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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Value Line Funds (MM) | NASDAQ:ACDEX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
6 months ended 3/31/13
|
||
Chase Growth Fund Class N (CHASX)
|
+5.46%
|
|
Chase Growth Fund Institutional Class (CHAIX)
|
+5.58%
|
|
Russell 1000 Growth Index
|
+8.09%
|
|
Lipper Large Cap Growth Funds Index
|
+7.31%
|
6 months ended 3/31/13
|
||
Chase Mid-Cap Growth Fund Class N (CHAMX)
|
+10.07%
|
|
Chase Mid-Cap Growth Fund Institutional Class (CHIMX)
|
+10.19%
|
|
Russell Midcap Growth Index
|
+13.40%
|
|
Lipper Mid-Cap Growth Funds Index
|
+12.52%
|
Chase Growth Fund
|
Chase Mid-Cap Growth Fund | |||||||
1.
|
QUALCOMM Inc.
|
4.75%
|
1.
|
FEI Co.
|
2.63%
|
|||
2.
|
eBay, Inc.
|
4.36%
|
2.
|
Actavis, Inc.
|
2.61%
|
|||
3.
|
CVS Caremark Corp.
|
3.75%
|
3.
|
Quanta Services Inc.
|
2.56%
|
|||
4.
|
Alliance Data Systems Corp.
|
3.28%
|
4.
|
Polaris Industries, Inc.
|
2.53%
|
|||
5.
|
Colgate Palmolive Co.
|
3.10%
|
5.
|
Mastec Inc.
|
2.52%
|
|||
6.
|
Comcast Corp. Class A
|
3.09%
|
6.
|
Beacon Roofing Supply, Inc.
|
2.48%
|
|||
7.
|
Union Pacific Corp.
|
3.02%
|
7.
|
NVIDIA Corp.
|
2.48%
|
|||
8.
|
Johnson & Johnson
|
2.93%
|
8.
|
Affiliated Managers Group, Inc.
|
2.46%
|
|||
9.
|
Costco Wholesale Corp.
|
2.91%
|
9.
|
West Pharmaceutical Services, Inc.
|
2.46%
|
|||
10.
|
Quanta Services, Inc.
|
2.88%
|
10.
|
CBRE Group Inc. – Class A
|
2.42%
|
Beginning Account
|
Ending Account
|
Expenses Paid During
|
|
Value 10/1/12
|
Value 3/31/13
|
Period 10/1/12 – 3/31/13*
|
|
Chase Growth Fund (Class N)
|
|||
Actual
|
$1,000.00
|
$1,054.60
|
$7.12
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,018.00
|
$6.99
|
*
|
Expenses are equal to the Fund’s annualized expense ratio of 1.39% for the period, multiplied by the average account value over the period, multiplied by 182 (days in most recent fiscal half-year) / 365 days to reflect the one-half year expense.
|
Beginning Account
|
Ending Account
|
Expenses Paid During
|
|
Value 10/1/12
|
Value 3/31/13
|
Period 10/1/12 – 3/31/13*
|
|
Chase Growth Fund (Institutional Class)
|
|||
Actual
|
$1,000.00
|
$1,055.80
|
$5.84
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,019.25
|
$5.74
|
*
|
Expenses are equal to the Fund’s annualized expense ratio of 1.14% for the period, multiplied by the average account value over the period, multiplied by 182 (days in most recent fiscal half-year) / 365 days to reflect the one-half year expense.
|
Beginning Account
|
Ending Account
|
Expenses Paid During
|
|
Value 10/1/12
|
Value 3/31/13
|
Period 10/1/12 – 3/31/13*
|
|
Chase Mid-Cap Growth Fund (Class N)
|
|||
Actual
|
$1,000.00
|
$1,100.70
|
$7.75
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,017.55
|
$7.44
|
*
|
Expenses are equal to the Fund’s annualized expense ratio of 1.48% for the period, multiplied by the average account value over the period, multiplied by 182 (days in most recent fiscal half-year) / 365 days to reflect the one-half year expense.
|
Beginning Account
|
Ending Account
|
Expenses Paid During
|
|
Value 10/1/12
|
Value 3/31/13
|
Period 10/1/12 – 3/31/13*
|
|
Chase Mid-Cap Growth Fund (Institutional Class)
|
|||
Actual
|
$1,000.00
|
$1,101.90
|
$6.45
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,018.80
|
$6.19
|
*
|
Expenses are equal to the Fund’s annualized expense ratio of 1.23% for the period, multiplied by the average account value over the period, multiplied by 182 (days in most recent fiscal half-year) / 365 days to reflect the one-half year expense.
|
Shares
|
COMMON STOCKS: 98.1%
|
Value
|
|||||
Aerospace/Aircraft: 2.6%
|
|||||||
15,260 |
Precision Castparts Corp.
|
$ | 2,893,601 | ||||
Asset Management: 1.7%
|
|||||||
12,050 |
Affiliated Managers Group, Inc.*
|
1,850,519 | |||||
Beverage: 1.1%
|
|||||||
30,060 |
Coca-Cola Co.
|
1,215,626 | |||||
Broadcast Media: 5.9%
|
|||||||
66,000 |
CBS Corp. - Class B
|
3,081,540 | |||||
82,300 |
Comcast Corp. - Class A
|
3,457,423 | |||||
6,538,963 | |||||||
Chemicals: 2.1%
|
|||||||
40,600 |
FMC Corp.
|
2,315,418 | |||||
Chemicals - Specialty: 2.5%
|
|||||||
15,810 |
Eastman Chemical Co.
|
1,104,645 | |||||
26,080 |
Valspar Corp.
|
1,623,480 | |||||
2,728,125 | |||||||
Computer Software - Desktop/Small Business: 1.0%
|
|||||||
40,200 |
Microsoft Corp.
|
1,150,122 | |||||
Computer Software - Enterprise: 2.8%
|
|||||||
95,900 |
Oracle Corp.
|
3,101,406 | |||||
Consumer Finance: 1.3%
|
|||||||
33,200 |
Discover Financial Services
|
1,488,688 | |||||
Drugs - Generic: 2.7%
|
|||||||
32,040 |
Actavis, Inc.*
|
2,951,205 | |||||
Drugs - Proprietary: 3.9%
|
|||||||
66,000 |
Abbott Laboratories
|
2,331,120 | |||||
49,800 |
AbbVie, Inc.
|
2,030,844 | |||||
4,361,964 | |||||||
Electrical Instruments: 2.9%
|
|||||||
41,500 |
Thermo Fisher Scientific, Inc.
