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Share Name | Share Symbol | Market | Type |
---|---|---|---|
NASDAQ:CSCD | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 21.86 | 18.00 | 27.50 | 0 | 01:00:00 |
Schedule of Investments
|
1
|
Statement of Assets and Liabilities
|
7
|
Statement of Operations
|
8
|
Statement of Changes in Net Assets
|
9
|
Statement of Cash Flows
|
10
|
Financial Highlights
|
11
|
Notes to Financial Statements
|
12
|
Supplemental Information
|
18
|
Expense Example
|
20
|
Number
of Shares
|
Value
|
||||||
COMMON STOCKS – 60.2%
|
|||||||
CONSUMER DISCRETIONARY – 8.6%
|
|||||||
9,000 |
Bridgepoint Education, Inc.
*
|
$ | 87,660 | ||||
45,000 |
Corinthian Colleges, Inc.
*
|
99,900 | |||||
47,500 |
General Motors Co.
*1
|
1,229,300 | |||||
8,000 |
Lennar Corp.
1
|
243,360 | |||||
9,000 |
Universal Technical Institute, Inc.
|
85,230 | |||||
70,000 |
VOXX International Corp.
*1
|
471,800 | |||||
300 |
Washington Post Co. - Class B
|
110,118 | |||||
2,327,368 | |||||||
ENERGY – 2.6%
|
|||||||
5,000 |
Apache Corp.
|
385,450 | |||||
1,300 |
Chevron Corp.
1
|
137,397 | |||||
1,500 |
ConocoPhillips
|
85,410 | |||||
6,500 |
W&T Offshore, Inc.
|
107,705 | |||||
715,962 | |||||||
FINANCIALS – 2.7%
|
|||||||
21,000 |
Bank of America Corp.
|
207,060 | |||||
15,500 |
Citigroup, Inc.
|
535,835 | |||||
742,895 | |||||||
HEALTH CARE – 3.4%
|
|||||||
37,000 |
BioMimetic Therapeutics, Inc.
*
|
281,570 | |||||
6,000 |
Humana, Inc.
|
392,460 | |||||
29,000 |
Palomar Medical Technologies, Inc.
*
|
263,030 | |||||
937,060 | |||||||
INDUSTRIALS – 2.6%
|
|||||||
1,858 |
Graham Corp.
|
33,388 | |||||
40,000 |
Hawaiian Holdings, Inc.
*
|
249,600 | |||||
6,752 |
HEICO Corp. - Class A
1
|
226,867 | |||||
15,500 |
Insteel Industries, Inc.
|
185,380 | |||||
695,235 | |||||||
INFORMATION TECHNOLOGY – 32.6%
|
|||||||
46,700 |
Active Network, Inc.
*
|
250,312 | |||||
400 |
Apple, Inc.
|
234,112 | |||||
22,500 |
Cisco Systems, Inc.
|
425,475 | |||||
8,000 |
EPAM Systems, Inc.
*1
|
164,560 | |||||
475,600 |
GSE Systems, Inc.
*
|
917,908 | |||||
105,500 |
Imation Corp.
*
|
451,540 | |||||
62,700 |
Integrated Silicon Solution, Inc.
*1
|
549,252 | |||||
6,000 |
Intel Corp.
1
|
117,420 |
Number
of Shares
|
Value
|
||||||
COMMON STOCKS (Continued)
|
|||||||
INFORMATION TECHNOLOGY (Continued)
|
|||||||
350,000 |
Inuvo, Inc.
*
|
$ | 458,500 | ||||
28,000 |
Magnachip Semiconductor Corp.
*
|
352,800 | |||||
20,100 |
MEMC Electronic Materials, Inc.
*
|
58,893 | |||||
5,300 |
Molex, Inc. - Class A
1
|
115,063 | |||||
305,000 |
Power-One, Inc.
*
|
1,265,750 | |||||
115,500 |
Research In Motion Ltd.
*1
|
1,339,800 | |||||
65,000 |
SunPower Corp.
*
|
299,000 | |||||
20,000 |
TeleNav, Inc.
*1
|
161,800 | |||||
82,000 |
Tessera Technologies, Inc.
1
|
1,332,500 | |||||
14,000 |
Veeco Instruments, Inc.
*1
|
398,440 | |||||
8,893,125 | |||||||
MATERIALS – 7.1%
|
|||||||
250,000 |
CGA Mining Ltd.
