Huntington EcoLogical Strategy ETF
Schedule of Investments (concluded)
January 31, 2013 (Unaudited)
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Share
Amount
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Market
Value
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Real Estate Management & Development (1.7%)
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CBRE Group, Inc., Class A
†
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2,400
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$
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51,792
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Jones Lang LaSalle, Inc.
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996
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91,771
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143,563
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Semiconductors & Semiconductor Equipment (6.5%)
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Arm Holdings PLC ADR
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3,240
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133,034
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Cree, Inc.
†
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2,532
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109,256
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Texas Instruments, Inc.
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5,784
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191,335
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Veeco Instruments, Inc.
†
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3,846
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120,957
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554,582
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Software (1.1%)
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SAP AG ADR
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1,090
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89,402
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Textiles, Apparel & Luxury Goods (2.8%)
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NIKE, Inc., Class B
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3,078
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166,366
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V.F. Corp.
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504
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74,380
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240,746
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Trading Companies & Distributors (1.0%)
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Fastenal Co.
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1,632
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81,078
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Total Common Stocks (cost $7,319,784)
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$
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8,182,360
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Total Investments (96.3%) (cost $7,319,784)
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$
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8,182,360
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Other Assets less Liabilities (3.7%)
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316,372
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Net Assets (100.0%)
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$
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8,498,732
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†
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Non-income producing security
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ADR
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American Depositary Receipt
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See Notes
to Schedules of Investments.
Huntington Strategy Shares
Notes to Schedules of Investments
January 31, 2013 (Unaudited)
1. Organization
The Huntington Strategy Shares (the “Trust”) was organized on September 7, 2010 as a Delaware Statutory Trust and is registered under the
Investment Company Act of 1940 (the “1940 Act”), as an open-end management investment company. The Declaration of Trust permits the Trust to issue an unlimited number of shares of beneficial interest (“Shares”) in one or more
series representing interests in separate portfolios of securities. Currently, the Trust offers its shares in two separate series: Huntington US Equity Rotation Strategy ETF (the “US Equity Rotation Fund”) and Huntington EcoLogical
Strategy ETF (the “EcoLogical Strategy Fund”) (individually referred to as a “Fund,” or collectively as the “Funds.”). Each Fund is an actively managed exchange-traded fund. The investment objective of both Funds is to
seek capital appreciation, and the Funds do not seek to replicate a specified index. The Funds’ prospectus provides a description of each Fund’s investment objectives, policies, and strategies. The assets of each Fund are segregated and a
shareholder’s interest is limited to the Fund in which shares are held.
Shares of each of the Funds are listed and traded on the NYSE
Arca, Inc. Market prices for the Shares may be different from their net asset value (“NAV”). Each Fund issues and redeems Shares on a continuous basis at NAV only in large blocks of Shares, currently 25,000 Shares, called “Creation
Units.” Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, Shares generally trade in the secondary market at market prices that change throughout the day in amounts less
than a Creation Unit.
Under the Trust’s organizational documents, its officers and Board of Trustees (“Trustees”) are
indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Trust may enter into contracts with vendors and others that provide for general indemnifications.
The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. However, based on experience, the Trust expects that risk of loss to be remote.
2. Significant Accounting Policies
The
following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its Schedules of Investments. These policies are in conformity with generally accepted accounting principles in the United States of
America (“GAAP”). The preparation of Schedules of Investments in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts. Actual results could differ from those estimates.
A. Investment Valuations
The Funds hold
investments at fair value. Fair value is defined as the price that would be expected to be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation
techniques used to determine fair value are further described below.
Security values are ordinarily obtained through the use of independent
pricing services, in accordance with procedures adopted by the Trust’s Board of Trustees (the “Board”). Pursuant to these procedures, the Funds may use a pricing service, bank, or broker-dealer experienced in such matters to value the
Funds’ securities. When reliable market quotations are not readily available for any security, the fair value of that security will be determined by a committee established by the Board in accordance with procedures adopted by the Board. The
fair valuation process is designed to value the subject security at the price the Fund would reasonably expect to receive upon its current sale. Additional consideration is given to securities that have experienced a decrease in the volume or level
of activity or to circumstances that indicate that a transaction is not orderly.
The Trust has a three-tier fair value hierarchy that is
dependent upon the various “inputs” used to determine the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below:
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•
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Level 1 - quoted prices in active markets for identical assets.
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Huntington Strategy Shares
Notes to Schedules of Investments (continued)
January 31, 2013 (Unaudited)
2. Significant Accounting Policies (continued)
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Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
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•
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Level 3 - significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).
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The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with
investing in those investments.
Equity securities (including foreign equity securities) traded on a securities exchange are valued at the
last reported sales price on the principal exchange. Equity securities quoted by NASDAQ are valued at the NASDAQ official closing price. If there is no reported sale on the principal exchange, and in the case of over-the-counter securities, equity
securities are valued at a bid price estimated by the security pricing service. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.
Fixed Income Securities (Corporate, Municipal, and Foreign Bonds and U.S. Government and Agency Securities) are valued using various inputs including benchmark yields, reported trades, broker/dealer
quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, reference data, and industry and market events, and are typically categorized as Level 2 in the fair value hierarchy.
In addition to the inputs discussed above for fixed income securities, asset backed securities are valued using new issue data, monthly payment
information and collateral performance and are typically categorized as Level 2 in the fair value hierarchy.
Short-term obligations with
maturities of 60 days or less are valued at amortized cost, which constitutes fair value as determined by the Board, and are typically categorized as Level 2 in the fair value hierarchy.
