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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Great Basin Gold, Ltd. | AMEX:GBG | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
Snow Capital Opportunity Fund
|
||||||||
Schedule of Options Written
|
||||||||
November 30, 2012 (Unaudited)
|
||||||||
Contracts
|
Value
|
|||||||
CALL OPTIONS
|
||||||||
Bank of America Corp.
|
||||||||
Expiration: January, 2013, Exercise Price: $7.50
|
5,000 | 20,000 | ||||||
Express, Inc.
|
||||||||
Expiration: January, 2013, Exercise Price: $12.50
|
500 | 15,000 | ||||||
35,000 | ||||||||
PUT OPTIONS
|
||||||||
Abercrombie & Fitch Co.
|
||||||||
Expiration: January, 2013, Exercise Price: $40.00
|
400 | 264,000 | ||||||
Community Health Systems, Inc.
|
||||||||
Expiration: December, 2012, Exercise Price: $28.00
|
300 | 56,250 | ||||||
Expiration: December, 2012, Exercise Price: $30.00
|
100 | 6,750 | ||||||
Expiration: December, 2012, Exercise Price: $31.00
|
300 | 10,500 | ||||||
Health Management Associates, Inc.
|
||||||||
Expiration: December, 2012, Exercise Price: $8.00
|
900 | 27,000 | ||||||
364,500 | ||||||||
Total Options Written (Premiums received $1,139,943)
|
$ | 399,500 | ||||||
*Because tax adjustments are calculated annually, the above table does not reflect tax adjustments.
|
|
For the previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements
|
|
section of the Fund's most recent semi-annual or annual report.
|
|
Organization
|
|
Trust for Professional Managers (the “Trust”) was organized as a Delaware statutory trust under a Declaration
|
|
of Trust dated May 29, 2001. The Trust is registered under the Investment Company Act of 1940, as amended
|
|
(the “1940 Act”), as an open-end management investment company. The Snow Capital Opportunity Fund (the “Fund”)
|
|
represents a distinct series with its own investment objectives and policies within the Trust. The investment objective of the
|
|
Fund is long-term capital appreciation and protection of investment principal. The Trust may issue an unlimited number
|
|
of shares of beneficial interest at $0.001 par value. The assets of the Fund are segregated, and a shareholder’s interest is
|
|
limited to the Fund in which shares are held. The Fund commenced operations on April 28, 2006.
|
|
Significant Accounting Policies
|
|
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation
|
|
of these schedules of investments. These policies are in conformity with generally accepted accounting principles in the
|
|
United States of America (“GAAP”).
|
|
Investment Valuation
|
|
The Funds’ securities, including American Depositary Receipts (“ADRs”), which are traded on securities exchanges are valued
|
|
at the last sale price on the exchange on which such securities are traded, as of the close of business on the day the securities
|
|
are being valued or, lacking any reported sales, at the mean between the last available bid and asked price. Securities that are
|
|
traded on more than one exchange are valued on the exchange determined by the Adviser to be the primary market. Securities
|
|
listed in the Nasdaq Stock Market, Inc. (“NASDAQ”) will be valued using the NASDAQ Official Closing Price (“NOCP”).
|
|
If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been
|
|
no sale on such day, at the mean between the bid and asked prices. Over-the-counter (“OTC”) securities that are not listed
|
|
on NASDAQ shall be valued at the most recent trade price. Short-term debt obligations with remaining maturities in excess of
|
|
60 days are valued at current market prices, as discussed above. Short-term securities with 60 days or less remaining to
|
|
maturity are, unless conditions indicate otherwise, amortized to maturity based on their cost to the Fund if acquired within
|
|
60 days of maturity or, if already held by the Fund on the 60th day, based on the value determined on the 61st day. When
|
|
market quotations are not readily available, any security or other asset is valued at its fair value as determined under
|
|
procedures approved by the Trust’s Board of Trustees. These fair value procedures will also be used to price a security when
|
|
corporate events, events in the securities market and/ or world events cause the Adviser to believe that a security’s last sale price
|
|
may not reflect its actual market value at the close of the business day. The intended effect of using fair value pricing
|
|
procedures is to ensure that the Fund is accurately priced.
