0000894189-14-005655.txt : 20141125 0000894189-14-005655.hdr.sgml : 20141125 20141125151649 ACCESSION NUMBER: 0000894189-14-005655 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20140930 FILED AS OF DATE: 20141125 DATE AS OF CHANGE: 20141125 EFFECTIVENESS DATE: 20141125 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVISORS SERIES TRUST CENTRAL INDEX KEY: 0001027596 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-07959 FILM NUMBER: 141249354 BUSINESS ADDRESS: STREET 1: U.S BANCORP FUND SERVICES, LLC STREET 2: 615 E MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-765-5340 MAIL ADDRESS: STREET 1: 615 E MICHIGAN STREET STREET 2: MK-WI-LC2 CITY: MILWAUKEE STATE: WI ZIP: 53202 0001027596 S000022607 Davidson Multi-Cap Equity Fund C000065364 Class A DFMAX C000065365 Class C DFMCX C000132969 Class I DFMIX 0001027596 S000030917 Davidson Small/Mid Equity Fund C000095905 Class A DFSAX C000095906 Class C DFSOX N-Q 1 ast-davidson_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS ast-davidson_nq.htm
As filed with the Securities and Exchange Commission on November 25, 2014



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


 
FORM N-Q
 
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 


 
Investment Company Act file number  811-07959
 

Advisors Series Trust
(Exact name of registrant as specified in charter)
 

615 East Michigan Street
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)


Douglas G. Hess, President
Advisors Series Trust
c/o U.S. Bancorp Fund Services, LLC
777 East Wisconsin Avenue, 5th Floor
Milwaukee, WI 53202

(Name and address of agent for service)


(414) 765-6609
Registrant's telephone number, including area code



Date of fiscal year end: June 30, 2015
 

Date of reporting period:  September 30, 2014

 
 
 
 
 
 
Item 1. Schedules of Investments.
 
Davidson Multi-Cap Equity Fund
  
Schedule of Investments
  
September 30, 2014 (Unaudited)
  
           
Shares
  
COMMON STOCKS - 97.08%
  
Value
  
   
Aerospace and Defense - 2.08%
      
17,310
  
United Technologies Corp.
   $ 1,827,936  
   
Air Freight and Logistics - 2.36%
        
12,900
  
FedEx Corp.
     2,082,705  
   
Automobiles - 1.62%
        
96,385
  
Ford Motor Co.
     1,425,534  
   
Banks - 7.58%
        
38,455
  
First Republic Bank
     1,898,908  
40,200
  
JPMorgan Chase & Co.
     2,421,648  
45,490
  
Wells Fargo & Co.
     2,359,566  
          6,680,122  
   
Beverages - 2.04%
        
19,320
  
PepsiCo, Inc.
     1,798,499  
   
Biotechnology - 4.05%
        
10,565
  
Amgen, Inc.
     1,483,960  
19,570
  
Gilead Sciences, Inc. (a)
     2,083,226  
          3,567,186  
   
Capital Markets - 5.03%
        
60,975
  
Morgan Stanley
     2,107,906  
31,615
  
State Street Corp.
     2,327,180  
          4,435,086  
   
Chemicals - 3.94%
        
26,650
  
E.I. du pont de Nemours & Co.
     1,912,404  
12,055
  
Praxair, Inc.
     1,555,095  
          3,467,499  
   
Communications Equipment - 4.94%
        
68,180
  
Cisco Systems, Inc.
     1,716,091  
23,745
  
QUALCOMM, Inc.
     1,775,414  
22,985
  
Ubiquiti Networks, Inc. (a)
     862,627  
          4,354,132  
   
Diversified Telecommunication Services - 2.29%
        
48,475
  
tw telecom, Inc. (a)
     2,017,045  
   
Electrical Equipment - 2.03%
        
28,240
  
Eaton Corp PLC (b)
     1,789,569  
   
Energy Equipment and Services - 1.78%
        
24,045
  
Baker Hughes, Inc.
     1,564,368  
   
Food Products - 1.82%
        
31,705
  
General Mills, Inc.
     1,599,517  
   
Health Care Equipment and Supplies - 1.88%
        
14,555
  
Becton, Dickinson & Co.
     1,656,505  
   
Health Care Providers and Services - 3.69%
        
26,532
  
Express Scripts Holding Co. (a)
     1,873,955  
13,515
  
Laboratory Corporation of America Holdings (a)
     1,375,151  
          3,249,106  
   
