2
3
| The Meridian Growth Fund ranked number three out of four hundred midcap core funds in 2010, according to Lipper, as reported in the Wall Street Journal. | |
| Richard Aster and William Tao were given special recognition as Runner-Up Domestic-Stock Manager of the Year by Morningstar for 2010. There are over 6,000 domestic stock funds. Mr. Aster was identified as a manager who not only had an exceptional calendar year, but who also has done well for investors over the long haul. | |
| Meridian Growth Fund was the recipient of the Standard & Poors Domestic Equity Mid Cap Fund Gold Award based on above peer-average returns, along with below peer-average risk and expenses and a record of consistent management over three years through August 31, 2010. | |
| Mr. Aster was profiled in Money Magazines 2011 Investors Guide for his 26 year tenure with the Meridian Growth Fund, outperforming 94% of its peers over the past 15 years as of December 31, 2010. |
4
5
Industrial Machinery
|
1 | .9 | % | $ | 570,486 | ||||
Diversified Manufacturing Operations
|
1 | .8 | 540,912 | ||||||
Household Appliances
|
1 | .7 | 531,852 | ||||||
Trucking
|
1 | .7 | 531,664 | ||||||
Electrical Components & Equipment
|
1 | .7 | 529,144 | ||||||
Distribution & Wholesale
|
1 | .7 | 522,898 | ||||||
Banking-Thrifts & Mortgage Finance
|
1 | .7 | 517,244 | ||||||
Banking-Regional Banks
|
1 | .7 | 513,408 | ||||||
Soft Drinks
|
1 | .7 | 511,033 | ||||||
Energy
|
1 | .7 | 511,000 | ||||||
Media-Broadcasting & Cable TV
|
1 | .7 | 508,431 | ||||||
Asset Management & Custody Banks
|
1 | .7 | 507,698 | ||||||
Computer Hardware
|
1 | .6 | 503,185 | ||||||
Insurance Brokers
|
1 | .6 | 503,001 | ||||||
Tobacco
|
1 | .6 | 502,674 | ||||||
Department Stores
|
1 | .6 | 500,805 | ||||||
Semiconductors
|
1 | .6 | 499,466 | ||||||
Chemicals-Specialty
|
1 | .6 | 499,460 | ||||||
Chemicals-Diversified
|
1 | .6 | 498,800 | ||||||
Aerospace & Defense
|
1 | .6 | 496,361 | ||||||
Household-Home Furnishings
|
1 | .6 | 492,185 | ||||||
Software & Services
|
1 | .6 | 491,392 | ||||||
Office Services & Supplies
|
1 | .6 | 490,854 | ||||||
Independent Power Producers & Energy
|
1 | .6 | 490,080 | ||||||
Diversified Financial Services
|
1 | .6 | 484,653 | ||||||
Packaging
|
1 | .6 | 483,960 | ||||||
Insurance-Multi-Line
|
1 | .6 | 483,084 | ||||||
Oil & Gas-Storage & Transportation
|
1 | .6 | 482,307 | ||||||
Electronic Equipment Manufacturing
|
1 | .6 | 481,664 | ||||||
Air Freight & Logistics
|
1 | .6 | 480,117 | ||||||
Steel
|
1 | .6 | 477,638 | ||||||
Banking-Commercial
|
1 | .6 | 476,821 | ||||||
Home Improvement Retail
|
1 | .6 | 476,816 | ||||||
REITs-Storage
|
1 | .6 | 476,674 | ||||||
Health Care Products
|
1 | .5 | 475,828 | ||||||
Apparel Accessories & Luxury Goods
|
1 | .5 | 473,990 | ||||||
Environmental Facilities & Services
|
1 | .5 | 471,567 | ||||||
Personal Products
|
1 | .5 | 470,772 | ||||||
Insurance-Property & Casualty
|
1 | .5 | 470,745 | ||||||
Food Distributors
|
1 | .5 | 470,400 | ||||||
Commercial Printing
|
1 | .5 | 470,205 |
6
IT Services & Data Processing
|
1 | .5 | % | $ | 469,832 | ||||
Telecommunication Services-Integrated
|
1 | .5 | 466,554 | ||||||
Health Care Equipment & Supplies
|
1 | .5 | 466,144 | ||||||
Industrial Conglomerates
|
1 | .5 | 466,020 | ||||||
Electric Utilities
|
1 | .5 | 465,864 | ||||||
Metal & Glass Containers
|
1 | .5 | 464,250 | ||||||
Health Care Technology
|
1 | .5 | 463,625 | ||||||
Utilities-Gas
|
1 | .5 | 462,465 | ||||||
Media
|
1 | .5 | 460,031 | ||||||
Apparel Retail
|
1 | .5 | 459,382 | ||||||
Diversified Capital Markets
|
1 | .5 | 458,694 | ||||||
Railroads
|
1 | .5 | 458,586 | ||||||
Paper & Packaging
|
1 | .5 | 457,912 | ||||||
Consumer Products
|
1 | .5 | 457,040 | ||||||
Publishing
|
1 | .5 | 455,125 | ||||||
Restaurants
|
1 | .5 | 452,884 | ||||||
Retail
|
1 | .5 | 452,654 | ||||||
Pharmaceuticals
|
1 | .5 | 447,485 | ||||||
Food & Meats-Packaged
|
1 | .4 | 441,140 | ||||||
Cash & Other Assets, Less Liabilities
|
5 | .2 | 1,590,813 | ||||||
100 | .0 | % | $ | 30,687,774 | |||||
7
Tech-Software
|
14 | .9% | $ | 314,330,048 | |||||
Retail
|
9 | .9 | 208,396,733 | ||||||
Technology
|
7 | .5 | 158,319,147 | ||||||
Energy
|
5 | .7 | 120,704,501 | ||||||
Brokerage & Money Management
|
5 | .0 | 104,132,905 | ||||||
Insurance Brokers
|
4 | .8 | 100,192,781 | ||||||
Industrial Conglomerates
|
4 | .3 | 91,139,472 | ||||||
Industrial Services
|
3 | .8 | 80,787,529 | ||||||
Health Care Products
|
3 | .7 | 76,837,790 | ||||||
Building Products
|
3 | .5 | 72,955,619 | ||||||
Leisure & Amusement
|
2 | .8 | 59,140,100 | ||||||
Banking-Commercial
|
2 | .7 | 56,132,690 | ||||||
U.S. Government Obligations
|
2 | .6 | 54,988,890 | ||||||
Cellular Communications
|
2 | .5 | 53,054,936 | ||||||
Chemicals-Specialty
|
2 | .4 | 50,505,351 | ||||||
Trucking
|
2 | .4 | 50,196,300 | ||||||
Distribution & Wholesale
|
2 | .3 | 49,361,983 | ||||||
Air Freight & Logistics
|
2 | .0 | 43,084,860 | ||||||
Consumer Services
|
2 | .0 | 42,422,407 | ||||||
Restaurants
|
1 | .9 | 39,729,501 | ||||||
Metals
|
1 | .6 | 34,367,418 | ||||||
Furniture & Fixtures
|
1 | .6 | 33,471,900 | ||||||
Electronic Equipment Manufacturing
|
1 | .5 | 31,863,150 | ||||||
Real Estate Management & Services
|
1 | .5 | 31,595,880 | ||||||
Health Care Technology
|
1 | .5 | 30,519,098 | ||||||
Health Care Information Services
|
1 | .4 | 29,855,416 | ||||||
Automotive Wholesale Services
|
1 | .0 | 22,032,765 | ||||||
Banking
|
0 | .5 | 9,671,385 | ||||||
Cash & Other Assets, Less Liabilities
|
2 | .7 | 56,155,905 | ||||||
100 | .0% | $ | 2,105,946,460 | ||||||
8
Technology
|
9 | .5% | $ | 88,525,464 | |||||
Retail
|
7 | .4 | 68,688,945 | ||||||
Industrial Services
|
6 | .4 | 60,162,151 | ||||||
Industrial Products
|
6 | .1 | 56,701,670 | ||||||
Leisure & Amusement
|
5 | .0 | 46,520,830 | ||||||
Energy
|
4 | .8 | 44,598,066 | ||||||