|
The Valuation Committee of the Trust shall meet to consider any valuations. This consideration includes reviewing
|
|
various factors set forth in the pricing procedures adopted by the Board of Directors and other factors as warranted.
|
|
In considering a fair value determination, factors that may be considered, among others include; the type and structure
|
|
of the security; unsual events or circumstances relating to the security's issuer; general market conditions; prior day's
|
|
valuation; fundamental analytical data; size of the holding; cost of the security on the date of purchase; trading activity
|
|
and prices of similar securities or financial instruments.
|
|
The Fund may use certain options and futures contracts and options on futures contracts
|
|
(collectively, “Derivative Instruments”) as a substitute for a comparable market position in the underlying security, to
|
|
attempt to hedge or limit the exposure of the Fund’s position, to create a synthetic money market position, for certain
|
|
tax-related purposes and to effect closing transactions. Options and futures prices can diverge from the prices of their
|
|
underlying instruments. Options and futures prices are affected by such factors as current and anticipated short-term interest
|
|
rates, changes in volatility of the underlying instrument and the time remaining until expiration of the contract, which may
|
|
not affect security prices the same way. Imperfect or no correlation also may result from differing levels of demand in the
|
|
structural options and futures markets and the securities markets, from differences in how options and futures and securities
|
|
are traded and from imposition of daily price fluctuation limits or trading halts. The Snow Capital Opportunity Fund may
|
|
purchase and write call or put options on securities and indices and enter into related closing transactions. As a holder of a
|
|
call option, the Fund has the right, but not the obligation, to purchase a security at the exercise price during the exercise
|
|
period. As the writer of a call option, the Fund has the obligation to sell the security at the exercise price during the exercise
|
|
period. As a holder of a put option, the Fund has the right, but not the obligation, to sell a security at the exercise price
|
|
during the exercise period. As the writer of a put option, the Fund has the obligation to buy the underlying security at the
|
|
exercise price during the exercise period. The premium that the Fund pays when purchasing an option or receives when
|
|
writing an option will reflect, among other things, the relationship of the exercise price to the market price of the security,
|
|
the relationship of the exercise price to the volatility of the security, the length of the option period, current interest rates
|
|
and supply and demand factors. The premium is the market value of an option at the time the contract trade is executed.
|
|
A purchaser (holder) of a put option pays a non-refundable premium to the seller (writer) of a put option to obtain the right
|
|
to sell a specified amount of a security at a fixed price (the exercise price) during a specified period (exercise period).
|
|
Conversely, the seller (writer) of a put option, upon payment by the holder of the premium, has the obligation to buy the
|
|
security from the holder of the put option at the exercise price during the exercise period. Exchange traded options are
|
|
valued at the composite price, using the National Best Bid and Offer quotes (“NBBO”). NBBO consists of the highest bid
|
|
price and lowest ask price across any of the exchanges on which an option is quoted, thus providing a view across the entire U.S.
|
|
options marketplace. Specifically, composite pricing looks at the last trades on the exchanges where the options are traded.
|
|
If there are no trades for the option on a given business day, composite option pricing calculates the mean of the highest bid
|
|
price and lowest ask price across the exchanges where the option is traded.