Forward currency contracts are valued using market quotes posted by major currency dealers and are typically categorized as Level 2 in the fair value hierarchy.
Shares of mutual funds are valued at their respective daily net asset value and are typically categorized as Level 1 in the fair value hierarchy.
Foreign securities quoted in foreign currencies are translated in U.S. dollars at the foreign exchange rate in effect as of the close of the
New York Stock Exchange (NYSE) (generally 4:00 p.m. Eastern Time), on the day the value of the foreign security is determined.
The following
is a summary of the inputs used to value the Funds’ investments as of January 31, 2013, while the breakdown, by category, of common stocks is disclosed in the Schedule of Investments for each Fund.
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Level 1
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Total
Investments
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US Equity Rotation Fund
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Common Stocks
1
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$
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8,761,635
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$
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8,761,635
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Total Investments
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$
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8,761,635
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$
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8,761,635
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EcoLogical Strategy Fund
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Common Stocks
1
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$
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8,182,360
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$
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8,182,360
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Total Investments
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$
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8,182,360
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$
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8,182,360
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1
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Please see Schedule of Investments for industry classifications.
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Huntington Strategy Shares
Notes to Schedules of Investments (continued)
January 31, 2013 (Unaudited)
The Trust’s policy is to disclose transfers between fair value hierarchy levels based on
valuations at the end of the reporting period. There were no transfers between Level 1, 2, or 3 as of January 31, 2013. As of January 31, 2013, no securities were categorized as Level 2 or Level 3.
B. Foreign Currency Transactions
The
accounting records of the Funds are maintained in U.S. dollars. Financial instruments and other assets and liabilities of a Fund denominated in a foreign currency, if any, are translated into U.S. dollars at current exchange rates. Purchases and
sales of financial instruments, income receipts and expense payments are translated into U.S. dollars at the exchange rate on the date of the transaction.
The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates from those resulting from changes in market values of financial instruments. Such
fluctuations are included with the net realized and unrealized gains or losses from investments. Realized foreign exchange gains or losses arise from transactions in financial instruments and foreign currencies, currency exchange fluctuations
between the trade and settlement date of such transactions, and the difference between the amount of assets and liabilities recorded and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and
losses arise from changes in the value of assets and liabilities, including financial instruments, resulting from changes in currency exchange rates.
The Funds may be subject to foreign taxes on gains in investments or currency repatriation. The Funds accrue such taxes, as applicable, based on their current interpretation of tax rules in the foreign
markets in which they invest.
C. Security Transactions and Related Income
During the period, investment transactions are accounted for no later than the first calculation of the NAV on the business day following the trade date. For financial reporting purposes, however,
security transactions are accounted for on the trade date on the last business day of the reporting period. Discounts and premiums on securities purchased are amortized over the lives of the respective securities. Securities gains and losses are
calculated on the identified cost basis. Interest income and expenses are accrued daily. Dividends, less foreign tax withholding (if any), are recorded on the ex-dividend date.
3. Federal Income Taxes
As of January 31, 2013, the tax cost of securities and the
breakdown of unrealized appreciation (depreciation) for each Fund was as follows:
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Tax Cost of
Securities
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Unrealized
Appreciation
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Unrealized
Depreciation
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Net Unrealized
Appreciation/
(Depreciation)
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US Equity Rotation Fund
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$
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8,125,014
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$
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761,564
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$
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(124,943
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$
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636,621
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EcoLogical Strategy Fund
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7,319,784
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992,082
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(129,506
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)
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862,576
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Huntington Strategy Shares
Notes to Schedules of Investments (concluded)
January 31, 2013 (Unaudited)
4. Risks
ETF Risk
The NAV of a Fund can fluctuate up or down, and you could lose
money investing in a Fund if the prices of the securities owned by the Fund decline. In addition, a Fund may be subject to the following additional risks: (1) the market price of a Fund’s shares may trade above or below their NAV;
(2) an active trading market for a Fund’s shares may not develop or be maintained; or (3) trading of a Fund’s shares may be halted if the listing exchange’s officials deem such action appropriate, the shares are delisted
from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.
Ecological Investment Risk
The EcoLogical Strategy Fund’s ecological
investment criteria could cause it to underperform funds that do not maintain ecological investment criteria. In order to comply with its ecological investment criteria, the EcoLogical Strategy Fund may be required to forego advantageous investment
opportunities or sell investments at inappropriate times. The EcoLogical Strategy Fund’s ecological investment criteria may result in the EcoLogical Strategy Fund investing in industry sectors that are not performing as well as others.
5. Subsequent Events
Management of the Funds has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date these Schedules of Investments were issued. Based upon this evaluation,
no additional disclosures or adjustments were required to the Schedules of Investments as of January 31, 2013.
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Item 2.
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Controls and Procedures.
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(a)
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The registrant’s principal executive officer and principal financial officer concluded that the registrant’s disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) were effective as of a date within 90 days of the filing date of this report (the “Evaluation Date”) based on their evaluation of the registrant’s
disclosure controls and procedures as of the Evaluation Date.
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(b)
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There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17CFR
270.30a-3(d))) that occurred during the registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
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Certifications pursuant to
Rule 30a-2(a) under the Act are attached hereto.
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: Huntington Strategy Shares
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By (Signature and Title)
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/s/ R. Jeffrey Young
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R. Jeffrey Young, Chief Executive Officer
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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.
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By (Signature and Title)
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/s/ R. Jeffrey Young
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R. Jeffrey Young, Chief Executive Officer
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By (Signature and Title)
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/s/ Robert Silva
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Robert Silva, Treasurer
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