #AA4328, 4.000%, 4/1/2024
|
|
|
40,792
|
|
|
|
43,605
|
|
Fannie Mae, Pool #AB2822, 2.500%, 3/1/2026
|
|
|
30,277
|
|
|
|
30,459
|
|
Fannie Mae, Pool #AM1671, 2.100%, 12/1/2027
|
|
|
56,640
|
|
|
|
52,609
|
|
Fannie Mae, Pool #MA1604, 2.000%, 7/1/2028
|
|
|
53,038
|
|
|
|
51,493
|
|
Fannie Mae, Pool #464400, 5.970%, 1/1/2040
|
|
|
14,359
|
|
|
|
16,116
|
|
Fannie Mae, Pool #464398, 5.970%, 1/1/2040
|
|
|
19,145
|
|
|
|
21,488
|
|
Fannie Mae, Pool #466890, 5.100%, 12/1/2040
|
|
|
24,067
|
|
|
|
25,839
|
|
Fannie Mae REMICS, Series 2004-67, Class VC, 4.500%, 2/25/2025
|
|
|
21,440
|
|
|
|
21,704
|
|
Fannie Mae REMICS, 4.000%, 2/25/2033
|
|
|
94,789
|
|
|
|
94,699
|
|
Fannie Mae-Aces, Series 2013-M5, Class ASQ2, 0.595%, 8/25/2015
|
|
|
114,585
|
|
|
|
114,806
|
|
Fannie Mae-Aces, 2.325%, 7/25/2023 (b)
|
|
|
70,000
|
|
|
|
70,820
|
|
Freddie Mac REMICS, Series 3609, Class LA, 4.000%, 12/15/2024
|
|
|
59,417
|
|
|
|
62,893
|
|
Freddie Mac REMICS, Series 3873, Class DG, 3.000%, 7/15/2027
|
|
|
14,483
|
|
|
|
14,874
|
|
GE Capital Commercial Mortgage Corp., Series 2004-C3, Class A4, 5.189%, 7/10/2039 (b)
|
|
|
15,816
|
|
|
|
15,976
|
|
Ginnie Mae I Pool, Pool #AB2583, 2.140%, 8/15/2023
|
|
|
89,763
|
|
|
|
89,203
|
|
Ginnie Mae I Pool, Pool #AD0091, 2.730%, 6/15/2032
|
|
|
228,841
|
|
|
|
222,116
|
|
GS Mortgage Securities Corp. II, Series 2012-GCJ9, Class A1, 0.662%, 11/10/2045
|
|
|
42,958
|
|
|
|
42,766
|
|
GS Mortgage Securities Trust, Series 2007-GG10, Class A4, 5.806%, 8/10/2045 (b)
|
|
|
100,000
|
|
|
|
110,435
|
|
See accompanying notes which are an integral part of these schedules of investments.
|
|
|
|
|
|
|
|
|
Hertz Vehicle Financing LLC, Series 2011-1A, Class A1, 2.200%, 3/25/2016 (a)
|
|
|
110,000
|
|
|
|
111,371
|
|
Hertz Vehicle Financing LLC, Series 2013-1A, Class A1, 1.120%, 8/25/2017 (a)
|
|
|
90,000
|
|
|
|
90,044
|
|
Home Equity Loan Trust, Series 2003-HS3, Class A2A, 0.438%, 8/25/2033 (b)
|
|
|
10,929
|
|
|
|
10,144
|
|
Home Equity Mortgage Trust, Series 2006-1, Class A2, 5.800%, 5/25/2036
|
|
|
29,552
|
|
|
|
25,912
|
|
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2012-C8, Class A1, 0.705%, 10/15/2045
|
|
|
35,485
|
|
|
|
35,446
|
|
JPMBB Commercial Mortgage Securities Trust, Series 2013-C14, Class A1, 1.260%, 8/15/2046
|
|
|
55,968
|
|
|
|
56,209
|
|
Mid-State Trust, Series 11, Class A1, 4.864%, 7/15/2038
|
|
|
16,219
|
|
|
|
17,434
|
|
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C6, Class A1, 0.664%, 11/15/2045
|
|
|
35,133
|
|
|
|
34,965
|
|
Northwest Airlines Pass Through Trust, Series 2007-1, Class A, 7.027%, 11/1/2019
|
|
|
42,350
|
|
|
|
47,009
|
|
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2005-S6, Class A2, 0.738%, 11/25/2035 (b)
|
|
|
1,393
|
|
|
|
1,385
|
|
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2005-S7, Class A2, 0.458%, 12/25/2035 (a) (b)
|
|
|
19,543
|
|
|
|
18,935
|
|
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-S2, Class A2, 5.500%, 6/25/2036
|
|
|
61,725
|
|
|
|
41,777
|
|
UAL 2007 Pass Through Trust, Series 071A, 6.636%, 7/2/2022
|
|
|
34,611
|
|
|
|
37,424
|
|
UBS-Barclays Commercial Mortgage Trust, 0.726%, 8/10/2049
|
|
|
53,264
|
|
|
|
53,210
|
|
Union Pacific Railroad Co. 2003 Pass Through Trust, Series 03-1, 4.698%, 1/2/2024
|
|
|
9,631
|
|
|
|
10,421
|
|
Union Pacific Railroad Co. 2004 Pass Through Trust, Series 04-1, 5.404%, 7/2/2025
|
|
|
57,828
|
|
|
|
63,191
|
|
Union Pacific Railroad Co. 2005 Pass Through Trust, Series 05-1, 5.082%, 1/2/2029
|
|
|
44,936
|
|
|
|
49,400
|
|
Union Pacific Railroad Co. 2006 Pass Through Trust, Series 06-1, 5.866%, 7/2/2030
|
|
|
27,346
|
|
|
|
31,668
|
|
US Airways Pass 2011-1 Through Trust, Series A, 7.125%, 10/22/2023
|
|
|
26,347
|
|
|
|
30,233
|
|
US Airways Pass 2012-1 Through Trust, Series A, 5.900%, 10/1/2024
|
|
|
48,023
|
|
|
|
52,826
|
|
Wells Fargo Commercial Mortgage Trust, Series 2012-LC5, Class A1, 0.687%, 10/15/2045
|
|
|
69,827
|
|
|
|
69,606
|
|
WF-RBS Commercial Mortgage Trust, Series 2012-C10, Class A1, 0.734%, 12/15/2045
|
|
|
47,744
|
|
|
|
47,620
|
|
|
|
|
|
|
|
|
|
|
Total Asset-Backed Securities
(Cost $2,961,749)
|
|
|
|
|
|
|
3,032,197
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
Mutual Funds 62.75%
|
|
|
|
|
|
|
|
|
Ariel Appreciation FundInvestor Class
|
|
|
19,053
|
|
|
|
1,012,287
|
|
Bogle Investment Management Small Cap Growth Fund
|
|
|
23,649
|
|
|
|
802,405
|
|
Cambiar Aggressive Value Fund *
|
|
|
61,346
|
|
|
|
969,271
|
|
DFA International Small Cap Value Portfolio
|
|
|
52,444
|
|
|
|
1,052,543
|
|
Dreyfus Opportunistic MidCap Value FundInstitutional Class
|
|
|
23,326
|
|
|
|
915,092
|
|
Dreyfus Opportunistic Small Cap Fund
|
|
|
26,966
|
|
|
|
933,842
|
|
Fidelity International Small Cap Fund
|
|
|
37,592
|
|
|
|
978,521
|
|
Fidelity Leveraged Company Stock Fund
|
|
|
18,503
|
|
|
|
776,403
|
|
Fidelity OTC Portfolio
|
|
|
14,098
|
|
|
|
1,106,830
|
|
Hotchkis and Wiley Mid-Cap Value FundInstitutional Class
|
|
|
19,210
|
|
|
|
756,124
|
|
Ivy Cundill Global Value Fund
|
|
|
41,602
|
|
|
|
734,281
|
|
Kinetics Small Cap Opportunities FundInstitutional Class *
|
|
|
34,621
|
|
|
|
1,356,104
|
|
Legg Mason Opportunity TrustInstitutional Class
|
|
|
127,498
|
|
|
|
2,348,514
|
|
Longleaf Partners Small-Cap Fund
|
|
|
89
|
|
|
|
2,837
|
|
Lord Abbett Developing Growth Fund, Inc.Institutional Class
|
|
|
33,240
|
|
|
|
955,306
|
|
Morgan Stanley Focus Growth FundInstitutional Class
|
|
|
21,453
|
|
|
|
1,161,705
|
|
Oakmark International FundInstitutional Class
|
|
|
100
|
|
|
|
2,540
|
|
Oberweis Micro-Cap Fund *
|
|
|
19,006
|
|
|
|
386,206
|
|
Oppenheimer International Small Company FundInstitutional Class
|
|
|
33,227
|
|
|
|
1,062,266
|
|
PRIMECAP Odyssey Aggressive Growth Fund
|
|
|
15,926
|
|
|
|
482,552
|
|
Skyline Special Equities Portfolio
|
|
|
24,307
|
|
|
|
918,804
|
|
Touchstone Sands Capital Select Growth FundClass Y
|
|
|
61,888
|
|
|
|
1,096,649
|
|
Wasatch Emerging Markets Small Cap Fund
|
|
|
700
|
|
|
|
1,729
|
|
|
|
|
|
|
|
|
|
|
Total Mutual Funds
(Cost $17,252,354)
|
|
|
|
|
|
|
19,812,811
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of these schedules of investments.
