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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 | - |
To Our Shareholders
|
1
|
Expense Examples
|
7
|
Sector Allocation of Portfolio Assets
|
9
|
Schedule of Investments
|
11
|
Statements of Assets and Liabilities
|
18
|
Statements of Operations
|
19
|
Statements of Change in Net Assets
|
20
|
Financial Highlights
|
22
|
Notes to Financial Statements
|
24
|
Notice to Shareholders
|
35
|
Approval of Investment Advisory Agreement
|
37
|
Privacy Notice
|
39
|
PERFORMANCE AS OF 3/31/2013
|
|||
THE SCHARF BALANCED OPPORTUNITY FUND
|
Since Inception
|
||
12/31/2012
|
|||
Scharf Balanced Opportunity Fund
|
5.04%
|
||
Lipper Balanced Funds Index (with dividends reinvested)
|
5.40%
|
||
Barclays U.S. Aggregate Bond Index
|
-0.12%
|
||
S&P 500
®
Index (with dividends reinvested)
|
10.61%
|
||
THE SCHARF FUND
|
6 Months
|
One Year
|
Since Inception
|
12/30/2011
|
|||
Cumulative:
|
|||
Scharf Fund
|
6.96%
|
9.68%
|
22.43%
|
S&P 500
®
Index (with dividends reinvested)
|
10.19%
|
13.96%
|
28.31%
|
Annualized:
|
|||
Scharf Fund
|
9.68%
|
17.54%
|
|
S&P 500
®
Index (with dividends reinvested)
|
13.96%
|
22.03%
|
Year
|
Federal Reserve Prediction
|
Actual Growth
|
2008
|
2.4%
|
-0.3%
|
2009
|
Below trend growth
|
-3.1%
|
2010
|
3.3%
|
2.4%
|
2011
|
4.0%
|
1.8%
|
2012
|
3.5%
|
2.2%
|
2013
|
2.5%
|
?
|
Source: Federal Reserve Board |
Beginning
|
Ending
|
Expenses Paid
|
|
Account Value
|
Account Value
|
During Period*
|
|
10/1/12
|
3/31/13
|
10/1/12 - 3/31/13
|
|
Actual
|
$1,000.00
|
$1,069.60
|
$6.45
|
Hypothetical (5% return
|
|||
before expenses)
|
$1,000.00
|
$1,018.70
|
$6.29
|
*
|
Expenses are equal to the Fund’s annualized expense ratio of 1.25%, 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
|
Ending
|
Expenses Paid
|
|
Account Value
|
Account Value
|
During Period*
|
|
12/31/12
|
3/31/13
|
12/31/12 - 3/31/13
|
|
Actual
|
$1,000.00
|
$1,050.40
|
$3.03
|
Hypothetical (5% return
|
|||
before expenses)
|
$1,000.00
|
$1,009.37
|
$2.97
|
*
|
Expenses are equal to the Fund’s annualized expense ratio of 1.20%, multiplied by the average account value over the period, multiplied by 90 (days in most recent fiscal half-year)/365 days to reflect the one-half year expense.
|
Shares
|
COMMON STOCKS – 88.15%
|
Value
|
|||||
Aerospace and Defense – 2.71%
|
|||||||
13,753 |
Lockheed Martin Corp.
|
$ | 1,327,440 | ||||
Automotive Parts and Accessories – Retail – 4.08%
|
|||||||
24,180 |
Advance Auto Parts, Inc.
|
1,998,477 | |||||
Business Services – 2.31%
|
|||||||
5,300 |
International Business Machines Corp.
|
1,130,490 | |||||
Computer and Electronic
|
|||||||
Product Manufacturing – 14.28%
|
|||||||
6,270 |
Apple, Inc.
|
2,775,290 | |||||
88,615 |
NCR Corp. (a)
|
2,442,230 | |||||
2,650 |
Samsung Electronics Co., Ltd. (c)
|
1,780,800 | |||||
6,998,320 | |||||||
Conglomerates – 3.04%
|
|||||||
14,307 |
Berkshire Hathaway, Inc. – Class B (a)
|
1,490,789 | |||||
Direct Health and Medical
|
|||||||
Insurance Carriers – 2.65%
|
|||||||
25,000 |
Aflac, Inc.
|
1,300,500 | |||||
Drug Distribution – Wholesale – 3.68%
|
|||||||
16,681 |
McKesson Corp.
|
1,800,881 | |||||
Drug Stores – 4.21%
|
|||||||
37,499 |
CVS Caremark Corp.
|
2,062,070 | |||||
General Merchandise Stores – 4.29%
|
|||||||
41,545 |
Dollar General Corp. (a)
|
2,101,346 | |||||
Gold Ore Mining – 3.42%
|
|||||||
57,011 |
Barrick Gold Corp. (b)
|
1,676,123 | |||||
Life Science Tools – 1.13%
|
|||||||
8,583 |
Life Technologies Corp. (a)
|
554,719 | |||||
Oil and Gas Support Services – 6.92%
|
|||||||
14,800 |
Apache Corp.