*
|
626,668 | |||||
197,211 |
Endeavour Mining Corp.
*
|
428,084 | |||||
9,000 |
Freeport-McMoRan Copper & Gold, Inc.
|
351,090 | |||||
26,000 |
Kinross Gold Corp.
1
|
262,080 | |||||
5,500 |
Newmont Mining Corp.
|
258,995 | |||||
1,926,917 | |||||||
TELECOMMUNICATION SERVICES – 0.6%
|
|||||||
32,500 |
NII Holdings, Inc.
*
|
164,775 | |||||
TOTAL COMMON STOCKS
(Cost $15,813,851)
|
16,403,337 |
Principal
Amount
|
|||||||
CORPORATE BONDS – 32.7%
|
|||||||
$ | 500,000 |
Alliance One International, Inc.
10.000%, 7/15/2016
1,2
|
520,625 | ||||
500,000 |
Alpha Natural Resources, Inc.
2.375%, 4/15/2015
1,3
|
450,625 | |||||
650,000 |
Cadence Design Systems, Inc.
1.500%, 12/15/2013
3
|
649,187 | |||||
850,000 |
Chart Industries, Inc.
2.000%, 8/1/2018
1,3
|
1,004,062 | |||||
375,000 |
Digital River, Inc.
2.000%, 11/1/2030
1,2,3
|
359,063 | |||||
500,000 |
Gevo, Inc.
7.500%, 7/1/2022
2,3
|
289,688 | |||||
1,125,000 |
GT Advanced Technologies, Inc.
3.000%, 10/1/2017
3
|
866,250 | |||||
750,000 |
Hawaiian Holdings, Inc.
5.000%, 3/15/2016
1,3
|
815,156 |
Principal
Amount
|
Value
|
||||||
CORPORATE BONDS (Continued)
|
|||||||
$ | 288,000 |
MagnaChip Semiconductor S.A. / MagnaChip Semiconductor Finance Co.
10.500%, 4/15/2018
1,2
|
$ | 324,720 | |||
475,000 |
MEMC Electronic Materials, Inc.
7.750%, 4/1/2019
2
|
389,500 | |||||
650,000 |
NuVasive, Inc.
2.750%, 7/1/2017
1,3
|
557,781 | |||||
500,000 |
SanDisk Corp.
1.000%, 5/15/2013
3
|
497,813 | |||||
1,450,000 |
SunPower Corp.
4.750%, 4/15/2014
1,3
|
1,373,875 | |||||
500,000 |
W&T Offshore, Inc.
8.500%, 6/15/2019
1,2
|
527,500 | |||||
300,000 |
Wachovia Capital Trust III
5.570%, 3/29/2049
2,4
|
300,000 | |||||
TOTAL CORPORATE BONDS
(Cost $8,975,203)
|
8,925,845 |
Number
of Shares
|
|||||||
EXCHANGE-TRADED FUNDS – 3.5%
|
|||||||
5,700 |
SPDR Gold Shares
*1
|
946,485 | |||||
TOTAL EXCHANGE-TRADED FUNDS
(Cost $829,093)
|
946,485 |
Number
of Contracts
|
|||||||
PURCHASED OPTIONS CONTRACTS – 1.5%
|
|||||||
CALL OPTIONS – 1.5%
|
|||||||
Axis Capital Markets India
|
|||||||
100 |
Exercise Price: $18, Expiration Date: December 22, 2012
*
|
5,000 | |||||
Research in Motion Ltd.
|
|||||||
650 |
Exercise Price: $9, Expiration Date: March 16, 2013
*
|
217,750 | |||||
100 |
Exercise Price: $15, Expiration Date: March 16, 2013
*
|
9,100 | |||||
100 |
Exercise Price: $14, Expiration Date: December 22, 2012
*
|
2,400 | |||||
1,000 |
Exercise Price: $14, Expiration Date: June 22, 2013
*
|
178,000 | |||||
SunPower Corp.
|
|||||||
1 |
Exercise Price: $10, Expiration Date: January 18, 2014
*
|
15 | |||||
1,000 |
Exercise Price: $6, Expiration Date: March 16, 2013
*
|
10,000 | |||||
TOTAL PURCHASED OPTIONS CONTRACTS
(Cost $142,825)
|
422,265 |
Number
of Contracts
|
Value
|
||||||
WARRANTS – 0.0%
|
|||||||
INUV, Inc.