Diversified Financial Services
|
4 | .8 | 44,545,030 | ||||||
Tech-Software
|
4 | .0 | 37,310,345 | ||||||
Banking
|
3 | .2 | 30,313,296 | ||||||
U.S. Government Obligations
|
3 | .2 | 29,993,940 | ||||||
Insurance Brokers
|
3 | .1 | 28,618,232 | ||||||
Semiconductors
|
3 | .0 | 28,096,490 | ||||||
Trucking
|
2 | .8 | 26,373,108 | ||||||
Air Freight & Logistics
|
2 | .7 | 24,772,200 | ||||||
Metals
|
2 | .6 | 24,007,160 | ||||||
Environmental Facilities & Services
|
2 | .5 | 23,648,418 | ||||||
Automotive Wholesale Services
|
2 | .5 | 23,210,752 | ||||||
Railroads
|
2 | .5 | 22,868,488 | ||||||
Home Improvement Retail
|
2 | .4 | 22,821,875 | ||||||
Household Appliances
|
2 | .2 | 20,769,153 | ||||||
Industrial
|
2 | .1 | 19,448,560 | ||||||
Pharmaceuticals
|
2 | .1 | 19,384,214 | ||||||
Office Services & Supplies
|
2 | .0 | 19,150,726 | ||||||
Utilities
|
2 | .0 | 19,076,939 | ||||||
Agriculture
|
1 | .6 | 14,756,716 | ||||||
REITs-Diversified
|
1 | .5 | 14,003,754 | ||||||
Brokerage & Money Management
|
1 | .3 | 12,022,569 | ||||||
Asset Management & Custody Banks
|
1 | .2 | 11,032,032 | ||||||
Health Care Products
|
1 | .0 | 9,796,965 | ||||||
Transportation
|
1 | .0 | 9,270,948 | ||||||
Aerospace & Defense
|
1 | .0 | 9,044,640 | ||||||
Insurance
|
0 | .8 | 7,487,424 | ||||||
Cash & Other Assets, Less Liabilities
|
1 | .7 | 16,123,705 | ||||||
100 | .0% | $ | 933,144,805 | ||||||
9
Beginning |
Ending |
Expenses |
||||||||||||||
Account Value |
Account Value |
Expense |
Paid During |
|||||||||||||
7/1/10 | 12/31/10 | Ratio(1) | Period(2) | |||||||||||||
Actual Fund Return
( See explanation below) |
||||||||||||||||
Meridian Equity Income Fund
|
$ | 1,000.00 | $ | 1,185.40 | 1.25 | %(4) | $ | 6.89 | ||||||||
Meridian Growth Fund
|
$ | 1,000.00 | $ | 1,316.00 | 0.83 | % | $ | 4.85 | ||||||||
Meridian Value Fund
|
$ | 1,000.00 | $ | 1,271.00 | 1.10 | % | $ | 6.30 | ||||||||
Hypothetical 5%
Return(3)
( See explanation below) |
||||||||||||||||
Meridian Equity Income Fund
|
$ | 1,000.00 | $ | 1,018.90 | 1.25 | %(4) | $ | 6.36 | ||||||||
Meridian Growth Fund
|
$ | 1,000.00 | $ | 1,021.02 | 0.83 | % | $ | 4.23 | ||||||||
Meridian Value Fund
|
$ | 1,000.00 | $ | 1,019.66 | 1.10 | % | $ | 5.60 |
(1) | Annualized, based on the Funds most recent fiscal half-year expenses. |
(2) | Expenses are equal to the Funds annualized expense ratio multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, then divided by 365. |
(3) | Before expenses. | |
(4) | See note 2 to Financial Statements. |
10
11
Shares | Value | |||||||
COMMON STOCKS - 94.8%
|
||||||||
AEROSPACE & DEFENSE - 1.6%
|
||||||||
Lockheed Martin Corp.
|
7,100 | $ | 496,361 | |||||
AIR FREIGHT & LOGISTICS - 1.6%
|
||||||||
United Parcel Service, Inc. Class B
|
6,615 | 480,117 | ||||||
APPAREL ACCESSORIES & LUXURY GOODS - 1.5%
|
||||||||
VF Corp.
|
5,500 | 473,990 | ||||||
APPAREL RETAIL - 1.5%
|
||||||||
American Eagle Outfitters, Inc.
|
31,400 | 459,382 | ||||||
ASSET MANAGEMENT & CUSTODY BANKS - 1.7%
|
||||||||
Federated Investors, Inc. Class B
|
19,400 | 507,698 | ||||||
BANKING-COMMERCIAL - 1.6%
|
||||||||
Bank of Hawaii Corp.
|
10,100 | 476,821 | ||||||
BANKING-REGIONAL BANKS - 1.7%
|
||||||||
Cullen/Frost Bankers, Inc.
|
8,400 | 513,408 | ||||||
BANKING-THRIFTS & MORTGAGE FINANCE - 1.7%
|
||||||||
Hudson City Bancorp, Inc.
|
40,600 | 517,244 | ||||||
CHEMICALS-DIVERSIFIED - 1.6%
|
||||||||
EI du Pont de Nemours & Co.
|
10,000 | 498,800 | ||||||
CHEMICALS-SPECIALTY - 1.6%
|
||||||||
RPM International, Inc.
|
22,600 | 499,460 | ||||||
COMMERCIAL PRINTING - 1.5%
|
||||||||
R. R. Donnelley & Sons Co.
|
26,915 | 470,205 | ||||||
COMPUTER HARDWARE - 1.6%
|
||||||||
Diebold, Inc.
|
15,700 | 503,185 | ||||||
CONSUMER PRODUCTS - 1.5%
|
||||||||
Kimberly-Clark Corp.
|
7,250 | 457,040 | ||||||
DEPARTMENT STORES - 1.6%
|
||||||||
JC Penney Co., Inc.
|
15,500 | 500,805 | ||||||
DISTRIBUTION & WHOLESALE - 1.7%
|
||||||||
Genuine Parts Co.
|
10,185 | 522,898 | ||||||
DIVERSIFIED CAPITAL MARKETS - 1.5%
|
||||||||
NYSE Euronext
|
15,300 | 458,694 | ||||||
DIVERSIFIED FINANCIAL SERVICES - 1.6%
|
||||||||
Broadridge Financial Solutions, Inc.
|
22,100 | 484,653 | ||||||
DIVERSIFIED MANUFACTURING OPERATIONS - 1.8%
|
||||||||
Harsco Corp.
|
19,100 | 540,912 | ||||||
ELECTRICAL COMPONENTS & EQUIPMENT - 1.7%
|
||||||||
Hubbell, Inc. Class B
|
8,800 | 529,144 | ||||||
ELECTRIC UTILITIES - 1.5%
|
||||||||
PPL Corp.
|
17,700 | 465,864 | ||||||
ELECTRONIC EQUIPMENT MANUFACTURING - 1.6%
|
||||||||
Molex, Inc.
|
21,200 | 481,664 | ||||||
ENERGY - 1.7%
|
||||||||
Chevron Corp.
|
5,600 | 511,000 | ||||||
12
Shares | Value | |||||||
COMMON STOCKS (continued)
|
||||||||
ENVIRONMENTAL FACILITIES & SERVICES - 1.5%
|
||||||||
Waste Management, Inc.
|
12,790 | $ | 471,567 | |||||
FOOD DISTRIBUTORS - 1.5%
|
||||||||
SYSCO Corp.
|
16,000 | 470,400 | ||||||
FOOD & MEATS-PACKAGED - 1.4%
|
||||||||
Kraft Foods, Inc. Class A
|
14,000 | 441,140 | ||||||
HEALTH CARE EQUIPMENT & SUPPLIES - 1.5%
|
||||||||
Hillenbrand, Inc.
|
22,400 | 466,144 | ||||||
HEALTH CARE PRODUCTS - 1.5%
|
||||||||
Baxter International, Inc.
|
9,400 | 475,828 | ||||||
HEALTH CARE TECHNOLOGY - 1.5%
|
||||||||
Medtronic, Inc.
|
12,500 | 463,625 | ||||||
HOME IMPROVEMENT RETAIL - 1.6%
|
||||||||
Home Depot, Inc.
|
13,600 | 476,816 | ||||||
HOUSEHOLD APPLIANCES - 1.7%
|
||||||||
Snap-On, Inc.
|
9,400 | 531,852 | ||||||
HOUSEHOLD-HOME FURNISHINGS - 1.6%
|
||||||||
Leggett & Platt, Inc.
|
21,625 | 492,185 | ||||||
INDEPENDENT POWER PRODUCERS &
ENERGY - 1.6%
|
||||||||
Constellation Energy Group, Inc.
|
16,000 | 490,080 | ||||||
INDUSTRIAL CONGLOMERATES - 1.5%
|
||||||||
3M Co.
|
5,400 | 466,020 | ||||||
INDUSTRIAL MACHINERY - 1.9%
|
||||||||
Eaton Corp.
|
5,620 | 570,486 | ||||||
INSURANCE BROKERS - 1.6%
|
||||||||
Willis Group Holdings Plc (United Kingdom)
|
14,525 | 503,001 | ||||||
INSURANCE-MULTI-LINE - 1.6%
|
||||||||
Chubb Corp.