|
1,141,968 | |||||
55,647 |
Halliburton Co.
|
2,248,695 | |||||
3,390,663 | |||||||
Petroleum Refining – 3.98%
|
|||||||
10,833 |
Chevron Corp.
|
1,287,177 |
Shares
|
Value
|
||||||
Petroleum Refining – 3.98% (Continued)
|
|||||||
13,826 |
Total SA – ADR
|
$ | 663,372 | ||||
1,950,549 | |||||||
Pharmaceutical Preparation
|
|||||||
and Manufacturing – 7.44%
|
|||||||
6,939 |
Johnson & Johnson
|
565,737 | |||||
26,915 |
Novartis AG – ADR
|
1,917,425 | |||||
22,791 |
Sanofi – ADR
|
1,164,164 | |||||
3,647,326 | |||||||
Property and Casualty Insurance – 3.46%
|
|||||||
43,677 |
American International Group, Inc. (a)
|
1,695,541 | |||||
Rail Transportation – 2.66%
|
|||||||
9,991 |
Canadian Pacific Railway Ltd. (b)
|
1,303,526 | |||||
Scientific Instrument Manufacturing – 2.87%
|
|||||||
18,382 |
Thermo Fisher Scientific, Inc.
|
1,406,039 | |||||
Software Publishers – 11.73%
|
|||||||
39,467 |
Check Point Software Technologies Ltd. (a)(b)
|
1,854,554 | |||||
71,853 |
Microsoft Corp.
|
2,055,714 | |||||
56,744 |
Oracle Corp.
|
1,835,101 | |||||
5,745,369 | |||||||
Wireless Telecomm Carriers – 3.29%
|
|||||||
56,682 |
Vodafone Group PLC – ADR
|
1,610,336 | |||||
TOTAL COMMON STOCKS
|
|||||||
(Cost $38,953,594)
|
43,190,504 | ||||||
EXCHANGE-TRADED FUNDS – 5.24%
|
|||||||
18,308 |
Market Vectors Gold Miners ETF
|
692,958 | |||||
Miscellaneous Investments (d)
|
1,874,573 | ||||||
TOTAL EXCHANGE-TRADED FUNDS
|
|||||||
(Cost $2,389,972)
|
2,567,531 |
Shares
|
SHORT-TERM INVESTMENTS – 6.35%
|
Value
|
|||||
3,113,834 |
First American Tax Free
|
||||||
Obligations – Class Z, 0.00% (e)(f)
|
$ | 3,113,834 | |||||
TOTAL SHORT-TERM INVESTMENTS
|
|||||||
(Cost $3,113,834)
|
3,113,834 | ||||||
Total Investments in Securities
|
|||||||
(Cost $44,457,400) – 99.74%
|
48,871,869 | ||||||
Other Assets in Excess of Liabilities – 0.26%
|
127,247 | ||||||
NET ASSETS – 100.00%
|
$ | 48,999,116 |
OPTIONS WRITTEN
|
|||||||
Options Written (d)
|
$ | 76,790 | |||||
TOTAL OPTIONS WRITTEN
|
|||||||
(Premiums received $102,825)
|
$ | 76,790 |
ADR
|
American Depository Receipt
|
ETF
|
Exchange-Traded Fund
|
(a)
|
Non-income producing security.
|
(b)
|
U.S. traded security of a foreign issuer.
|
(c)
|
Foreign issuer.
|
(d)
|
Represents previously undisclosed securities which the Fund has held for less than one year.
|
(e)
|
Rate shown is the 7-day annualized yield as of March 31, 2013.
|
(f)
|
A portion of this security is pledged as collateral for written options.
|
Shares
|
COMMON STOCKS – 63.47%
|
Value
|
|||||
Aerospace and Defense – 1.62%
|
|||||||
2,074 |
Lockheed Martin Corp.
|
$ | 200,183 | ||||
Automotive Parts and Accessories – Retail – 3.05%
|
|||||||
4,566 |
Advance Auto Parts, Inc.
|
377,380 | |||||
Business Services – 2.07%
|
|||||||
1,197 |
International Business Machines Corp.
|
255,320 | |||||
Computer and Electronic
|
|||||||
Product Manufacturing – 7.09%
|
|||||||
1,027 |
Apple, Inc.
|
454,581 | |||||
15,266 |
NCR Corp. (a)
|
420,731 | |||||
875,312 | |||||||
Conglomerates – 2.09%
|
|||||||
2,477 |
Berkshire Hathaway, Inc. – Class B (a)
|
258,103 | |||||
Direct Health and Medical
|
|||||||
Insurance Carriers – 1.67%
|
|||||||
3,968 |
Aflac, Inc.