|
|||||||
31,750 |
Exercise Price: $2, Expiration Date: June 21, 2016
*
|
$ | 1,588 | ||||
TOTAL WARRANTS
(Cost $—)
|
1,588 |
Number
of Shares
|
|||||||
SHORT-TERM INVESTMENTS – 10.9%
|
|||||||
2,965,914 |
Federated Treasury Obligations Fund, 0.010%
5
|
2,965,914 | |||||
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,965,914)
|
2,965,914 | ||||||
TOTAL INVESTMENTS – 108.8%
(Cost $28,726,886)
|
29,665,434 | ||||||
Liabilities in Excess of Other Assets – (8.8)%
|
(2,411,505 | ) | |||||
TOTAL NET ASSETS – 100.0
%
|
$ | 27,253,929 | |||||
SECURITIES SOLD SHORT – (17.6)%
|
|||||||
COMMON STOCKS – (6.2)%
|
|||||||
CONSUMER DISCRETIONARY – (1.0)%
|
|||||||
(7,100 | ) |
Lennar Corp. - Class A
|
(270,084 | ) | |||
ENERGY – (0.4)%
|
|||||||
(61,500 | ) |
Gevo, Inc.
*
|
(98,400 | ) | |||
HEALTH CARE – (0.7)%
|
|||||||
(1,000 | ) |
NuVasive, Inc.
*
|
(14,520 | ) | |||
(8,600 | ) |
Wright Medical Group, Inc.
*
|
(181,632 | ) | |||
(196,152 | ) | ||||||
INDUSTRIALS – (2.9)%
|
|||||||
(8,850 | ) |
Chart Industries, Inc.
*
|
(535,248 | ) | |||
(5,942 | ) |
HEICO Corp.
|
(244,692 | ) | |||
(779,940 | ) | ||||||
INFORMATION TECHNOLOGY – (1.2)%
|
|||||||
(6,500 | ) |
Acxiom Corp.
*
|
(114,985 | ) | |||
(30,000 | ) |
GT Advanced Technologies, Inc.
*
|
(101,100 | ) | |||
(4,400 | ) |
Molex, Inc.
|
(116,072 | ) | |||
(332,157 | ) | ||||||
TOTAL COMMON STOCKS
(Proceeds $1,569,381)
|
(1,676,733 | ) |
Number
of Shares
|
Value
|
||||||
SECURITIES SOLD SHORT (Continued)
|
|||||||
EXCHANGE-TRADED FUNDS – (7.7)%
|
|||||||
(5,000 | ) |
Powershares QQQ Trust Series 1
|
$ | (329,000 | ) | ||
(12,500 | ) |
SPDR S&P 500 ETF Trust
|
(1,775,750 | ) | |||
TOTAL EXCHANGE-TRADED FUNDS
(Proceeds $2,109,217)
|
(2,104,750 | ) |
Principal
Amount
|
|||||||
U.S. TREASURY SECURITIES – (3.7)%
|
|||||||
$ | (1,000,000 | ) |
United States Treasury Note
1.750%, 5/15/2022
|
(1,020,469 | ) | ||
TOTAL U.S. TREASURY SECURITIES
(Proceeds $1,012,595)
|
(1,020,469 | ) | |||||
TOTAL SECURITIES SOLD SHORT
(Proceeds $4,691,193)
|
$ | (4,801,952 | ) |
*
|
Non-income producing security.
|
1
|
All or a portion of this security is segregated as collateral for securities sold short. The aggregate market value of segregated securities is $13,440,031
|
2
|
Callable.
|
3
|
Convertible security.
|
4
|
Variable, floating or step rate security.