|
|
|
|
|
|
|
|
|
Money Market Securities 1.08%
|
|
Fidelity Institutional Money Market PortfolioInstitutional Class, 0.08% (c)
|
|
|
341,763
|
|
|
|
341,763
|
|
|
|
|
|
|
|
|
|
|
Total Money Market Securities
(Cost $341,763)
|
|
|
|
|
|
|
341,763
|
|
|
|
|
|
|
|
|
|
|
Total Investments 98.32%
(Cost $28,306,773)
|
|
|
|
|
|
|
31,044,456
|
|
|
|
|
|
|
|
|
|
|
Other Assets in Excess of Liabilities 1.68%
|
|
|
|
|
|
|
530,514
|
|
|
|
|
|
|
|
|
|
|
TOTAL NET ASSETS 100.00%
|
|
|
|
|
|
$
|
31,574,970
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.
|
(b)
|
Variable or Floating Rate Security. Rate disclosed is as of January 31, 2014.
|
(c)
|
Rate disclosed is the seven day yield as of January 31, 2014.
|
*
|
Non-income producing security.
|
See accompanying notes which are an integral part of these
schedules of investments.
The SMI Dynamic Allocation Fund
Schedule of Investments
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Fair Value
|
|
Exchange-Traded Funds 60.90%
|
|
|
|
|
|
|
|
|
Health Care Select Sector SPDR Fund
|
|
|
32,000
|
|
|
$
|
1,790,720
|
|
Industrial Select Sector SPDR Fund
|
|
|
35,650
|
|
|
|
1,783,569
|
|
iShares MSCI EAFE ETF (b)
|
|
|
355,090
|
|
|
|
22,587,275
|
|
iShares MSCI France ETF
|
|
|
30,640
|
|
|
|
823,603
|
|
iShares MSCI Germany Index Fund
|
|
|
27,380
|
|
|
|
816,745
|
|
iShares MSCI Italy Index Fund
|
|
|
53,500
|
|
|
|
831,390
|
|
iShares MSCI Netherlands Investable Market Index Fund
|
|
|
33,580
|
|
|
|
816,666
|
|
iShares MSCI Spain Capped ETF
|
|
|
21,220
|
|
|
|
803,814
|
|
iShares MSCI Sweden Index Fund
|
|
|
24,420
|
|
|
|
833,210
|
|
SPDR S&P 500 ETF Trust (b)
|
|
|
117,350
|
|
|
|
20,909,423
|
|
|
|
|
|
|
|
|
|
|
Total Exchange-Traded Funds
(Cost $49,134,962)
|
|
|
|
|
|
|
51,996,415
|
|
|
|
|
|
|
|
|
|
|
Mutual Funds 37.78%
|
|
|
|
|
|
|
|
|
ProFunds Biotechnology UltraSector ProFundInvestor Class
|
|
|
17,240
|
|
|
|
3,560,690
|
|
Vanguard High-Yield Corporate Fund Admiral Shares
|
|
|
948,104
|
|
|
|
9,500,000
|
|
Vanguard Long-Term Bond Index FundInvestor Class (b)
|
|
|
1,482,625
|
|
|
|
19,200,000
|
|
|
|
|
|
|
|
|
|
|
Total Mutual Funds
(Cost $31,163,908)
|
|
|
|
|
|
|
32,260,690
|
|
|
|
|
|
|
|
|
|
|
Money Market Securities 34.19%
|
|
|
|
|
|
|
|
|
Fidelity Institutional Money Market PortfolioInstitutional Class, 0.08% (a) (b)
|
|
|
29,195,832
|
|
|
|
29,195,832
|
|
|
|
|
|
|
|
|
|
|
Total Money Market Securities
(Cost $29,195,832)
|
|
|
|
|
|
|
29,195,832
|
|
|
|
|
|
|
|
|
|
|
Total Investments 132.87%
(Cost $109,494,702)
|
|
|
|
|
|
|
113,452,937
|
|
|
|
|
|
|
|
|
|
|
Liabilities in Excess of Other Assets (32.87)%
|
|
|
|
|
|
|
(28,066,213
|
)
|
|
|
|
|
|
|
|
|
|
TOTAL NET ASSETS 100.00%
|
|
|
|
|
|
$
|
85,386,724
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Rate disclosed is the seven day yield as of January 31, 2014.
|
(b)
|
For a schedule of each Funds holdings please refer to each Funds most recent semi annual or annual report filed at www.sec.gov.
|
See accompanying notes which are an integral part of these schedules of investments.
The Sound Mind Investing Funds
Notes to the Schedule of Investments
January 31, 2014
(Unaudited)
At January 31, 2014, the
cost and net unrealized appreciation (depreciation) of investments for tax purposes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SMI Fund
|
|
|
SMI
Balanced Fund
|
|
|
SMI Dynamic
Allocation Fund
|
|
Gross Appreciation
|
|
$
|
43,269,059
|
|
|
$
|
2,888,665
|
|
|
$
|
4,291,312
|
|
Gross (Depreciation)
|
|
|
(1,379,206
|
)
|
|
|
(151,903
|
)
|
|
|
(335,008
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Appreciation (Depreciaton) on Investments
|
|
$
|
41,889,853
|
|
|
$
|
2,736,762
|
|
|
$
|
3,956,304
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At January 31, 2014, the aggregate cost of securities for federal income tax purposes was $257,882,163, $28,307,694 and
$109,496,633 for the SMI Fund, SMI Balanced Fund and SMI Dynamic Allocation Fund, respectively.
