UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21719
INVESTMENT MANAGERS SERIES TRUST
(Exact name of registrant as specified in charter)
235 W. Galena Street
Milwaukee, WI 53212
(Address of principal executive offices) (Zip code)
Diane J. Drake
Mutual Fund Administration, LLC
2220 E. Route 66, Suite 226
Glendora, CA 91740
(Name and address of agent for service)
626-385-5777
Registrant's telephone number, including area code
Date of fiscal year end: October 31
Date of reporting period: April 30, 2021
Item 1. Report to Stockholders.
The registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Investment Company Act”), is as follows:
EuroPac International Value Fund
Class A (EPIVX)
Class I (EPVIX)
EuroPac International Bond Fund
Class A (EPIBX)
Class I (EPBIX)
EuroPac International Dividend Income Fund
Class A (EPDPX)
Class I (EPDIX)
EP Emerging Markets Small Companies Fund
Class A (EPASX)
Class I (EPEIX)
EuroPac Gold Fund
Class A (EPGFX)
Class I (EPGIX)
SEMI-ANNUAL REPORT
April 30, 2021
Euro Pacific Funds
Each a series of Investment Managers Series Trust
Table of Contents
Schedules of Investments | 1 |
Statements of Assets and Liabilities | 24 |
Statements of Operations | 28 |
Statements of Changes in Net Assets | 30 |
Financial Highlights | 35 |
Notes to Financial Statements | 45 |
Supplemental Information | 63 |
Expense Examples | 72 |
This report and the financial statements contained herein are provided for the general information of the shareholders of the Euro Pacific Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
www.europacificfunds.com
EuroPac International Value Fund
SCHEDULE OF INVESTMENTS
As of April 30, 2021 (Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — 90.9% | ||||||||
AUSTRALIA — 4.2% | ||||||||
120,000 | Newcrest Mining Ltd. | $ | 2,451,583 | |||||
805,000 | Telstra Corp. Ltd. | 2,102,265 | ||||||
4,553,848 | ||||||||
BRAZIL — 4.5% | ||||||||
750,656 | Ambev S.A. - ADR | 2,086,824 | ||||||
627,000 | Banco Bradesco S.A. - ADR | 2,727,450 | ||||||
4,814,274 | ||||||||
CANADA — 18.9% | ||||||||
69,500 | Bank of Nova Scotia | 4,425,451 | ||||||
168,800 | Barrick Gold Corp. | 3,587,000 | ||||||
509,900 | Kinross Gold Corp. | 3,589,696 | ||||||
69,400 | Nutrien Ltd. | 3,830,186 | ||||||
1,066,708 | Yamana Gold, Inc. | 4,896,190 | ||||||
20,328,523 | ||||||||
CHILE — 3.0% | ||||||||
174,402 | Cia Cervecerias Unidas S.A. - ADR | 3,196,789 | ||||||
DENMARK — 2.4% | ||||||||
34,550 | Novo Nordisk A/S - ADR | 2,554,972 | ||||||
FINLAND — 2.1% | ||||||||
61,555 | Nokian Renkaat Oyj | 2,292,587 | ||||||
FRANCE — 7.1% | ||||||||
51,100 | Societe BIC S.A. | 3,609,191 | ||||||
41,000 | Sodexo S.A. * | 4,096,057 | ||||||
7,705,248 | ||||||||
GERMANY — 8.6% | ||||||||
20,000 | BASF S.E. | 1,612,888 | ||||||
56,000 | Bayer A.G. | 3,623,371 | ||||||
45,000 | Daimler A.G. | 4,006,071 | ||||||
9,242,330 | ||||||||
JAPAN — 1.9% | ||||||||
50,000 | Asahi Group Holdings Ltd. | 2,088,480 | ||||||
NETHERLANDS — 4.0% | ||||||||
22,000 | Aalberts N.V. | 1,191,512 |
1
EuroPac International Value Fund
SCHEDULE OF INVESTMENTS - Continued
As of April 30, 2021 (Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
NETHERLANDS (Continued) | ||||||||
166,332 | Royal Dutch Shell PLC - A Shares | $ | 3,167,467 | |||||
4,358,979 | ||||||||
NEW ZEALAND — 0.0% | ||||||||
304,920 | SKY Network Television Ltd. * | 37,095 | ||||||
NORWAY — 2.4% | ||||||||
124,870 | Equinor A.S.A. | 2,542,704 | ||||||
SINGAPORE — 1.5% | ||||||||
842,700 | Singapore Telecommunications Ltd. | 1,583,070 | ||||||
SWEDEN — 3.5% | ||||||||
32,000 | Alfa Laval A.B. | 1,082,593 | ||||||
295,100 | Betsson A.B. * | 2,691,093 | ||||||
3,773,686 | ||||||||
SWITZERLAND — 1.4% | ||||||||
17,280 | Novartis A.G. - ADR | 1,472,947 | ||||||
UNITED KINGDOM — 15.5% | ||||||||
158,000 | BP PLC - ADR | 3,975,280 | ||||||
151,814 | British American Tobacco PLC - ADR | 5,694,543 | ||||||
6,200 | Diageo PLC - ADR | 1,111,970 | ||||||
49,700 | GlaxoSmithKline PLC - ADR | 1,855,798 | ||||||
33,003 | Unilever PLC - ADR | 1,937,936 | ||||||
1,123,470 | Vodafone Group PLC | 2,122,507 | ||||||
16,698,034 | ||||||||
UNITED STATES — 9.9% | ||||||||
119,186 | Newmont Corp. | 7,438,398 | ||||||
33,645 | Philip Morris International, Inc. | 3,196,275 | ||||||
10,634,673 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $80,998,750) | 97,878,239 |
2
EuroPac International Value Fund
SCHEDULE OF INVESTMENTS - Continued
As of April 30, 2021 (Unaudited)
Principal Amount | Value | |||||||
SHORT-TERM INVESTMENTS — 8.8% | ||||||||
$ | 9,498,781 | UMB Money Market Fiduciary, 0.010% 1 | $ | 9,498,781 | ||||
Total Short-Term Investments | ||||||||
(Cost $9,498,781) | 9,498,781 | |||||||
TOTAL INVESTMENTS — 99.7% | ||||||||
(Cost $90,497,531) | 107,377,020 | |||||||
Other Assets in Excess of Liabilities — 0.3% | 341,265 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 107,718,285 |
ADR – American Depository Receipt
PLC – Public Limited Company
* | Non-income producing security. |
1 | The rate is the annualized seven-day yield at period end. |
See accompanying Notes to Financial Statements.
3
EuroPac International Value Fund
SUMMARY OF INVESTMENTS
As of April 30, 2021 (Unaudited)
Security Type/Sector | Percent of Total Net Assets |
Common Stocks | |
Consumer, Non-cyclical | 30.1% |
Basic Materials | 25.5% |
Consumer, Cyclical | 12.2% |
Energy | 9.0% |
Financial | 6.6% |
Communications | 5.4% |
Industrial | 2.1% |
Total Common Stocks | 90.9% |
Short-Term Investments | 8.8% |
Total Investments | 99.7% |
Other Assets in Excess of Liabilities | 0.3% |
Total Net Assets | 100.0% |
See accompanying Notes to Financial Statements.
4
EuroPac International Bond Fund
SCHEDULE OF INVESTMENTS
As of April 30, 2021 (Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — 0.0% | ||||||||
UNITED STATES — 0.0% | ||||||||
1,197 | Hycroft Mining Holding Corp. * | $ | 4,201 | |||||
TOTAL COMMON STOCKS | ||||||||
(Cost $1,585,230) | 4,201 |
Principal Amount1 | ||||||||
FIXED INCOME SECURITIES — 89.7% | ||||||||
ARGENTINA — 0.8% | ||||||||
40,000,000 | Argentine Bonos del Tesoro 18.200%, 10/3/2021 | 403,621 | ||||||
AUSTRALIA — 10.9% | ||||||||
1,000,000 | BHP Billiton Finance Ltd. 5.625%, 10/22/20792,3 | 1,389,139 | ||||||
1,000,000 | Coca-Cola Amatil Ltd. 4.625%, 5/21/2021 | 771,924 | ||||||
1,000,000 | Newcrest Finance Pty Ltd. 5.750%, 11/15/20414 | 1,304,056 | ||||||
Queensland Treasury Corp. | ||||||||
1,000,000 | 6.000%, 6/14/2021 | 775,562 | ||||||
1,500,000 | 5.750%, 7/22/2024 | 1,354,980 | ||||||
5,595,661 | ||||||||
BRAZIL — 3.3% | ||||||||
Brazilian Government International Bond | ||||||||
4,500,000 | 12.500%, 1/5/2022 | 875,554 | ||||||
4,000,000 | 10.250%, 1/10/2028 | 791,900 | ||||||
1,667,454 | ||||||||
CANADA — 9.1% | ||||||||
1,500,000 | Bank of Nova Scotia 2.490%, 9/23/2024 | 1,274,401 | ||||||
500,000 | Bell Canada, Inc. 2.500%, 5/14/20302 | 398,456 | ||||||
2,000,000 | Canadian Government Bond 2.500%, 6/1/2024 | 1,727,302 | ||||||
1,500,000 | Pembina Pipeline Corp. 3.310%, 2/1/20302 | 1,262,483 | ||||||
18,750 | Sanjel Corp. 0.000% 5,6 | — | ||||||
4,662,642 |
5
EuroPac International Bond Fund
SCHEDULE OF INVESTMENTS - Continued
As of April 30, 2021 (Unaudited)
Principal | Value | |||||||
FIXED INCOME SECURITIES (Continued) | ||||||||
CHILE — 3.2% | ||||||||
375,000,000 | Bonos de la Tesoreria de la Republica en pesos 4.500%, 3/1/2026 | $ | 575,815 | |||||
700,000,000 | Bonos del Banco Central de Chile en Pesos 6.000%, 3/1/2022 | 1,039,237 | ||||||
1,615,052 | ||||||||
COLOMBIA — 0.7% | ||||||||
1,150,000,000 | Colombia Government International Bond 9.850%, 6/28/2027 | 380,119 | ||||||
GERMANY — 3.3% | ||||||||
14,000,000 | Kreditanstalt fuer Wiederaufbau 1.800% (NIBOR 3 Month + 150 basis points), 1/25/20227 | 1,701,594 | ||||||
LUXEMBOURG — 4.2% | ||||||||
European Investment Bank | ||||||||
18,090,000,000 | 7.400%, 1/24/2022 | 1,270,333 | ||||||
18,000,000 | 6.500%, 7/7/2027 | 894,526 | ||||||
2,164,859 | ||||||||
MALAYSIA — 4.8% | ||||||||
10,000,000 | Malaysia Government Bond 4.160%, 7/15/2021 | 2,453,234 | ||||||
MEXICO — 6.9% | ||||||||
20,000,000 | America Movil S.A.B. de C.V. 6.450%, 12/5/2022 | 1,000,987 | ||||||
Mexican Bonos | ||||||||
35,000,000 | 6.750%, 3/9/2023 | 1,782,676 | ||||||
15,000,000 | 5.750%, 3/5/2026 | 734,524 | ||||||
3,518,187 | ||||||||
NEW ZEALAND — 4.6% | ||||||||
2,100,000 | New Zealand Government Inflation Linked Bond 3.000%, 9/20/2030 | 2,144,024 | ||||||
240,000 | New Zealand Local Government Funding Agency Bond 4.500%, 4/15/2027 | 201,393 | ||||||
2,345,417 | ||||||||
NORWAY — 1.1% | ||||||||
5,000,000 | City of Oslo Norway 1.320%, 2/16/2028 | 582,407 |
6
EuroPac International Bond Fund
SCHEDULE OF INVESTMENTS - Continued
As of April 30, 2021 (Unaudited)
Principal | Value | |||||||
FIXED INCOME SECURITIES (Continued) | ||||||||
PERU — 3.0% | ||||||||
5,400,000 | Peruvian Government International Bond 5.940%, 2/12/2029 | $ | 1,553,633 | |||||
PHILIPPINES — 2.0% | ||||||||
75,000,000 | Asian Development Bank 6.200%, 10/6/2026 | 1,044,466 | ||||||
SINGAPORE — 6.0% | ||||||||
1,000,000 | Housing & Development Board 2.420%, 7/24/2023 | 780,554 | ||||||
1,000,000 | Keppel Corp. Ltd. 3.800%, 4/23/20272,8 | 767,863 | ||||||
2,000,000 | Singapore Government Bond 1.750%, 4/1/2022 | 1,521,791 | ||||||
3,070,208 | ||||||||
SOUTH KOREA — 3.7% | ||||||||
Export-Import Bank of Korea | ||||||||
60,000,000 | 6.750%, 8/9/2022 | 822,461 | ||||||
15,000,000,000 | 7.250%, 12/7/2024 | 1,090,862 | ||||||
1,913,323 | ||||||||
SWEDEN — 3.2% | ||||||||
10,000,000 | Betsson A.B. 3.975% (STIBOR 3 Month + 400 basis points), 9/26/20222,7 | 1,205,798 | ||||||
3,500,000 | Telia Co. A.B. 3.250%, 10/4/20772,3 | 425,903 | ||||||
1,631,701 | ||||||||
UNITED KINGDOM — 6.0% | ||||||||
1,000,000 | BP Capital Markets PLC 3.250% 2,3,6 | 1,291,873 | ||||||
370,000 | Rolls-Royce PLC 1.625%, 5/9/20282 | 409,734 | ||||||
1,000,000 | Vodafone Group PLC 4.200%, 10/3/20782,3 | 1,360,120 | ||||||
3,061,727 | ||||||||
UNITED STATES — 12.9% | ||||||||
1,000,000 | Barrick North America Finance LLC 5.750%, 5/1/2043 | 1,340,338 | ||||||
26,000,000,000 | Inter-American Development Bank 7.875%, 3/14/2023 | 1,892,789 |
7
EuroPac International Bond Fund
SCHEDULE OF INVESTMENTS - Continued
As of April 30, 2021 (Unaudited)
Principal | Value | |||||||
FIXED INCOME SECURITIES (Continued) | ||||||||
UNITED STATES (Continued) | ||||||||
75,000,000 | International Bank for Reconstruction & Development 6.000%, 1/16/2025 | $ | 1,039,445 | |||||
International Finance Corp. | ||||||||
74,000,000 | 8.250%, 6/10/2021 | 1,002,368 | ||||||
56,000,000 | 5.850%, 11/25/2022 | 762,858 | ||||||
8,000,000,000 | 8.000%, 10/9/2023 | 589,574 | ||||||
6,627,372 | ||||||||
TOTAL FIXED INCOME SECURITIES | ||||||||
(Cost $49,163,577) | 45,992,677 | |||||||
SHORT-TERM INVESTMENTS — 3.8% | ||||||||
$ | 1,930,212 | UMB Money Market Fiduciary, 0.010% 9 | 1,930,212 | |||||
Total Short-Term Investments | ||||||||
(Cost $1,930,212) | 1,930,212 | |||||||
TOTAL INVESTMENTS — 93.5% | ||||||||
(Cost $52,679,019) | 47,927,090 | |||||||
Other Assets in Excess of Liabilities — 6.5% | 3,325,572 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 51,252,662 |
LLC – Limited Liability Company |
PLC – Public Limited Company |
* | Non-income producing security. |
1 | Local currency. |
2 | Callable. |
3 | Variable rate security. |
4 | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $1,304,056, which represents 2.54% of Net Assets. |
5 | Level 3 securities fair valued under procedures established by the Board of Trustees, represents 0.00% of Net Assets. The total value of these securities is $0. |
6 | Perpetual security. Maturity date is not applicable. |
7 | Floating rate security. |
8 | Step rate security. |
9 | The rate is the annualized seven-day yield at period end. |
See accompanying Notes to Financial Statements.
8
EuroPac International Bond Fund
SUMMARY OF INVESTMENTS
As of April 30, 2021 (Unaudited)
Security Type/Sector | Percent of Total Net Assets |
Common Stocks | |
Basic Materials | 0.0% |
Total Common Stocks | 0.0% |
Fixed Income Securities | |
Government | 56.7% |
Basic Materials | 7.9% |
Financial | 7.8% |
Communications | 6.2% |
Energy | 5.0% |
Consumer, Cyclical | 2.3% |
Consumer, Non-cyclical | 1.5% |
Diversified | 1.5% |
Industrial | 0.8% |
Total Fixed Income Securities | 89.7% |
Short-Term Investments | 3.8% |
Total Investments | 93.5% |
Other Assets in Excess of Liabilities | 6.5% |
Total Net Assets | 100.0% |
See accompanying Notes to Financial Statements.
9
EuroPac International Dividend Income Fund
SCHEDULE OF INVESTMENTS
As of April 30, 2021 (Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — 93.6% | ||||||||
AUSTRALIA — 1.8% | ||||||||
630,000 | Telstra Corp. Ltd. | $ | 1,645,251 | |||||
BRAZIL — 3.9% | ||||||||
700,000 | Ambev S.A. - ADR | 1,946,000 | ||||||
352,000 | Banco Bradesco S.A. - ADR | 1,531,200 | ||||||
3,477,200 | ||||||||
CANADA — 18.6% | ||||||||
160,000 | Alamos Gold, Inc. - Class A | 1,280,000 | ||||||
30,000 | Bank of Nova Scotia | 1,910,267 | ||||||
151,000 | Barrick Gold Corp. | 3,208,750 | ||||||
35,000 | BCE, Inc. | 1,654,328 | ||||||
60,000 | Canadian Utilities Ltd. - Class A | 1,714,774 | ||||||
91,047 | Freehold Royalties Ltd. | 596,264 | ||||||
300,000 | IAMGOLD Corp.* | 939,000 | ||||||
28,000 | Nutrien Ltd. | 1,545,320 | ||||||
50,000 | Power Corp. of Canada | 1,456,232 | ||||||
526,000 | Yamana Gold, Inc. | 2,414,340 | ||||||
16,719,275 | ||||||||
CHILE — 1.8% | ||||||||
89,979 | Cia Cervecerias Unidas S.A. - ADR | 1,649,315 | ||||||
DENMARK — 1.4% | ||||||||
17,100 | Novo Nordisk A/S - ADR | 1,264,545 | ||||||
FRANCE — 10.8% | ||||||||
40,000 | Bouygues S.A. | 1,713,873 | ||||||
18,700 | Danone S.A. | 1,318,082 | ||||||
186,000 | Engie S.A.* | 2,766,074 | ||||||
30,000 | Societe BIC S.A. | 2,118,899 | ||||||
40,000 | TOTAL S.A. - ADR | 1,771,200 | ||||||
9,688,128 | ||||||||
GERMANY — 7.8% | ||||||||
19,000 | BASF S.E. | 1,532,243 | ||||||
45,000 | Bayer A.G. | 2,911,637 | ||||||
29,141 | Daimler A.G. | 2,594,243 | ||||||
7,038,123 | ||||||||
NETHERLANDS — 3.0% | ||||||||
70,000 | Royal Dutch Shell PLC - Class A - ADR | 2,660,000 |
10
EuroPac International Dividend Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of April 30, 2021 (Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
NEW ZEALAND — 1.9% | ||||||||
1,849,000 | Kiwi Property Group Ltd. | $ | 1,680,428 | |||||
424,922 | SKY Network Television Ltd.* | 51,694 | ||||||
1,732,122 | ||||||||
NORWAY — 6.5% | ||||||||
100,000 | Equinor A.S.A. - ADR | 2,027,000 | ||||||
260,000 | Norsk Hydro A.S.A. | 1,660,452 | ||||||
122,900 | Telenor A.S.A. | 2,191,795 | ||||||
5,879,247 | ||||||||
SINGAPORE — 6.2% | ||||||||
50,000 | DBS Group Holdings Ltd. | 1,123,760 | ||||||
350,000 | Singapore Technologies Engineering Ltd. | 1,015,179 | ||||||
1,200,000 | Singapore Telecommunications Ltd. | 2,254,283 | ||||||
2,709,861 | Starhill Global REIT - REIT | 1,150,490 | ||||||
5,543,712 | ||||||||
SOUTH KOREA — 1.9% | ||||||||
57,553 | SK Telecom Co., Ltd. - ADR | 1,728,892 | ||||||
SWEDEN — 4.3% | ||||||||
261,000 | Betsson A.B.* | 2,380,127 | ||||||
45,000 | Lundin Energy A.B. | 1,441,599 | ||||||
3,821,726 | ||||||||
SWITZERLAND — 1.1% | ||||||||
11,696 | Novartis A.G. - ADR | 996,967 | ||||||
UNITED KINGDOM — 12.3% | ||||||||
110,000 | BP PLC - ADR | 2,767,600 | ||||||
67,800 | British American Tobacco PLC - ADR | 2,543,178 | ||||||
36,240 | GlaxoSmithKline PLC - ADR | 1,353,202 | ||||||
20,650 | Unilever PLC - ADR | 1,212,568 | ||||||
1,700,000 | Vodafone Group PLC | 3,211,711 | ||||||
11,088,259 | ||||||||
UNITED STATES — 10.3% | ||||||||
101,150 | Newmont Corp. | 6,312,771 | ||||||
31,000 | Philip Morris International, Inc. | 2,945,000 | ||||||
9,257,771 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $78,489,249) | 84,190,533 |
11
EuroPac International Dividend Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of April 30, 2021 (Unaudited)
Number of Shares | Value | |||||||
EXCHANGE-TRADED FUNDS — 1.6% | ||||||||
UNITED STATES — 1.6% | ||||||||
30,800 | VanEck Vectors Junior Gold Miners ETF - ETF | $ | 1,461,460 | |||||
TOTAL EXCHANGE-TRADED FUNDS | ||||||||
(Cost $802,088) | 1,461,460 |
Principal Amount | ||||||||
SHORT-TERM INVESTMENTS — 4.6% | ||||||||
$ | 4,137,500 | UMB Money Market Fiduciary, 0.010% 1 | 4,137,500 | |||||
Total Short-Term Investments | ||||||||
(Cost $4,137,500) | 4,137,500 | |||||||
TOTAL INVESTMENTS — 99.8% | ||||||||
(Cost $83,428,837) | 89,789,493 | |||||||
Other Assets in Excess of Liabilities — 0.2% | 216,836 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 90,006,329 |
ADR – American Depository Receipt |
ETF – Exchange-Traded Fund |
PLC – Public Limited Company |
REIT – Real Estate Investment Trusts |
* | Non-income producing security. |
1 | The rate is the annualized seven-day yield at period end. |
See accompanying Notes to Financial Statements.
