Average Annual Total Return:
|
Since Inception
|
||
1 Year
|
8/11/2008
|
7/1/2009
|
|
Class A (with sales load)
|
-3.44%
|
1.88%
|
-
|
Class A (without sales load)
|
1.64%
|
3.23%
|
-
|
Class C (with deferred sales load)
|
-0.05%
|
-
|
13.94%
|
Class C (without deferred sales load)
|
0.90%
|
-
|
13.94%
|
Russell 3000® Index
|
3.84%
|
3.51%
|
16.52%
|
Total Annual Fund Operating Expenses : 1.67% (Class A); 2.42% (Class C)
|
Class A
|
|||
Beginning
Account Value
1/1/12
|
Ending
Account Value
6/30/12
|
Expenses Paid
During Period*
1/1/12 - 6/30/12
|
|
|
|||
Actual
|
$1,000.00
|
$1,082.30
|
$5.95
|
Hypothetical (5% returnbefore expenses)
|
$1,000.00
|
$1,019.14
|
$5.77
|
Class C
|
|||
Beginning
Account Value
1/1/12
|
Ending
Account Value
6/30/12
|
Expenses Paid
During Period*
1/1/12 - 6/30/12
|
|
|
|||
Actual
|
$1,000.00
|
$1,078.50
|
$9.82
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,015.42
|
$9.52
|
Shares
|
COMMON STOCKS - 98.80%
|
Value
|
||
Activities Related to Credit Intermediation - 2.04%
|
||||
45,190 |
Starwood Property Trust, Inc.
|
$ | 962,999 | |
Aerospace Product and Parts Manufacturing - 1.77%
|
||||
11,090 |
United Technologies Corp.
|
837,628 | ||
Agencies, Brokerages, and Other Insurance Related Activities - 2.01%
|
||||
36,170 |
Principal Financial Group, Inc.
|
948,739 | ||
Basic Chemical Manufacturing - 1.64%
|
||||
7,150 |
Praxair, Inc.
|
777,420 | ||
Beverage Manufacturing - 2.33%
|
||||
15,625 |
PepsiCo, Inc.
|
1,104,063 | ||
Communications Equipment Manufacturing - 3.58%
|
||||
55,030 |
Cisco Systems, Inc.
|
944,866 | ||
13,430 |
QUALCOMM, Inc.
|
747,782 | ||
1,692,648 | ||||
Computer and Peripheral Equipment Manufacturing - 5.67%
|
||||
2,994 |
Apple, Inc. (a)
|
1,748,495 | ||
4,755 |
International Business Machines Corp.
|
929,983 | ||
2,678,478 | ||||
Computer Systems Design and Related Services - 1.53%
|
||||
8,735 |
Cerner Corp. (a)
|
722,035 | ||
Couriers and Express Delivery Services - 2.02%
|
||||
10,410 |
FedEx Corp.
|
953,660 | ||
Data Processing, Hosting, and Related Services - 2.35%
|
||||
15,395 |
Fiserv, Inc. (a)
|
1,111,827 | ||
Depository Credit Intermediation - 7.06%
|
||||
27,395 |
JPMorgan Chase & Co.
|
978,823 | ||
25,295 |
State Street Corp.
|
1,129,169 | ||
36,715 |
Wells Fargo & Co.
|
1,227,750 | ||
3,335,742 | ||||
Electric Lighting Equipment Manufacturing - 2.17%
|
||||
15,050 |
Cooper Industries PLC (b)
|
1,026,109 | ||
The accompanying notes are an integral part of these financial statements
|
Shares
|
COMMON STOCKS - 98.80%, continued
|
Value
|
||
Electric Power Generation, Transmission and Distribution - 1.51%
|
||||
22,170
|
Black Hills Corp.
|
$ |
713,209
|
|
Engine, Turbine, and Power Transmission Equipment Manufacturing - 1.96%
|
||||
44,355
|
General Electric Co.
|
924,358
|
||
Full-Service Restaurants - 1.69%
|
||||
9,230
|
Buffalo Wild Wings, Inc. (a)
|
799,687
|
||
Grain and Oilseed Milling - 1.95%
|
||||
31,260
|
Archer-Daniels-Midland Co.
|
922,795
|
||
Health and Personal Care Stores - 2.03%
|
||||
17,187
|
Express Scripts Holding Co. (a)
|
959,551
|
||
Jewelry, Luggage, and Leather Goods Stores - 1.53%
|
||||
24,385
|
Blue Nile, Inc. (a)
|
724,478
|
||
Management of Companies and Enterprises - 1.52%
|
||||
49,215
|
Morgan Stanley
|
718,047
|
||
Medical and Diagnostic Laboratories - 1.78%
|
||||
9,075
|
Laboratory Corporation of America Holdings (a)
|
840,436
|
||
Medical Equipment and Supplies Manufacturing - 3.92%
|
||||
10,900
|
3M Co.
|
976,640
|
||
11,750
|
Becton, Dickinson & Co.
|
878,313
|
||
1,854,953
|
||||
Motor Vehicle Manufacturing - 3.37%
|
||||
69,675
|
Ford Motor Co.