Hotels, Restaurants and Leisure - 1.31%
        
8,575
  
Buffalo Wild Wings, Inc. (a)
     1,151,365  
   
Household Durables - 1.62%
        
69,580
  
D.R. Horton, Inc.
     1,427,782  
   
Household Products - 3.24%
        
18,455
  
Church & Dwight Co., Inc.
     1,294,803  
12,680
  
Energizer Holdings, Inc.
     1,562,303  
          2,857,106  
   
Industrial Conglomerates - 4.69%
        
13,505
  
3M Co.
     1,913,388  
86,520
  
General Electric Co.
     2,216,642  
          4,130,030  
   
Insurance - 2.24%
        
37,690
  
Principal Financial Group, Inc.
     1,977,594  
   
Internet and Catalog Retail - 0.98%
        
30,210
  
Blue Nile, Inc. (a)
     862,495  
   
Internet Software and Services - 2.90%
        
2,190
  
Google, Inc. - Class A (a)
     1,288,618  
2,190
  
Google, Inc. - Class C (a)
     1,264,418  
          2,553,036  
   
Life Sciences Tools and Services - 1.71%
        
15,210
  
Waters Corp. (a)
     1,507,615  
   
Machinery - 1.89%
        
29,300
  
PACCAR, Inc.
     1,666,437  
   
Media - 5.39%
        
93,045
  
Interpublic Group of Cos., Inc.
     1,704,584  
9,155
  
Time Warner Cable, Inc.
     1,313,651  
50,530
  
Twenty-First Century Fox, Inc. - Class A
     1,732,674  
          4,750,909  
   
Multi-Utilities - 1.51%
        
12,655
  
Sempra Energy
     1,333,584  
   
Oil, Gas and Consumable Fuels - 7.42%
        
14,674
  
Chevron Corp.
     1,750,902  
25,600
  
Devon Energy Corp.
     1,745,408  
19,395
  
Exxon Mobil Corp.
     1,824,100  
32,430
  
Marathon Oil Corp.
     1,219,044  
          6,539,454  
   
Real Estate Investment Trusts (REITs) - 3.07%
        
68,595
  
Redwood Trust, Inc.
     1,137,305  
71,475
  
Starwood Property Trust, Inc.
     1,569,591  
          2,706,896  
   
Semiconductors and Semiconductor Equipment - 1.03%
        
129,785
  
Applied Micro Circuits Corp. (a)
     908,495  
   
Software - 6.38%
        
70,850
  
Fortinet, Inc. (a)
     1,790,025  
59,050
  
Informatica Corp. (a)
     2,021,872  
20,600
  
Intuit
     1,805,590  
          5,617,487  
   
Specialty Retail - 1.75%
        
35,100
  
Dicks Sporting Goods, Inc.
     1,540,188  
   
Technology Hardware, Storage and Peripherals - 2.82%
        
24,701
  
Apple, Inc.
     2,488,626  
             
   
TOTAL COMMON STOCKS (Cost $62,461,517)
     85,533,908  
             
   
SHORT-TERM INVESTMENTS - 3.52%
        
3,103,007
  
Fidelity Institutional Government Portfolio - Class I, 0.01% (c)
     3,103,007  
   
TOTAL SHORT-TERM INVESTMENTS (Cost $3,103,007)
     3,103,007  
             
   
Total Investments in Securities (Cost $65,564,524) - 100.60%
     88,636,915  
   
Liabilities in Excess of Other Assets - (0.60)%
     (533,184 )
   
NET ASSETS - 100.00%
   $ 88,103,731  
   
   
 (a) Non-income producing security.
        
   
 (b) U.S. traded security of a foreign issuer.
        
     (c) Rate shown is the 7-day annualized yield as of September 30, 2014.        
             