|
8,100 | 483,084 | ||||||
INSURANCE-PROPERTY & CASUALTY - 1.5%
|
||||||||
Mercury General Corp.
|
10,945 | 470,745 | ||||||
IT SERVICES & DATA PROCESSING - 1.5%
|
||||||||
Paychex, Inc.
|
15,200 | 469,832 | ||||||
MEDIA - 1.5%
|
||||||||
Time Warner, Inc.
|
14,300 | 460,031 | ||||||
MEDIA-BROADCASTING & CABLE TV - 1.7%
|
||||||||
Time Warner Cable, Inc.
|
7,700 | 508,431 | ||||||
METAL & GLASS CONTAINERS - 1.5%
|
||||||||
Greif, Inc. Class A
|
7,500 | 464,250 | ||||||
OFFICE SERVICES & SUPPLIES - 1.6%
|
||||||||
Pitney Bowes, Inc.
|
20,300 | 490,854 | ||||||
OIL & GAS-STORAGE &
TRANSPORTATION - 1.6%
|
||||||||
Spectra Energy Corp.
|
19,300 | 482,307 | ||||||
PACKAGING - 1.6%
|
||||||||
MeadWestvaco Corp.
|
18,500 | 483,960 | ||||||
PAPER & PACKAGING - 1.5%
|
||||||||
Sonoco Products Co.
|
13,600 | 457,912 |
13
Shares | Value | |||||||
COMMON STOCKS (continued)
|
||||||||
PERSONAL PRODUCTS - 1.5%
|
||||||||
Avon Products, Inc.
|
16,200 | $ | 470,772 | |||||
PHARMACEUTICALS - 1.5%
|
||||||||
Johnson & Johnson
|
7,235 | 447,485 | ||||||
PUBLISHING - 1.5%
|
||||||||
McGraw-Hill Cos., Inc. (The)
|
12,500 | 455,125 | ||||||
RAILROADS - 1.5%
|
||||||||
Norfolk Southern Corp.
|
7,300 | 458,586 | ||||||
REITS-STORAGE - 1.6%
|
||||||||
Public Storage REIT
|
4,700 | 476,674 | ||||||
RESTAURANTS - 1.5%
|
||||||||
McDonalds Corp.
|
5,900 | 452,884 | ||||||
RETAIL - 1.5%
|
||||||||
Mattel, Inc.
|
17,800 | 452,654 | ||||||
SEMICONDUCTORS - 1.6%
|
||||||||
Microchip Technology, Inc.
|
14,600 | 499,466 | ||||||
SOFT DRINKS - 1.7%
|
||||||||
Coca-Cola
Co. (The)
|
7,770 | 511,033 | ||||||
SOFTWARE & SERVICES - 1.6%
|
||||||||
Microsoft Corp.
|
17,600 | 491,392 | ||||||
STEEL - 1.6%
|
||||||||
Nucor Corp.
|
10,900 | 477,638 | ||||||
TELECOMMUNICATION
SERVICES-INTEGRATED - 1.5%
|
||||||||
AT&T, Inc.
|
15,880 | 466,554 | ||||||
TOBACCO - 1.6%
|
||||||||
Reynolds American, Inc.
|
15,410 | 502,674 | ||||||
TRUCKING - 1.7%
|
||||||||
Ryder System, Inc.
|
10,100 | 531,664 | ||||||
UTILITIES-GAS - 1.5%
|
||||||||
AGL Resources, Inc.
|
12,900 | 462,465 | ||||||
TOTAL INVESTMENTS - 94.8%
|
||||||||
(Cost $26,338,388)
|
29,096,961 | |||||||
CASH AND OTHER ASSETS, LESS LIABILITIES - 5.2%
|
1,590,813 | |||||||
NET ASSETS - 100.0%
|
$ | 30,687,774 | ||||||
14
Shares | Value | |||||||
COMMON
STOCKS - 94.7%
|
||||||||
AIR FREIGHT &
LOGISTICS - 2.0%
|
||||||||
Expeditors International of Washington, Inc.
|
789,100 | $ | 43,084,860 | |||||
AUTOMOTIVE WHOLESALE
SERVICES - 1.0%
|
||||||||
Copart, Inc.*
|
589,900 | 22,032,765 | ||||||
BANKING - 0.5%
|
||||||||
CVB Financial Corp.
|
1,115,500 | 9,671,385 | ||||||
BANKING-COMMERCIAL - 2.7%
|
||||||||
Bank of Hawaii Corp.
|
1,189,000 | 56,132,690 | ||||||
BROKERAGE & MONEY
MANAGEMENT - 5.0%
|
||||||||
Affiliated Managers Group, Inc.*
|
523,900 | 51,981,358 | ||||||
T. Rowe Price Group, Inc.
|
808,050 | 52,151,547 | ||||||
104,132,905 | ||||||||
BUILDING
PRODUCTS - 3.5%
|
||||||||
Lumber Liquidators Holdings, Inc.*
|
881,700 | 21,963,147 | ||||||
Valspar Corp.
|
1,478,900 | 50,992,472 | ||||||
72,955,619 | ||||||||
CELLULAR
COMMUNICATIONS - 2.5%
|
||||||||
American Tower Corp. Class A*
|
1,027,400 | 53,054,936 | ||||||
CHEMICALS-SPECIALTY - 2.4%
|
||||||||
RPM International, Inc.
|
2,285,310 | 50,505,351 | ||||||
CONSUMER
SERVICES - 2.0%
|
||||||||
Rollins, Inc.
|
2,147,970 | 42,422,407 | ||||||
DISTRIBUTION &
WHOLESALE - 2.3%
|
||||||||
United Stationers, Inc.*
|
322,300 | 20,565,963 | ||||||
Watsco, Inc.
|
456,500 | 28,796,020 | ||||||
49,361,983 | ||||||||
ELECTRONIC EQUIPMENT
MANUFACTURING - 1.5%
|
||||||||
AMETEK, Inc.
|
811,800 | 31,863,150 | ||||||
ENERGY - 5.7%
|
||||||||
Continental Resources, Inc.*
|
555,600 | 32,697,060 | ||||||
Core Laboratories NV (Netherlands)
|
333,600 | 29,707,080 | ||||||
FMC Technologies, Inc.*
|
368,080 | 32,725,993 | ||||||
Noble Energy, Inc.
|
297,100 | 25,574,368 | ||||||
120,704,501 | ||||||||
FURNITURE &
FIXTURES - 1.6%
|
||||||||
Herman Miller, Inc.
|
1,323,000 | 33,471,900 | ||||||
HEALTH CARE INFORMATION
SERVICES - 1.4%
|
||||||||
Cerner Corp.*
|
315,130 | 29,855,416 | ||||||
HEALTH CARE
PRODUCTS - 3.7%
|
||||||||
DENTSPLY International, Inc.
|
1,057,100 | 36,121,107 | ||||||
Edwards Lifesciences Corp.*
|
503,670 | 40,716,683 | ||||||
76,837,790 | ||||||||
HEALTH CARE
TECHNOLOGY - 1.5%
|
||||||||
IDEXX Laboratories, Inc.*
|
440,900 | 30,519,098 | ||||||
15
Shares | Value | |||||||
COMMON STOCKS (continued)
|
||||||||
INDUSTRIAL
CONGLOMERATES - 4.3%
|
||||||||
Cooper Industries Plc
|
817,600 | $ | 47,657,904 | |||||
Dionex Corp.*
|
197,000 | 23,247,970 | ||||||
Pall Corp.
|
408,100 | 20,233,598 | ||||||
91,139,472 | ||||||||
INDUSTRIAL
SERVICES - 3.8%
|
||||||||
Ritchie Bros. Auctioneers, Inc. (Canada)
|
1,243,600 | 28,664,980 | ||||||
Waste Connections, Inc.
|
1,893,300 | 52,122,549 | ||||||
80,787,529 | ||||||||
INSURANCE
BROKERS - 4.8%
|
||||||||
Brown & Brown, Inc.
|
2,021,250 | 48,388,725 | ||||||
Willis Group Holdings Plc (United Kingdom)
|
1,495,930 | 51,804,056 | ||||||
100,192,781 | ||||||||
LEISURE &
AMUSEMENT - 2.8%
|
||||||||
Royal Caribbean Cruises, Ltd.*
|
1,258,300 | 59,140,100 | ||||||
METALS - 1.6%
|
||||||||
Cameco Corp. (Canada)
|
851,100 | 34,367,418 | ||||||
REAL ESTATE MANAGEMENT &
SERVICES - 1.5%
|
||||||||
Jones Lang LaSalle, Inc.
|
376,500 | 31,595,880 | ||||||
RESTAURANTS - 1.9%
|
||||||||
Cracker Barrel Old Country Store, Inc.
