# EDGAR Filing Document

**Accession Number:** 0001318342
**File Stem:** 0001398344-26-000466
**Filing Date:** 2026-1
**Character Count:** 255548
**Document Hash:** 756b91ef22ce2c4cac68488e57ce1136
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-000466.hdr.sgml**: 20260109

**ACCESSION NUMBER**: 0001398344-26-000466

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 49

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260109

**DATE AS OF CHANGE**: 20260109

**EFFECTIVENESS DATE**: 20260109

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Investment Managers Series Trust
- **CENTRAL INDEX KEY:** 0001318342

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21719
- **FILM NUMBER:** 26522290

**BUSINESS ADDRESS:**
- **STREET 1:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 626-914-4141

**MAIL ADDRESS:**
- **STREET 1:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Claymore Trust
- **DATE OF NAME CHANGE:** 20050603

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Claymore Equity Trust
- **DATE OF NAME CHANGE:** 20050218

## Series and Classes Contracts Data

### EuroPac International Value Fund (Series ID: S000028332)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000086557 | Class A      | EPIVX           |
| C000129563 | Class I      | EPVIX           |

### EuroPac International Bond Fund (Series ID: S000030228)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000093021 | Class A      | EPIBX           |
| C000129564 | Class I      | EPBIX           |

### EP Emerging Markets Fund (Series ID: S000030491)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000093793 | Class A      | EPASX           |
| C000129565 | Class I      | EPEIX           |

### EuroPac Gold Fund (Series ID: S000041548)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000129046 | Class A      | EPGFX           |
| C000206106 | Class I      | EPGIX           |

### EuroPac International Dividend Income Fund (Series ID: S000043484)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000134865 | Class A      | EPDPX           |
| C000134866 | Class I      | EPDIX           |

?xml version='1.0' encoding='ASCII'? EDGAR HTML

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 **<u>811-21719</u>**

**<u>INVESTMENT MANAGERS SERIES TRUST</u>**

(Exact name of registrant as specified in charter)

**235 W. Galena Street**

**<u>Milwaukee, WI 53212</u>**

(Address of principal executive offices) (Zip code)

**Diane J. Drake**

**Mutual Fund Administration, LLC**

**2220 E. Route 66, Suite 226**

**<u>Glendora, CA 91740</u>**

(Name and address of agent for service)

**<u>(626) 385-5777</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>October 31</u>**

Date of reporting period: **<u>October 31, 2025</u>**

**<u>Item 1. Report to Stockholders.</u>**

(a) The registrant's 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:

#### 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)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(626) 385-5777

#### Date of fiscal year end:

#### October 31

#### Date of reporting period:

#### October 31, 2025
EP Emerging Markets Fund

Class A/EPASX

![TSR Fund Logo - Cover](images_368.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about the EP Emerging Markets Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://europacificfunds.com/our-funds/emerging-markets-fund/. You can also request this information by contacting us at (888) 558-5851.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| EP Emerging Markets Fund<br>(Class A/EPASX) | $190 | 1.75% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

For the 12-month period ending October 31, 2025, the EP Emerging Markets Fund (EPASX) returned 16.73%, which compared unfavorably to the 27.92% return of the MSCI Emerging Markets Index. Regarding industry allocation, the Fund's overweight allocation to Staples was a positive contributor while an underweight allocation to Information Technology and Financials was a drag on relative performance. Related to country allocation, the Fund's overweight allocation to Mexico and Brazil were positive contributors while an underweight allocation to Taiwan and Korea was a drag on relative performance.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1036362.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| EP Emerging Markets Fund (Class A/EPASX) | 11.51% | 3.23% | 4.67% |
| EP Emerging Markets Fund (Class A/EPASX) — excluding sales load | 16.73% | 4.18% | 5.16% |
| MSCI Emerging Markets Index | 27.92% | 7.46% | 7.69% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$107019446 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid (net) | &nbsp;&nbsp;&nbsp;&nbsp;$899111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Country Allocation exclude short-term holdings, if any. The Country Allocation chart represents Common Stocks of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Telkom Indonesia Persero Tbk P.T. | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Astra International Tbk P.T. | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;British American Tobacco PLC | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Luzhou Laojiao Co., Ltd. - Class A | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;B2Gold Corp. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vale S.A. | 2.3% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1036367.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1036372.jpg)

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://europacificfunds.com/our-funds/emerging-markets-fund/. You can also request this information by contacting us at (888) 558-5851.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 558-5851 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EP Emerging Markets Fund - Class A

