1. business and industrial

SECURITIES AND EXCHANGE COMMISSION
FORM N-Q
Quarterly schedule of portfolio holdings of registered management investment company filed
on Form N-Q
Filing Date: 2014-10-27 | Period of Report: 2014-08-31
SEC Accession No. 0001193125-14-382672
(HTML Version on secdatabase.com)
FILER
VALUED ADVISERS TRUST
CIK:1437249| IRS No.: 262762915
Type: N-Q | Act: 40 | File No.: 811-22208 | Film No.: 141173844
Mailing Address
2960 N MERIDIAN STREET
STE 300
INDIANAPOLIS IN 46208
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Business Address
2960 N MERIDIAN STREET
STE 300
INDIANAPOLIS IN 46208
317-917-7000
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
OF REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-22208
Valued Advisers Trust
(Exact name of registrant as specified in charter)
Huntington Asset Services, Inc.
2960 N. Meridian Street, Suite 300
Indianapolis, IN 46208
(Address of principal executive offices) (Zip code)
Capitol Services, Inc.
615 S. Dupont Hwy.
Dover, DE 19901
(Name and address of agent for service)
With a copy to:
John H. Lively, Esq.
The Law Offices of John H. Lively & Associates, Inc.
A member firm of The 1940 Act Law Group
11300 Tomahawk Creek Parkway, Suite 310
Leawood, KS 66211
Registrant’’s telephone number, including area code: 317-917-7000
Date of fiscal year end: 5/31
Date of reporting period: 8/31/14
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Item 1. Schedule of Investments.
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BFS Equity Fund
Schedule of Investments
August 31, 2014 (Unaudited)
Shares
Fair Value
5,000
$539,900
2,300
3,000
200,307
277,470
477,777
950
1,800
90,269
193,644
283,913
2,300
165,669
2,000
2,200
263,100
213,686
476,786
2,700
8,500
333,801
437,240
771,041
3,150
322,875
5,000
447,750
10,000
9,000
160,900
535,050
695,950
3,000
149,460
2,300
236,923
2,500
274,100
1,800
2,500
217,944
151,300
369,244
4,000
310,280
1,500
4,000
140,580
311,240
451,820
Common Stocks — 99.54%
Aerospace & Defense — 3.79%
United Technologies Corp.
Beverages — 3.36%
Constellation Brands, Inc. - Class A *
PepsiCo, Inc.
Biotechnology — 1.99%
Celgene Corp. *
Gilead Sciences, Inc. *
Capital Markets — 1.16%
State Street Corp.
Chemicals — 3.35%
Praxair, Inc.
Westlake Chemical Corp.
Commercial Banks — 5.41%
M&T Bank Corp.
Wells Fargo & Co.
Computers & Peripherals — 2.27%
Apple, Inc.
Consumer Finance — 3.14%
American Express Co.
Diversified Financial Services — 4.89%
Bank of America Corp.
JPMorgan Chase & Co.
Diversified Telecommunication — 1.05%
Verizon Communications, Inc.
Electronic Equipment, Instruments & Components — 1.66%
Amphenol Corp. - Class A
Energy Equipment & Services — 1.93%
Schlumberger Ltd.
Food & Staples Retailing — 2.59%
Costco Wholesale Corp.
Walgreen Co.
Food Products — 2.18%
Nestle SA ADR
Hotels, Restaurants & Leisure — 3.17%
McDonalds Corp.
Starbucks Corp.
See accompanying notes which are an integral part of this schedule of investments.
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Household Products — 2.47%
Colgate-Palmolive Co.
Procter & Gamble Co.
Industrial Conglomerates — 4.04%
Danaher Corp.
Internet Software & Services — 2.86%
Google, Inc. - Class A *
Life Sciences Tools & Services — 2.95%
Thermo Fisher Scientific, Inc.
Machinery — 0.71%
Deere & Co.
Media — 3.79%
Walt Disney Co./The
Oil, Gas & Consumable Fuels — 9.50%
Continental Resources, Inc. *
EOG Resources, Inc.
Exxon Mobil Corp.
Imperial Oil Ltd.
Occidental Petroleum Corp.
Pharmaceuticals — 9.64%
Johnson & Johnson
Merck & Co., Inc.
Novartis AG ADR
Pfizer, Inc.
Zoetis, Inc.
Professional Services — 1.98%
Nielsen NV
Real Estate Investment Trust — 1.44%
WP Carey, Inc.
Road & Rail — 2.24%
Canadian National Railway Co.
Kansas City Southern
Software — 6.35%
Adobe Systems, Inc. *
ANSYS, Inc. *
Microsoft Corp.
Specialty Retail — 2.95%
Home Depot, Inc./The
Telecommunication Services — 1.89%
Level 3 Communications, Inc. *
Textiles, Apparel & Luxury Goods — 3.41%
Luxottica Group SpA ADR
NIKE, Inc.
See accompanying notes which are an integral part of this schedule of investments.
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3,000
1,900
194,190
157,909
352,099
7,500
574,575
700
407,652
3,500
420,735
1,200
100,908
6,000
539,280
1,700
4,500
1,400
2,500
3,000
274,193
494,460
139,244
133,125
311,190
1,352,212
4,000
4,000
2,600
8,000
7,000
414,920
240,440
233,584
235,120
248,080
1,372,144
6,000
281,940
3,000
204,840
2,200
1,400
158,092
161,504
319,596
3,000
4,000
8,000
215,700
325,200
363,440
904,340
4,500
420,750
6,000
269,760
2,500
4,500
132,450
353,475
485,925
Tobacco — 1.38%
Genesee & Wyoming, Inc. - Class A *
Total Common Stocks
(Cost $12,971,155)
Money Market Securities — 4.03%
2,000
14,176,904
Fidelity Institutional Money Market - Prime Money Market Portfolio, 0.06% (a)
Total Money Market Securities
(Cost $573,473)
Total Investments – 103.57%
(Cost $13,544,628)
Liabilities in Excess of Other Assets – (3.57)%
TOTAL NET ASSETS – 100.00%
(a)
*
196,660
Rate disclosed is the seven day yield as of August 31, 2014.
Non-income producing security.
ADR — American Depositary Receipt
See accompanying notes which are an integral part of this schedule of investments.
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573,473
573,473
573,473
14,750,377
(508,795 )
$14,241,582
At August 31, 2014, the cost and net unrealized appreciation (depreciation) of investments for tax purposes were as follows:
Tax Cost of Securities
$ 13,567,603
Unrealized Appreciation
Unrealized Depreciation
Net Unrealized Appreciation
$1,214,541
(31,767
)
$1,182,774
The difference between book basis and tax basis unrealized appreciation was attributable primarily to the tax deferral of losses on wash
sales of $22,975 for BFS Equity Fund.
BFS Equity Fund
Notes to the Schedule of Investments
August 31, 2014
(Unaudited)
The BFS Equity Fund (the “Fund”) is an investment company and follows accounting and reporting guidance under Financial
Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment
Companies”. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its
financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America
(“GAAP”).
Security Transactions and Related Income – The Fund follows industry practice and records security transactions on the trade date for
financial reporting purposes. The Fund has chosen high cost as its standing (default) tax lot identification method for all securities
transactions. Interest income is recorded on an accrual basis and dividend income is recorded on the ex-dividend date except in the case
of foreign securities, in which case dividends are generally recorded as soon as such information becomes available. Discounts and
premiums on securities purchased are accreted or amortized using the effective interest method. The ability of issuers of debt securities
held by the Fund to meet their obligations may be affected by economic and political developments in a specific country or region.
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.
Securities Valuation and Fair Value Measurements – All investments in securities are recorded at their estimated fair value. Fair value is
defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the
principal or most advantageous market of the investment. GAAP has established a three-tier hierarchy to maximize the use of
observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for
disclosure purposes.
Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about
risk (the risk inherent in a particular valuation technique used to measure fair value such as a pricing model and/or the risk inherent in
the inputs to the valuation technique). Inputs may be observable or unobservable. Observable inputs are inputs that reflect the
assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources
independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the
assumptions market participants would use in pricing the asset or liability developed based on the best information available in the
circumstances.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed
below.
•
Level 1 – quoted prices in active markets for identical securities
•
Level 2 – other significant observable inputs (including, but not limited to, quoted prices for an identical security in an
inactive market, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
•
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments
based on the best information available)
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the
level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level
input that is significant to the fair value measurement in its entirety.
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BFS Equity Fund
Notes to the Schedule of Investments - continued
August 31, 2014
(Unaudited)
Equity securities, including common stocks, are generally valued by using market quotations, but may be valued on the basis of prices
furnished by a pricing service when Bradley, Foster & Sargent, Inc. (the “Adviser”) believes such prices more accurately reflect the fair
value of such securities. Securities that are traded on any stock exchange are generally valued by the pricing service at the last quoted
sale price. Lacking a last sale price, an exchange traded security is generally valued by the pricing service at its last bid price. Securities
traded in the NASDAQ over-the-counter market are generally valued by the pricing service at the NASDAQ Official Closing Price.
When using the market quotations or close prices provided by the pricing service and when the market is considered active, the security
will be classified as a Level 1 security. Sometimes, an equity security owned by the Fund will be valued by the pricing service with
factors other than market quotations or when the market is considered inactive. When this happens, the security will be classified as a
Level 2 security. When market quotations are not readily available, when the Adviser determines that the market quotation or the price
provided by the pricing service does not accurately reflect the current fair value, or when restricted or illiquid securities are being
valued, such securities are valued as determined in good faith by the Adviser, in conformity with guidelines adopted by and subject to
review by the Board of Trustees (the “Board”). These securities will be categorized as Level 3 securities.
Investments in mutual funds, including money market mutual funds, are generally priced at the ending net asset value (“NAV”)
provided by the service agent of the funds. These securities will be categorized as Level 1 securities.
In accordance with the Valued Advisers Trust (the “Trust”) good faith pricing guidelines, the Adviser is required to consider all
appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as
described above. No single standard exists for determining fair value, because fair value depends upon the circumstances of each
individual case. As a general principle, the current fair value of an issue of securities being valued by the Adviser would appear to be
the amount which the owner might reasonably expect to receive for them upon their current sale. Methods which are in accordance with
this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market of a similar freely traded security
(including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity
with respect to debt issues, or a combination of these and other methods. Good faith pricing is permitted if, in the Adviser’s opinion, the
validity of market quotations appears to be questionable based on factors such as evidence of a thin market in the security based on a
small number of quotations, a significant event occurs after the close of a market but before a Fund’s NAV calculation that may affect a
security’s value, or the Adviser is aware of any other data that calls into question the reliability of market quotations. Good faith pricing
may also be used in instances when the bonds the Fund invests in may default or otherwise cease to have market quotations readily
available.
