|
Number
of Shares
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS
– 91.4%
|
|
|
|
|
|
|
BASIC MATERIALS
– 13.2%
|
|
|
|
|
|
50,000
|
|
Allied Nevada Gold Corp.
*
|
|
$
|
245,500
|
|
|
|
18,300
|
|
Barrick Gold Corp.
|
|
|
352,824
|
|
|
|
3,000
|
|
EI du Pont de Nemours & Co.
|
|
|
183,030
|
|
|
|
10,000
|
|
Goldcorp, Inc.
|
|
|
248,900
|
|
|
|
63,500
|
|
IAMGOLD Corp.
|
|
|
231,775
|
|
|
|
55,000
|
|
Kinross Gold Corp.
|
|
|
251,900
|
|
|
|
675
|
|
Newcrest Mining Ltd.
1
|
|
|
5,700
|
|
|
|
15,500
|
|
Newmont Mining Corp.
|
|
|
334,800
|
|
|
|
35,000
|
|
Yamana Gold, Inc.
|
|
|
327,950
|
|
|
|
|
|
|
|
|
2,182,379
|
|
|
|
|
|
COMMUNICATIONS
– 15.2%
|
|
|
|
|
|
|
15,904
|
|
AT&T, Inc.
|
|
|
529,921
|
|
|
|
47,500
|
|
Boingo Wireless, Inc.
*
|
|
|
287,375
|
|
|
|
11,898
|
|
CenturyLink, Inc.
|
|
|
343,376
|
|
|
|
4,446
|
|
F5 Networks, Inc.
*
|
|
|
475,722
|
|
|
|
330
|
|
Google, Inc. - Class A
*
|
|
|
389,720
|
|
|
|
18,199
|
|
Juniper Networks, Inc.
*
|
|
|
484,276
|
|
|
|
|
|
|
|
|
2,510,390
|
|
|
|
|
|
CONSUMER, CYCLICAL
– 9.1%
|
|
|
|
|
|
|
2,630
|
|
McDonald's Corp.
|
|
|
247,667
|
|
|
|
31,000
|
|
TiVo, Inc.
*
|
|
|
384,090
|
|
|
|
5,000
|
|
Wal-Mart Stores, Inc.
|
|
|
373,400
|
|
|
|
1,000
|
|
Wynn Resorts Ltd.
|
|
|
217,420
|
|
|
|
4,150
|
|
Yum! Brands, Inc.
|
|
|
278,673
|
|
|
|
|
|
|
|
|
1,501,250
|
|
|
|
|
|
CONSUMER, NON-CYCLICAL
– 19.5%
|
|
|
|
|
|
|
5,100
|
|
AbbVie, Inc.
|
|
|
251,073
|
|
|
|
3,522
|
|
Baxter International, Inc.
|
|
|
240,552
|
|
|
|
10,346
|
|
Coca-Cola Co.
|
|
|
391,286
|
|
|
|
2,715
|
|
Johnson & Johnson
|
|
|
240,196
|
|
|
|
3,600
|
|
Medtronic, Inc.
|
|
|
203,616
|
|
|
|
12,800
|
|
Merck & Co., Inc.
|
|
|
678,016
|
|
|
|
5,000
|
|
Molson Coors Brewing Co. - Class B
|
|
|
263,200
|
|
|
|
10,000
|
|
Pfizer, Inc.
|
|
|
304,000
|
|
|
|
3,150
|
|
Philip Morris International, Inc.
|
|
|
246,141
|
|
|
|
2,530
|
|
Procter & Gamble Co.
|
|
|
193,849
|
|
|
|
2,860
|
|
Stryker Corp.
|
|
|
221,936
|
|
|
|
|
|
|
|
|
3,233,865
|
|
|
|
|
|
ENERGY
– 7.8%
|
|
|
|
|
|
|
150,362
|
|
American Eagle Energy Corp.