   
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

 
 
 
Davidson Small/Mid Equity Fund
  
Schedule of Investments
  
September 30, 2014 (Unaudited)
  
           
Shares
  
COMMON STOCKS - 90.75%
  
Value
  
   
Aerospace and Defense - 2.60%
      
1,295
  
DigitalGlobe, Inc. (a)
   $ 36,907  
   
Banks - 2.25%
        
285
  
SVB Finanical Group (a)
     31,946  
   
Capital Markets - 5.80%
        
840
  
LPL Financial Holdings, Inc.
     38,682  
845
  
Waddell & Reed Financial, Inc.
     43,678  
          82,360  
   
Chemicals - 4.45%
        
570
  
Airgas, Inc
     63,070  
   
Commercial Services and Supplies - 2.22%
        
1,405
  
Ritchie Bros. Auctioneers, Inc. (b)
     31,458  
   
Construction and Engineering - 2.36%
        
685
  
Jacobs Engineering Group, Inc. (a)
     33,442  
   
Consumer Finance - 7.61%
        
940
  
First Cash Financial Services, Inc. (a)
     52,621  
2,620
  
Green Dot Corp. (a)
     55,387  
          108,008  
   
Electronic Equipment Instruments and Components - 2.04%
        
925
  
FLIR Systems, Inc.
     28,990  
   
Energy Equipment and Services - 3.67%
        
1,585
  
Superior Energy Services, Inc.
     52,099  
   
Health Care Equipment and Supplies - 6.24%
        
2,260
  
Masimo Corp. (a)
     48,093  
750
  
STERIS Corp.
     40,470  
          88,563  
   
Health Care Technology - 1.39%
        
150
  
athenahealth, Inc. (a)
     19,753  
   
Hotels, Restaurants and Leisure - 5.65%
        
2,225
  
Multimedia Games Holding Co., Inc. (a)
     80,122  
   
Household Durables - 2.11%
        
985
  
iRobot Corp. (a)
     29,993  
   
Internet and Catalog Retail - 2.72%
        
1,350
  
Blue Nile, Inc. (a)
     38,542  
   
Internet Software and Services - 6.33%
        
4,470
  
Dice Holdings, Inc. (a)
     37,459  
650
  
SPS Commerce, Inc. (a)
     34,547  
260
  
Yelp, Inc. (a)
     17,745  
          89,751  
   
IT Services - 1.61%
        
92
  
Alliance Data Systems Corp. (a)
     22,841  
   
Machinery - 3.96%
        
1,180
  
Woodward, Inc.
     56,192  
   
Media - 2.79%
        
1,439
  
Imax Corp. (a)(b)
     39,515  
   
Oil, Gas and Consumable Fuels - 3.50%
        
640
  
Whiting Petroleum Corp. (a)
     49,632  
   
Pharmaceuticals - 2.22%
        
2,570
  
Horizon Pharma PLC (a)(b)
     31,560  
   
Real Estate Investment Trusts (REITs) - 4.49%
        
930
  
Camden Property Trust
     63,733  
   
Semiconductors and Semiconductor Equipment - 4.37%
        
320
  
NVE Corp. (a)
     20,653  
3,580
  
RF Micro Devices, Inc. (a)
     41,313  
          61,966  
   
Software - 5.85%
        
1,625
  
Fortinet, Inc. (a)
     41,056  
2,710
  
RealPage, Inc. (a)
     42,005  
          83,061  
   
Specialty Retail - 4.52%
        
3,065
  
Select Comfort Corp. (a)
     64,120  
             
   
TOTAL COMMON STOCKS (Cost $1,128,082)
     1,287,624  
             
   
Total Investments in Securities (Cost $1,128,082) - 90.75%
     1,287,624  
   
Other Assets in Excess of Liabilities - 9.25%
     131,315  
   
NET ASSETS - 100.00%
   $ 1,418,939  
             
   
 (a) Non-income producing security.
        
     (b) U.S. traded security of a foreign issuer.        
             
   
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
 

 
 
 
 
 
Note 1 – Securities Valuation
 
Each Fund determines the fair value of its investments and computes its net asset value per share as of the close of regular trading on the New York Stock Exchange (4:00 pm EST).

The Davidson Multi-Cap Equity Fund and the Davidson Small/Mid Equity Fund’s (each a “Fund” and collectively, the “Funds”) investments in securities are carried at their fair value. Equity securities that are primarily traded on a national securities exchange shall be valued at the last sales price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale price 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. Investments in open-end mutual funds are valued at their net asset value per share. 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.
 
Short-term securities having a maturity of 60 days or less are valued at their 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.
 
The Board of Trustees (“Board) has delegated day-to-day valuation issues to a Valuation Committee of the Advisors Series Trust which is comprised of 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 or the closing price does not represent fair value by following procedures approved by the Board.  These procedures consider many factors, including the type of security, size of holding, trading volume and news events.  All actions taken by the Valuation Committee are subsequently reviewed and ratified by the Board.
 