The following is a summary of the inputs used to value the Fund’s investments as of August 31, 2014:
Assets
Common Stocks*
Money Market Securities
Total
Level 1
Quoted Prices in
Active Markets
$14,176,904
573,473
$14,750,377
Valuation Inputs
Level 2
Other Significant
Observable Inputs
Level 3
Significant
Unobservable Inputs
$
$
$
—
—
—
$
—
—
—
Total
$14,176,904
573,473
$14,750,377
* Refer to Schedule of Investments for industry classifications.
The Fund did not hold any investments at any time during the reporting period in which significant unobservable inputs were used in
determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period.
The Trust recognizes transfers between fair value hierarchy levels at the end of the reporting period. There were no transfers between
any levels during the period ended August 31, 2014.
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Cloud Capital Strategic Large Cap Fund
Schedule of Investments
August 31, 2014 (Unaudited)
Shares
Fair Value
88
521
56
481
1,020
449
1,726
667
762
490
50
743
567
1,266
605
438
348
379
379
478
546
377
432
1,762
274
741
1,025
702
491
822
346
1,091
43
889
428
286
568
370
1,870
1,512
598
561
515
888
720
650
515
472
766
291
325
$29,918
28,280
30,119
30,892
32,532
27,925
31,952
34,977
28,854
29,075
33,745
27,380
31,029
27,442
28,616
30,466
30,073
16,561
16,275
30,565
29,297
32,420
34,496
30,676
27,744
31,260
34,589
32,384
26,662
28,612
30,401
28,335
30,719
29,804
27,193
32,965
29,897
34,605
31,521
29,539
29,209
33,009
32,887
31,143
28,226
34,106
32,103
32,766
26,404
27,318
26,018
Common Stocks — 98.52%
Consumer Discretionary — 10.96%
Amazon.com, Inc. *
AutoNation, Inc. *
AutoZone, Inc. *
Bed Bath & Beyond, Inc. *
Best Buy Co., Inc.
BorgWarner, Inc.
Cablevision Systems Corp.
CarMax, Inc. *
Carnival Corp.
CBS Corp. - Class B
Chipotle Mexican Grill, Inc. *
Coach, Inc.
Comcast Corp. - Class A
D.R. Horton, Inc.
Darden Restaurants, Inc.
Delphi Automotive PLC
DIRECTV - Class A *
Discovery Communications, Inc. - Class A *
Discovery Communications, Inc. - Class C *
Dollar General Corp. *
Dollar Tree, Inc. *
Expedia, Inc.
Family Dollar Stores, Inc.
Ford Motor Co.
Fossil Group, Inc. *
GameStop Corp. - Class A
Gannett Co., Inc.
Gap, Inc./The
Garmin Ltd.
General Motors Co.
Genuine Parts Co.
Goodyear Tire & Rubber Co./The
Graham Holdings Co.
H & R Block, Inc.
Harley-Davidson, Inc.
Harman International Industries, Inc.
Hasbro, Inc.
Home Depot, Inc./The
International Game Technology
Interpublic Group of Cos., Inc./The
Johnson Controls, Inc.
Kohl’s Corp.
L Brands, Inc.
Leggett & Platt, Inc.
Lennar Corp. - Class A
Lowe’s Companies, Inc.
Macy’s, Inc.
Marriott International, Inc. - Class A
Mattel, Inc.
McDonalds Corp.
Michael Kors Holdings Ltd. *
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Mohawk Industries, Inc. *
Netflix, Inc. *
199
67
See accompanying notes which are an integral part of these schedules of investments.
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29,090
31,911
Newell Rubbermaid, Inc.
News Corp. - Class A *
NIKE, Inc. - Class B
Nordstrom, Inc.
Omnicom Group, Inc.
O’Reilly Automotive, Inc. *
PetSmart, Inc.
Priceline.com, Inc. *
Pulte Group, Inc.
PVH Corp.
Ralph Lauren Corp.
Ross Stores, Inc.
Scripps Networks Interactive, Inc. - Class A
Staples, Inc.
Starbucks Corp.
Starwood Hotels & Resorts Worldwide, Inc.
Target Corp.
Tiffany & Co.
Time Warner Cable, Inc. - Class A
Time Warner, Inc.
TJX Cos., Inc./The
TripAdvisor, Inc. *
Twenty-First Century Fox, Inc. *
Urban Outfitters, Inc. *
VF Corp.
Viacom, Inc. - Class B
Walt Disney Co./The
Whirlpool Corp.
Wyndham Worldwide Corp.
Wynn Resorts Ltd.
Yum! Brands, Inc.
954
1,714
395
436
424
196
504
25
1,527
254
192
439
368
2,671
397
374
505
299
209
427
538
283
837
876
479
344
353
215
406
152
375
31,994
30,212
31,065
30,207
30,501
30,519
36,069
30,843
29,351
29,632
32,468
33,115
29,363
31,195
30,899
31,598
30,336
30,156
30,914
32,870
32,078
28,080
29,644
34,873
30,683
27,944
31,715
32,881
32,884
29,359
27,180
2,544,613
Consumer Staples — 10.85%
Altria Group, Inc.
Archer-Daniels-Midland Co.
Avon Products, Inc.
Brown-Forman Corp. - Class B
Campbell Soup Co.
Clorox Co./The
Coca-Cola Co./The
Coca-Cola Enterprises, Inc.
Colgate-Palmolive Co.
ConAgra Foods, Inc.
Constellation Brands, Inc. - Class A *
Costco Wholesale Corp.
CVS Caremark Corp.
Dr. Pepper Snapple Group, Inc.
Estee Lauder Cos., Inc./The - Class A
General Mills, Inc.
Hershey Co./The
Hormel Foods Corp.
JM Smucker Co./The
Kellogg Co.
Kimberly-Clark Corp.
Kraft Foods Group, Inc.
Kroger Co./The
Lorillard, Inc.
McCormick & Co., Inc.
1,530
1,434
4,329
671
1,405
712
1,568
1,400
935
2,071
749
555
835
1,088
842
1,182
645
1,315
601
966
576
1,151
1,353
1,007
891
65,897
71,503
60,775
62,164
62,972
63,093
65,398
66,900
60,521
66,688
65,214
67,141
66,325
68,457
64,693
63,074
58,959
66,651
61,695
62,729
62,177
67,783
68,956
60,115
62,097
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Mead Johnson Nutrition Co.
Molson Coors Brewing Co. - Class B
Mondelez International, Inc. - Class A
715
886
1,716
See accompanying notes which are an integral part of these schedules of investments.
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68,377
65,537
62,089
Monster Beverage Corp. *
PepsiCo, Inc.
Philip Morris International, Inc.
Procter & Gamble Co.
Reynolds American, Inc.
Safeway, Inc.
Sysco Corp.
Tyson Foods, Inc. - Class A
Walgreen Co.
Wal-Mart Stores, Inc.
Whole Foods Market, Inc.
903
730
720
808
1,059
1,884
1,744
1,763
850
841
1,526
79,807
67,481
61,623
67,161
61,918
65,537
65,962
67,091
51,428
63,516
59,720
2,519,224
Energy — 10.99%
Anadarko Petroleum Corp.
Apache Corp.
Baker Hughes, Inc.
Cabot Oil & Gas Corp.
Cameron International Corp. *
Chesapeake Energy Corp.
Chevron Corp.
ConocoPhillips
Consol Energy, Inc.
Denbury Resources, Inc.
Devon Energy Corp.
Diamond Offshore Drilling, Inc.
Ensco PLC - Class A
EOG Resources, Inc.
EQT Corp.
Exxon Mobil Corp.
FMC Technologies, Inc. *
Halliburton Co.
Helmerich & Payne, Inc.
Hess Corp.
Kinder Morgan, Inc.
Marathon Oil Corp.
Marathon Petroleum Corp.
Murphy Oil Corp.
Nabors Industries Ltd.
National Oilwell Varco, Inc.
Newfield Exploration Co. *
Noble Corp. PLC
Noble Energy, Inc.
Occidental Petroleum Corp.
Paragon Offshore PLC *
Peabody Energy Corp.
Phillips 66
Pioneer Natural Resources Co.
QEP Resources, Inc.
Range Resources Corp.
Rowan Cos. PLC
Schlumberger Ltd.
Seventy Seven Energy, Inc. *
Southwestern Energy Co. *
Spectra Energy Corp.
Tesoro Corp.
Transocean Ltd.
Valero Energy Corp.
Williams Cos., Inc./The
538
594
815
1,680
896
1,915
452
695
1,270
3,259
743
1,184
1,084
512
537
565
987
858
508
606
1,682
1,485
668
892
2,129
753
1,386
1,747
761
569
574
3,532
689
256
1,771
661
1,789
547
140
1,242
1,412
992
1,330
1,075
1,010
60,646
60,447
56,380
56,350
66,613
52,086
58,484
56,458
51,157
56,112
56,034
52,021
54,712
56,276
53,223
56,243
61,047
57,981
53,403
61,284
67,735
61,930
60,810
55,717
57,936
65,057
62,105
49,709
54,900
59,039
5,353
56,089
59,972
53,437
62,989
51,909
54,257
59,971
3,287
51,125
58,841
64,251
51,419
58,208
60,054
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WPX Energy, Inc. *
2,541
See accompanying notes which are an integral part of these schedules of investments.
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67,636
2,550,693
Financials — 8.44%
ACE Ltd.
Aflac, Inc.
Allstate Corp./The
American Express Co.
American International Group, Inc.
Ameriprise Financial, Inc.
Aon PLC
Assurant, Inc.
Bank of America Corp.
Bank of New York Mellon Corp./The
BB&T Corp.
Berkshire Hathaway, Inc. - Class B *
BlackRock, Inc.
Capital One Financial Corp.
CBRE Group, Inc. *
Charles Schwab Corp./The
Chubb Corp./The
Cincinnati Financial Corp.
Citigroup, Inc.
CME Group, Inc.
Comerica, Inc.