|
|
The Fund has adopted Statement of Financial Accounting Standard, “Fair Value Measurements and Disclosures”
|
|
(“Fair Value Measurements”) and FASB Staff Position “Determining Fair Value When the Volume and Level of
|
|
Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions that are Not Orderly”
|
|
(“Determining Fair Value”). Determining Fair Value clarifies Fair Value Measurements and requires an entity to
|
|
evaluate certain factors to determine whether there has been a significant decrease in volume and level of
|
|
activity for the security such that recent transactions and quoted prices may not be determinative of fair value
|
|
and further analysis and adjustment may be necessary to estimate fair value. Determining Fair Value also
|
|
requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value in those
|
|
instances as well as expanded disclosure of valuation levels for major security types. Fair Value Measurements
|
|
requires the Fund to classify its securities based on valuation method. These inputs are summarized in the three
|
|
broad levels listed below:
|
|
Other
|
|
Investment transactions are recorded on the trade date. The Funds determine the gain or loss from investment transactions
|
|
using the idenified cost basis. Dividend income is recognized on the ex-dividend date and interest income is
|
|
recognized on an accrual basis.
|
|
Summary of Fair Value Exposure at November 30, 2012
|
|
Various inputs are used in determining the value of the Fund’s 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 quoted prices for similar
|
|
securities, interest rates, prepayment speeds, credit risk, etc.)
|
|
Level 3 - Significant unobservable inputs (including the Fund’s own assumptions in
|
|
determining the fair value of investments.)
|
|
The inputs or methodology used for valuing securities are not an indication of the risk associated
|
|
with investing in those securities.
|
|
The following is a summary of the inputs used, as of November 30, 2012, in valuing the Fund’s investments
|
|
carried at fair value:
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Equity
|
||||||||||||||||
Common Stocks
1
|
$ | 188,733,354 | $ | - | $ | - | $ | 188,733,354 | ||||||||
Exchange-Traded Notes
|
4,328,072 | - | - | 4,328,072 | ||||||||||||
Total Equity
|
193,061,426 | - | - | 193,061,426 | ||||||||||||
Fixed Income
|
||||||||||||||||
Convertible Bonds
|
- | 1,737,500 | - | 1,737,500 | ||||||||||||
Total Fixed Income
|
- | 1,737,500 | - | 1,737,500 | ||||||||||||
Derivative
|
||||||||||||||||
Purchased Options
|
283,925 | - | - | 283,925 | ||||||||||||
Total Derivative
|
283,925 | - | - | 283,925 | ||||||||||||
Short-Term Investments
|
13,134,161 | - | - | 13,134,161 | ||||||||||||
Total Investments in Securities
|
$ | 206,479,512 | $ | 1,737,500 | $ | - | $ | 208,217,012 | ||||||||
Other Financial Instruments*
|
$ | 740,443 | $ | - | $ | - | $ | 740,443 |
* Other financial instruments are derivative instruments not reflected in the Schedule of Invesments, such as
|
written options which are reflected at the net unrealized appreciation (depreciation) on the instruments.
|
The Fund recognizes transfers between levels as of the beginning of the fiscal year. There were no transfers between Level 1 and 2 as of November 30, 2012.
|
The Fund held no Level 3 securities during the period ended November 30, 2012.
|
The Fund measures Level 3 activity as of the beginning and end of the fiscal period. For the period ended November 30, 2012 the Fund did not
|
have significant unobservable inputs (Level 3 securities) used in determining fair value. Therefore, a reconciliation of assets in which
|
significant unobservable inputs (Level 3) were used in determining fair value is not applicable.
|
1
For further breakdown of Common Stock by Industry type, please refer to the Schedule of Investments.
