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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 | - |
Summary of Fair Value Measurements at January 31, 2013 (Unaudited)
|
||||||
The Funds have adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out
a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to
develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded
disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below:
|
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
Funds' 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.
|
Following is a description of the valuation techniques applied to the Funds' major categories of assets and liabilities measured at fair value
on a recurring basis.
|
Equity Securities
- Equity securities, including common stocks, preferred stocks, foreign issued common stocks, exchange traded funds,
closed-end mutual funds and real estate investment trusts (REITs), that are primarily traded on a national securities exchange shall be valued
at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day,
at the mean between the bid and asked prices. Securities primarily traded in the NASDAQ Global Market System for which market quotations
are readily available shall 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 securities which are not traded in the NASDAQ Global Market System shall be valued at the most recent sales price. To the
extent, these securities are actively traded and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy.
|
Investment Companies
– Investments in open-end mutual funds, including money market funds, are generally priced at their net asset value
per share provided by the service agent of the Funds and will be classified in level 1 of the fair value hierarchy.
|
Exchange Traded Notes
– Investments in exchange traded notes are actively traded on a national securities exchange and are valued based
on the last sales price from the exchange and are categorized in level 1 of the fair value hierarchy.
|
Derivative Instruments
– Listed derivatives, including options, rights, warrants and futures that are actively traded are valued based on quoted
prices from the exchange and are categorized in level 1 of the fair value hierarchy.
|
Short-Term Debt Securities
- Short-term securities having a maturity of less than 60 days are valued at amortized cost, which approximates
market value. To the extent the inputs are observable and timely, these securities would be classified in level 2 of the fair value hierarchy.
|
Securities for which market quotations are not readily available or if the closing price does not represent fair value, are valued following
procedures approved by the Board of Trustees ("Board"). These procedures consider many factors, including the type of security, size of
holding, trading volume and news events. Depending on the relative significance of the valuation inputs, these securities may be classified in
either level 2 or level 3 of the fair value hierarchy.
|
The Board has delegated day-to-day valuation issues to a Valuation Committee which is comprised of one or more trustees and representatives
from U.S. Bancorp Fund Services, LLC, the Funds' administrator. The function of the Valuation Committee is to value securities where current
and reliable market quotations are not readily available. All actions taken by the Valuation Committee are reviewed and ratified by the
Board of Trustees.
|
ADR - |
American Depository Receipt
|
(a)
|
Non-income producing security.
|
(b)
|
The rate shown represents the fund's 7-day yield as of January 31, 2013.
|
(c)
|
U.S. traded security of a foreign issuer or corporation.
|
(d)
|
All or a portion of the security has been segregated for open short positions.
|
Summary of Fair Value Measurements at January 31, 2013 (Unaudited)
|
|||||||
The Funds have adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out
a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to
develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded
disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below:
|
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
Funds' 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.
|
Following is a description of the valuation techniques applied to the Funds' major categories of assets and liabilities measured at fair value
on a recurring basis.
|
Equity Securities
- Equity securities, including common stocks, preferred stocks, foreign issued common stocks, exchange traded funds,
closed-end mutual funds and real estate investment trusts (REITs), that are primarily traded on a national securities exchange shall be valued
at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day,
at the mean between the bid and asked prices. Securities primarily traded in the NASDAQ Global Market System for which market quotations
are readily available shall 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 securities which are not traded in the NASDAQ Global Market System shall be valued at the most recent sales price. To the
extent, these securities are actively traded and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy.
|
|||||||||||||
Investment Companies
– Investments in open-end mutual funds, including money market funds, are generally priced at their net asset value
per share provided by the service agent of the Funds and will be classified in level 1 of the fair value hierarchy.
|
|||||||||||||
Exchange Traded Notes
– Investments in exchange traded notes are actively traded on a national securities exchange and are valued based
on the last sales price from the exchange and are categorized in level 1 of the fair value hierarchy.
|
|||||||||||||
Derivative Instruments
– Listed derivatives, including options, rights, warrants and futures that are actively traded are valued based on quoted
prices from the exchange and are categorized in level 1 of the fair value hierarchy.