|
3,174,335 | |||||
Energy/Oil & Gas Drilling: 2.0%
|
|||||||
36,400 |
Ensco PLC - Class A +
|
2,184,000 |
Shares
|
Value
|
||||||
Energy/Oil Service: 2.0%
|
|||||||
34,200 |
Cameron International Corp.*
|
$ | 2,229,840 | ||||
Engineering/Construction: 2.9%
|
|||||||
112,800 |
Quanta Services, Inc.*
|
3,223,824 | |||||
Finance/Information Services: 2.5%
|
|||||||
5,110 |
MasterCard, Inc. - Class A
|
2,765,174 | |||||
Health Care Distribution: 2.6%
|
|||||||
26,300 |
McKesson Corp.
|
2,839,348 | |||||
Health Care Products: 3.0%
|
|||||||
40,170 |
Johnson & Johnson
|
3,275,060 | |||||
Health Care Services: 1.9%
|
|||||||
17,670 |
DaVita HealthCare Partners, Inc.*
|
2,095,485 | |||||
Household Products: 3.1%
|
|||||||
29,360 |
Colgate-Palmolive Co.
|
3,465,361 | |||||
Information Services: 3.3%
|
|||||||
22,680 |
Alliance Data Systems Corp.*
|
3,671,665 | |||||
Internet Retail: 4.4%
|
|||||||
90,000 |
eBay, Inc.*
|
4,879,800 | |||||
Internet Software & Services: 2.6%
|
|||||||
3,679 |
Google, Inc. - Class A*
|
2,921,236 | |||||
Machinery: 4.5%
|
|||||||
12,290 |
Flowserve Corp.
|
2,061,156 | |||||
53,400 |
Ingersoll-Rand PLC +
|
2,937,534 | |||||
4,998,690 | |||||||
Media & Advertising: 4.1%
|
|||||||
116,000 |
Liberty Interactive Corp. - Class A*
|
2,480,080 | |||||
32,700 |
Scripps Networks Interactive, Inc. - Class A
|
2,103,918 | |||||
4,583,998 | |||||||
Medical Systems/Equipment: 1.6%
|
|||||||
76,000 |
Hologic, Inc.*
|
1,717,600 | |||||
Railroad: 3.0%
|
|||||||
23,680 |
Union Pacific Corp.
|
3,372,269 |
Shares
|
Value
|
||||||
Retail - Discount: 4.4%
|
|||||||
30,710 |
Costco Wholesale Corp.
|
$ | 3,258,638 | ||||
22,900 |
Target Corp.
|
1,567,505 | |||||
4,826,143 | |||||||
Retail - Drug Stores: 3.8%
|
|||||||
76,300 |
CVS Caremark Corp.
|
4,195,737 | |||||
Retail - Specialty: 1.8%
|
|||||||
42,800 |
Dick’s Sporting Goods, Inc.
|
2,024,440 | |||||
Semiconductors: 2.0%
|
|||||||
74,000 |
NXP Semiconductors NV* +
|
2,239,240 | |||||
Service Companies: 2.7%
|
|||||||
55,400 |
United Rentals, Inc.*
|
3,045,338 | |||||
Telecommunication Equipment: 7.4%
|
|||||||
44,700 |
Motorola Solutions, Inc.
|
2,862,141 | |||||
79,300 |
QUALCOMM, Inc.
|
5,309,135 | |||||
8,171,276 | |||||||
Tobacco: 2.0%
|
|||||||
23,960 |
Philip Morris International, Inc.
|
2,221,332 | |||||
Total Common Stocks (Cost $89,625,146)
|
108,716,828 | ||||||
SHORT-TERM INVESTMENTS: 1.6%
|
|||||||
1,783,007 |
Invesco STIT Treasury Portfolio - Institutional Class, 0.02%#
|
1,783,007 | |||||
Total Short-Term Investments (Cost $1,783,007)
|
1,783,007 | ||||||
Total Investments in Securities (Cost $91,408,153): 99.7%
|
110,499,835 | ||||||
Other Assets in Excess of Liabilities: 0.3%
|
323,446 | ||||||
Net Assets: 100.00%
|
$ | 110,823,281 |
+
|
U.S. traded security of a foreign issuer.
|
*
|
Non-income producing security.
|
#
|
Rate shown is the 7-day annualized yield as of March 31, 2013.
|
Shares
|
COMMON STOCKS: 97.8%
|
Value
|
|||||
Apparel: 1.4%
|
|||||||
4,020 |
PVH Corp.
|
$ | 429,376 | ||||
Asset Management: 2.5%
|
|||||||
4,870 |
Affiliated Managers Group, Inc.*
|
747,886 | |||||
Auto/Auto Parts: 1.6%
|
|||||||
22,380 |
LKQ Corp.*
|
486,989 | |||||
Business Services: 2.4%
|
|||||||
5,720 |
Portfolio Recovery Associates, Inc.*
|
725,982 | |||||
Chemicals: 3.9%
|
|||||||
8,700 |
Ashland, Inc.
|
646,410 | |||||
9,500 |
FMC Corp.
|
541,785 | |||||
1,188,195 | |||||||
Chemicals - Specialty: 1.5%
|
|||||||
7,300 |
Valspar Corp.
|
454,425 | |||||
Computer Software - Enterprise: 4.0%
|
|||||||
36,600 |
Mentor Graphics Corp.*
|
660,630 | |||||
9,300 |
Solarwinds, Inc.*
|
549,630 | |||||
1,210,260 | |||||||
Consumer Goods/Services: 2.1%
|
|||||||
11,000 |
Coinstar, Inc.*
|
642,620 | |||||
Drugs - Generic: 2.6%
|
|||||||
8,600 |
Actavis, Inc.*
|
792,146 | |||||
Drugs - Proprietary: 1.3%
|
|||||||
29,200 |
Akorn, Inc.*
|
403,836 | |||||
Education Services: 2.0%
|
|||||||
24,500 |
Grand Canyon Education, Inc.*
|
622,055 | |||||
Electrical Instruments: 5.8%
|
|||||||
12,350 |
FEI Co.
|
797,193 | |||||
6,400 |
IPG Photonics Corp.*
|
425,024 | |||||
15,600 |
PerkinElmer, Inc.
|
524,784 | |||||
1,747,001 |
Shares
|
Value
|
||||||
Energy/Oil & Gas Drilling: 1.5%
|
|||||||
8,700 |
Atwood Oceanics, Inc.*
|
$ | 457,098 | ||||
Energy/Oil Service: 4.4%
|
|||||||
10,200 |
Bristow Group, Inc.
|
672,588 | |||||
9,900 |
Oceaneering International, Inc.