Discover Financial Services
E*Trade Financial Corp. *
Fifth Third Bancorp.
Franklin Resources, Inc.
Genworth Financial, Inc. - Class A *
Goldman Sachs Group, Inc./The
Hartford Financial Services Group, Inc.
Hudson City Bancorp, Inc.
Intercontinental Exchange Group, Inc.
Invesco Ltd.
JPMorgan Chase & Co.
KeyCorp
Legg Mason, Inc.
Leucadia National Corp.
Lincoln National Corp.
Loews Corp.
M&T Bank Corp.
Marsh & McLennan Cos., Inc.
McGraw Hill Financial, Inc. *
MetLife, Inc.
Moody’s Corp.
Morgan Stanley
NASDAQ OMX Group, Inc./The
Northern Trust Corp.
People’s United Financial, Inc.
PNC Financial Services Group, Inc.
Principal Financial Group, Inc.
Progressive Corp./The
Prudential Financial, Inc.
Regions Financial Corp.
SLM Corp.
State Street Corp.
SunTrust Banks, Inc.
T. Rowe Price Group, Inc.
Torchmark Corp.
Travelers Cos., Inc./The
U.S. Bancorp
297
491
525
326
567
267
344
465
2,002
879
803
247
100
385
1,026
1,148
334
645
648
433
617
504
1,431
1,457
544
1,773
185
872
3,133
157
834
547
2,181
620
1,187
601
714
253
609
377
555
359
967
828
490
2,114
353
635
1,221
351
2,919
3,643
458
770
378
569
327
723
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31,607
30,046
32,288
29,167
31,765
33,618
30,010
31,022
32,206
34,456
29,989
33,876
32,974
31,572
32,601
32,725
30,686
31,021
33,458
33,160
31,061
31,409
31,856
29,736
30,747
25,159
33,211
32,321
30,926
29,681
34,074
32,493
29,682
30,596
29,580
33,102
31,249
31,297
32,320
30,566
30,379
33,562
33,193
35,999
33,969
31,599
29,888
34,459
30,545
31,522
29,630
32,280
33,006
29,336
30,582
31,065
30,995
30,559
Unum Group
Wells Fargo & Co.
XL Group PLC
Zions Bancorp.
886
601
958
1,049
See accompanying notes which are an integral part of these schedules of investments.
Copyright © 2013 www.secdatabase.com. All Rights Reserved.
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32,126
30,896
32,752
30,582
1,958,237
Health Care — 10.98%
Abbott Laboratories
AbbVie, Inc.
Actavis PLC *
Aetna, Inc.
Agilent Technologies, Inc.
Alexion Pharmaceuticals, Inc. *
Allergan, Inc.
AmerisourceBergen Corp.
Amgen, Inc.
Baxter International, Inc.
Becton, Dickinson and Co.
Biogen Idec, Inc. *
Boston Scientific Corp. *
Bristol-Myers Squibb Co.
C.R. Bard, Inc.
Cardinal Health, Inc.
CareFusion Corp. *
Celgene Corp. *
Cerner Corp. *
CIGNA Corp.
Covidien PLC
DaVita, Inc. *
DENTSPLY International, Inc.
Edwards LifeSciences Corp. *
Eli Lilly & Co.
Express Scripts Holding Co. *
Gilead Sciences, Inc. *
Hospira, Inc. *
Humana, Inc.
Intuitive Surgical, Inc. *
Johnson & Johnson
Laboratory Corp. of America Holdings *
McKesson Corp.
Medtronic, Inc.
Merck & Co., Inc.
Mylan, Inc. *
Patterson Companies, Inc.
PerkinElmer, Inc.
Perrigo Co. PLC
Pfizer, Inc.
Quest Diagnostics, Inc.
Regeneron Pharmaceuticals, Inc. *
St. Jude Medical, Inc.
Stryker Corp.
Tenet Healthcare Corp. *
Thermo Fisher Scientific, Inc.
UnitedHealth Group, Inc.
Varian Medical Systems, Inc. *
Vertex Pharmaceuticals, Inc. *
Waters Corp. *
WellPoint, Inc.
Zimmer Holdings, Inc.
Zoetis, Inc.
1,107
814
349
552
750
274
271
614
379
605
378
144
3,530
941
323
651
1,036
555
836
495
498
631
929
539
743
645
557
869
361
110
435
442
240
712
770
877
1,142
948
310
1,492
764
146
669
528
939
373
571
536
677
418
421
421
1,498
46,751
44,988
79,262
45,353
42,849
46,460
44,307
47,544
52,797
45,367
44,318
49,466
44,758
47,655
48,013
47,951
47,556
52,702
48,215
46,817
43,241
47,149
44,331
53,490
47,255
47,659
59,918
46,714
46,515
51,716
45,099
47,445
46,836
45,461
46,291
42,599
45,980
42,517
46,056
43,849
48,273
51,002
43,857
44,011
57,436
44,794
49,466
45,576
63,366
43,189
49,065
41,841
53,099
2,548,225
Industrials — 11.19%
3M Co.
ADT Corp./The
269
1,134
38,806
41,813
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Allegion PLC
677
See accompanying notes which are an integral part of these schedules of investments.
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34,807
AMETEK, Inc.
Avery Dennison Corp.
Boeing Co./The
Caterpillar, Inc.
CH Robinson Worldwide, Inc.
Cintas Corp.
CSX Corp.
Cummins, Inc.
Danaher Corp.
Deere & Co.
Delta Air Lines, Inc.
Dover Corp.
Dun & Bradstreet Corp.
Eaton Corp. PLC
Emerson Electric Co.
Equifax, Inc.
Expeditors International of Washington, Inc.
Fastenal Co.
FedEx Corp.
Flowserve Corp.
Fluor Corp.
General Dynamics Corp.
General Electric Co.
Honeywell International, Inc.
Illinois Tool Works, Inc.
Ingersoll-Rand PLC
Iron Mountain, Inc.
Jacobs Engineering Group, Inc. *
Joy Global, Inc.
Kansas City Southern
L-3 Communications Holdings, Inc.
Lockheed Martin Corp.
Masco Corp.
Nielsen NV
Norfolk Southern Corp.
Northrop Grumman Corp.
PACCAR, Inc.
Pall Corp.
Parker Hannifin Corp.
Pentair PLC
Pitney Bowes, Inc.
Precision Castparts Corp.
Quanta Services, Inc. *
Raytheon Co.
Republic Services, Inc.
Robert Half International, Inc.
Rockwell Automation, Inc.
Rockwell Collins, Inc.
Roper Industries, Inc.
Ryder System, Inc.
Snap-on, Inc.
Southwest Airlines Co.
Stanley Black & Decker, Inc.
Stericycle, Inc. *
Textron, Inc.
Tyco International Ltd.
Union Pacific Corp.
United Parcel Service, Inc. - Class B
United Technologies Corp.
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734
1,555
293
367
621
614
1,270
250
484
436
1,156
439
372
517
581
549
880
795
266
511
508
328
1,471
418
447
625
1,283
719
642
372
315
242
1,816
837
385
325
618
465
308
522
1,408
148
1,156
409
1,057
825
309
491
267
451
332
1,485
447
333
983
859
395
382
334
38,871
74,830
37,198
39,999
42,377
40,641
39,242
36,265
37,113
36,672
45,766
38,544
43,698
36,081
37,200
43,218
36,354
35,980
39,404
38,796
37,552
40,465
38,208
39,772
39,399
37,601
46,172
38,775
40,545
42,860
34,590
42,052
42,615
39,345
41,196
41,406
38,836
39,251
35,545
35,552
38,109
36,081
42,009
39,369
41,569
41,400
36,011
37,812
40,239
40,711
41,533
47,544
40,931
39,532
37,368
38,314
41,529
37,187
36,060
W.W. Grainger, Inc.
Waste Management, Inc.
Xylem, Inc.
153
891
1,012
See accompanying notes which are an integral part of these schedules of investments.
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37,704
41,833
37,711
2,595,968
Information Technology — 9.74%
Accenture PLC - Class A
Adobe Systems, Inc. *
Akamai Technologies, Inc. *
Alliance Data Systems Corp. *
Altera Corp.
Amphenol Corp. - Class A
Analog Devices, Inc.
Apple, Inc.
Applied Materials, Inc.
Autodesk, Inc. *
Automatic Data Processing, Inc.
Broadcom Corp. - Class A
CA, Inc.
Cisco Systems, Inc.
Citrix Systems, Inc. *
Cognizant Technology Solutions Corp. - Class A *
Computer Sciences Corp.
Corning, Inc.
eBay, Inc. *
Electronic Arts, Inc. *
EMC Corp.
F5 Networks, Inc. *
Facebook, Inc. - Class A *
Fidelity National Information Services, Inc.
First Solar, Inc. *
Fiserv, Inc. *
FLIR Systems, Inc.
Google, Inc. - Class A *
Harris Corp.
Hewlett-Packard Co.
Intel Corp.
International Business Machines Corp.
Intuit, Inc.
Jabil Circuit, Inc.
Juniper Networks, Inc.
KLA-Tencor Corp.
Lam Research Corp.
Linear Technology Corp.
MasterCard, Inc. - Class A
Microchip Technology, Inc.
Micron Technology, Inc. *
Microsoft Corp.
Motorola Solutions, Inc.
NetApp, Inc.
NVIDIA Corp.
Oracle Corp.
Paychex, Inc.
QUALCOMM, Inc.
Red Hat, Inc. *
Salesforce.com, Inc. *
SanDisk Corp.
Seagate Technology PLC
Symantec Corp.
TE Connectivity Ltd.
Teradata Corp. *
Texas Instruments, Inc.
Total System Services, Inc.
VeriSign, Inc. *
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417
465
569
126
991
357
619
375
1,533
611
439
893
1,179
1,400
523
703
540
1,621
692
930
1,290
305
469
635
500
572
944
61
453
982
1,140
187
432
1,717
1,363
494
515
727
453
694
1,072
824
512
937
1,755
806
838
433
647
592
334
611
1,582
554
775
714
1,131
663
33,770
33,457
34,354
33,359
35,038
36,766
31,668
38,440
35,410
32,764
36,671
35,162
33,293
34,986
36,779
32,150
32,299
33,809
38,393
35,198
38,088
37,897
35,091
36,059
34,831
36,893
31,910
35,755
32,334
37,324
39,805
35,991
35,902
37,056
31,618
37,761
37,048
32,806
34,368
33,864
34,932
37,422
30,414
39,518
34,140
33,456
34,887
32,972
39,423
34,965
32,759
38,234
38,399
34,704
35,374
34,395
35,571
37,827
See accompanying notes which are an integral part of these schedules of investments.