*
|
|
|
285,688
|
|
|
|
1,930
|
|
Chevron Corp.
|
|
|
215,446
|
|
|
|
4,360
|
|
Exxon Mobil Corp.
|
|
|
401,818
|
|
EP Strategic US Equity Fund
SCHEDULE OF INVESTMENTS - Continued
As of January 31, 2014 (Unaudited)
|
Number
of Shares
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS (Continued)
|
|
|
|
|
|
|
|
|
ENERGY (Continued)
|
|
|
|
|
|
|
1,625
|
|
National Oilwell Varco, Inc.
|
|
$
|
121,891
|
|
|
|
1,500
|
|
Occidental Petroleum Corp.
|
|
|
131,355
|
|
|
|
1,650
|
|
Schlumberger Ltd.
|
|
|
144,490
|
|
|
|
|
|
|
|
|
1,300,688
|
|
|
|
|
|
INDUSTRIAL
– 3.3%
|
|
|
|
|
|
|
3,790
|
|
Joy Global, Inc.
|
|
|
200,074
|
|
|
|
3,625
|
|
Raytheon Co.
|
|
|
344,629
|
|
|
|
|
|
|
|
|
544,703
|
|
|
|
|
|
TECHNOLOGY
– 14.8%
|
|
|
|
|
|
|
1,310
|
|
Apple, Inc.
|
|
|
655,786
|
|
|
|
17,000
|
|
Broadcom Corp. - Class A
|
|
|
505,920
|
|
|
|
14,500
|
|
EMC Corp.
|
|
|
351,480
|
|
|
|
17,000
|
|
Microsoft Corp.
|
|
|
643,450
|
|
|
|
7,000
|
|
NetApp, Inc.
|
|
|
296,380
|
|
|
|
|
|
|
|
|
2,453,016
|
|
|
|
|
|
UTILITIES
– 8.5%
|
|
|
|
|
|
|
3,500
|
|
American Electric Power Co., Inc.
|
|
|
170,835
|
|
|
|
3,250
|
|
Duke Energy Corp.
|
|
|
229,515
|
|
|
|
6,000
|
|
Edison International
|
|
|
288,960
|
|
|
|
6,800
|
|
PG&E Corp.
|
|
|
286,620
|
|
|
|
10,000
|
|
Portland General Electric Co.
|
|
|
301,800
|
|
|
|
3,300
|
|
Southern Co.
|
|
|
136,092
|
|
|
|
|
|
|
|
|
1,413,822
|
|
|
|
|
|
TOTAL COMMON STOCKS
(Cost $14,875,581)
|
|
|
15,140,113
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS
– 7.1%
|
|
|
|
|
|
$
|
1,169,176
|
|
UMB Money Market Fiduciary, 0.010%
2
|
|
|
1,169,176
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,169,176)
|
|
|
1,169,176
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS – 98.5%
(Cost $16,044,757)
|
|
|
16,309,289
|
|
|
|
|
|
Other Assets in Excess of Liabilities – 1.5%
|
|
|
252,022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL NET ASSETS – 100.0
%
|
|
$
|
16,561,311
|
|
|
*
|
Non-income producing security.
|
|
1
|
Foreign security denominated in U.S. Dollars.
|
|
2
|
The rate is the annualized seven-day yield at period end.
|
See accompanying Notes to Schedule of Investments.
Euro Pacific Funds
NOTES TO SCHEDULE OF INVESTMENTS
January 31, 2014 (Unaudited)
Note 1 – Organization
EuroPac International Value Fund (the ‘‘International Value Fund’’), EuroPac International Bond Fund (the “International Bond Fund”), EuroPac Hard Asset Fund (the “Hard Asset Fund”), EuroPac Gold Fund (the “Gold Fund”), EuroPac International Dividend Income Fund (the “International Dividend Income Fund”), EP China Fund (formerly known as EPH China Fund) (the “China Fund”), EP Asia Small Companies Fund (the “Asia Small Companies Fund”), EP Latin America Fund (the “Latin America Fund”), and EP Strategic US Equity Fund (the “Strategic US Equity 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 Hard Asset Fund commenced operations on June 30, 2011, and its primary investment objective is appreciation of capital and protection against inflation. The Gold Fund commenced operations on July 19, 2013, and its primary investment objective is to provide long-term 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 China Fund commenced operations on July 31, 2009, and its primary investment objective is long-term capital appreciation. The China Fund’s fiscal year end was changed to October 31
st
as of July 1, 2011. The Asia Small Companies Fund commenced operations on December 1, 2010, and its primary investment objective is to provide long-term capital appreciation. The Latin America Fund commenced operations on November 1, 2011, and its primary investment objective is to provide long-term capital appreciation. The Strategic US Equity Fund commenced operations on March 1, 2012, and its primary investment objective is to provide long-term capital appreciation. The Gold Fund, China Fund and Strategic US Equity Fund, are authorized to issue Class A Shares. The International Value Fund, International Bond Fund, Hard Asset Fund, International Dividend Income Fund, Asia Small Companies Fund and Latin America 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.