|
657,459 | |||||
1,330,047 | |||||||
Engineering/Construction: 6.7%
|
|||||||
27,200 |
Quanta Services, Inc.*
|
777,376 | |||||
20,600 |
Tetra Tech, Inc.*
|
628,094 | |||||
4,000 |
Valmont Industries, Inc.
|
629,080 | |||||
2,034,550 | |||||||
Finance/Banks: 2.4%
|
|||||||
9,100 |
Signature Bank*
|
716,716 | |||||
Finance/Information Services: 2.2%
|
|||||||
25,200 |
Euronet Worldwide, Inc.*
|
663,768 | |||||
Footwear: 2.1%
|
|||||||
14,700 |
Steven Madden, Ltd.*
|
634,158 | |||||
Health Care Services: 1.7%
|
|||||||
13,100 |
PAREXEL International Corp.*
|
517,581 | |||||
Home Furnishings/Furniture: 2.3%
|
|||||||
29,700 |
Pier 1 Imports, Inc.
|
683,100 | |||||
Household Products: 3.6%
|
|||||||
9,900 |
Church & Dwight Co., Inc.
|
639,837 | |||||
10,400 |
Jarden Corp.*
|
445,640 | |||||
1,085,477 | |||||||
Industrial Distributors: 2.5%
|
|||||||
19,500 |
Beacon Roofing Supply, Inc.*
|
753,870 | |||||
Information Services: 1.8%
|
|||||||
3,300 |
Alliance Data Systems Corp.*
|
534,237 | |||||
Leisure Time: 2.5%
|
|||||||
8,300 |
Polaris Industries, Inc.
|
767,667 |
Shares
|
Value
|
||||||
Machinery: 3.4%
|
|||||||
3,510 |
Flowserve Corp.
|
$ | 588,662 | ||||
21,900 |
Manitowoc Company, Inc.
|
450,264 | |||||
1,038,926 | |||||||
Media & Advertising: 3.6%
|
|||||||
21,600 |
Liberty Interactive Corp. - Class A*
|
461,808 | |||||
10,000 |
Scripps Networks Interactive, Inc. - Class A
|
643,400 | |||||
1,105,208 | |||||||
Medical Supplies: 2.5%
|
|||||||
11,500 |
West Pharmaceutical Services, Inc.
|
746,810 | |||||
Medical Systems/Equipment: 2.0%
|
|||||||
27,400 |
Hologic, Inc.*
|
619,240 | |||||
Real Estate Operations: 2.4%
|
|||||||
29,100 |
CBRE Group, Inc. - Class A*
|
734,775 | |||||
Retail - Specialty: 2.0%
|
|||||||
12,800 |
Dick’s Sporting Goods, Inc.
|
605,440 | |||||
Semiconductors: 4.7%
|
|||||||
29,300 |
Microsemi Corp.*
|
678,881 | |||||
58,600 |
NVIDIA Corp.
|
751,252 | |||||
1,430,133 | |||||||
Service Companies: 2.0%
|
|||||||
11,200 |
United Rentals, Inc.*
|
615,664 | |||||
Telecommunication Services: 4.6%
|
|||||||
26,200 |
MasTec Inc.*
|
763,730 | |||||
13,650 |
NeuStar, Inc. - Class A*
|
635,134 | |||||
1,398,864 | |||||||
Trucking: 2.1%
|
|||||||
8,400 |
J.B. Hunt Transport Services, Inc.
|
625,632 | |||||
Utilities Electric/Gas: 1.8%
|
|||||||
6,200 |
ITC Holdings Corp.
|
553,412 | |||||
Utilities - Water: 1.9%
|
|||||||
13,800 |
American Water Works Co., Inc.
|
571,872 | |||||
Total Common Stocks (Cost $24,299,353)
|
29,675,016 |
Shares
|
SHORT-TERM INVESTMENTS: 2.3%
|
Value
|
|||||
715,296 |
Invesco STIT Treasury Portfolio - Institutional Class, 0.02%#
|
$ | 715,296 | ||||
Total Short-Term Investments (Cost $715,296)
|
715,296 | ||||||
Total Investments in Securities (Cost $25,014,649): 100.1%
|
30,390,312 | ||||||
Liabilities in Excess of Other Assets: (0.1)%
|
(40,725 | ) | |||||
Net Assets: 100.00%
|
$ | 30,349,587 |
*
|
Non-income producing security.
|
#
|
Rate shown is the 7-day annualized yield as of March 31, 2013.
|
Chase
|
Chase Mid-Cap
|
|||||||
Growth Fund
|
Growth Fund
|
|||||||
ASSETS
|
||||||||
Investments in securities, at value
|
||||||||
(identified cost $91,408,153 and $25,014,649, respectively)
|
$ | 110,499,835 | $ | 30,390,312 | ||||
Cash
|
13,818 | — | ||||||
Receivables
|
||||||||
Securities sold
|
885,690 | — | ||||||
Fund shares issued
|
44,940 | 3,991 | ||||||
Dividends and interest
|
99,822 | 7,188 | ||||||
Dividend tax reclaim
|
11,960 | — | ||||||
Prepaid expenses
|
15,648 | 12,977 | ||||||
Total assets
|
111,571,713 | 30,414,468 | ||||||
LIABILITIES
|
||||||||
Payables
|
||||||||
Securities purchased
|
547,398 | — | ||||||
Due to Adviser
|
70,859 | 12,038 | ||||||
Fund shares redeemed
|
20,786 | 13,819 | ||||||
Administration fees
|
34,250 | 7,201 | ||||||
Transfer agent fees and expenses
|
13,733 | 7,314 | ||||||
Shareholder servicing fees
|
16,881 | 5,554 | ||||||
Audit fees
|
9,472 | 9,479 | ||||||
Fund accounting fees
|
10,470 | 5,162 | ||||||
Custody fees
|
4,074 | — | ||||||
Legal fees
|
215 | 550 | ||||||
Chief Compliance Officer fee
|
1,155 | 993 | ||||||
Accrued expenses
|
19,139 | 2,771 | ||||||
Total liabilities
|
748,432 | 64,881 | ||||||
NET ASSETS
|
$ | 110,823,281 | $ | 30,349,587 |
Chase
|
Chase Mid-Cap
|
|||||||
Growth Fund
|
Growth Fund
|
|||||||
CALCULATION OF NET ASSET VALUE PER SHARE
|
||||||||
Class N Shares
|
||||||||
Net assets applicable to shares outstanding
|
$ | 79,269,994 | $ | 26,256,862 | ||||
Shares issued and outstanding [unlimited number of shares
|
||||||||
(par value $0.01) authorized]
|
5,453,078 | 646,857 | ||||||
Net asset value, offering and redemption price per share
|
$ | 14.54 | $ | 40.59 | ||||
Institutional Class Shares
|
||||||||
Net assets applicable to shares outstanding
|
$ | 31,553,287 | $ | 4,092,725 | ||||
Shares issued and outstanding [unlimited number of shares