|
206,415 | |||||
Drug Distribution – Wholesale – 3.03%
|
|||||||
3,464 |
McKesson Corp.
|
373,974 | |||||
Drug Stores – 3.03%
|
|||||||
6,813 |
CVS Caremark Corp.
|
374,647 | |||||
General Merchandise Stores – 3.05%
|
|||||||
7,460 |
Dollar General Corp. (a)
|
377,327 | |||||
Gold Ore Mining – 2.66%
|
|||||||
11,181 |
Barrick Gold Corp. (b)
|
328,721 | |||||
Oil and Gas Support Services – 5.98%
|
|||||||
4,021 |
Apache Corp.
|
310,260 | |||||
10,604 |
Halliburton Co.
|
428,508 | |||||
738,768 | |||||||
Petroleum Refining – 3.26%
|
|||||||
2,196 |
Chevron Corp.
|
260,929 | |||||
2,952 |
Total SA – ADR
|
141,637 | |||||
402,566 | |||||||
Pharmaceutical Preparation
|
|||||||
and Manufacturing – 5.22%
|
|||||||
963 |
Johnson & Johnson
|
78,513 | |||||
4,951 |
Novartis AG – ADR
|
352,709 |
Shares
|
Value
|
||||||
Pharmaceutical Preparation
|
|||||||
and Manufacturing – 5.22% (Continued)
|
|||||||
4,182 |
Sanofi – ADR
|
$ | 213,617 | ||||
644,839 | |||||||
Property and Casualty Insurance – 2.93%
|
|||||||
9,337 |
American International Group, Inc. (a)
|
362,462 | |||||
Rail Transportation – 2.51%
|
|||||||
2,372 |
Canadian Pacific Railway Ltd. (b)
|
309,475 | |||||
Restaurants – 0.89%
|
|||||||
1,106 |
McDonald’s Corp.
|
110,257 | |||||
Scientific Instrument Manufacturing – 2.28%
|
|||||||
3,685 |
Thermo Fisher Scientific, Inc.
|
281,866 | |||||
Software Publishers – 8.28%
|
|||||||
6,470 |
Check Point Software Technologies Ltd. (a)(b)
|
304,025 | |||||
15,869 |
Microsoft Corp.
|
454,012 | |||||
8,194 |
Oracle Corp.
|
264,994 | |||||
1,023,031 | |||||||
Wireless Telecomm Carriers – 2.76%
|
|||||||
12,003 |
Vodafone Group PLC – ADR
|
341,005 | |||||
TOTAL COMMON STOCKS
|
|||||||
(Cost $6,606,647)
|
7,841,651 | ||||||
PREFERRED STOCKS – 6.67%
|
|||||||
Closed-End Funds – 3.43%
|
|||||||
7,282 |
GDL Fund – Series B
|
365,921 | |||||
5,698 |
Nuveen Connecticut Premium Income
|
||||||
Municipal Fund – Series 2015
|
57,407 | ||||||
423,328 | |||||||
Investment Banking and Brokerage – 2.84%
|
|||||||
14,811 |
Goldman Sachs Group, Inc. – Series B
|
351,169 | |||||
Utilities – 0.40%
|
|||||||
2,000 |
SCE Trust II
|
49,980 | |||||
TOTAL PREFERRED STOCKS
|
|||||||
(Cost $744,265)
|
824,477 |
Shares
|
ROYALTY TRUSTS – 1.73%
|
Value
|
|||||
Oil and Gas Support Services – 1.73%
|
|||||||
14,600 |
SandRidge Permian Trust
|
$ | 214,036 | ||||
TOTAL ROYALTY TRUSTS
|
|||||||
(Cost $253,572)
|
214,036 | ||||||
EXCHANGE-TRADED FUNDS – 4.29%
|
|||||||
3,952 |
Market Vectors Gold Miners ETF
|
149,583 | |||||
Miscellaneous Investments (c)
|
380,545 | ||||||
TOTAL EXCHANGE-TRADED FUNDS
|
|||||||
(Cost $530,906)
|
530,128 | ||||||
Principal
|
|||||||
Amount
|
CORPORATE BONDS – 0.70%
|
||||||
Automotive Parts and Accessories –
Retail – 0.45%
|
|||||||
Advanced Auto Parts, Inc.