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, liquidation, income and expenses, except class specific expenses, subject to the approval of the Trustees. 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.
Note 2 – Accounting Policies
The following is a summary of the significant accounting policies consistently followed by the Funds in the preparation of its 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
The Funds 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 there are no sales, at the mean between the last available bid and asked prices on that day. Securities traded on the NASDAQ are valued at the NASDAQ Official Closing Price (“NOCP”). Debt securities are valued at the mean between the last available bid and asked prices for such securities, or if such prices are not available, at prices for securities of comparable maturity, quality and type. All other types of securities, including restricted securities and securities for which market quotations are not readily available, are valued at fair value as determined in accordance with procedures established in good faith by the Board of Trustees. Short-term securities with remaining maturities of sixty days or less are valued at amortized cost, which approximates market value.
Euro Pacific Funds
NOTES TO SCHEDULE OF INVESTMENTS – Continued
January 31, 2014 (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.
A Fund’s assets generally are valued at their fair market value. If a market quotation 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.
Foreign securities traded in countries outside the U.S. are fair valued by utilizing the quotations of an independent pricing service. The pricing service uses 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) 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 its 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.
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.
Euro Pacific Funds
NOTES TO SCHEDULE OF INVESTMENTS – Continued
January 31, 2014 (Unaudited)
Note 3 – Federal Income Taxes
At January 31, 2014, gross unrealized appreciation and depreciation on investments, based on cost for federal income tax purposes, were as follows:
|
|
|
International
|
|
|
International
|
|
|
Hard Asset
|
|
|
Gold
|
|
|
International Dividend Income
|
|
|
|
|
Value Fund
|
|
|
Bond Fund
|
|
|
Fund
|
|
|
Fund
|
|
|
Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of investments
|
|
$
|
80,337,756
|
|
|
$
|
81,839,900
|
|
|
$
|
38,103,104
|
|
|
$
|
24,264,063
|
|
|
$
|
8,432,479
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross unrealized appreciation
|
|
$
|
8,024,555
|
|
|
$
|
365,996
|
|
|
$
|
1,191,890
|
|
|
$
|
1,693,079
|
|
|
$
|
188,196
|
|
|
Gross unrealized depreciation
|
|
|
(10,853,446
|
)
|
|
|
(6,699,416
|
)
|
|
|
(10,205,565
|
)
|
|
|
(2,080,442
|
)
|
|
|
(208,708
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized appreciation (depreciation) on investments
|
|
$
|
(2,828,891
|
)
|
|
$
|
(6,333,420
|
)
|
|
$
|
(9,013,675
|
)
|
|
$
|
(387,363
|
)
|
|
$
|
(20,512
|
)
|
|
|
|
China
|
|
|
Asia Small Companies
|
|
|
Latin America
|
|
|
Strategic US
|
|
|
|
|
Fund
|
|
|
Fund
|
|
|
Fund
|
|
|
Equity Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of investments
|
|
$
|
28,880,719
|
|
|
$
|
26,381,687
|
|
|
$
|
19,065,282
|
|
|
$
|
16,044,757
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross unrealized appreciation
|
|
$
|
11,367,047
|
|
|
$
|
7,032,602
|
|
|
$
|
1,970,148
|
|
|
$
|
1,581,345
|
|
|
Gross unrealized depreciation
|
|
|
(1,674,553
|
)
|
|
|
(952,109
|
)
|
|
|
(1,558,996
|
)
|
|
|
(1,316,813
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized appreciation
(depreciation) on investments
|
|
$
|
9,692,494
|
|
|
$
|
6,080,493
|
|
|
$
|
411,152
|
|
|
$
|
264,532
|
|
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”).
Note 4 – 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 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.
|
Euro Pacific Funds
NOTES TO SCHEDULE OF INVESTMENTS – Continued
January 31, 2014 (Unaudited)
|
|
·
|
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.
