Huntington EcoLogical Strategy ETF
Schedule of Investments
January 31, 2014 (Unaudited)
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Share
Amount
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Market
Value
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Common Stocks (94.5%)
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Consumer Discretionary (15.7%)
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12,520
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BorgWarner, Inc.
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$
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672,324
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720
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Chipotle Mexican Grill, Inc.
†
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397,411
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12,362
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Ford Motor Co.
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184,936
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13,644
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LKQ Corp.
†
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369,343
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5,126
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NIKE, Inc., Class B
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373,429
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6,480
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Starbucks Corp.
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460,858
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3,360
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V.F. Corp.
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196,392
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2,654,693
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Consumer Staples (16.1%)
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3,360
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Costco Wholesale Corp.
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377,530
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2,510
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CVS Caremark Corp.
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169,977
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15,500
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Darling International, Inc.
†
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303,180
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5,576
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Lifeway Foods, Inc.
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78,287
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3,320
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McCormick & Co., Inc.
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213,078
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8,020
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The Hain Celestial Group, Inc.
†
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736,958
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3,626
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Whitewave Foods Co.
†
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87,785
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14,320
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Whole Foods Market, Inc.
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748,363
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2,715,158
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Energy (3.2%)
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14,880
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Spectra Energy Corp.
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534,936
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Financials (4.5%)
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4,000
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CBRE Group, Inc., Class A
†
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106,160
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2,923
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Jones Lang LaSalle, Inc.
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333,982
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4,100
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T. Rowe Price Group, Inc.
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321,604
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761,746
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Health Care (8.8%)
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2,780
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Becton, Dickinson & Co.
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300,574
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900
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Biogen Idec, Inc.
†
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281,376
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2,805
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Gilead Sciences, Inc.
†
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226,223
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878
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Henry Schein, Inc.
†
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100,873
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4,880
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Johnson & Johnson
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431,734
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1,900
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Varian Medical Systems, Inc.
†
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154,489
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1,495,269
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Industrial (2.1%)
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11,170
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Air Lease Corp.
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351,632
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Industrials (13.3%)
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2,000
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C.H. Robinson Worldwide, Inc.
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117,080
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789
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Chart Industries, Inc.
†
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67,412
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1,380
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Cummins, Inc.
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175,232
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2,720
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Fastenal Co.
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119,490
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3,501
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Illinois Tool Works, Inc.
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276,124
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14,420
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MasTec, Inc.
†
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518,255
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600
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Middleby Corp.
†
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147,948
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8,860
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Quanta Services, Inc.
†
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276,166
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5,100
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Tennant Co.
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327,063
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7,558
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TETRA Tech, Inc.
†
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223,037
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2,247,807
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Information Technology (21.2%)
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2,928
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Accenture PLC, Class A
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233,889
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1,028
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Apple Computer, Inc.
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514,617
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5,400
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ARM Holdings PLC ADR
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248,778
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15,560
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eBay, Inc.
†
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827,791
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200
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Google, Inc., Class A
†
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236,194
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8,364
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Qualcomm, Inc.
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620,776
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1,810
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SAP AG ADR
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138,320
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9,640
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Texas Instruments, Inc.
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408,735
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Share
Amount
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Market
Value
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Common Stocks (continued)
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Information Technology (continued)
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9,564
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Veeco Instruments, Inc.
†
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$
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363,528
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3,592,628
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Materials (4.0%)
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3,086
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Ball Corp.
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157,972
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3,480
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Ecolab, Inc.
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349,879
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1,810
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Sigma-Aldrich Corp.
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168,276
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676,127
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Utilities (5.6%)
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4,660
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NextEra Energy, Inc.
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428,394
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14,660
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Questar Corp.
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341,871
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1,920
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Sempra Energy
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178,003
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948,268
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Total Common Stocks (cost $13,271,772)
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$
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15,978,264
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Total Investments (94.5%)
(cost $13,271,772)
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$
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15,978,264
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Other Assets less Liabilities (5.5%)
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933,444
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Net Assets (100.0%)
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$
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16,911,708
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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 Schedule
of Investments.