12
EuroPac International Dividend Income Fund
SUMMARY OF INVESTMENTS
As of April 30, 2021 (Unaudited)
Security Type/Sector | Percent of Total Net Assets |
Common Stocks | |
Consumer, Non-cyclical | 22.5% |
Basic Materials | 21.0% |
Communications | 14.2% |
Energy | 12.5% |
Financial | 9.9% |
Consumer, Cyclical | 5.5% |
Utilities | 5.0% |
Industrial | 3.0% |
Total Common Stocks | 93.6% |
Exchange-Traded Funds | |
Basic Materials | 1.6% |
Total Exchange-Traded Funds | 1.6% |
Short-Term Investments | 4.6% |
Total Investments | 99.8% |
Other Assets in Excess of Liabilities | 0.2% |
Total Net Assets | 100.0% |
See accompanying Notes to Financial Statements.
13
EP Emerging Markets Small Companies Fund
SCHEDULE OF INVESTMENTS
As of April 30, 2021 (Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — 95.7% | ||||||||
BRAZIL — 4.3% | ||||||||
43,200 | Arco Platform Ltd. - Class A * | $ | 1,108,512 | |||||
137,555 | Banco Inter S.A. 1 | 1,972,125 | ||||||
170,300 | Instituto Hermes Pardini S.A. | 589,706 | ||||||
164,420 | Locaweb Servicos de Internet S.A. 1 | 870,817 | ||||||
4,541,160 | ||||||||
CHINA — 20.2% | ||||||||
27,600 | Agora, Inc. - ADR * | 1,341,636 | ||||||
1,044,455 | AK Medical Holdings Ltd. 1 | 1,622,470 | ||||||
69,237 | Amoy Diagnostics Co., Ltd. - Class A | 911,172 | ||||||
657,610 | B-Soft Co., Ltd. - Class A | 1,042,299 | ||||||
2,700,000 | China Forestry Holdings Co., Ltd. *,2 | — | ||||||
200,602 | Chongqing Fuling Zhacai Group Co., Ltd. - Class A | 1,233,683 | ||||||
42,130 | Genetron Holdings Ltd. - ADR * | 891,471 | ||||||
619,675 | Haitian International Holdings Ltd. | 2,521,188 | ||||||
203,065 | Hefei Meyer Optoelectronic Technology, Inc. - Class A | 1,503,801 | ||||||
186,230 | Joyoung Co., Ltd. - Class A | 913,780 | ||||||
815,750 | Kangji Medical Holdings Ltd. * | 1,358,708 | ||||||
56,090 | New Horizon Health Ltd. *,1 | 498,238 | ||||||
326,585 | Sanquan Food Co., Ltd. - Class A | 1,002,030 | ||||||
179,603 | Sichuan Teway Food Group Co., Ltd. - Class A | 1,217,959 | ||||||
198,445 | Venus MedTech Hangzhou, Inc. - Class H *,1 | 1,756,181 | ||||||
315,016 | Venustech Group, Inc. - Class A | 1,472,877 | ||||||
106,315 | Yeahka Ltd. * | 874,214 | ||||||
94,103 | Yifeng Pharmacy Chain Co., Ltd. - Class A | 1,304,608 | ||||||
21,466,315 | ||||||||
INDIA — 20.8% | ||||||||
62,558 | Aavas Financiers Ltd. * | 1,918,355 | ||||||
43,400 | AIA Engineering Ltd. * | 1,090,297 | ||||||
450,600 | Bandhan Bank Ltd. *,1 | 1,997,228 | ||||||
25,840 | Castrol India Ltd. | 43,808 | ||||||
840,200 | City Union Bank Ltd. * | 1,888,484 | ||||||
217,683 | CreditAccess Grameen Ltd. * | 1,745,579 | ||||||
628,175 | EPL Ltd. | 1,902,023 | ||||||
28,580 | GMM Pfaudler Ltd. | 1,599,547 | ||||||
125,480 | Havells India Ltd. | 1,674,211 | ||||||
19,245 | Jubilant Foodworks Ltd. * | 749,725 | ||||||
51,260 | L&T Technology Services Ltd. 1 | 1,885,444 | ||||||
52,450 | Metropolis Healthcare Ltd. 1 | 1,695,047 | ||||||
103,600 | Mphasis Ltd. | 2,465,500 |
14
EP Emerging Markets Small Companies Fund
SCHEDULE OF INVESTMENTS - Continued
As of April 30, 2021 (Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
INDIA (Continued) | ||||||||
182,586 | Syngene International Ltd. *,1 | $ | 1,361,779 | |||||
22,017,027 | ||||||||
INDONESIA — 3.3% | ||||||||
14,577,980 | Ace Hardware Indonesia Tbk P.T. | 1,493,012 | ||||||
8,967,055 | Bank Tabungan Pensiunan Nasional Syariah Tbk P.T. | 2,025,400 | ||||||
3,518,412 | ||||||||
LUXEMBOURG — 1.1% | ||||||||
74,200 | Global Fashion Group S.A. * | 1,164,489 | ||||||
MALAYSIA — 1.3% | ||||||||
1,829,662 | Frontken Corp. Bhd | 1,397,706 | ||||||
MEXICO — 2.0% | ||||||||
413,150 | Regional S.A.B. de C.V. * | 2,098,892 | ||||||
PHILIPPINES — 1.3% | ||||||||
3,796,515 | Wilcon Depot, Inc. | 1,386,891 | ||||||
POLAND — 2.7% | ||||||||
44,474 | Dino Polska S.A. *,1 | 2,885,429 | ||||||
RUSSIA — 2.9% | ||||||||
53,750 | TCS Group Holding PLC - GDR | 3,108,911 | ||||||
SINGAPORE — 1.9% | ||||||||
527,890 | Nanofilm Technologies International Ltd. * | 1,974,034 | ||||||
SOUTH AFRICA — 1.0% | ||||||||
66,340 | Clicks Group Ltd. | 1,107,916 | ||||||
SOUTH KOREA — 10.7% | ||||||||
9,000 | Chunbo Co., Ltd. | 1,459,048 | ||||||
28,900 | Kakao Games Corp. * | 1,402,229 | ||||||
86,750 | Koh Young Technology, Inc. | 2,161,102 | ||||||
13,950 | LEENO Industrial, Inc. | 2,033,382 | ||||||
9,100 | SK Materials Co., Ltd. | 2,741,920 | ||||||
8,600 | Tokai Carbon Korea Co., Ltd. | 1,505,691 | ||||||
11,303,372 | ||||||||
SWEDEN — 0.7% | ||||||||
21,322 | Vitrolife A.B. | 798,936 |
15
EP Emerging Markets Small Companies Fund
SCHEDULE OF INVESTMENTS - Continued
As of April 30, 2021 (Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
TAIWAN — 17.9% | ||||||||
69,915 | Airtac International Group | $ | 2,917,987 | |||||
24,482 | ASPEED Technology, Inc. | 1,827,461 | ||||||
243,140 | Chroma ATE, Inc. | 1,680,169 | ||||||
67,960 | eMemory Technology, Inc. * | 2,477,833 | ||||||
36,655 | Parade Technologies Ltd. | 1,797,305 | ||||||
119,610 | Realtek Semiconductor Corp. * | 2,256,433 | ||||||
12,865 | Silergy Corp. | 1,322,271 | ||||||
103,635 | Voltronic Power Technology Corp. * | 4,710,233 | ||||||
18,989,692 | ||||||||
THAILAND — 1.9% | ||||||||
1,793,680 | TOA Paint Thailand PCL | 1,985,102 | ||||||
VIETNAM — 1.7% | ||||||||
289,298 | Mobile World Investment Corp. | 1,763,538 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $72,562,819) | 101,507,822 | |||||||
WARRANTS — 0.0% | ||||||||
MALAYSIA — 0.0% | ||||||||
609,887 | Frontken Corp. Bhd, Strike Price: 4.00 MYR, Expiration Date: May 3, 2026 *,2 | — | ||||||
TOTAL WARRANTS | ||||||||
(Cost $0) | — |
Principal Amount | ||||||||
SHORT-TERM INVESTMENTS — 3.4% | ||||||||
$ | 3,564,527 | UMB Money Market Fiduciary, 0.010% 3 | 3,564,527 | |||||
Total Short-Term Investments | ||||||||
(Cost $3,564,527) | 3,564,527 | |||||||
TOTAL INVESTMENTS — 99.1% | ||||||||
(Cost $76,127,346) | 105,072,349 | |||||||
Other Assets in Excess of Liabilities — 0.9% | 936,974 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 106,009,323 |
ADR – American Depository Receipt |
GDR – Global Depository Receipt |
MYR – Malaysian Ringgit |
PCL – Public Company Limited |
PLC – Public Limited Company |
* | Non-income producing security. |
16
EP Emerging Markets Small Companies Fund
SCHEDULE OF INVESTMENTS - Continued
As of April 30, 2021 (Unaudited)
1 | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $16,544,758, which represents 15.61% of Net Assets. |
2 | Level 3 securities fair valued under procedures established by the Board of Trustees, represents 0.00% of Net Assets. The total value of these securities is $0. |
3 | The rate is the annualized seven-day yield at period end. |
See accompanying Notes to Financial Statements.
17
EP Emerging Markets Small Companies Fund
SUMMARY OF INVESTMENTS
As of April 30, 2021 (Unaudited)
Security Type/Sector | Percent of Total Net Assets |
Common Stocks | |
Industrial | 29.7% |
Technology | 19.0% |
Consumer, Non-cyclical | 17.7% |
Financial | 15.8% |
Consumer, Cyclical | 8.2% |
Basic Materials | 3.4% |
Communications | 1.9% |
Total Common Stocks | 95.7% |
Warrants | |
Industrial | 0.0% |
Total Warrants | 0.0% |
Short-Term Investments | 3.4% |
Total Investments | 99.1% |
Other Assets in Excess of Liabilities | 0.9% |
Total Net Assets | 100.0% |
See accompanying Notes to Financial Statements.
18
EuroPac Gold Fund
SCHEDULE OF INVESTMENTS
As of April 30, 2021 (Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — 99.2% | ||||||||
GOLD MINING — 38.7% | ||||||||
178,540 | Agnico Eagle Mines Ltd. | $ | 11,148,038 | |||||
2,008,728 | B2Gold Corp. | 9,641,894 | ||||||
150,000 | B2Gold Corp.1 | 722,421 | ||||||
506,992 | Barrick Gold Corp.* | 10,773,580 | ||||||
1,443,099 | Equinox Gold Corp.*,1 | 11,669,707 | ||||||
150,000 | Equinox Gold Corp.* | 1,213,500 | ||||||
657,687 | Evolution Mining Ltd.1 | 2,345,806 | ||||||
1,038,000 | Gold Fields Ltd. - ADR | 9,736,440 | ||||||
2,770,176 | i-80 Gold Corp.*,1,2 | 5,543,958 | ||||||
100,005 | Kinross Gold Corp. | 704,035 | ||||||
93,000 | Newmont Corp. | 5,804,130 | ||||||
8,224,400 | OceanaGold Corp.*,1 | 13,716,254 | ||||||
100,000 | OceanaGold Corp.* | 167,000 | ||||||
60,000 | Polymetal International PLC | 1,239,194 | ||||||
5,000 | Polyus PJSC - GDR | 463,250 | ||||||
704,769 | Pretium Resources, Inc.* | 7,393,027 | ||||||
40,000 | Pretium Resources, Inc.*,1 | 420,111 | ||||||
92,702,345 | ||||||||
ROYALTY COMPANIES — 37.3% | ||||||||
2,123,589 | Elemental Royalties*,1,2,3 | 2,487,771 | ||||||
3,000,000 | Elemental Royalties Corp.*,1,3 | 3,514,481 | ||||||
1,400,000 | Empress Royalty Corp.*,1 | 466,970 | ||||||
1,431,976 | EMX Royalty Corp.* | 4,653,922 | ||||||
90,096 | Franco-Nevada Corp. | 12,544,967 | ||||||
107,500 | Lara Exploration Ltd.*,1 | 66,466 | ||||||
745,000 | Maverix Metals, Inc. | 4,201,800 | ||||||
1,628,850 | Metalla Royalty & Streaming Ltd.1,3 | 15,451,018 | ||||||
258,437 | Metalla Royalty & Streaming Ltd.3 | 2,444,814 | ||||||
2,100,000 | Nomad Royalty Co., Ltd.1 | 1,828,018 | ||||||
4,416,651 | Orogen Royalties, Inc.*,1 | 1,329,451 | ||||||
750,000 | Orogen Royalties, Inc.1,2 | 225,757 | ||||||
596,889 | Osisko Gold Royalties Ltd. | 7,210,419 | ||||||
323,120 | Osisko Gold Royalties Ltd.1 | 3,900,993 | ||||||
87,200 | Royal Gold, Inc. | 9,754,192 | ||||||
1,640,000 | Sandstorm Gold Ltd.* | 12,168,800 | ||||||
3,000,000 | Star Royalties Ltd.*,1,2 | 1,293,524 | ||||||
753,400 | Vox Royalty Corp.*,1 | 1,562,943 | ||||||
79,000 | Wheaton Precious Metals Corp. | 3,264,280 | ||||||
25,000 | Wheaton Precious Metals Corp.1 | 1,037,057 | ||||||
89,407,643 |
19
EuroPac Gold Fund
SCHEDULE OF INVESTMENTS - Continued
As of April 30, 2021 (Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
PRECIOUS METALS EXPLORATION — 9.7% | ||||||||
1,611,182 | Almadex Minerals Ltd.*,1 | $ | 321,135 | |||||
1,188,100 | Altus Strategies PLC*,1 | 1,116,381 | ||||||
1,456,228 | Aurion Resources Ltd.*,1 | 959,604 | ||||||
1,200,000 | Aurion Resources Ltd.*,1,2 | 790,758 | ||||||
811,182 | Azucar Minerals Ltd.*,1 | 79,191 | ||||||
726,317 | Capitan Mining, Inc.*,1,2 | 218,628 | ||||||
14,531,818 | GBM Resources Ltd.*,1,3 | 1,343,362 | ||||||
505,500 | Harfang Exploration, Inc.*,1 | 152,160 | ||||||
128,000 | Heliostar Metals Ltd.*,1 | 122,877 | ||||||
652,800 | Irving Resources, Inc.*,1 | 1,014,357 | ||||||
270,000 | Irving Resources, Inc.*,1,2 | 419,541 | ||||||
5,355,900 | Magna Gold Corp.*,1,3 | 3,877,930 | ||||||
6,692,000 | Medgold Resources Corp.*,1,3 | 258,599 | ||||||
736,000 | Medgold Resources Corp.*,1,2,3 | 28,441 | ||||||
5,439,900 | Midland Exploration, Inc.*,1,3 | 3,983,005 | ||||||
6,203,704 | Mundoro Capital, Inc.*,1,2,3 | 1,009,389 | ||||||
108,550 | Perpetua Resources Corp.*,1 | 828,343 | ||||||
1,015,000 | Revival Gold, Inc.*,1 | 561,503 | ||||||
920,000 | Revival Gold, Inc.*,1,2 | 508,949 | ||||||
2,800,000 | Riverside Resources, Inc.*,1,2,3 | 455,581 | ||||||
5,000,000 | Thomson Resources Ltd.*,1 | 423,696 | ||||||
4,446,124 | Vista Gold Corp.* | 4,712,892 | ||||||
8,200 | Vista Gold Corp.*,1 | 8,739 | ||||||
23,195,061 | ||||||||
SILVER: EXPLORATION AND MINING — 10.8% | ||||||||
2,829,537 | Fortuna Silver Mines, Inc.* | 17,062,108 | ||||||
281,500 | Pan American Silver Corp. | 8,957,330 | ||||||
26,019,438 | ||||||||
GOLD EXPLORATION — 2.7% | ||||||||
3,468,263 | Adriatic Metals PLC*,1 | 6,252,011 | ||||||
533,000 | Newcore Gold Ltd.*,1 | 255,833 | ||||||
6,507,844 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $160,355,114) | 237,832,331 | |||||||
WARRANTS — 0.0% | ||||||||
GOLD MINING — 0.0% | ||||||||
96,154 | i-80 Gold Corp., Strike Price: 3.64 CAD, Expiration Date: October 15, 2022*,1,2 | — |
20
EuroPac Gold Fund
SCHEDULE OF INVESTMENTS - Continued
As of April 30, 2021 (Unaudited)
Number of Shares | Value | |||||||
WARRANTS (Continued) | ||||||||
PRECIOUS METALS DEVELOPMENTAL — 0.0% | ||||||||
107,750 | Almaden Minerals Ltd., Strike Price: 1.35 CAD, Expiration Date: June 7, 2022*,1,2 | $ | — | |||||
PRECIOUS METALS EXPLORATION — 0.0% | ||||||||
1,336,000 | Altus Strategies PLC, Strike Price: 1.50 CAD, Expiration Date: April 18, 2023*,1,2 | — | ||||||
9,090,909 | GBM Resources Ltd., Strike Price: 0.105 AUD, Expiration Date: April 7, 2023*,1,2 | 105,049 | ||||||
1,851,852 | Mundoro Capital, Inc., Strike Price: 0.20 CAD, Expiration Date: January 9, 2022*,1,2 | — | ||||||
1,250,000 | Mundoro Capital, Inc., Strike Price: 0.30 CAD, Expiration Date: March 11, 2023*,1,2 | — | ||||||
128,900 | O3 Mining Corp., Strike Price: 4.46 CAD, Expiration Date: March 16, 2022*,1,2 | — | ||||||
497,000 | Outcrop Gold Corp., Strike Price: 1.20 CAD, Expiration Date: June 23, 2021*,1,2 | — | ||||||
460,000 | Revival Gold, Inc., Strike Price: 0.90 CAD, Expiration Date: March 26, 2022*,1,2 | — | ||||||
2,500,000 | Thomson Resources Ltd., Strike Price: 0.20 AUD, Expiration Date: March 29, 2024*,1,2 | — | ||||||
105,049 | ||||||||
ROYALTY COMPANIES — 0.0% | ||||||||
700,000 | Empress Royalty Corp., Strike Price: 0.75 CAD, Expiration Date: April 8, 2023*,1,2 | — | ||||||
58,350 | Vox Royalty Corp., Strike Price: 4.50 CAD, Expiration Date: April 13, 2024*,1,2 | — | ||||||
333,350 | Vox Royalty Corp., Strike Price: 4.50 CAD, Expiration Date: June 17, 2022*,1,2 | — | ||||||
— | ||||||||
SILVER: EXPLORATION AND MINING — 0.0% | ||||||||
1,880,000 | Golden Arrow Resources Corp., Strike Price: 0.40 CAD, Expiration Date: March 18, 2023*,1,2 | — | ||||||
TOTAL WARRANTS | ||||||||
(Cost $—) | 105,049 |
21
EuroPac Gold Fund
SCHEDULE OF INVESTMENTS - Continued
As of April 30, 2021 (Unaudited)
Principal Amount | Value | |||||||
SHORT-TERM INVESTMENTS — 0.3% | ||||||||
$ | 686,449 | UMB Money Market Fiduciary, 0.01%4 | $ | 686,449 | ||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $686,449) | 686,449 | |||||||
TOTAL INVESTMENTS — 99.5% | ||||||||
(Cost $161,041,563) | 238,623,829 | |||||||
Other Assets in Excess of Liabilities — 0.5% | 1,095,386 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 239,719,215 |
ADR – American Depository Receipt
AUD – Australian Dollar
CAD – Canadian Dollar
GDR – Global Depository Receipt
PJSC – Public Joint Stock Company
PLC – Public Limited Company
* | Non-income producing security. |
1 | Foreign security denominated in U.S. dollars. |
2 | Securities noted are exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities are Level 3 securities fair valued under procedures established by the Board of Trustees, representing 5.5% of Net Assets. The total value of these securities is $13,087,346. |
3 | Affiliated company. |
4 | The rate is the annualized seven-day yield at period end. |
See accompanying Notes to Financial Statements.
22
EuroPac Gold Fund
SUMMARY OF INVESTMENTS
As of April 30, 2021 (Unaudited)
Security Type/Sector | Percent of Total Net Assets |
Common Stocks | |
Gold Mining | 38.7% |
Royalty Companies | 37.3% |
Silver: Exploration and Mining | 10.8% |
Precious Metals Exploration | 9.7% |
Gold Exploration | 2.7% |
Total Common Stocks | 99.2% |
Short-Term Investments | 0.3% |
Warrants | 0.0% |
Total Investments | 99.5% |
Other Assets in Excess of Liabilities | 0.5% |
Total Net Assets | 100.0% |
See accompanying Notes to Financial Statements.