In addition, the Funds have adopted Accounting Standards Update No. 2011-04
Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs
which amends
Fair Value Measurements and Disclosures
to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with U.S. GAAP and International Financial Reporting Standards. Enhanced disclosure is required to detail any transfers in to and out of Level 1 and Level 2 measurements and Level 2 and Level 3 measurements and the reasons for the transfers.
The inputs or methodology used for valuing investments are not an indication of the risk associated with investing in those investments. The following is a summary of the inputs used, as of January 31, 2014, in valuing the Funds’ assets carried at fair value:
|
International Value Fund
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3*
|
|
|
Total
|
|
|
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Materials
|
|
$
|
12,580,682
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
12,580,682
|
|
|
Communications
|
|
|
6,609,600
|
|
|
|
3,376,750
|
|
|
|
-
|
|
|
|
9,986,350
|
|
|
Consumer, Cyclical
|
|
|
6,283,549
|
|
|
|
-
|
|
|
|
-
|
|
|
|
6,283,549
|
|
|
Consumer, Non-cyclical
|
|
|
10,481,944
|
|
|
|
3,951,504
|
|
|
|
-
|
|
|
|
14,433,448
|
|
|
Energy
|
|
|
12,200,918
|
|
|
|
518,480
|
|
|
|
-
|
|
|
|
12,719,398
|
|
|
Financial
|
|
|
3,342,472
|
|
|
|
2,760,509
|
|
|
|
-
|
|
|
|
6,102,981
|
|
|
Industrial
|
|
|
2,056,237
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2,056,237
|
|
|
Technology
|
|
|
1,367,319
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,367,319
|
|
|
Utilities
|
|
|
5,889,779
|
|
|
|
-
|
|
|
|
-
|
|
|
|
5,889,779
|
|
|
Short-Term Investments
|
|
6,089,122
|
|
|
|
-
|
|
|
|
-
|
|
|
|
6,089,122
|
|
|
Total Investments
|
|
$
|
66,901,622
|
|
|
$
|
10,607,243
|
|
|
$
|
-
|
|
|
$
|
77,508,865
|
|
Euro Pacific Funds
NOTES TO SCHEDULE OF INVESTMENTS – Continued
January 31, 2014 (Unaudited)
|
International Bond Fund
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3*
|
|
|
Total
|
|
|
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Income Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Materials
|
|
$
|
-
|
|
|
$
|
2,603,066
|
|
|
$
|
-
|
|
$
|
2,603,066
|
|
|
Communications
|
|
|
-
|
|
|
|
8,623,405
|
|
|
|
-
|
|
|
8,623,405
|
|
|
Consumer, Cyclical
|
|
|
-
|
|
|
|
3,725,341
|
|
|
|
-
|
|
|
3,725,341
|
|
|
Consumer, Non-cyclical
|
|
|
-
|
|
|
|
2,787,677
|
|
|
|
-
|
|
|
2,787,677
|
|
|
Diversified
|
|
|
-
|
|
|
|
1,457,390
|
|
|
|
-
|
|
|
1,457,390
|
|
|
Energy
|
|
|
-
|
|
|
|
2,530,909
|
|
|
|
-
|
|
|
2,530,909
|
|
|
Financial
|
|
|
-
|
|
|
|
10,810,553
|
|
|
|
-
|
|
|
10,810,553
|
|
|
Government
|
|
|
-
|
|
|
|
29,606,752
|
|
|
|
-
|
|
|
29,606,752
|
|
|
Industrial
|
|
|
-
|
|
|
|
4,265,652
|
|
|
|
-
|
|
|
4,265,652
|
|
|
Utilities
|
|
|
-
|
|
|
|
3,118,943
|
|
|
|
-
|
|
|
3,118,943
|
|
|
Short-Term Investments
|
|
|
5,976,792
|
|
|
|
-
|
|
|
|
-
|
|
|
5,976,792