|
|||||||
$ | 50,000 |
5.75%, 5/1/2020
|
55,300 | ||||
Communication Equipment – 0.25%
|
|||||||
Nokia Corp. – ADR
|
|||||||
33,000 |
5.375%, 5/15/2019
|
31,598 | |||||
TOTAL CORPORATE BONDS
|
|||||||
(Cost $86,448)
|
86,898 | ||||||
MUNICIPAL BONDS – 5.61%
|
|||||||
California Health Facilities Financing Authority Insured
|
|||||||
Revenue, Revenue Bonds, Persons with Disabilities
|
|||||||
25,000 |
7.875%, 2/1/2026, Series 2011B
|
29,148 | |||||
California State, General Obligation, Highway Safety,
|
|||||||
Traffic Reduction, Air Quality and Port Security Bonds
|
|||||||
65,000 |
6.509%, 4/1/2039, Series 2009B
|
75,883 | |||||
California State, Various Purpose
|
|||||||
125,000 |
6.20%, 10/1/2019
|
153,322 | |||||
75,000 |
6.65%, 3/1/2022, Series 2010
|
94,641 | |||||
230,000 |
7.95%, 3/1/2036, Series 2010
|
288,004 | |||||
535,967 |
Shares
|
MUNICIPAL BONDS – 5.61%, Continued
|
Value
|
|||||
State of Michigan, General Obligation,
|
|||||||
School Loan and Refunding Bond
|
|||||||
40,000 |
6.95%, 11/1/2020, Series 2009A
|
$ | 52,638 | ||||
TOTAL MUNICIPAL BONDS
|
|||||||
(Cost $686,021)
|
693,636 | ||||||
SHORT-TERM INVESTMENTS – 17.58%
|
|||||||
2,171,762 |
First American Tax Free
|
||||||
Obligations Fund – Class Z, 0.00% (d)
|
2,171,762 | ||||||
TOTAL SHORT-TERM INVESTMENTS
|
|||||||
(Cost $2,171,762)
|
2,171,762 | ||||||
Total Investments in Securities
|
|||||||
(Cost $11,079,621) – 100.05%
|
12,362,588 | ||||||
Liabilities in Excess of Other Assets – (0.05)%
|
(5,907 | ) | |||||
NET ASSETS – 100.00%
|
$ | 12,356,681 |
ADR
|
American Depository Receipt
|
ETF
|
Exchange-Traded Fund
|
(a)
|
Non-income producing security.
|
(b)
|
U.S. traded security of a foreign issuer.
|
(c)
|
Represents previously undisclosed securities which the Fund has held for less than one year.
|
(d)
|
Rate shown is the 7-day annualized yield as of March 31, 2013.
|
Scharf Balanced
|
||||||||
Scharf Fund
|
Opportunity Fund
|
|||||||
ASSETS
|
||||||||
Investments in securities, at value (identified
|
||||||||
cost $44,457,400 and $11,079,621, respectively)
|
$ | 48,871,869 | $ | 12,362,588 | ||||
Receivables:
|
||||||||
Fund shares issued
|
563,493 | — | ||||||
Dividends and interest
|
85,130 | 28,597 | ||||||
Dividend tax reclaim
|
343 | 81 | ||||||
Investments sold
|
— | 35,432 | ||||||
Prepaid expenses
|
33,935 | 21,684 | ||||||
Total assets
|
49,554,770 | 12,448,382 | ||||||
LIABILITIES
|
||||||||
Options written, at value
|
||||||||
(proceeds $102,825 and $0, respectively)
|
76,790 | — | ||||||
Payables:
|
||||||||
Investments purchased
|
399,563 | 56,463 | ||||||
Advisory fees
|
31,407 | — | ||||||
Administration and fund accounting fees
|
17,072 | 13,381 | ||||||
Audit fees
|
8,981 | 4,875 | ||||||
Transfer agent fees and expenses
|
8,515 | 4,486 | ||||||
Legal fees
|
4,004 | 2,618 | ||||||
Shareholder reporting
|
3,391 | 2,159 | ||||||
Chief Compliance Officer fee
|
3,242 | 2,195 | ||||||
Shareholder servicing fees
|
1,995 | 934 | ||||||
Fund shares redeemed
|
400 | — | ||||||
Due to Adviser (Note 4)
|
— | 2,270 | ||||||
Custody fees
|
— | 1,355 | ||||||
Accrued other expenses
|
294 | 965 | ||||||
Total liabilities
|
555,654 | 91,701 | ||||||
NET ASSETS
|
$ | 48,999,116 | $ | 12,356,681 | ||||
CALCULATION OF NET ASSET VALUE PER SHARE
|
||||||||
Net assets applicable to shares outstanding
|
$ | 48,999,116 | $ | 12,356,681 | ||||
Shares issued and outstanding [unlimited number
|
||||||||
of shares (par value $0.01) authorized]
|
1,674,780 | 490,063 | ||||||
Net asset value, offering and redemption price per share
|
$ | 29.26 | $ | 25.21 | ||||
COMPOSITION OF NET ASSETS
|
||||||||
Paid-in capital
|
$ | 44,556,104 | $ | 10,972,270 | ||||
Undistributed net investment income
|
48,815 | 21,202 | ||||||
Accumulated net realized gain/(loss)
|
||||||||
from investments and options
|
(46,322 | ) | 80,238 | |||||
Net unrealized appreciation on:
|
||||||||
Investments and foreign currency
|
4,414,484 | 1,282,971 | ||||||
Written options
|
26,035 | — | ||||||