23
STATEMENTS OF ASSETS AND LIABILITIES
As of April 30, 2021 (Unaudited)
EuroPac International Value Fund | EuroPac International Bond Fund | EuroPac International Dividend Income Fund | ||||||||||
Assets: | ||||||||||||
Investments in unaffiliated issuers, at cost | $ | 90,497,531 | $ | 52,679,019 | $ | 83,428,837 | ||||||
Investments in affiliated issuers, at cost | - | - | - | |||||||||
Warrants, at cost | - | - | - | |||||||||
Foreign currency, at cost | - | 2,711,060 | - | |||||||||
Investments in unaffiliated issuers, at value | $ | 107,377,020 | $ | 47,927,090 | $ | 89,789,493 | ||||||
Investments in affiliated issuers, at value | - | - | - | |||||||||
Warrants, at value | - | - | - | |||||||||
Foreign currency, at value | - | 2,702,873 | - | |||||||||
Cash held at broker | - | - | - | |||||||||
Receivables: | ||||||||||||
Investment securities sold | - | - | - | |||||||||
Fund shares sold | 19,997 | 4,684 | 31,566 | |||||||||
Dividends and interest | 519,029 | 693,738 | 386,367 | |||||||||
Prepaid expenses | 20,232 | 14,715 | 14,372 | |||||||||
Total assets | 107,936,278 | 51,343,100 | 90,221,798 | |||||||||
Liabilities: | ||||||||||||
Payables: | ||||||||||||
Fund shares redeemed | 26,617 | 18,227 | 51,784 | |||||||||
Advisory fees | 95,166 | 11,744 | 62,410 | |||||||||
Shareholder servicing fees (Note 7) | 9,927 | 4,731 | 9,169 | |||||||||
Distribution fees (Note 8) | 19,964 | 8,783 | 17,527 | |||||||||
Fund accounting and administration fees | 24,733 | 15,507 | 22,939 | |||||||||
Transfer agent fees and expenses | 14,492 | 10,186 | 13,868 | |||||||||
Custody fees | 5,382 | 2,849 | 14,106 | |||||||||
Auditing fees | 7,982 | 7,683 | 8,011 | |||||||||
Trustees' deferred compensation (Note 3) | 5,959 | 5,856 | 6,101 | |||||||||
Chief Compliance Officer fees | 849 | 1,164 | 1,950 | |||||||||
Trustees' fees and expenses | 353 | 475 | 34 | |||||||||
Deferred non-U.S. taxes | - | - | - | |||||||||
Accrued other expenses | 6,569 | 3,233 | 7,570 | |||||||||
Total liabilities | 217,993 | 90,438 | 215,469 | |||||||||
Net Assets | $ | 107,718,285 | $ | 51,252,662 | $ | 90,006,329 |
See accompanying Notes to Financial Statements.
24
STATEMENTS OF ASSETS AND LIABILITIES - Continued
As of April 30, 2021 (Unaudited)
EuroPac International Value Fund | EuroPac International Bond Fund | EuroPac International Dividend Income Fund | ||||||||||
Components of Net Assets: | ||||||||||||
Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $ | 107,616,290 | $ | 56,689,231 | $ | 93,567,135 | ||||||
Total distributable earnings (accumulated deficit) | 101,995 | (5,436,569 | ) | (3,560,806 | ) | |||||||
Net Assets | $ | 107,718,285 | $ | 51,252,662 | $ | 90,006,329 | ||||||
Maximum Offering Price per Share: | ||||||||||||
Class A Shares: | ||||||||||||
Net assets applicable to shares outstanding | $ | 103,145,966 | $ | 45,732,101 | $ | 86,801,103 | ||||||
Shares of beneficial interest issued and outstanding | 10,924,178 | 5,110,968 | 9,459,750 | |||||||||
Redemption price per share | $ | 9.44 | $ | 8.95 | $ | 9.18 | ||||||
Maximum sales charge (4.50% of offering price)* | 0.44 | 0.42 | 0.43 | |||||||||
Maximum public offering price to public | $ | 9.88 | $ | 9.37 | $ | 9.61 | ||||||
Class I Shares: | ||||||||||||
Net assets applicable to shares outstanding | $ | 4,572,319 | $ | 5,520,561 | $ | 3,205,226 | ||||||
Shares of beneficial interest issued and outstanding | 482,946 | 608,948 | 348,882 | |||||||||
Offering and redemption price per share | $ | 9.47 | $ | 9.07 | $ | 9.19 |
* | On sales of $50,000 or more, the sales charge will be reduced. |
See accompanying Notes to Financial Statements.
25
STATEMENTS OF ASSETS AND LIABILITIES - Continued
As of April 30, 2021 (Unaudited)
EP Emerging Markets Small Companies Fund | EuroPac Gold Fund | |||||||
Assets: | ||||||||
Investments in unaffiliated issuers, at cost | $ | 76,127,346 | $ | 149,292,956 | ||||
Investments in affiliated issuers, at cost | - | 11,748,607 | ||||||
Warrants, at cost | - | - | ||||||
Foreign currency, at cost | 316,642 | 1,126,191 | ||||||
Investments in unaffiliated issuers, at value | $ | 105,072,349 | $ | 222,015,802 | ||||
Investments in affiliated issuers, at value | - | 16,502,978 | ||||||
Warrants, at value | - | 105,049 | ||||||
Foreign currency, at value | 316,503 | 1,222,146 | ||||||
Cash held at broker | - | 21,131 | ||||||
Receivables: | ||||||||
Investment securities sold | 1,248,671 | 42,471 | ||||||
Fund shares sold | 12,144 | 111,782 | ||||||
Dividends and interest | 45,275 | 11,079 | ||||||
Prepaid expenses | 14,138 | 26,549 | ||||||
Total assets | 106,709,080 | 240,058,987 | ||||||
Liabilities: | ||||||||
Payables: | ||||||||
Fund shares redeemed | 24,495 | 83,244 | ||||||
Advisory fees | 87,529 | 160,395 | ||||||
Shareholder servicing fees (Note 7) | 6,903 | 441 | ||||||
Distribution fees (Note 8) | 19,886 | 46,421 | ||||||
Fund accounting and administration fees | 27,913 | 8,920 | ||||||
Transfer agent fees and expenses | 13,922 | 16,704 | ||||||
Custody fees | 14,188 | 4,013 | ||||||
Auditing fees | 7,983 | 7,655 | ||||||
Trustees' deferred compensation (Note 3) | 6,713 | 6,715 | ||||||
Chief Compliance Officer fees | 2,506 | 1,229 | ||||||
Trustees' fees and expenses | 198 | 116 | ||||||
Deferred non-U.S. taxes | 481,846 | - | ||||||
Accrued other expenses | 5,675 | 3,919 | ||||||
Total liabilities | 699,757 | 339,772 | ||||||
Net Assets | $ | 106,009,323 | $ | 239,719,215 |
See accompanying Notes to Financial Statements.
26
STATEMENTS OF ASSETS AND LIABILITIES - Continued
As of April 30, 2021 (Unaudited)
EP Emerging Markets Small Companies Fund | EuroPac Gold Fund | |||||||
Components of Net Assets: | ||||||||
Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $ | 75,086,721 | $ | 201,760,207 | ||||
Total distributable earnings (accumulated deficit) | 30,922,602 | 37,959,008 | ||||||
Net Assets | $ | 106,009,323 | $ | 239,719,215 | ||||
Maximum Offering Price per Share: | ||||||||
Class A Shares: | ||||||||
Net assets applicable to shares outstanding | $ | 103,236,207 | $ | 220,649,442 | ||||
Shares of beneficial interest issued and outstanding | 6,645,103 | 18,289,583 | ||||||
Redemption price per share | $ | 15.54 | $ | 12.06 | ||||
Maximum sales charge (4.50% of offering price)* | 0.73 | 0.57 | ||||||
Maximum public offering price to public | $ | 16.27 | $ | 12.63 | ||||
Class I Shares: | ||||||||
Net assets applicable to shares outstanding | $ | 2,773,116 | $ | 19,069,773 | ||||
Shares of beneficial interest issued and outstanding | 174,578 | 1,572,541 | ||||||
Offering and redemption price per share | $ | 15.88 | $ | 12.13 |
* | On sales of $50,000 or more, the sales charge will be reduced. |
See accompanying Notes to Financial Statements.
27
STATEMENTS OF OPERATIONS
For the Six Months Ended April 30, 2021 (Unaudited)
EuroPac International Value Fund | EuroPac International Bond Fund | EuroPac International Dividend Income Fund | ||||||||||
Investment Income: | ||||||||||||
Dividend income from unaffiliated issuers (net of foreign withholding taxes of $155,461, $0 and $150,342, respectively) | $ | 1,514,110 | $ | - | $ | 1,396,107 | ||||||
Interest income from unaffiliated issuers | 414 | 1,044,928 | 217 | |||||||||
Total investment income | 1,514,524 | 1,044,928 | 1,396,324 | |||||||||
Expenses: | ||||||||||||
Advisory fees | 527,442 | 152,266 | 346,098 | |||||||||
Shareholder servicing fees (Note 7) | 42,851 | 21,114 | 36,585 | |||||||||
Distribution fees (Note 8) | 118,157 | 57,090 | 98,717 | |||||||||
Fund accounting and administration fees | 62,715 | 43,940 | 53,562 | |||||||||
Transfer agent fees and expenses | 28,801 | 21,511 | 26,778 | |||||||||
Custody fees | 10,401 | 14,029 | 14,667 | |||||||||
Registration fees | 18,068 | 16,392 | 17,037 | |||||||||
Auditing fees | 7,588 | 7,588 | 7,588 | |||||||||
Legal fees | 5,813 | 5,584 | 5,745 | |||||||||
Shareholder reporting fees | 5,306 | 4,001 | 7,158 | |||||||||
Trustees' fees and expenses | 4,843 | 4,866 | 4,728 | |||||||||
Miscellaneous | 3,838 | 3,173 | 3,603 | |||||||||
Chief Compliance Officer fees | 2,349 | 2,349 | 2,349 | |||||||||
Insurance fees | 1,107 | 1,086 | 1,102 | |||||||||
Total expenses | 839,279 | 354,989 | 625,717 | |||||||||
Advisory fees (waived) recovered | 11,182 | (69,500 | ) | (17,806 | ) | |||||||
Net expenses | 850,461 | 285,489 | 607,911 | |||||||||
Net investment income (loss) | 664,063 | 759,439 | 788,413 | |||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments in unaffiliated issuers | 560,898 | 236,262 | (1,272,198 | ) | ||||||||
Investments in affiliated issuers | - | - | - | |||||||||
Foreign currency transactions | (4,310 | ) | 17,387 | (10,624 | ) | |||||||
Deferred non-US taxes | - | - | - | |||||||||
Net realized gain (loss) | 556,588 | 253,649 | (1,282,822 | ) | ||||||||
Net change in unrealized appreciation/depreciation on: | ||||||||||||
Investments in unaffiliated issuers | 15,110,502 | 802,110 | 15,345,126 | |||||||||
Investments in affiliated issuers | - | - | - | |||||||||
Warrants | - | - | - | |||||||||
Foreign currency translations | 3,866 | 20,226 | 2,445 | |||||||||
Deferred non-U.S. taxes | - | - | - | |||||||||
Net change in unrealized appreciation/depreciation | 15,114,368 | 822,336 | 15,347,571 | |||||||||
Net realized and unrealized gain (loss) | 15,670,956 | 1,075,985 | 14,064,749 | |||||||||
Net Increase (Decrease) in Net Assets from Operations | $ | 16,335,019 | $ | 1,835,424 | $ | 14,853,162 |
See accompanying Notes to Financial Statements.
28
STATEMENTS OF OPERATIONS - Continued
For the Six Months Ended April 30, 2021 (Unaudited)
EP Emerging Markets Small Companies Fund | EuroPac Gold Fund | |||||||
Investment Income: | ||||||||
Dividend income from unaffiliated issuers (net of foreign withholding taxes of $43,502 and $143,575, respectively) | $ | 340,655 | $ | 6,024,273 | ||||
Interest income from unaffiliated issuers | 199 | 125 | ||||||
Total investment income | 340,854 | 6,024,398 | ||||||
Expenses: | ||||||||
Advisory fees | 510,992 | 1,002,438 | ||||||
Shareholder servicing fees (Note 7) | 35,754 | 117,792 | ||||||
Distribution fees (Note 8) | 115,877 | 284,233 | ||||||
Fund accounting and administration fees | 67,913 | 109,812 | ||||||
Transfer agent fees and expenses | 28,092 | 42,221 | ||||||
Custody fees | 48,747 | 19,495 | ||||||
Registration fees | 16,868 | 33,068 | ||||||
Auditing fees | 7,588 | 7,588 | ||||||
Legal fees | 4,981 | 8,349 | ||||||
Shareholder reporting fees | 6,822 | 15,357 | ||||||
Trustees' fees and expenses | 6,349 | 6,035 | ||||||
Miscellaneous | 3,359 | 6,063 | ||||||
Chief Compliance Officer fees | 7,114 | 2,350 | ||||||
Insurance fees | 1,117 | 1,181 | ||||||
Total expenses | 861,573 | 1,655,982 | ||||||
Advisory fees (waived) recovered | (35,985 | ) | - | |||||
Net expenses | 825,588 | 1,655,982 | ||||||
Net investment income (loss) | (484,734 | ) | 4,368,416 | |||||
Realized and Unrealized Gain (Loss): | ||||||||
Net realized gain (loss) on: | ||||||||
Investments in unaffiliated issuers | 6,117,780 | (2,519,681 | ) | |||||
Investments in affiliated issuers | - | 269,635 | ||||||
Foreign currency transactions | 32,126 | (4,239 | ) | |||||
Deferred non-US taxes | 291,315 | - | ||||||
Net realized gain (loss) | 6,441,221 | (2,254,285 | ) | |||||
Net change in unrealized appreciation/depreciation on: | ||||||||
Investments in unaffiliated issuers | 16,611,777 | 98,908 | ||||||
Investments in affiliated issuers | - | (9,406,304 | ) | |||||
Warrants | - | (402,785 | ) | |||||
Foreign currency translations | (649 | ) | 83,324 | |||||
Deferred non-U.S. taxes | (668,930 | ) | - | |||||
Net change in unrealized appreciation/depreciation | 15,942,198 | (9,626,857 | ) | |||||
Net realized and unrealized gain (loss) | 22,383,419 | (11,881,142 | ) | |||||
Net Increase (Decrease) in Net Assets from Operations | $ | 21,898,685 | $ | (7,512,726 | ) |
See accompanying Notes to Financial Statements.
29
EuroPac International Value Fund
STATEMENTS OF CHANGES IN NET ASSETS
For the | For the | |||||||
Increase (Decrease) in Net Assets from: | ||||||||
Operations: | ||||||||
Net investment income | $ | 664,063 | $ | 745,285 | ||||
Net realized gain on investments and foreign currency transactions | 556,588 | 3,231,504 | ||||||
Net change in unrealized appreciation/depreciation on investments and foreign currency translations | 15,114,368 | 1,883,419 | ||||||
Net increase in net assets resulting from operations | 16,335,019 | 5,860,208 | ||||||
Distributions to Shareholders: | ||||||||
Distributions: | ||||||||
Class A | (533,983 | ) | (700,666 | ) | ||||
Class I | (21,477 | ) | (10,126 | ) | ||||
Total | (555,460 | ) | (710,792 | ) | ||||
Capital Transactions: | ||||||||
Net proceeds from shares sold: | ||||||||
Class A | 13,037,129 | 26,491,346 | ||||||
Class I | 2,799,183 | 1,422,821 | ||||||
Reinvestment of distributions: | ||||||||
Class A | 342,802 | 444,161 | ||||||
Class I | 19,577 | 9,852 | ||||||
Cost of shares redeemed: | ||||||||
Class A1 | (5,171,042 | ) | (9,880,226 | ) | ||||
Class I2 | (396,936 | ) | (392,972 | ) | ||||
Net increase in net assets from capital transactions | 10,630,713 | 18,094,982 | ||||||
Total increase in net assets | 26,410,272 | 23,244,398 | ||||||
Net Assets: | ||||||||
Beginning of period | 81,308,013 | 58,063,615 | ||||||
End of period | $ | 107,718,285 | $ | 81,308,013 | ||||
Capital Share Transactions: | ||||||||
Shares sold: | ||||||||
Class A | 1,454,292 | 3,404,609 | ||||||
Class I | 310,146 | 174,300 | ||||||
Shares reinvested: | ||||||||
Class A | 38,045 | 59,090 | ||||||
Class I | 2,159 | 1,295 | ||||||
Shares redeemed: | ||||||||
Class A | (570,600 | ) | (1,320,344 | ) | ||||
Class I | (44,607 | ) | (53,419 | ) | ||||
Net increase in capital share transactions | 1,189,435 | 2,265,531 |
1 | Net of redemption fees of $2,875 and $10,220, respectively. |
2 | Net of redemption fees of $160 and $1,030, respectively. |
See accompanying Notes to Financial Statements.
30
EuroPac International Bond Fund
STATEMENTS OF CHANGES IN NET ASSETS
For the | For the | |||||||
Increase (Decrease) in Net Assets from: | ||||||||
Operations: | ||||||||
Net investment income | $ | 759,439 | $ | 1,203,672 | ||||
Net realized gain (loss) on investments and foreign currency transactions | 253,649 | (290,908 | ) | |||||
Net change in unrealized appreciation/depreciation on investments and foreign currency translations | 822,336 | 294,707 | ||||||
Net increase in net assets resulting from operations | 1,835,424 | 1,207,471 | ||||||
Distributions to Shareholders: | ||||||||
Distributions: | ||||||||
Class A | (510,519 | ) | - | |||||
Class I | (62,153 | ) | - | |||||
Total | (572,672 | ) | - | |||||
Capital Transactions: | ||||||||
Net proceeds from shares sold: | ||||||||
Class A | 4,585,330 | 11,561,250 | ||||||
Class I | 2,433,697 | 3,605,714 | ||||||
Reinvestment of distributions: | ||||||||
Class A | 331,609 | - | ||||||
Class I | 62,153 | - | ||||||
Cost of shares redeemed: | ||||||||
Class A1 | (4,531,538 | ) | (7,071,640 | ) | ||||
Class I2 | (1,131,114 | ) | (1,216,007 | ) | ||||
Net increase in net assets from capital transactions | 1,750,137 | 6,879,317 | ||||||
Total increase in net assets | 3,012,889 | 8,086,788 | ||||||
Net Assets: | ||||||||
Beginning of period | 48,239,773 | 40,152,985 | ||||||
End of period | $ | 51,252,662 | $ | 48,239,773 | ||||
Capital Share Transactions: | ||||||||
Shares sold: | ||||||||
Class A | 509,775 | 1,358,651 | ||||||
Class I | 266,243 | 419,579 | ||||||
Shares reinvested: | ||||||||
Class A | 36,663 | - | ||||||
Class I | 6,791 | - | ||||||
Shares redeemed: | ||||||||
Class A | (502,175 | ) | (844,103 | ) | ||||
Class I | (124,749 | ) | (137,345 | ) | ||||
Net increase in capital share transactions | 192,548 | 796,782 |
1 | Net of redemption fees of $2,217 and $7,612, respectively. |
2 | Net of redemption fees of $90 and $310, respectively. |
See accompanying Notes to Financial Statements.
31
EuroPac International Dividend Income Fund
STATEMENTS OF CHANGES IN NET ASSETS
For the | For the | |||||||
Increase (Decrease) in Net Assets from: | ||||||||
Operations: | ||||||||
Net investment income | $ | 788,413 | $ | 1,083,677 | ||||
Net realized gain (loss) on investments and foreign currency transactions | (1,282,822 | ) | 2,603,464 | |||||
Net change in unrealized appreciation/depreciation on investments and foreign currency translations | 15,347,571 | (4,298,712 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 14,853,162 | (611,571 | ) | |||||
Distributions to Shareholders: | ||||||||
Distributions: | ||||||||
Class A | (625,418 | ) | (1,049,520 | ) | ||||
Class I | (22,428 | ) | (27,235 | ) | ||||
Total | (647,846 | ) | (1,076,755 | ) | ||||
Capital Transactions: | ||||||||
Net proceeds from shares sold: | ||||||||
Class A | 12,613,588 | 21,698,519 | ||||||
Class I | 1,333,374 | 1,427,238 | ||||||
Reinvestment of distributions: | ||||||||
Class A | 400,049 | 647,963 | ||||||
Class I | 19,958 | 26,055 | ||||||
Cost of shares redeemed: | ||||||||
Class A1 | (4,852,823 | ) | (9,304,827 | ) | ||||
Class I2 | (376,324 | ) | (703,560 | ) | ||||
Net increase in net assets from capital transactions | 9,137,822 | 13,791,388 | ||||||
Total increase in net assets | 23,343,138 | 12,103,062 | ||||||
Net Assets: | ||||||||
Beginning of period | 66,663,191 | 54,560,129 | ||||||
End of period | $ | 90,006,329 | $ | 66,663,191 | ||||
Capital Share Transactions: | ||||||||
Shares sold: | ||||||||
Class A | 1,454,508 | 2,812,272 | ||||||
Class I | 152,005 | 183,300 | ||||||
Shares reinvested: | ||||||||
Class A | 45,855 | 84,608 | ||||||
Class I | 2,282 | 3,397 | ||||||
Shares redeemed: | ||||||||
Class A | (554,822 | ) | (1,228,458 | ) | ||||
Class I | (43,702 | ) | (90,248 | ) | ||||
Net increase in capital share transactions | 1,056,126 | 1,764,871 |
1 | Net of redemption fees of $3,730 and $5,699, respectively. |
2 | Net of redemption fees of $0 and $909, respectively. |
See accompanying Notes to Financial Statements.
32
EP Emerging Markets Small Companies Fund
STATEMENTS OF CHANGES IN NET ASSETS
For the | For the | |||||||
Increase (Decrease) in Net Assets from: | ||||||||
Operations: | ||||||||
Net investment loss | $ | (484,734 | ) | $ | (474,021 | ) | ||
Net realized gain on investments and foreign currency transactions | 6,441,221 | 921,547 | ||||||
Net change in unrealized appreciation/depreciation on investments, deferred non-U.S. taxes and foreign currency translations | 15,942,198 | 6,900,754 | ||||||
Net increase from payments by affiliates (Note 3) | - | 796 | 1 | |||||
Net increase in net assets resulting from operations | 21,898,685 | 7,349,076 | ||||||
Distributions to Shareholders: | ||||||||
Distributions: | ||||||||
Class A | (479,075 | ) | (77,457 | ) | ||||
Class I | (7,712 | ) | (1,290 | ) | ||||
Total | (486,787 | ) | (78,747 | ) | ||||
Capital Transactions: | ||||||||
Net proceeds from shares sold: | ||||||||
Class A | 14,840,923 | 18,948,270 | ||||||
Class I | 1,682,146 | 584,757 | ||||||
Reinvestment of distributions: | ||||||||
Class A | 296,636 | 50,575 | ||||||
Class I | 7,479 | 1,002 | ||||||
Cost of shares redeemed: | ||||||||
Class A2 | (6,010,212 | ) | (10,141,943 | ) | ||||
Class I3 | (481,699 | ) | (500,921 | ) | ||||
Net increase in net assets from capital transactions | 10,335,273 | 8,941,740 | ||||||
Total increase in net assets | 31,747,171 | 16,212,069 | ||||||
Net Assets: | ||||||||
Beginning of period | 74,262,152 | 58,050,083 | ||||||
End of period | $ | 106,009,323 | $ | 74,262,152 | ||||
Capital Share Transactions: | ||||||||
Shares sold: | ||||||||
Class A | 1,019,078 | 1,747,692 | ||||||
Class I | 108,659 | 50,497 | ||||||
Shares reinvested: | ||||||||
Class A | 21,731 | 4,653 | ||||||
Class I | 536 | 91 | ||||||
Shares redeemed: | ||||||||
Class A | (408,601 | ) | (939,795 | ) | ||||
Class I | (31,893 | ) | (42,687 | ) | ||||
Net increase in capital share transactions | 709,510 | 820,451 |
1 | The reimbursement had no impact to the Fund's total return (Note 3). |
2 | Net of redemption fees of $8,243 and $4,415, respectively. |
3 | Net of redemption fees of $0 and $105, respectively. |
See accompanying Notes to Financial Statements.