|
5
|
The rate quoted is the annualized seven-day yield at period end
|
Security Type/Sector
|
Percent of Total
Net Assets
|
Common Stocks
|
|
Information Technology
|
32.6%
|
Consumer Discretionary
|
8.6%
|
Materials
|
7.1%
|
Health Care
|
3.4%
|
Financials
|
2.7%
|
Energy
|
2.6%
|
Industrials
|
2.6%
|
Telecommunication Services
|
0.6%
|
Total Common Stocks
|
60.2%
|
Corporate Bonds
|
32.7%
|
Short-Term Investments
|
10.9%
|
Exchange-Traded Funds
|
3.5%
|
Purchased Options Contracts
|
1.5%
|
Warrants
|
0.0%
|
Total Investments
|
108.8%
|
Liabilities in Excess of Other Assets
|
(8.8)%
|
Total Net Assets
|
100.0%
|
Assets:
|
||||
Investments, at value (cost $28,584,061)
|
$ | 29,241,581 | ||
Purchased options contracts, at value (cost $142,825)
|
422,265 | |||
Segregated cash at broker
|
1,841,628 | |||
Receivables:
|
||||
Investment securities sold
|
670,437 | |||
Dividends and interest
|
128,759 | |||
Prepaid expenses
|
43,535 | |||
Prepaid offering costs
|
26,415 | |||
Total assets
|
32,374,620 | |||
Liabilities:
|
||||
Securities sold short, at value (proceeds $4,691,193)
|
4,800,364 | |||
Foreign currency (proceeds $32,970)
|
32,169 | |||
Payables:
|
||||
Investment securities purchased
|
245,635 | |||
Due to Advisor
|
14,516 | |||
Audit fees
|
6,830 | |||
Fund accounting fees
|
5,854 | |||
Interest expense
|
4,393 | |||
Administration fees
|
3,992 | |||
Dividends and interest on securities sold short
|
1,741 | |||
Custody fees
|
1,464 | |||
Chief Compliance Officer fees
|
1,320 | |||
Trustees' fees and expenses
|
246 | |||
Accrued other expenses
|
2,167 | |||
Total liabilities
|
5,120,691 | |||
Net Assets
|
$ | 27,253,929 | ||
Components of Net Assets:
|
||||
Capital (par value of $0.01 per share with unlimited number of shares authorized)
|
$ | 25,894,936 | ||
Accumulated net investment loss
|
23,689 | |||
Accumulated net realized loss on investments, securities sold short, purchased options contracts and
|
||||
written options contracts
|
506,713 | |||
Net unrealized appreciation (depreciation) on:
|
||||
Foreign currency translations
|
802 | |||
Investments
|
657,520 | |||
Purchased options contracts
|
279,440 | |||
Securities sold short
|
(109,171 | ) | ||
Net Assets
|
$ | 27,253,929 | ||
Number of shares issued and outstanding
|
1,031,156 | |||
Net asset value per share
|
$ | 26.43 |
Investment Income:
|
||||
Interest
|
$ | 164,653 | ||
Dividends (net of foreign withholding taxes of $4,740)
|
75,133 | |||
Total investment income
|
239,786 | |||
Expenses:
|
||||
Advisory fee
|
128,196 | |||
Interest expense
|
24,412 | |||
Transfer agent fees and expenses
|
22,083 | |||
Dividends and interest on securities sold short
|
21,605 | |||
Offering costs
|
19,064 | |||
Fund accounting fees
|
16,296 | |||
Administration fees
|
14,252 | |||
Registration fees
|
10,095 | |||
Audit fees
|
6,830 | |||
Custody fees
|
6,028 | |||
Legal fees
|
4,192 | |||
Chief Compliance Officer fees
|
3,773 | |||
Trustees' fees and expenses
|
2,515 | |||
Shareholder reporting fees
|
2,155 | |||
Miscellaneous
|
1,545 | |||
Insurance expense
|
328 | |||
Total expenses
|
283,369 | |||
Advisory fees waived
|
(67,272 | ) | ||
Net expenses
|
216,097 | |||
Net investment income
|
23,689 | |||
Realized and Unrealized Gain (Loss) on Investments, Securities Sold Short, Purchased Options Contracts
|
||||
and Written Options Contracts:
|
||||
Net realized gain (loss) on:
|
||||
Foreign currency transactions
|
(5,494 | ) | ||
Investments
|
465,183 | |||
Purchased options contracts
|
60,835 | |||
Securities sold short
|
(15,344 | ) | ||
Written options contracts
|
1,533 | |||
Net realized gain
|
506,713 | |||
Net change in unrealized appreciation/depreciation on:
|
||||
Foreign currency translations
|
4,075 | |||
Investments
|
475,870 | |||
Purchased options contracts
|
329,597 | |||
Securities sold short
|
53,590 | |||
Net change in unrealized appreciation/depreciation
|
863,132 | |||
Net realized and unrealized gain on investments
|
1,369,845 | |||
Net Increase in Net Assets from Operations
|
$ | 1,393,534 |
*
|
Commencement of operations.