Net unrealized appreciation on investments,
|
||||||||
foreign currency and options
|
4,440,519 | 1,282,971 | ||||||
Net assets
|
$ | 48,999,116 | $ | 12,356,681 |
Scharf Balanced*
|
||||||||
Scharf Fund
|
Opportunity Fund
|
|||||||
INVESTMENT INCOME
|
||||||||
Income
|
||||||||
Dividends (net of foreign tax withheld and issuance fees
|
||||||||
of $16,496, $718, $2,693, and $0, respectively)
|
$ | 340,066 | $ | 45,650 | ||||
Interest
|
19 | 6,641 | ||||||
Total income
|
340,085 | 52,291 | ||||||
Expenses
|
||||||||
Advisory fees (Note 4)
|
210,358 | 25,648 | ||||||
Adminstration and fund accounting fees (Note 4)
|
25,650 | 13,381 | ||||||
Shareholder servicing fees (Note 5)
|
21,248 | 2,591 | ||||||
Registration fees
|
16,349 | 597 | ||||||
Transfer agent fees and expenses (Note 4)
|
12,003 | 4,486 | ||||||
Audit fees
|
8,981 | 4,876 | ||||||
Chief Compliance Officer fee (Note 4)
|
5,242 | 2,195 | ||||||
Legal fees
|
5,161 | 2,618 | ||||||
Custody fees (Note 4)
|
3,997 | 1,756 | ||||||
Trustee fees
|
2,889 | 985 | ||||||
Reports to shareholders
|
2,624 | 2,159 | ||||||
Insurance expense
|
1,678 | 802 | ||||||
Miscellaneous expenses
|
1,057 | 499 | ||||||
Total expenses
|
317,237 | 62,593 | ||||||
Less: advisory fee waiver and
|
||||||||
expense reimbursement (Note 4)
|
(51,634 | ) | (31,504 | ) | ||||
Net expenses
|
265,603 | 31,089 | ||||||
Net investment income
|
74,482 | 21,202 | ||||||
REALIZED AND UNREALIZED GAIN/(LOSS)
|
||||||||
ON INVESTMENTS AND OPTIONS
|
||||||||
Net realized gain/(loss) on:
|
||||||||
Investments
|
72,920 | 80,238 | ||||||
Purchased options
|
(109,552 | ) | — | |||||
Net change in unrealized appreciation on:
|
||||||||
Investments
|
2,812,782 | 1,282,971 | ||||||
Purchased options
|
40,533 | — | ||||||
Written options
|
26,035 | — | ||||||
Net realized and unrealized gain on investments and options
|
2,842,718 | 1,363,209 | ||||||
Net Increase in Net Assets Resulting from Operations
|
$ | 2,917,200 | $ | 1,384,411 |
Six Months Ended
|
December 30, 2011**
|
|||||||
March 31, 2013
|
to
|
|||||||
(Unaudited)
|
September 30, 2012
|
|||||||
INCREASE IN NET ASSETS FROM:
|
||||||||
OPERATIONS
|
||||||||
Net investment income
|
$ | 74,482 | $ | 97,338 | ||||
Net realized gain/(loss) from investments and options
|
(36,632 | ) | 56,698 | |||||
Net change in unrealized appreciation/(depreciation) on:
|
||||||||
Investments
|
2,812,782 | 1,601,702 | ||||||
Purchased options
|
40,533 | (40,533 | ) | |||||
Written options
|
26,035 | — | ||||||
Net increase in net assets resulting from operations
|
2,917,200 | 1,715,205 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS
|
||||||||
From net investment income
|
(123,005 | ) | — | |||||
From net realized gain on investments
|
(66,388 | ) | — | |||||
Total distributions to shareholders
|
(189,393 | ) | — | |||||
CAPITAL SHARE TRANSACTIONS
|
||||||||
Net increase in net assets derived from
|
||||||||
net change in outstanding shares (a)
|
8,392,957 | 36,163,147 | ||||||
Total increase in net assets
|
11,120,764 | 37,878,352 | ||||||
NET ASSETS
|
||||||||
Beginning of period
|
37,878,352 | — | ||||||
End of period
|
$ | 48,999,116 | $ | 37,878,352 | ||||
Undistributed net investment income
|
$ | 48,815 | $ | 97,338 |
Six Months Ended
|
December 30, 2011**
|
||||||||||||||||
March 31, 2013
|
to
|
||||||||||||||||
(Unaudited)
|
September 30, 2012
|
||||||||||||||||
Shares
|
Paid-in Capital
|
Shares
|
Paid-in Capital
|
||||||||||||||
Shares sold
|
721,251 | $ | 20,127,481 | 1,430,497 | $ | 37,536,466 | |||||||||||
Shares issued on
|
|||||||||||||||||
reinvestments of distributions
|
6,787 | 186,573 | |||||||||||||||
Shares redeemed*
|
(432,338 | ) | (11,921,097 | ) | (51,417 | ) | (1,373,319 | ) | |||||||||
Net increase
|
295,700 | $ | 8,392,957 | 1,379,080 | $ | 36,163,147 | |||||||||||
* Net of redemption fees of | $ | 5,337 | $ | 2,290 |
December 31, 2012*
|
|||||||||
to
|
|||||||||
March 31, 2013
|
|||||||||
(Unaudited)
|
|||||||||
Shares
|
Paid-in Capital
|
||||||||
Shares sold