|
668,183
|
||
23,650
|
PACCAR, Inc.
|
926,844
|
||
1,595,027
|
||||
Natural Gas Distribution - 2.24%
|
||||
15,405
|
Sempra Energy
|
1,061,096
|
||
Newspaper, Periodical, Book, and Directory Publishers - 2.00%
|
||||
21,045
|
McGraw-Hill Companies, Inc.
|
947,025
|
||
Oil and Gas Extraction - 5.07%
|
||||
20,335
|
Baker Hughes, Inc.
|
835,769
|
||
15,345
|
Devon Energy Corp.
|
889,856
|
||
The accompanying notes are an integral part of these financial statements.
|
Shares
|
COMMON STOCKS - 98.80%, continued
|
Value
|
||
Oil and Gas Extraction - 5.07%, continued
|
||||
26,175 |
Marathon Oil Corp.
|
$ | 669,295 | |
2,394,920 | ||||
Other Electrical Equipment and Component Manufacturing - 2.11%
|
||||
13,245 |
Energizer Holdings, Inc. (a)
|
996,686 | ||
Other Information Services - 2.17%
|
||||
1,766 |
Google, Inc. - Class A (a)
|
1,024,404 | ||
Other Investment Pools and Funds - 2.22%
|
||||
83,985 |
Redwood Trust, Inc.
|
1,048,133 | ||
Other Telecommunications - 1.37%
|
||||
63,300 |
NII Holdings, Inc. (a)
|
647,559 | ||
Petroleum and Coal Products Manufacturing - 4.26%
|
||||
9,190 |
Chevron Corp.
|
969,545 | ||
12,215 |
Exxon Mobil Corp.
|
1,045,237 | ||
2,014,782 | ||||
Pharmaceutical and Medicine Manufacturing - 4.61%
|
||||
12,290 |
Amgen, Inc.
|
897,661 | ||
25,010 |
Gilead Sciences, Inc. (a)
|
1,282,512 | ||
2,180,173 | ||||
Residential Building Construction - 2.16%
|
||||
55,650 |
D.R. Horton, Inc.
|
1,022,847 | ||
Resin, Synthetic Rubber, and Artificial Synthetic Fibers and Filaments Manufacturing - 2.00%
|
||||
18,675 |
E.I. du pont de Nemours & Co.
|
944,395 | ||
Semiconductor and Other Electronic Component Manufacturing - 1.71%
|
||||
141,725 |
Applied Micro Circuits Corp. (a)
|
810,667 | ||
Soap, Cleaning Compound, and Toilet Preparation Manufacturing - 1.74%
|
||||
14,860 |
Church & Dwight Co., Inc.
|
824,284 | ||
Software Publishers - 4.26%
|
||||
16,630 |
Intuit
|
986,991 | ||
The accompanying notes are an integral part of these financial statements.
|
Shares
|
COMMON STOCKS - 98.80%, continued
|
Value
|
||||
Software Publishers - 4.26%, continued
|
||||||
20,060 | MICRO Systems, Inc. (a) | $ | 1,027,071 | |||
2,014,062 | ||||||
Support Activities for Mining - 1.51%
|
||||||
15,228 |
Ensco PLC (b)
|
715,259 | ||||
Wired Telecommunications Carriers - 3.94%
|
||||||
12,085 |
Time Warner Cable, Inc.
|
992,178 | ||||
19,620 |
Verizon Communications, Inc.
|
871,913 | ||||
1,864,091 | ||||||
TOTAL COMMON STOCKS (Cost $41,394,311)
|
46,714,272 | |||||
SHORT-TERM INVESTMENTS - 1.48%
|
||||||
701,898 |
Fidelity Institutional Government Portfolio - Class I, 0.01% (c)
|
701,898 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $701,898)
|
701,898 | |||||
Total Investments in Securities (Cost $42,096,209) - 100.28%
|
47,416,170 | |||||
Liabilities in Excess of Other Assets - (0.28)%
|
(132,318 | ) | ||||
NET ASSETS - 100.00%
|
$ | 47,283,852 | ||||
(a)
|
Non-income producing security.
|
|||||
(b)
|
U.S. traded security of a foreign issuer.
|
|||||
(c)
|
Rate shown is the 7-day yield as of June 30, 2012.
