INTERIM FINANCIAL STATEMENTS - Harvest Portfolios · PDF file 21,230 Intesa Sanpaolo S.p.A....

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Transcript of INTERIM FINANCIAL STATEMENTS - Harvest Portfolios · PDF file 21,230 Intesa Sanpaolo S.p.A....

  • INTERIM FINANCIAL STATEMENTS (UNAUDITED)

    June 30, 2018

    HARVEST European Leaders Income ETF

  • Harvest European Leaders Income ETF

    STATEMENT OF FINANCIAL POSITION (Unaudited)

    As at June 30, 2018

    Assets

    Current assets

    Investments $ 1,903,675

    Cash 111,212

    Dividends receivable 6,639

    Unrealized appreciation on foreign currency forward contracts (Note 6) 10,407

    2,031,933

    Liabilities

    Current liabilities

    Distributions payable (Note 4) 8,330

    Payable for option contracts written 8,457

    16,787

    Net assets attributable to holders of redeemable units $ 2,015,146

    Number of redeemable units outstanding (Note 4) 100,000

    Net assets attributable to holders of redeemable units per unit $ 20.15

    The accompanying notes are an integral part of these financial statements.

    1

  • Harvest European Leaders Income ETF

    STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Unaudited) For the period from March 1, 2018 (commencement of operations) to June 30, 2018

    2018

    Income Net gain (loss) on investments

    Dividends $ 54,986

    Net realized gain (loss) on sale of investments 3,135

    Net change in unrealized appreciation (depreciation) of investments (78,400)

    Net gain (loss) on investments (20,279)

    Net gain (loss) on derivatives

    Net realized gain (loss) on options written 37

    Net realized gain (loss) on foreign exchange 70,396

    Net change in unrealized gain (loss) on options

    1,779 Net change in unrealized appreciation (depreciation) of foreign exchange

    10,407

    Net gain (loss) on derivatives 82,619

    Net other gain (loss) (739)

    Foreign exchange gain (loss) on cash (1,505)

    Change in unrealized foreign exchange gain (loss) on cash 37

    Total income (net) $ 60,133

    Expenses (Note 5)

    Management fees $ 5,605

    Withholding taxes 5,497

    Unitholder reporting costs

    1,712

    Audit fees

    2,500

    Transfer agency fees

    3,271

    Custodian fees and bank charges

    12,925

    Independent Review Committee fees 100

    Filing fees

    9,121

    Transaction costs (Note 8)

    4,838

    Total expenses

    45,569

    Expenses absorbed by manager (Note 5) (25,572)

    Total expenses (net) 19,997

    Increase (decrease) in net assets attributable to holders of redeemable units $ 40,136

    Increase (decrease) in net assets attributable to holders of redeemable units per unit - (Note 4) $ 0.40

    The accompanying notes are an integral part of these financial statements.

    2

  • Harvest European Leaders Income ETF

    STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (Unaudited) For the period from March 1, 2018 (commencement of operations) to June 30, 2018

    2018

    Net assets attributable to holders of redeemable units beginning of period $ -

    Increase (decrease) in net assets attributable to holders of redeemable units

    40,136

    Redeemable unit transactions

    Proceeds from issue of redeemable units 2,000,000

    Net unitholders’ transactions $ 2,000,000

    Distributions to holders of redeemable units

    Net investment income (24,990)

    Total distributions to holders of redeemable units $ (24,990)

    Net assets attributable to holders of redeemable units end of period $ 2,015,146

    The accompanying notes are an integral part of these financial statements.

    3

  • Harvest European Leaders Income ETF

    STATEMENT OF CASH FLOWS (Unaudited)

    For the period from March 1, 2018 (commencement of operations) to June 30, 2018 2018

    Operating activities

    Increase (decrease) in net assets attributable to holders of redeemable units $ 40,136

    Add (deduct) items not affecting cash Foreign exchange (gain) loss on cash 1,468

    Realized (gain) loss on sale of investments (3,135)

    Realized (gain) loss on options written (37)

    Change in unrealized (appreciation) depreciation of investments 78,400

    Change in unrealized (appreciation) depreciation of options written (1,779)

    Change in unrealized (appreciation) depreciation on foreign exchange (10,407)

    Proceeds from sale of investments** 29,638

    Purchase of investments**

    (1,998,305)

    Net change in non-cash assets and liabilities (6,639)

    Net cash flow provided by (used in) operating activities $ (1,870,660)

    Financing activities**

    Proceeds from redeemable units issued 2,000,000

    Distributions paid to holders of redeemable units (net of reinvestments) (16,660)

    Net cash flow provided by (used in) financing activities $ 1,983,340

    Net increase (decrease) in cash during the period

    112,680

    Foreign exchange gain (loss) on cash

    (1,468)

    Cash, beginning of the period -

    Cash, end of the period $ 111,212

    Supplemental disclosure of cash flow information

    Dividends received, net of withholding taxes* $ 42,850

    *included in operating activities **net cash inflows (outflows) excludes trades that were not settled in cash (in-kind trades).