|
||||||||
(par value $0.01) authorized]
|
2,143,698 | 100,572 | ||||||
Net asset value, offering and redemption price per share
|
$ | 14.72 | $ | 40.69 | ||||
COMPONENTS OF NET ASSETS
|
||||||||
Paid-in capital
|
$ | 79,319,809 | $ | 24,187,573 | ||||
Accumulated net investment loss
|
(60,817 | ) | (276,748 | ) | ||||
Accumulated net realized gain from investments
|
12,472,607 | 1,063,099 | ||||||
Net unrealized appreciation on investments
|
19,091,682 | 5,375,663 | ||||||
Net assets
|
$ | 110,823,281 | $ | 30,349,587 |
Chase
|
Chase Mid-Cap
|
|||||||
Growth Fund
|
Growth Fund
|
|||||||
INVESTMENT INCOME
|
||||||||
Income
|
||||||||
Dividends
|
$ | 1,176,345 | $ | 163,782 | ||||
Interest
|
346 | 67 | ||||||
Total income
|
1,176,691 | 163,849 | ||||||
Expenses
|
||||||||
Advisory fees (Note 4)
|
474,330 | 111,690 | ||||||
Administration fees (Note 4)
|
119,491 | 30,217 | ||||||
Shareholder servicing fees - Class N Shares (Note 5)
|
103,819 | 32,343 | ||||||
Transfer agent fees and expenses (Note 4)
|
29,931 | 23,019 | ||||||
Fund accounting fees (Note 4)
|
29,875 | 16,044 | ||||||
Custody fees (Note 4)
|
14,338 | 5,209 | ||||||
Registration fees
|
12,517 | 12,395 | ||||||
Audit fees
|
9,477 | 9,483 | ||||||
Printing and mailing expense
|
8,024 | 3,241 | ||||||
Miscellaneous
|
7,153 | 1,951 | ||||||
Trustees fees
|
5,826 | 3,083 | ||||||
Legal fees
|
5,805 | 4,019 | ||||||
Chief Compliance Officer fee (Note 4)
|
3,475 | 2,993 | ||||||
Insurance expense
|
1,984 | 1,231 | ||||||
Total expenses
|
826,045 | 256,918 | ||||||
Less: Fees waived by Adviser (Note 4)
|
— | (41,405 | ) | |||||
Net expenses
|
826,045 | 215,513 | ||||||
Net investment income/(loss)
|
350,646 | (51,664 | ) | |||||
REALIZED AND UNREALIZED GAIN/(LOSS)
|
||||||||
ON INVESTMENTS
|
||||||||
Net realized gain from investments
|
18,911,234 | 1,505,064 | ||||||
Net change in unrealized appreciation on investments
|
(14,028,964 | ) | 1,328,808 | |||||
Net realized and unrealized gain on investments
|
4,882,270 | 2,833,872 | ||||||
Net Increase in Net Assets Resulting from Operations
|
$ | 5,232,916 | $ | 2,782,208 |
Six Months Ended
|
||||||||
March 31, 2013
|
Year Ended
|
|||||||
(Unaudited)
|
Sept. 30, 2012
|
|||||||
NET INCREASE/(DECREASE) IN NET ASSETS FROM:
|
||||||||
OPERATIONS
|
||||||||
Net investment income/(loss)
|
$ | 350,646 | $ | (296,132 | ) | |||
Net realized gain from investments
|
18,911,234 | 36,040,468 | ||||||
Net change in unrealized appreciation on investments
|
(14,028,964 | ) | 7,082,486 | |||||
Net increase in net assets resulting from operations
|
5,232,916 | 42,826,822 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS
|
||||||||
From net investment income
|
||||||||
Class N shares
|
(250,587 | ) | — | |||||
Institutional Class shares
|
(160,876 | ) | — | |||||
From net realized gain on investments
|
||||||||
Class N shares
|
(26,083,510 | ) | (1,732,034 | ) | ||||
Institutional Class shares
|
(14,198,128 | ) | (1,201,273 | ) | ||||
Total distributions to shareholders
|
(40,693,101 | ) | (2,933,307 | ) | ||||
CAPITAL SHARE TRANSACTIONS
|
||||||||
Net decrease in net assets derived from
|
||||||||
net change in outstanding shares (a)
|
(4,719,643 | ) | (89,270,654 | ) | ||||
Total decrease in net assets
|
(40,179,828 | ) | (49,377,139 | ) | ||||
NET ASSETS
|
||||||||
Beginning of period
|
151,003,109 | 200,380,248 | ||||||
End of period
|
$ | 110,823,281 | $ | 151,003,109 | ||||
Accumulated net investment loss
|
$ | (60,817 | ) | $ | — |
Class N Shares
|
||||||||||||||||
Six Months Ended
|
||||||||||||||||
March 31, 2013
|
Year Ended
|
|||||||||||||||
(Unaudited)
|
Sept. 30, 2012
|
|||||||||||||||
Shares
|
Paid-in Capital
|
Shares
|
Paid-in Capital
|
|||||||||||||
Shares sold
|
251,736 | $ | 3,778,111 | 266,152 | $ | 4,848,570 | ||||||||||
Shares issued on
|
||||||||||||||||
reinvestments of distributions
|
1,829,681 | 24,517,728 | 97,309 | 1,629,926 | ||||||||||||
Shares redeemed*
|
(1,234,914 | ) | (18,503,238 | ) | (3,369,635 | ) | (60,794,095 | ) | ||||||||
Net increase/(decrease)
|
846,503 | $ | 9,792,601 | (3,006,174 | ) | $ | (54,315,599 | ) | ||||||||
* Net of redemption fees of
|
$ | 267 | $ | 1,718 | ||||||||||||
Institutional Class Shares
|
||||||||||||||||
Six Months Ended
|
||||||||||||||||
March 31, 2013
|
Year Ended
|
|||||||||||||||
(Unaudited)
|
Sept. 30, 2012
|
|||||||||||||||
Shares
|
Paid-in Capital
|
Shares
|
Paid-in Capital
|
|||||||||||||
Shares sold
|
93,617 | $ | 1,377,127 | 311,248 | $ | 5,731,611 | ||||||||||
Shares issued on
|
||||||||||||||||
reinvestments of distributions
|
1,051,386 | 14,256,795 | 69,541 | 1,171,761 | ||||||||||||
Shares redeemed
|
(1,944,525 | ) | (30,146,166 | ) | (2,240,210 | ) | (41,858,427 | ) | ||||||||
Net decrease
|
(799,522 | ) | $ | (14,512,244 | ) | (1,859,421 | ) | $ | (34,955,055 | ) |