Security Transactions and Related Income
The
Sound Mind Investing Fund (SMI Fund), Sound Mind Investing Balanced Fund (SMI Balanced Fund) and SMI Dynamic Allocation Fund (each a Fund and collectively, the Funds), follow industry practice and
record security transactions on the trade date for financial reporting purposes. The specific identification method is used for determining gains or losses for financial statements and income tax purposes. Dividend income is recorded on the
ex-dividend date and interest income is recorded on an accrual basis. Short-term capital gain distributions from underlying funds are classified as dividend income for financial reporting purposes. Long-term capital gains are broken out as such.
Discounts and premiums on securities purchased are amortized or accreted using the effective interest method. The ability of issuers of debt securities held by the Funds to meet their obligations may be affected by economic and political
developments in a specific country or region.
Securities Valuation and Fair Value Measurements
Fair value is defined as the price that a Fund
would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. Generally accepted accounting principles in the United States of America (GAAP),
establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.
Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example,
the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs
that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting
entitys own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels listed below.
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|
|
Level 1 quoted prices in active markets for identical securities
|
|
|
|
Level 2 other significant observable inputs (including, but not limited to, quoted prices for an identical security in an inactive market, quoted prices for similar securities, interest rates, prepayment speeds,
credit risk, etc.)
|
|
|
|
Level 3 significant unobservable inputs (including each Funds own assumptions in determining fair value of investments based on the best information available)
|
The Sound Mind Investing Funds
Notes to the Schedule of Investmentscontinued
January 31, 2014
(Unaudited)
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such
cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Equity securities, including exchange-traded funds, are generally valued by using market quotations, but may be valued on the basis of prices furnished
by a pricing service when SMI Advisory Services, LLC (the Adviser) believes such prices more accurately reflect the fair value of such securities. Securities that are traded on any stock exchange are generally valued by the pricing
service at the last quoted sale price. Lacking a last sale price, an exchange traded security is generally valued by the pricing service at its last bid price. Securities traded in the NASDAQ over-the-counter market are generally valued by the
pricing service at the NASDAQ Official Closing Price. When using the market quotations or close prices provided by the pricing service and when the market is considered active, the security will be classified as a Level 1 security. Sometimes, an
equity security owned by the Funds will be valued by the pricing service with factors other than market quotations or when the market is considered inactive. When this happens, the security will be classified as a Level 2 security. When market
quotations are not readily available, when the Adviser determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, or when restricted or illiquid securities are being valued,
such securities are valued as determined in good faith by the Adviser, in conformity with guidelines adopted by and subject to review by the Board. These securities will be categorized as Level 3 securities.
Investments in mutual funds, including money market mutual funds, are generally priced at the ending net asset value (NAV) provided by the service agent of
the funds. These securities will be categorized as Level 1 securities.
Fixed income securities, including corporate bonds, foreign bonds denominated in
U.S. dollars, U.S. treasury obligations and asset-backed securities, when valued using market quotations in an active market, will be categorized as Level 1 securities. However, they may be valued on the basis of prices furnished by a pricing
service when the Adviser believes such prices more accurately reflect the fair value of such securities. A pricing service uses various inputs and techniques, which include broker-dealer quotations, live trading levels, recently executed
transactions in securities of the issuer or comparable issuers, and option adjusted spread models that include base curve and spread curve inputs. Adjustments to individual bonds can be applied to recognize trading differences compared to other
bonds issued by the same issuer. The broker-dealer quotations received are supported by credit analysis of the issuer that takes into consideration credit quality assessments, daily trading activity, and the activity of the underlying equities,
listed bonds and sector-specific trends. Data used to establish quotes for asset-backed securities includes analysis of cash flows, pre-payment speeds, default rates, delinquency assumptions, and assumptions regarding collateral and loss. To the
extent that these inputs are observable, the fixed income securities are categorized as Level 2 securities. If the Adviser decides that a price provided by the pricing service does not accurately reflect the fair value of the securities, when prices
are not readily available from a pricing service, or when restricted or illiquid securities are being valued, securities are valued at fair value as determined in good faith by the Adviser, in conformity with guidelines adopted by and subject to
review of the Board. These securities may be categorized as Level 3 securities.
Short-term investments in fixed income securities, (those with maturities
of less than 60 days when acquired, or which subsequently are within 60 days of maturity), are valued by using the amortized cost method of valuation, which the Board has determined will represent fair value. These securities will be classified as
Level 2 securities.
In accordance with the Trusts good faith pricing guidelines, the Adviser is required to consider all appropriate factors
relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. No single standard exists for determining fair value, because fair value depends upon the circumstances of each
individual case. As a general principle, the current fair value of an issue of securities being valued by the Adviser would appear to be the amount which the owner might reasonably expect to receive for them upon their current sale. Methods which
are in accordance with this principle may, for example, be based on (i)
The Sound Mind Investing Funds
Notes to the Schedule of Investmentscontinued
January 31, 2014
(Unaudited)
a multiple of earnings; (ii) a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among
dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods. Good faith pricing is permitted if, in the Advisers opinion, the validity of market quotations appears to be questionable based
on factors such as evidence of a thin market in the security based on a small number of quotations, a significant event occurs after the close of a market but before a Funds NAV calculation that may affect a securitys value, or the
Adviser is aware of any other data that calls into question the reliability of market quotations. Good faith pricing may also be used in instances when the bonds the Funds invest in may default or otherwise cease to have market quotations
readily available.
The following is a summary of the inputs used to value the Funds investments as of January 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs
|
|
|
|
|
SMI Fund
|
|
Level 1Quoted
Prices in Active
Markets
|
|
|
Level 2Other
Significant
Observable Inputs
|
|
|
Level 3Significant
Unobservable
Inputs
|
|
|
Total
|
|
Mutual Fundsgreater than 1% of net assets
|
|
$
|
292,898,433
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
292,898,433
|
|
Mutual Fundsless than 1% of net assets
|
|
|
5,771,882
|
|
|
|
|
|
|
|
|
|
|
|
5,771,882
|
|
Money Market Securities
|
|
|
1,101,701
|
|
|
|
|
|
|
|
|
|
|
|
1,101,701
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
299,772,016
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
299,772,016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs
|
|
|
|
|
SMI Balanced Fund
|
|
Level 1Quoted
Prices in Active
Markets
|
|
|
Level 2Other
Significant
Observable Inputs
|
|
|
Level 3Significant
Unobservable
Inputs
|
|
|
Total
|
|
Corporate Bonds
|
|
$
|
|
|
|
$
|
2,775,048
|
|
|
$
|
|
|
|
$
|
2,775,048
|
|
Foreign Bonds Denominated in U.S. Dollars
|
|
|
|
|
|
|
235,207
|
|
|
|
|
|
|
|
235,207
|
|
U.S. Treasury Obligations
|
|
|
|
|
|
|
4,847,430
|
|
|
|
|
|
|
|
4,847,430
|
|
Asset-Backed Securities
|
|
|
|
|
|
|
3,032,197
|
|
|
|
|
|
|
|
3,032,197
|
|
Mutual Funds
|
|
|
19,812,811
|
|
|
|
|
|
|
|
|
|
|
|
19,812,811
|
|
Money Market Securities
|
|
|
341,763
|
|
|
|
|
|
|
|
|
|
|
|
341,763
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
20,154,574
|
|
|
$
|
10,889,882
|
|
|
$
|
|
|
|
$
|
31,044,456
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Sound Mind Investing Funds
Notes to the Schedule of Investmentscontinued
January 31, 2014
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs
|
|
|
|
|
SMI Dynamic Allocation Fund
|
|
Level 1Quoted
Prices in Active
Markets
|
|
|
Level 2Other
Significant
Observable Inputs
|
|
|
Level 3Significant
Unobservable
Inputs
|
|
|
Total
|
|
Exchange-Traded Funds
|
|
$
|
51,996,415
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
51,996,415
|
|
Mutual Funds
|
|
|
32,260,690
|
|
|
|
|
|
|
|
|
|
|
|
32,260,690
|
|
Money Market Securities
|
|
|
29,195,832
|
|
|
|
|
|
|
|
|
|
|
|
29,195,832
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
113,452,937
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
113,452,937
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Funds did not hold any investments at any time during the reporting period in which significant unobservable inputs were
used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period. The Trust recognizes transfers between fair value hierarchy levels at the end of the reporting period. During the period ended
January 31, 2014, there were no transfers between levels.