33
EuroPac Gold Fund
STATEMENTS OF CHANGES IN NET ASSETS
For the | For the | |||||||
Increase (Decrease) in Net Assets from: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | 4,368,416 | $ | (1,595,332 | ) | |||
Net realized gain (loss) on investments and foreign currency transactions | (2,254,285 | ) | 476,349 | |||||
Net change in unrealized appreciation/depreciation on investments, affiliated issuers and foreign currency translations | (9,626,857 | ) | 64,062,453 | |||||
Net increase from payments by affiliates (Note 3) | - | 547 | 1 | |||||
Net increase (decrease) in net assets resulting from operations | (7,512,726 | ) | 62,944,017 | |||||
Distributions to Shareholders: | ||||||||
Distributions: | ||||||||
Class A | (19,802,847 | ) | - | |||||
Class I | (2,008,796 | ) | - | |||||
Total | (21,811,643 | ) | - | |||||
Capital Transactions: | ||||||||
Net proceeds from shares sold: | ||||||||
Class A | 30,239,319 | 114,148,837 | ||||||
Class I | 5,252,987 | 15,624,315 | ||||||
Reinvestment of distributions: | ||||||||
Class A | 14,469,100 | - | ||||||
Class I | 2,005,975 | - | ||||||
Cost of shares redeemed: | ||||||||
Class A2 | (30,944,455 | ) | (38,820,601 | ) | ||||
Class I3 | (11,837,604 | ) | (3,898,354 | ) | ||||
Net increase in net assets from capital transactions | 9,185,322 | 87,054,197 | ||||||
Total increase (decrease) in net assets | (20,139,047 | ) | 149,998,214 | |||||
Net Assets: | ||||||||
Beginning of period | 259,858,262 | 109,860,048 | ||||||
End of period | $ | 239,719,215 | $ | 259,858,262 | ||||
Capital Share Transactions: | ||||||||
Shares sold: | ||||||||
Class A | 2,336,973 | 9,974,726 | ||||||
Class I | 414,141 | 1,397,514 | ||||||
Shares reinvested: | ||||||||
Class A | 1,092,832 | - | ||||||
Class I | 150,825 | - | ||||||
Shares redeemed: | ||||||||
Class A | (2,431,657 | ) | (3,422,754 | ) | ||||
Class I | (922,921 | ) | (291,820 | ) | ||||
Net increase in capital share transactions | 640,193 | 7,657,666 |
1 | The reimbursement had no impact to the Fund's total return (Note 3). |
2 | Net of redemption fees of $17,232 and $78,467, respectively. |
3 | Net of redemption fees of $633 and $3,830, respectively. |
See accompanying Notes to Financial Statements.
34
EuroPac International Value Fund
FINANCIAL HIGHLIGHTS
Class A
Per share operating performance.
For a capital share outstanding throughout each period.
For the Six Months Ended April 30, 2021 | For the Year Ended October 31, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Net asset value, beginning of period | $ | 7.96 | $ | 7.30 | $ | 6.77 | $ | 7.65 | $ | 7.34 | $ | 6.51 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income1 | 0.06 | 0.09 | 0.10 | 0.12 | 0.09 | 0.05 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 1.47 | 0.65 | 0.52 | (0.88 | ) | 0.32 | 0.88 | |||||||||||||||||
Total from investment operations | 1.53 | 0.74 | 0.62 | (0.76 | ) | 0.41 | 0.93 | |||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
From net investment income | (0.05 | ) | (0.08 | ) | (0.09 | ) | (0.12 | ) | (0.09 | ) | (0.10 | ) | ||||||||||||
From return of capital | - | - | - | - | (0.01 | ) | - | |||||||||||||||||
Total distributions | (0.05 | ) | (0.08 | ) | (0.09 | ) | (0.12 | ) | (0.10 | ) | (0.10 | ) | ||||||||||||
Redemption fee proceeds1 | - | 2 | - | 2 | - | 2 | - | 2 | - | 2 | - | 2 | ||||||||||||
Net asset value, end of period | $ | 9.44 | $ | 7.96 | $ | 7.30 | $ | 6.77 | $ | 7.65 | $ | 7.34 | ||||||||||||
Total return3 | 19.26 | %4 | 10.26 | % | 9.20 | % | (10.00 | )% | 5.66 | % | 14.53 | % | ||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 103,146 | $ | 79,591 | $ | 57,383 | $ | 53,781 | $ | 64,802 | $ | 59,684 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before fees waived and expenses absorbed/recovered | 1.73 | %5 | 1.81 | % | 1.87 | % | 1.89 | % | 1.92 | %6 | 1.97 | % | ||||||||||||
After fees waived and expenses absorbed/recovered | 1.75 | %5 | 1.75 | % | 1.75 | % | 1.75 | % | 1.75 | %6 | 1.75 | % | ||||||||||||
Ratio of net investment income to average net assets: | ||||||||||||||||||||||||
Before fees waived and expenses absorbed/recovered | 1.37 | %5 | 1.04 | % | 1.27 | % | 1.47 | % | 1.02 | %7 | 0.47 | % | ||||||||||||
After fees waived and expenses absorbed/recovered | 1.35 | %5 | 1.10 | % | 1.39 | % | 1.61 | % | 1.19 | %7 | 0.69 | % | ||||||||||||
Portfolio turnover rate | 7 | %4 | 13 | % | 15 | % | 23 | % | 10 | % | 40 | % |
1 | Calculated based on average shares outstanding for the period. |
2 | Amount represents less than $0.01 per share. |
3 | Total returns would have been lower/higher had fees and expenses not been waived or absorbed/recovered by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown do not include payment of sales load of 4.50% of offering price which is reduced on sales of $50,000 or more. If the sales charge was included total returns would be lower. |
4 | Not annualized. |
5 | Annualized. |
6 | Includes excise tax expense. If this expense was excluded, the ratio of expenses to average net assets before fees waived would have been 1.92%; the ratio of expenses to average net assets after fees waived would have been 1.75%. |
7 | Includes excise tax expense. If this expense was excluded, the ratio of net investment income to average net assets before fees waived would have been 1.02%; the ratio of net investment income to average net assets after fees would have been 1.19%. |
See accompanying Notes to Financial Statements.
35
EuroPac International Value Fund
FINANCIAL HIGHLIGHTS
Class I
Per share operating performance.
For a capital share outstanding throughout each period.
For the Six Months Ended April 30, 2021 | For the Year Ended October 31, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Net asset value, beginning of period | $ | 7.98 | $ | 7.31 | $ | 6.78 | $ | 7.66 | $ | 7.34 | $ | 6.51 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income1 | 0.07 | 0.11 | 0.12 | 0.14 | 0.11 | 0.07 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 1.48 | 0.65 | 0.52 | (0.88 | ) | 0.33 | 0.87 | |||||||||||||||||
Total from investment operations | 1.55 | 0.76 | 0.64 | (0.74 | ) | 0.44 | 0.94 | |||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
From net investment income | (0.06 | ) | (0.10 | ) | (0.11 | ) | (0.14 | ) | (0.11 | ) | (0.11 | ) | ||||||||||||
From return of capital | - | - | - | - | (0.01 | ) | - | |||||||||||||||||
Total distributions | (0.06 | ) | (0.10 | ) | (0.11 | ) | (0.14 | ) | (0.12 | ) | (0.11 | ) | ||||||||||||
Redemption fee proceeds1 | - | 2 | 0.01 | - | - | 2 | - | - | 2 | |||||||||||||||
Net asset value, end of period | $ | 9.47 | $ | 7.98 | $ | 7.31 | $ | 6.78 | $ | 7.66 | $ | 7.34 | ||||||||||||
Total return3 | 19.48 | %4 | 10.66 | % | 9.46 | % | (9.75 | )% | 6.03 | % | 14.73 | % | ||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 4,572 | $ | 1,717 | $ | 680 | $ | 365 | $ | 699 | $ | 527 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before fees waived and expenses absorbed/recovered | 1.48 | %5 | 1.56 | % | 1.62 | % | 1.64 | % | 1.67 | %6 | 1.72 | % | ||||||||||||
After fees waived and expenses absorbed/recovered | 1.50 | %5 | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | %6 | 1.50 | % | ||||||||||||
Ratio of net investment income to average net assets: | ||||||||||||||||||||||||
Before fees waived and expenses absorbed/recovered | 1.62 | %5 | 1.29 | % | 1.52 | % | 1.72 | % | 1.27 | %7 | 0.72 | % | ||||||||||||
After fees waived and expenses absorbed/recovered | 1.60 | %5 | 1.35 | % | 1.64 | % | 1.86 | % | 1.44 | %7 | 0.94 | % | ||||||||||||
Portfolio turnover rate | 7 | %4 | 13 | % | 15 | % | 23 | % | 10 | % | 40 | % |
1 | Calculated based on average shares outstanding for the period. |
2 | Amount represents less than $0.01 per share. |
3 | Total returns would have been lower/higher had fees and expenses not been waived or absorbed/recovered by the Advisor. These returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares. |
4 | Not annualized. |
5 | Annualized. |
6 | Includes excise tax expense. If this expense was excluded, the ratio of expenses to average net assets before fees waived would have been 1.67%; the ratio of expenses to average net assets after fees waived would have been 1.50%. |
7 | Includes excise tax expense. If this expense was excluded, the ratio of net investment income to average net assets before fees waived would have been 1.27%; the ratio of net investment income to average net assets after fees would have been 1.44%. |
See accompanying Notes to Financial Statements.
36
EuroPac International Bond Fund
FINANCIAL HIGHLIGHTS
Class A
Per share operating performance.
For a capital share outstanding throughout each period.
For the 2021 | For the Year Ended October 31, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Net asset value, beginning of period | $ | 8.72 | $ | 8.48 | $ | 8.11 | $ | 8.43 | $ | 8.19 | $ | 7.93 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income1 | 0.13 | 0.24 | 0.30 | 0.24 | 0.21 | 0.18 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 0.20 | - | 0.19 | (0.56 | ) | 0.03 | 0.12 | |||||||||||||||||
Total from investment operations | 0.33 | 0.24 | 0.49 | (0.32 | ) | 0.24 | 0.30 | |||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
From net investment income | (0.10 | ) | - | (0.12 | ) | - | - | (0.04 | ) | |||||||||||||||
Total distributions | (0.10 | ) | - | (0.12 | ) | - | - | (0.04 | ) | |||||||||||||||
Redemption fee proceeds1 | - | 2 | - | 2 | - | 2 | - | 2 | - | 2 | - | |||||||||||||
Net asset value, end of period | $ | 8.95 | $ | 8.72 | $ | 8.48 | $ | 8.11 | $ | 8.43 | $ | 8.19 | ||||||||||||
Total return3 | 3.76 | %4 | 2.83 | % | 6.07 | % | (3.80 | )% | 2.93 | % | 3.83 | % | ||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 45,732 | $ | 44,167 | $ | 38,621 | $ | 37,254 | $ | 43,190 | $ | 45,875 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before fees waived and expenses absorbed | 1.42 | %5 | 1.46 | % | 1.51 | % | 1.51 | % | 1.55 | % | 1.57 | % | ||||||||||||
After fees waived and expenses absorbed | 1.15 | %5 | 1.15 | % | 1.15 | % | 1.15 | % | 1.15 | % | 1.15 | % | ||||||||||||
Ratio of net investment income to average net assets: | ||||||||||||||||||||||||
Before fees waived and expenses absorbed | 2.69 | %5 | 2.49 | % | 3.22 | % | 2.52 | % | 2.18 | % | 1.88 | % | ||||||||||||
After fees waived and expenses absorbed | 2.96 | %5 | 2.80 | % | 3.58 | % | 2.88 | % | 2.58 | % | 2.30 | % | ||||||||||||
Portfolio turnover rate | 6 | %4 | 16 | % | 26 | % | 20 | % | 22 | % | 26 | % |
1 | Calculated based on average shares outstanding for the period. |
2 | Amount represents less than $0.01 per share. |
3 | Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown do not include payment of sales load of 4.50% of offering price which is reduced on sales of $50,000 or more. If the sales charge was included total returns would be lower. |
4 | Not annualized. |
5 | Annualized. |
See accompanying Notes to Financial Statements.
37
EuroPac International Bond Fund
FINANCIAL HIGHLIGHTS
Class I
Per share operating performance.
For a capital share outstanding throughout each period.
For the 2021 | For the Year Ended October 31, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Net asset value, beginning of period | $ | 8.84 | $ | 8.58 | $ | 8.19 | $ | 8.49 | $ | 8.24 | $ | 7.96 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income1 | 0.15 | 0.26 | 0.33 | 0.27 | 0.24 | 0.21 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 0.20 | - | 0.18 | (0.57 | ) | 0.01 | 0.12 | |||||||||||||||||
Total from investment operations | 0.35 | 0.26 | 0.51 | (0.30 | ) | 0.25 | 0.33 | |||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
From net investment income | (0.12 | ) | - | (0.12 | ) | - | - | (0.05 | ) | |||||||||||||||
Total distributions | (0.12 | ) | - | (0.12 | ) | - | - | (0.05 | ) | |||||||||||||||
Redemption fee proceeds1 | - | 2 | - | 2 | - | - | - | - | ||||||||||||||||
Net asset value, end of period | $ | 9.07 | $ | 8.84 | $ | 8.58 | $ | 8.19 | $ | 8.49 | $ | 8.24 | ||||||||||||
Total return3 | 3.94 | %4 | 3.03 | % | 6.30 | % | (3.53 | )% | 3.03 | % | 4.16 | % | ||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 5,521 | $ | 4,072 | $ | 1,532 | $ | 372 | $ | 760 | $ | 596 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before fees waived and expenses absorbed | 1.17 | %5 | 1.21 | % | 1.26 | % | 1.26 | % | 1.30 | % | 1.32 | % | ||||||||||||
After fees waived and expenses absorbed | 0.90 | %5 | 0.90 | % | 0.90 | % | 0.90 | % | 0.90 | % | 0.90 | % | ||||||||||||
Ratio of net investment income to average net assets: | ||||||||||||||||||||||||
Before fees waived and expenses absorbed | 2.94 | %5 | 2.74 | % | 3.47 | % | 2.77 | % | 2.43 | % | 2.13 | % | ||||||||||||
After fees waived and expenses absorbed | 3.21 | %5 | 3.05 | % | 3.83 | % | 3.13 | % | 2.83 | % | 2.55 | % | ||||||||||||
Portfolio turnover rate | 6 | %4 | 16 | % | 26 | % | 20 | % | 22 | % | 26 | % |
1 | Calculated based on average shares outstanding for the period. |
2 | Amount represents less than $0.01 per share. |
3 | Total returns would have been lower had fees not been waived by the Advisor. These returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares. |
4 | Not annualized. |
5 | Annualized. |
See accompanying Notes to Financial Statements.
38
EuroPac International Dividend Income Fund
FINANCIAL HIGHLIGHTS
Class A
Per share operating performance.
For a capital share outstanding throughout each period.
For the 2021 | For the Year Ended October 31, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Net asset value, beginning of period | $ | 7.62 | $ | 7.81 | $ | 7.47 | $ | 8.30 | $ | 7.91 | $ | 7.84 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income1 | 0.08 | 0.14 | 0.19 | 0.21 | 0.20 | 0.17 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 1.55 | (0.19 | ) | 0.34 | (0.83 | ) | 0.40 | 0.12 | ||||||||||||||||
Total from investment operations | 1.63 | (0.05 | ) | 0.53 | (0.62 | ) | 0.60 | 0.29 | ||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
From net investment income | (0.07 | ) | (0.14 | ) | (0.19 | ) | (0.21 | ) | (0.21 | ) | (0.22 | ) | ||||||||||||
Total distributions | (0.07 | ) | (0.14 | ) | (0.19 | ) | (0.21 | ) | (0.21 | ) | (0.22 | ) | ||||||||||||
Redemption fee proceeds1 | - | 2 | - | 2 | - | 2 | - | 2 | - | 2 | - | 2 | ||||||||||||
Net asset value, end of period | $ | 9.18 | $ | 7.62 | $ | 7.81 | $ | 7.47 | $ | 8.30 | $ | 7.91 | ||||||||||||
Total return3 | 21.44 | %4 | (0.62 | )% | 7.10 | % | (7.54 | )% | 7.68 | % | 3.84 | % | ||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 86,801 | $ | 64,846 | $ | 53,452 | $ | 53,161 | $ | 63,217 | $ | 60,375 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before fees waived and expenses absorbed | 1.54 | %5 | 1.65 | % | 1.65 | % | 1.66 | % | 1.68 | % | 1.78 | % | ||||||||||||
After fees waived and expenses absorbed | 1.50 | %5 | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | ||||||||||||
Ratio of net investment income to average net assets: | ||||||||||||||||||||||||
Before fees waived and expenses absorbed | 1.88 | %5 | 1.68 | % | 2.26 | % | 2.48 | % | 2.36 | % | 1.92 | % | ||||||||||||
After fees waived and expenses absorbed | 1.92 | %5 | 1.83 | % | 2.41 | % | 2.64 | % | 2.54 | % | 2.20 | % | ||||||||||||
Portfolio turnover rate | 3 | %4 | 18 | % | 15 | % | 15 | % | 6 | % | 25 | % |
1 | Calculated based on average shares outstanding for the period. |
2 | Amount represents less than $0.01 per share. |
3 | Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown do not include payment of sales load of 4.50% of offering price which is reduced on sales of $50,000 or more. If the sales charge was included total returns would be lower. |
4 | Not annualized. |
5 | Annualized. |
See accompanying Notes to Financial Statements.
39
EuroPac International Dividend Income Fund
FINANCIAL HIGHLIGHTS
Class I
Per share operating performance.
For a capital share outstanding throughout each period.
For the 2021 | For the Year Ended October 31, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Net asset value, beginning of period | $ | 7.63 | $ | 7.81 | $ | 7.48 | $ | 8.30 | $ | 7.91 | $ | 7.84 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income1 | 0.09 | 0.16 | 0.20 | 0.23 | 0.22 | 0.19 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 1.55 | (0.19 | ) | 0.34 | (0.82 | ) | 0.40 | 0.12 | ||||||||||||||||
Total from investment operations | 1.64 | (0.03 | ) | 0.54 | (0.59 | ) | 0.62 | 0.31 | ||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
From net investment income | (0.08 | ) | (0.16 | ) | (0.21 | ) | (0.23 | ) | (0.23 | ) | (0.24 | ) | ||||||||||||
Total distributions | (0.08 | ) | (0.16 | ) | (0.21 | ) | (0.23 | ) | (0.23 | ) | (0.24 | ) | ||||||||||||
Redemption fee proceeds1 | - | 0.01 | - | - | - | - | ||||||||||||||||||
Net asset value, end of period | $ | 9.19 | $ | 7.63 | $ | 7.81 | $ | 7.48 | $ | 8.30 | $ | 7.91 | ||||||||||||
Total return2 | 21.56 | %3 | (0.23 | )% | 7.22 | % | (7.17 | )% | 7.92 | % | 4.09 | % | ||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 3,205 | $ | 1,817 | $ | 1,108 | $ | 686 | $ | 2,306 | $ | 1,976 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before fees waived and expenses absorbed | 1.29 | %4 | 1.40 | % | 1.40 | % | 1.41 | % | 1.43 | % | 1.53 | % | ||||||||||||
After fees waived and expenses absorbed | 1.25 | %4 | 1.25 | % | 1.25 | % | 1.25 | % | 1.25 | % | 1.25 | % | ||||||||||||
Ratio of net investment income to average net assets: | ||||||||||||||||||||||||
Before fees waived and expenses absorbed | 2.13 | %4 | 1.93 | % | 2.51 | % | 2.73 | % | 2.61 | % | 2.17 | % | ||||||||||||
After fees waived and expenses absorbed | 2.17 | %4 | 2.08 | % | 2.66 | % | 2.89 | % | 2.79 | % | 2.45 | % | ||||||||||||
Portfolio turnover rate | 3 | %3 | 18 | % | 15 | % | 15 | % | 6 | % | 25 | % |
1 | Calculated based on average shares outstanding for the period. |
2 | Total returns would have been lower had fees not been waived by the Advisor. These returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares. |
3 | Not annualized. |
4 | Annualized. |
See accompanying Notes to Financial Statements.
40
EP Emerging Markets Small Companies Fund
FINANCIAL HIGHLIGHTS
Class A
Per share operating performance.
For a capital share outstanding throughout each period.