EP Emerging Markets Fund

Class I/EPEIX

![TSR Fund Logo - Cover](images_368.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about the EP Emerging Markets Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://europacificfunds.com/our-funds/emerging-markets-fund/. You can also request this information by contacting us at (888) 558-5851.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| EP Emerging Markets Fund<br>(Class I/EPEIX) | $163 | 1.50% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

For the 12-month period ending October 31, 2025, the EP Emerging Markets Fund (EPEIX) returned 16.97%, which compared unfavorably to the 27.92% return of the MSCI Emerging Markets Index. Regarding industry allocation, the Fund's overweight allocation to Staples was a positive contributor while an underweight allocation to Information Technology and Financials was a drag on relative performance. Related to country allocation, the Fund's overweight allocation to Mexico and Brazil were positive contributors while an underweight allocation to Taiwan and Korea was a drag on relative performance.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1036398.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| EP Emerging Markets Fund (Class I/EPEIX) | 16.97% | 4.43% | 5.42% |
| MSCI Emerging Markets Index | 27.92% | 7.46% | 7.69% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$107019446 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid (net) | &nbsp;&nbsp;&nbsp;&nbsp;$899111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Country Allocation exclude short-term holdings, if any. The Country Allocation chart represents Common Stocks of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Telkom Indonesia Persero Tbk P.T. | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Astra International Tbk P.T. | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;British American Tobacco PLC | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Luzhou Laojiao Co., Ltd. - Class A | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;B2Gold Corp. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vale S.A. | 2.3% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1036403.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1036408.jpg)

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://europacificfunds.com/our-funds/emerging-markets-fund/. You can also request this information by contacting us at (888) 558-5851.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 558-5851 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EP Emerging Markets Fund - Class I

EuroPac Gold Fund

Class A/EPGFX

![TSR Fund Logo - Cover](images_368.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about the EuroPac Gold Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://europacificfunds.com/our-funds/gold-fund/. You can also request this information by contacting us at (888) 558-5851.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| EuroPac Gold Fund<br>(Class A/EPGFX) | $175 | 1.33% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

For fiscal year ending October 31st, 2025, the EuroPac Gold Fund (EPGFX) had a total return of 62.62%. The overall environment for gold and gold stocks over the past year was the largest contributor to the performance.

The Fund's investments were concentrated in larger royalty companies and junior exploration and development companies. The royalty companies as a group underperformed the large miners during the period. They are generally considered a lower-risk segment within the gold equity space, though all investments involve risk. Smaller-cap stocks historically exhibit greater volatility and may experience wider performance swings.

The Fund benefited from stock selection among the large-cap miners; our largest holdings in that space-Agnico Eagle, Anglo, Barrick–all outperformed.

The Fund's performance during the period reflected stock selection among intermediate miners. Holdings such as Equinox, Orla, Discovery, and Fortuna outperformed, while BTG declined late in the period following disturbances in Mali, where it operates its largest mine.

The fund's underperformance was primarily attributable to the junior explorer segment, which tends to produce more idiosyncratic returns compared to larger mining companies. While the segment underperformed in aggregate, several juniors began to outperform as the bull market progressed, reinforcing our decision to maintain an overweight position in this area. Additionally, certain private placements in smaller companies included out-of-the-money warrants, which hold no value at inception but can deliver significant leverage in a strong market scenario.

The large royalty companies also lagged the fund and the index, most notably Royal Gold, the third-largest of the royalty companies, which returned just 21% for the year, lagging after it acquired another company.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1036650.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| EuroPac Gold Fund (Class A/EPGFX) | 55.28% | 8.73% | 15.15% |
| EuroPac Gold Fund (Class A/EPGFX)-- excluding sales load | 62.62% | 9.74% | 15.69% |
| Philadelphia Gold & Silver Index | 80.68% | 18.11% | 20.60% |
| NYSE ARCA Gold Miners Index | 78.47% | 14.02% | 17.14% |
| S&P 500 Index | 21.45% | 17.64% | 14.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$472439535 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid (net) | &nbsp;&nbsp;&nbsp;&nbsp;$2506333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | 7.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fortuna Silver Mines, Inc. | 6.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Mining Corp. | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pan American Silver Corp. | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Gold, Inc. | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Metalla Royalty & Streaming Ltd. | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Franco-Nevada Corp. | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Heliostar Metals Ltd. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corp. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;B2Gold Corp. | 3.9% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1036655.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1036660.jpg)