|
|
|
Total Investments
|
|
$
|
5,976,792
|
|
|
$
|
69,529,688
|
|
|
$
|
-
|
|
$
|
75,506,480
|
|
|
Hard Asset Fund
|
|
Level 1
|
|
|
Level 2
|
|
|
|
Level 3*
|
|
|
Total
|
|
|
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Materials
|
|
$
|
8,531,652
|
|
|
$
|
261,935
|
|
|
$
|
-
|
|
$
|
8,793,587
|
|
|
Consumer, Non-cyclical
|
|
|
811,703
|
|
|
|
1,143,939
|
|
|
|
-
|
|
|
1,955,642
|
|
|
Energy
|
|
|
9,994,323
|
|
|
|
867,783
|
|
|
|
-
|
|
|
10,862,106
|
|
|
Exchange-Traded Fund
|
|
|
7,085,846
|
|
|
|
-
|
|
|
|
-
|
|
|
7,085,846
|
|
|
Short-Term Investments
|
|
|
392,248
|
|
|
|
-
|
|
|
|
-
|
|
|
392,248
|
|
|
Total Investments
|
|
$
|
26,815,772
|
|
|
$
|
2,273,657
|
|
|
|
-
|
|
$
|
29,089,429
|
|
|
Gold Fund
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
Total
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
Gold Mining
|
|
$
|
6,756,734
|
|
|
$
|
-
|
|
|
$
|
-
|
|
$
|
6,756,734
|
|
|
Royalty Companies
|
|
|
3,552,739
|
|
|
|
-
|
|
|
|
327,707
|
|
|
3,880,446
|
|
|
Precious Metals Exploration
|
|
|
5,948,095
|
|
|
|
-
|
|
|
|
305,653
|
|
|
6,253,748
|
|
|
Silver: Exploration and Mining
|
|
|
1,127,603
|
|
|
|
-
|
|
|
|
-
|
|
|
1,127,603
|
|
|
Diversified Exploration and Mining
|
|
|
2,396,268
|
|
|
|
-
|
|
|
|
-
|
|
|
2,396,268
|
|
|
Investment Management Companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Precious Metals
|
|
|
351,154
|
|
|
|
-
|
|
|
|
-
|
|
|
351,154
|
|
|
Bullion
|
|
|
1,494,858
|
|
|
|
-
|
|
|
|
-
|
|
|
1,494,858
|
|
|
Warrants
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Precious Metals
|
|
|
34,566
|
|
|
|
-
|
|
|
|
-
|
|
|
34,566
|
|
|
Purchased Call Options
|
|
|
87,660
|
|
|
|
133,715
|
|
|
|
-
|
|
|
221,375
|
|
|
Short-Term Investments
|
|
|
1,359,948
|
|
|
|
-
|
|
|
|
-
|
|
|
1,359,948
|
|
|
Total Assets
|
|
$
|
23,109,625
|
|
|
$
|
133,715
|
|
|
$
|
633,360
|
|
$
|
23,876,700
|
|
Euro Pacific Funds
NOTES TO SCHEDULE OF INVESTMENTS – Continued
January 31, 2014 (Unaudited)
|
Liabilities
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
Total
|
|
|
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Written Call Options
|
|
$
|
2,000
|
|
|
$
|
1,092
|
|
|
$
|
-
|
|
$
|
3,092
|
|
|
Written Put Options
|
|
|
32,400
|
|
|
|
600
|
|
|
|
-
|
|
|
33,000
|
|
|
Total Liabilities
|
|
$
|
34,400
|
|
|
$
|
1,692
|
|
|
$
|
-
|
|
$
|
36,092
|
|
|
International Dividend Income Fund
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3*
|
|
Total
|
|
|
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
Communications
|
|
$
|
1,885,951
|
|
|
$
|
427,868
|
|
|
$
|
-
|
|
$
|
2,313,819
|
|
|
Consumer, Cyclical
|
|
|
418,659
|
|
|
|
-
|
|
|
|
-
|
|
|
418,659
|
|
|
Consumer, Non-cyclical
|
|
|
1,005,849
|
|
|
|
-
|
|
|
|
-
|
|
|
1,005,849
|
|
|
Energy
|
|
|
935,862
|
|
|
|
-
|
|
|
|
-
|
|
|
935,862
|
|
|
Financial
|
|
|
694,493
|
|
|
|
643,345
|
|
|
|
-
|
|
|
1,337,838
|
|
|
Utilities
|
|
|
189,292
|
|
|
|
-
|
|
|
|
-
|
|
|
189,292