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Visa, Inc. - Class A
Western Digital Corp.
Western Union Co./The
Xerox Corp.
Xilinx, Inc.
Yahoo!, Inc. *
162
372
2,123
2,684
728
989
34,500
38,349
37,092
37,068
30,754
38,088
2,261,410
Materials — 10.53%
Air Products & Chemicals, Inc.
Airgas, Inc.
Alcoa, Inc.
Allegheny Technologies, Inc.
Ball Corp.
Bemis Co., Inc.
CF Industries Holdings, Inc.
Cliffs Natural Resources, Inc.
Dow Chemical Co./The
Eastman Chemical Co.
Ecolab, Inc.
EI du Pont de Nemours & Co.
FMC Corp.
Freeport-McMoRan Copper & Gold, Inc. - Class B
International Flavors & Fragrances, Inc.
International Paper Co.
Lyondellbasell Industries NV - Class A
MeadWestvaco Corp.
Monsanto Co.
Mosaic Co./The
Newmont Mining Corp.
Nucor Corp.
Owens-Illinois, Inc. *
PPG Industries, Inc.
Praxair, Inc.
Sealed Air Corp.
Sherwin-Williams Co./The
Sigma-Aldrich Corp.
United States Steel Corp.
Veritiv Corp. *
Vulcan Materials Co.
599
725
5,413
1,864
1,290
1,904
320
5,465
1,504
891
725
1,145
1,031
2,323
772
1,601
793
1,790
652
1,568
3,346
1,520
2,320
385
589
2,307
385
782
3,173
33
1,224
79,827
80,050
89,916
78,596
82,664
77,558
82,531
82,351
80,532
73,473
83,293
75,696
68,191
84,488
78,392
77,560
90,693
76,988
75,382
74,883
90,640
82,559
71,446
79,274
77,500
83,297
84,055
81,317
122,643
1,480
77,608
2,444,883
Real Estate Investment Trusts — 2.55%
American Tower Corp. - Class A
Apartment Investment & Management Co. - Class A
AvalonBay Communities, Inc.
Boston Properties, Inc.
Equity Residential
General Growth Properties, Inc.
HCP, Inc.
Health Care REIT, Inc.
Host Hotels & Resorts, Inc.
Kimco Realty Corp.
Macerich Co./The
Plum Creek Timber Co., Inc.
ProLogis, Inc.
Public Storage, Inc.
Simon Property Group, Inc.
Ventas, Inc.
Vornado Realty Trust
356
983
225
271
513
1,366
783
507
1,416
1,382
472
706
761
185
189
503
300
35,099
33,693
34,615
32,866
34,104
33,562
33,923
34,297
32,306
32,462
30,843
28,689
31,166
32,347
32,078
33,062
31,771
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Weyerhaeuser Co.
1,007
See accompanying notes which are an integral part of these schedules of investments.
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34,186
591,069
Telecommunication Services — 1.20%
AT&T, Inc.
CenturyLink, Inc.
Crown Castle International Corp.
Frontier Communications Corp.
Sprint Corp. *
T-Mobile US, Inc. *
Verizon Communications, Inc.
Windstream Holdings, Inc.
986
948
468
6,048
3,823
1,039
703
3,491
34,479
38,839
37,209
41,126
21,448
31,250
35,023
39,453
278,827
Utilities — 11.09%
AES Corp./The
AGL Resources, Inc.
Ameren Corp.
American Electric Power Co., Inc.
CenterPoint Energy, Inc.
CMS Energy Corp.
Consolidated Edison, Inc.
Dominion Resources, Inc. - Class A
DTE Energy Co.
Duke Energy Corp.
Edison International
Entergy Corp.
Exelon Corp.
FirstEnergy Corp.
Integrys Energy Group, Inc.
NextEra Energy, Inc.
NiSource, Inc.
Northeast Utilities
NRG Energy, Inc.
Oneok, Inc.
Pepco Holdings, Inc.
PG&E Corp.
Pinnacle West Capital Corp.
PPL Corp.
Public Service Enterprise Group, Inc.
SCANA Corp.
Sempra Energy
Southern Co.
TECO Energy, Inc.
Wisconsin Energy Corp.
Xcel Energy, Inc.
5,585
1,521
2,107
1,529
3,321
2,711
1,461
1,190
1,088
1,143
1,462
1,033
2,238
2,348
1,398
833
2,172
1,785
2,221
1,286
3,016
1,751
1,491
2,407
2,132
1,605
800
1,865
4,626
1,787
2,642
84,780
81,099
84,260
82,100
82,497
82,787
84,555
83,560
85,104
84,565
86,434
79,984
74,798
80,399
94,910
81,993
86,157
81,934
68,376
90,297
83,118
81,369
84,923
83,359
79,722
83,384
84,777
82,784
83,738
81,011
84,668
2,573,442
Total Common Stocks
(Cost $19,346,459)
Cash Equivalents — 1.49%
22,866,591
FOLIOfn Investment Cash Account, 0.01% (a)
FOLIOfn Investment Sweep Account, 0.01% (a)
Total Cash Equivalents
(Cost $345,854)
Total Investments – 100.01%
(Cost $19,692,313)
Liabilities in Excess of Other Assets – (0.01)%
TOTAL NET ASSETS – 100.00%
(a)
Rate disclosed is the seven day yield as of August 31, 2014.
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2
345,852
2
345,852
345,854
23,212,445
(1,188
)
$23,211,257
*
Non-income producing security.
See accompanying notes which are an integral part of these schedules of investments.
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Cloud Capital Strategic Mid Cap Fund
Schedule of Investments
August 31, 2014 (Unaudited)
Shares
Fair Value
1,015
272
9,713
570
2,996
840
1,161
2,002
531
1,623
772
699
687
565
493
760
2,068
1,048
1,007
426
789
780
3
494
1,391
701
1,205
1,303
396
612
1,086
591
510
2,021
697
729
1,322
860
1,213
786
264
2,256
31
6,107
234
267
2,501
1,217
1,048
3,111
1,725
$25,997
37,068
40,699
35,655
42,187
34,820
32,251
34,818
42,131
38,717
35,781
30,337
33,581
34,496
40,791
34,169
32,681
36,998
35,079
39,311
33,886
35,172
343
37,270
30,366
39,309
35,608
30,539
40,646
37,099
36,356
35,344
30,585
35,872
36,561
33,609
37,534
39,679
35,202
36,596
38,479
27,927
36,239
31,268
35,044
38,887
37,783
33,894
36,730
31,576
38,245
Common Stocks — 97.15%
Consumer Discretionary — 10.17%
Aaron’s, Inc.
Advance Auto Parts, Inc.
Aeropostale, Inc. *
AMC Networks, Inc. - Class A *
American Eagle Outfitters, Inc.
ANN, Inc. *
Apollo Group, Inc. - Class A *
Ascena Retail Group, Inc. *
Bally Technologies, Inc. *
Barnes & Noble, Inc. *
Big Lots, Inc.
Bob Evans Farms, Inc.
Brinker International, Inc.
Cabela’s, Inc. - Class A *
Carter’s, Inc.
Cheesecake Factory, Inc./The
Chico’s FAS, Inc.
Cinemark Holdings, Inc.
CST Brands, Inc.
Deckers Outdoor Corp. *
DeVry Education Group, Inc.
Dick’s Sporting Goods, Inc.
Dillard’s, Inc. - Class A
Domino’s Pizza, Inc.
DreamWorks Animation SKG, Inc. - Class A *
Foot Locker, Inc.
Gentex Corp.
Guess?, Inc.
Hanesbrands, Inc.
HSN, Inc.
International Speedway Corp. - Class A
Jarden Corp. *
John Wiley & Sons, Inc. - Class A
KB Home
Lamar Advertising Co.
Life Time Fitness, Inc. *
LKQ Corp. *
Matthews International Corp. - Class A
MDC Holdings, Inc.
Meredith Corp.
Mohawk Industries, Inc. *
New York Times Co./The - Class A
NVR, Inc. *
Office Depot, Inc. *
Panera Bread Co. - Class A *
Polaris Industries, Inc.
Regis Corp.
Rent-A-Center, Inc.
Scholastic Corp.
Scientific Games Corp. - Class A *
Service Corporation International
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Signet Jewelers Ltd.
Sotheby’s
319
851
See accompanying notes which are an integral part of these schedules of investments.
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37,588
34,721
Strayer Education, Inc. *
Tempur Sealy International, Inc. *
Thor Industries, Inc.
Toll Brothers, Inc. *
Tractor Supply Co.
Tupperware Brands Corp.
Under Armour, Inc. - Class A *
Wendy’s Co./The
Williams-Sonoma, Inc.
627
603
598
967
536
422
593
4,067
455
38,088
35,276
32,112
34,416
35,900
30,905
40,552
33,143
29,954
2,163,870
Consumer Staples — 10.34%
Church & Dwight Co., Inc.
Dean Foods Co.
Energizer Holdings, Inc.
Flowers Foods, Inc.
Ingredion, Inc.
Keurig Green Mountain, Inc.
Lancaster Colony Corp.
Post Holdings, Inc. *
SUPERVALU, Inc. *
Tootsie Roll Industries, Inc.
United Natural Foods, Inc. *
Universal Corp.
WhiteWave Food Co. - Class A *
2,459
9,630
1,426
8,348
2,253
1,388
1,836
3,348
21,716
5,999
2,646
3,062
5,139
167,784
155,809
173,296
163,458
179,701
185,074
162,318
123,769
207,388
169,467
170,105
161,533
179,962
2,199,664
Energy — 9.54%
Alpha Natural Resources, Inc. *
Arch Coal, Inc.
Atwood Oceanics, Inc. *
Bill Barrett Corp. *
CARBO Ceramics, Inc.
Cimarex Energy Co.
Dresser-Rand Group, Inc. *
Dril-Quip, Inc. *
Energen Corp.
Helix Energy Solutions Group, Inc. *
HollyFrontier Corp.
Oceaneering International, Inc.
Oil States International, Inc. *
Patterson-UTI Energy, Inc.