For the Six Months Ended April 30, 2021 | For the Year Ended October 31, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Net asset value, beginning of period | $ | 12.15 | $ | 10.97 | $ | 10.72 | $ | 13.62 | $ | 11.80 | $ | 10.78 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment loss1 | (0.07 | ) | (0.09 | ) | (0.03 | ) | (0.03 | ) | (0.03 | ) | (0.02 | ) | ||||||||||||
Net realized and unrealized gain (loss) | 3.54 | 1.29 | 2 | 1.38 | (2.28 | ) | 2.01 | 1.18 | ||||||||||||||||
Total from investment operations | 3.47 | 1.20 | 1.35 | (2.31 | ) | 1.98 | 1.16 | |||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
From net realized gain | (0.08 | ) | (0.02 | ) | (1.10 | ) | (0.59 | ) | (0.16 | ) | (0.14 | ) | ||||||||||||
Total distributions | (0.08 | ) | (0.02 | ) | (1.10 | ) | (0.59 | ) | (0.16 | ) | (0.14 | ) | ||||||||||||
Redemption fee proceeds | - | 3 | - | 3 | - | 3 | - | 3 | - | 3 | - | 3 | ||||||||||||
Net asset value, end of period | $ | 15.54 | $ | 12.15 | $ | 10.97 | $ | 10.72 | $ | 13.62 | $ | 11.80 | ||||||||||||
Total return4 | 28.63 | %5 | 10.91 | % | 13.90 | % | (17.93 | )% | 17.12 | % | 10.93 | % | ||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 103,236 | $ | 73,055 | $ | 57,051 | $ | 54,686 | $ | 70,768 | $ | 60,835 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before fees waived and expenses absorbed | 1.83 | %6 | 2.00 | % | 2.07 | % | 2.05 | % | 2.18 | % | 2.25 | % | ||||||||||||
After fees waived and expenses absorbed | 1.75 | %6 | 1.75 | % | 1.75 | % | 1.75 | % | 1.75 | % | 1.75 | % | ||||||||||||
Ratio of net investment loss to average net assets: | ||||||||||||||||||||||||
Before fees waived and expenses absorbed | (1.11 | )%6 | (1.03 | )% | (0.62 | )% | (0.56 | )% | (0.69 | )% | (0.67 | )% | ||||||||||||
After fees waived and expenses absorbed | (1.03 | )%6 | (0.78 | )% | (0.30 | )% | (0.26 | )% | (0.26 | )% | (0.17 | )% | ||||||||||||
Portfolio turnover rate | 19 | %5 | 49 | % | 45 | % | 43 | % | 34 | % | 79 | % |
1 | Calculated based on average shares outstanding for the period. |
2 | Affiliate reimbursed the Fund $796 for errors during processing. The reimbursement had no impact to the Fund's performance. |
3 | Amount represents less than $0.01 per share. |
4 | Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown do not include payment of sales load of 4.50% of offering price which is reduced on sales of $50,000 or more. If the sales charge was included total returns would be lower. |
5 | Not annualized. |
6 | Annualized. |
See accompanying Notes to Financial Statements.
41
EP Emerging Markets Small Companies Fund
FINANCIAL HIGHLIGHTS
Class I
Per share operating performance.
For a capital share outstanding throughout each period.
For the Six Months Ended April 30, 2021 | For the Year Ended October 31, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Net asset value, beginning of period | $ | 12.41 | $ | 11.18 | $ | 10.88 | $ | 13.78 | $ | 11.91 | $ | 10.84 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income (loss) 1 | (0.06 | ) | (0.06 | ) | (0.01 | ) | - | 2 | - | 2 | 0.01 | |||||||||||||
Net realized and unrealized gain (loss) | 3.61 | 1.31 | 3 | 1.41 | (2.31 | ) | 2.03 | 1.20 | ||||||||||||||||
Total from investment operations | 3.55 | 1.25 | 1.40 | (2.31 | ) | 2.03 | 1.21 | |||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
From net realized gain | (0.08 | ) | (0.02 | ) | (1.10 | ) | (0.59 | ) | (0.16 | ) | (0.14 | ) | ||||||||||||
Total distributions | (0.08 | ) | (0.02 | ) | (1.10 | ) | (0.59 | ) | (0.16 | ) | (0.14 | ) | ||||||||||||
Redemption fee proceeds | - | - | - | - | - | - | ||||||||||||||||||
Net asset value, end of period | $ | 15.88 | $ | 12.41 | $ | 11.18 | $ | 10.88 | $ | 13.78 | $ | 11.91 | ||||||||||||
Total return4 | 28.67 | %5 | 11.15 | % | 14.19 | % | (17.71 | )% | 17.38 | % | 11.33 | % | ||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 2,773 | $ | 1,207 | $ | 999 | $ | 590 | $ | 565 | $ | 481 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before fees waived and expenses absorbed | 1.58 | %6 | 1.75 | % | 1.82 | % | 1.80 | % | 1.93 | % | 2.00 | % | ||||||||||||
After fees waived and expenses absorbed | 1.50 | %6 | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets: | ||||||||||||||||||||||||
Before fees waived and expenses absorbed | (0.86 | )%6 | (0.78 | )% | (0.37 | )% | (0.31 | )% | (0.44 | )% | (0.42 | )% | ||||||||||||
After fees waived and expenses absorbed | (0.78 | )%6 | (0.53 | )% | (0.05 | )% | (0.01 | )% | (0.01 | )% | 0.08 | % | ||||||||||||
Portfolio turnover rate | 19 | %5 | 49 | % | 45 | % | 43 | % | 34 | % | 79 | % |
1 | Calculated based on average shares outstanding for the period. |
2 | Amount represents less than $0.01 per share. |
3 | Affiliate reimbursed the Fund $796 for errors during processing. The reimbursement had no impact to the Fund's performance. |
4 | Total returns would have been lower had fees not been waived by the Advisor. These returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares. |
5 | Not annualized. |
6 | Annualized. |
See accompanying Notes to Financial Statements.
42
EuroPac Gold Fund
FINANCIAL HIGHLIGHTS
Class A
Per share operating performance.
For a capital share outstanding throughout each period.
For the Six Months Ended April 30, 2021 | For the Year Ended October 31, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Net asset value, beginning of period | $ | 13.51 | $ | 9.50 | $ | 7.40 | $ | 8.87 | $ | 10.87 | $ | 6.11 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income (loss) 1 | 0.22 | (0.11 | ) | (0.06 | ) | (0.07 | ) | (0.09 | ) | (0.03 | ) | |||||||||||||
Net realized and unrealized gain (loss) | (0.52 | ) | 4.11 | 2 | 2.16 | (1.17 | ) | (0.35 | )3 | 4.79 | ||||||||||||||
Total from investment operations | (0.30 | ) | 4.00 | 2.10 | (1.24 | ) | (0.44 | ) | 4.76 | |||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
From net investment income | (1.15 | ) | - | - | (0.23 | ) | (1.35 | ) | - | |||||||||||||||
From return of capital | - | - | - | - | (0.21 | ) | - | |||||||||||||||||
Total distributions | (1.15 | ) | - | - | (0.23 | ) | (1.56 | ) | - | |||||||||||||||
Redemption fee proceeds1 | - | 4 | 0.01 | - | 4 | - | 4 | - | 4 | - | 4 | |||||||||||||
Net asset value, end of period | $ | 12.06 | $ | 13.51 | $ | 9.50 | $ | 7.40 | $ | 8.87 | $ | 10.87 | ||||||||||||
Total return5 | (3.00 | )%6 | 42.21 | % | 28.38 | % | (14.37 | )% | (2.97 | )% | 77.91 | % | ||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 220,649 | $ | 233,630 | $ | 102,004 | $ | 66,886 | $ | 75,006 | $ | 75,279 | ||||||||||||
Ratio of expenses to average net assets: (including interest expense and dividends on securities sold short) | ||||||||||||||||||||||||
Before fees waived and expenses absorbed/recovered | 1.34 | %7,8 | 1.39 | %7 | 1.52 | %7 | 1.57 | %7 | 1.57 | %7 | 1.64 | %7 | ||||||||||||
After fees waived and expenses absorbed/recovered | 1.34 | %7,8 | 1.46 | %7 | 1.50 | %7 | 1.50 | %7 | 1.50 | %7 | 1.50 | %7 | ||||||||||||
Ratio of net investment income (loss) to average net assets: (including interest expense and dividends on securities sold short) | ||||||||||||||||||||||||
Before fees waived and expenses absorbed/recovered | 3.46 | %8 | (0.84 | )% | (0.74 | )% | (0.91 | )% | (1.03 | )% | (0.49 | )% | ||||||||||||
After fees waived and expenses absorbed/recovered | 3.46 | %8 | (0.91 | )% | (0.72 | )% | (0.84 | )% | (0.96 | )% | (0.35 | )% | ||||||||||||
Portfolio turnover rate | 6 | %6 | 9 | % | 18 | % | 21 | % | 39 | % | 21 | % |
1 | Calculated based on average shares outstanding for the period. |
2 | Affiliate reimbursed the Fund $547 for errors during processing. The reimbursement had no impact to the Fund's performance. |
3 | The affiliate reimbursed the Fund $21,861 for losses on a transaction not meeting the investment guidelines of the Fund. As of October 31, 2017, the reimbursement amount represents $0.003 per share. This reimbursement had no impact to the Fund's total return. |
4 | Amount represents less than $0.01 per share. |
5 | Total returns would have been lower/higher had fees and expenses not been waived or absorbed/recovered by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown do not include payment of sales load of 4.50% of offering price which is reduced on sales of $50,000 or more. If the sales charge was included total returns would be lower. |
6 | Not annualized. |
7 | If interest expense and dividends on securities sold short had been excluded, the expense ratios would have been lowered by 0.00% for the six months ended April 30, 2021. For the prior periods, the ratios would have been lowered by 0.01%, 0.00%, 0.00%, 0.00% and 0.00%, respectively. |
8 | Annualized. |
See accompanying Notes to Financial Statements.
43
EuroPac Gold Fund
FINANCIAL HIGHLIGHTS
Class I
Per share operating performance.
For a capital share outstanding throughout each period.
For the Six Months Ended April 30, 2021 (Unaudited) | For the Year Ended | For the Period November 20, 2018* through October 31, 2019 | ||||||||||
Net asset value, beginning of period | $ | 13.59 | $ | 9.52 | $ | 7.23 | ||||||
Income from Investment Operations: | ||||||||||||
Net investment income (loss) 1 | 0.24 | (0.08 | ) | (0.04 | ) | |||||||
Net realized and unrealized gain (loss) | (0.53 | ) | 4.15 | 2 | 2.33 | |||||||
Total from investment operations | (0.29 | ) | 4.07 | 2.29 | ||||||||
Less Distributions: | ||||||||||||
From net investment income | (1.17 | ) | - | - | ||||||||
Total distributions | (1.17 | ) | - | - | ||||||||
Redemption fee proceeds1 | - | 3 | - | 3 | - | |||||||
Net asset value, end of period | $ | 12.13 | $ | 13.59 | $ | 9.52 | ||||||
Total return4 | (2.86 | )%5 | 42.75 | % | 31.67 | %5 | ||||||
Ratios and Supplemental Data: | ||||||||||||
Net assets, end of period (in thousands) | $ | 19,070 | $ | 26,228 | $ | 7,856 | ||||||
Ratio of expenses to average net assets: | ||||||||||||
(including interest expense and dividends on securities sold short) | ||||||||||||
Before fees waived and expenses absorbed/recovered | 1.09 | %6,7 | 1.14 | %6 | 1.27 | %6,7 | ||||||
After fees waived and expenses absorbed/recovered | 1.09 | %6,7 | 1.21 | %6 | 1.25 | %6,7 | ||||||
Ratio of net investment income (loss) to average net assets: | ||||||||||||
(including interest expense and dividends on securities sold short) | ||||||||||||
Before fees waived and expenses absorbed/recovered | 3.71 | %7 | (0.59 | )% | (0.53 | )%7 | ||||||
After fees waived and expenses absorbed/recovered | 3.71 | %7 | (0.66 | )% | (0.51 | )%7 | ||||||
Portfolio turnover rate | 6 | %5 | 9 | % | 18 | %5 |
* | Commencement of operations. |
1 | Calculated based on average shares outstanding for the period. |
2 | Affiliate reimbursed the Fund $547 for errors during processing. The reimbursement had no impact to the Fund's performance. |
3 | Amount represents less than $0.01 per share. |
4 | Total returns would have been lower/higher had fees and expenses not been waived or absorbed/recovered by the Advisor. These returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares. |
5 | Not annualized. |
6 | If interest expense and dividends on securities sold short had been excluded, the expense ratios would have been lowered by 0.00% for the six months ended April 30, 2021. For the prior periods, the ratios would have been lowered by 0.01% and 0.00%. |
7 | Annualized. |
See accompanying Notes to Financial Statements.
44
Euro Pacific Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2021 (Unaudited)
Note 1 – Organization
EuroPac International Value Fund (the ‘‘International Value Fund’’), EuroPac International Bond Fund (the “International Bond Fund”), EuroPac International Dividend Income Fund (the “International Dividend Income Fund”), EP Emerging Markets Small Companies Fund (the “Emerging Markets Small Companies Fund”) and EuroPac Gold Fund (the “Gold Fund”) (each a “Fund” and collectively the ‘‘Funds’’) are organized as a diversified series of Investment Managers Series Trust, a Delaware statutory trust (the “Trust”) which is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The International Value Fund commenced operations on April 7, 2010, and its primary investment objective is to provide income and long-term capital appreciation. The International Bond Fund commenced operations on November 15, 2010, and its primary investment objective is to provide current income and capital appreciation. The International Dividend Income Fund commenced operations on January 10, 2014, and its primary investment objective is to seek income and maximize growth of income. The Emerging Markets Small Companies Fund commenced operations on December 1, 2010, and its primary investment objective is to provide long-term capital appreciation. The Gold Fund commenced operations on July 19, 2013, and its primary investment objective is to provide long-term capital appreciation. The International Value Fund, International Bond Fund, International Dividend Income Fund, Emerging Markets Small Companies Fund and Gold Fund are authorized to issue two classes of shares: Class A shares and Class I shares. The Class I shares commenced operations on July 16, 2013 in the International Value Fund, International Bond Fund and Emerging Markets Small Companies Fund. The Class I shares commenced operations on November 20, 2018 in the Gold Fund.
The shares of each class represent an interest in the same portfolio of investments of the Fund and have equal rights as to voting, redemptions, dividends and liquidation, subject to the approval of the Trustees. Income, expenses (other than expenses attributable to a specific class) and realized and unrealized gains and losses on investments are allocated to each class of shares in proportion to their relative net assets. Shareholders of a class that bears distribution and service expenses under the terms of a distribution plan have exclusive voting rights to that distribution plan.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies.”
Note 2 – Accounting Policies
The following is a summary of the significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates.
(a) Valuation of Investments
Each Fund value equity securities at the last reported sale price on the principal exchange or in the principal over the counter (“OTC”) market in which such securities are traded, as of the close of regular trading on the NYSE on the day the securities are being valued or, if the last-quoted sales price is not readily available, the securities will be valued at the last bid or the mean between the last available bid and ask price. Securities traded on the NASDAQ are valued at the NASDAQ Official Closing Price (“NOCP”). Investments in open-end investment companies are valued at the daily closing net asset value of the respective investment company. Debt securities are valued by utilizing a price supplied by independent pricing service providers. The independent pricing service providers may use various valuation methodologies including matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. These models generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions. If a price is not readily available for a portfolio security, the security will be valued at fair value (the amount which the Fund might reasonably expect to receive for the security upon its current sale) as determined in good faith by the Fund’s advisor, subject to review and approval by the Valuation Committee, pursuant to procedures adopted by the Board of Trustees. The actions of the Valuation Committee are subsequently reviewed by the Board at its next regularly scheduled board meeting. The Valuation Committee meets as needed. The Valuation Committee is comprised of all the Trustees, but action may be taken by any one of the Trustees.
45
Euro Pacific Funds
NOTES TO FINANCIAL STATEMENTS – Continued
April 30, 2021 (Unaudited)
Fair value pricing may be applied to foreign securities held by the Funds upon the occurrence of an event after the close of trading on non-U.S. markets, but before the close of trading on the NYSE when each Fund’s NAV is determined. If the event may result in a material adjustment to the price of the Fund’s foreign securities once non-U.S. markets open on the following business day (such as, for example, a significant surge or decline in the U.S. market), the Fund may value such foreign securities at fair value, taking into account the effect of such event, in order to calculate the Fund’s NAV. Other types of portfolio securities that the Fund may fair value include, but are not limited to: (1) investments that are illiquid or traded infrequently, including “restricted” securities and private placements for which there is no public market; (2) investments for which, in the judgment of the Advisor, the market price is stale; (3) securities of an issuer that has entered into a restructuring; (4) securities for which trading has been halted or suspended; and (5) fixed income securities for which there is not a current market value quotation.
Foreign securities traded in countries outside the U.S. are fair valued by utilizing the quotations of an independent pricing service or from a brokerage firm. The pricing service will use a statistical analyses and quantitative models to adjust local prices using factors such as subsequent movement and changes in the prices of indexes, securities and exchange rates in other markets in determining fair value as of the time the Fund calculates the NAVs. The Board reviews the independent third party fair valuation analysis report quarterly.
(b) Investment Transactions, Investment Income and Expenses
Investment transactions are accounted for on the trade date. Realized gains and losses on investments are determined on the identified cost basis. Dividend income is recorded net of applicable withholding taxes on the ex-dividend date and interest income is recorded on an accrual basis. Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country’s tax rules and rates and are disclosed in the Statement of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Funds record a reclaim receivable based on a number of factors, including a jurisdiction’s legal obligation to pay reclaims as well as payment history and market convention. The Funds may be subject to foreign taxation related to capital gains on sale of securities in the foreign jurisdictions in which they invest. When a capital gain tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that may be payable if the securities were disposed of on the valuation date. Discounts on debt securities are accreted or amortized to interest income over the lives of the respective securities using the effective interest method. Premiums for callable debt securities are amortized to the earliest call date, if the call price was less than the purchase price. If the call price was not at par and the security was not called, the security is amortized to the next call price and date. Income and Expenses of the Funds are allocated on a pro rata basis to each class of shares, except for distribution and service fees which are unique to each class of shares relative net assets. Expenses incurred by the Trust with respect to more than one fund are allocated in proportion to the net assets of each fund except where allocation of direct expenses to each Fund or an alternative allocation method can be more appropriately made.
(c) Foreign Currency Translation
The Funds’ records are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the reporting period. The currencies are translated into U.S. dollars by using the exchange rates quoted at the close of the London Stock Exchange prior to when the Funds’ NAV is next determined. Purchases and sales of investment securities, income and expenses are translated on the respective dates of such transactions. The Funds do not isolate that portion of their net realized and unrealized gains and losses on investments resulting from changes in foreign exchange rates from the impact arising from changes in market prices. Such fluctuations are included with net realized and unrealized gain or loss from investments and foreign currency.
46
Euro Pacific Funds
NOTES TO FINANCIAL STATEMENTS – Continued
April 30, 2021 (Unaudited)
Net realized foreign currency transaction gains and losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the differences between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency translation gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rates.
(d) Federal Income Taxes
The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized gains to its shareholders. Therefore, no provision is made for federal income or excise taxes. Due to the timing of dividend distributions and the differences in accounting for income and realized gains and losses for financial statement and federal income tax purposes, the fiscal year in which amounts are distributed may differ from the year in which the income and realized gains and losses are recorded by the Funds.
Accounting for Uncertainty in Income Taxes (the “Income Tax Statement”) requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing a Fund’s tax returns to determine whether these positions meet a “more-likely-than-not” standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the “more-likely-than-not” recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations.
The Income Tax Statement requires management of the Funds to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Funds’ current tax year, as defined by the IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of April 30, 2021 and during the open years ended October 31, 2018 – 2020, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examination in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
(e) Distributions to Shareholders
The International Value Fund, International Bond Fund, International Dividend Income Fund, Emerging Markets Small Companies Fund and Gold Fund will make distributions of net investment income, per the table below and net capital gains, if any, at least annually. Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
47
Euro Pacific Funds
NOTES TO FINANCIAL STATEMENTS – Continued
April 30, 2021 (Unaudited)
Distribution Frequency of Net Investment Income | |
International Value Fund | Quarterly |
International Bond Fund | Monthly |
International Dividend Income Fund | Quarterly |
Emerging Markets Small Companies Fund | Annually |
Gold Fund | Annually |
The character of distributions made during the year from net investment income or net realized gains may differ from the characterization for federal income tax purposes due to differences in the recognition of income, expense and gain (loss) items for financial statement and tax purposes.
(f) Options
The Funds may write or purchase options contracts primarily to enhance each Fund’s returns and reduce volatility. In addition, the Funds may utilize options in an attempt to generate gains from option premiums or to reduce overall portfolio risk. When a Fund writes or purchases an option, an amount equal to the premium received or paid by the Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from writing or purchasing options which expire unexercised are treated by the Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or a loss on investment transactions. The Fund, as a writer of an option, may have no control over whether the underlying securities may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the security underlying the written option.
(g) Short Sales
Short sales are transactions under which the Fund sells a security it does not own in anticipation of a decline in the value of that security. To complete such a transaction, the Fund must borrow the security to make delivery to the buyer. The Fund then is obligated to replace the security borrowed by purchasing the security at market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold by the Fund. When a security is sold short a decrease in the value of the security will be recognized as a gain and an increase in the value of the security will be recognized as a loss, which is potentially limitless. Until the security is replaced, the Fund is required to pay the lender amounts equal to dividend or interest that accrues during the period of the loan which is recorded as an expense. To borrow the security, the Fund also may be required to pay a premium or an interest fee, which are recorded as interest expense. Cash or securities are segregated for the broker to meet the necessary margin requirements. The Fund is subject to the risk that it may not always be able to close out a short position at a particular time or at an acceptable price.
(h) Exchange Traded Funds (“ETFs”)
ETFs typically trade on securities exchanges and their shares may, at times, trade at a premium or discount to their net asset values. In addition, an ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held. Investing in ETFs, which are investment companies, may involve duplication of advisory fees and certain other expenses. As a result, Fund shareholders indirectly bear their proportionate share of these incurred expenses. Therefore, the cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in securities.