|
725,388 | 39,729,501 | ||||||
RETAIL - 9.9%
|
||||||||
Bed Bath & Beyond, Inc.*
|
661,000 | 32,488,150 | ||||||
CarMax, Inc.*
|
669,150 | 21,332,502 | ||||||
Coach, Inc.
|
738,200 | 40,829,842 | ||||||
Family Dollar Stores, Inc.
|
774,000 | 38,475,540 | ||||||
Mattel, Inc.
|
1,786,300 | 45,425,609 | ||||||
PetSmart, Inc.
|
749,500 | 29,845,090 | ||||||
208,396,733 | ||||||||
TECHNOLOGY - 7.5%
|
||||||||
Autodesk, Inc.*
|
1,123,500 | 42,917,700 | ||||||
NetApp, Inc.*
|
570,400 | 31,349,184 | ||||||
Trimble Navigation, Ltd.*
|
1,060,800 | 42,357,744 | ||||||
Zebra Technologies Corp. Class A*
|
1,097,513 | 41,694,519 | ||||||
158,319,147 | ||||||||
TECH-SOFTWARE - 14.9%
|
||||||||
Advent Software, Inc.*
|
692,638 | 40,117,593 | ||||||
Blackbaud, Inc.
|
1,497,500 | 38,785,250 | ||||||
BMC Software, Inc.*
|
945,200 | 44,556,728 | ||||||
Citrix Systems, Inc.*
|
700,100 | 47,893,841 | ||||||
MICROS Systems, Inc.*
|
927,900 | 40,697,694 | ||||||
Nuance Communications, Inc.*
|
1,370,500 | 24,915,690 | ||||||
Solera Holdings, Inc.
|
863,200 | 44,299,424 | ||||||
Teradata Corp.*
|
803,300 | 33,063,828 | ||||||
314,330,048 | ||||||||
TRUCKING - 2.4%
|
||||||||
J.B. Hunt Transport Services, Inc.
|
1,230,000 | 50,196,300 | ||||||
TOTAL COMMON
STOCKS - 94.7%
(Cost $1,399,089,258) |
1,994,801,665 | |||||||
16
Value | ||||||||
U.S. GOVERNMENT
OBLIGATIONS - 2.6%
|
||||||||
U.S. Treasury Bill @ .132%**
due 03/10/11 (Face Value $55,000,000) |
$ | 54,988,890 | ||||||
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost $54,986,494) |
54,988,890 | |||||||
TOTAL
INVESTMENTS - 97.3%
(Cost $1,454,075,752) |
2,049,790,555 | |||||||
CASH AND OTHER ASSETS, LESS LIABILITIES - 2.7%
|
56,155,905 | |||||||
NET ASSETS - 100.0%
|
$ | 2,105,946,460 | ||||||
* | Non-income producing securities | |
** | Annualized yield at date of purchase |
17
Shares | Value | |||||||
COMMON
STOCKS - 95.1%
|
||||||||
AEROSPACE &
DEFENSE - 1.0%
|
||||||||
Orbital Sciences Corp.*
|
528,000 | $ | 9,044,640 | |||||
AGRICULTURE - 1.6%
|
||||||||
Monsanto Co.
|
211,900 | 14,756,716 | ||||||
AIR FREIGHT &
LOGISTICS - 2.7%
|
||||||||
UTi Worldwide, Inc.
|
1,168,500 | 24,772,200 | ||||||
ASSET MANAGEMENT & CUSTODY
BANKS - 1.2%
|
||||||||
Franklin Resources, Inc.
|
99,200 | 11,032,032 | ||||||
AUTOMOTIVE WHOLESALE
SERVICES - 2.5%
|
||||||||
LKQ Corp.*
|
1,021,600 | 23,210,752 | ||||||
BANKING - 3.2%
|
||||||||
CVB Financial Corp.
|
557,900 | 4,836,993 | ||||||
Northern Trust Corp.
|
254,800 | 14,118,468 | ||||||
Wells Fargo & Co.
|
366,500 | 11,357,835 | ||||||
30,313,296 | ||||||||
BROKERAGE & MONEY
MANAGEMENT - 1.3%
|
||||||||
TD Ameritrade Holding Corp.
|
633,100 | 12,022,569 | ||||||
DIVERSIFIED FINANCIAL
SERVICES - 4.8%
|
||||||||
Broadridge Financial Solutions, Inc.
|
1,147,000 | 25,153,710 | ||||||
Equifax, Inc.
|
544,700 | 19,391,320 | ||||||
44,545,030 | ||||||||
ENERGY - 4.8%
|
||||||||
Apache Corp.
|
112,300 | 13,389,529 | ||||||
Forest Oil Corp.*
|
569,300 | 21,616,321 | ||||||
Ultra Petroleum Corp.*
|
200,800 | 9,592,216 | ||||||
44,598,066 | ||||||||
ENVIRONMENTAL FACILITIES &
SERVICES - 2.5%
|
||||||||
Waste Management, Inc.
|
641,400 | 23,648,418 | ||||||
HEALTH CARE
PRODUCTS - 1.0%
|
||||||||
Gen-Probe, Inc.*
|
167,900 | 9,796,965 | ||||||
HOME IMPROVEMENT
RETAIL - 2.4%
|
||||||||
Sherwin-Williams Co. (The)
|
272,500 | 22,821,875 | ||||||
HOUSEHOLD
APPLIANCES - 2.2%
|
||||||||
Stanley Black & Decker, Inc.
|
310,590 | 20,769,153 | ||||||
INDUSTRIAL - 2.1%
|
||||||||
Curtiss-Wright Corp.
|
585,800 | 19,448,560 | ||||||
INDUSTRIAL
PRODUCTS - 6.1%
|
||||||||
Cummins, Inc.
|
84,400 | 9,284,844 | ||||||
Lincoln Electric Holdings, Inc.
|
303,800 | 19,829,026 | ||||||
Sealed Air Corp.
|
1,084,000 | 27,587,800 | ||||||
56,701,670 | ||||||||
INDUSTRIAL
SERVICES - 6.4%
|
||||||||
Nalco Holdings Co.
|
856,000 | 27,340,640 | ||||||
Ritchie Bros. Auctioneers, Inc. (Canada)
|
425,700 | 9,812,385 | ||||||
W.W. Grainger, Inc.
|
166,600 | 23,009,126 | ||||||
60,162,151 | ||||||||
INSURANCE - 0.8%
|
||||||||
Travelers Cos., Inc. (The)
|
134,400 | 7,487,424 | ||||||
INSURANCE
BROKERS - 3.1%
|
||||||||
Willis Group Holdings Plc (United Kingdom)
|
826,400 | 28,618,232 | ||||||
18
Shares | Value | |||||||
COMMON STOCKS (continued)
|
||||||||
LEISURE &
AMUSEMENT - 5.0%
|
||||||||
Carnival Corp.
|
607,600 | $ | 28,016,436 | |||||
Polaris Industries, Inc.
|
237,175 | 18,504,394 | ||||||
46,520,830 | ||||||||
METALS - 2.6%
|
||||||||
Cameco Corp. (Canada)
|
356,600 | 14,399,508 | ||||||
Newmont Mining Corp.
|
156,400 | 9,607,652 | ||||||
24,007,160 | ||||||||
OFFICE SERVICES &
SUPPLIES - 2.0%
|
||||||||
Steelcase, Inc. Class A
|
1,811,800 | 19,150,726 | ||||||
PHARMACEUTICALS - 2.1%
|
||||||||
BioMarin Pharmaceutical, Inc.*
|
719,800 | 19,384,214 | ||||||
RAILROADS - 2.5%
|
||||||||
Union Pacific Corp.
|
246,800 | 22,868,488 | ||||||
REITS-DIVERSIFIED - 1.5%
|
||||||||
Host Hotels & Resorts, Inc. REIT
|
783,646 | 14,003,754 | ||||||
RETAIL - 7.4%
|
||||||||
Costco Wholesale Corp.
|
322,800 | 23,309,388 | ||||||
Kohls Corp.*
|
410,600 | 22,312,004 | ||||||
Mattel, Inc.
|
907,100 | 23,067,553 | ||||||
68,688,945 | ||||||||
SEMICONDUCTORS - 3.0%
|
||||||||
NVIDIA Corp.*
|
882,200 | 13,585,880 | ||||||
Power Integrations, Inc.