|
ASSETS
|
|||
Investments in securities, at value (identified cost $42,096,209)
|
$ | 47,416,170 | |
Receivables
|
|||
Fund shares sold
|
9,529 | ||
Dividends and interest
|
48,867 | ||
Prepaid expenses
|
14,829 | ||
Total assets
|
47,489,395 | ||
LIABILITIES
|
|||
Payables
|
|||
Fund shares redeemed
|
89,720 | ||
12b-1 fees
|
48,973 | ||
Audit fees
|
19,000 | ||
Advisory fees
|
12,579 | ||
Transfer agent fees and expenses
|
10,501 | ||
Administration fees
|
10,312 | ||
Fund accounting fees
|
6,725 | ||
Shareholder reporting
|
3,241 | ||
Legal fees
|
1,702 | ||
Chief Compliance Officer fee
|
1,500 | ||
Trustee Fees
|
1,052 | ||
Custody fees
|
238 | ||
Total liabilities
|
205,543 | ||
NET ASSETS
|
$ | 47,283,852 | |
CALCULATION OF NET ASSET VALUE PER SHARE
|
|||
Class A
|
|||
Net assets applicable to shares outstanding
|
$ | 36,483,419 | |
Shares issued and outstanding [unlimited number of shares (par value $0.01) authorized] | 2,312,090 | ||
Net asset value and redemption price per share
|
$ | 15.78 | |
Maximum offering price per share (Net asset value per share divided by 95.00%) | $ | 16.61 | |
Class C
|
|||
Net assets applicable to shares outstanding
|
$ | 10,800,433 | |
Shares issued and outstanding [unlimited number of shares (par value $0.01) authorized] | 696,010 | ||
Net asset value and offering price per share (Note 1)
|
$ | 15.52 | |
The accompanying notes are an integral part of these financial statements
|
COMPONENTS OF NET ASSETS
|
||
Paid-in capital
|
$ | 41,260,737 |
Undistributed net investment income
|
48,266 | |
Accumulated net realized gain on investments
|
654,888 | |
Net unrealized appreciation on investments
|
5,319,961 | |
Net assets
|
$ | 47,283,852 |
INVESTMENT INCOME
|
|||
Dividends
|
$ | 695,990 | |
Interest
|
76 | ||
Total investment income
|
696,066 | ||
Expenses
|
|||
Advisory fees (Note 4)
|
259,497 | ||
Distribution fees - Class A (Note 5)
|
74,753 | ||
Distribution fees - Class C (Note 5)
|
100,214 | ||
Transfer agent fees and expenses (Note 4)
|
62,986 | ||
Adminstration fees (Note 4)
|
53,723 | ||
Fund accounting fees (Note 4)
|
40,197 | ||
Audit fees
|
19,001 | ||
Registration fees
|
17,152 | ||
Reports to shareholders
|
9,666 | ||
Legal fees
|
9,620 | ||
Chief Compliance Officer fee (Note 4)
|
9,000 | ||
Custody fees (Note 4)
|
7,243 | ||
Trustee fees
|
6,363 | ||
Insurance expense
|
4,078 | ||
Other expenses
|
6,744 | ||
Total expenses
|
680,237 | ||
Less: advisory fee waiver (Note 4)
|
(145,966 | ) | |
Net expenses
|
534,271 | ||
Net investment income
|
161,795 | ||
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS
|
|||
Net realized gain on investments
|
1,216,534 | ||
Net change in unrealized depreciation on investments
|
(906,354 | ) | |
Net realized and unrealized gain on investments
|
310,180 | ||
Net Increase in Net Assets Resulting from Operations
|
$ | 471,975 | |
The accompanying notes are an integral part of these financial statements.
|
Year Ended
June 30, 2012
|
Year Ended
June 30, 2011
|
||||||
INCREASE (DECREASE) IN NET ASSETS FROM:
|
|||||||
OPERATIONS
|
|||||||
Net investment income
|
$ | 161,795 | $ | 63,900 | |||
Net realized gain on investments
|
1,216,534 | 1,517,406 | |||||
Net change in unrealized appreciation/(depreciation) on investments
|
(906,354 | ) | 6,506,839 | ||||
Net increase in net assets resulting from operations
|
471,975 | 8,088,145 | |||||
DISTRIBUTIONS TO SHAREHOLDERS
|
|||||||
From net investment income
|
|||||||
Class A
|
(143,826 | ) | (27,691 | ) | |||
Class C
|
(6,144 | ) | - | ||||
From net realized gain on investments
|
|||||||
Class A
|
(1,486,237 | ) | (4,142 | ) | |||
Class C
|
(530,021 | ) | (1,456 | ) | |||
Total distributions to shareholders
|
(2,166,228 | ) | (33,289 | ) | |||
CAPITAL SHARE TRANSACTIONS
|
|||||||
Net increase in net assets derived from net change in outstanding shares (a)
|
10,132,660 | 7,679,068 | |||||
Total increase in net assets
|
8,438,407 | 15,733,924 | |||||
NET ASSETS
|
|||||||
Beginning of year
|
38,845,445 | 23,111,521 | |||||
End of year
|
$ | 47,283,852 | $ | 38,845,445 | |||
Undistributed net investment income at end of year
|
$ | 48,266 | $ | 36,441 | |||
(a) A summary of share transactions is as follows:
|
Class A | |||||||||||
Year Ended
June 30, 2012
|
Year Ended
June 30, 2011
|
||||||||||
Shares
|
Paid-in Capital
|
Shares