Six Months Ended
|
||||||||
March 31, 2013
|
Year Ended
|
|||||||
(Unaudited)
|
Sept. 30, 2012
|
|||||||
NET INCREASE/(DECREASE) IN NET ASSETS FROM:
|
||||||||
OPERATIONS
|
||||||||
Net investment loss
|
$ | (51,664 | ) | $ | (271,121 | ) | ||
Net realized gain from investments
|
1,505,064 | 951,715 | ||||||
Net change in unrealized appreciation on investments
|
1,328,808 | 2,984,340 | ||||||
Net increase in net assets resulting from operations
|
2,782,208 | 3,664,934 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS
|
||||||||
From net realized gain on investments
|
||||||||
Class N shares
|
(553,986 | ) | — | |||||
Institutional Class shares
|
(82,744 | ) | — | |||||
Total distributions to shareholders
|
(636,730 | ) | — | |||||
CAPITAL SHARE TRANSACTIONS
|
||||||||
Net increase/(decrease) in net assets derived from net change
|
||||||||
in outstanding shares (a)
|
(4,302,712 | ) | 15,501,965 | |||||
Total increase/(decrease) in net assets
|
(2,157,234 | ) | 19,166,899 | |||||
NET ASSETS
|
||||||||
Beginning of period
|
32,506,821 | 13,339,922 | ||||||
End of period
|
$ | 30,349,587 | $ | 32,506,821 | ||||
Accumulated net investment loss
|
$ | (276,748 | ) | $ | (225,084 | ) |
Class N Shares
|
||||||||||||||||
Six Months Ended
|
||||||||||||||||
March 31, 2013
|
Year Ended
|
|||||||||||||||
(Unaudited)
|
Sept. 30, 2012
|
|||||||||||||||
Shares
|
Paid-in Capital
|
Shares
|
Paid-in Capital
|
|||||||||||||
Shares sold
|
84,540 | $ | 3,256,940 | 777,715 | $ | 27,881,357 | ||||||||||
Shares issued on
|
||||||||||||||||
reinvestments of distributions
|
13,909 | 513,948 | — | — | ||||||||||||
Shares redeemed*
|
(201,052 | ) | (7,612,178 | ) | (452,263 | ) | (16,494,915 | ) | ||||||||
Net increase/(decrease)
|
(102,603 | ) | $ | (3,841,290 | ) | 325,452 | $ | 11,386,442 | ||||||||
* Net of redemption fees of
|
$ | 842 | $ | 7,310 | ||||||||||||
Institutional Class Shares
|
||||||||||||||||
Six Months Ended
|
||||||||||||||||
March 31, 2013
|
February 2, 2012**
|
|||||||||||||||
(Unaudited)
|
through Sept. 30, 2012
|
|||||||||||||||
Shares
|
Paid-in Capital
|
Shares
|
Paid-in Capital
|
|||||||||||||
Shares sold
|
9,917 | $ | 375,000 | 117,228 | $ | 4,285,983 | ||||||||||
Shares issued on
|
||||||||||||||||
reinvestments of distributions
|
2,236 | 82,744 | — | — | ||||||||||||
Shares redeemed
|
(24,309 | ) | (919,166 | ) | (4,500 | ) | (170,460 | ) | ||||||||
Net increase/(decrease)
|
(12,156 | ) | $ | (461,422 | ) | 112,728 | $ | 4,115,523 |
Six Months
|
||||||||||||||||||||||||
Ended
|
||||||||||||||||||||||||
March 31, 2013
|
Year Ended September 30,
|
|||||||||||||||||||||||
(Unaudited)
|
2012
|
2011
|
2010
|
2009
|
2008
|
|||||||||||||||||||
Net asset value, beginning of period
|
$ | 19.94 | $ | 16.10 | $ | 15.99 | $ | 14.71 | $ | 17.24 | $ | 22.20 | ||||||||||||
Income from investment operations:
|
||||||||||||||||||||||||
Net investment income/(loss)
(1)
|
0.03 | (0.05 | ) | (0.03 | ) | (0.04 | ) | 0.02 | 0.04 | |||||||||||||||
Net realized and unrealized
|
||||||||||||||||||||||||
gain/(loss) on investments
|
0.55 | 4.15 | 0.14 | 1.32 | (2.51 | ) | (3.04 | ) | ||||||||||||||||
Total from investment operations
|
0.58 | 4.10 | 0.11 | 1.28 | (2.49 | ) | (3.00 | ) | ||||||||||||||||
Less distributions:
|
||||||||||||||||||||||||
From net investment income
|
(0.06 | ) | — | — | — | (0.04 | ) | (0.04 | ) | |||||||||||||||
From net realized
|
||||||||||||||||||||||||
gain on investments
|
(5.92 | ) | (0.26 | ) | — | — | — | (1.92 | ) | |||||||||||||||
Distributions in excess
|
— | — | — | — | (0.00 | ) (2) | — | |||||||||||||||||
Total distributions
|
(5.98 | ) | (0.26 | ) | — | — | (0.04 | ) | (1.96 | ) | ||||||||||||||
Paid-in capital from
|
||||||||||||||||||||||||
redemption fees
(1)(2)
|
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
Net asset value, end of period
|
$ | 14.54 | $ | 19.94 | $ | 16.10 | $ | 15.99 | $ | 14.71 | $ | 17.24 | ||||||||||||
Total return
|
5.46 | % (3) | 25.74 | % | 0.69 | % | 8.70 | % | -14.45 | % | -14.93 | % | ||||||||||||
Ratios/supplemental data:
|
||||||||||||||||||||||||
Net assets, end of period (thousands)
|
$ | 79,270 | $ | 91,843 | $ | 122,603 | $ | 207,817 | $ | 409,698 | $ | 426,473 | ||||||||||||
Ratio of expenses to average net assets
|
1.39 | % (4) | 1.33 | % | 1.24 | % | 1.17 | % | 1.19 | % | 1.17 | % | ||||||||||||
Ratio of interest expense
|
||||||||||||||||||||||||
to average net assets
|
— | 0.00 | % | 0.00 | % | 0.00 | % | — | — | |||||||||||||||
Ratio of net investment income/(loss)
|
||||||||||||||||||||||||
to average net assets
|
0.43 | % (4) | (0.27 | %) | (0.18 | %) | (0.25 | %) | 0.17 | % | 0.20 | % | ||||||||||||
Portfolio turnover rate
|
62.31 | % (3) | 47.09 | % | 82.40 | % | 153.49 | % | 181.38 | % | 181.43 | % |
(1)
|
Based on average shares outstanding.