Depending on the relative significance of the valuation inputs, fair valued securities may be classified in either level 2 or level 3 of the fair value hierarchy.
 
The Funds have adopted authoritative fair value 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 majority 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.
 
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  The following is a summary of the inputs used to value the Funds’ securities as of September 30, 2014:
 
Davidson Multi-Cap Equity Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Consumer Discretionary
   $ 11,158,273     $ -     $ -     $ 11,158,273  
  Consumer Staples
     6,255,122       -       -       6,255,122  
  Energy
     8,103,822       -       -       8,103,822  
  Financials
     15,799,698       -       -       15,799,698  
  Health Care
     9,980,412       -       -       9,980,412  
  Industrials
     11,496,677       -       -       11,496,677  
  Information Technology
     15,921,776       -       -       15,921,776  
  Materials
     3,467,499       -       -       3,467,499  
  Telecommunication Services
     2,017,045       -       -       2,017,045  
  Utilities
     1,333,584       -       -       1,333,584  
Total Common Stocks
     85,533,908       -       -       85,533,908  
Short-Term Investments
     3,103,007       -       -       3,103,007  
Total Investments in Securities
   $ 88,636,915     $ -     $ -     $ 88,636,915  

Davidson Small/Mid Equity Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Consumer Discretionary
   $ 252,292     $ -     $ -     $ 252,292  
  Energy
     101,731       -       -       101,731  
  Financials
     286,047       -       -       286,047  
  Health Care
     139,876       -       -       139,876  
  Industrials
     157,999       -       -       157,999  
  Information Technology
     286,609       -       -       286,609  
  Materials
     63,070       -       -       63,070  
Total Common Stocks
     1,287,624       -       -       1,287,624  
Total Investments in Securities
   $ 1,287,624     $ -     $ -     $ 1,287,624  

Refer to the Funds’ Schedule of Investments for a detailed break-out of common stocks by industry classification. Transfers between levels are recognized at September 30, 2014, the end of the reporting period. The Funds recognized no transfers to/from Level 1 or Level 2. There were no Level 3 securities held in the Funds during the period ended September 30, 2014.
 

 
 
 
 
 
Note 2 – Federal Income Taxes

The cost basis of investments for federal income tax purposes at September 30, 2014 was as follows*:

Davidson Multi-Cap Equity Fund

Cost of investments
   $ 65,596,772  
         
Gross unrealized appreciation
   $ 24,657,367  
Gross unrealized depreciation
     (1,617,224 )
Net unrealized appreciation
   $ 23,040,143  

Davidson Small/Mid Equity Fund

Cost of investments
   $ 1,143,734  
         
Gross unrealized appreciation
   $ 242,736  
Gross unrealized depreciation
     (98,846 )
Net unrealized appreciation
   $ 143,890  
 
* Because tax adjustments are calculated annually, the above tables reflect the tax adjustments outstanding at the Funds’ previous fiscal year end.  For the previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements section in the Funds’ most recent annual report.
 
 
 
 
 
Item 2. Controls and Procedures.
 
(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.

Item 3. Exhibits.
 
Separate certifications for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)).  Filed herewith.
 
 
 
 
 
 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant)  Advisors Series Trust                                                                                                                                               

 
By (Signature and Title)*/s/ Douglas G. Hess                                                                                                                                       
             Douglas G. Hess, President

Date­­ 11/25/2014                                                                                                                                                                       

 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 
By (Signature and Title)* /s/ Douglas G. Hess                  
  Douglas G. Hess, President

Date 11/25/2014                                                                                                                                                                       

 
By (Signature and Title)* /s/ Cheryl L. King                                                                                                                     
   Cheryl L. King, Treasurer

Date 11/25/2014                                                                       

* Print the name and title of each signing officer under his or her signature.
 
 
 
EX-99.CERT 2 certs.htm OFFICER CERTIFICATIONS certs.htm
 

 
CERTIFICATION
 
I, Douglas G. Hess, certify that:

1.  
I have reviewed this report on Form N-Q 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 schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

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;  

(d)  
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter 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: 11/25/2014
/s/ Douglas G. Hess                  
 
 Douglas G. Hess, President
 
 
 
 
 
 
 
CERTIFICATION
 
I, Cheryl L. King, certify that:

1.  
I have reviewed this report on Form N-Q 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 schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

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;  

(d)  
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter 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: 11/25/2014
/s/ Cheryl L. King                  
 
 Cheryl L. King, Treasurer