|
498,127 | $ | 11,171,938 | ||||||
Shares redeemed
|
(8,064 | ) | (199,668 | ) | |||||
Net increase
|
490,063 | $ | 10,972,270 |
Six Months Ended
|
December 30, 2011*
|
|||||||
March 31, 2013
|
to
|
|||||||
(Unaudited)
|
September 30, 2012
|
|||||||
Net asset value, beginning of period
|
$ | 27.47 | $ | 24.00 | ||||
Income from investment operations:
|
||||||||
Net investment income
|
0.05
|
^ |
0.14
|
^ | ||||
Net realized and unrealized
|
||||||||
gain on investments and options
|
1.85 | 3.33 | ||||||
Total from investment operations
|
1.90 | 3.47 | ||||||
Less distributions:
|
||||||||
From net investment income
|
(0.07 | ) | — | |||||
From net realized gain on investments
|
(0.04 | ) | — | |||||
Total distributions
|
(0.11 | ) | — | |||||
Paid-in capital from redemption fees
|
0.00
|
^# |
0.00
|
^# | ||||
Net asset value, end of period
|
$ | 29.26 | $ | 27.47 | ||||
Total return
|
6.96 | %‡ | 14.46 | %‡ | ||||
Ratios/supplemental data:
|
||||||||
Net assets, end of period (thousands)
|
$ | 48,999 | $ | 37,878 | ||||
Ratio of expenses to average net assets:
|
||||||||
Before fee waivers
|
1.49 | %† | 1.88 | %† | ||||
After fee waivers
|
1.25 | %† | 1.25 | %† | ||||
Ratio of net investment income to average net assets:
|
||||||||
Before fee waivers
|
0.11 | %† | 0.07 | %† | ||||
After fee waivers
|
0.35 | %† | 0.70 | %† | ||||
Portfolio turnover rate
|
24.70 | %‡ | 21.75 | %‡ |
*
|
Commencement of operations.
|
^
|
Based on average shares outstanding.
|
†
|
Annualized.
|
‡
|
Not annualized.
|
#
|
Amount is less than $0.01.
|
December 31, 2012*
|
||||
to
|
||||
March 31, 2013
|
||||
(Unaudited)
|
||||
Net asset value, beginning of period
|
$ | 24.00 | ||
Income from investment operations:
|
||||
Net investment income
|
0.05
|
^ | ||
Net realized and unrealized gain on investments and options
|
1.16 | |||
Total from investment operations
|
1.21 | |||
Net asset value, end of period
|
$ | 25.21 | ||
Total return
|
5.04 | %‡ | ||
Ratios/supplemental data:
|
||||
Net assets, end of period (thousands)
|
$ | 12,357 | ||
Ratio of expenses to average net assets:
|
||||
Before fee waivers
|
2.42 | %† | ||
After fee waivers
|
1.20 | %† | ||
Ratio of net investment income/(loss) to average net assets:
|
||||
Before fee waivers
|
(0.40 | )%† | ||
After fee waivers
|
0.82 | %† | ||
Portfolio turnover rate
|
5.29 | %‡ |
*
|
Commencement of operations.
|
^
|
Based on average shares outstanding.
|
†
|
Annualized.
|
‡
|
Not annualized.
|
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 and to distribute substantially all of its taxable income to its shareholders. Therefore, no Federal income or excise tax provision is required.
|
The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Scharf Fund’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for the open tax year 2012, or expected to be taken in the Fund’s 2013 tax returns. Management has analyzed the Scharf Balanced Opportunity’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions expected to be taken in the Fund’s 2013 tax returns. The Funds identify their major tax jurisdictions as U.S. Federal and the state of Wisconsin; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.
|
|
C.
|
Securities Transactions, Income and Distributions:
Securities transactions are accounted for on the trade date. Realized gains and losses on securities sold are calculated on the basis of specified 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 each Fund's understanding of the applicable country’s tax rules and rates.
|
|
The Funds distribute substantially all net investment income, if any, and net realized capital gains, if any, annually. The amount of dividends and distributions to shareholders from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which differs from accounting principles generally accepted in the United States of America. To the extent these book/tax differences are permanent, such amounts are reclassified within the capital accounts based on their Federal tax treatment.