|
(2)
|
Amount is less than $0.01.
|
(3)
|
Not annualized.
|
(4)
|
Annualized.
|
Six Months
|
||||||||||||||||||||||||
Ended
|
||||||||||||||||||||||||
March 31, 2013
|
Year Ended September 30,
|
|||||||||||||||||||||||
(Unaudited)
|
2012
|
2011
|
2010
|
2009
|
2008
|
|||||||||||||||||||
Net asset value, beginning of period
|
$ | 20.10 | $ | 16.19 | $ | 16.04 | $ | 14.72 | $ | 17.27 | $ | 22.23 | ||||||||||||
Income from investment operations:
|
||||||||||||||||||||||||
Net investment income
(1)
|
0.07 | 0.00 | (2) | 0.01 | 0.00 | (2) | 0.03 | 0.08 | ||||||||||||||||
Net realized and unrealized
|
||||||||||||||||||||||||
gain/(loss) on investments
|
0.54 | 4.17 | 0.14 | 1.32 | (2.50 | ) | (3.03 | ) | ||||||||||||||||
Total from investment operations
|
0.61 | 4.17 | 0.15 | 1.32 | (2.47 | ) | (2.95 | ) | ||||||||||||||||
Less distributions:
|
||||||||||||||||||||||||
From net investment income
|
(0.07 | ) | — | — | — | (0.08 | ) | (0.09 | ) | |||||||||||||||
From net realized
|
||||||||||||||||||||||||
gain on investments
|
(5.92 | ) | (0.26 | ) | — | — | — | (1.92 | ) | |||||||||||||||
Distributions in excess
|
— | — | — | — | (0.00 | ) (2) | — | |||||||||||||||||
Total distributions
|
(5.99 | ) | (0.26 | ) | — | — | (0.08 | ) | (2.01 | ) | ||||||||||||||
Paid-in capital from
|
||||||||||||||||||||||||
redemption fees
|
— | — | — | 0.00 | (1)(2) | — | — | |||||||||||||||||
Net asset value, end of period
|
$ | 14.72 | $ | 20.10 | $ | 16.19 | $ | 16.04 | $ | 14.72 | $ | 17.27 | ||||||||||||
Total return
|
5.58 | % (3) | 26.04 | % | 0.94 | % | 8.97 | % | -14.26 | % | -14.69 | % | ||||||||||||
Ratios/supplemental data:
|
||||||||||||||||||||||||
Net assets, end of period (thousands)
|
$ | 31,553 | $ | 59,160 | $ | 77,777 | $ | 152,175 | $ | 394,483 | $ | 120,965 | ||||||||||||
Ratio of expenses to average net assets
|
1.14 | % (4) | 1.08 | % | 0.99 | % | 0.92 | % | 0.94 | % | 0.92 | % | ||||||||||||
Ratio of interest expense
|
||||||||||||||||||||||||
to average net assets
|
— | 0.00 | % | 0.00 | % | 0.00 | % | — | — | |||||||||||||||
Ratio of net investment income/(loss)
|
||||||||||||||||||||||||
to average net assets
|
0.80 | % (4) | (0.01 | %) | 0.07 | % | 0.00 | % | 0.22 | % | 0.39 | % | ||||||||||||
Portfolio turnover rate
|
62.31 | % (3) | 47.09 | % | 82.40 | % | 153.49 | % | 181.38 | % | 181.43 | % |
(1)
|
Based on average shares outstanding.
|
(2)
|
Amount is less than $0.01.
|
(3)
|
Not annualized.
|
(4)
|
Annualized.
|
Six Months
|
||||||||||||||||||||||||
Ended
|
||||||||||||||||||||||||
March 31, 2013
|
Year Ended September 30,
|
|||||||||||||||||||||||
(Unaudited)
|
2012
|
2011
|
2010
|
2009
|
2008
|
|||||||||||||||||||
Net asset value, beginning of period
|
$ | 37.70 | $ | 31.46 | $ | 27.49 | $ | 23.40 | $ | 26.50 | $ | 33.57 | ||||||||||||
Income from investment operations:
|
||||||||||||||||||||||||
Net investment loss
(1)
|
(0.07 | ) | (0.38 | ) | (0.34 | ) | (0.19 | ) | (0.18 | ) | (0.25 | ) | ||||||||||||
Net realized and unrealized
|
||||||||||||||||||||||||
gain/(loss) on investments
|
3.79 | 6.61 | 4.31 | 4.28 | (2.92 | ) | (5.79 | ) | ||||||||||||||||
Total from investment operations
|
3.72 | 6.23 | 3.97 | 4.09 | (3.10 | ) | (6.04 | ) | ||||||||||||||||
Less distributions:
|
||||||||||||||||||||||||
From net realized gain on investments
|
(0.83 | ) | — | — | — | — | (1.01 | ) | ||||||||||||||||
Distributions in excess
|
— | — | — | — | — | (0.02 | ) | |||||||||||||||||
Total distributions
|
(0.83 | ) | — | — | — | — | (1.03 | ) | ||||||||||||||||
Paid-in capital from
|
||||||||||||||||||||||||
redemption fees
|
0.00 | (1)(2) | 0.01 | (1) | 0.00 | (1)(2) | 0.00 | (1)(2) | 0.00 | (1)(2) | — | |||||||||||||
Net asset value, end of period
|
$ | 40.59 | $ | 37.70 | $ | 31.46 | $ | 27.49 | $ | 23.40 | $ | 26.50 | ||||||||||||
Total return
|
10.07 | % (3) | 19.83 | % | 14.44 | % | 17.48 | % | -11.70 | % | -18.56 | % | ||||||||||||
Ratios/supplemental data:
|
||||||||||||||||||||||||
Net assets, end of period (thousands)
|
$ | 26,257 | $ | 28,252 | $ | 13,340 | $ | 13,149 | $ | 25,798 | $ | 28,904 | ||||||||||||
Ratio of expenses including interest
|
||||||||||||||||||||||||
expense to average net assets:
|
||||||||||||||||||||||||
Before fee waiver
|
1.76 | % (4) | 1.77 | % | 1.96 | % | 1.88 | % | 1.61 | % | 1.52 | % | ||||||||||||
After fee waiver
|
1.48 | % (4) | 1.48 | % | 1.48 | % | 1.48 | % | 1.48 | % | 1.48 | % | ||||||||||||
Ratio of interest expense
|
||||||||||||||||||||||||
to average net assets
|
— | 0.00 | % | 0.00 | % | 0.03 | % | — | — | |||||||||||||||
Ratio of net investment loss
|
||||||||||||||||||||||||
including interest expense
|
||||||||||||||||||||||||
to average net assets:
|
||||||||||||||||||||||||
Before fee waiver
|
(0.65 | %) (4) | (1.31 | %) | (1.52 | %) | (1.14 | %) | (1.02 | %) | (0.95 | %) | ||||||||||||
After fee waiver
|
(0.37 | %) (4) | (1.02 | %) | (1.04 | %) | (0.74 | %) | (0.89 | %) | (0.91 | %) | ||||||||||||
Portfolio turnover rate
|
54.37 | % (3) | 115.01 | % | 158.88 | % | 140.28 | % | 89.11 | % | 112.40 | % |
(1)
|
Based on average shares outstanding.