|
Disclosures about Derivative Instruments and Hedging Activities
|
The fair value of derivative instruments as reported within this Schedule of Investments as of November 30, 2012 was as follows:
|
Asset Derivatives
|
Liability Derivatives
|
||||||||||
Derivatives not accounted for as hedging instruments
|
Statement of Assets & Liabilities Location
|
Value
|
Statement of Assets & Liabilities Location
|
Value
|
|||||||
Equity Contracts - Options
|
Investments, at value
|
$ | 283,925 |
Options written, at value
|
(399,500 | ) | |||||
Total
|
$ | 283,925 | $ | (399,500 | ) |
The effect of derivative instruments on the income for the period March 1, 2012 through November 30,2012 was as follows:
|
Amount of Realized Gain or (Loss) on
Derivatives Recognized in Income
|
||||||||||||
Derivatives not accounted for as hedging instruments
|
Purchased Options
|
Written Options
|
Total
|
|||||||||
Equity Contracts
|
$ | (194,202 | ) | $ | 3,978,819 | 3,784,617 | ||||||
Total
|
$ | (194,202 | ) | $ | 3,978,819 | $ | 3,784,617 |
Change in Unrealized Appreciation or (Depreciation) on
Derivatives Recognized in Income
|
||||||||||||
Derivatives not accounted for as hedging instruments
|
Purchased Options
|
Written Options
|
Total
|
|||||||||
Equity Contracts
|
$ | (110,074 | ) | $ | (132,108 | ) | $ | (242,182 | ) | |||
Total
|
$ | (110,074 | ) | $ | (132,108 | ) | $ | (242,182 | ) |
Snow Capital Small Cap Value Fund
|
||||||||
Schedule of Investments
|
||||||||
November 30, 2012 (Unaudited)
|
||||||||
Shares
|
Value
|
|||||||
COMMON STOCKS - 97.43%
|
||||||||
Aerospace & Defense - 4.56%
|
||||||||
Ducommun, Inc. (a)
|
12,590 | 197,285 | ||||||
LMI Aerospace, Inc. (a)
|
9,840 | 195,226 | ||||||
Spirit Aerosystems Holdings, Inc. (a)
|
35,800 | 563,850 | ||||||
956,361 | ||||||||
Air Freight & Logistics - 2.72%
|
||||||||
Atlas Air Worldwide Holdings, Inc. (a)
|
13,190 | 570,863 | ||||||
Capital Markets - 1.73%
|
||||||||
Cowen Group, Inc. (a)
|
76,255 | 176,912 | ||||||
SWS Group, Inc. (a)
|
38,625 | 185,400 | ||||||
362,312 | ||||||||
Chemicals - 4.63%
|
||||||||
Kraton Performance Polymers, Inc. (a)
|
18,300 | 429,867 | ||||||
OM Group, Inc. (a)
|
27,190 | 542,984 | ||||||
972,851 | ||||||||
Commercial Banks - 8.31%
|
||||||||
1st United Bancorp, Inc. (a)
|
30,555 | 173,552 | ||||||
BancorpSouth, Inc.
|
34,360 | 454,583 | ||||||
First Niagara Financial Group, Inc.
|
84,510 | 637,205 | ||||||
TCF Financial Corp.
|
40,445 | 480,487 | ||||||
1,745,827 | ||||||||
Commercial Services & Supplies - 2.07%
|
||||||||
Avery Dennison Corp.
|
13,020 | 435,519 | ||||||
Communications Equipment - 1.61%
|
||||||||
Black Box Corp.
|
13,705 | 337,828 | ||||||
Computers & Peripherals - 2.47%
|
||||||||
Silicon Graphics International Corp. (a)
|
61,750 | 518,083 | ||||||
Construction & Engineering - 1.92%
|
||||||||
AECOM Technology Corp. (a)
|
17,820 | 402,554 | ||||||
Containers & Packaging - 3.49%
|
||||||||
Sealed Air Corp.
|
43,500 | 731,670 | ||||||
Distributors - 1.41%
|
||||||||
VOXX International Corp. (a)
|
43,880 | 295,751 | ||||||
Electronic Equipment, Instruments & Components - 3.69%
|
||||||||
Avnet, Inc. (a)
|
11,335 | 332,002 | ||||||
Orbotech Ltd. (a)(b)
|
21,455 | 181,724 | ||||||
Vishay Intertechnology, Inc. (a)
|
26,900 | 260,930 | ||||||
774,656 | ||||||||
Energy Equipment & Services - 8.27%
|
||||||||
CARBO Ceramics, Inc.