Rosetta Resources, Inc. *
SM Energy Co.
Superior Energy Services, Inc.
Tidewater, Inc.
Unit Corp. *
World Fuel Services Corp.
28,811
29,102
2,010
3,705
758
752
1,665
987
1,169
4,113
2,193
1,388
1,638
3,061
1,956
1,266
2,935
1,903
1,560
2,189
113,804
88,762
99,326
84,357
81,540
109,189
115,362
100,144
94,088
112,369
109,732
96,515
105,744
105,743
97,776
112,763
105,200
96,815
102,662
97,129
2,029,020
Financials — 8.88%
Affiliated Managers Group, Inc. *
Alexander & Baldwin, Inc.
Alleghany Corp. *
American Financial Group, Inc.
Apollo Investment Corp.
Arthur J Gallagher & Co.
Aspen Insurance Holdings Ltd.
Associated Banc-Corp.
Astoria Financial Corp.
BancorpSouth, Inc.
165
409
77
559
4,035
725
721
1,840
2,449
1,356
34,744
16,729
33,024
33,522
35,385
34,264
30,670
33,453
32,006
28,707
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Bank of Hawaii Corp.
Brown & Brown, Inc.
569
1,079
See accompanying notes which are an integral part of these schedules of investments.
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33,059
35,193
Cathay General Bancorp
CBOE Holdings, Inc.
City National Corp.
Commerce Bancshares, Inc.
Cullen/Frost Bankers, Inc.
East West Bancorp, Inc.
Eaton Vance Corp.
Everest Re Group Ltd.
Federated Investors, Inc. - Class B
Fidelity National Financial, Inc. - Class A *
Fidelity National Financial, Inc. *
First American Financial Corp.
First Horizon National Corp.
First Niagara Financial Group, Inc.
FirstMerit Corp.
Fulton Financial Corp.
Greenhill & Co., Inc.
Hancock Holding Co.
Hanover Insurance Group, Inc.
HCC Insurance Holdings, Inc.
International Bancshares Corp.
Janus Capital Group, Inc.
Jones Lang LaSalle, Inc.
Kemper Corp.
Mercury General Corp.
MSCI, Inc. - Class A *
New York Community Bancorp, Inc. *
Old Republic International Corp.
Primerica, Inc.
Prosperity Bancshares, Inc.
Protective Life Corp.
Raymond James Financial, Inc.
Reinsurance Group of America, Inc.
SEI Investments Co.
Signature Bank *
StanCorp Financial Group, Inc.
SVB Financial Group *
Synovus Financial Corp.
TCF Financial Corp.
Trustmark Corp.
Valley National Bancorp
W.R. Berkley Corp.
Waddell & Reed Financial, Inc. - Class A
Washington Federal, Inc.
Webster Financial Corp.
Westamerica Bancorp
1,270
647
439
724
418
941
898
104
1,110
2,032
644
1,156
2,769
3,813
1,687
2,676
699
944
526
694
1,261
2,721
267
905
715
731
2,100
1,934
697
537
476
660
418
1,019
270
515
282
1,343
2,017
1,357
3,311
724
547
1,469
1,070
595
33,074
34,324
33,287
33,405
32,881
32,790
35,182
17,041
34,058
57,526
9,653
32,758
33,669
33,173
29,071
30,867
34,284
31,375
33,354
34,796
33,230
33,060
35,676
32,914
36,647
33,732
33,500
29,686
35,079
32,437
33,025
36,073
34,717
38,596
32,026
33,747
31,356
32,422
31,861
32,199
33,106
34,994
29,798
31,946
31,569
28,790
1,889,510
Health Care — 11.45%
Allscripts Healthcare Solutions, Inc. *
Bio-Rad Laboratories, Inc. - Class A *
Charles River Laboratories International, Inc. *
Community Health Systems, Inc. *
Cooper Cos., Inc./The
Covance, Inc. *
Endo International PLC *
Health Net, Inc. *
Henry Schein, Inc. *
Hill-Rom Holdings, Inc.
4,820
602
1,354
1,671
544
841
1,056
1,818
615
1,820
71,217
72,342
80,019
90,722
88,687
69,758
67,296
85,824
73,591
79,724
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HMS Holdings Corp. *
Hologic, Inc. *
IDEXX Laboratories, Inc. *
3,789
2,889
551
See accompanying notes which are an integral part of these schedules of investments.
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86,625
71,845
68,360
LifePoint Hospitals, Inc. *
Mallinckrodt PLC *
Masimo Corp. *
Mednax, Inc. *
Mettler-Toledo International, Inc. *
Omnicare, Inc.
Owens & Minor, Inc.
ResMed, Inc.
Salix Pharmaceuticals Ltd. *
STERIS Corp.
Techne Corp.
Teleflex, Inc.
Thoratec Corp. *
United Therapeutics Corp. *
Universal Health Services, Inc. - Class B
VCA Antech, Inc. *
Vertex Pharmaceuticals, Inc. *
WellCare Health Plans, Inc. *
1,132
947
3,122
1,236
295
1,117
2,109
1,379
635
1,408
807
695
2,165
841
801
2,054
1,131
956
84,666
77,198
70,047
70,756
79,714
71,225
72,542
73,176
101,112
79,244
77,129
76,061
54,126
99,127
91,655
83,688
105,807
62,950
2,436,233
Industrials — 10.88%
Acuity Brands, Inc.
AECOM Technology Corp. *
AGCO Corp.
Alaska Air Group, Inc.
Alliant Techsystems, Inc.
AMETEK, Inc.
BE Aerospace, Inc. *
Brink’s Co./The
Carlisle Cos., Inc.
CLARCOR, Inc.
Clean Harbors, Inc. *
Con-way, Inc.
Copart, Inc. *
Corporate Executive Board Co./The *
Crane Co.
Deluxe Corp.
Donaldson Co., Inc.
Esterline Technologies Corp. *
Exelis, Inc.
Fortune Brands Home & Security, Inc.
FTI Consulting, Inc. *
GATX Corp.
General Cable Corp.
Genesee & Wyoming, Inc. - Class A *
Graco, Inc.
Granite Construction, Inc.
Harsco Corp.
Herman Miller, Inc.
HNI Corp.
Hubbell, Inc. - Class B
Huntington Ingalls Industries, Inc.
IDEX Corp.
ITT Corp.
JB Hunt Transport Services, Inc.
KBR, Inc.
Kennametal, Inc.
Kirby Corp. *
Landstar System, Inc.
279
1,137
666
772
270
686
388
1,325
422
625
586
752
1,009
539
498
640
875
308
2,147
940
1,000
562
1,453
353
483
1,041
1,366
1,172
951
297
371
463
788
476
1,396
776
316
568
34,510
43,033
32,542
35,751
33,960
36,308
32,912
36,268
34,963
39,482
35,464
38,528
34,738
35,530
34,662
38,110
36,616
36,152
36,902
40,627
37,082
37,262
31,203
34,667
37,092
36,724
33,063
34,824
36,054
35,926
37,931
35,604
37,711
35,952
30,751
34,758
37,698
38,527
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Lennox International, Inc.
Lincoln Electric Holdings, Inc.
ManpowerGroup
413
517
433
See accompanying notes which are an integral part of these schedules of investments.
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34,551
36,775
33,568
Matson, Inc.
MSA Safety, Inc.
MSC Industrial Direct Co., Inc. - Class A
Nordson Corp.
Oshkosh Corp.
R.R. Donnelley & Sons Co.
Regal-Beloit Corp.
Rollins, Inc.
SPX Corp.
Terex Corp.
Timken Co.
Towers Watson & Co. - Class A
Trinity Industries, Inc.
Triumph Group, Inc.
United Rentals, Inc. *
URS Corp.
UTi Worldwide, Inc. *
Valmont Industries, Inc.
Wabtec Corp.
Waste Connections, Inc.
Watsco, Inc.
Werner Enterprises, Inc.
Woodward, Inc.
1,473
642
388
444
678
2,222
463
1,187
339
951
546
338
864
511
352
822
3,804
228
444
846
362
1,376
750
39,761
35,564
34,979
35,958
33,701
39,268
32,918
35,316
35,237
35,560
24,716
37,027
41,823
35,465
41,379
49,788
34,921
32,076
37,011
41,517
33,514
34,262
39,146
2,315,688
Information Technology — 11.00%
3D Systems Corp. *
ACI Worldwide, Inc. *
Acxiom Corp. *
ADTRAN, Inc.
Advent Software, Inc.
Alliance Data Systems Corp. *
ANSYS, Inc. *
AOL, Inc. *
Arrow Electronics, Inc. *
Atmel Corp. *
Avnet, Inc.
Broadridge Financial Solutions, Inc.
Cadence Design Systems, Inc. *
Ciena Corp. *
CommVault Systems, Inc. *
Compuware Corp.
Concur Technologies, Inc. *
Convergys Corp.
Conversant, Inc. *
CoreLogic, Inc. *
Cree, Inc. *
Cypress Semiconductor Corp.
Diebold, Inc.
DST Systems, Inc.
Equinix, Inc. *
Factset Research Systems, Inc.
Fair Isaac Corp.
Fairchild Semiconductor International, Inc. *
Gartner, Inc. *
Global Payments, Inc.
Informatica Corp. *
Ingram Micro, Inc. - Class A *
Integrated Device Technology, Inc. *
642
1,822
1,580
1,550
1,071
126
449
931
562
3,575
774
840
2,012
1,523
688
3,441
364
1,607
1,396
1,132
671
3,121
877
372
165
294
569
2,126
486
485
923
1,213
2,355
34,356
35,476
29,307
35,785
34,612
33,312
36,526
40,221
34,985
31,676
34,437
35,740
35,485
31,520
37,949
32,175
36,517
30,854
38,433
31,997
30,556
34,485
33,313
34,508
35,929
37,474
33,101
37,311
36,271
35,257
31,428
34,959
38,746
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InterDigital, Inc.
International Rectifier Corp. *
Intersil Corp. - Class A
730
1,193
2,263
See accompanying notes which are an integral part of these schedules of investments.
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32,374
46,997
34,047
Itron, Inc. *
Jack Henry & Associates, Inc.
Lexmark International, Inc. - Class A
ManTech International Corp. - Class A
Mentor Graphics Corp.
MICROS Systems, Inc. *
Monster Worldwide, Inc. *
National Instruments Corp.