Huntington EcoLogical Strategy ETF
Schedule of Investments
January 31, 2014 (Unaudited)
Portfolio of Investments Summary Table
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Percentage of
Market Value
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Consumer Discretionary
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16.6
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%
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Consumer Staples
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17.0
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%
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Energy
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3.3
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%
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Financials
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4.8
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%
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Health Care
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9.4
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%
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Industrial
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2.2
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%
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Industrials
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14.1
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%
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Information Technology
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22.5
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%
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Materials
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4.2
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%
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Utilities
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5.9
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%
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Total
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100.0
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%
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Portfolio holdings and allocations are subject to change. As of January 31, 2014, percentages in the table above are
based on total investments. Such total investments may differ from the percentages set forth in the preceding Portfolio of Investments which are computed using the Fund’s total net assets.
See Notes to Schedule of Investments.
Huntington Strategy Shares
Notes to Schedules of Investments
January 31, 2014 (Unaudited)
1.
Organization
Huntington Strategy Shares (the “Trust”) was organized on September 1, 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
ETF”) and Huntington EcoLogical Strategy ETF (the “EcoLogical Strategy ETF”) (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.
Under the Trust’s
organizational documents, its officers and Board of Trustees (“the Board”) 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.
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 Funds 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. The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These inputs are summarized in the three broad levels listed below:
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Level 1 - Quoted prices in active markets for identical assets.
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•
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Level 2 - Other observable pricing inputs at the measurement date (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 pricing inputs at the measurement date (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.
Huntington Strategy Shares
Notes to Schedules of Investments, continued
January 31, 2014 (Unaudited)
2. Significant Accounting Policies (continued)
Debt securities (corporate, municipal, 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 debt 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 foreign 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, 2014, while the breakdown, by category, of common stocks is disclosed in the Schedule of Portfolio Investments for each Fund.
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Level 1
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Level 2
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Level 3
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Total
Investments
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US Equity Rotation ETF
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Common Stocks(1)
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$
|
12,428,356
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$
|
—
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$
|
—
|
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$
|
12,428,356
|
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Total Investments
|
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$
|
12,428,356
|
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$
|
—
|
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$
|
—
|
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$
|
12,428,356
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EcoLogical Strategy ETF
|
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Common Stocks(1)
|
|
$
|
15,978,264
|
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|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
15,978,264
|
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|
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Total Investments
|
|
$
|
15,978,264
|
|
|
$
|
—
|
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|
$
|
—
|
|
|
$
|
15,978,264
|
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(1)
|
Please see Schedule of Investments for industry classifications.
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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 Levels 1, 2, or 3 as of January 31, 2014. As of January 31, 2014, 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.
Huntington Strategy Shares
Notes to Schedules of Investments, continued
January 31, 2014 (Unaudited)
2. Significant Accounting Policies (continued)
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, 2014, 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 ETF
|
|
$
|
10,282,083
|
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$
|
2,287,504
|
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$
|
(141,231
|
)
|
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$
|
2,146,273
|
|
|
EcoLogical Strategy ETF
|
|
|
13,271,772
|
|
|
|
2,788,575
|
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|
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(82,083
|
)
|
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|
2,706,492
|
|
4. Investment 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
ETF’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 ETF may be required to forego
advantageous investment opportunities or sell investments at inappropriate times. The EcoLogical Strategy ETF’s ecological investment criteria may result in the EcoLogical Strategy ETF 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 financial statements were issued. Based upon this evaluation, no additional disclosures or adjustments were required to
the Schedules of Investments as of January 31, 2014.
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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 have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as conducted within 90
days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and
reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
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(b)
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The Registrant’s principal executive officer and principal financial officer are aware of no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act
(17CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report 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/ Bryan W. Ashmus
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Bryan W. Ashmus, Treasurer
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