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://europacificfunds.com/our-funds/gold-fund/. You can also request this information by contacting us at (888) 558-5851.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 558-5851 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EuroPac Gold Fund - Class A

EuroPac Gold Fund

Class I/EPGIX

![TSR Fund Logo - Cover](images_368.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about the EuroPac Gold Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://europacificfunds.com/our-funds/gold-fund/. You can also request this information by contacting us at (888) 558-5851.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| EuroPac Gold Fund<br>(Class I/EPGIX) | $142 | 1.08% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

For fiscal year ending October 31st, 2025, the EuroPac Gold Fund (EPGIX) had a total return of 63.03%. The overall environment for gold and gold stocks over the past year was the largest contributor to the performance.

The Fund's investments were concentrated in larger royalty companies and junior exploration and development companies. The royalty companies as a group underperformed the large miners during the period. They are generally considered a lower-risk segment within the gold equity space, though all investments involve risk. Smaller-cap stocks historically exhibit greater volatility and may experience wider performance swings.

The Fund benefited from stock selection among the large-cap miners; our largest holdings in that space-Agnico Eagle, Anglo, Barrick–all outperformed.

The Fund's performance during the period reflected stock selection among intermediate miners. Holdings such as Equinox, Orla, Discovery, and Fortuna outperformed, while BTG declined late in the period following disturbances in Mali, where it operates its largest mine.

The fund's underperformance was primarily attributable to the junior explorer segment, which tends to produce more idiosyncratic returns compared to larger mining companies. While the segment underperformed in aggregate, several juniors began to outperform as the bull market progressed, reinforcing our decision to maintain an overweight position in this area. Additionally, certain private placements in smaller companies included out-of-the-money warrants, which hold no value at inception but can deliver significant leverage in a strong market scenario.

The large royalty companies also lagged the fund and the index, most notably Royal Gold, the third-largest of the royalty companies, which returned just 21% for the year, lagging after it acquired another company.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1036686.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| EuroPac Gold Fund (Class I/EPGIX) | 63.03% | 10.00% | 15.89% |
| Philadelphia Gold & Silver Index | 80.68% | 18.11% | 20.60% |
| NYSE ARCA Gold Miners Index | 78.47% | 14.02% | 17.14% |
| S&P 500 Index | 21.45% | 17.64% | 14.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$472439535 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid (net) | &nbsp;&nbsp;&nbsp;&nbsp;$2506333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | 7.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fortuna Silver Mines, Inc. | 6.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Mining Corp. | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pan American Silver Corp. | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Gold, Inc. | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Metalla Royalty & Streaming Ltd. | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Franco-Nevada Corp. | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Heliostar Metals Ltd. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corp. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;B2Gold Corp. | 3.9% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1036691.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1036696.jpg)

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://europacificfunds.com/our-funds/gold-fund/. You can also request this information by contacting us at (888) 558-5851.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 558-5851 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EuroPac Gold Fund - Class I

EuroPac International Bond Fund

Class A/EPIBX

![TSR Fund Logo - Cover](images_368.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about the EuroPac International Bond Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://europacificfunds.com/our-funds/international-bond-fund/. You can also request this information by contacting us at (888) 558-5851.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| EuroPac International Bond Fund<br>(Class A/EPIBX) | $120 | 1.15% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

For the 12-month period ending October 31, 2025, the EuroPac International Bond Fund returned 8.70%, which compared favorably to the 3.21% return of the JPMorgan GBI Global ex-US FX NY Index Unhedged in USD. This return was significantly above the gross yield of the fund before expenses, and so the weakening of the dollar over the fiscal year more than offset those expenses.

The Fund had a significant allocation to emerging market currency bonds, which delivered strong returns during the period, generally in the double digits. Developed economies faced ongoing debt challenges that weighed on growth and currency performance. The Fund's holdings in Latin American currencies and Western Europe- particularly exposure to the Norwegian Krone- were among the strongest contributors to positive performance. Many of these bonds were not classified as "Highly Liquid," and the liquidity premium associated with them contributed meaningfully to returns.

From an allocation perspective, Mexican bonds experienced a notable recovery after being affected by prior tariff-related pressures. The currency alone was up 8.0%, and yields came down significantly, which increased bond prices substantially for our higher duration positions in that currency. About 60 percent of the fund was positioned in Emerging Markets because those economies were growing at a faster pace, which typically supported their currencies and resulted in positive carry for investors holding higher-risk, more volatile bonds. This allocation was intended to enhance yield but carried increased risk.