|
For the Period
|
||||
June 29, 2012*
|
||||
to November 30, 2012
|
||||
Increase (Decrease) in Net Asset from:
|
||||
Operations:
|
||||
Net investment loss
|
$ | 23,689 | ||
Net realized loss on investments, purchased options, securities sold short
|
||||
and written options
|
506,713 | |||
Net change in unrealized depreciation on investments
|
863,132 | |||
Net decrease in net assets resulting from operations
|
1,393,534 | |||
Capital Transactions:
|
||||
Net proceeds from shares sold
|
7,612,838 | |||
Capital issued in connection with reorganization of LLC (Note 1)
|
19,753,858 | |||
Cost of shares redeemed
|
(1,506,301 | ) | ||
Net increase from capital transactions
|
25,860,395 | |||
Total increase in net assets
|
27,253,929 | |||
Net Assets:
|
||||
Beginning of period
|
- | |||
End of period
|
$ | 27,253,929 | ||
Accumulated net investment income
|
$ | 23,689 | ||
Capital Share Transactions:
|
||||
Shares sold
|
301,717 | |||
Shares issued in connection with reorganization of LLC (Note 1)
|
790,180 | |||
Shares redeemed
|
(60,741 | ) | ||
Net increase from capital share transactions
|
1,031,156 |
*
|
Commencement of operations.
|
Increase/(Decrease) in Cash
|
||||
Cash flows provided by (used for) operating activities:
|
||||
Net decrease in net assets resulting from operations
|
$ | 1,393,534 | ||
Adjustments to reconcile net increase in net assets from operations to
|
||||
Net cash used for operating activities:
|
||||
Purchase of investment securities
|
(10,955,965 | ) | ||
Proceeds from sale of investment securities
|
6,920,792 | |||
Proceeds from short sale
|
3,712,514 | |||
Closed short transactions
|
(1,995,263 | ) | ||
Purchase of short-term investment, net
|
(2,965,914 | ) | ||
Increase in deposits with brokers for short sales
|
(1,841,628 | ) | ||
Increase in receivables for investment securities sold
|
(670,437 | ) | ||
Increase in dividends and interest receivables
|
(17,127 | ) | ||
Increase in other assets
|
(69,950 | ) | ||
Increase in payables for securities purchased
|
245,635 | |||
Increase in short foreign currency
|
1,196 | |||
Decrease in dividends and interest on securities sold short payables
|
(1,788 | ) | ||
Increase in interest expense payable
|
4,393 | |||
Increase in accrued expenses
|
36,810 | |||
Net realized loss on investments
|
(512,207 | ) | ||
Net change in unrealized appreciation/depreciation on securities
|
(859,057 | ) | ||
Net cash used for operating activities
|
(7,574,462 | ) | ||
Cash flows provided by / (used for) financing activities
|
||||
Proceeds from sale of shares
|
7,612,838 | |||
Redemption of shares
|
(1,506,301 | ) | ||
Dividends paid to shareholders, net of reinvestments
|
- | |||
Net cash provided by financing activities
|
6,106,537 | |||
Net increase in cash
|
(1,467,925 | ) | ||
Cash:
|
||||
Beginning balance
|
1,467,925 | |||
Ending balance
|
$ | - |
Non cash financing activities not included herein consist of $19,753,858 issued in exchange for the net assets
of a private fund (Note 1).
|
|
*
|
Commencement of operations.
|
For the Period
|
|||||
June 29, 2012* to
|
|||||
November 30, 2012
|
|||||
Net asset value, beginning of period
|
$ | 25.00 | |||
Income from Investment Operations:
|
|||||
Net investment income
1
|
0.03 | ||||
Net realized and unrealized (loss) on investments
|
1.40 | ||||
Total from investment operations
|
1.43 | ||||
Net asset value, end of period
|
$ | 26.43 | |||
Total return
|
5.72 | % | 2 | ||
Ratios and Supplemental Data:
|
|||||
Net assets, end of period (in thousands)
|
$ | 27,254 | |||
Ratio of expenses to average net assets:
|
|||||
Before fees waived and expenses absorbed
|
3.32 | % | 3, 4 | ||
After fees waived and expenses absorbed
|
2.53 | % | 3, 4 | ||
Ratio of net investment loss to average net assets:
|
|||||
Before fees waived and expenses absorbed
|
(0.51 | )% | 3, 5 | ||
After fees waived and expenses absorbed
|
0.28 | % | 3, 5 | ||
Portfolio turnover rate
|
36 | % | 2 |
*
|
Commencement of operations.