    The accompanying notes are an integral part of these financial statements.

    4

  • Harvest European Leaders Income ETF

    SCHEDULE OF INVESTMENTS (Unaudited)

    As at June 30, 2018

    Number of Shares

    Security Average Cost ($)

    Carrying Value ($)

    % of Net Assets

    EQUITIES

    Consumer Discretionary

    1,135 Accor SA 82,179 73,220 3.6

    470 Compagnie Generale des Etablissements Michelin 89,426 75,259 3.7

    2,460 Vivendi S.A. 79,904 79,311 3.9

    251,509 227,790 11.2

    Consumer Staples

    255 L'Oreal 69,616 82,800 4.1

    69,616 82,800 4.1

    Energy

    1,790 Royal Dutch Shell PLC 72,242 81,811 4.1

    1,025 TOTAL S.A. 74,414 82,159 4.1

    146,656 163,970 8.2

    Financials

    8,720 Banco Santander, S.A. 76,073 61,475 3.1

    3,820 Deutsche Bank AG 76,265 54,084 2.7

    21,230 Intesa Sanpaolo S.p.A. 96,509 81,044 4.0

    21,230 Intesa Sanpaolo S.p.A. rights - 3 -

    2,570 Prudential Public Limited Company 82,173 77,341 3.8

    6,800 Skandinaviska Enskilda Banken AB 95,924 84,997 4.2

    426,944 358,944 17.8

    Health Care

    510 Bayer AG 75,201 73,874 3.7

    710 Novartis AG 75,505 70,955 3.5

    150,706 144,829 7.2

    Industrials

    2,470 ABB Ltd 75,884 71,187 3.5

    2,920 ASSA ABLOY AB 81,619 81,818 4.1

    1,330 Deutsche Post AG 76,422 57,111 2.8

    640 VINCI SA 80,593 80,924 4.0

    314,518 291,040 14.4

    Information Technology

    465 Capgemini SE 73,675 82,240 4.1

    2,250 Infineon Technologies AG 76,490 75,408 3.7

    150,165 157,648 7.8

    Materials

    620 BASF SE 81,529 77,966 3.9

    12,600 Glencore plc 81,650 79,137 3.9

    2,240 Mondi PLC 76,538 79,710 4.0

    239,717 236,813 11.8

    Real Estate

    375 Gecina SA 84,592 82,501 4.1

    1,300 Vonovia SE 76,042 81,350 4.0

    160,634 163,851 8.1

    5

  • Harvest European Leaders Income ETF

    SCHEDULE OF INVESTMENTS (Unaudited) (continued)

    As at June 30, 2018

    Number of Shares

    Security Average Cost ($)

    Carrying Value ($)

    % of Net Assets

    Telecommunication Services

    3,730 Deutsche Telekom AG 76,397 75,990 3.8

    76,397 75,990 3.8

    Total equities 1,986,862 1,903,675 94.4

    OPTIONS

    Consumer Discretionary

    (300) Accor SA - Jul 2018 @ EUR $43 (394) (216) -

    (100) Cie Generale des Etablissements Michelin SCA - Jul 2018 @ EUR $108 (462) (135) -

    (800) Vivendi SA - Jul 2018 @ EUR $21 (766) (528) -

    (1,622) (879) -

    Energy

    (500) Royal Dutch Shell PLC - Jul 2018 @ EUR $29.5 (487) (514) -

    (300) TOTAL SA - Jul 2018 @ EUR $51 (403) (737) (0.1)

    (890) (1,251) (0.1)

    Financials

    (1,200) Deutsche Bank AG - Jul 2018 @ EUR $9.5 (612) (332) -

    (800) Prudential PLC - Jul 2018 @ GBP $800 (426) (170) -

    (2,200) Skandinaviska Enskilda Banken AB - Jul 2018 @ SEK $82.5 (544) (1,018) (0.1)

    (1,582) (1,610) (0.1)

    Health Care

    (100) Bayer AG - Jul 2018 @ EUR $97 (311) (118) -

    (200) Novartis AG - Jul 2018 @ CHF $74 (365) (520) -

    (676) (638) -

    Industrials

    (800) ABB Ltd. - Jul 2018 @ CHF $22 (601) (361) -

    (900) Assa Abloy AB - Jul 2018 @ SEK $190 (445) (624) -

    (400) Deutsche Post AG - Jul 2018 @ EUR $29.5 (377) (49) -

    (200) Vinci SA - Jul 2018 @ EUR $