|
361,500 | 14,510,610 | ||||||
28,096,490 | ||||||||
TECHNOLOGY - 9.5%
|
||||||||
Acxiom Corp.*
|
1,142,000 | 19,585,300 | ||||||
Autodesk, Inc.*
|
594,400 | 22,706,080 | ||||||
Cisco Systems, Inc.*
|
463,200 | 9,370,536 | ||||||
eBay, Inc.*
|
342,700 | 9,537,341 | ||||||
Zebra Technologies Corp. Class A*
|
719,300 | 27,326,207 | ||||||
88,525,464 | ||||||||
TECH-SOFTWARE - 4.0%
|
||||||||
Citrix Systems, Inc.*
|
389,850 | 26,669,639 | ||||||
Compuware Corp.*
|
911,800 | 10,640,706 | ||||||
37,310,345 | ||||||||
TRANSPORTATION - 1.0%
|
||||||||
Alexander & Baldwin, Inc.
|
231,600 | 9,270,948 | ||||||
TRUCKING - 2.8%
|
||||||||
Arkansas Best Corp.
|
345,500 | 9,473,610 | ||||||
Heartland Express, Inc.
|
1,054,900 | 16,899,498 | ||||||
26,373,108 | ||||||||
UTILITIES - 2.0%
|
||||||||
Hawaiian Electric Industries, Inc.
|
837,075 | 19,076,939 | ||||||
TOTAL COMMON
STOCKS - 95.1%
(Cost $648,792,654) |
887,027,160 | |||||||
19
Value | ||||||||
U.S. GOVERNMENT OBLIGATIONS - 3.2%
|
||||||||
U.S. Treasury Bill @ .132%**
due 03/10/11 (Face Value $30,000,000) |
$ | 29,993,940 | ||||||
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost $29,992,633) |
29,993,940 | |||||||
TOTAL INVESTMENTS - 98.3%
(Cost $678,785,287) |
917,021,100 | |||||||
CASH AND OTHER ASSETS, LESS LIABILITIES - 1.7%
|
16,123,705 | |||||||
NET ASSETS - 100.0%
|
$ | 933,144,805 | ||||||
* | Non-income producing securities | |
** | Annualized yield at date of purchase |
20
Equity |
||||||||||||
Income Fund | Growth Fund | Value Fund | ||||||||||
ASSETS
|
||||||||||||
Investments (Cost $26,338,388, $1,454,075,752 and $678,785,287,
respectively)
|
$ | 29,096,961 | $ | 2,049,790,555 | $ | 917,021,100 | ||||||
Cash
|
1,542,759 | 55,131,282 | 16,649,196 | |||||||||
Receivable for:
|
||||||||||||
Capital shares purchased
|
10,211 | 3,847,738 | 117,235 | |||||||||
Securities sold
|
45,835 | 6,242,855 | 5,578,942 | |||||||||
Dividends
|
61,714 | 1,331,838 | 861,107 | |||||||||
Interest
|
72 | 2,968 | 894 | |||||||||
Prepaid expenses
|
29,152 | 23,734 | 12,063 | |||||||||
TOTAL ASSETS
|
30,786,704 | 2,116,370,970 | 940,240,537 | |||||||||
LIABILITIES
|
||||||||||||
Payable for:
|
||||||||||||
Capital shares sold
|
| 1,190,484 | 773,113 | |||||||||
Securities purchased
|
74,491 | 7,772,520 | 5,411,708 | |||||||||
Accrued expenses:
|
||||||||||||
Investment advisory fees
|
23,574 | 1,305,514 | 790,168 | |||||||||
Other payables and accrued expenses
|
865 | 155,992 | 120,743 | |||||||||
TOTAL LIABILITIES
|
98,930 | 10,424,510 | 7,095,732 | |||||||||
NET ASSETS
|
$ | 30,687,774 | $ | 2,105,946,460 | $ | 933,144,805 | ||||||
Capital shares issued and outstanding, par value $0.01
(500,000,000, 500,000,000 and 500,000,000 shares
authorized, respectively)
|
3,106,869 | 47,231,672 | 32,285,729 | |||||||||
Net asset value per share (offering and redemption price)
|
$ | 9.88 | $ | 44.59 | $ | 28.90 | ||||||
Net Assets consist of:
|
||||||||||||
Paid in capital
|
$ | 34,395,381 | $ | 1,483,031,037 | $ | 1,000,854,450 | ||||||
Accumulated net realized gain (loss)
|
(6,633,304 | ) | 28,098,952 | (308,111,841 | ) | |||||||
Net unrealized appreciation on investments
|
2,758,573 | 595,714,803 | 238,235,813 | |||||||||
Undistributed (distributions in excess of) net investment income
|
167,124 | (898,332 | ) | 2,166,383 | ||||||||
$ | 30,687,774 | $ | 2,105,946,460 | $ | 933,144,805 | |||||||
21
Equity |
||||||||||||
Income Fund | Growth Fund | Value Fund | ||||||||||
INVESTMENT INCOME
|
||||||||||||
Dividends
|
$ | 495,918 | $ | 9,161,943 | $ | 6,949,516 | ||||||
Interest
|
360 | 42,614 | 23,943 | |||||||||
Total investment income
|
496,278 | 9,204,557 | 6,973,459 | |||||||||
EXPENSES
|
||||||||||||
Investment advisory fees
|
130,222 | 6,488,196 | 4,366,952 | |||||||||
Custodian fees
|
2,024 | 74,152 | 47,472 | |||||||||
Directors fees and expenses
|
368 | 11,776 | 6,348 | |||||||||
Pricing fees
|
12,696 | 80,960 | 52,256 | |||||||||
Professional fees
|
16,131 | 95,542 | 60,012 | |||||||||
Registration and filing fees
|
10,586 | 14,840 | 24,070 | |||||||||
Reports to shareholders
|
1,656 | 76,176 | 25,760 | |||||||||
Transfer agent fees
|
6,256 | 243,248 | 215,464 | |||||||||
Miscellaneous expenses
|
1,016 | 13,320 | 8,505 | |||||||||
Total expenses
|
180,955 | 7,098,210 | 4,806,839 | |||||||||
Expenses waived by Adviser (Note 2)
|
(7,059 | ) | | | ||||||||
Net expenses
|
173,896 | 7,098,210 | 4,806,839 | |||||||||
Net investment income
|
322,382 | 2,106,347 | 2,166,620 | |||||||||
NET REALIZED AND UNREALIZED GAIN ON
|
||||||||||||
INVESTMENTS
|
||||||||||||
Net realized gain on investments
|
385,726 | 62,438,186 | 34,983,424 | |||||||||
Net change in unrealized appreciation/depreciation on investments
|
3,938,069 | 402,483,817 | 170,394,720 | |||||||||
Net realized and unrealized gain on investments
|
4,323,795 | 464,922,003 | 205,378,144 | |||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$ | 4,646,177 | $ | 467,028,350 | $ | 207,544,764 | ||||||
22
Equity Income Fund | Growth Fund | |||||||||||||||
Six Months |
Six Months |
|||||||||||||||
Ended |
Ended |
|||||||||||||||
December 31, 2010 |
Year Ended |
December 31, 2010 |
Year Ended |
|||||||||||||
(Unaudited) | June 30, 2010 | (Unaudited) | June 30, 2010 | |||||||||||||
OPERATIONS
|
||||||||||||||||
Net investment income
|
$ | 322,382 | $ | 572,347 | $ | 2,106,347 | $ | 3,355,721 | ||||||||
Net realized gain on investments
|
385,726 | 134,812 | 62,438,186 | 60,595,810 | ||||||||||||
Net change in unrealized appreciation/depreciation on investments
|
3,938,069 | 4,752,277 | 402,483,817 | 200,490,358 | ||||||||||||
Net increase in net assets from operations
|
4,646,177 | 5,459,436 | 467,028,350 | 264,441,889 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS
|
||||||||||||||||
Distributions from ordinary income
|
(617,600 | ) | (560,148 | ) | (3,004,679 | ) | (5,002,954 | ) | ||||||||
Distributions from net realized capital gains
|
| | (345,185 | ) | | |||||||||||
Distributions of
Paid-in-Capital
|
| | | (812,370 | ) | |||||||||||
Net distributions
|
(617,600 | ) | (560,148 | ) | (3,349,864 | ) | (5,815,324 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS
|
||||||||||||||||
Proceeds from sales of shares
|
1,373,602 | 916,172 | 317,675,637 | 231,057,644 | ||||||||||||
Reinvestment of distributions
|
611,890 | 555,528 | 3,175,596 | 5,531,275 | ||||||||||||
Redemption fees
|
219 | 4 | 28,702 | 33,340 | ||||||||||||
Less: redemptions of shares
|
(263,340 | ) | (2,153,472 | ) | (116,877,567 | ) | (254,639,438 | ) | ||||||||
Increase (decrease) resulting from capital share transactions
|
1,722,371 | (681,768 | ) | 204,002,368 | (18,017,179 | ) | ||||||||||
Total increase in net assets
|
5,750,948 | 4,217,520 | 667,680,854 | 240,609,386 | ||||||||||||
NET ASSETS
|
||||||||||||||||
Beginning of period
|
24,936,826 | 20,719,306 | 1,438,265,606 | 1,197,656,220 | ||||||||||||
End of period
|
$ | 30,687,774 | $ | 24,936,826 | $ | 2,105,946,460 | $ | 1,438,265,606 | ||||||||
Undistributed (distributions in excess of) net investment income
at end of period
|
$ | 167,124 | $ | 462,342 | $ | (898,332 | ) | $ | | |||||||
23
Value Fund | ||||||||
Six Months |
||||||||
Ended |
||||||||
December 31, 2010 |
Year Ended |
|||||||
(Unaudited) | June 30, 2010 | |||||||
OPERATIONS
|
||||||||
Net investment income
|
$ | 2,166,620 | $ | 2,508,664 | ||||
Net realized gain on investments
|
34,983,424 | 48,310,157 | ||||||
Net change in unrealized appreciation/depreciation on investments
|
170,394,720 | 59,475,624 | ||||||
Net increase in net assets from operations
|
207,544,764 | 110,294,445 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS
|
||||||||
Distributions from ordinary income