NCR Corp. *
NeuStar, Inc. - Class A *
Plantronics, Inc.
Polycom, Inc. *
PTC, Inc. *
Rackspace Hosting, Inc. *
RF Micro Devices, Inc. *
Riverbed Technology, Inc. *
Rovi Corp. *
Semtech Corp. *
Silicon Laboratories, Inc. *
Skyworks Solutions, Inc.
SolarWinds, Inc. *
Solera Holdings, Inc.
SunEdison, Inc. *
Synopsys, Inc. *
Tech Data Corp. *
TIBCO Software, Inc. *
Trimble Navigation Ltd. *
VeriFone Systems, Inc. *
Vishay Intertechnology, Inc.
WEX, Inc. *
Zebra Technologies Corp. - Class A *
840
577
749
1,180
1,603
515
5,515
1,084
1,017
1,403
733
2,720
912
918
3,430
1,669
1,408
1,248
705
718
840
521
1,563
874
555
1,624
892
930
2,234
328
437
35,475
33,336
37,893
34,194
34,968
34,975
31,820
35,931
34,745
41,370
35,007
36,040
35,284
31,770
42,768
31,448
32,571
32,522
31,964
40,702
35,927
31,776
34,441
35,744
37,488
33,847
29,669
32,460
35,737
37,241
34,114
2,341,346
Materials — 11.11%
Albemarle Corp.
AptarGroup, Inc.
Ashland, Inc.
Cabot Corp.
Carpenter Technology Corp.
Commercial Metals Co.
Compass Minerals International, Inc.
Cytec Industries, Inc.
Domtar Corp.
Eagle Materials, Inc.
Greif, Inc. - Class A
Intrepid Potash, Inc. *
Louisiana-Pacific Corp. *
Martin Marietta Materials, Inc.
Minerals Technologies, Inc.
NewMarket Corp.
Olin Corp.
Packaging Corp. of America
Rayonier Advanced Materials, Inc. *
Reliance Steel & Aluminum Co.
Rock-Tenn Co. - Class A
Royal Gold, Inc.
RPM International, Inc.
Scotts Miracle-Gro Co./The - Class A
Sensient Technologies Corp.
1,153
1,240
770
1,353
1,295
4,516
873
809
1,890
868
1,520
4,630
5,544
621
1,304
215
2,944
1,172
115
1,121
1,587
1,190
1,824
1,425
1,523
73,332
79,570
82,529
74,132
70,895
78,037
77,779
83,395
70,461
88,473
72,811
70,975
79,108
81,357
81,670
87,380
80,339
79,695
3,813
78,375
78,030
92,504
85,979
82,242
85,457
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Silgan Holdings, Inc.
Sonoco Products Co.
Steel Dynamics, Inc.
1,663
1,885
4,562
See accompanying notes which are an integral part of these schedules of investments.
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83,750
77,577
106,030
TimkenSteel Corp.
Valspar Corp.
Worthington Industries, Inc.
271
1,075
1,934
12,946
86,793
78,219
2,363,653
Real Estate Investment Trusts — 2.48%
Alexandria Real Estate Equities, Inc.
American Campus Communities, Inc.
BioMed Realty Trust, Inc.
Camden Property Trust
Corporate Office Properties Trust
Corrections Corp. of America
Duke Realty Corp.
Equity One, Inc.
Essex Property Trust, Inc.
Extra Space Storage, Inc.
Federal Realty Investment Trust
Highwoods Properties, Inc.
Home Properties, Inc.
Hospitality Properties Trust
Kilroy Realty Corp.
Liberty Property Trust *
Mack-Cali Realty Corp.
National Retail Properties, Inc.
Omega Healthcare Investors, Inc.
Potlatch Corp.
Rayonier, Inc.
Realty Income Corp.
Regency Centers Corp.
Senior Housing Properties Trust
SL Green Realty Corp.
Taubman Centers, Inc.
UDR, Inc.
Weingarten Realty Investors
217
435
758
241
589
1,021
927
710
186
316
140
398
270
571
270
445
761
461
478
416
357
380
303
706
150
445
606
519
17,161
17,206
17,019
18,037
16,712
36,373
17,251
16,762
35,980
16,663
17,518
16,938
17,317
16,817
17,049
15,745
16,078
17,117
18,012
17,774
12,220
17,009
17,291
16,474
16,395
33,900
18,129
17,773
528,720
Telecommunication Services — 0.16%
Telephone & Data Systems, Inc.
TW Telecom, Inc. *
645
411
16,988
16,853
33,841
Utilities — 11.14%
Alliant Energy Corp.
Aqua America, Inc.
Atmos Energy Corp.
Black Hills Corp.
Cleco Corp.
Great Plains Energy, Inc.
Hawaiian Electric Industries, Inc.
IDACORP, Inc.
MDU Resources Group, Inc.
National Fuel Gas Co.
OGE Energy Corp.
ONE Gas, Inc.
Oneok, Inc.
PNM Resources, Inc.
Questar Corp.
UGI Corp.
Vectren Corp.
Westar Energy, Inc.
WGL Holdings, Inc.
2,385
5,460
2,678
2,335
2,677
5,476
5,693
2,489
4,132
1,822
3,793
3
10
4,878
5,833
2,858
3,411
3,824
3,347
139,481
136,560
135,397
125,446
151,060
140,558
144,546
141,170
129,374
139,303
142,310
94
702
127,857
137,133
151,398
140,644
141,216
145,566
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2,369,815
See accompanying notes which are an integral part of these schedules of investments.
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Total Common Stocks
(Cost $17,000,738)
Cash Equivalents — 2.14%
20,671,360
FOLIOfn Investment Sweep Account, 0.01% (a)
Total Cash Equivalents
(Cost $455,002)
Total Investments – 99.29%
(Cost $17,455,740)
Other Assets in Excess of Liabilities – 0.71%
TOTAL NET ASSETS – 100.00%
(a)
*
Rate disclosed is the seven day yield as of August 31, 2014.
Non-income producing security.
See accompanying notes which are an integral part of these schedules of investments.
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455,002
455,002
455,002
21,126,362
151,403
$21,277,765
At August 31, 2014, the net unrealized appreciation (depreciation) of investments for tax purposes was as follows:
Fund
Cloud Capital Strategic Large Cap Fund
Cloud Capital Strategic Mid Cap Fund
Tax Cost of
Securities
Unrealized
Appreciation
Unrealized
Depreciation
Net Unrealized
Appreciation
$19,923,500
18,227,634
$3,422,611
3,183,095
$(133,666 )
(284,367 )
$3,288,945
2,898,728
The difference between book basis and tax basis unrealized appreciation was attributable primarily to the tax deferral of losses on wash
sales of $231,187 for the Cloud Capital Strategic Large Cap Fund $771,894 and for the Cloud Capital Strategic Mid Cap Fund.
Cloud Capital Funds
Notes to the Schedules of Investments
August 31, 2014
(Unaudited)
The Cloud Capital Strategic Large Cap Equity Fund and the Cloud Capital Strategic Mid Cap Equity Fund (each a “Fund” and,
collectively the “Funds”) are each an investment company and both follow accounting and reporting guidance under Financial
Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment
Companies”. The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of its
financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America
(“GAAP”).
Security Transactions and Related Income - The Funds follow industry practice and records security transactions on the trade date for
financial reporting purposes. The first in, first out (“FIFO”) method is used for determining gains or losses for financial statement and
income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis.
Discounts and premiums on securities purchased are accreted or amortized using the effective interest method. Withholding taxes on
foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates.
The ability of issuers of debt securities held the Funds to meet their obligations may be affected by economic and political developments
in a specific country or region.
Securities Valuation and Fair Value Measurements - Fair value is defined as the price that each Fund would receive upon selling an
investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP
establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to
establish classification of fair value measurements for disclosure purposes.
Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about
risk (the risk inherent in a particular valuation technique used to measure fair value such as pricing model and/or the risk inherent in the
inputs to the valuation technique). Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions
market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the
reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market
participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
Various inputs are used in determining the value of each Fund’s investments. These inputs are summarized in the three broad levels
listed below.
•
Level 1 – quoted prices in active markets for identical securities
•
Level 2 – other significant observable inputs (including, but not limited to, quoted prices for an identical security in an
inactive market, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
•
Level 3 – significant unobservable inputs (including each Fund’s own assumptions in determining fair value of investments
based on the best information available)
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the
level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level
input that is significant to the fair value measurement in its entirety.
Equity securities, including common stocks, are generally valued by using market quotations, but may be valued on the basis of prices
furnished by a pricing service when Cloud Capital LLC (the “Adviser”) believes such prices more
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Cloud Capital Funds
Notes to the Schedules of Investments - continued
August 31, 2014
(Unaudited)
accurately reflect the fair value of such securities. Securities that are traded on any stock exchange are generally valued by the pricing
service at the last quoted sale price. Lacking a last sale price, an exchange traded security is generally valued by the pricing service at its
last bid price. Securities traded in the NASDAQ over-the-counter market are generally valued by the pricing service at the NASDAQ
Official Closing Price.
When using the market quotations or close prices provided by the pricing service and when the market is considered active, the security
will be classified as a Level 1 security. Sometimes, an equity security owned by the Fund will be valued by the pricing service with
factors other than market quotations or when the market is considered inactive. When this happens, the security will be classified as a
Level 2 security. When market quotations are not readily available, when the Adviser determines that the market quotation or the price
provided by the pricing service does not accurately reflect the current fair value, or when restricted or illiquid securities are being
valued, such securities are valued as determined in good faith by the Adviser, in conformity with guidelines adopted by and subject to
review by the Board of Trustees (“Board”). These securities will be categorized as Level 3 securities.
In accordance with the Valued Advisers Trust’s (the “Trust”) good faith pricing guidelines, the Adviser is required to consider all
appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as
described above. No single standard exists for determining fair value, because fair value depends upon the circumstances of each
individual case. As a general principle, the current fair value of an issue of securities being valued by the Adviser would appear to be
the amount which the owner might reasonably expect to receive for them upon their current sale. Methods which are in accordance with
this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market of a similar freely traded security
(including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity
with respect to debt issues, or a combination of these and other methods. Good faith pricing is permitted if, in the Adviser’s opinion, the
validity of market quotations appears to be questionable based on factors such as evidence of a thin market in the security based on a
small number of quotations, a significant event occurs after the close of a market but before each Fund’s NAV calculation that may
affect a security’s value, or the Adviser is aware of any other data that calls into question the reliability of market quotations. Good faith
pricing may also be used in instances when the bonds the Funds invest in may default or otherwise cease to have market quotations
readily available. Any fair valuation pricing done outside the Fund’s approved pricing methods must be approved by the Pricing
Committee of the Board.