The fund also owns some high-yielding floating-rate Corporate bonds in Scandinavian currencies, namely from the Issuers Hawk Infinity Software, Gaming Innovation Group, and Lime Petroleum Group, that performed well, and continued to pay out double-digit yields. A few of the fund's positions had returns of near 20% or higher over the period, namely America Movil: AMXLMM 9.5% 01/31 in MXN.On the other hand, 3 NOK-denominated bonds: AXINVH Floating 02/30, LIMPET Floating 07/27, and JOTGRP Floating 10/28 Volkswagen Perpetuals in EUR, and Gentoo Media in SEK were a slight drag on performance over the period.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1036506.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| EuroPac International Bond Fund (Class A/EPIBX) | 3.85% | 1.13% | 1.73% |
| EuroPac International Bond Fund (Class A/EPIBX)—excluding sales load | 8.70% | 2.06% | 2.19% |
| JPMorgan GBI Global ex-US FX NY Index Unhedged in USD | 3.21% | -5.38% | -0.85% |
| FTSE Non USD World Government Bond Index | 4.79% | -4.45% | -0.35% |
| Bloomberg Global Aggregate Bond Index | 5.69% | -1.63% | 1.10% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$69802150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid (net) | &nbsp;&nbsp;&nbsp;&nbsp;$179709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Country Allocation exclude short-term holdings, if any. The Country Allocation chart represents Fixed Income Securities of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;European Investment Bank, 6.950%, 3/1/2029 | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombia Government International Bond, 9.850%, 6/28/2027 | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonos de la Tesoreria de la Republica en pesos, 6.000%, 4/1/2033 | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philippine Government International Bond, 6.250%, 1/14/2036 | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Inter-American Development Bank, 5.100%, 11/17/2026 | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Malaysia Government Bond, 2.632%, 4/15/2031 | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Bonos, 7.750%, 11/23/2034 | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;European Bank for Reconstruction & Development, 6.300%, 10/26/2027 | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Turkiye Government International Bond, 5.200%, 8/17/2031 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Finance Corp., 0.000%, 5/20/2030 | 2.5% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1036511.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1036516.jpg)

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://europacificfunds.com/our-funds/international-bond-fund/. You can also request this information by contacting us at (888) 558-5851.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 558-5851 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EuroPac International Bond Fund - Class A

EuroPac International Bond Fund

Class I/EPBIX

![TSR Fund Logo - Cover](images_368.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about the EuroPac International Bond Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://europacificfunds.com/our-funds/international-bond-fund/. You can also request this information by contacting us at (888) 558-5851.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| EuroPac International Bond Fund<br>(Class I/EPBIX) | $94 | 0.90% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

For the 12-month period ending October 31, 2025, the EuroPac International Bond Fund returned 8.99%, which compared favorably to the 3.21% return of the JPMorgan GBI Global ex-US FX NY Index Unhedged in USD. This return was significantly above the gross yield of the fund before expenses, and so the weakening of the dollar over the fiscal year more than offset those expenses.

The Fund had a significant allocation to emerging market currency bonds, which delivered strong returns during the period, generally in the double digits. Developed economies faced ongoing debt challenges that weighed on growth and currency performance. The Fund's holdings in Latin American currencies and Western Europe- particularly exposure to the Norwegian Krone- were among the strongest contributors to positive performance. Many of these bonds were not classified as "Highly Liquid," and the liquidity premium associated with them contributed meaningfully to returns.

From an allocation perspective, Mexican bonds experienced a notable recovery after being affected by prior tariff-related pressures. The currency alone was up 8.0%, and yields came down significantly, which increased bond prices substantially for our higher duration positions in that currency. About 60 percent of the fund was positioned in Emerging Markets because those economies were growing at a faster pace, which typically supported their currencies and resulted in positive carry for investors holding higher-risk, more volatile bonds. This allocation was intended to enhance yield but carried increased risk.