|
(2,508,893 | ) | (9,603,460 | ) | ||||
Net distributions
|
(2,508,893 | ) | (9,603,460 | ) | ||||
CAPITAL SHARE TRANSACTIONS
|
||||||||
Proceeds from sales of shares
|
19,173,922 | 65,052,660 | ||||||
Reinvestment of distributions
|
2,443,400 | 9,368,134 | ||||||
Redemption fees
|
1,920 | 13,847 | ||||||
Less: redemptions of shares
|
(96,445,809 | ) | (203,762,134 | ) | ||||
Decrease resulting from capital share transactions
|
(74,826,567 | ) | (129,327,493 | ) | ||||
Total increase (decrease) in net assets
|
130,209,304 | (28,636,508 | ) | |||||
NET ASSETS
|
||||||||
Beginning of period
|
802,935,501 | 831,572,009 | ||||||
End of period
|
$ | 933,144,805 | $ | 802,935,501 | ||||
Undistributed net investment income at end of period
|
$ | 2,166,383 | $ | 2,508,656 | ||||
24
For the fiscal |
||||||||||||||||||||||||||||
For the Six |
period from |
|||||||||||||||||||||||||||
Months Ended |
January 31, 2005 |
|||||||||||||||||||||||||||
December 31, 2010 |
For the fiscal year ended June 30, |
through |
||||||||||||||||||||||||||
(Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | June 30, 2005+ | ||||||||||||||||||||||
Net Asset Value Beginning of Period
|
$ | 8.51 | $ | 6.88 | $ | 10.37 | $ | 13.14 | $ | 11.05 | $ | 10.10 | $ | 10.00 | ||||||||||||||
Income (Loss) from Investment Operations | ||||||||||||||||||||||||||||
Net Investment Income
|
0.11 | 1 | 0.19 | 1 | 0.22 | 1 | 0.24 | 1 | 0.18 | 0.15 | 0.06 | |||||||||||||||||
Net Gains (Losses) on Investments
|
||||||||||||||||||||||||||||
(both realized and
unrealized)2
|
1.47 | 1.63 | (2.96 | ) | (2.25 | ) | 2.19 | 0.93 | 0.04 | |||||||||||||||||||
Total From Investment Operations
|
1.58 | 1.82 | (2.74 | ) | (2.01 | ) | 2.37 | 1.08 | 0.10 | |||||||||||||||||||
Less Distributions
|
||||||||||||||||||||||||||||
Distributions from Net Investment Income
|
(0.21 | ) | (0.19 | ) | (0.22 | ) | (0.22 | ) | (0.17 | ) | (0.12 | ) | 0.00 | |||||||||||||||
Distributions from Net Realized Capital Gains
|
0.00 | 0.00 | (0.53 | ) | (0.54 | ) | (0.11 | ) | (0.01 | ) | 0.00 | |||||||||||||||||
Total Distributions
|
(0.21 | ) | (0.19 | ) | (0.75 | ) | (0.76 | ) | (0.28 | ) | (0.13 | ) | 0.00 | |||||||||||||||
Net Asset Value End of Period
|
$ | 9.88 | $ | 8.51 | $ | 6.88 | $ | 10.37 | $ | 13.14 | $ | 11.05 | $ | 10.10 | ||||||||||||||
Total Return
|
18.54% | 3 | 26.44% | (26.75% | ) | (15.84% | ) | 21.61% | 10.75% | 1.00% | 3 | |||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||||||
Net Assets, End of Period (000s)
|
$ | 30,688 | $ | 24,937 | $ | 20,719 | $ | 33,519 | $ | 43,188 | $ | 25,451 | $ | 8,412 | ||||||||||||||
Ratio of Expenses to Average Net Assets
|
||||||||||||||||||||||||||||
Before expense reimbursement/recoupment
|
1.30% | 4 | 1.30% | 1.43% | 1.25% | 5 | 1.29% | 1.67% | 3.96% | 4 | ||||||||||||||||||
After expense
reimbursement/recoupment6
|
1.25% | 4 | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% | 4 | |||||||||||||||||||
Ratio of Net Investment Income to Average Net Assets
|
||||||||||||||||||||||||||||
After expense reimbursement/recoupment
|
2.32% | 4 | 2.27% | 2.73% | 2.02% | 1.64% | 1.80% | 2.11% | 4 | |||||||||||||||||||
Portfolio Turnover Rate
|
13% | 3 | 63% | 49% | 62% | 37% | 60% | 25% |
+ | The Fund commenced investment operations on January 31, 2005. | |
1 | Per share net investment income has been calculated using the average daily shares method. | |
2 | Includes redemption fee, which are less than 0.01 per share. | |
3 | Not Annualized. | |
4 | Annualized. | |
5 | The Advisor recouped $4,849 during the fiscal year ended June 30, 2008, representing previously reimbursed expenses. Had such payment not been made, the expense ratio would have been 1.24%. | |
6 | See note 2 to Financial Statements. |
25
For the |
||||||||||||||||||||||||||||||||||||||||||||
Six Months |
||||||||||||||||||||||||||||||||||||||||||||
Ended |
||||||||||||||||||||||||||||||||||||||||||||
December 31, |
||||||||||||||||||||||||||||||||||||||||||||
2010 |
For the fiscal year ended June 30, | |||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||||||||||||||||||||||
Net Asset Value Beginning of Period
|
$ | 33.94 | $ | 27.89 | $ | 33.60 | $ | 42.74 | $ | 38.54 | $ | 35.77 | $ | 35.38 | $ | 27.24 | $ | 28.10 | $ | 31.30 | $ | 29.45 | ||||||||||||||||||||||
Income (Loss) from Investment Operations |
||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss)
|
0.05 | 1 | 0.08 | 1 | 0.15 | 1 | 0.05 | 1 | 0.04 | (0.01 | ) | (0.07 | ) | (0.04 | ) | (0.08 | ) | (0.12 | ) | 2.26 | ||||||||||||||||||||||||
Net Gains (Losses) on Investments (both realized and
unrealized)2
|
10.68 | 6.11 | (4.68 | ) | (5.56 | ) | 7.29 | 3.58 | 1.02 | 9.10 | (0.11 | ) | (0.24 | ) | 3.89 | |||||||||||||||||||||||||||||
Total From Investment Operations
|
10.73 | 6.19 | (4.53 | ) | (5.51 | ) | 7.33 | 3.57 | 0.95 | 9.06 | (0.19 | ) | (0.36 | ) | 6.15 | |||||||||||||||||||||||||||||
Less Distributions
|
||||||||||||||||||||||||||||||||||||||||||||
Distributions from Net Investment Income
|
(0.07 | ) | (0.12 | ) | (0.09 | ) | (0.05 | ) | (0.01 | ) | 0.00 | 0.00 | 0.00 | (0.06 | ) | 0.00 | (2.44 | ) | ||||||||||||||||||||||||||
Distributions from Net Realized Capital Gains
|
(0.01 | ) | 0.00 | (1.09 | ) | (3.58 | ) | (3.12 | ) | (0.80 | ) | (0.56 | ) | (0.92 | ) | (0.61 | ) | (2.84 | ) | (1.86 | ) | |||||||||||||||||||||||
Distributions from Paid in Capital Distribution
|
(0.00 | ) | (0.02 | ) | (0.00 | )3 | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | ||||||||||||||||||||||
Total Distributions
|
(0.08 | ) | (0.14 | ) | (1.18 | ) | (3.63 | ) | (3.13 | ) | (0.80 | ) | (0.56 | ) | (0.92 | ) | (0.67 | ) | (2.84 | ) | (4.30 | ) | ||||||||||||||||||||||
Net Asset Value End of Period
|
$ | 44.59 | $ | 33.94 | $ | 27.89 | $ | 33.60 | $ | 42.74 | $ | 38.54 | $ | 35.77 | $ | 35.38 | $ | 27.24 | $ | 28.10 | $ | 31.30 | ||||||||||||||||||||||
Total Return
|
31.60% | 4 | 22.18% | (13.01% | ) | (13.80% | ) | 19.69% | 10.08% | 2.65% | 33.65% | (0.20% | ) | 0.42% | 23.34% | |||||||||||||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||
Net Assets, End of Period (000s)
|
$ | 2,105,946 | $ | 1,438,266 | $ | 1,197,656 | $ | 1,516,015 | $ | 2,066,750 | $ | 1,689,374 | $ | 1,693,564 | $ | 1,273,302 | $ | 448,393 | $ | 310,659 | $ | 182,117 | ||||||||||||||||||||||
Ratio of Expenses to Average Net Assets
|
0.83% | 5 | 0.84% | 0.86% | 0.84% | 0.84% | 0.85% | 0.86% | 0.88% | 0.95% | 1.02% | 1.04% | ||||||||||||||||||||||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets
|
0.25% | 5 | 0.24% | 0.52% | 0.13% | 0.11% | (0.03% | ) | (0.21% | ) | (0.21% | ) | (0.47% | ) | (0.62% | ) | (0.26% | ) | ||||||||||||||||||||||||||
Portfolio Turnover Rate
|
11% | 4 | 37% | 35% | 39% | 40% | 29% | 32% | 19% | 27% | 26% | 43% |
1 | Per share net investment income (loss) has been calculated using the average daily shares method. | |
2 | Includes redemption fees, which are less than 0.01 per share. | |
3 | Distribution includes a return of capital that rounds to less than $.01 per share. | |
4 | Not Annualized. | |
5 | Annualized. |
26
For the |
||||||||||||||||||||||||||||||||||||||||||||
Six Months |
||||||||||||||||||||||||||||||||||||||||||||
Ended |
||||||||||||||||||||||||||||||||||||||||||||
December 31, |
||||||||||||||||||||||||||||||||||||||||||||
2010 |
For the Fiscal Year Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||||||||||||||||||||||
Net Asset Value Beginning of Period
|
$ | 22.80 | $ | 20.53 | $ | 29.43 | $ | 38.79 | $ | 36.14 | $ | 38.11 | $ | 40.35 | $ | 31.65 | $ | 30.34 | $ | 30.98 | $ | 25.88 | ||||||||||||||||||||||
Income (Loss) from Investment Operations | ||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss)