|
|||||||||||||
Short-Term Debt Securities
- Short-term securities having a maturity of less than 60 days are valued at amortized cost, which approximates
market value. To the extent the inputs are observable and timely, these securities would be classified in level 2 of the fair value hierarchy.
|
|||||||||||||
Securities for which market quotations are not readily available or if the closing price does not represent fair value, are valued following procedures approved by the Board of Trustees ("Board"). These procedures consider many factors, including the type of security, size of
holding, trading volume and news events. Depending on the relative significance of the valuation inputs, these securities may be classified in
either level 2 or level 3 of the fair value hierarchy.
|
|||||||||||||
The Board has delegated day-to-day valuation issues to a Valuation Committee which is comprised of one or more trustees and representatives
from U.S. Bancorp Fund Services, LLC, the Funds' administrator. The function of the Valuation Committee is to value securities where current
and reliable market quotations are not readily available. All actions taken by the Valuation Committee are reviewed and ratified by the
Board of Trustees.
|
Logan Capital Long/Short Fund
|
|||||
Schedule of Securities Sold Short
|
|||||
January 31, 2013 (Unaudited)
|
|||||
Shares
|
Value
|
||||
COMMON STOCKS - 38.4%
|
|||||
Commercial Services & Supplies - 1.7%
|
|||||
Mine Safety Appliances Co.
|
1,793 | $ | 82,873 | ||
Communications Equipment - 1.3%
|
|||||
Adtran, Inc.
|
3,186 | 64,357 | |||
Diversified Consumer Services - 3.1%
|
|||||
New Oriental Education & Technology Group, Inc. - ADR (b)
|
7,034 | 120,071 | |||
K12, Inc. (a)
|
1,659 | 30,625 | |||
150,696 | |||||
Electronic Equipment, Instruments & Components - 4.6%
|
|||||
Coherent, Inc.
|
1,679 | 93,033 | |||
Plexus Corp. (a)
|
5,124 | 130,765 | |||
223,798 | |||||
Food Products - 1.5%
|
|||||
Mead Johnson Nutrition Co.
|
945 | 71,820 | |||
Health Care Equipment & Supplies - 3.3%
|
|||||
Masimo Corp. (a)
|
1,826 | 37,068 | |||
Mindray Medical International Ltd. - ADR (b)
|
3,226 | 121,943 | |||
159,011 | |||||
Household Durables - 2.1%
|
|||||
Helen Of Troy Ltd. (a)(b)
|
2,891 | 104,654 | |||
IT Services - 5.0%
|
|||||
Verifone Systems, Inc. (a)
|
3,906 | 135,616 | |||
Teradata Corp. (a)
|
1,593 | 106,189 | |||
241,805 | |||||
Life Sciences Tools & Services - 2.6%
|
|||||
Waters Corp. (a)
|
1,370 | 125,451 | |||
Semiconductors & Semiconductor Equipment - 4.8%
|
|||||
Cabot Microelectronics Corp. (a)
|
3,951 | 146,029 | |||
First Solar, Inc. (a)
|
3,185 | 89,753 | |||
235,782 | |||||
Software - 1.3%
|
|||||
BroadSoft, Inc. (a)
|
1,919 | 65,188 | |||
Specialty Retail - 5.7%
|
|||||
Cabela's, Inc. (a)
|
1,917 | 98,956 | |||
Rue21, Inc. (a)
|
3,345 | 99,380 | |||
Sally Beauty Holdings, Inc. (a)
|
3,001 | 79,646 | |||
277,982 | |||||
Textiles, Apparel & Luxury Goods - 1.4%
|
|||||
Fossil, Inc. (a)
|
631 | 66,621 | |||
TOTAL SECURITIES SOLD SHORT
(Proceeds $1,762,428)
|
$ | 1,870,038 |
ADR - American Depository Receipt
|
|||||||||
(a)
|
Non-income producing security.
|
||||||||
(b)
|
U.S. traded security of a foreign issuer or corporation.
|
(a)
|
The Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial Officer 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 has materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
|
1 Year Value Line Funds (MM) Chart |
1 Month Value Line Funds (MM) Chart |
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