|
|
Each Fund is charged for those expenses that are directly attributable to the Fund, such as investment advisory, custody and transfer agent fees. Expenses that are not attributable to a Fund are typically allocated among the Funds in proportion to their respective net assets.
|
|
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 Scharf Fund charges a 2.00% redemption fee to shareholders who redeem shares held for 60 days or less. The Scharf Balanced Opportunity Fund charges a 2.00% redemption fee to shareholders who redeem shares held for 15 days or less. Such fees are retained by the Funds and accounted for as an addition to paid-in capital. During the period ended March 31, 2013, the Scharf Fund and the Scharf Balanced Opportunity Fund retained $5,337 and $0 in redemption fees, respectively.
|
G.
|
Derivatives:
The Funds have adopted the financial accounting reporting rules as required by the Derivatives and Hedging Topic of the FASB Accounting Standards Codification. The Funds are required to include enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity's results of operations and financial position.
|
The Funds may utilize options for hedging purposes as well as direct investment. Some options strategies, including buying puts, tend to hedge the Funds’ investments against price fluctuations. Other strategies, such as writing puts and calls and buying calls, tend to increase market exposure. Options contracts may be combined with each other in order to adjust the risk and return characteristics of each Fund’s overall strategy in a manner deemed appropriate to the Adviser and consistent with each Fund’s investment objective and policies. When a call or put option is written, an amount equal to the premium received is recorded as a liability. The liability is marked-to-market daily to reflect the current fair value of the written option. When a written option expires, a gain is realized in the amount of the premium originally received. If a closing purchase contract is entered into, a gain or loss is realized in the amount of the original premium less the cost of the closing transaction. If a written call option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are increased by the premium originally received. If a written option is exercised, the amount of the premium originally received reduces the cost of the security which is purchased upon the exercise of the option.
|
|
With options, there is minimal counterparty credit risk to the Funds since the options are covered or secured, which means that the Funds will own the underlying security or, to the extent they do not hold such a portfolio, will maintain a segregated account with the Funds’ custodian consisting of high quality liquid debt obligations equal to the market value of the option, marked to market daily.
|
|
Options purchased are recorded as investments and marked-to-market daily to reflect the current fair value of the option contract. If an option purchased expires, a loss is realized in the amount of the cost of the option contract. If a closing transaction is entered into, a gain or loss is realized to the extent that the proceeds from the sale are greater or less than the cost of the option. If a purchase put option is exercised, a gain or loss is realized from the sale of the underlying security by adjusting the proceeds from such sale by the amount of the premium originally paid. If a purchased call option is exercised, the cost of the security purchased upon exercise is increased by the premium originally paid.
|
|
The Scharf Balanced Opportunity Fund did not invest in derivative instruments during the period ended March 31, 2013.
|
|
As of March 31, 2013, the location of derivatives in the statements of assets and liabilities and the value of the derivative instruments categorized by risk exposure is as follows:
|
Derivative Type
|
Statements of Assets and Liabilities Location
|
Value
|
|
Equity Contract
|
Net Assets – net unrealized
|
||
appreciation on written options
|
$26,035
|
||
Equity Contract
|
Options Written, at fair value
|
76,790
|
The effect of derivative instruments on the statement of operations for the period ended March 31, 2013 is as follows:
|
Derivative Type
|
Location of Gain (Loss) on Derivatives Recognized in Income
|
Value
|
|
Equity Contract
|
Change in realized loss on purchased options
|
$(109,552)
|
|
Equity Contract
|
Change in unrealized appreciation
|
||
on purchased options
|
40,533
|
||
Equity Contract
|
Change in unrealized appreciation
|
26,035
|
The average monthly market values of purchased and written options during the period ended March 31, 2013 for the Scharf Fund was $24,596 and $40,723, respectively.
|
|
Transactions in written options contracts for the period ended March 31, 2013, are as follows:
|
Scharf Fund
|
|||||||||||
Contracts
|
Premiums Received | ||||||||||
Beginning Balance
|
— | $ | — | ||||||||
Options Written
|
93 | 102,825 | |||||||||
Outstanding at March 31, 2013
|
93 | $ | 102,825 |
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 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.