|
Paid-in Capital
|
||||||||
Shares sold
|
748,316
|
$ | 11,822,088 |
383,649
|
$ | 5,955,639 | |||||
Shares issued on reinvestments of distributions
|
113,794
|
1,594,258 |
2,005
|
31,362 | |||||||
Shares redeemed
|
(276,193
|
) | (4,249,868 | ) |
(91,951
|
) | (1,410,380 | ) | |||
Net increase
|
585,917
|
$ | 9,166,478 |
293,703
|
$ | 4,576,621 | |||||
The accompanying notes are an integral part of these financial statements
|
Class C | |||||||||||
Year Ended
June 30, 2012
|
Year Ended
June 30, 2011
|
||||||||||
Shares
|
Paid-in Capital
|
Shares
|
Paid-in Capital
|
||||||||
Shares sold
|
117,398 | $ | 1,806,408 | 238,361 | $ | 3,510,263 | |||||
Shares issued on reinvestments of distributions
|
37,560 | 519,458 | 92 | 1,427 | |||||||
Shares redeemed
|
(88,287 | ) | (1,359,684 | ) | (26,748 | ) | (409,243 | ) | |||
Net increase
|
66,671 | $ | 966,182 | 211,705 | $ | 3,102,447 |
Year Ended
June 30, 2012
|
Year Ended
June 30, 2011
|
Year Ended
June 30, 2010
|
August 11, 2008*
through
June 30, 2009
|
||||||||||||
Net asset value, beginning of period
|
$ | 16.55 | $ | 12.51 | $ | 11.09 | $ | 15.00 | |||||||
Income from investment operations:
|
|||||||||||||||
Net investment income
|
0.09 | 0.06 | 0.03 |
^
|
0.10 |
^
|
|||||||||
Net realized and unrealized gain/(loss) on investments
|
0.06 | 4.00 | 1.43 | (3.96 | ) | ||||||||||
Total from investment operations
|
0.15 | 4.06 | 1.46 | (3.86 | ) | ||||||||||
Less distributions:
|
|||||||||||||||
From net investment income
|
(0.08 | ) | (0.02 | ) | (0.04 | ) | (0.05 | ) | |||||||
From net realized gain on investments
|
(0.84 | ) | (0.00 | )# | - | - | |||||||||
Total distributions
|
(0.92 | ) | (0.02 | ) | (0.04 | ) | (0.05 | ) | |||||||
Redemption fees retained
|
- | - | - | 0.00 |
^#
|
||||||||||
Net asset value, end of period
|
$ | 15.78 | $ | 16.55 | $ | 12.51 | $ | 11.09 | |||||||
Total return
|
1.64 | % | 32.47 |
%
|
13.13 |
%
|
-25.72 | %‡ | |||||||
Ratios/supplemental data:
|
|||||||||||||||
Net assets, end of period (thousands)
|
$ | 36,483 | $ | 28,568 | $ | 17,922 | $ | 9,466 | |||||||
Ratio of expenses to average net assets:
|
|||||||||||||||
Before expense reimbursement
|
1.51 | % | 1.67 |
%
|
2.17 |
%
|
3.51 | %† | |||||||
After expense reimbursement
|
1.15 | % | 1.15 |
%
|
1.15 |
%
|
1.15 | %† | |||||||
Ratio of net investment income/(loss) to average net assets:
|
|||||||||||||||
Before expense reimbursement
|
0.24 | % | (0.13 | )% | (0.82 | )% | (1.33 | )%† | |||||||
After expense reimbursement
|
0.60 | % | 0.39 |
%
|
0.20 |
%
|
1.03 | %† | |||||||
Portfolio turnover rate
|
13.95 | % | 19.34 |
%
|
16.78 |
%
|
22.58 | %‡ |
* Commencement of operations.
|
^ Per share numbers have been calculated using the average shares method.
|
# Amount is less than $0.01.
|
‡ Not annualized.
|
† Annualized.
|
The accompanying notes are an integral part of these financial statements
|
Year Ended
June 30, 2012
|
Year Ended
June 30, 2011
|
July 1, 2009*
through
June 30, 2010
|
|||||||||
Net asset value, beginning of period
|
$ | 16.33 | $ | 12.42 | $ | 11.17 | |||||
Income from investment operations:
|
|||||||||||
Net investment loss
|
(0.02 | ) | (0.05 | ) | (0.07 |
)^
|
|||||
Net realized and unrealized gain on investments
|
0.06 | 3.96 | 1.35 | ||||||||
Total from investment operations
|
0.04 | 3.91 | 1.28 | ||||||||
Less distributions:
|
|||||||||||
From net investment income
|
(0.01 | ) | - | (0.03 | ) | ||||||
From net realized gain on investments
|
(0.84 | ) | (0.00 | )# | - | ||||||
Total distributions
|
(0.85 | ) | (0.00 | )# | (0.03 | ) | |||||
Net asset value, end of period
|
15.52 | $ | 16.33 | $ | 12.42 | ||||||
Total return
|
0.90 | % | 31.50 |
%
|
11.45 | % ‡ | |||||
Ratios/supplemental data:
|
|||||||||||
Net assets, end of period (thousands)
|
10,800 | $ | 10,277 | $ | 5,189 | ||||||
Ratio of expenses to average net assets:
|
|||||||||||
Before expense reimbursement
|
2.27 | % | 2.42 |
%
|
2.86 | % † | |||||
After expense reimbursement
|
1.90 | % | 1.90 |
%
|
1.90 | % † | |||||
Ratio of net investment income/(loss) to average net assets: | |||||||||||
Before expense reimbursement
|
(0.53 | ) % | (0.88 | )% | (1.50 | )% † | |||||
After expense reimbursement
|
0.16 | % | (0.36 | )% | (0.54 | )% † | |||||
Portfolio turnover rate
|
13.95 | % | 19.34 |
%
|
16.78 | % ‡ |
* Commencement of operations.