|
5,845 | 447,552 | ||||||
ION Geophysical Corp. (a)
|
67,750 | 403,790 | ||||||
Lufkin Industries, Inc.
|
5,550 | 303,918 | ||||||
Patterson-UTI Energy, Inc.
|
32,740 | 581,462 | ||||||
1,736,722 | ||||||||
Food & Staples Retailing - 1.69%
|
||||||||
Andersons, Inc.
|
8,400 | 354,312 | ||||||
Health Care Equipment & Supplies - 3.14%
|
||||||||
Integra LifeSciences Holdings Corp. (a)
|
6,195 | 240,118 | ||||||
Invacare Corp.
|
29,635 | 418,743 | ||||||
658,861 | ||||||||
Health Care Providers & Services - 13.71%
|
||||||||
Accretive Health, Inc. (a)
|
19,435 | 231,860 | ||||||
Community Health Systems, Inc. (a)
|
20,110 | 592,441 | ||||||
Health Management Associates, Inc. (a)
|
47,310 | 376,115 | ||||||
Health Net, Inc. (a)
|
33,935 | 799,168 | ||||||
Kindred Healthcare, Inc. (a)
|
54,540 | 591,759 | ||||||
LHC Group, Inc. (a)
|
14,145 | 274,059 | ||||||
Triple-S Management Corp. (a)
|
680 | 11,866 | ||||||
2,877,268 | ||||||||
Health Care Technology - 1.71%
|
||||||||
Quality Systems, Inc.
|
19,735 | 359,374 | ||||||
Insurance - 4.59%
|
||||||||
Aspen Insurance Holdings Ltd. (b)
|
14,920 | 466,996 | ||||||
Assurant, Inc.
|
11,110 | 380,073 | ||||||
Endurance Specialty Holdings Ltd. (b)
|
2,895 | 116,379 | ||||||
963,448 | ||||||||
IT Services - 0.92%
|
||||||||
Hackett Group, Inc. (a)
|
54,265 | 193,183 | ||||||
Leisure Equipment & Products - 2.67%
|
||||||||
JAKKS Pacific, Inc.
|
44,940 | 560,851 | ||||||
Machinery - 7.47%
|
||||||||
Barnes Group, Inc.
|
23,600 | 497,724 | ||||||
Kennametal, Inc.
|
3,000 | 114,360 | ||||||
Manitowoc Company, Inc.
|
13,575 | 203,625 | ||||||
Terex Corp. (a)
|
31,105 | 752,430 | ||||||
1,568,139 | ||||||||
Multiline Retail - 2.80%
|
||||||||
Big Lots, Inc. (a)
|
20,865 | 587,558 | ||||||
Office Electronics - 2.29%
|
||||||||
Zebra Technologies Corp. (a)
|
12,335 | 480,448 | ||||||
Oil, Gas & Consumable Fuels - 1.82%
|
||||||||
Carrizo Oil & Gas, Inc. (a)
|
18,430 | 382,423 | ||||||
Specialty Retail - 3.70%
|
||||||||
Abercrombie & Fitch Co.
|
10,960 | 502,955 | ||||||
Express, Inc. (a)
|
18,370 | 274,264 | ||||||
777,219 | ||||||||
Textiles, Apparel & Luxury Goods - 4.04%
|
||||||||
Deckers Outdoor Corp. (a)
|
6,305 | 241,418 | ||||||
True Religion Apparel, Inc.
|
23,255 | 606,724 | ||||||
848,142 | ||||||||
TOTAL COMMON STOCKS (Cost $19,673,231)
|
$ | 20,452,223 | ||||||
REAL ESTATE INVESTMENT TRUSTS - 1.76%
|
||||||||
Healthcare Realty Trust, Inc.
|
7,775 | 185,434 | ||||||
Highwoods Properties, Inc.