|
(2)
|
Amount is less than $0.01.
|
(3)
|
Not annualized.
|
(4)
|
Annualized.
|
Six Months Ended
|
February 2, 2012
(1)
|
|||||||
March 31, 2013
|
through
|
|||||||
(Unaudited)
|
September 30, 2012
|
|||||||
Net asset value, beginning of period
|
$ | 37.75 | $ | 36.15 | ||||
Income from investment operations:
|
||||||||
Net investment loss
(2)
|
(0.03 | ) | (0.18 | ) | ||||
Net realized and unrealized gain on investments
|
3.80 | 1.78 | ||||||
Total from investment operations
|
3.77 | 1.60 | ||||||
Less distributions:
|
||||||||
From net realized gain on investments
|
(0.83 | ) | — | |||||
Total distributions
|
(0.83 | ) | — | |||||
Net asset value, end of period
|
$ | 40.69 | $ | 37.75 | ||||
Total return
|
10.19 | % (3) | 4.43 | % (3) | ||||
Ratios/supplemental data:
|
||||||||
Net assets, end of period (thousands)
|
$ | 4,093 | $ | 4,255 | ||||
Ratio of expenses including interest expense
|
||||||||
to average net assets:
|
||||||||
Before fee waiver
|
1.51 | % (4) | 1.52 | % (4) | ||||
After fee waiver
|
1.23 | % (4) | 1.23 | % (4) | ||||
Ratio of interest expense to average net assets
|
— | 0.00 | % (4) | |||||
Ratio of net investment loss including interest expense
|
||||||||
to average net assets:
|
||||||||
Before fee waiver
|
(0.44 | %) (4) | (1.03 | %) (4) | ||||
After fee waiver
|
(0.16 | %) (4) | (0.74 | %) (4) | ||||
Portfolio turnover rate
|
54.37 | % (3) | 115.01 | % (5) |
(1)
|
Commencement of operations.
|
(2)
|
Based on average shares outstanding.
|
(3)
|
Not annualized.
|
(4)
|
Annualized.
|
(5)
|
Portfolio turnover rate calculated for the year ended September 30, 2012.
|
A.
|
Security Valuation:
All investments in securities are recorded at their estimated fair value, as described in note 3.
|
B.
|
Federal Income Taxes:
It is the Funds’ policy to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies
|
C.
|
Securities Transactions, Income and Distributions:
Securities transactions are accounted for on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost. Interest income is recorded on an accrual basis. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates.
|
D.
|
Reclassification of Capital Accounts:
Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.
|
E.
|
Use of Estimates:
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets during the reporting period. Actual results could differ from those estimates.
|
F.
|
Redemption Fees:
The Funds charge a 2% redemption fee to shareholders who redeem shares held for 60 days or less. Such fees are retained by the Funds and accounted for as an addition to paid-in capital.
|
G.
|
REITs:
The Funds can make certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits resulting in the excess portion of such dividends being designated as a return of capital. Each Fund intends to include the gross dividends from such REITs in its annual distributions to its shareholders and, accordingly, a portion of the Fund’s distributions may also be designated as a return of capital.
|
H.
|
Events Subsequent to the Fiscal Period End:
In preparing the financial statements as of March 31, 2013, management considered the impact of subsequent events for potential recognition or disclosure in the financial statements.
|
Level 1 –
|
Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
|
Level 2 –
|
Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
|
Level 3 –
|
Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a
|
|
market participant would use in valuing the asset or liability, and would be based on the best information available.
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Common Stocks
|
||||||||||||||||
Consumer Discretionary
|
$ | 14,714,906 | $ | — | $ | — | $ | 14,714,906 | ||||||||
Consumer Staples
|
14,356,694 | — | — | 14,356,694 | ||||||||||||
Energy
|
4,413,840 | — | — | 4,413,840 | ||||||||||||
Financials
|
3,339,207 | — | — | 3,339,207 | ||||||||||||
Health Care
|
20,414,997 | — | — | 20,414,997 | ||||||||||||
Industrials
|
17,533,722 | — | — | 17,533,722 | ||||||||||||
Materials
|
5,043,543 | — | — | 5,043,543 | ||||||||||||
Technology
|
28,899,919 | — | — | 28,899,919 | ||||||||||||
Total Common Stocks
|
108,716,828 | — | — | 108,716,828 | ||||||||||||
Short-Term Investments
|
1,783,007 | — | — | 1,783,007 | ||||||||||||
Total Investments in Securities
|
$ | 110,499,835 | $ | — | $ | — | $ | 110,499,835 |
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Common Stocks
|
||||||||||||||||
Consumer Discretionary
|
$ | 6,422,253 | $ | — | $ | — | $ | 6,422,253 | ||||||||
Consumer Staples
|
639,837 | — | — | 639,837 | ||||||||||||
Energy
|
1,787,145 | — | — | 1,787,145 | ||||||||||||
Financials
|
2,925,359 | — | — | 2,925,359 | ||||||||||||
Health Care
|
3,604,397 | — | — | 3,604,397 | ||||||||||||
Industrials
|
5,832,372 | — | — | 5,832,372 | ||||||||||||
Materials
|
1,642,620 | — | — | 1,642,620 | ||||||||||||
Technology
|
5,695,749 | — | — | 5,695,749 | ||||||||||||
Utilities
|
1,125,284 | — | — | 1,125,284 | ||||||||||||
Total Common Stocks
|
29,675,016 | — | — | 29,675,016 | ||||||||||||
Short-Term Investments
|
715,296 | — | — | 715,296 | ||||||||||||
Total Investments in Securities
|
$ | 30,390,312 | $ | — | $ | — | $ | 30,390,312 |
NOTE 4 –
|
INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
|
Year
|
Amount
|
|||
2013
|
$ | 58,361 | ||
2014
|
60,778 | |||
2015
|
78,124 | |||
2016
|
41,405 | |||
$ | 238,668 |
Growth Fund
|
Mid-Cap Fund
|
||||||||
Administration
|
$119,491 | $30,217 | |||||||
Fund Accounting
|
29,875 | 16,044 | |||||||
Transfer Agency
|
|||||||||
(excludes out-of-pocket expenses)
|
19,517 | 18,642 | |||||||
Custody
|
14,338 | 5,209 | |||||||
Chief Compliance Officer
|
3,475 | 2,993 |
Growth Fund
|
Mid-Cap Fund
|
||||||||
Administration
|
$34,250 | $7,201 | |||||||
Fund Accounting
|
10,470 | 5,162 | |||||||
Transfer Agency
|
|||||||||
(excludes out-of-pocket expenses)
|
8,816 | 5,784 | |||||||
Custody
|
4,074 | — | |||||||
Chief Compliance Officer
|
1,155 | 993 |
Purchases
|
Sales
|
|
Growth Fund
|
$77,517,105
|
$120,355,762
|
Mid-Cap Fund