|
^ Per share numbers have been calculated using the average shares method.
|
# Amount is less than $0.01.
|
‡ Not annualized.
|
† Annualized.
|
The accompanying notes are an integral part of these financial statements.
|
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 Fund’s 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 Fund recognizes 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 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 years 2009-2011, or expected to be taken in the Fund’s 2012 tax return. The Fund identifies its major tax jurisdictions as U.S. Federal and the state of Wisconsin; however the Fund is 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 determined on a first-in, first-out basis. 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 Fund’s understanding of the applicable country’s tax rules and rates.
|
|
Investment income, expenses (other than those specific to the class of shares), and realized and unrealized gains and losses on investments are allocated to the separate classes of the Fund based upon their relative net assets on the date income is earned or expensed and realized and unrealized gains and losses are incurred.
|
|
The Fund distributes 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.
|
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 Fund charges a 1.00% redemption fee to shareholders who redeem shares held for 7 days or less. Such fees are retained by the Fund and accounted for as an addition to paid-in capital. During the year ended June 30, 2012, the Fund retained no redemption fees.
|
G.
|
Events Subsequent to the Fiscal Year End: In preparing the financial statements as of June 30, 2012, 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 Fund has 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.
|
Common Stocks | Level 1 | Level 2 | Level 3 | Total | |||||||
Accommodation and Food Services
|
$ | 799,687 | $ | - | $ | - | $ | 799,687 | |||
Construction
|
1,022,847 | - | - | 1,022,847 | |||||||
Finance and Insurance
|
6,295,613 | - | - | 6,295,613 | |||||||
Health Care and SocialAssistance
|
840,436 | - | - | 840,436 | |||||||
Information
|
7,608,968 | - | - | 7,608,968 | |||||||
Management of Companies and Enterprises
|
718,047 | - | - | 718,047 | |||||||
Manufacturing
|
21,122,574 | - | - | 21,122,574 | |||||||
Mining
|
2,274,410 | - | - | 2,274,410 | |||||||
Professional, Scientific and Technical Services
|
1,619,697 | - | - | 1,619,697 | |||||||
Retail Trade
|
724,478 | - | - | 724,478 | |||||||
Summary of inputs continued to page 21
|
Transportation and Warehousing
|
953,660 | - | - | 953,660 | |||||||
Utilities
|
1,774,305 | - | - | 1,774,305 | |||||||
Wholesale Trade
|
959,550 | - | - | 959,550 | |||||||
Total Common Stocks
|
46,714,272 | - | - | 46,714,272 | |||||||
Short-Term Investments
|
701,898 | - | - | 701,898 | |||||||
Total Investments in Securities
|
$ | 47,416,170 | $ | - | $ | - | $ | 47,416,170 |
Year
|
Amount
|
2013
|
182,199
|
2014
|
168,267
|
2015
|
145,966
|
$496,432
|
Transfer Agency (a)
|
$54,938
|
Fund Administration
|
53,723
|
Fund Accounting
|
40,197
|
Chief Compliance Officer
|
9,000
|
Custody
|
7,243
|
(a) Does not include out-of-pocket expenses
|
Fund Administration
|
$10,312
|
Transfer Agency (a)
|
9,118
|
Fund Accounting
|
6,725
|
Chief Compliance Officer
|
1,500
|
Custody
|
238
|
June 30, 2012
|
June 30, 2011
|
||||||
Ordinary income
|
$ | 1,048,476 | $ | 27,691 | |||
Long-term capital gains
|
$ | 1,117,752 | $ | 5,598 |
Cost of investments (a)
|
$ | 42,117,337 | |
Gross tax unrealized appreciation
|
8,496,632 | ||
Gross tax unrealized depreciation
|
(3,197,799 | ) | |
Net tax unrealized appreciation
|
5,298,833 | ||
Undistributed ordinary income
|
278,073 | ||
Undistributed long-term capital gain
|
446,209 | ||
Total distributable earnings
|
724,282 | ||
Other accumulated gains/(losses)
|
- | ||
Total accumulated earnings
|
$ | 6,023,115 |
Name, Address
and Age
|
Position Held
with the Trust
|
Term of Office and
Length of Time Served
|
Principal Occupation
During Past Five Years
|
Number of Portfolios
in Fund Complex
Overseen by Trustee(2)
|
Other Directorships Held
During Past Five Years
|
Sallie P. Diederich (age 62)
615 E. Michigan Street
Milwaukee, WI 53202
|
Trustee
|
Indefinite term since January 2011.
|
Independent Mutual Fund Consultant, (1995 to present); Corporate Controller, Transamerica Fund Management Company (1994 to 1995); Senior Vice President, Putnam Investments (1992 to 1993); Vice President and Controller, American Capital Mutual Funds (1986 to 1992).