The fund also owns some high-yielding floating-rate Corporate bonds in Scandinavian currencies, namely from the Issuers Hawk Infinity Software, Gaming Innovation Group, and Lime Petroleum Group, that performed well, and continued to pay out double-digit yields. A few of the fund's positions had returns of near 20% or higher over the period, namely America Movil: AMXLMM 9.5% 01/31 in MXN.On the other hand, 3 NOK-denominated bonds: AXINVH Floating 02/30, LIMPET Floating 07/27, and JOTGRP Floating 10/28 Volkswagen Perpetuals in EUR, and Gentoo Media in SEK were a slight drag on performance over the period.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1036542.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| EuroPac International Bond Fund (Class I/EPBIX) | 8.99% | 2.32% | 2.43% |
| JPMorgan GBI Global ex-US FX NY Index Unhedged in USD | 3.21% | -5.38% | -0.85% |
| FTSE Non USD World Government Bond Index | 4.79% | -4.45% | -0.35% |
| Bloomberg Global Aggregate Bond Index | 5.69% | -1.63% | 1.10% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$69802150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid (net) | &nbsp;&nbsp;&nbsp;&nbsp;$179709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Country Allocation exclude short-term holdings, if any. The Country Allocation chart represents Fixed Income Securities of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;European Investment Bank, 6.950%, 3/1/2029 | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombia Government International Bond, 9.850%, 6/28/2027 | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonos de la Tesoreria de la Republica en pesos, 6.000%, 4/1/2033 | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philippine Government International Bond, 6.250%, 1/14/2036 | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Inter-American Development Bank, 5.100%, 11/17/2026 | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Malaysia Government Bond, 2.632%, 4/15/2031 | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Bonos, 7.750%, 11/23/2034 | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;European Bank for Reconstruction & Development, 6.300%, 10/26/2027 | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Turkiye Government International Bond, 5.200%, 8/17/2031 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Finance Corp., 0.000%, 5/20/2030 | 2.5% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1036547.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1036552.jpg)

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://europacificfunds.com/our-funds/international-bond-fund/. You can also request this information by contacting us at (888) 558-5851.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 558-5851 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EuroPac International Bond Fund - Class I

EuroPac International

Dividend Income Fund

Class A/EPDPX

![TSR Fund Logo - Cover](images_368.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about the EuroPac International Dividend Income Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://europacificfunds.com/our-funds/international-dividend-fund/. You can also request this information by contacting us at (888) 558-5851.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| EuroPac International Dividend Income Fund<br>(Class A/EPDPX) | $176 | 1.49% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

For the 12-month period ending October 31, 2025, the EuroPac International Dividend Income Fund (EPDPX) returned 36.58%, which compared favorably to the 24.35% return of the Bloomberg World ex US Large & Mid Cap Net Return Index and the 21.50% return of the S&P International Dividend Opportunities Index. Regarding industry allocation, the Fund's overweight allocation to the Materials sector was a positive contributor with notable outperformance from Evolution Mining, IAMGold, and Equinox Gold. Conversely, an underweight allocation to the Industrials and Real Estate sectors was a drag on relative performance. Related to country allocation, the Fund's overweight allocation to Canada was a positive relative contributor while an underweight allocation to Japan was a drag on relative performance.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1036434.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| EuroPac International Dividend Income Fund (Class A/EPDPX) | 30.41% | 13.67% | 7.64% |
| EuroPac International Dividend Income Fund (Class A/EPDPX) — excluding sales load | 36.58% | 14.72% | 8.14% |
| S&P International Dividend Opportunities Index | 21.50% | 10.33% | 6.61% |
| Bloomberg World ex US Large & Mid Cap Net Return Index | 24.35% | 10.82% | 7.71% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$190647330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid (net) | &nbsp;&nbsp;&nbsp;&nbsp;$1232560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Country Allocation exclude short-term holdings, if any. The Country Allocation chart represents Common Stocks of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;British American Tobacco PLC - ADR | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vodafone Group PLC | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Mining Corp. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Engie S.A. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;IAMGOLD Corp. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinox Gold Corp. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enel S.p.A. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies S.E. - ADR | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fortum Oyj | 1.9% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1036439.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1036444.jpg)

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://europacificfunds.com/our-funds/international-dividend-fund/. You can also request this information by contacting us at (888) 558-5851.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 558-5851 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EuroPac International Dividend Income Fund - Class A

EuroPac International

Dividend Income Fund

Class I/EPDIX

![TSR Fund Logo - Cover](images_368.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about the EuroPac International Dividend Income Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://europacificfunds.com/our-funds/international-dividend-fund/. You can also request this information by contacting us at (888) 558-5851.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| EuroPac International Dividend Income Fund<br>(Class I/EPDIX) | $147 | 1.24% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