Restricted securities are securities that may only be resold upon registration under
federal securities laws or in transactions exempt from such registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuers expense, either upon demand by the Funds or in
connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid. The Board of
Trustees and management of the SMI Balanced Fund consider the restricted securities shown below to be liquid. The Fund will not incur any registration costs upon such resale. The Funds restricted securities are valued at the price provided by
dealers in the secondary market or, if no market prices are available, at the fair value as determined by the Trusts Pricing Committee. At January 31, 2014, the SMI Balanced Fund held restricted securities representing 2.55% of net
assets, as listed as follows:
The Sound Mind Investing Funds
Notes to the Schedule of Investmentscontinued
January 31, 2014
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer Description
|
|
Acquisition
Date
|
|
Principal
Amount
|
|
|
Amortized
Cost
|
|
|
Fair
Value
|
|
Credit Suisse Mortgage Capital Certificate, Series 2009-12R, Class 41A1, 5.250%, 3/27/2037
|
|
6/13/2011
|
|
$
|
15,144
|
|
|
$
|
15,148
|
|
|
$
|
15,847
|
|
Daimler Finance North America LLC, 1.250%, 1/11/2016
|
|
1/9/2013
|
|
|
90,000
|
|
|
|
89,928
|
|
|
|
90,629
|
|
DBRR Trust, Series 2012-EZ1, Class A, 0.946%, 9/25/2045
|
|
(a)
|
|
|
96,484
|
|
|
|
96,586
|
|
|
|
96,494
|
|
Ford Motor Credit Co. LLC, 3.984%, 6/15/2016
|
|
(b)
|
|
|
65,000
|
|
|
|
65,047
|
|
|
|
68,444
|
|
Hertz Vehicle Financing, LLC, Series 2011-1A,
Class A1, 2.200%, 3/25/2016
|
|
(c)
|
|
|
110,000
|
|
|
|
110,400
|
|
|
|
111,371
|
|
Hertz Vehicle Financing, LLC, Series 2013-1A,
Class A1, 1.200%, 8/25/2017
|
|
1/18/2013
|
|
|
90,000
|
|
|
|
89,995
|
|
|
|
90,044
|
|
ING Bank NV, 3.750%, 3/7/2017
|
|
(d)
|
|
|
165,000
|
|
|
|
164,580
|
|
|
|
175,457
|
|
Liberty Mutual Group, 6.700%, 8/15/2016
|
|
1/19/2012
|
|
|
25,000
|
|
|
|
26,364
|
|
|
|
28,390
|
|
Metropolitan Life Global Funding I, 1.700%, 6/29/2015
|
|
3/25/2013
|
|
|
55,000
|
|
|
|
55,771
|
|
|
|
55,854
|
|
Structured Asset Securities Corp., 2005-S7, Class A2, 0.458%, 12/25/2035
|
|
(e)
|
|
|
19,543
|
|
|
|
14,002
|
|
|
|
18,935
|
|
Verizon Communications, Inc. 0.442%, 3/6/2015
|
|
3/5/2013
|
|
|
55,000
|
|
|
|
55,000
|
|
|
|
54,969
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
806,434
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Purchased on various dates beginning 09/21/2012.
|
(b)
|
Purchased on various dates beginning 06/17/2011.
|
(c)
|
Purchased on various dates beginning 06/13/2011.
|
(d)
|
Purchased on various dates beginning 03/01/2012.
|
(e)
|
Purchased on various dates beginning 06/22/2011.
|
Dreman Contrarian Small Cap Value Fund
Schedule of Investments (Unaudited)
January 31,
2014
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
Value
|
|
|
Common Stocks 97.8%
|
|
|
Consumer Discretionary 10.0%
|
|
|
45,495
|
|
|
Aarons, Inc.
|
|
$
|
1,223,361
|
|
|
95,435
|
|
|
American Axle & Manufacturing Holdings, Inc. *
|
|
|
1,777,000
|
|
|
35,335
|
|
|
Big Lots, Inc. *
|
|
|
946,625
|
|
|
35,595
|
|
|
Brinker International, Inc.
|
|
|
1,721,374
|
|
|
28,370
|
|
|
Cooper Tire & Rubber Co.
|
|
|
663,858
|
|
|
24,023
|
|
|
Helen of Troy Ltd. *
|
|
|
1,322,226
|
|
|
20,807
|
|
|
Hillenbrand, Inc.
|
|
|
563,245
|
|
|
14,259
|
|
|
John Wiley & Sons, Inc., Class A
|
|
|
771,982
|
|
|
80,628
|
|
|
Jones Group, Inc./The
|
|
|
1,189,263
|
|
|
10,215
|
|
|
Matthews International Corp., Class A
|
|
|
434,342
|
|
|
28,204
|
|
|
Meredith Corp.
|
|
|
1,291,179
|
|
|
30,519
|
|
|
Valassis Communications, Inc.
|
|
|
1,037,646
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,942,101
|
|
|
|
|
|
|
|
|
|
|
|
Energy 5.7%
|
|
|
|
|
|
27,700
|
|
|
Atwood Oceanics, Inc. *
|
|
|
1,312,980
|
|
|
89,270
|
|
|
Bellatrix Exploration Ltd. *
|
|
|
638,281
|
|
|
23,410
|
|
|
Energy XXI Bermuda Ltd.
|
|
|
537,260
|
|
|
92,950
|
|
|
Gran Tierra Energy, Inc. *
|
|
|
701,773
|
|
|
47,670
|
|
|
Superior Energy Services, Inc.
|
|
|
1,126,919
|
|
|
60,060
|
|
|
Ultra Petroleum Corp. *
|
|
|
1,438,437
|
|
|
31,655
|
|
|
Unit Corp. *
|
|
|
1,581,800
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,337,450
|
|
|
|
|
|
|
|
|
|
|
|
Financials 25.5%
|
|
|
|
|
|
13,996
|
|
|
Allied World Assurance Co. Holdings AG
|
|
|
1,440,468
|
|
|
31,045
|
|
|
Aspen Insurance Holdings Ltd.
|
|
|
1,207,651
|
|
|
97,590
|
|
|
Associated Banc-Corp.
|
|
|
1,607,307
|
|
|
54,305
|
|
|
BancorpSouth, Inc.
|
|
|
1,279,969
|
|
|
9,079
|
|
|
Chemical Financial Corp.
|
|
|
262,202
|
|
|
9,855
|
|
|
City National Corp.
|
|
|
713,009
|
|
|
6,235
|
|
|
East West Bancorp, Inc.
|
|
|
208,623
|
|
|
23,485
|
|
|
Endurance Specialty Holdings Ltd.
|
|
|
1,230,379
|
|
|
21,053
|
|
|
Federated Investors, Inc., Class B
|
|
|
566,115
|
|
|
117,380
|
|
|
First Horizon National Corp.
|
|
|
1,380,389
|
|
|
32,890
|
|
|
First Midwest Bancorp, Inc.
|
|
|
525,253
|
|
|
144,119
|
|
|
First Niagara Financial Group, Inc.