|
2
|
Trustee, Advisors Series Trust
(for series not affiliated with the Funds).
|
Donald E. O’Connor (age 76)
615 E. Michigan Street
Milwaukee, WI 53202
|
Trustee
|
Indefinite term since February 1997.
|
Retired; former Financial Consultant and former Executive Vice President and Chief Operating Officer of ICI Mutual Insurance Company (until January 1997).
|
2
|
Trustee, Advisors Series Trust
(for series not affiliated with the Funds); Trustee, The Forward Funds (37 portfolios).
|
George J. Rebhan (age 77)
615 E. Michigan Street
Milwaukee, WI 53202
|
Trustee
|
Indefinite term since May 2002.
|
Retired; formerly President, Hotchkis and Wiley Funds (mutual funds) (1985 to 1993).
|
2
|
Trustee, Advisors Series Trust
(for series not affiliated with the Funds); Independent Trustee from 1999 to 2009, E*TRADE Funds.
|
George T. Wofford (age 72)
615 E. Michigan Street
Milwaukee, WI 53202
|
Trustee
|
Indefinite term since February 1997.
|
Retired; formerly Senior Vice President, Federal Home Loan Bank of San Francisco.
|
2
|
Trustee, Advisors Series Trust
(for series not affiliated with the Funds).
|
Name, Address
and Age
|
Position Held with
the Trust
|
Term of Office and
Length of Time Served
|
Principal Occupation
During Past Five Years
|
Number of Portfolios
in Fund Complex
Overseen by Trustee(2)
|
Other Directorships Held
During Past Five Years
|
Joe D. Redwine(3) (age 64)
615 E. Michigan Street
Milwaukee, WI 53202
|
Interested Trustee
|
Indefinite term since September 2008.
|
President, CEO, U.S. Bancorp Fund Services, LLC (May 1991 to present).
|
2
|
Trustee, Advisors Series Trust (for series not affiliated with the Funds).
|
Name, Address
and Age
|
Position Held with
the Trust
|
Term of Office and
Length of Time Served
|
Principal Occupation
During Past Five Years
|
Joe D. Redwine (age 64)
615 E. Michigan Street
Milwaukee, WI 53202
|
Chairman and Chief Executive Officer
|
Indefinite term since September 2007.
|
President, CEO, U.S. Bancorp Fund Services, LLC (May 1991 to present).
|
Douglas G. Hess (age 44)
615 E. Michigan Street
Milwaukee, WI 53202
|
President and Principal Executive Officer
|
Indefinite term since June 2003.
|
Senior Vice President, Compliance and Administration, U.S. Bancorp Fund Services, LLC (March 1997 to present).
|
Cheryl L. King (age 50)
615 E. Michigan Street
Milwaukee, WI 53202
|
Treasurer and Principal Financial Officer
|
Indefinite term since December 2007.
|
Vice President, Compliance and Administration, U.S. Bancorp Fund Services, LLC (October 1998 to present).
|
Michael L. Ceccato (age 54)
615 E. Michigan Street
Milwaukee, WI 53202
|
Vice President, Chief Compliance Officer and AML Officer
|
Indefinite term since September 2009.
|
Vice President, U.S. Bancorp Fund Services, LLC (February 2008 to present); General Counsel/Controller, Steinhafels, Inc. (September 1995 to February 2008).
|
Jeanine M. Bajczyk, Esq. (age 47)
615 E. Michigan Street
Milwaukee, WI 53202
|
Secretary
|
Indefinite term since June 2007.
|
Senior Vice President and Counsel, U.S. Bancorp Fund Services, LLC (May 2006 to present); Senior Counsel, Wells Fargo Funds Management, LLC (May 2005 to May 2006); Senior Counsel, Strong Financial Corporation (January 2002 to April 2005).
|
(1)
|
The Trustees of the Trust who are not “interested persons” of the Trust as defined under the 1940 Act (“Independent Trustees”).
|
(2)
|
The Trust is comprised of numerous portfolios managed by unaffiliated investment advisers. The term “Fund Complex” applies only to the Fund. The Fund does not hold itself out as related to any other series within the Trust for investment purposes, nor does it share the same investment adviser with any other series.
|
(3)
|
Mr. Redwine is an “interested person” of the Trust as defined by the 1940 Act. Mr. Redwine is an interested Trustee of the Trust by virtue of the fact that he is an interested person of Quasar Distributors, LLC who acts as principal underwriter to the series of the Trust.
|
● | Information we receive about you on applications or other forms; |
● | Information you give us orally; and/or |
● | Information about your transactions with us or others. |
Advisor
Davidson Investment Advisors, Inc.
Davidson Building
8 Third Street North
Great Falls, MT 59401
www.davidsonmutualfunds.com
Distributor
Quasar Distributors, LLC
615 East Michigan Street
Milwaukee, WI 53202
Custodian
U.S. Bank N.A.