The following is a summary of the inputs used to value the Funds’ investments as of August 31, 2014:
Level 1
Quoted Prices
in Active
Markets
Cloud Capital Strategic Large Cap Fund
Common Stocks *
Cash Equivalents
Total
Cloud Capital Strategic Mid Cap Fund
Common Stocks *
Cash Equivalents
Total
Valuation Inputs
Level 2
Other
Significant
Observable
Inputs
$22,866,591
345,854
23,212,445
$ —
—
—
20,671,360
455,002
21,126,362
—
—
—
Level 3
Significant
Unobservable
Inputs
$
Total
—
—
—
$22,866,591
345,854
23,212,445
—
—
—
20,671,360
455,002
21,126,362
* Refer to the Schedule of Investments for industry classifications.
The Funds did not hold any investments at any time during the reporting period in which significant unobservable inputs were used in
determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period. The Funds did hold any
derivative instruments during the reporting period.
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Cloud Capital Funds
Notes to the Schedules of Investments - continued
August 31, 2014
(Unaudited)
The Trust recognizes transfers between fair value hierarchy levels at the end of the reporting period. There were no transfers between
any levels for the reporting period ended August 31, 2014.
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LS Opportunity Fund
Schedule of Investments
August 31, 2014 (Unaudited)
Shares
Fair Value
Consumer Discretionary — 11.91%
Discovery Communications, Inc. - Class A *
Discovery Communications, Inc. - Class C *
L Brands, Inc.
Lennar Corp. - Class A
Life Time Fitness, Inc. *
Mohawk Industries, Inc. *
Priceline.com, Inc. *
SeaWorld Entertainment, Inc.
Sotheby’s
Tempur Sealy International, Inc. *
Time Warner, Inc.
Tribune Co. (a)*
Tribune Publishing Co. (a)*
21,676
21,676
29,170
32,672
33,102
17,926
1,443
83,386
31,335
43,612
33,256
29,452
8,487
$947,675
931,418
1,862,504
1,280,089
1,526,002
2,617,554
1,795,539
1,733,595
1,278,781
2,552,174
2,561,710
2,247,188
162,950
21,497,179
Consumer Staples — 1.34%
Diamond Foods, Inc. *
WhiteWave Food Co. - Class A *
58,433
22,948
1,610,998
803,639
2,414,637
Energy — 18.65%
Anadarko Petroleum Corp.
Dresser-Rand Group, Inc. *
Hess Corp. (a)
Occidental Petroleum Corp. (a)
Pioneer Natural Resources Co. (a)
Schlumberger Ltd. (a)
Valero Energy Corp.
Williams Cos., Inc./The (a)
27,510
56,292
36,186
44,052
14,990
60,766
22,954
124,613
3,100,102
3,901,036
3,658,405
4,569,514
3,127,663
6,662,384
1,242,730
7,406,997
33,668,831
Financials — 9.58%
American International Group, Inc. (a)
Charles Schwab Corp./The
NorthStar Asset Management Group, Inc. (a)*
NorthStar Realty Finance Corp. (a)
70,001
129,891
239,309
283,367
3,924,256
3,703,192
4,424,823
5,245,123
17,297,394
Health Care — 22.14%
Amicus Therapeutics, Inc. *
BioDelivery Sciences International, Inc. *
Catalent, Inc. *
Celgene Corp. (a)*
Cerner Corp. *
DaVita, Inc. (a)*
HCA Holdings, Inc. (a)*
Hologic, Inc. *
Intercept Pharmaceuticals, Inc. *
InterMune, Inc. (a)*
Medivation, Inc. *
Quest Diagnostics, Inc.
Salix Pharmaceuticals Ltd. *
United Therapeutics Corp. *
73,362
96,801
71,177
45,180
44,691
52,037
115,924
27,862
8,208
82,099
22,782
30,919
16,993
14,168
527,473
1,548,816
1,530,305
4,293,004
2,576,883
3,886,123
8,093,814
692,928
2,378,022
6,030,172
2,079,085
1,954,390
2,703,756
1,669,415
39,964,186
Common Stocks - Long - Domestic — 72.38%
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Industrials — 1.34%
Hertz Global Holdings, Inc. *
82,161
See accompanying notes which are an integral part of this schedule of investments.
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2,427,858
Information Technology — 4.89%
Aspen Technology, Inc. *
Facebook, Inc. - Class A *
Google, Inc. - Class A *
SunEdison, Inc. (a)*
Materials — 1.42%
Monsanto Co. (a)
Real Estate Investment Trusts — 1.04%
Ryman Hospitality Properties, Inc.
Telecommunication Services — 0.07%
TW Telecom, Inc. *
Total Common Stocks - Long - Domestic
(Cost $115,761,858)
Common Stocks - Long - International — 9.41%
30,160
47,594
4,307
68,541
1,239,274
3,560,983
2,508,224
1,509,958
8,818,439
22,102
2,556,096
37,844
1,882,739
3,130
128,440
130,655,799
Consumer Discretionary — 2.67%
Liberty Global PLC - Class A (a)*
Liberty Global PLC - Class C *
67,532
44,728
2,949,122
1,875,445
4,824,567
Energy — 1.65%
GasLog Partners LP *
Golar LNG Ltd.
24,596
34,169
819,785
2,152,647
2,972,432
59,789
1,259,156
26,885
5,767,370
53,734
2,155,271
Financials — 0.70%
Essent Group Ltd. *
Information Technology — 3.20%
Baidu, Inc. (a)*
Utilities — 1.19%
Abengoa Yield PLC *
Total Common Stocks - Long - International
(Cost $15,012,147)
Total Investments – 81.79%
(Cost $130,774,005)
Total Securities Sold Short – (20.90)%
(Proceeds Received $35,985,895)
Other Assets in Excess of Liabilities – 39.11%
TOTAL NET ASSETS – 100.00%
(a)
*
16,978,796
147,634,595
(37,719,688 )
70,593,950
$180,508,857
All or a portion of the security is held as collateral for securities sold short. The total fair value of this collateral on August 31,
2014 was $55,159,260.
Non-income producing security.
See accompanying notes which are an integral part of this schedule of investments.
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LS Opportunity Fund
Schedule of Securities Sold Short
August 31, 2014 (Unaudited)
Shares
Fair Value
Common Stocks - Short - Domestic — (8.84)%
Consumer Discretionary — (2.04)%
Apollo Group, Inc. - Class A
GameStop Corp. - Class A
McDonald’s Corp.
Nordstrom, Inc.
Red Robin Gourmet Burgers, Inc.
Starbucks Corp.
(11,925)
(24,211)
(12,463)
(9,770 )
(5,995 )
(2,226 )
$(331,157
(1,021,704
(1,168,032
(676,573
(318,335
(173,205
(3,689,006
)
)
)
)
)
)
)
Consumer Staples — (0.33)%
Nu Skin Enterprises, Inc. - Class A
Post Holdings, Inc.
(12,478)
(1,121 )
(558,016
(41,443
(599,459
)
)
)
(12,780)
(1,271,099 )
(12,463)
(1,180,371 )
(3,630 )
(21,937)
(5,756 )
(6,977 )
(17,720)
(9,493 )
(4,282 )
(11,321)
(5,507 )
(6,239 )
(153,331
(670,175
(401,021
(660,024
(1,126,283
(197,929
(273,406
(332,724
(361,204
(619,595
(4,795,692
Industrials — (1.14)%
Danaher Corp.
Deere & Co.
(13,262)
(12,419)
(1,016,002 )
(1,044,314 )
(2,060,316 )
Information Technology — (0.86)%
International Business Machines Corp.
Zillow, Inc. - Class A
(6,809 )
(1,690 )
(1,309,371 )
(242,447 )
(1,551,818 )
(3,120 )
(803,930
Energy — (0.71)%
Exxon Mobil Corp.
Financials — (0.65)%
Travelers Cos., Inc./The
Health Care — (2.66)%
Abbott Laboratories
Aegerion Pharmaceuticals, Inc.
Alnylam Pharmaceuticals, Inc.
CIGNA Corp.
Eli Lilly & Co.
Exact Sciences Corp.
Medtronic, Inc.
Pfizer, Inc.
St. Jude Medical, Inc.
Zimmer Holdings, Inc.
Materials — (0.45)%
CF Industries Holdings, Inc.
Total Common Stocks - Short - Domestic
(Proceeds Received $15,706,306)
Common Stocks - Short - International — (1.71)%
Consumer Discretionary — (0.39)%
Garmin Ltd.
Vipshop Holdings Ltd.
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)
(15,951,691)
(6,065 )
(1,872 )
See accompanying notes which are an integral part of this schedule of investments.
)
)
)
)
)
)
)
)
)
)
)
(329,511
(368,091
(697,602
)
)
)
Health Care — (0.74)%
GlaxoSmithKline PLC ADR
Information Technology — (0.48)%
Bitauto Holdings Ltd.
SINA Corp.
Materials — (0.10)%
Potash Corporation of Saskatchewan, Inc.
Total Common Stocks - Short - International
(Proceeds Received $3,091,922)
Exchange-Traded Funds - Short — (10.35)%
Consumer Discretionary Select Sector SPDR Fund
Energy Select Sector SPDR Fund
Health Care Select Sector SPDR Fund
Industrial Select Sector SPDR Fund
iShares Nasdaq Biotechnology ETF
Powershares QQQ Trust, Series 1
SPDR S&P 500 ETF Trust
Total Exchange-Traded Funds - Short
(Proceeds Received $17,187,667)
Total Securities Sold Short – (20.90)%
(Proceeds Received $35,985,895)
(27,312)
(1,341,019 )
(2,496 )
(14,009)
(219,224
(646,936
(866,160
)
)
)
(5,033 )
(176,960
)
(3,081,741 )
(16,900)
(4,388 )
(20,298)
(21,602)
(2,677 )
(55,831)
(41,431)
(1,163,058
(433,271
(1,296,230
(1,166,940
(740,324
(5,570,817
(8,315,616
(18,686,256)
$(37,719,688)
ADR — American Depositary Receipt
Tax Related - At August 31, 2014, the appreciation (depreciation) of investments, net of proceeds for investment securities sold
short, was as follows:
Unrealized appreciation
Unrealized depreciation
Net unrealized appreciation (depreciation)
$16,070,125
(2,251,560 )
13,818,565
Aggregate cost of securities for income tax purposes
$96,096,342
The difference between book basis and tax basis unrealized appreciation was attributable primarily to the tax deferral of losses on wash
sales of $1,308,232 for LS Opportunity Fund.