|
5,680 | 183,123 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $306,884)
|
$ | 368,557 | ||||||
SHORT-TERM INVESTMENTS - 0.09%
|
||||||||
Money Market Funds - 0.09%
|
||||||||
Fidelity Institutional Government Portfolio
|
18,305 | 18,305 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $18,305)
|
$ | 18,305 | ||||||
Total Investments (Cost $19,998,420) - 99.28%
|
20,839,085 | |||||||
Other Assets in Excess of Liabilities - 0.72%
|
150,529 | |||||||
TOTAL NET ASSETS - 100.00%
|
$ | 20,989,614 | ||||||
Percentages are stated as a percent of net assets.
|
|
(a)
|
Non-income producing security.
|
(b)
|
Foreign issued security.
|
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc.
|
|
and Standard & Poor Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed
|
|
for use by U.S. Bancorp Fund Services, LLC.
|
|
The cost basis of investments for federal income tax purposes at November 30, 2012
|
|
was as follows*:
|
Cost of investments
|
$ | 19,998,420 | ||
Gross unrealized appreciation
|
1,990,893 | |||
Gross unrealized depreciation
|
(1,150,228 | ) | ||
Net unrealized appreciation
|
$ | 840,665 |
*Because tax adjustments are calculated annually, the above table does not reflect tax adjustments.
|
For the previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements
|
section of the Fund's most recent semi-annual or annual report.
|
Organization
|
|||
Trust for Professional Managers (the “Trust”) was organized as a Delaware statutory trust under a Declaration
|
|||
of Trust dated May 29, 2001. The Trust is registered under the Investment Company Act of 1940, as amended
|
|||
(the “1940 Act”), as an open-end management investment company. The Snow Capital Small Cap Value Fund (the “Fund”)
|
|||
represents a distinct series with its own investment objectives and policies within the Trust. The investment objective of the
|
|||
Fund is long-term capital appreciation. The Trust may issue an unlimited number of shares of beneficial interest at $0.001 par
|
|||
value. The assets of the Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. The
|
|||
Fund commenced operations on November 30, 2010.
|
|||
Significant Accounting Policies
|
|||
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation
|
|||
of these schedules of investments. These policies are in conformity with generally accepted accounting principles in the
|
|||
United States of America (“GAAP”).
|
|||
Investment Valuation
|
|||
The Funds’ securities, including American Depositary Receipts (“ADRs”), which are traded on securities exchanges are valued
|
|||
at the last sale price on the exchange on which such securities are traded, as of the close of business on the day the securities
|
|||
are being valued or, lacking any reported sales, at the mean between the last available bid and asked price. Securities that are
|
|||
traded on more than one exchange are valued on the exchange determined by the Adviser to be the primary market. Securities
|
|||
listed in the Nasdaq Stock Market, Inc. (“NASDAQ”) will be valued using the NASDAQ Official Closing Price (“NOCP”).
|
|||
If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been
|
|||
no sale on such day, at the mean between the bid and asked prices. Over-the-counter (“OTC”) securities that are not listed
|
|||
on NASDAQ shall be valued at the most recent trade price. Short-term debt obligations with remaining maturities in excess of
|
|||
60 days are valued at current market prices, as discussed above. Short-term securities with 60 days or less remaining to
|
|||
maturity are, unless conditions indicate otherwise, amortized to maturity based on their cost to the Fund if acquired within
|
|||
60 days of maturity or, if already held by the Fund on the 60th day, based on the value determined on the 61st day. When
|
|||
market quotations are not readily available, any security or other asset is valued at its fair value as determined under
|
|||
procedures approved by the Trust’s Board of Trustees. These fair value procedures will also be used to price a security when
|
|||
corporate events, events in the securities market and/ or world events cause the Adviser to believe that a security’s last sale price
|
|||
may not reflect its actual market value at the close of the business day. The intended effect of using fair value pricing
|
|||
procedures is to ensure that the Fund is accurately priced.