48
Euro Pacific Funds
NOTES TO FINANCIAL STATEMENTS – Continued
April 30, 2021 (Unaudited)
Each ETF in which each Fund invests is subject to specific risks, depending on the nature of the ETF. Each ETF is subject to the risks associated with direct ownership of the securities comprising the index on which the ETF is based. These risks could include liquidity risk, sector risk, and risks associated with fixed-income securities.
(i) Warrants and Rights
The Funds may invest in warrants or rights (including those acquired in units or attached to other securities) that entitle (but do not obligate) the holder to buy equity securities at a specific price for a specific period of time but will do so only if such equity securities are deemed appropriate by the Advisor. Rights are similar to warrants but typically have a shorter duration and are issued by a company to existing stockholders to provide those holders the right to purchase additional shares of stock at a later date. Warrants and rights do not have voting rights, do not earn dividends, and do not entitle the holder to any rights with respect to the assets of the company that has issued them. They do not represent ownership of the underlying companies but only the right to purchase shares of those companies at a specified price on or before a specified exercise date. Warrants and rights tend to be more volatile than the underlying stock, and if at a warrant’s expiration date the stock is trading at a price below the price set in the warrant, the warrant will expire worthless. Conversely, if at the expiration date the stock is trading at a price higher than the price set in the warrant or right, a Fund can acquire the stock at a price below its market value. The prices of warrants and rights do not necessarily parallel the prices of the underlying securities. An investment in warrants or rights may be considered speculative.
(j) Illiquid Securities
Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Funds limit their illiquid investments that are assets to no more than 15% of net assets. An illiquid investment is any security which may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If the Advisor, at any time, determines that the value of illiquid securities held by a Fund exceeds 15% of its net asset value, the Advisor will take such steps as it considers appropriate to reduce them as soon as reasonably practicable in accordance with the Funds’ written LRMP.
Note 3 – Investment Advisory and Other Agreements
The Trust, on behalf of the Funds, entered into an Investment Advisory Agreement (the “Agreement”) with Euro Pacific Asset Management, LLC (the “Advisor”). Under the terms of the Agreement, the Funds pay a monthly investment advisory fee to the Advisor. The annual rates are listed by Fund in the table below. The Advisor has contractually agreed to waive its fees and/or pay for operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with SEC Form N-1A), expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) in order to limit total annual operating expenses of each fund. This agreement is in effect until February 28, 2022, and it may be terminated before that date only by the Trust's Board of Trustees. The table below contains the expense cap by Fund and by Class.
49
Euro Pacific Funds
NOTES TO FINANCIAL STATEMENTS – Continued
April 30, 2021 (Unaudited)
Investment Advisory Fees | Total Limit on Annual Operating Expenses Class A Shares† | Total Limit on Annual Operating Expenses Class I Shares† | |
International Value Fund | 1.08% | 1.75% | 1.50% |
International Bond Fund | 0.60% | 1.15% | 0.90% |
International Dividend Income Fund | 0.85% | 1.50% | 1.25% |
Emerging Markets Small Companies Fund | 1.08% | 1.75% | 1.50% |
Gold Fund | 0.80% | 1.50% | 1.25% |
† | The total limit on annual operating expenses is calculated based on each Fund’s average daily net assets. |
The Emerging Markets Small Companies Fund is sub-advised by Champlain Investment Partners, LLC (the “Sub-advisor”). Pursuant to a sub-advisory agreement, the Advisor pays a portion of the annual advisory fee of 1.08% of average net assets of the Fund to the Sub-advisor.
For the six months ended April 30, 2021, the Advisor waived fees as follows:
Advisory fees | ||||
International Bond Fund | $ | 69,500 | ||
International Dividend Income Fund | 17,806 | |||
Emerging Markets Small Companies Fund | 35,985 |
For the six months ended April 30, 2021, the Advisor recovered $11,182 of previously waived advisory fees and/or other expenses absorbed from the International Value Fund.
The Fund’s advisor is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived or payments made to the Fund for a period ending three full fiscal years after the date of the waiver or payment. This reimbursement may be requested from the Fund if the reimbursement will not cause the Fund’s annual expense ratio to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived or payments made, or (b) the expense limitation amount in effect at the time of the reimbursement. At April 30, 2021, the amount of these potentially recoverable expenses was $182,136, $497,930, $291,113, $584,937 and $0 for the International Value Fund, International Bond Fund, International Dividend Income Fund, Emerging Markets Small Companies Fund and Gold Fund, respectively. The Advisor may recapture all or a portion of the amounts no later than October 31st of the years stated below:
International Value Fund | International Bond Fund | International Dividend Income Fund | Emerging Markets Small Companies Fund | Gold Fund | ||||||||||||||||
2021 | $ | 75,512 | $ | 154,037 | $ | 97,675 | $ | 210,235 | $ | - | ||||||||||
2022 | 68,048 | 140,069 | 83,342 | 182,205 | - | |||||||||||||||
2023 | 38,576 | 134,324 | 92,290 | 156,512 | - | |||||||||||||||
2024 | - | 69,500 | 17,806 | 35,985 | - | |||||||||||||||
Total | $ | 182,136 | $ | 497,930 | $ | 291,113 | $ | 584,937 | $ | - |
50
Euro Pacific Funds
NOTES TO FINANCIAL STATEMENTS – Continued
April 30, 2021 (Unaudited)
UMB Fund Services, Inc. (“UMBFS”) serves as the Funds’ fund accountant, transfer agent and co-administrator; and Mutual Fund Administration, LLC (“MFAC”) serves as the Funds’ other co-administrator. UMB Bank, N.A., an affiliate of UMBFS, serves as the Funds’ custodian. The Funds’ allocated fees incurred for fund accounting, fund administration, transfer agency and custody services for the six months ended April 30, 2021 are reported on the Statements of Operations.
IMST Distributors, LLC serves as the Funds’ distributor (the “Distributor”). The Distributor does not receive compensation from the Funds for its distribution services; the Advisor pays the Distributor a fee for its distribution-related services.
Certain trustees and officers of the Trust are employees of UMBFS or MFAC. The Funds do not compensate trustees and officers affiliated with the Funds’ co-administrators. For the six months ended April 30, 2021, the Funds’ allocated fees incurred for Trustees who are not affiliated with the Funds’ co-administrators are reported on the Statements of Operations.
The Funds’ Board of Trustees has adopted a Deferred Compensation Plan (the “Plan”) for the Independent Trustees that enables Trustees to elect to receive payment in cash or the option to select various fund(s) in the Trust in which their deferred accounts shall be deemed to be invested. If a trustee elects to defer payment, the Plan provides for the creation of a deferred payment account. The Funds’ liability for these amounts is adjusted for market value changes in the invested fund(s) and remains a liability to the Funds until distributed in accordance with the Plan. The Trustees Deferred compensation liability under the Plan constitutes a general unsecured obligation of each Fund and is disclosed in the Statements of Assets and Liabilities. Contributions made under the plan and the change in unrealized appreciation/depreciation and income are included in the Trustees’ fees and expenses in the Statements of Operations.
Dziura Compliance Consulting, LLC provides Chief Compliance Officer (“CCO”) services to the Trust. The Funds’ allocated fees incurred for CCO services for the six months ended April 30, 2021 are reported on the Statements of Operations.
Affiliates reimbursed the Emerging Markets Small Companies Fund and Gold Fund $796 and $547, respectively, for losses on trading errors by the Advisor during the year ended October 31, 2020. This amount is reported on the Funds’ Statements of Changes in Net Assets. This reimbursement had no impact to the Funds’ net asset value per share or total return.
51
Euro Pacific Funds
NOTES TO FINANCIAL STATEMENTS – Continued
April 30, 2021 (Unaudited)
Note 4 – Federal Income Taxes
At April 30, 2021, gross unrealized appreciation and depreciation of investments owned by the Funds, based on cost for federal income tax purposes were as follows:
International Value Fund | International Bond Fund | International Dividend Income Fund | Emerging Markets Small Companies Fund | Gold Fund | ||||||||||||||||
Cost of investments | $ | 90,497,531 | $ | 52,679,019 | $ | 83,439,445 | $ | 76,462,940 | $ | 190,110,816 | ||||||||||
Gross unrealized appreciation | $ | 24,261,048 | $ | 1,343,500 | $ | 16,168,946 | $ | 34,544,394 | $ | 58,766,234 | ||||||||||
Gross unrealized depreciation | (7,381,559 | ) | (6,095,429 | ) | (9,818,898 | ) | (5,934,985 | ) | (10,253,221 | ) | ||||||||||
Net unrealized appreciation (depreciation) on investments | $ | 16,879,489 | $ | (4,751,929 | ) | $ | 6,350,048 | $ | 28,609,409 | $ | 48,513,013 |
The difference between cost amounts for financial statement and federal income tax purposes is due primarily to wash sale loss deferrals and passive foreign investment companies (“PFICs”).
As of October 31, 2020, the components of accumulated earnings (deficit) on a tax basis were as follows:
International Value Fund | International Bond Fund | International Dividend Income Fund | Emerging Markets Small Companies Fund | Gold Fund | ||||||||||||||||
Undistributed ordinary income | $ | 58,816 | $ | 428,906 | $ | 3,981 | $ | - | $ | 21,531,126 | ||||||||||
Undistributed long-term gains | - | - | - | 487,554 | - | |||||||||||||||
Tax accumulated earnings | 58,816 | 428,906 | 3,981 | 487,554 | 21,531,126 | |||||||||||||||
Accumulated capital and other losses | $ | (17,503,389 | ) | $ | (1,543,438 | ) | $ | (8,772,927 | ) | $ | (2,864,455 | ) | $ | (16,504,198 | ) | |||||
Unrealized appreciation (depreciation) on investments | 1,768,987 | (5,554,039 | ) | (8,995,078 | ) | 11,997,632 | 62,248,613 | |||||||||||||
Unrealized appreciation (depreciation) on foreign currency translations | 2,369 | (26,466 | ) | 2,245 | 596 | 12,703 | ||||||||||||||
Unrealized deferred non-U.S. taxes | - | - | - | (105,791 | ) | - | ||||||||||||||
Unrealized deferred compensation | (4,347 | ) | (4,284 | ) | (4,343 | ) | (4,832 | ) | (4,867 | ) | ||||||||||
Total accumulated earnings (deficit) | $ | (15,677,564 | ) | $ | (6,699,321 | ) | $ | (17,766,122 | ) | $ | 9,510,704 | $ | 67,283,377 |
Differences between income and/or capital gains as determined on a book basis and a tax basis are primarily due to differing treatments of passive foreign investment company shares and wash sale loss deferrals.
52
Euro Pacific Funds
NOTES TO FINANCIAL STATEMENTS – Continued
April 30, 2021 (Unaudited)
The tax character of distributions paid during the fiscal years ended October 31, 2020 and 2019 were as follows:
International Value Fund | International Bond Fund | International Dividend Income Fund | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Distributions paid from: | ||||||||||||||||||||||||
Ordinary Income | $ | 710,792 | $ | 717,401 | $ | - | $ | 541,659 | $ | 1,076,755 | $ | 1,335,628 | ||||||||||||
Net long-term capital gains | - | - | - | - | - | - | ||||||||||||||||||
Total taxable distributions | 710,792 | 717,401 | - | 541,659 | 1,076,755 | 1,335,628 | ||||||||||||||||||
Return of Capital | - | - | - | - | - | - | ||||||||||||||||||
Total distributions paid | $ | 710,792 | $ | 717,401 | $ | - | $ | 541,659 | $ | 1,076,755 | $ | 1,335,628 |
Emerging Markets Small Companies Fund | Gold Fund | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Distributions paid from: | ||||||||||||||||
Ordinary Income | $ | - | $ | - | $ | - | $ | - | ||||||||
Net long-term capital gains | 78,747 | 5,702,346 | - | - | ||||||||||||
Total taxable distributions | 78,747 | 5,702,346 | - | - | ||||||||||||
Return of Capital | - | - | - | - | ||||||||||||
Total distributions paid | $ | 78,747 | $ | 5,702,346 | $ | - | $ | - |
At October 31, 2020, the Funds had accumulated capital loss carry forwards as follows:
Capital Loss Carryforward Not Subject to Expiration | ||||||||||||
Fund | Short-Term | Long-Term | Total | |||||||||
International Value Fund | $ | 1,983,385 | $ | 15,520,004 | $ | 17,503,389 | ||||||
International Bond Fund | 103,516 | 843,093 | 946,609 | |||||||||
International Dividend Income Fund | 2,408,864 | 6,364,063 | 8,772,927 | |||||||||
Emerging Markets Small Companies Fund* | 1,458,907 | 952,630 | 2,411,537 | |||||||||
Gold Fund | 624,315 | 15,879,883 | 16,504,198 |
* | Capital loss carryovers subject to certain limitations upon availability to offset future gains, if any, as the successor of a merger. |
To the extent that a fund may realize future net capital gains, those gains will be offset by any of its unused capital loss carryforward. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. During the year ended October 31, 2020, the International Value Income Fund, International Bond Fund, International Dividend Income Fund and Emerging Markets Small Companies Fund utilized $3,272,934, $356,702, $2,621,000 and $824,266 of their capital loss carryovers, respectively.
53
Euro Pacific Funds
NOTES TO FINANCIAL STATEMENTS – Continued
April 30, 2021 (Unaudited)
As of October 31, 2020, International Bond Fund and Emerging Markets Small Companies Fund had qualified Late-Year Losses of $596,829 and $452,918, respectively, which are deferred until fiscal year 2021 for tax purposes. Net late-year losses that are deferred, are deemed to arise on the first day of the Fund's next taxable year.
Note 5 – Redemption Fee
The Funds may impose a redemption fee of 2.00% of the total redemption amount on all shares redeemed within 30 days of purchase. For the six months ended April 30, 2021 and the year ended October 31, 2020, redemption fees were as follows:
Six Months Ended April 30, 2021 | Year Ended October 31, 2020 | |||||||
International Value Fund | $ | 3,035 | $ | 11,250 | ||||
International Bond Fund | 2,307 | 7,922 | ||||||
International Dividend Income Fund | 3,730 | 6,608 | ||||||
Emerging Markets Small Companies Fund | 8,243 | 4,520 | ||||||
Gold Fund | 17,865 | 82,297 |
Note 6 – Investment Transactions
For the six months ended April 30, 2021, purchases and sales of investments, excluding short-term investments, were as follows:
Purchases | Sales | |||||||
International Value Fund | $ | 15,682,344 | $ | 5,717,040 | ||||
International Bond Fund | 2,960,886 | 2,600,800 | ||||||
International Dividend Income Fund | 14,875,205 | 2,299,029 | ||||||
Emerging Markets Small Companies Fund | 25,454,687 | 17,322,054 | ||||||
Gold Fund | 14,464,231 | 23,028,032 |
Note 7 – Shareholder Servicing Plan
The Trust, on behalf of each Fund, has adopted a Shareholder Servicing Plan to pay a fee at an annual rate of up to 0.15% of each Fund’s average daily net assets of shares serviced by shareholder servicing agents who provide administrative and support services to their customers.
For the six months ended April 30, 2021, for the International Value Fund, International Bond Fund, International Dividend Income Fund, Emerging Markets Small Companies Fund and Gold Fund, shareholder servicing fees incurred are disclosed on the Statements of Operations.
Note 8 – Distribution Plan
The Trust, on behalf of the Funds, has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act which allows each Fund to pay distribution fees for the sale and distribution of its Class A shares. The Plan provides for the payment of distribution fees at the annual rate of up to 0.25% of each Fund’s average daily net assets attributable to Class A shares, payable to IMST Distributors, LLC. Class I shares are not subject to any distribution or administrative service fees under the plan.
For the six months ended April 30, 2021, for the International Value Fund, International Bond Fund, International Dividend Income Fund, Emerging Markets Small Companies Fund and Gold Fund, distribution fees incurred by each Fund’s Class A shares are disclosed on the Statements of Operations.
54
Euro Pacific Funds
NOTES TO FINANCIAL STATEMENTS – Continued
April 30, 2021 (Unaudited)
Note 9 – Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. 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, the Funds expect the risk of loss to be remote.
Note 10 – Fair Value Measurements and Disclosure
Fair Value Measurements and Disclosures defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or a liability, when a transaction is not orderly, and how that information must be incorporated into a fair value measurement.
Under Fair Value Measurements and Disclosures, various inputs are used in determining the value of each Fund’s investments. These inputs are summarized into three broad Levels as described below:
● | Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. |
● | Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
● | Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing investments are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of April 30, 2021, in valuing the Funds’ assets carried at fair value:
55
Euro Pacific Funds
NOTES TO FINANCIAL STATEMENTS – Continued
April 30, 2021 (Unaudited)
International Value Fund | Level 1 | Level 2* | Level 3** | Total | ||||||||||||
Investments | ||||||||||||||||
Common Stocks | ||||||||||||||||
Basic Materials | $ | 27,405,941 | $ | - | $ | - | $ | 27,405,941 | ||||||||
Communications | 5,844,937 | - | - | 5,844,937 | ||||||||||||
Consumer, Cyclical | 13,085,808 | - | - | 13,085,808 | ||||||||||||
Consumer, Non-cyclical | 32,429,096 | - | - | 32,429,096 | ||||||||||||
Energy | 9,685,450 | - | - | 9,685,450 | ||||||||||||
Financial | 7,152,902 | - | - | 7,152,902 | ||||||||||||
Industrial | 2,274,105 | - | - | 2,274,105 | ||||||||||||
Short-Term Investments | 9,498,781 | - | - | 9,498,781 | ||||||||||||
Total Investments | $ | 107,377,020 | $ | - | $ | - | $ | 107,377,020 |
International Bond Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments | ||||||||||||||||
Common Stocks | ||||||||||||||||
Basic Materials | $ | 4,201 | $ | - | $ | - | $ | 4,201 | ||||||||
Fixed Income Securities | ||||||||||||||||
Basic Materials | - | 4,033,533 | - | 4,033,533 | ||||||||||||
Communications | - | 3,185,466 | - | 3,185,466 | ||||||||||||
Consumer, Cyclical | - | 1,205,798 | - | 1,205,798 | ||||||||||||
Consumer, Non-cyclical | - | 771,924 | - | 771,924 | ||||||||||||
Diversified | - | 767,863 | - | 767,863 | ||||||||||||
Energy | - | 2,554,356 | 0 | 2,554,356 | ||||||||||||
Financial | - | 4,015,232 | - | 4,015,232 | ||||||||||||
Government | - | 29,048,771 | - | 29,048,771 | ||||||||||||
Industrial | - | 409,734 | - | 409,734 | ||||||||||||
Short-Term Investments | 1,930,212 | - | - | 1,930,212 | ||||||||||||
Total Investments | $ | 1,934,413 | $ | 45,992,677 | $ | - | $ | 47,927,090 |
International Dividend Income Fund | Level 1 | Level 2* | Level 3** | Total | ||||||||||||
Investments | ||||||||||||||||
Common Stocks | ||||||||||||||||
Basic Materials | $ | $18,892,876 | $ | - | $ | - | $ | $18,892,876 | ||||||||
Communications | 12,737,954 | - | - | 12,737,954 | ||||||||||||
Consumer, Cyclical | 4,974,370 | - | - | 4,974,370 | ||||||||||||
Consumer, Non-cyclical | 20,259,393 | - | - | 20,259,393 | ||||||||||||
Energy | 11,263,663 | - | - | 11,263,663 | ||||||||||||
Financial | 8,852,377 | - | - | 8,852,377 | ||||||||||||
Industrial | 2,729,052 | - | - | 2,729,052 | ||||||||||||
Utilities | 4,480,848 | - | - | 4,480,848 | ||||||||||||
Exchange Traded Funds | ||||||||||||||||
Basic Materials | 1,461,460 | - | - | 1,461,460 | ||||||||||||
Short-Term Investments | 4,137,500 | - | - | 4,137,500 | ||||||||||||
Total Investments | $ | $89,789,493 | $ | - | $ | - | $ | $89,789,493 |
56
Euro Pacific Funds
NOTES TO FINANCIAL STATEMENTS – Continued
April 30, 2021 (Unaudited)
Emerging Markets Small Companies Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments | ||||||||||||||||
Common Stocks | ||||||||||||||||
Basic Materials | $ | - | $ | $3,628,457 | $ | 0 | $ | $3,628,457 | ||||||||
Communications | 870,817 | 1,164,489 | - | 2,035,306 | ||||||||||||
Consumer, Cyclical | 1,107,916 | 7,611,554 | - | 8,719,470 | ||||||||||||
Consumer, Non-cyclical | 1,979,415 | 16,717,608 | - | 18,697,023 | ||||||||||||
Financial | 4,071,017 | 12,683,957 | - | 16,754,974 | ||||||||||||
Industrial | - | 31,515,768 | - | 31,515,768 | ||||||||||||
Technology | 2,450,148 | 17,706,676 | - | 20,156,824 | ||||||||||||
Warrants | - | - | 0 | 0 | ||||||||||||
Short-Term Investments | 3,564,527 | - | - | 3,564,527 | ||||||||||||
Total Investments | $ | 14,043,840 | $ | 91,028,509 | $ | 0 | $ | 105,072,349 |
Gold Fund | Level 1 | Level 2* | Level 3 | Total | ||||||||||||
Investments | ||||||||||||||||
Common Stocks | ||||||||||||||||
Gold Mining | $ | 87,158,387 | $ | - | $ | 5,543,958 | $ | 92,702,345 | ||||||||
Royalty Companies | 85,400,591 | - | 4,007,052 | 89,407,643 | ||||||||||||
Precious Metals Exploration | 19,763,774 | - | 3,431,287 | 23,195,061 | ||||||||||||
Silver: Exploration and Mining | 26,019,438 | - | - | 26,019,438 | ||||||||||||
Gold Exploration | 6,507,844 | - | - | 6,507,844 | ||||||||||||
Warrants | ||||||||||||||||
Precious Metals Developmental | - | - | - | - | ||||||||||||
Precious Metals Exploration | - | - | 105,049 | 105,049 | ||||||||||||
Royalty Companies | - | - | - | - | ||||||||||||
Silver: Exploration and Mining | - | - | - | - | ||||||||||||
Short-Term Investments | 686,449 | - | - | 686,449 | ||||||||||||
Total Investments | $ | 225,536,483 | $ | - | $ | 13,087,346 | $ | 238,623,829 |
* | The Fund did not hold any Level 2 securities at period end. |
** | The Fund did not hold any Level 3 securities at period end. |
57
Euro Pacific Funds
NOTES TO FINANCIAL STATEMENTS – Continued
April 30, 2021 (Unaudited)
The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining value:
International Bond Fund | Emerging Markets Small Companies Fund – Common Stocks | Emerging Markets Small Companies Fund – Warrants | ||||||||||
Beginning balance October 31, 2020 | $ | - | $ | - | $ | - | ||||||
Transfers into Level 3 during the period | - | - | - | |||||||||
Transfers out of Level 3 during the period | - | - | - | |||||||||
Total realized gain/(loss) | - | - | - | |||||||||
Total unrealized appreciation/(depreciation) | - | - | - | |||||||||
Net purchases | - | - | - | |||||||||
Net sales | - | - | - | |||||||||
Balance as of April 30, 2021 | $ | - | $ | - | $ | - |
Gold Fund – Common Stocks | Gold Fund – Warrants | |||||||
Beginning balance October 31, 2020 | $ | 15,540,130 | $ | 507,834 | ||||
Transfers into Level 3 during the period | - | - | ||||||
Transfers out of Level 3 during the period | (5,226,393 | ) | - | |||||
Total realized gain/(loss) | 1,375 | - | ||||||
Total unrealized appreciation/(depreciation) | (4,368,288 | ) | (402,785 | ) | ||||
Net purchases | 7,041,677 | - | ||||||
Net sales | (6,204 | ) | - | |||||
Balance as of April 30, 2021 | $ | 12,982,297 | $ | 105,049 |
58
Euro Pacific Funds
NOTES TO FINANCIAL STATEMENTS – Continued
April 30, 2021 (Unaudited)
The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of April 30, 2021:
Fair Value April 30, 2021 | Valuation Methodologies | Unobservable Input(1) | Input Range/ Value | Valuation Weighted Average of Input | Impact to Valuation from an increase in Input(2) | ||||||||||||
International Bond Fund - Fixed Income Securities | $ | - | Asset Approach | Estimated Recovery Proceeds | $0.00 | n/a | Increase | ||||||||||
Emerging Markets Small Companies Fund - Common Stock | $ | - | Asset Approach | Estimated Recovery Proceeds | $0.00 | n/a | Increase | ||||||||||
Emerging Markets Small Companies Fund - Warrants | $ | - | Market Approach | Intrinsic Value | $0.00 | $0.00 | Increase | ||||||||||
Gold Fund - Warrants | $ | 105,049 | Market Approach | Intrinsic Value | $0.00 - $0.01 | $0.01 | Increase | ||||||||||
Gold Fund - Common Stocks | $ | 12,982,297 | Market Approach | Market Value Comparable Security | $0.04 - $2.00 | $1.56 | Increase |
(1) | The investment advisor considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. The Fund’s use of fair value pricing may cause the net asset value of Fund shares to differ from the net asset value that would be calculated using market quotations. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security. |
(2) | This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. |
Note 11 – Derivatives and Hedging Disclosures
Derivatives and Hedging requires enhanced disclosures about the Gold Fund and Emerging Markets Small Companies Fund derivative and hedging activities, including how such activities are accounted for and their effects on the Gold Fund and Emerging Markets Small Companies Fund financial position, performance and cash flows. The Gold Fund and Emerging Markets Small Companies Fund invested in warrants during the six months ended April 30, 2021.