1555 N. River Center Drive, Suite 302
Milwaukee, WI 53212
Transfer Agent
U.S. Bancorp Fund Services, LLC
615 East Michigan Street, 2nd Floor
Milwaukee, WI 53202
877-332-0529
Independent Registered Public Accounting Firm
Tait, Weller & Baker, LLP
1818 Market Street, Suite 2400
Philadelphia, PA 19103
Legal Counsel
Paul Hastings LLP
75 East 55th Street
New York, NY 10022-3205
This report is intended for the shareholders of the Fund and may not be used as sales literature unless preceded or accompanied by a current prospectus. To obtain a free prospectus please call 877-332-0529.
|
Davidson Multi-Cap Equity Fund
![]() Annual Report
For the year ended
June 30, 2012
|
ASSETS
|
||
Subscription Receivable
|
$ | 672,802 |
Total assets
|
672,802 | |
NET ASSETS
|
$ | 672,802 |
CALCULATION OF NET ASSET VALUE PER SHARE
|
||
Class A
|
||
Net assets applicable to shares outstanding
|
$ | 595,287 |
Shares issued and outstanding [unlimited number of shares (par value $0.01) authorized]
|
39,686 | |
Net asset value and redemption price per share
|
$ | 15.00 |
Maximum offering price per share (Net asset value per share divided by 95.00%)
|
$ | 15.79 |
Class C
|
||
Net assets applicable to shares outstanding
|
$ | 77,515 |
Shares issued and outstanding [unlimited number of shares (par value $0.01) authorized]
|
5,168 | |
Net asset value and offering price per share
|
$ | 15.00 |
COMPONENTS OF NET ASSETS
|
||
Paid-in capital
|
$ | 672,802 |
Net assets
|
$ | 672,802 |
The accompanying notes are an integral part of these financial statements.
|
Period Ended
June 30, 2012* |
||
CAPITAL SHARE TRANSACTIONS
|
||
Net increase in net assets derived from net change in outstanding shares (a)
|
$ | 672,802 |
Total increase in net assets
|
672,802 | |
NET ASSETS
|
||
Beginning of period
|
- | |
End of period
|
$ | 672,802 |
Undistributed net investment income at end of period
|
$ | - |
(a) A summary of share transactions is as follows:
|
Class A
|
||||
Period Ended
June 30, 2012* |
||||
Shares
|
Paid-in Capital
|
|||
Shares sold
|
39,686 | $ | 595,287 | |
Net increase
|
39,686 | $ | 595,287 | |
Class C
|
||||
Period Ended
June 30, 2012* |
||||
Shares sold
|
5,168 | $ | 77,515 | |
Net increase | 5,168 | $ | 77,515 | |
* The Fund commenced operations on June 29, 2012. The information presented is for the period from June 29, 2012 to June 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 Fund’s 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.
|
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 a last-in, first-out basis. 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 Fund’s 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 Fund charges a 1.00% redemption fee to shareholders who redeem shares held for 7 days or less. Such fees are retained by the Fund and accounted for as an addition to paid-in capital.
|
G.
|
Events Subsequent to the Fiscal Period End: In preparing the financial statements as of June 30, 2012, management considered the impact of subsequent events for potential recognition or disclosure in the financial statements.
|
NOTE 3 – SECURITIES VALUATION
|
Level 1 –
|
Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has 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.
|
Name, Address
and Age
|
Position Held
with the Trust
|
Term of Office and
Length of Time Served
|
Principal Occupation
During Past Five Years
|
Number of Portfolios
in Fund Complex
Overseen by Trustee(2)
|
Other Directorships Held
During Past Five Years
|
Sallie P. Diederich (age 62)
615 E. Michigan Street
Milwaukee, WI 53202
|
Trustee
|
Indefinite term since January 2011.
|
Independent Mutual Fund Consultant, (1995 to present); Corporate Controller, Transamerica Fund Management Company (1994 to 1995); Senior Vice President, Putnam Investments (1992 to 1993); Vice President and Controller, American Capital Mutual Funds (1986 to 1992).
|
4
|
Trustee, Advisors Series Trust
(for series not affiliated with the Funds).
|
Donald E. O’Connor (age 76)
615 E. Michigan Street
Milwaukee, WI 53202
|
Trustee
|
Indefinite term since February 1997.
|
Retired; former Financial Consultant and former Executive Vice President and Chief Operating Officer of ICI Mutual Insurance Company (until January 1997).
|
4
|
Trustee, Advisors Series Trust
(for series not affiliated with the Funds); Trustee, The Forward Funds (37 portfolios).
|
George J. Rebhan (age 77)
615 E. Michigan Street
Milwaukee, WI 53202
|
Trustee
|
Indefinite term since May 2002.
|
Retired; formerly President, Hotchkis and Wiley Funds (mutual funds) (1985 to 1993).
|
4
|
Trustee, Advisors Series Trust
(for series not affiliated with the Funds); Independent Trustee from 1999 to 2009, E*TRADE Funds.
|
George T. Wofford (age 72)
615 E. Michigan Street
Milwaukee, WI 53202
|
Trustee
|
Indefinite term since February 1997.
|
Retired; formerly Senior Vice President, Federal Home Loan Bank of San Francisco.
|
4
|
Trustee, Advisors Series Trust
(for series not affiliated with the Funds).