|
|||
The Valuation Committee of the Trust shall meet to consider any valuations. This consideration includes reviewing
|
|||
various factors set forth in the pricing procedures adopted by the Board of Directors and other factors as warranted.
|
|||
In considering a fair value determination, factors that may be considered, among others include; the type and structure
|
|||
of the security; unsual events or circumstances relating to the security's issuer; general market conditions; prior day's
|
|||
valuation; fundamental analytical data; size of the holding; cost of the security on the date of purchase; trading activity
|
|||
and prices of similar securities or financial instruments.
|
|||
The Fund has adopted Statement of Financial Accounting Standard, “Fair Value Measurements and Disclosures”
|
|||
(“Fair Value Measurements”) and FASB Staff Position “Determining Fair Value When the Volume and Level of
|
|||
Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions that are Not Orderly”
|
|||
(“Determining Fair Value”). Determining Fair Value clarifies Fair Value Measurements and requires an entity to
|
|||
evaluate certain factors to determine whether there has been a significant decrease in volume and level of
|
|||
activity for the security such that recent transactions and quoted prices may not be determinative of fair value
|
|||
and further analysis and adjustment may be necessary to estimate fair value. Determining Fair Value also
|
|||
requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value in those
|
|||
instances as well as expanded disclosure of valuation levels for major security types. Fair Value Measurements
|
|||
requires the Fund to classify its securities based on valuation method. These inputs are summarized in the three
|
|||
broad levels listed below:
|
Other
|
|
Investment transactions are recorded on the trade date. The Funds determine the gain or loss from investment transactions
|
|
using the idenified cost basis. Dividend income is recognized on the ex-dividend date and interest income is
|
|
recognized on an accrual basis.
|
|
Summary of Fair Value Exposure at November 30, 2012
|
|
Various inputs are used in determining the value of the Fund’s 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 quoted prices for similar
|
|
securities, interest rates, prepayment speeds, credit risk, etc.)
|
|
Level 3 - Significant unobservable inputs (including the Fund’s own assumptions in
|
|
determining the fair value of investments.)
|
|
The inputs or methodology used for valuing securities are not an indication of the risk associated
|
|
with investing in those securities.
|
|
The following is a summary of the inputs used, as of November 30, 2012, in valuing the Fund’s investments
|
|
carried at fair value:
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Equity
|
||||||||||||||||
Common Stocks*
|
$ | 20,452,223 | $ | - | $ | - | $ | 20,452,223 | ||||||||
Real Estate Investment Trusts
|
368,557 | 368,557 | ||||||||||||||
Total Equity
|
20,820,780 | - | - | 20,820,780 | ||||||||||||
Short-Term Investments
|
18,305 | - | - | 18,305 | ||||||||||||
Total Investments in Securities
|
$ | 20,839,085 | $ | - | $ | - | $ | 20,839,085 | ||||||||
The Fund recognizes transfers between levels as of the beginning of the fiscal year. There were no transfers between Level 1 and 2 as of November 30, 2012.
|
The Fund held no Level 3 securities during the period ended November 30, 2012.
|
The Fund measures Level 3 activity as of the beginning and end of the fiscal period. For the period ended November 30, 2012 the Fund did not
|
have significant unobservable inputs (Level 3 securities) used in determining fair value. Therefore, a reconciliation of assets in which
|
significant unobservable inputs (Level 3) were used in determining fair value is not applicable.
|
* For further breakdown of Common Stock by Industry type, please refer to the Schedule of Investments.
|
Disclosures about Derivative Instruments and Hedging Activities
|
The fund did not invest in derivative securities or engage in hedging activities during the period ended November 30, 2012.
|
(a)
|
The Registrant’s President and Treasurer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”))
(17 CFR
270.30a-3(c))
are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act
(17 CFR 270.30a-3(b))
and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended
(17 CFR 240.13a-15(b) or 240.15d-15(d))
.
|
(b)
|
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act)
(17 CFR 270.30a-3(d))
that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
|
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