|
|
|
Short-Term Investments
|
|
2,210,648
|
|
|
|
-
|
|
|
|
-
|
|
|
2,210,648
|
|
|
Total Investments
|
|
$
|
7,340,754
|
|
|
$
|
1,071,213
|
|
|
$
|
-
|
|
$
|
8,411,967
|
|
|
China Fund
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
Total
|
|
|
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Materials
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
111,286
|
|
$
|
111,286
|
|
|
Communications
|
|
|
521,520
|
|
|
|
666,516
|
|
|
|
-
|
|
|
1,188,036
|
|
|
Consumer, Cyclical
|
|
|
-
|
|
|
|
9,095,451
|
|
|
|
-
|
|
|
9,095,451
|
|
|
Consumer, Non-cyclical
|
|
|
1,745,000
|
|
|
|
7,204,887
|
|
|
|
-
|
|
|
8,949,887
|
|
|
Diversified
|
|
|
-
|
|
|
|
1,287,928
|
|
|
|
-
|
|
|
1,287,928
|
|
|
Energy
|
|
|
-
|
|
|
|
3,325,830
|
|
|
|
-
|
|
|
3,325,830
|
|
|
Financial
|
|
|
-
|
|
|
|
3,552,849
|
|
|
|
-
|
|
|
3,552,849
|
|
|
Industrial
|
|
|
-
|
|
|
|
5,141,387
|
|
|
|
-
|
|
|
5,141,387
|
|
|
Technology
|
|
|
-
|
|
|
|
2,613,030
|
|
|
|
-
|
|
|
2,613,030
|
|
|
Utilities
|
|
|
-
|
|
|
|
3,307,529
|
|
|
|
-
|
|
|
3,307,529
|
|
|
Total Investments
|
|
$
|
2,266,520
|
|
|
$
|
36,195,407
|
|
|
$
|
111,286
|
|
$
|
38,573,213
|
|
|
Asia Small Companies Fund
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3*
|
|
Total
|
|
|
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
Communications
|
|
$
|
-
|
|
|
$
|
3,497,826
|
|
|
$
|
-
|
|
$
|
3,497,826
|
|
|
Consumer, Cyclical
|
|
|
-
|
|
|
|
8,692,715
|
|
|
|
-
|
|
|
8,692,715
|
|
|
Consumer, Non-cyclical
|
|
|
698,000
|
|
|
|
6,907,523
|
|
|
|
-
|
|
|
7,605,523
|
|
|
Diversified
|
|
|
-
|
|
|
|
893,814
|
|
|
|
-
|
|
|
893,814
|
|
|
Energy
|
|
|
-
|
|
|
|
2,246,361
|
|
|
|
-
|
|
|
2,246,361
|
|
|
Financial
|
|
|
-
|
|
|
|
2,675,778
|
|
|
|
-
|
|
|
2,675,778
|
|
|
Industrial
|
|
|
-
|
|
|
|
5,627,261
|
|
|
|
-
|
|
|
5,627,261
|
|
|
Technology
|
|
|
835,240
|
|
|
|
326,160
|
|
|
|
-
|
|
|
1,161,400
|
|
|
Warrants
|
|
|
-
|
|
|
|
6,026
|
|
|
|
-
|
|
|
6,026
|
|
|
Short-Term Investments
|
|
|
55,476
|
|
|
|
-
|
|
|
|
-
|
|
|
55,476
|
|
|
Total Investments
|
|
$
|
1,588,716
|
|
|
$
|
30,873,464
|
|
|
$
|
-
|
|
$
|
32,462,180
|
|
Euro Pacific Funds
NOTES TO SCHEDULE OF INVESTMENTS – Continued
January 31, 2014 (Unaudited)
|
Latin America Fund
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3*
|
|
Total
|
|
|
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Materials
|
|
$
|
763,969
|
|
|
$
|
-
|
|
|
$
|
-
|
|
$
|
763,969
|
|
|
Consumer, Cyclical
|
|
|
3,370,093
|
|
|
|
-
|
|
|
|
-
|
|
|
3,370,093
|
|
|
Consumer, Non-cyclical
|
|
|
7,063,594
|
|
|
|
-
|
|
|
|
-
|
|
|
7,063,594
|
|
|
Diversified
|
|
|
999,850
|
|
|
|
-
|
|
|
|
-
|
|
|
999,850
|
|
|
Energy
|
|
|
156,360
|
|
|
|
-
|
|
|
|
-
|
|
|
156,360
|
|
|
Financial
|
|
|
3,139,876
|
|
|
|
-
|
|
|
|
-
|
|
|
3,139,876
|
|
|
Industrial
|
|
|
2,185,480
|
|
|
|
-
|
|
|
|
-
|
|
|
2,185,480
|
|
|
Technology
|
|
|
492,146
|
|
|
|
-
|
|
|
|
-
|
|
|
492,146
|
|
|
Utilities
|
|
|
688,859