|
|
|
1,245,188
|
|
|
59,734
|
|
|
FirstMerit Corp.
|
|
|
1,215,587
|
|
|
105,990
|
|
|
Fulton Financial Corp.
|
|
|
1,308,977
|
|
|
44,045
|
|
|
Hancock Holding Co.
|
|
|
1,523,957
|
|
|
31,690
|
|
|
Hanover Insurance Group, Inc.
|
|
|
1,759,746
|
|
|
59,780
|
|
|
Home Loan Servicing Solutions Ltd.
|
|
|
1,226,686
|
|
|
8,425
|
|
|
Independent Bank Corp.
|
|
|
304,648
|
|
|
|
|
|
|
|
|
|
|
|
15,949
|
|
|
International Bancshares Corp.
|
|
|
373,366
|
|
|
103,585
|
|
|
Janus Capital Group, Inc.
|
|
|
1,138,399
|
|
|
66,107
|
|
|
KKR Financial Holdings LLC (a)
|
|
|
799,895
|
|
|
9,175
|
|
|
Lakeland Financial Corp.
|
|
|
336,080
|
|
|
23,060
|
|
|
Montpelier Re Holdings Ltd.
|
|
|
642,682
|
|
|
14,010
|
|
|
NBT Bancorp, Inc.
|
|
|
336,800
|
|
|
10,652
|
|
|
Nelnet, Inc., Class A
|
|
|
396,787
|
|
|
14,017
|
|
|
Platinum Underwriters Holdings Ltd.
|
|
|
796,726
|
|
|
44,875
|
|
|
Prospect Capital Corp.
|
|
|
487,791
|
|
|
19,248
|
|
|
Prosperity Bancshares, Inc.
|
|
|
1,204,155
|
|
|
33,838
|
|
|
Protective Life Corp.
|
|
|
1,658,400
|
|
|
39,365
|
|
|
Symetra Financial Corp.
|
|
|
753,840
|
|
|
41,977
|
|
|
TCF Financial Corp.
|
|
|
675,830
|
|
|
33,060
|
|
|
Umpqua Holdings Corp.
|
|
|
580,534
|
|
|
60,120
|
|
|
Washington Federal, Inc.
|
|
|
1,315,426
|
|
|
28,320
|
|
|
Webster Financial Corp.
|
|
|
859,229
|
|
|
8,140
|
|
|
WesBanco, Inc.
|
|
|
232,478
|
|
|
29,586
|
|
|
Wintrust Financial Corp.
|
|
|
1,296,754
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,891,326
|
|
|
|
|
|
|
|
|
|
|
|
Health Care 6.4%
|
|
|
|
|
|
23,172
|
|
|
Charles River Laboratories International, Inc. *
|
|
|
1,309,913
|
|
|
20,560
|
|
|
Gentiva Health Services, Inc. *
|
|
|
233,562
|
|
|
30,920
|
|
|
Hill-Rom Holdings, Inc.
|
|
|
1,121,468
|
|
|
18,195
|
|
|
Integra LifeSciences Holdings Corp. *
|
|
|
845,340
|
|
|
26,660
|
|
|
Kindred Healthcare, Inc.
|
|
|
504,940
|
|
|
30,975
|
|
|
LifePoint Hospitals, Inc. *
|
|
|
1,641,985
|
|
|
37,037
|
|
|
Owens & Minor, Inc.
|
|
|
1,282,962
|
|
|
92,520
|
|
|
Select Medical Holdings Corp.
|
|
|
999,216
|
|
|
20,003
|
|
|
Triple-S Management Corp., Class B *
|
|
|
356,854
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,296,240
|
|
|
|
|
|
|
|
|
|
|
|
Industrials 17.4%
|
|
|
|
|
|
25,091
|
|
|
AAR Corp.
|
|
|
668,675
|
|
|
31,645
|
|
|
ABM Industries, Inc.
|
|
|
843,656
|
|
|
21,252
|
|
|
Aegion Corp. *
|
|
|
436,091
|
|
|
92,094
|
|
|
Aircastle Ltd.
|
|
|
1,739,656
|
|
|
12,505
|
|
|
Alliant Techsystems, Inc.
|
|
|
1,796,969
|
|
|
21,737
|
|
|
Barnes Group, Inc.
|
|
|
813,833
|
|
|
20,529
|
|
|
Brady Corp., Class A
|
|
|
561,673
|
|
|
46,355
|
|
|
Brinks Co./The
|
|
|
1,466,672
|
|
|
21,252
|
|
|
Crane Co.
|
|
|
1,342,276
|
|
|
22,212
|
|
|
Curtiss-Wright Corp.
|
|
|
1,364,261
|
|
|
17,420
|
|
|
EMCOR Group, Inc.
|
|
|
740,524
|
|
|
14,465
|
|
|
EnerSys
|
|
|
984,488
|
|
|
9,432
|
|
|
Esterline Technologies Corp. *
|
|
|
971,024
|
|
|
39,919
|
|
|
General Cable Corp.
|
|
|
1,138,889
|
|
|
5,043
|
|
|
Hyster-Yale Materials Handling, Inc., Class A
|
|
|
432,488
|
|
|
31,150
|
|
|
ITT Corp.
|
|
|
1,275,593
|
|
See accompanying notes
which are an integral part of the schedule of investments.
|
|
|
|
|
|
|
|
|
|
5,390
|
|
|
LB Foster Co., Class A
|
|
|
232,093
|
|
|
25,550
|
|
|
Ryder System, Inc.
|
|
|
1,818,905
|
|
|
28,844
|
|
|
Trinity Industries, Inc.
|
|
|
1,679,586
|
|
|
51,655
|
|
|
Tutor Perini Corp. *
|
|
|
1,167,403
|
|
|
20,390
|
|
|
URS Corp.
|
|
|
1,023,578
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,498,333
|
|
|
|
|
|
|
|
|
|
|
|
Information Technology 14.0%
|
|
|
|
|
|
55,243
|
|
|
ARRIS Group, Inc. *
|
|
|
1,430,794
|
|
|
146,569
|
|
|
Brocade Communications Systems, Inc. *
|
|
|
1,368,954
|
|
|
48,780
|
|
|
Celestica, Inc. *
|
|
|
483,898
|
|
|
20,440
|
|
|
CSG Systems International, Inc.
|
|
|
612,382
|
|
|
14,890
|
|
|
DST Systems, Inc.
|
|
|
1,354,990
|
|
|
18,604
|
|
|
EPIQ Systems, Inc.
|
|
|
267,153
|
|
|
54,390
|
|
|
Ingram Micro, Inc., Class A *
|
|
|
1,360,838
|
|
|
19,872
|
|
|
Itron, Inc. *
|
|
|
802,431
|
|
|
81,569
|
|
|
Kulicke & Soffa Industries, Inc. *
|
|
|
949,463
|
|
|
18,555
|
|
|
ManTech International Corp., Class A
|
|
|
539,951
|
|
|
52,840
|
|
|
Mentor Graphics Corp.
|
|
|
1,099,072
|
|
|
69,735
|
|
|
Microsemi Corp. *
|
|
|
1,634,588
|
|
|
32,340
|
|
|
Plantronics, Inc.