|
Assets:
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Common Stocks
|
||||||||||||||||
Consumer Discretionary
|
$ | 1,998,477 | $ | — | $ | — | $ | 1,998,477 | ||||||||
Consumer Staples
|
2,062,070 | — | — | 2,062,070 | ||||||||||||
Defense
|
1,327,440 | — | — | 1,327,440 | ||||||||||||
Energy
|
4,199,244 | — | — | 4,199,244 | ||||||||||||
Finance and Insurance
|
4,486,830 | — | — | 4,486,830 | ||||||||||||
Healthcare
|
7,408,965 | — | — | 7,408,965 | ||||||||||||
Industrial
|
1,303,526 | — | — | 1,303,526 | ||||||||||||
Information Technology
|
13,874,179 | — | — | 13,874,179 | ||||||||||||
Mining
|
2,818,091 | — | — | 2,818,091 | ||||||||||||
Retail Trade
|
2,101,346 | — | — | 2,101,346 | ||||||||||||
Telecommunications
|
1,610,336 | — | — | 1,610,336 | ||||||||||||
Total Common Stocks
|
43,190,504 | — | — | 43,190,504 | ||||||||||||
Exchange-Traded Funds
|
2,567,531 | — | — | 2,567,531 | ||||||||||||
Short-Term Investments
|
3,113,834 | — | — | 3,113,834 | ||||||||||||
Total Investments in Securities
|
$ | 48,871,869 | $ | — | $ | — | $ | 48,871,869 | ||||||||
Liabilities:
|
||||||||||||||||
Options Written
|
$ | 76,790 | $ | — | $ | — | $ | 76,790 | ||||||||
Total Liabilities
|
$ | 76,790 | $ | — | $ | — | $ | 76,790 |
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Common Stocks
|
||||||||||||||||
Consumer Discretionary
|
$ | 377,380 | $ | — | $ | — | $ | 377,380 | ||||||||
Consumer Staples
|
374,647 | — | — | 374,647 | ||||||||||||
Defense
|
200,182 | — | — | 200,182 | ||||||||||||
Energy
|
831,073 | — | — | 831,073 | ||||||||||||
Finance and Insurance
|
826,981 | — | — | 826,981 | ||||||||||||
Food Services
|
110,257 | — | — | 110,257 | ||||||||||||
Healthcare
|
1,300,679 | — | — | 1,300,679 | ||||||||||||
Industrial
|
309,475 | — | — | 309,475 | ||||||||||||
Information Technology
|
2,153,663 | — | — | 2,153,663 | ||||||||||||
Mining
|
638,982 | — | — | 638,982 | ||||||||||||
Retail Trade
|
377,327 | — | — | 377,327 | ||||||||||||
Telecommunications
|
341,005 | — | — | 341,005 | ||||||||||||
Total Common Stocks
|
7,841,651 | — | — | 7,841,651 | ||||||||||||
Preferred Stocks
|
||||||||||||||||
Closed-End Funds
|
423,328 | — | — | 423,328 | ||||||||||||
Finance and Insurance
|
351,169 | — | — | 351,169 | ||||||||||||
Utilities
|
49,980 | — | — | 49,980 | ||||||||||||
Total Preferred Stocks
|
824,477 | — | — | 824,477 | ||||||||||||
Royalty Trusts
|
||||||||||||||||
Mining
|
214,036 | — | — | 214,036 | ||||||||||||
Total Royalty Trusts
|
214,036 | — | — | 214,036 | ||||||||||||
Exchange-Traded Funds
|
530,128 | — | — | 530,128 | ||||||||||||
Fixed Income
|
||||||||||||||||
Corporate Bonds
|
— | 86,898 | — | 86,898 | ||||||||||||
Municipal Bonds
|
— | 693,636 | — | 693,636 | ||||||||||||
Total Fixed Income
|
— | 780,534 | — | 780,534 | ||||||||||||
Short-Term Investments
|
2,171,762 | — | — | 2,171,762 | ||||||||||||
Total Investments in Securities
|
$ | 11,582,054 | $ | 780,534 | $ | — | $ | 12,362,588 |
Scharf Balanced
|
||||||||||||||
Scharf Fund
|
Opportunity Fund
|
|||||||||||||
Year
|
Amount
|
Year
|
Amount
|
|||||||||||
2015
|
$ | 88,081 | 2016 | $ | 31,504 | |||||||||
2016
|
51,634 | $ | 31,504 | |||||||||||
$ | 139,715 |
Scharf Fund
|
||||
Cost of investments
|
$ | 36,316,338 | ||
Gross tax unrealized appreciation
|
1,989,610 | |||
Gross tax unrealized depreciation
|
(438,109 | ) | ||
Net tax unrealized appreciation
|
1,551,501 | |||
Undistributed ordinary Income
|
163,712 | |||
Undistributed long-term capital gains
|
— | |||
Total distributable earnings
|
163,712 | |||
Other accumulated gains/(losses)
|
(8 | ) | ||
Total accumulated earnings/(losses)
|
$ | 1,715,205 |
Scharf Fund
|
||
Six Months Ended
|
Year Ended
|
|
March 31, 2013
|
September 30, 2013
|
|
Net investment income
|
$189,393
|
$ —
|
Scharf Balanced Opportunity Fund
|
||||
Cost of investments
|
$ | 11,079,621 | ||
Gross tax unrealized appreciation
|
1,539,857 | |||
Gross tax unrealized depreciation
|
(256,890 | ) | ||
Net tax unrealized appreciation
|
$ | 1,282,967 |
(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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