|
|
|
|
-
|
|
|
|
-
|
|
|
688,859
|
|
|
Short-Term Investments
|
|
|
616,207
|
|
|
|
-
|
|
|
|
-
|
|
|
616,207
|
|
|
Total Investments
|
|
$
|
19,476,434
|
|
|
$
|
-
|
|
|
$
|
-
|
|
$
|
19,476,434
|
|
|
Strategic US Equity Fund
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3*
|
|
Total
|
|
|
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks
1
|
|
$
|
15,140,113
|
|
|
$
|
-
|
|
|
$
|
-
|
|
$
|
15,140,113
|
|
|
Short-Term Investments
|
|
|
1,169,176
|
|
|
|
-
|
|
|
|
|
|
|
1,169,176
|
|
|
Total Investments
|
|
$
|
16,309,289
|
|
|
$
|
-
|
|
|
$
|
-
|
|
$
|
16,309,289
|
|
|
*
|
The Fund did not hold any Level 3 securities at period end.
|
|
1
|
All common stocks held in the Fund are Level 1 securities. For a detailed break-out of common stocks by major industry classification, please refer to the Schedule of Investments.
|
Transfers are recognized at the end of the reporting period. Transfers between Level 1 and Level 2 relate to the use of systematic fair valuation for the International Value Fund, China Fund and Asia Small Companies Fund. When systematic fair valuation is used, securities whose primary market closes before the NYSE are classified as Level 2.
Transfers out of Level 1 into Level 2 due to certain foreign markets being closed are as follows:
|
International Value Fund
|
|
$
|
949,064
|
|
|
International Bond Fund
|
|
|
-
|
|
|
Hard Asset Fund
|
|
|
2,273,657
|
|
|
Gold Fund
|
|
|
-
|
|
|
International Dividend Income Fund
|
|
|
-
|
|
|
China Fund
|
|
|
1,130,070
|
|
|
Asia Small Companies Fund
|
|
|
867,616
|
|
|
Latin America Fund
|
|
|
-
|
|
|
Strategic US Equity Fund
|
|
|
-
|
|
Euro Pacific Funds
NOTES TO SCHEDULE OF INVESTMENTS – Continued
January 31, 2014 (Unaudited)
The Gold Fund had transfers out of Level 3 into Level 1 as a result of securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, converting to publicly traded securities.
The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining value:
|
|
|
EuroPac Gold Fund
|
|
|
EP China Fund
|
|
|
Beginning balance October 31, 2013
|
|
$
|
157,053
|
|
|
$
|
111,441
|
|
|
Transfers into Level 3 during the period
|
|
|
-
|
|
|
|
-
|
|
|
Transfers out of Level 3 during the period
|
|
|
(138,041
|
)
|
|
|
-
|
|
|
Total realized gain/(loss)
|
|
|
-
|
|
|
|
-
|
|
|
Total unrealized appreciation/(depreciation)
|
|
|
(105,134
|
)
|
|
|
(155
|
)
|
|
Net purchases
|
|
|
719,482
|
|
|
|
-
|
|
|
Net sales
|
|
|
-
|
|
|
|
-
|
|
|
Balance as of January 31, 2014
|
|
$
|
633,360
|
|
|
$
|
111,286
|
|
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 January 31, 2014:
|
|
|
|
|
|
|
Gold Fund - Common Stocks
|
$633,360
|
Fair Value Pricing
|
Discount for lack of marketability
|
Decrease
|
|
China Fund - Common Stocks
|
$111,286
|
Fair Value Pricing
|
Discount for lack of marketability
|
Decrease
|
|
(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. A 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.
|