|
|
|
1,388,356
|
|
|
119,135
|
|
|
QLogic Corp. *
|
|
|
1,378,392
|
|
|
39,332
|
|
|
Sanmina Corp. *
|
|
|
657,631
|
|
|
18,523
|
|
|
Sykes Enterprises, Inc. *
|
|
|
388,242
|
|
|
12,737
|
|
|
Tech Data Corp. *
|
|
|
686,779
|
|
|
27,326
|
|
|
TTM Technologies, Inc. *
|
|
|
218,881
|
|
|
106,985
|
|
|
Vishay Intertechnology, Inc. *
|
|
|
1,452,856
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,075,651
|
|
|
|
|
|
|
|
|
|
|
|
Materials 6.7%
|
|
|
|
|
|
13,205
|
|
|
A. Schulman, Inc.
|
|
|
448,574
|
|
|
14,970
|
|
|
AMCOL International Corp.
|
|
|
510,028
|
|
|
31,934
|
|
|
Cabot Corp.
|
|
|
1,554,228
|
|
|
89,376
|
|
|
Coeur Mining, Inc. *
|
|
|
907,166
|
|
|
8,167
|
|
|
Koppers Holdings, Inc.
|
|
|
322,597
|
|
|
55,340
|
|
|
Olin Corp.
|
|
|
1,422,791
|
|
|
76,252
|
|
|
Pan American Silver Corp.
|
|
|
960,775
|
|
|
77,784
|
|
|
Steel Dynamics, Inc.
|
|
|
1,283,436
|
|
|
28,526
|
|
|
Worthington Industries, Inc.
|
|
|
1,156,444
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,566,039
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Investment Trusts 8.0%
|
|
|
|
|
|
9,692
|
|
|
Ashford Hospitality Prime, Inc.
|
|
|
159,918
|
|
|
79,390
|
|
|
Ashford Hospitality Trust, Inc.
|
|
|
746,266
|
|
|
38,189
|
|
|
Associated Estates Realty Corp.
|
|
|
609,878
|
|
|
111,260
|
|
|
Brandywine Realty Trust
|
|
|
1,585,455
|
|
|
57,905
|
|
|
CBL & Associates Properties, Inc.
|
|
|
983,806
|
|
|
49,974
|
|
|
Hospitality Properties Trust
|
|
|
1,284,332
|
|
|
49,720
|
|
|
Mack-Cali Realty Corp.
|
|
|
1,005,836
|
|
|
196,685
|
|
|
New Residential Investment Corp.
|
|
|
1,248,950
|
|
|
|
|
|
|
|
|
|
|
|
45,150
|
|
|
Omega Healthcare Investors, Inc.
|
|
|
1,442,091
|
|
|
53,945
|
|
|
Pennsylvania Real Estate Investment Trust
|
|
|
1,006,074
|
|
|
33,600
|
|
|
RAIT Financial Trust
|
|
|
283,584
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,356,190
|
|
|
|
|
|
|
|
|
|
|
|
Utilities 4.1%
|
|
|
|
|
|
52,070
|
|
|
Hawaiian Electric Industries, Inc.
|
|
|
1,354,861
|
|
|
28,380
|
|
|
IDACORP, Inc.
|
|
|
1,496,477
|
|
|
46,071
|
|
|
Portland General Electric Co.
|
|
|
1,390,423
|
|
|
60,290
|
|
|
TECO Energy, Inc.
|
|
|
987,550
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,229,311
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks
(Cost $108,532,275)
|
|
|
126,192,641
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments
(Cost $108,532,275) 97.8%
|
|
|
126,192,641
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets in Excess of Liabilities 2.2%
|
|
|
2,843,080
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets 100.0%
|
|
$
|
129,035,721
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Master Limited Partnership.
|
*
|
Non-income producing security.
|
See accompanying notes
which are an integral part of the schedule of investments.
Dreman Contrarian Small Cap Value Fund
Notes to the Schedule of Investments
January 31, 2014
(Unaudited)
Security Transactions and
Related Income
The Dreman Contrarian Small Cap Value Fund (the Fund) follows industry practice and records security transactions on the trade date for financial reporting purposes. The specific identification method is used for
determining gains or losses for financial statements and income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Discounts and premiums on securities purchased are accreted or
amortized using the effective interest method. Withholding taxes on foreign dividends have been provided for in accordance with the Funds understanding of the applicable countrys tax rules and rates.
Securities Valuation and Fair Value Measurements
Fair value is defined as the price that the Fund would receive upon selling an investment in a
timely transaction to an independent buyer in the principal or most advantageous market of the investment. Generally accepted accounting principles in the United States of America (GAAP) establishes a three-tier hierarchy to maximize the
use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.
Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (the risk
inherent in a particular valuation technique used to measure fair value such as a pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable or unobservable. Observable inputs are inputs that reflect
the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entitys own
assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels listed below.
|
|
|
Level 1 quoted prices in active markets for identical securities
|
|
|
|
Level 2 other significant observable inputs (including, but not limited to, quoted prices for an identical security in an inactive market, quoted prices for similar securities, interest rates, prepayment speeds,
credit risk, etc.)
|
|
|
|
Level 3 significant unobservable inputs (including the Funds own assumptions in determining fair value of investments based on the best information available)
|
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the
fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Equity securities, including common stocks, real estate investment trusts and exchanged-traded funds, are generally valued by using market quotations, but may
be valued on the basis of prices furnished by a pricing service when Dreman Value Management LLC (the Adviser) believes such prices more accurately reflect the fair value of such securities. Securities that are traded on any stock
exchange are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an exchange traded security is generally valued by the pricing service at its last bid price. Securities traded in the NASDAQ
over-the-counter market are generally valued by the pricing service at the NASDAQ Official Closing Price.
When using the market quotations or close
prices provided by the pricing service and when the market is considered active, the security will be classified as a Level 1 security. Sometimes, an equity security owned by the Fund will be valued by the pricing service with factors other than
market quotations or when the market is considered inactive. When this happens, the security will be classified as a Level 2 security. When market quotations are not readily available, when the Adviser determines that the market quotation or the
price provided by the pricing service does not accurately reflect the current fair value, or when restricted or illiquid securities are being valued, such securities are valued as determined in good faith by the Adviser, in conformity with
guidelines adopted by and subject to review by the Board of Trustees (the Board). These securities are categorized as Level 3 securities.
Dreman Contrarian Small Cap Value Fund
Notes to the Schedule of Investmentscontinued
January 31, 2014
(Unaudited)
Investments in mutual funds, including money market mutual funds, are generally priced at the ending net
asset value (NAV) provided by the service agent of the funds. These securities are categorized as Level 1 securities.
Short-term investments
in fixed income securities, (those with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity), are valued by using the amortized cost method of valuation, which the Board has determined will represent
fair value. These securities are classified as Level 2 securities.
In accordance with the Valued Advisers Trust (the Trust) good faith
pricing guidelines, the Adviser is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. No single standard exists for
determining fair value, because fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued by the Adviser would appear to be the amount which the owner
might reasonably expect to receive for them upon their current sale. Methods which are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market of a similar freely traded
security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods. Good faith pricing is
permitted if, in the Advisers opinion, the validity of market quotations appears to be questionable based on factors such as evidence of a thin market in the security based on a small number of quotations, a significant event occurs after the
close of a market but before a Funds NAV calculation that may affect a securitys value, or the Adviser is aware of any other data that calls into question the reliability of market quotations. Good faith pricing may also be used in
instances when the bonds the Fund invests in may default or otherwise cease to have market quotations readily available.
The following is a summary of
the inputs used to value the Funds investments as of January 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs
|
|
|
|
|
Assets
|
|
Level 1
Quoted Prices in
Active Markets
|
|
|
Level
2
Other Significant
Observable Inputs
|
|
|
Level 3
Significant
Unobservable Inputs
|
|
|
Total
|
|
Common Stocks*
|
|
$
|
126,192,641
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
126,192,641
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
126,192,641
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
126,192,641
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Refer to Schedule of Investments for industry classifications.
|
The Fund did not hold any investments at any
time during the reporting period in which other significant observable inputs (Level 2) were used in determining fair value. The Fund did not hold any investments at any time during the reporting period in which significant unobservable inputs were
used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period.