|
0.06 | 1 | 0.07 | 1 | 0.22 | 1 | 0.15 | 1 | 0.41 | 0.18 | 0.19 | 0.00 | (0.03 | ) | (0.05 | ) | 1.12 | |||||||||||||||||||||||||||
Net Gains (Losses) on Investments (both realized and
unrealized)2
|
6.12 | 2.45 | (7.80 | ) | (3.12 | ) | 7.74 | 2.45 | 2.96 | 8.70 | 1.34 | (0.51 | ) | 5.75 | ||||||||||||||||||||||||||||||
Total From Investment Operations
|
6.18 | 2.52 | (7.58 | ) | (2.97 | ) | 8.15 | 2.63 | 3.15 | 8.70 | 1.31 | (0.56 | ) | 6.87 | ||||||||||||||||||||||||||||||
Less Distributions | ||||||||||||||||||||||||||||||||||||||||||||
Distributions from Net Investment Income
|
(0.08 | ) | (0.25 | ) | 0.00 | (0.35 | ) | (0.41 | ) | (0.32 | ) | (0.28 | ) | 0.00 | 0.00 | (0.04 | ) | (1.09 | ) | |||||||||||||||||||||||||
Distributions from Net Realized Capital Gains
|
0.00 | 0.00 | (1.32 | ) | (6.04 | ) | (5.09 | ) | (4.28 | ) | (5.11 | ) | 0.00 | 0.00 | (0.04 | ) | (0.68 | ) | ||||||||||||||||||||||||||
Total Distributions
|
(0.08 | ) | (0.25 | ) | (1.32 | ) | (6.39 | ) | (5.50 | ) | (4.60 | ) | (5.39 | ) | 0.00 | 0.00 | (0.08 | ) | (1.77 | ) | ||||||||||||||||||||||||
Net Asset Value End of Period
|
$ | 28.90 | $ | 22.80 | $ | 20.53 | $ | 29.43 | $ | 38.79 | $ | 36.14 | $ | 38.11 | $ | 40.35 | $ | 31.65 | $ | 30.34 | $ | 30.98 | ||||||||||||||||||||||
Total Return
|
27.10% | 3 | 12.20% | (25.72% | ) | (8.82% | ) | 23.90% | 7.35% | 8.00% | 27.49% | 4.32% | (1.78% | ) | 27.95% | |||||||||||||||||||||||||||||
Ratios/Supplemental Data
|
||||||||||||||||||||||||||||||||||||||||||||
Net Assets, End of Period (000s)
|
$ | 933,145 | $ | 802,936 | $ | 831,572 | $ | 1,319,186 | $ | 1,819,440 | $ | 1,686,874 | $ | 2,271,478 | $ | 2,226,590 | $ | 1,456,552 | $ | 1,297,207 | $ | 768,559 | ||||||||||||||||||||||
Ratio of Expenses to Average Net Assets
|
1.10% | 4 | 1.09% | 1.12% | 1.09% | 1.08% | 1.09% | 1.08% | 1.09% | 1.11% | 1.12% | 1.10% | ||||||||||||||||||||||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets
|
0.50% | 4 | 0.27% | 0.97% | 0.44% | 0.59% | 0.49% | 0.48% | 0.01% | (0.12% | ) | (0.22% | ) | 0.60% | ||||||||||||||||||||||||||||||
Portfolio Turnover Rate
|
14% | 3 | 45% | 87% | 61% | 75% | 58% | 59% | 81% | 60% | 54% | 76% |
1 | Per share net investment income (loss) has been calculated using the average daily shares method. | |
2 | Includes redemption fees, which are less than 0.01 per share. | |
3 | Not Annualized. | |
4 | Annualized. |
27
1. | Organization and Significant Accounting Policies: Meridian Fund, Inc. (the Meridian Funds) is comprised of the Meridian Equity Income Fund (the Equity Income Fund), the Meridian Growth Fund (the Growth Fund) and the Meridian Value Fund (the Value Fund). The Equity Income Fund, the Growth Fund and the Value Fund (each a Fund and collectively, the Funds) are registered under the Investment Company Act of 1940, as no-load, diversified, open-end management investment companies. The Equity Income Fund began operations and was registered on January 31, 2005. The Growth Fund began operations and was registered on August 1, 1984. The Value Fund began operations on February 10, 1994 and was registered on February 7, 1994. |
a. | Investment Valuations: Marketable securities are valued at the closing price or last sales price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the last reported bid price. Securities and other assets for which reliable market quotations are not readily available or for which a significant event has occurred since the time of the most recent market quotation, will be valued at their fair value as determined by Aster Investment Management Company, Inc. (the Adviser) under the guidelines established by, and under the general supervision and responsibility of, the Funds Board of Directors (the Board). Short-term debt securities with original or remaining maturities in excess of 60 days are valued at the mean of their quoted bid and asked prices. Short-term debt securities with 60 days or less to maturity are valued at amortized cost which approximates fair market value. |
b. | Federal Income Taxes: It is the Funds policy to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute all of their taxable income to their shareholders; therefore, no federal income tax provision is required. |
c. | Security Transactions: Security transactions are accounted for on the date the securities are purchased or sold (trade date). Realized gains and losses on security transactions are determined on the basis of specific identification for both financial statement and federal income tax purposes. Dividend income is recorded on the ex-dividend date. Interest income is accrued daily. |
d. | Cash and Cash Equivalents: All highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. Available funds are automatically swept into a Cash Reserve account, which preserves capital with a consistently competitive rate of return. Interest accrues daily and is credited by the third business day of the following month. |
28
e. | Expenses: Expenses arising in connection with a Fund are charged directly to that Fund. Expenses common to the Funds are generally allocated to each Fund in proportion to their relative net assets. |
f. | Use of Estimates: The preparation of financial statements in accordance with accounting principals generally accepted in the U.S. (GAAP) requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and revenue and expenses at the date of the financial statements. Actual amounts could differ from those estimates. |
g. | Distributions to Shareholders: The Funds record distributions to shareholders on the ex-dividend date. The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassification. |
h. | Guarantees and Indemnification: Under the Funds organizational documents, its Officers and Directors are indemnified against certain liability arising out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote. |
i. | Fair Value Measurements: As described in Note 1.a. above, the Funds utilize various methods to determine and measure the fair value of investment securities on a recurring basis. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: |
29
Equity Income |
Growth |
Value |
||||||||||
Valuation Inputs
|
Fund | Fund | Fund | |||||||||
Level 1 Quoted Prices*
|
$ | 29,096,961 | $ | 1,994,801,665 | $ | 887,027,160 | ||||||
Level 2 Other Significant Observable Inputs**
|
| 54,988,890 | 29,993,940 | |||||||||
Level 3 Significant Unobservable Inputs
|
| | | |||||||||
Total Market Value of Investments
|
$ | 29,096,961 | $ | 2,049,790,555 | $ | 917,021,100 | ||||||
* | Level 1 investments are comprised of common stock with industry classifications as defined on the Schedule of Investments. | |
** | Level 2 investments are limited to U.S. Treasury Securities. |
2. | Related Parties: The Funds have entered into management agreements with the Adviser. Certain Officers and/or Directors of the Funds are also Officers and/or Directors of the Adviser. Beneficial ownership in the Funds by Richard F. Aster, Jr., President, as of December 31, 2010 were as follows: |
Equity Income Fund
|
73.90% | |
Growth Fund
|
1.15% | |
Value Fund
|
2.29% |
30
Amount
|
Expiration | |||
$44,638
|
2012 | |||
12,855
|
2013 | |||
7,059
|
2014 |
3. | Capital Shares Transactions: Transactions in capital shares for the six months ended December 31, 2010 and the year ended June 30, 2010 were as follows: |
Equity Income Fund | ||||||||
December 31, |
June 30, |
|||||||
2010 | 2010 | |||||||
Increase in Fund shares:
|
||||||||
Shares sold
|
142,663 | 102,162 | ||||||
Shares issued from reinvestment of distributions
|
62,694 | 64,075 | ||||||
205,357 | 166,237 | |||||||
Shares redeemed
|
(27,857 | ) | (250,390 | ) | ||||