|
Name, Address
and Age
|
Position Held with
the Trust
|
Term of Office and
Length of Time Served
|
Principal Occupation
During Past Five Years
|
Number of Portfolios
in Fund Complex
Overseen by Trustee(2)
|
Other Directorships Held
During Past Five Years
|
Joe D. Redwine(3) (age 64)
615 E. Michigan Street
Milwaukee, WI 53202
|
Interested Trustee
|
Indefinite term since September 2008.
|
President, CEO, U.S. Bancorp Fund Services, LLC (May 1991 to present).
|
4
|
Trustee, Advisors Series Trust (for series not affiliated with the Funds).
|
Name, Address
and Age
|
Position Held with
the Trust
|
Term of Office and
Length of Time Served
|
Principal Occupation
During Past Five Years
|
Joe D. Redwine (age 64)
615 E. Michigan Street
Milwaukee, WI 53202
|
Chairman and Chief Executive Officer
|
Indefinite term since September 2007.
|
President, CEO, U.S. Bancorp Fund Services, LLC (May 1991 to present).
|
Douglas G. Hess (age 44)
615 E. Michigan Street
Milwaukee, WI 53202
|
President and Principal Executive Officer
|
Indefinite term since June 2003.
|
Senior Vice President, Compliance and Administration, U.S. Bancorp Fund Services, LLC (March 1997 to present).
|
Cheryl L. King (age 50)
615 E. Michigan Street
Milwaukee, WI 53202
|
Treasurer and Principal Financial Officer
|
Indefinite term since December 2007.
|
Vice President, Compliance and Administration, U.S. Bancorp Fund Services, LLC (October 1998 to present).
|
Michael L. Ceccato (age 54)
615 E. Michigan Street
Milwaukee, WI 53202
|
Vice President, Chief Compliance Officer and
AML Officer
|
Indefinite term since September 2009.
|
Vice President, U.S. Bancorp Fund Services, LLC (February 2008 to present); General Counsel/Controller, Steinhafels, Inc. (September 1995 to February 2008).
|
Jeanine M. Bajczyk, Esq. (age 47)
615 E. Michigan Street
Milwaukee, WI 53202
|
Secretary
|
Indefinite term since June 2007.
|
Senior Vice President and Counsel, U.S. Bancorp Fund Services, LLC (May 2006 to present); Senior Counsel, Wells Fargo Funds Management, LLC (May 2005 to May 2006); Senior Counsel, Strong Financial Corporation (January 2002 to April 2005).
|
(1)
|
The Trustees of the Trust who are not “interested persons” of the Trust as defined under the 1940 Act (“Independent Trustees”).
|
(2)
|
The Trust is comprised of numerous portfolios managed by unaffiliated investment advisers. The term “Fund Complex” applies only to the Fund. The Fund does not hold itself out as related to any other series within the Trust for investment purposes, nor does it share the same investment adviser with any other series.
|
(3)
|
Mr. Redwine is an “interested person” of the Trust as defined by the 1940 Act. Mr. Redwine is an interested Trustee of the Trust by virtue of the fact that he is an interested person of Quasar Distributors, LLC who acts as principal underwriter to the series of the Trust.
|
●
|
Information we receive about you on applications or other forms;
|
●
|
Information you give us orally; and/or
|
●
|
Information about your transactions with us or others.
|
FYE 6/30/2012
|
FYE 6/30/2011
|
|
Audit Fees
|
$17,500
|
$15,900
|
Audit-Related Fees
|
N/A
|
N/A
|
Tax Fees
|
$3,000
|
$2,900
|
All Other Fees
|
N/A
|
N/A
|
FYE 6/30/2012
|
FYE 6/30/2011
|
|
Audit-Related Fees
|
0%
|
0%
|
Tax Fees
|
0%
|
0%
|
All Other Fees
|
0%
|
0%
|
Non-Audit Related Fees
|
FYE 6/30/2012
|
FYE 6/30/2011
|
Registrant
|
N/A
|
N/A
|
Registrant’s Investment Adviser
|
N/A
|
N/A
|
(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 fourth 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 subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Filed herewith.
|
(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
|
|
(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies. |
(b)
|
Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.
|
1.
|
I have reviewed this report on Form N-CSR of Advisors Series Trust;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the fourth 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; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: 9/5/2012
|
/s/ Douglas G. Hess
Douglas G. Hess
President
|
1.
|
I have reviewed this report on Form N-CSR of Advisors Series Trust;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the fourth 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; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: 9/5/2012
|
/s/ Cheryl L. King
Cheryl L. King
Treasurer
|
/s/ Douglas G. Hess
Douglas G. Hess
President, Advisors Series Trust
|
/s/ Cheryl L. King
Cheryl L. King
Treasurer, Advisors Series Trust
|
Dated: 9/5/2012
|
Dated: 9/5/2012
|
1.
|
HONEST AND ETHICAL CONDUCT
|
2.
|
FINANCIAL RECORDS AND REPORTING
|
3.
|
COMPLIANCE WITH LAWS, RULES AND REGULATIONS
|
4.
|
COMPLIANCE WITH THIS CODE OF ETHICS
|
5.
|
AMENDMENT AND WAIVER
|
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