The Trust recognizes transfers
between fair value hierarchy levels at the reporting period end. There were no transfers between any levels as of January 31, 2014.
At
January 31, 2014, the cost and net unrealized appreciation (depreciation) of investments for tax purposes were as follows:
|
|
|
|
|
Tax Cost of Securities
|
|
$
|
109,361,034
|
|
Gross Unrealized Appreciation
|
|
$
|
20,224,402
|
|
Gross Unrealized (Depreciation)
|
|
|
(3,392,795
|
)
|
|
|
|
|
|
Net Unrealized Appreciation on Investments
|
|
$
|
16,831,607
|
|
|
|
|
|
|
At January 31, 2014, the difference between book basis and tax basis unrealized appreciation (depreciation) is
attributable to the tax deferral of losses on wash sales and income from certain investments.
Dana Large Cap Equity Fund
Schedule of Investments
January 31, 2014
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Fair Value
|
|
Common Stocks 98.78%
|
|
Consumer Discretionary 13.37%
|
|
Comcast Corp.Class A
|
|
|
6,800
|
|
|
$
|
370,260
|
|
GNC Holdings, Inc.
|
|
|
4,500
|
|
|
|
229,995
|
|
Hanesbrands, Inc.
|
|
|
5,500
|
|
|
|
391,270
|
|
Johnson Controls, Inc.
|
|
|
7,200
|
|
|
|
332,064
|
|
Magna International, Inc.
|
|
|
4,200
|
|
|
|
356,370
|
|
Viacom, Inc.Class B
|
|
|
4,200
|
|
|
|
344,820
|
|
Whirlpool Corp.
|
|
|
2,300
|
|
|
|
306,590
|
|
Wyndham Worldwide Corp.
|
|
|
5,100
|
|
|
|
361,794
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,693,163
|
|
|
|
|
|
|
|
|
|
|
Consumer Staples 8.63%
|
|
Coca-Cola Enterprises, Inc.
|
|
|
7,800
|
|
|
|
337,662
|
|
CVS Caremark Corp.
|
|
|
5,400
|
|
|
|
365,688
|
|
Kimberly-Clark Corp.
|
|
|
3,600
|
|
|
|
393,732
|
|
Lorillard, Inc.
|
|
|
8,000
|
|
|
|
393,760
|
|
Wal-Mart Stores, Inc.
|
|
|
3,300
|
|
|
|
246,444
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,737,286
|
|
|
|
|
|
|
|
|
|
|
Energy 10.06%
|
|
Chevron Corp.
|
|
|
2,600
|
|
|
|
290,238
|
|
ConocoPhillips
|
|
|
4,700
|
|
|
|
305,265
|
|
Exxon Mobil Corp.
|
|
|
3,800
|
|
|
|
350,208
|
|
Helmerich & Payne, Inc.
|
|
|
4,800
|
|
|
|
422,592
|
|
Schlumberger Ltd.
|
|
|
4,100
|
|
|
|
359,037
|
|
SM Energy Co.
|
|
|
3,600
|
|
|
|
297,936
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,025,276
|
|
|
|
|
|
|
|
|
|
|
Financials 14.52%
|
|
Allstate Corp./The
|
|
|
6,400
|
|
|
|
327,680
|
|
Discover Financial Services
|
|
|
7,000
|
|
|
|
375,550
|
|
Fifth Third Bancorp.
|
|
|
17,000
|
|
|
|
357,340
|
|
JPMorgan Chase & Co.
|
|
|
7,200
|
|
|
|
398,592
|
|
Lincoln National Corp.
|
|
|
7,900
|
|
|
|
379,437
|
|
MetLife, Inc.
|
|
|
7,100
|
|
|
|
348,255
|
|
State Street Corp.
|
|
|
5,600
|
|
|
|
374,920
|
|
Wells Fargo & Co.
|
|
|
8,000
|
|
|
|
362,720
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,924,494
|
|
|
|
|
|
|
|
|
|
|
Health Care 13.44%
|
|
AbbVie, Inc.
|
|
|
7,000
|
|
|
|
344,610
|
|
Amgen, Inc.
|
|
|
3,100
|
|
|
|
368,745
|
|
CIGNA Corp.
|
|
|
4,100
|
|
|
|
353,871
|
|
Johnson & Johnson
|
|
|
4,200
|
|
|
|
371,574
|
|
McKesson Corp.
|
|
|
2,300
|
|
|
|
401,143
|
|
Mylan, Inc. *
|
|
|
10,000
|
|
|
|
454,100
|
|
Omnicare, Inc.
|
|
|
6,600
|
|
|
|
412,236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,706,279
|
|
|
|
|
|
|
|
|
|
|
Industrials 11.10%
|
|
Boeing Co./The
|
|
|
2,700
|
|
|
|
338,202
|
|
Delta Air Lines, Inc.
|
|
|
13,000
|
|
|
|
397,930
|
|
Dover Corp.
|
|
|
4,000
|
|
|
|
346,240
|
|
Raytheon Co.
|
|
|
4,200
|
|
|
|
399,294
|
|
Union Pacific Corp.
|
|
|
2,100
|
|
|
|
365,904
|
|
United Technologies Corp.
|
|
|
3,400
|
|
|
|
387,668
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,235,238
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the schedule of investments.
|
|
|
|
|
|
|
|
|
Information Technology 17.47%
|
|
|
|
|
|
|
|
|
Alliance Data Systems Corp. *
|
|
|
1,577
|
|
|
|
377,944
|
|
Apple, Inc.
|
|
|
760
|
|
|
|
380,456
|
|
Avago Technologies Ltd.
|
|
|
2,500
|
|
|
|
136,600
|
|
Avnet, Inc.
|
|
|
9,000
|
|
|
|
369,630
|
|
CA, Inc.
|
|
|
11,000
|
|
|
|
352,880
|
|
Intel Corp.
|
|
|
14,000
|
|
|
|
343,560
|
|
International Business Machines Corp.
|
|
|
1,680
|
|
|
|
296,822
|
|
KLA-Tencor Corp.
|
|
|
4,400
|
|
|
|
270,468
|
|
Oracle Corp.
|
|
|
8,400
|
|
|
|
309,960
|
|
QUALCOMM, Inc.
|
|
|
4,700
|
|
|
|
348,834
|
|
Seagate Technology PLC
|
|
|
6,267
|
|
|
|
331,274
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,518,428
|
|
|
|
|
|
|
|
|
|
|
Materials 3.47%
|
|
Eastman Chemical Co.
|
|
|
4,200
|
|
|
|
327,432
|
|
Lyondellbasell Industries NVClass A
|
|
|
4,700
|
|
|
|
370,172
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
697,604
|
|
|
|
|
|
|
|
|
|
|
Real Estate Investment Trusts 1.36%
|
|
Omega Healthcare Investors, Inc.
|
|
|
8,600
|
|
|
|
274,684
|
|
|
|
|
|
|
|
|
|
|
Telecommunication Services 2.25%
|
|
AT&T, Inc.
|
|
|
7,100
|
|
|
|
236,572
|
|
Verizon Communications, Inc.
|
|
|
4,500
|
|
|
|
216,090
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
452,662
|
|
|
|
|
|
|
|
|
|
|
Utilities 3.11%
|
|
CMS Energy Corp.
|
|
|
11,400
|
|
|
|
316,806
|
|
Xcel Energy, Inc.