Net increase (decrease)
|
177,500 | (84,153 | ) | |||||
31
Growth Fund | ||||||||
December 31, |
June 30, |
|||||||
2010 | 2010 | |||||||
Increase in Fund shares:
|
||||||||
Shares sold
|
7,774,534 | 6,935,285 | ||||||
Shares issued from reinvestment of distributions
|
72,107 | 162,637 | ||||||
7,846,641 | 7,097,922 | |||||||
Shares redeemed
|
(2,995,779 | ) | (7,666,732 | ) | ||||
Net increase (decrease)
|
4,850,862 | (568,810 | ) | |||||
Value Fund | ||||||||
December 31, |
June 30, |
|||||||
2010 | 2010 | |||||||
Increase in Fund shares:
|
||||||||
Shares sold
|
737,666 | 2,717,508 | ||||||
Shares issued from reinvestment of distributions
|
86,096 | 382,841 | ||||||
823,762 | 3,100,349 | |||||||
Shares redeemed
|
(3,750,171 | ) | (8,391,590 | ) | ||||
Net decrease
|
(2,926,409 | ) | (5,291,241 | ) | ||||
4. | Compensation of Directors and Officers: Directors and Officers of the Funds who are Directors and/or Officers of the Adviser receive no compensation from the Funds. Directors of the Funds who are not interested persons, as defined in the Investment Company Act of 1940, receive compensation in the amount of a minimum of $6,000 per annum. Compensation will be paid at each directors election in either cash or Fund shares. The difference between an average of the share prices of the three series Funds taken at the beginning and the end of the Funds fiscal year will be used to calculate an adjustment to the prior years directors fee compensation in each successive year. Compensation will not adjust below $6,000. An additional $1,000 will be paid to each unaffiliated director for each Board of Directors meeting attended other than the annual meeting. |
5. | Investment Transactions: The cost of investments purchased and the proceeds from sales of investments, excluding short-term securities and U.S. government obligations, for the six months ended December 31, 2010, were as follows: |
Purchases | Proceeds from Sales | |||||||
Equity Income Fund
|
$ | 4,454,166 | $ | 3,307,799 | ||||
Growth Fund
|
349,302,766 | 177,492,588 | ||||||
Value Fund
|
113,229,313 | 190,663,273 |
32
6. | Distribution Information: Income and long-term capital gains distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. The tax character of distributions made during the fiscal year ended June 30, 2010 is as follows: |
2010 Taxable Distributions | ||||||||||||
Distributions of |
Total |
|||||||||||
Ordinary Income | Paid-in-Capital | Distributions | ||||||||||
Equity Income Fund
|
$ | 560,148 | $ | | $ | 560,148 | ||||||
Growth Fund
|
5,002,954 | 812,370 | 5,815,324 | |||||||||
Value Fund
|
9,603,460 | | 9,603,460 |
7. | Federal Income Taxes Information: Management has analyzed the Funds tax positions taken on federal income tax returns for all open tax years (tax years ended June 30, 2007-2010), and has concluded that no provision for federal income tax is required in the Funds financial statements. The Funds federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue. |
Aggregate Gross |
Aggregate Gross |
|||||||||||||||
Unrealized |
Unrealized |
Net Unrealized |
||||||||||||||
Aggregate Cost | Appreciation | Depreciation | Appreciation | |||||||||||||
Equity Income Fund
|
$ | 26,338,388 | $ | 3,268,437 | $ | (509,864 | ) | $ | 2,758,573 | |||||||
Growth Fund
|
1,454,075,752 | 602,434,215 | (6,719,412 | ) | 595,714,803 | |||||||||||
Value Fund
|
678,785,287 | 238,625,330 | (389,517 | ) | 238,235,813 |
Amount | Expires | |||||||
Equity Income Fund
|
$ | 182,963 | 2017 | |||||
Equity Income Fund
|
6,814,770 | 2018 | ||||||
Growth Fund
|
31,465,152 | 2018 | ||||||
Value Fund
|
54,088,431 | 2017 | ||||||
Value Fund
|
286,473,460 | 2018 |
8. | Subsequent Events: Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued, and has noted no additional events that require recognition or disclosure in the financial statements. |
33
1. | Proxy Voting Record and Proxy Voting Policies and Procedures: A description of the policies and procedures that each Fund uses to determine how to vote proxies relating to portfolio securities along with information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 is available (i) without charge, upon request, by calling (800) 446-6662; (ii) on our website at http://www.meridianfund.com; and (iii) on the Securities and Exchange Commission (SEC) website at http://www.sec.gov. |
2. | Information on Form N-Q: The Company files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q within sixty days after the end of the period. The Companys Form N-Q is available on the SECs website at http://www.sec.gov, and may be reviewed and copied at the SECs Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-732-0330. |
34
35
36
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form. | |
(b) | Not applicable. |
(a) | The registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the 1940 Act) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). | ||
(b) | There were no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrants second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting. |
(a)(1) | Not applicable. | ||
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. | ||
(a)(3) | Not applicable. | ||
(b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto. |
(registrant)
|
Meridian Fund, Inc.® | |||||
By (Signature and Title)*
|
/s/ Richard F. Aster Jr. | |||||
Richard F. Aster Jr., President & CEO | ||||||
(principal executive officer) |
Date |
March 2, 2011 |
By (Signature and Title)*
|
/s/ Richard F. Aster Jr. | |||||
Richard F. Aster Jr., President & CEO | ||||||
(principal executive officer) |
Date |
March 2, 2011 |
By (Signature and Title)*
|
/s/ Gregg B. Keeling | |||||
Gregg B. Keeling, CFO & Treasurer | ||||||
(principal financial officer) |
Date |
March 2, 2011 |
* | Print the name and title of each signing officer under his or her signature. |
1. | I have reviewed this report on Form N-CSR of Meridian Fund, Inc.®; | |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; | |
4. | The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||
(c) | Evaluated the effectiveness of the registrants 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 registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants 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 registrants 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 registrants internal control over financial reporting. |
Date: |
March 2, 2011 | /s/ Richard F. Aster Jr. | ||||||
(principal executive officer) |
1. | I have reviewed this report on Form N-CSR of Meridian Fund, Inc.®; | |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; | |
4. | The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||
(c) | Evaluated the effectiveness of the registrants 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 registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants 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 registrants 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 registrants internal control over financial reporting. |
Date: |
March 2, 2011
|
/s/ Gregg B. Keeling
|
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Gregg B. Keeling, CFO &
Treasurer (principal financial officer) |
1. | The Form N-CSR of the Registrant (the Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and | ||
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
Date: |
March 2, 2011 | /s/ Richard F. Aster Jr. | ||||||
(principal executive officer) |
1. | The Form N-CSR of the Registrant (the Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and | ||
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
Date: |
March 2, 2011 | /s/ Gregg B. Keeling | ||||||
(principal financial officer) |