59
Euro Pacific Funds
NOTES TO FINANCIAL STATEMENTS – Continued
April 30, 2021 (Unaudited)
The effects of these derivative instruments on the Gold Fund’s and Emerging Markets Small Companies Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations are presented in the tables below. The fair values of derivative instruments as of April 30, 2021 by risk category are as follows:
Gold Fund | Emerging Markets Small Companies Fund | |||||||||
Asset Derivatives | Asset Derivatives | |||||||||
Derivatives not designated as hedging instruments | Statement of Assets and Liabilities Location | Value | Value | |||||||
Equity contracts | Warrants, at value | $ | 105,049 | $ | - | |||||
Total | $ | 105,049 | $ | - |
The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2021 are as follows:
Gold Fund | Emerging Markets Small Companies Fund | |||||||||||||||
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |||||||||||||||
Derivatives not designated as hedging instruments | Warrants | Total | Warrants | Total | ||||||||||||
Equity contracts | $ | - | $ | - | $ | - | $ | - | ||||||||
Total | $ | - | $ | - | $ | - | $ | - |
Gold Fund | Emerging Markets Small Companies Fund | |||||||||||||||
Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in Income | Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in Income | |||||||||||||||
Derivatives not designated as hedging instruments | Warrants | Total | Warrants | Total | ||||||||||||
Equity contracts | $ | (402,785 | ) | $ | (402,785 | ) | $ | - | $ | - | ||||||
Total | $ | (402,785 | ) | $ | (402,785 | ) | $ | - | $ | - |
60
Euro Pacific Funds
NOTES TO FINANCIAL STATEMENTS – Continued
April 30, 2021 (Unaudited)
The number of contracts is included on the Schedule of Investments. The quarterly average volumes of derivative instruments as of April 30, 2021 are as follows:
Derivatives not designated as hedging instruments | Gold Fund | Emerging Markets Small Companies Fund | ||||||||||||||||||
Equity contracts | Warrants | Average market value | $ | 299,563 | Warrants | Average market value | $ | - |
Note 12 – Investments in Affiliated Issuers
An affiliated issuer is an entity in which the Fund has ownership of a least 5% of the voting securities or any investment in a EuroPac Fund. Issuers that are affiliates of the Fund at period-end are noted in the Fund’s Schedule of Investments. Additional security purchases and the reduction of certain securities shares outstanding of existing portfolio holdings that were not considered affiliated in prior years may result in the Fund owning in excess of 5% of the outstanding shares at period-end. The table below reflects transactions during the period with entities that are affiliates as of April 30, 2021 and may include acquisitions of new investments, prior year holdings that became affiliated during the period and prior period affiliated holdings that are no longer affiliated as of period-end:
Fund/Security Description | Value Beginning of Period | Purchases | Sales Proceeds | Net Realized Gain (Loss) | Transfer Prior Year Unrealized Appreciation (Depreciation) | Change in Unrealized Appreciation (Depreciation) | Value End of Period | Dividend Income* | ||||||||||||||||||||||||
Gold Fund | ||||||||||||||||||||||||||||||||
GBM Resources Ltd. | $ | 1,692,157 | $ | - | $ | (81,357 | ) | $ | 48,265 | $ | - | $ | (315,703 | ) | $ | 1,343,362 | $ | - | ||||||||||||||
Magna Gold Corp. | 4,288,899 | - | (69,425 | ) | 48,616 | - | (390,160 | ) | 3,877,930 | - | ||||||||||||||||||||||
Medgold Resources Corp. | 327,220 | 2,093 | (78,809 | ) | (141,115 | ) | - | 177,651 | 287,040 | - | ||||||||||||||||||||||
Metalla Royalty and Streaming Ltd. (1) | 14,262,236 | - | (466,626 | ) | 313,869 | (3,738,813 | ) | (10,370,666 | ) | - | - | |||||||||||||||||||||
Midland Exploration Inc. | 3,644,720 | 26,131 | - | - | - | 312,154 | 3,983,005 | - | ||||||||||||||||||||||||
Mundoro Capital, Inc. | 444,789 | 314,550 | - | - | - | 250,050 | 1,009,389 | - | ||||||||||||||||||||||||
Riverside Resources, Inc. (1) | 493,883 | - | - | - | (308,010 | ) | (185,873 | ) | - | - | ||||||||||||||||||||||
Total | �� | $ | 25,153,904 | |||||||||||||||||||||||||||||
Elemental Royalties Corp. (2) | 2,311,194 | 3,508,340 | - | - | (933,525 | ) | 1,116,243 | 6,002,252 | - | |||||||||||||||||||||||
Total | $ | 269,635 | $ | (9,406,304 | ) | $ | 16,502,978 | $ | - |
61
Euro Pacific Funds
NOTES TO FINANCIAL STATEMENTS – Continued
April 30, 2021 (Unaudited)
Fund/Security Description | Shares Beginning of Period | Purchases | Sales | Stock Split | Shares End of Period | |||||||||||
Gold Fund | ||||||||||||||||
GBM Resources Ltd. | 15,531,818 | - | (1,000,000 | ) | - | 14,531,818 | ||||||||||
Magna Gold Corp. | 5,442,000 | - | (86,100 | ) | - | 5,355,900 | ||||||||||
Medgold Resources Corp. | 9,178,000 | 50,000 | (1,800,000 | ) | - | 7,428,000 | ||||||||||
Metalla Royalty and Streaming Ltd.(1) | 1,926,081 | - | (38,794 | ) | 1,887,287 | |||||||||||
Midland Exploration, Inc. | 5,395,400 | 44,500 | - | - | 5,439,900 | |||||||||||
Mundoro Capital, Inc. | 3,703,704 | 2,500,000 | - | - | 6,203,704 | |||||||||||
Riverside Resources, Inc.(1) | 2,800,000 | - | - | - | 2,800,000 | |||||||||||
Elemental Royalties Corp. (2) | 2,123,589 | 3,000,000 | - | - | 5,123,589 |
* | Net of foreign withholding taxes. |
(1) | Not an affiliate at the end of the period. |
(2) | Not an affiliate at the beginning of the period. |
Note 13 – COVID-19 Risks
In early 2020, an outbreak of a novel strain of coronavirus (COVID-19) emerged globally. This coronavirus has resulted in closing international borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general public concern and uncertainty. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. The future impact of COVID-19 is currently unknown, and it may exacerbate other risks that apply to the Funds, including political, social and economic risks. Any such impact could adversely affect the Funds’ performance, the performance of the securities in which the Funds invest and may lead to losses on your investment in the Funds. The ultimate impact of COVID-19 on the financial performance of the Funds’ investments is not reasonably estimable at this time.
Note 14 – Events Subsequent to the Fiscal Period End
The Funds have adopted financial reporting rules regarding subsequent events which require an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. Management has evaluated the Funds’ related events and transactions that occurred through the date of issuance of the Funds’ financial statements. There were no events or transactions that occurred during this period that materially impacted the amounts or disclosures in the Funds’ financial statements.
62
Euro Pacific Funds
SUPPLEMENTAL INFORMATION (Unaudited)
Board Consideration of Investment Advisory and Sub-Advisory
At a meeting held on March 10-11, 2021, the Board of Trustees (the “Board”) of Investment Managers Series Trust (the “Trust”), including the trustees who are not “interested persons” of the Trust (the “Independent Trustees”) as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), reviewed and unanimously approved the renewal of the investment advisory agreement (the “Advisory Agreement”) between the Trust and Euro Pacific Asset Management, LLC (the “Investment Advisor”) for an additional one-year term from when it otherwise would expire, with respect to the following series of the Trust (each a “Fund” and collectively, the “Funds”):
● | the EP Emerging Markets Small Companies Fund (the “Emerging Markets Fund”), |
● | the EuroPac Gold Fund (the “Gold Fund”), |
● | the EuroPac International Bond Fund (the “International Bond Fund”), |
● | the EuroPac International Dividend Income Fund (the “International Dividend Fund”), and |
● | the EuroPac International Value Fund (the “International Value Fund”). |
The Board and the Independent Trustees also approved the renewal of the sub-advisory agreement (the “Sub-Advisory Agreement”) between the Investment Advisor and Champlain Investment Partners, LLC (the “Sub-Advisor”) with respect to the Emerging Markets Fund for an additional one-year term from when it otherwise would expire.
The Advisory Agreement and the Sub-Advisory Agreement are collectively referred to below as the “Fund Advisory Agreements.” In renewing each Fund Advisory Agreement, the Board, including the Independent Trustees, determined that such renewal was in the best interests of each Fund and its shareholders. The Board acknowledged that in accordance with exemptive relief granted by the U.S. Securities and Exchange Commission, due to unforeseen emergency circumstances related to the COVID-19 pandemic, the meeting was being held by videoconference, and that as required by the relief, the Board would ratify the renewal of the Fund Advisory Agreements at its next in-person meeting.
Background
In advance of the meeting, the Board received information about the Funds and the Fund Advisory Agreements from the Investment Advisor, the Sub-Advisor, and Mutual Fund Administration, LLC and UMB Fund Services, Inc., the Trust’s co-administrators, certain portions of which are discussed below. The materials, among other things, included information about the organization and financial condition of the Investment Advisor and the Sub-Advisor; information regarding the background, experience, and compensation structure of relevant personnel providing services to the Funds; information about the Investment Advisor’s and the Sub-Advisor’s compliance policies and procedures, disaster recovery and contingency planning, and policies with respect to portfolio execution and trading; information regarding the profitability of the Investment Advisor’s overall relationship with the Funds; reports comparing the performance of each Fund with returns of its benchmark index and a group of comparable funds (each a “Peer Group”) selected by Broadridge Financial Solutions, Inc. (“Broadridge”) from Morningstar, Inc.’s relevant fund universe (each a “Fund Universe”) for various periods ended December 31, 2020; reports comparing the investment advisory fee and total expenses of each Fund with those of its Peer Group and Fund Universe; and the advisory and sub-advisory fees paid pursuant to the Advisory Agreement and Sub-Advisory Agreement, respectively. The Board also received a memorandum from legal counsel to the Trust discussing the legal standards under the 1940 Act and other applicable law for their consideration of the proposed renewal of the Fund Advisory Agreements. In addition, the Board considered information reviewed by the Board during the year at other Board and Board committee meetings. No representatives of the Investment Advisor or Sub-Advisor were present during the Board’s consideration of the Fund Advisory Agreements, and the Independent Trustees were represented by their legal counsel with respect to the matters considered.
63
Euro Pacific Funds
SUPPLEMENTAL INFORMATION (Unaudited) - Continued
In renewing each Fund Advisory Agreement, the Board and the Independent Trustees considered a variety of factors, including those discussed below. In their deliberations, the Board and the Independent Trustees did not identify any particular factor that was controlling, and each Trustee may have attributed different weights to the various factors.
Euro Pacific Asset Management, LLC
Nature, Extent and Quality of Services
With respect to the performance results of each Fund, the meeting materials indicated the following:
● | The Emerging Markets Fund’s annualized total returns for the one- and ten-year periods were above the Peer Group and Diversified Emerging Markets Fund Universe median returns and the MSCI Emerging Markets Small Cap Index returns. The Fund’s annualized total return for the three-year period was above the MSCI Index return, but below the Peer Group and Fund Universe median returns by 0.19% and 0.50%, respectively. The Fund’s annualized total return for the five-year period was above the MSCI Index return, but below the Peer Group median return by 0.42% and the Fund Universe median return by 1.46%. The Trustees considered Broadridge’s observation that the Fund outperformed many of the large-cap funds in the Fund Universe with approximately the same level of volatility over the ten-year period, despite the fact that large-cap emerging markets stocks had generally outperformed small-cap emerging markets stocks over that period. The Trustees also considered the Investment Advisor’s assertion that the Fund’s Peer Group does not provide a meaningful comparison for the Fund because the Peer Group contains strategies with median market caps that are more similar to those of funds managed by all-cap or large-cap managers. |
● | The Gold Fund’s total return for the one-year period was above the Peer Group and Equity Precious Metals Fund Universe median returns, the NYSE Arca Gold Miners Index return, and the Philadelphia Gold & Silver Index return. The Fund’s annualized total return for the five-year period was above the Peer Group and Fund Universe median returns and the NYSE Index return, but below the Philadelphia Index return by 1.15%. For the three-year period, the Fund’s annualized total return was above the NYSE Index return and the Peer Group and Fund Universe median returns, but below the Philadelphia Index return by 2.71%. The Trustees considered the Investment Advisor’s explanation that the Fund’s underperformance for the three- and five-year periods compared to the Philadelphia Index was primarily due to the Philadelphia Index being fully invested in large-cap miners, some of which are not gold miners. The Trustees also observed that the Fund’s risk-adjusted returns, as measured by its Sharpe ratio, and its risk-adjusted returns relative to the benchmark, as measured by its information ratio, ranked it in the first or second quartile of the funds (which are the most favorable) in the Peer Group and Fund Universe for the one-, three-, and five-year periods. |
● | The International Bond Fund’s annualized total return for the five-year period was the same as the Peer Group median return, but below the median return of the World Bond Fund Universe and the returns of the JP Morgan GBI Global Ex-U.S. FX NY Index Unhedged in USD and the FTSE Non-USD World Government Bond Index by 0.98%, 1.08%, and 1.18%, respectively. The Fund’s annualized total return for the three-year period was the same as the Peer Group median return, but below the Fund Universe median return by 1.60%, the JP Morgan Index return by 1.70%, and the FTSE Index return by 1.76%. For the ten-year period, the Fund’s annualized total return was below the JP Morgan Index return, the FTSE Index return, and the Peer Group and Fund Universe median returns by 1.55%, 1.56%, 1.70%, and 2.59%, respectively. The Fund’s total return for the one-year period was below the Peer Group median return by 0.78%, the Fund Universe median return by 1.90%, the JP Morgan Index return by 3.07%, and the FTSE Index return by 3.33%. The Trustees considered the Investment Advisor’s belief that the Fund’s underperformance relative to the Peer Group for the one- and ten-year periods was not meaningful because the Peer Group does not provide an appropriate basis of comparison for the Fund, as many funds in the Peer Group invest in the U.S. dollar, engage in hedging, or invest in longer duration portfolios, all of which differ from the Fund’s strategy. The Trustees also noted the Investment Advisor’s belief that the Fund’s underperformance relative to the FTSE Index over all periods was mostly due to the Fund’s relatively lower duration and its exposure to currencies that are considered more sensitive to moves in the U.S. dollar. |
64
Euro Pacific Funds
SUPPLEMENTAL INFORMATION (Unaudited) - Continued
● | The International Dividend Fund’s annualized total returns for the one- and three-year periods were above the Peer Group and Foreign Large Value Fund Universe median returns and the S&P International Dividend Opportunities Index returns. The Fund’s annualized total return for the five-year period was above the Peer Group and Fund Universe median returns, but below the S&P Index return by 1.97%. The Trustees considered the Investment Advisor’s assertion that the Fund’s underperformance compared to the S&P Index over the five-year period was due to the inclusion of 2015, which was a particularly difficult year for the Fund because of severe underperformance of materials stocks and foreign currencies that were sensitive to the performance of materials stocks, as well as the underperformance of investments in emerging markets. The Trustees also observed that the Fund’s volatility of returns, as measured by its standard deviation; its risk-adjusted returns, as measured by its Sharpe ratio; its downside volatility, as measured by its Morningstar risk score; and its risk-adjusted returns relative to the benchmark, as measured by its information ratio, ranked it in the first or second quartile of the funds (which are the most favorable) in the Peer Group and Fund Universe for the one-, three-, and five-year periods. |
● | The International Value Fund’s annualized total returns for the one-, three-, and five-year periods were above the Peer Group and Foreign Large Value Fund Universe median returns, the MSCI All Country World Ex USA Value Index returns, and the MSCI World Ex USA Value Index returns. The Fund’s annualized total return for the ten-year period was below the MSCI All Country World Ex USA Value Index return by 2.51%, the Peer Group median return by 2.53%, the MSCI World Ex USA Value Index return by 2.96%, and the Fund Universe median return by 3.45%. The Trustees considered the Investment Advisor’s belief that the Fund’s underperformance for the ten-year period was mainly due to the underperformance of gold stocks and other inflation sensitive sectors over that period. The Trustees also noted the Investment Advisor’s assertion that the Fund’s investment style is unique; that the Peer Group provides a poor basis of comparison for the Fund’s performance because the Fund is designed to generate dividend income and capital gain and to perform well in a weak U.S. dollar environment, which is distinct from ordinary foreign funds, the objectives of which are generally to outperform a broad group of foreign stocks; and that the Fund’s investment strategies have been communicated to the Fund’s shareholders. |
The Board also considered the overall quality of services provided by the Investment Advisor to the Funds. In doing so, the Board considered the Investment Advisor’s specific responsibilities in day-to-day management and oversight of the Funds, as well as the qualifications, experience, and responsibilities of the personnel involved in the activities of the Funds. The Board also considered the overall quality of the organization and operations of the Investment Advisor, as well as its compliance structure. In addition, the Board considered the respective roles of the Investment Advisor and the Sub-Advisor with respect to the Emerging Markets Fund, noting that the Investment Advisor provides overall supervision of the general investment management and investment operations of the Fund and oversees the Sub-Advisor with respect to the Fund’s operations, including monitoring the investment and trading activities of the Sub-Advisor, monitoring the Fund’s compliance with its investment policies, and providing general administrative services related to the Investment Advisor’s overall supervision of the Fund; and that the Sub-Advisor’s responsibilities include day-to-day portfolio management. The Board and the Independent Trustees concluded that based on the various factors they had reviewed, the nature, overall quality, and extent of the management and oversight services provided by the Investment Advisor to each Fund were satisfactory.
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Euro Pacific Funds
SUPPLEMENTAL INFORMATION (Unaudited) - Continued
Advisory Fees and Expense Ratios
With respect to the advisory fees and expenses paid by the Funds, the meeting materials indicated the following:
● | The Emerging Markets Fund’s annual investment advisory fee (gross of fee waivers) was slightly higher than the Peer Group median by 0.015%, and higher than the Diversified Emerging Markets Fund Universe median by 0.08%. The Trustees noted that the Fund’s advisory fee was higher than the standard fee that the Investment Advisor charges to sub-advise separate accounts for institutional clients of its affiliate. The Trustees observed, however, that management of mutual fund assets requires compliance with certain requirements under the 1940 Act that do not apply to institutional clients, and that the Investment Advisor provides more services to the Fund than it does to separately managed accounts for which it serves as sub-advisor. The Trustees also considered that the Fund’s advisory fee was within the range of advisory fees paid by other series of the Trust managed by the Investment Advisor. |
The annual total expenses paid by the Fund (net of fee waivers) for the Fund’s most recent fiscal year were higher than the Peer Group and Fund Universe medians by 0.11% and 0.30%, respectively. The Trustees noted, however, that the average net assets of the Fund’s class considered by Broadridge were lower than the average net assets of corresponding classes of funds in the Peer Group, and significantly lower than the average net assets of corresponding classes of funds in the Fund Universe, and that certain of those other funds also had significant assets in other classes.