|
1
|
Based on average shares outstanding during the period.
|
2
|
Not annualized.
|
3
|
Annualized.
|
4
|
Includes dividends and interest on securities sold short and interest expense. If these expenses were excluded, the ratio of expenses to average net assets before fees waived would have been 2.78%; the ratio of expenses to average net assets after fees waived would have been 1.99%.
|
5
|
Includes dividends and interest on securities sold short and interest expense. If these expenses were excluded, the ratio of net investment income to average net assets before fees waived would have been (1.05)%; the ratio of net investment income to average net assets after fees waived would have been (0.26)%.
|
Cost of investments
|
$ | 28,876,530 | ||
Proceeds from securities sold short
|
$ | (4,646,765 | ) | |
Gross unrealized appreciation
|
$ | 2,648,383 | ||
Gross unrealized depreciation
|
(2,013,865 | ) | ||
Net unrealized appreciation (depreciation) on investments and securities sold short
|
$ | 634,518 |
|
·
|
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.
|
Level 1
|
Level 2
|
Level 3
2
|
Total
|
|||||||||||||
Assets
|
||||||||||||||||
Investments
|
||||||||||||||||
Common Stocks
1
|
$ | 16,403,337 | $ | - | $ | - | $ | 16,403,337 | ||||||||
Corporate Bonds
|
- | 8,925,845 | - | 8,925,845 | ||||||||||||
Exchange-Traded Funds
|
946,485 | - | - | 946,485 | ||||||||||||
Purchased Options Contracts
|
422,265 | - | - | 422,265 | ||||||||||||
Warrants
|
- | 1,588 | - | 1,588 | ||||||||||||
Short-Term Investments
|
2,965,914 | - | - | 2,965,914 | ||||||||||||
Total Assets
|
$ | 20,738,001 | $ | 8,927,433 | $ | - | $ | 29,665,434 | ||||||||
Liabilities
|
||||||||||||||||
Securities Sold Short
|
||||||||||||||||
Common Stocks
1
|
$ | 1,676,733 | $ | - | $ | - | $ | 1,676,733 | ||||||||
Exchange-Traded Funds
|
2,104,750 | - | - | 2,104,750 | ||||||||||||
U.S. Treasury Securities
|
- | 1,020,469 | - | 1,020,469 | ||||||||||||
Total Liabilities
|
$ | 3,781,483 | $ | 1,020,469 | $ | - | $ | 4,801,952 |
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.
|
2
|
The Fund did not hold any Level 3 securities at period end.
|
Beginning
Account Value
|
Ending
Account Value
|
Expenses
Paid During Period
|
|
6/29/12*
|
11/30/12
|
6/29/12* – 11/30/12
|
|
Actual Performance**
|
$ 1,000.00
|
$ 1,057.20
|
$ 11.04
|
6/1/12
|
11/30/12
|
6/1/12 – 11/30/12
|
|
Hypothetical (5% annual return before expenses)^
|
$ 1,000.00
|
$ 1,014.26
|
$ 12.77
|
*
|
Commencement of Operations.
|
**
|
Expenses are equal to the Fund’s annualized expense ratio of 1.07% multiplied by the average account value over the period, multiplied by 155/365 (to reflect the since inception period). The expense ratio reflects an expense waiver. Assumes all dividends and distributions were reinvested.
|
^
|
Expenses are equal to the Fund’s annualized expense ratio of 1.07% multiplied by the average account value over the period, multiplied by 183/365 (to reflect the six month period). The expense ratio reflects an expense waiver. Assumes all dividends and distributions were reinvested.
|
TICKER
|
CUSIP
|
|
Bridgehampton Value Strategies Fund
|
BVSFX
|
461418 212
|
(a)
|
The Registrant’s President and Treasurer 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 second fiscal quarter of 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.
|
(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.
Incorporated by reference to the Registrant’s Form N-CSR filed February 5, 2009.
|
(b)
|
Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
Furnished herewith.
|
(Registrant)
|
Investment Managers Series Trust
|
|
By (Signature and Title)
|
/s/ John P. Zader
|
|
John P. Zader, President
|
||
Date
|
2/7/13
|
By (Signature and Title)
|
/s/ John P. Zader
|
|
John P. Zader, President
|
||
Date
|
2/7/13
|
|
By (Signature and Title)
|
/s/ Rita Dam
|
|
Rita Dam, Treasurer
|
||
Date
|
2/7/13
|
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