See accompanying notes which are an integral part of this schedule of investments.
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)
)
)
)
)
)
)
LS Opportunity Fund
Notes to the Schedule of Investments
August 31, 2014
(Unaudited)
The LS Opportunity Fund (the “Fund”) is an investment company and follows accounting and reporting guidance under Financial
Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment
Companies”. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its
financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America
(“GAAP”).
Security Transactions and Related Income - The Fund follows industry practice and records security transactions on the trade date for
financial reporting purposes. The Last In, First Out method is used for determining gains or losses on securities transactions for
financial statement and income tax purposes. Dividend income and dividend expense are recorded on the ex-dividend date and interest
income is recorded on an accrual basis. Distributions from Limited Partnerships are recognized on the ex-date. Income or loss from
Limited Partnerships is reclassified in the components of net assets upon receipt of Schedules K-1 (Form 1065). Discounts and
premiums on securities purchased are amortized or accreted using the effective interest method. 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.
Short Sales - The Fund may make short sales as part of its overall portfolio management strategies or to offset a potential decline in
value of a security. The Fund may engage in short sales with respect to various types of securities, including Exchange Traded Funds
(ETFs). A short sale involves the sale of a security that is borrowed from a broker or other institution to complete the sale. The Fund
may engage in short sales with respect to securities it owns, as well as securities that it does not own. Short sales expose the Fund to the
risk that it will be required to acquire, convert or exchange securities to replace the borrowed securities (also known as “covering” the
short position) at a time when the securities sold short have appreciated in value, thus resulting in a loss to the Fund. The Fund’s
investment performance may also suffer if the Fund is required to close out a short position earlier than it had intended. The Fund must
segregate assets determined to be liquid in accordance with procedures established by the Board of Trustees, or otherwise cover its
position in a permissible manner. The Fund will be required to pledge its liquid assets to the broker in order to secure its performance on
short sales. As a result, the assets pledged may not be available to meet the Fund’s needs for immediate cash or other liquidity. In
addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly,
such as costs of borrowing and margin account maintenance costs associated with the Fund’s open short positions. These types of short
sales expenses are sometimes referred to as the “negative cost of carry,” and will tend to cause the Fund to lose money on a short sale
even in instances where the price of the underlying security sold short does not change over the duration of the short sale. Dividend
expenses on securities sold short and borrowing costs are not covered under the Long Short Advisors’, LLC (the “Adviser”) expense
limitation agreement with the Fund and, therefore, these expenses will be borne by the shareholders of the Fund. The amount of
restricted cash held at the broker as collateral for securities sold short was $20,261,785 as of August 31, 2014.
Foreign Currency Translations – Foreign currency amounts are translated into U.S. dollars as follows: (i) assets and liabilities at the rate
of exchange at the end of the respective period; and (ii) purchases and sales of securities and income and expenses at the rate of
exchange prevailing on the dates of such transactions. The portion of the results of operations arising from changes in the exchange
rates and the portion due to fluctuations arising from changes in the market prices of securities are not isolated. Such fluctuations are
included with the net realized and unrealized gain or loss on investments.
The Fund may enter into transactions to purchase or sell foreign currencies to protect the U.S. dollar value of its underlying portfolio
securities against the effect of possible adverse movements in foreign exchange rates. Principal risks associated with such transactions
include the movement in value of the foreign currency relative to the U.S. dollar and the ability of the counterparty to perform.
Fluctuations in the value of such forward currency transactions are recorded daily as unrealized gain or loss; realized gain or loss
includes net gain or loss on transactions that have terminated by settlement or by a fund entering into offsetting commitments. Reported
net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade
and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding
taxes recorded on the company’s books and the U.S. dollar equivalent of the amounts actually received or paid. These instruments
involve market risk, credit risk, or both kinds of risks, in excess of the amount recognized in the Statement of Assets and Liabilities.
Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and
securities values and interest rates.
Securities Valuation and Fair Value Measurements - Fair value is defined as the price that a Fund would receive upon selling an
investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP
establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to
establish classification of fair value measurements for disclosure purposes.
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Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about
risk (the risk inherent in a particular valuation technique used to measure fair value such a pricing model
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LS Opportunity Fund
Notes to the Schedule of Investments - continued
August 31, 2014
(Unaudited)
and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable or unobservable. Observable inputs are
inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data
obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own
assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best
information available in the circumstances.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed
below.
•
Level 1 – quoted prices in active markets for identical securities
•
Level 2 – other significant observable inputs (including, but not limited to, quoted prices for an identical security in an
inactive market, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
•
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments
based on the best information available)
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the
level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level
input that is significant to the fair value measurement in its entirety.
Equity securities, including common stocks, exchange traded funds, real estate investment trusts, and american depositary receipts are
generally valued by using market quotations, furnished by a pricing service. Securities that are traded on any stock exchange are
generally valued at the last quoted sale price. Lacking a last sale price, an exchange traded security is generally valued by the pricing
service at its last bid price. Securities traded in the NASDAQ over-the-counter market are generally valued by the pricing service at the
NASDAQ Official Closing Price.
When using the market quotations or close prices provided by the pricing service and when the market is considered active, the security
is classified as a Level 1 security. Sometimes, an equity security owned by the Fund will be valued by the pricing service with factors
other than market quotations or when the market is considered inactive. When this happens, the security is classified as a Level 2
security. When market quotations are not readily available, when the Adviser determines that the market quotation or the price provided
by the pricing service does not accurately reflect the current fair value, or when restricted or illiquid securities are being valued, such
securities are valued as determined in good faith by the Adviser, in conformity with guidelines adopted by and subject to review by the
Board. These securities are generally categorized as Level 3 securities.
Investments in mutual funds, including money market mutual funds, are generally priced at the ending net asset value (NAV) provided
by the service agent of the funds. These securities are categorized as Level 1 securities.
In accordance with the Trust’s good faith pricing guidelines, the Adviser is required to consider all appropriate factors relevant to the
value of securities for which it has determined other pricing sources are not available or reliable as described above. No single standard
exists for determining fair value, because fair value depends upon the circumstances of each individual case. As a general principle, the
current fair value of an issue of securities being valued by the Adviser would appear to be the amount which the owner might
reasonably expect to receive for them upon their current sale. Methods which are in accordance with this principle may, for example, be
based on (i) a multiple of earnings; (ii) a discount from market of a similar freely traded security (including a derivative security or a
basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a
combination of these and other methods. Good faith pricing is permitted if, in the Adviser’s opinion, the validity of market quotations
appears to be questionable based on factors such as evidence of a thin market in the security based on a small number of quotations, a
significant event occurs after the close of a market but before a Fund’s NAV calculation that may affect a security’s value, or the
Adviser is aware of any other data that calls into question the reliability of market quotations. Good faith pricing may also be used in
instances when the bonds the Fund invests in may default or otherwise cease to have market quotations readily available.
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The following is a summary of the inputs used to value the Fund’s investments as of August 31, 2014:
LS Opportunity Fund
Notes to the Schedule of Investments - continued
August 31, 2014
(Unaudited)
Valuation Inputs
Assets
Common Stocks*
Total
Level 1 - Quoted
Prices in Active
Markets
Level 2 - Other
Significant
Observable Inputs
Level 3 Significant
Unobservable
Inputs
$147,634,595
$147,634,595
$
$
$
$
—
—
—
—
Total
$147,634,595
$147,634,595
* Refer to the Schedule of Investments for industry classifications.
Valuation Inputs
Liabilities
Common Stocks*
Exchange - Traded Funds
Total
Level 1 - Quoted
Prices in Active
Markets
Level 2 - Other
Significant
Observable Inputs
Level 3 Significant
Unobservable
Inputs
$(19,033,432 )
(18,686,256 )
$(37,719,688 )
$
$
$
—
—
—
$
—
—
—
Total
$(19,033,432)
(18,686,256)
$(37,719,688)
* Refer to the Schedule of Securities Sold Short for industry classifications.
The Fund did not hold any investments at any time during the reporting period in which significant unobservable inputs were used in
determining fair value; therefore no reconciliation of Level 3 securities is included for this reporting period. The Trust recognizes
transfers between fair value hierarchy levels at the reporting period end. There were no transfers between any levels as of August 31,
2014.
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Item 2. Controls and Procedures.
(a) Based on an evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this
report the Principal Executive Officer and Principal Financial Officer concluded the disclosure controls and procedures are reasonably
designed to ensure that the information required in filings on Forms N-Q is recorded, processed, summarized, and reported on a timely
basis.
(b) There were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s
last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over
financial reporting.
Item 3. Exhibits.
Certifications by the registrant’s principal executive officer and principal financial officer, pursuant to the Sarbanes- Oxley Act of 2002
and required by Rule 30a-2a under the Investment Company Act of 1940 are filed herewith.
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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
By
Date
Valued Advisers Trust
/s/ R. Jeffrey Young
R. Jeffrey Young, President and Principal Executive Officer
October 21, 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
Date
By
Date
/s/ R. Jeffrey Young
R. Jeffrey Young, President and Principal Executive Officer
October 21, 2014
/s/ Bryan W. Ashmus
Bryan W. Ashmus, Treasurer and Principal Financial Officer
October 21, 2014
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FORM N-Q CERTIFICATION
I, R. Jeffrey Young, certify that:
1.
I have reviewed this report on Form N-Q of Valued Advisers 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:
5.
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
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
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: October 21, 2014
/s/ R. Jeffrey Young
R. Jeffrey Young
President and Principal Executive Officer
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FORM N-Q CERTIFICATION
I, Bryan W. Ashmus, certify that:
1.
I have reviewed this report on Form N-Q of Valued Advisers 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:
5.
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
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
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: October 21, 2014
/s/ Bryan W. Ashmus
Bryan W. Ashmus
Treasurer and Principal Financial Officer
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