● | The Gold Fund’s annual investment advisory fee (gross of fee waivers) was lower than the Peer Group median, but higher than the Equity Precious Metals Fund Universe median by 0.05%. The Trustees noted that the Fund’s advisory fee was the same as the standard fee that the Investment Advisor charges to sub-advise separate accounts for institutional clients of its affiliate. The Trustees observed, however, that management of mutual fund assets requires compliance with certain requirements under the 1940 Act that do not apply to institutional clients, and that the Investment Advisor provides more services to the Fund than it does to separately managed accounts for which it serves as sub-advisor. The Trustees also considered that the Fund’s advisory fee was within the range of advisory fees paid by other series of the Trust managed by the Investment Advisor. |
The annual total expenses paid by the Fund (net of fee waivers) for the Fund’s most recent fiscal year were slightly higher than the Peer Group median by 0.02%, and higher than the Fund Universe median by 0.32%. The Trustees noted, however, that the average net assets of the Fund’s class considered by Broadridge were significantly lower than the average net assets of corresponding classes of funds in the Peer Group and Fund Universe, and that certain of those other funds also had significant assets in other classes.
● | The International Bond Fund’s annual investment advisory fee (gross of fee waivers) was the same as the Peer Group median, but slightly higher than the World Bond Fund Universe median by 0.015%. The Trustees noted that the Fund’s advisory fee was lower than the standard fee that the Investment Advisor charges to sub-advise separate accounts for institutional clients of its affiliate. The Trustees also considered that the Fund’s advisory fee was lower than the advisory fees paid by the other series of the Trust managed by the Investment Advisor. |
The annual total expenses paid by the Fund (net of fee waivers) for the Fund’s most recent fiscal year were higher than the Peer Group median by 0.12% and the Fund Universe median by 0.15%. The Trustees considered, however, the Investment Advisor’s assertion that the Fund focuses on more unique and smaller bond markets, which generally have higher custody costs and require a higher level of specialization and larger dealer networks than peer funds invested in more liquid markets. The Trustees also noted that the average net assets of the Fund’s class considered by Broadridge were significantly lower than the average net assets of corresponding classes of funds in the Peer Group and Fund Universe, and that certain of those other funds also had significant assets in other classes.
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Euro Pacific Funds
SUPPLEMENTAL INFORMATION (Unaudited) - Continued
● | The International Dividend Fund’s annual investment advisory fee (gross of fee waivers) was higher than the Peer Group and Foreign Large Value Fund Universe medians by 0.04% and 0.09%, respectively. The Trustees noted that the Fund’s advisory fee was higher than the standard fee that the Investment Advisor charges to sub-advise separate accounts for institutional clients of its affiliate. The Trustees observed, however, that management of mutual fund assets requires compliance with certain requirements under the 1940 Act that do not apply to institutional clients, and that the Investment Advisor provides more services to the Fund than it does to separately managed accounts for which it serves as sub-advisor. The Trustees also considered that the Fund’s advisory fee was within the range of advisory fees paid by other series of the Trust managed by the Investment Advisor. |
The annual total expenses paid by the Fund (net of fee waivers) for the Fund’s most recent fiscal year were higher than both the Peer Group and Fund Universe medians by 0.25%. The Trustees considered, however, the Investment Advisor’s assertion that the Fund is somewhat uniquely focused on smaller, less liquid markets than its peer funds, and that the Fund therefore generally has higher custody and brokerage expenses. The Trustees also noted that the average net assets of the Fund’s class considered by Broadridge were significantly lower than the average net assets of corresponding classes of funds in the Peer Group and Fund Universe, and that certain of those other funds also had significant assets in other classes.
● | The International Value Fund’s annual investment advisory fee (gross of fee waivers) was higher than the Foreign Large Value Fund Universe median by 0.32%, and the Peer Group median by 0.33%. The Trustees considered the Investment Advisor’s belief that the Fund warrants a higher advisory fee than the Peer Group funds generally because the Fund uses a distinct strategy involving investment in markets that are not typically covered and a focus on dividend paying companies, and therefore require more research and specialized trading in certain cases. The Trustees noted that the Fund’s advisory fee was higher than the standard fee that the Investment Advisor charges to sub-advise separate accounts for institutional clients of its affiliate. The Trustees observed, however, that management of mutual fund assets requires compliance with certain requirements under the 1940 Act that do not apply to institutional clients, and that the Investment Advisor provides more services to the Fund than it does to separately managed accounts for which it serves as sub-advisor. The Trustees also considered that the Fund’s advisory fee was within the range of advisory fees paid by other series of the Trust managed by the Investment Advisor. |
The annual total expenses paid by the Fund (net of fee waivers) for the Fund’s most recent fiscal year were higher than both the Peer Group and Fund Universe medians by 0.50%. The Trustees noted, however, that the average net assets of the Fund’s class considered by Broadridge were significantly lower than the average net assets of corresponding classes of funds in the Peer Group and Fund Universe, and that certain of those other funds also had significant assets in other classes. The Trustees also considered the Investment Advisor’s belief that management of the Fund warranted a higher advisory fee, as discussed above, which also resulted in higher total expenses.
In considering the Funds’ fees and total expenses, the Board considered the Investment Advisor’s longstanding view that each Fund is distinct from its Peer Group in some significant way, as the Investment Advisor focuses on unhedged exposure to various countries, currencies, and commodities in a way that is not replicated by any other fund family’s products, and that this makes it difficult for Broadridge to appropriately categorize the Funds’ strategies and construct peer groups for the Funds. The Board also considered that most investors in the Funds, the majority of whom purchase shares through the Investment Advisor’s affiliated broker-dealer, invest in the Funds specifically for this unique investment process and philosophy and with a long-term focus.
The Board and the Independent Trustees concluded that based on the factors they had reviewed, the compensation payable to the Investment Advisor under the Advisory Agreement was fair and reasonable in light of the nature and quality of the services the Investment Advisor provides to the Funds.
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Euro Pacific Funds
SUPPLEMENTAL INFORMATION (Unaudited) - Continued
Profitability and Economies of Scale
The Board next considered information prepared by the Investment Advisor relating to its costs and profits with respect to each Fund for the year ended December 31, 2020, noting that the Investment Advisor had waived a significant portion of its advisory fee for the International Bond Fund, and had waived portions of its advisory fees for the Emerging Markets Fund, International Value Fund, International Dividend Fund, and Gold Fund. Recognizing the difficulty in evaluating an investment advisor’s profitability with respect to the funds it manages in the context of an advisor with multiple lines of business, and noting that other profitability methodologies might also be reasonable, the Board and the Independent Trustees concluded that the profits of the Investment Advisor from its relationships with the Funds were reasonable.
The Board also considered the benefits received by the Investment Advisor as a result of the Investment Advisor’s relationship with the Funds, other than the receipt of its investment advisory fees, including any research received from broker-dealers providing execution services to the Funds, the beneficial effects from the review by the Trust’s Chief Compliance Officer of the Investment Advisor’s compliance program, and the intangible benefits of the Investment Advisor’s association with the Funds generally and any favorable publicity arising in connection with the Funds’ performance. The Trustees noted that although there were no advisory fee breakpoints, the asset levels of the Funds were not currently likely to lead to significant economies of scale, and that any such economies would be considered in the future as the assets of the Funds grow.
Champlain Investment Partners, LLC
Nature, Extent and Quality of Services
The Board considered the overall quality of services provided by the Sub-Advisor to the Emerging Markets Fund. In doing so, the Board considered the Sub-Advisor’s specific responsibilities in day-to-day portfolio management of the Fund, as well as the qualifications, experience, and responsibilities of the personnel involved in the activities of the Fund. The Board also considered the overall quality of the organization and operations of the Sub-Advisor, as well as its compliance structure. The Board’s observations regarding the performance of the Fund are described above. The Board noted that the Investment Advisor was recommending renewal of the sub-advisory agreement. The Board and the Independent Trustees concluded that based on the various factors they had reviewed, the nature, overall quality, and extent of the management services provided by the Sub-Advisor to the Emerging Markets Fund were satisfactory.
Sub-Advisory Fee
The Board reviewed information regarding the sub-advisory fee charged by the Sub-Advisor with respect to the Emerging Markets Fund and noted that it was lower than the fees that the Sub-Advisor charges to manage a commingled fund and separate accounts using the same strategy as the Emerging Markets Fund. The Board also noted that the Investment Advisor pays the Sub-Advisor’s sub-advisory fee out of the Investment Advisor’s advisory fee.
The Board and the Independent Trustees concluded that based on the factors they had reviewed, the compensation payable to the Sub-Advisor under the Sub-Advisory Agreement was fair and reasonable in light of the nature and quality of the services the Sub-Advisor provides to the Emerging Markets Fund.
Benefits to the Sub-Advisor
The Board also considered the benefits received by the Sub-Advisor as a result of its relationship with the Emerging Markets Fund, other than the receipt of its sub-advisory fee, including any research received from broker-dealers providing execution services to the Fund, the beneficial effects from the review by the Trust’s Chief Compliance Officer of the Sub-Advisor’s compliance program, and the intangible benefits of the Sub-Advisor’s association with the Fund generally and any favorable publicity arising in connection with the Fund’s performance.
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Euro Pacific Funds
SUPPLEMENTAL INFORMATION (Unaudited) - Continued
Conclusion
Based on these and other factors, the Board and the Independent Trustees concluded that renewal of each Fund Advisory Agreement was in the best interests of each Fund and its shareholders and, accordingly, renewed each Fund Advisory Agreement with respect to the Funds, as applicable.
69
Euro Pacific Funds
SUPPLEMENTAL INFORMATION (Unaudited) - Continued
Statement Regarding Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Board of Trustees (the “Board”) of Investment Managers Series Trust (the “Trust”) met on March 10 -11, 2021 (the “Meeting”), to review the liquidity risk management program (the “Fund Program”) applicable to the following series of the Trust (each, a “Fund” and together, the “Funds”) pursuant to the Liquidity Rule:
EP Emerging Markets Small Companies Fund
EuroPac Gold Fund
EuroPac International Bond Fund
EuroPac International Dividend Income Fund
EuroPac International Value Fund
The Board has appointed Euro Pacific Asset Management, LLC, the investment adviser to the Funds, as the program administrator (“Program Administrator”) for the Fund Program. With respect to the EP Emerging Markets Small Companies Fund, the Program Administrator has delegated, subject to its oversight, the primary liquidity classification responsibility to Champlain Investment Partners, the EP Emerging Markets Small Companies Fund’s sub-advisor. Under the Trust’s liquidity risk management program (the “Trust Program”), the Board has delegated oversight of the Trust Program to the Liquidity Oversight Committee (the “Oversight Committee”). At the Meeting, the Oversight Committee, on behalf of Program Administrator and the Funds, provided the Board with a written report (the “Report”) that addressed the operation, adequacy, and effectiveness of implementation of the Fund Program, and any material changes to it for the period from July 1, 2020 through December 31, 2020 (the “Program Reporting Period”).
In assessing the adequacy and effectiveness of implementation of the Fund Program, the Report discussed the following, among other things:
● | The Fund Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions); |
● | An overview of market liquidity for each Fund during the Program Reporting Period; |
● | Each Fund’s ability to meet redemption requests; |
● | Each Fund’s cash management; |
● | Each Fund’s borrowing activity, if any, in order to meet redemption requests; |
● | Each Fund’s compliance with the 15% limit of illiquid investments; and |
● | Each Fund’s status as a primarily highly liquid fund (“PHLF”), the effectiveness of the implementation of the PHLF standard, and whether it would be appropriate for each Fund to adopt a highly liquid investment minimum (“HLIM”). |
The Report stated that the Funds primarily hold assets that are defined under the Liquidity Rule as "highly liquid investments," and therefore each Fund is not required to establish an HLIM. Highly liquid investments are defined as cash and any investment reasonably expected to be convertible to cash in current market conditions in three business days or less without the conversion to cash significantly changing the market value of the investment. The Report also stated that there were no material changes made to the Fund Program during the Program Reporting Period.
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Euro Pacific Funds
SUPPLEMENTAL INFORMATION (Unaudited) - Continued
In the Report, the Program Administrator concluded that (i) the Fund Program, as adopted and implemented, remains reasonably designed to assess and manage each Fund’s liquidity risk; (ii) each Fund continues to qualify as a PHLF and therefore is not required to adopt an HLIM; (iii) during the Program Reporting Period, each Fund was able to meet redemption requests without significant dilution of remaining investors’ interests; and (iv) there were no weaknesses in the design or implementation of the Fund Program during the Program Reporting Period.
There can be no assurance that the Fund Program will achieve its objectives in the future. Please refer to the Funds’ prospectus for more information regarding each Fund’s exposure to liquidity risk and other principal risks to which an investment in the Funds may be subject.
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Euro Pacific Funds
EXPENSE EXAMPLES
For the Six Months Ended April 30, 2021 (Unaudited)
Expense Examples
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments (Class A shares only), and redemption fees and (2) ongoing costs, including management fees; distribution fees and/or service (12b-1) fees (Class A shares only); and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2020 to April 30, 2021.
Actual Expenses
The information in the row titled “Actual Performance” of the table below provides actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate row under the column titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The information in the row titled “Hypothetical (5% annual return before expenses)” of the table below provides hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (load) or contingent deferred sales charges. Therefore, the information in the row titled “Hypothetical (5% annual return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
EuroPac International Value Fund | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
Actual Performance | 11/1/20 | 4/30/21 | 11/1/20 – 4/30/21 |
Class A | $1,000.00 | $1,192.60 | $9.51 |
Class I | 1,000.00 | 1,194.80 | 8.16 |
Hypothetical (5% annual return before expenses) | 11/1/20 | 4/30/21 | 11/1/20 – 4/30/21 |
Class A | 1,000.00 | 1,016.12 | 8.74 |
Class I | 1,000.00 | 1,017.36 | 7.50 |
* | Expenses are equal to the Fund’s annualized expense ratios of 1.75% and 1.50% for Class A and Class I shares, respectively, multiplied by the average account values over the period, multiplied by 181/365 (to reflect the six month period). The expense ratios reflect a recovery of previously waived fees. Assumes all dividends and distributions were reinvested. |
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Euro Pacific Funds
EXPENSE EXAMPLES - Continued
For the Six Months Ended April 30, 2021 (Unaudited)
EuroPac International Bond Fund | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
Actual Performance | 11/1/20 | 4/30/21 | 11/1/20 – 4/30/21 |
Class A | $1,000.00 | $1,037.60 | $5.81 |
Class I | 1,000.00 | 1,039.40 | 4.55 |
Hypothetical (5% annual return before expenses) | 11/1/20 | 4/30/21 | 11/1/20 – 4/30/21 |
Class A | 1,000.00 | 1,019.09 | 5.76 |
Class I | 1,000.00 | 1,020.33 | 4.51 |
* | Expenses are equal to the Fund’s annualized expense ratios of 1.15% and 0.90% for Class A and Class I shares, respectively, multiplied by the average account values over the period, multiplied by 181/365 (to reflect the six month period). The expense ratios reflect an expense waiver. Assumes all dividends and distributions were reinvested. |
EuroPac International Dividend Income Fund | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
Actual Performance | 11/1/20 | 4/30/21 | 11/1/20 – 4/30/21 |
Class A | $1,000.00 | $1,214,40 | $8.23 |
Class I | 1,000.00 | 1,215.60 | 6.86 |
Hypothetical (5% annual return before expenses) | 11/1/20 | 4/30/21 | 11/1/20 – 4/30/21 |
Class A | 1,000.00 | $1,017.36 | $7.50 |
Class I | 1,000.00 | 1,018.60 | 6.25 |
* | Expenses are equal to the Fund’s annualized expense ratios of 1.50% and 1.25% for Class A and Class I shares, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the six month period). The expense ratios reflect an expense waiver. Assumes all dividends and distributions were reinvested. |
EP Emerging Markets Small Companies Fund | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
Actual Performance | 11/1/20 | 4/30/21 | 11/1/20 – 4/30/21 |
Class A | $1,000.00 | $1,286.30 | $9.92 |
Class I | 1,000.00 | 1,286.70 | 8.51 |
Hypothetical (5% annual return before expenses) | 11/1/20 | 4/30/21 | 11/1/20 – 4/30/21 |
Class A | 1,000.00 | 1,016.12 | $8.75 |
Class I | 1,000.00 | 1,017.36 | 7.50 |
* | Expenses are equal to the Fund’s annualized expense ratios of 1.75% and 1.50% for Class A and Class I shares, respectively, multiplied by the average account values over the period, multiplied by 181/365 (to reflect the six month period). The expense ratios reflect an expense waiver. Assumes all dividends and distributions were reinvested. |
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Euro Pacific Funds
EXPENSE EXAMPLES - Continued
For the Six Months Ended April 30, 2021 (Unaudited)
EuroPac Gold Fund | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
Actual Performance | 11/1/20 | 4/30/21 | 11/1/20 – 4/30/21 |
Class A | $1,000.00 | $970.00 | $6.57 |
Class I | 1,000.00 | 971.40 | 5.35 |
Hypothetical (5% annual return before expenses) | 11/1/20 | 4/30/21 | 11/1/20 – 4/30/21 |
Class A | 1,000.00 | 1,018.13 | 6.73 |
Class I | 1,000.00 | 1,019.37 | 5.48 |
* | Expenses are equal to the Fund’s annualized expense ratios of 1.34% and 1.09% for Class A and Class I shares, respectively, multiplied by the average account values over the period, multiplied by 181/365 (to reflect the six month period). Assumes all dividends and distributions were reinvested. |
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Euro Pacific Funds
Each a series of Investment Managers Series Trust
Investment Advisor
Euro Pacific Asset Management, LLC
Suite 204, Lots 81-82
Street C
Dorado, Puerto Rico 00646
Sub-Advisor
Champlain Investment Partners, LLC
180 Battery Street, Suite 400
Burlington, Vermont 05401
Custodian
UMB Bank, n.a.
928 Grand Boulevard, 5th Floor
Kansas City, Missouri 64106
Fund Co-Administrator
Mutual Fund Administration, LLC
2220 East Route 66, Suite 226
Glendora, California 91740
Fund Co-Administrator, Transfer Agent and Fund Accountant
UMB Fund Services, Inc.
235 West Galena Street
Milwaukee, Wisconsin 53212
Distributor
IMST Distributors, LLC
Three Canal Plaza, Suite 100
Portland, Maine 04101
www.foreside.com
FUND INFORMATION
TICKER | CUSIP | |
EuroPac International Value Fund – Class A | EPIVX | 461 418 766 |
EuroPac International Value Fund – Class I | EPVIX | 461 41P 669 |
EuroPac International Bond Fund – Class A | EPIBX | 461 418 618 |
EuroPac International Bond Fund – Class I | EPBIX | 461 41P 651 |
EuroPac International Dividend Income Fund – Class A | EPDPX | 461 41P 487 |
EuroPac International Dividend Income Fund – Class I | EPDIX | 461 41P 479 |
EP Emerging Markets Small Companies Fund – Class A | EPASX | 461 418 550 |
EP Emerging Markets Small Companies Fund – Class I | EPEIX | 461 41P 636 |
EuroPac Gold Fund – Class A | EPGFX | 461 41P 677 |
EuroPac Gold Fund – Class I | EPGIX | 461 41Q 196 |
Privacy Principles of the Euro Pacific Funds for Shareholders
The Funds are committed to maintaining the privacy of their shareholders and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information the Funds collect, how we protect that information and why, in certain cases, we may share information with select other parties.
Generally, the Funds do not receive any non-public personal information relating to their shareholders, although certain non-public personal information of their shareholders may become available to the Funds. The Funds do not disclose any non-public personal information about their shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example, to a transfer agent or third party administrator).
This report is sent to shareholders of the Euro Pacific Funds for their information. It is not a Prospectus, circular or representation intended for use in the purchase or sale of shares of the Funds or of any securities mentioned in this report.
Proxy Voting
The Funds’ proxy voting policies and procedures, as well as information regarding how the Funds voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, are available, without charge and upon request by calling (888) 558-5851 or on the SEC’s website at www.sec.gov.
Fund Portfolio Holdings
The Funds file a complete schedule of their portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT within 60 days of the end of such fiscal quarter. Shareholders may obtain the Funds’ Form N-PORT on the SEC’s website at www.sec.gov.
Prior to their use of Form N-PORT, the Funds filed their complete schedule of portfolio holdings with the SEC on Form N-Q, which is available online at www.sec.gov.
Householding
The Funds will mail only one copy of shareholder documents, including prospectuses, notice of annual and semi-annual reports availability and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (888) 558-5851.
Euro Pacific Funds
P. O. Box 2175
Milwaukee, WI 53201
Toll Free: (888) 558-5851
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
(a) | Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934). |
(b) | Not applicable. |
Item 6. Schedule of Investments.
(a) | Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.
Item 11. Controls and Procedures.
(a) | The Registrant’s President/Chief Executive Officer and Treasurer/Chief Financial Officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
(b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable for open-end investment companies.
Item 13. Exhibits.
(a) | (1) Any code of ethics or amendment thereto, that is subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. N/A. |
(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.
(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.
(b) | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Investment Managers Series Trust | |
By (Signature and Title) | /s/ Maureen Quill | |
Maureen Quill, President/Chief Executive Officer | ||
Date | 7/09/21 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ Maureen Quill | |
Maureen Quill, President/Chief Executive Officer | ||
Date | 7/09/21 | |
By (Signature and Title) | /s/ Rita Dam | |
Rita Dam, Treasurer/Chief Financial Officer | ||
Date | 7/09/21 |