|
|
|
10,700
|
|
|
|
309,337
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
626,143
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks
(Cost $16,079,789)
|
|
|
|
19,891,257
|
|
|
|
|
|
|
|
|
|
|
Short-Term Investments 1.07%
|
|
Fidelity Institutional Money Market PortfolioInstitutional Class, 0.080% (a)
|
|
|
215,984
|
|
|
|
215,984
|
|
|
|
|
|
|
|
|
|
|
Total Short-Term Investments
(Cost $215,984)
|
|
|
|
|
|
|
215,984
|
|
|
|
|
|
|
|
|
|
|
Total Investments 99.85%
(Cost $16,295,773)
|
|
|
|
|
|
|
20,107,241
|
|
|
|
|
|
|
|
|
|
|
Other Assets in Excess of Liabilities 0.15%
|
|
|
|
|
|
|
29,797
|
|
|
|
|
|
|
|
|
|
|
TOTAL NET ASSETS 100.00%
|
|
|
|
|
|
$
|
20,137,038
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Rate disclosed is the seven day yield as of January 31, 2014.
|
*
|
Non-income producing security.
|
See accompanying notes which are an integral part of the
schedule of investments.
Dana Large Cap Equity Fund
Notes to the Schedule of Investments
January 31, 2014
(Unaudited)
Security Transactions and
Related Income
The Dana Large Cap Equity Fund (the Fund) follows industry practice and records security transactions on the trade date for financial reporting purposes. The specific identification method is used
for determining gains or losses for financial statement and income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Discounts and premiums on securities purchased are accreted or
amortized using the effective interest method. Withholding taxes on foreign dividends have been provided for in accordance with the Funds understanding of the applicable countrys tax rules and rates.
Securities Valuation and Fair Value Measurements
Fair value is defined as the price that the Fund would receive upon selling an
investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. Generally accepted accounting principles in the United States of America (GAAP) establishes a three-tier hierarchy
to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.
Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (the risk
inherent in a particular valuation technique used to measure fair value such as a pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable or unobservable. Observable inputs are inputs that reflect
the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entitys own
assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels listed below.
|
|
|
Level 1 quoted prices in active markets for identical securities
|
|
|
|
Level 2 other significant observable inputs (including, but not limited to, quoted prices for an identical security in an inactive market, quoted prices for similar securities, interest rates, prepayment speeds,
credit risk, etc.)
|
|
|
|
Level 3 significant unobservable inputs (including the Funds own assumptions in determining fair value of investments based on the best information available)
|
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the
fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Equity securities, including common stocks, real estate investment trusts and exchanged-traded funds, are generally valued by using market quotations, but may
be valued on the basis of prices furnished by a pricing service when Dana Investment Advisors, Inc. (the Adviser) believes such prices more accurately reflect the fair value of such securities. Securities that are traded on any stock
exchange are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an exchange traded security is generally valued by the pricing service at its last bid price. Securities traded in the NASDAQ
over-the-counter market are generally valued by the pricing service at the NASDAQ Official Closing Price.
When using the market quotations or close
prices provided by the pricing service and when the market is considered active, the security will be classified as a Level 1 security. Sometimes, an equity security owned by the Fund will be valued by the pricing service with factors other than
market quotations or when the market is considered inactive. When this happens, the security will be classified as a Level 2 security. When market quotations are not readily available, when the Adviser determines that the market quotation or the
price provided by the pricing service does not accurately reflect the current fair value, or when restricted or illiquid securities are being valued, such securities are valued as determined in good faith by the Adviser, in conformity with
guidelines adopted by and subject to review by the Board of Trustees (the Board). These securities are categorized as Level 3 securities.
Dana Large Cap Equity Fund
Notes to the Schedule of Investmentscontinued
January 31, 2014
(Unaudited)
Investments in mutual funds, including money market mutual funds, are generally priced at the ending net
asset value (NAV) provided by the service agent of the funds. These securities are categorized as Level 1 securities.
Short-term investments
in fixed income securities, (those with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity), are valued by using the amortized cost method of valuation, which the Board has determined will represent
fair value. These securities are classified as Level 2 securities.
In accordance with the Valued Advisers Trust (the Trust) good faith
pricing guidelines, the Adviser is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. No single standard exists for
determining fair value, because fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued by the Adviser would appear to be the amount which the owner
might reasonably expect to receive for them upon their current sale. Methods which are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market of a similar freely traded
security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods. Good faith pricing is
permitted if, in the Advisers opinion, the validity of market quotations appears to be questionable based on factors such as evidence of a thin market in the security based on a small number of quotations, a significant event occurs after the
close of a market but before a Funds NAV calculation that may affect a securitys value, or the Adviser is aware of any other data that calls into question the reliability of market quotations. Good faith pricing may also be used in
instances when the bonds the Fund invests in may default or otherwise cease to have market quotations readily available.
The following is a summary of
the inputs used to value the Funds investments as of January 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs
|
|
|
|
|
Assets
|
|
Level 1
Quoted Prices in
Active Markets
|
|
|
Level
2
Other Significant
Observable Inputs
|
|
|
Level 3
Significant
Unobservable Inputs
|
|
|
Total
|
|
Common Stocks*
|
|
$
|
19,891,257
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
19,891,257
|
|
Short-Term Investments
|
|
|
215,984
|
|
|
|
|
|
|
|
|
|
|
$
|
215,984
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
20,107,241
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
20,107,241
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Refer to Schedule of Investments for industry classifications.
|
The Fund did not hold any investments at any
time during the reporting period in which other significant observable inputs (Level 2) were used in determining fair value. The Fund did not hold any investments at any time during the reporting period in which significant unobservable inputs were
used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period.
The Trust recognizes transfers
between fair value hierarchy levels at the reporting period end. There were no transfers between any levels as of January 31, 2014.
At
January 31, 2014, the cost and net unrealized appreciation (depreciation) of investments for tax purposes were as follows:
|
|
|
|
|
Tax Cost of Securities
|
|
$
|
16,295,773
|
|
Gross Unrealized Appreciation
|
|
$
|
3,910,650
|
|
Gross Unrealized (Depreciation)
|
|
|
(99,182
|
)
|
|
|
|
|
|
Net Unrealized Appreciation on Investments
|
|
$
|
3,811,468
|
|
|
|
|
|
|
Item 2. Controls and Procedures.
(a) Based on an evaluation of the registrants disclosure controls and procedures as of March 31, 2014, the disclosure controls and procedures are
reasonably designed to ensure that the information required in filings on Forms N-Q is recorded, processed, summarized, and reported on a timely basis.
(b) There were no significant changes in the registrants internal control over financial reporting that occurred during the registrants last
fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting.
Item 3. Exhibits.
Certifications by the
registrants principal executive officer and principal financial officer, pursuant to the Sarbanes- Oxley Act of 2002 and required by Rule 30a-2a under the Investment Company Act of 1940 are filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
|
|
|
Registrant Valued Advisers Trust
|
|
|
By
|
|
/s/ R. Jeffrey Young
|
|
|
R. Jeffrey Young, President and
Principal
Executive Officer
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has
been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
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By
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/s/ R. Jeffrey Young
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R. Jeffrey Young, President and
Principal
Executive Officer
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By
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/s/ Bryan W. Ashmus
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Bryan W. Ashmus, Treasurer and
Principal
Financial Officer
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Grafico Azioni Alseres Pharmaceuticals (CE) (USOTC:ALSE)
Storico
Da Apr 2024 a Mag 2024
Grafico Azioni Alseres Pharmaceuticals (CE) (USOTC:ALSE)
Storico
Da Mag 2023 a Mag 2024