|
15,986,487
|
20,637,210
|
Growth Fund
|
||||||||
Six Months Ended
|
Year Ended
|
|||||||
March 31, 2013
|
September 30, 2012
|
|||||||
Ordinary income
|
$ | 739,226 | $ | — | ||||
Long-term capital gains
|
39,953,875 | 2,933,307 | ||||||
Mid-Cap Fund
|
||||||||
Six Months Ended
|
Year Ended
|
|||||||
March 31, 2013
|
September 30, 2012
|
|||||||
Long-term capital gains
|
$ | 636,730 | $ | — |
Growth Fund
|
Mid-Cap Fund
|
|||||||
Cost of investments (a)
|
$ | 117,552,691 | $ | 28,434,079 | ||||
Gross unrealized appreciation
|
34,196,021 | 4,647,263 | ||||||
Gross unrealized depreciation
|
(1,075,375 | ) | (608,981 | ) | ||||
Net unrealized appreciation (a)
|
33,120,646 | 4,038,282 | ||||||
Undistributed ordinary income
|
327,740 | — | ||||||
Undistributed long-term capital gain
|
33,515,271 | 203,338 | ||||||
Total distributable earnings
|
33,843,011 | 203,338 | ||||||
Other accumulated gains/(losses)
|
— | (225,084 | ) | |||||
Total accumulated earnings/(losses)
|
$ | 66,963,657 | $ | 4,016,536 |
(a)
|
The difference between the book basis and tax basis net unrealized appreciation and cost is attributable primarily to wash sales in the Mid-Cap Fund. The book basis and tax basis net unrealized appreciation in the Growth Fund is the same.
|
1.
|
THE NATURE, EXTENT AND QUALITY OF THE SERVICES PROVIDED AND TO BE PROVIDED BY THE ADVISER UNDER THE ADVISORY AGREEMENTS. The Board considered the Adviser’s specific responsibilities in all aspects of day-to-day investment management of the Funds. The Board considered the qualifications, experience and responsibilities of the portfolio managers, as well as the responsibilities of other key personnel of the Adviser involved in the day-to-day activities of the Funds. The Board also considered the resources and compliance structure of the Adviser, including information regarding its compliance program, its chief compliance officer and the Adviser’s compliance record, and the Adviser’s business continuity plan. The Board also considered the prior relationship between the Adviser and the Trust, as well as the Board’s knowledge of the Adviser’s operations, and noted that during the course of the prior year they had met with the Adviser to discuss various marketing and compliance topics, including the Adviser’s diligence in risk oversight. The Board concluded that the Adviser had the quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Advisory Agreements and that the nature, overall quality, cost and extent of such management services are satisfactory and reliable.
|
2.
|
THE FUNDS’ HISTORICAL PERFORMANCE AND THE OVERALL PERFORMANCE OF THE ADVISER. In assessing the quality of the portfolio management delivered by the Adviser, the Board reviewed the short-term and long-term performance of the Funds as of August 31, 2012 on both an absolute basis, and in comparison to both benchmarks and their peer funds as classified by Lipper and Morningstar. While the Board considered performance over both short and long term periods, it placed less emphasis on very short term performance and greater emphasis on longer term performance. When reviewing performance against the comparative peer
|
3.
|
THE COSTS OF THE SERVICES TO BE PROVIDED BY THE ADVISER AND THE STRUCTURE OF THE ADVISER’S FEE UNDER THE ADVISORY AGREEMENTS. In considering the appropriateness of the advisory fee, the Board considered the level of the fee itself as well as the total fees and expenses of each Fund. The Board reviewed information as to fees and expenses of advisers and funds within the relevant Lipper peer funds, fees charged by the Adviser to other similarly managed accounts, as well as information regarding fee offsets for separate accounts invested in the Funds. When reviewing fees charged to other similarly managed accounts, the Board took into account the type of account and the differences in the management of that account that might be germane to the difference, if any, in the fees charged to such accounts.
|
4.
|
ECONOMIES OF SCALE. The Board also considered that the Growth Fund has experienced a number of years of significant net outflows which have reduced the size of the Fund and reduced its ability to achieve additional economies of scale. They considered that economies of scale would be expected to be realized by the Adviser as the assets of the Mid-Cap Growth Fund grow. The Board noted that the Adviser has contractually agreed
|
5.
|
THE PROFITS TO BE REALIZED BY THE ADVISER AND ITS AFFILIATES FROM THEIR RELATIONSHIP WITH THE FUNDS. The Board reviewed the Adviser’s financial information and took into account both the direct benefits and the indirect benefits to the Adviser from advising the Funds. The Board considered the profitability to the Adviser from its relationship with the Funds and considered any additional benefits derived by the Adviser from its relationship with the Funds, including benefits received in exchange for “soft dollars.” The Board also considered that the Funds do not charge a Rule 12b-1 fee. The Board also reviewed information regarding fee offsets for separate accounts invested in the Funds and determined that the Adviser was not receiving any additional fall-out benefits from receiving an advisory fee both at the separate account and at the Fund level for these accounts. After such review, the Board determined that given the information presented, the profitability to the Adviser with respect to the Advisory Agreements did not appear to be excessive, and that the Adviser had maintained adequate resources and profit levels to support the services it provides to the Funds.
|
(a)
|
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
|
(b)
|
Not Applicable.
|
(a)
|
The Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.
|
(b)
|
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.
|
(a)
|
(1)
Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.
Not Applicable.
|
(b)
|
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
Furnished herewith.
|
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