For the 12-month period ending October 31, 2025, the EuroPac International Dividend Income Fund (EPDIX) returned 36.85%, which compared favorably to the 24.35% return of the Bloomberg World ex US Large & Mid Cap Net Return Index and the 21.50% return of the S&P International Dividend Opportunities Index. Regarding industry allocation, the Fund's overweight allocation to the Materials sector was a positive contributor with notable outperformance from Evolution Mining, IAMGold, and Equinox Gold. Conversely, an underweight allocation to the Industrials and Real Estate sectors was a drag on relative performance. Related to country allocation, the Fund's overweight allocation to Canada was a positive relative contributor while an underweight allocation to Japan was a drag on relative performance.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1036470.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| EuroPac International Dividend Income Fund (Class I/EPDIX) | 36.85% | 15.01% | 8.42% |
| S&P International Dividend Opportunities Index | 21.50% | 10.33% | 6.61% |
| Bloomberg World ex US Large & Mid Cap Net Return Index | 24.35% | 10.82% | 7.71% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$190647330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid (net) | &nbsp;&nbsp;&nbsp;&nbsp;$1232560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Country Allocation exclude short-term holdings, if any. The Country Allocation chart represents Common Stocks of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;British American Tobacco PLC - ADR | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vodafone Group PLC | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Mining Corp. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Engie S.A. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;IAMGOLD Corp. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinox Gold Corp. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enel S.p.A. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies S.E. - ADR | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fortum Oyj | 1.9% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1036475.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1036480.jpg)

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://europacificfunds.com/our-funds/international-dividend-fund/. You can also request this information by contacting us at (888) 558-5851.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 558-5851 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EuroPac International Dividend Income Fund - Class I

EuroPac International Value Fund

Class A/EPIVX

![TSR Fund Logo - Cover](images_368.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about the EuroPac International Value Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://europacificfunds.com/our-funds/international-value-fund/. You can also request this information by contacting us at (888) 558-5851.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| EuroPac International Value Fund<br>(Class A/EPIVX) | $189 | 1.69% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

For the 12-month period ending October 31, 2025, the EuroPac International Value Fund returned 23.75%, which compared unfavorably to the 29.49% return of the MSCI All Country World Ex USA Value Index. Regarding industry allocation, the Fund's overweight allocation to the Materials sectors was a positive contributor with notable outperformance from Kinross Gold, IAMGold and Agnico Eagle Mines. Baycurrent Consulting in Japan was also a standout performer. Conversely, an underweight allocation to the Industrials and Real Estate sectors was a drag on relative performance. Further, the funds underweight allocation to large cap tech was a drag. Related to country allocation, the Fund's overweight allocation to Canada was a positive relative contributor while an underweight allocation to Eastern Europe was a drag on relative performance.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1036578.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| EuroPac International Value Fund (Class A/EPIVX) | 18.16% | 11.88% | 8.68% |
| EuroPac International Value Fund (Class A/EPIVX)—excluding sales load | 23.75% | 12.93% | 9.19% |
| MSCI All Country World Ex USA Value Index | 28.16% | 15.38% | 7.51% |
| MSCI World Ex USA Value Index | 29.49% | 17.25% | 7.84% |
| Bloomberg World ex US Large & Mid Cap Net Return Index | 24.35% | 10.82% | 7.71% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$169085811 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid (net) | &nbsp;&nbsp;&nbsp;&nbsp;$1620447 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Country Allocation exclude short-term holdings, if any. The Country Allocation chart represents Common Stocks of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;British American Tobacco PLC - ADR | 6.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinross Gold Corp. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;IAMGOLD Corp. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Mining Corp. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. - CDI | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Evolution A.B. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Franco-Nevada Corp. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carl Zeiss Meditec A.G. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk A/S - ADR | 2.9% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1036583.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1036588.jpg)

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://europacificfunds.com/our-funds/international-value-fund/. You can also request this information by contacting us at (888) 558-5851.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 558-5851 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EuroPac International Value Fund - Class A

EuroPac International Value Fund

Class I/EPVIX

![TSR Fund Logo - Cover](images_368.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about the EuroPac International Value Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://europacificfunds.com/our-funds/international-value-fund/. You can also request this information by contacting us at (888) 558-5851.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| EuroPac International Value Fund<br>(Class I/EPVIX) | $161 | 1.44% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

For the 12-month period ending October 31, 2025, the EuroPac International Value Fund returned 24.19%, which compared unfavorably to the 29.49% return of the MSCI All Country World Ex USA Value Index. Regarding industry allocation, the Fund's overweight allocation to the Materials sectors was a positive contributor with notable outperformance from Kinross Gold, IAMGold and Agnico Eagle Mines. Baycurrent Consulting in Japan was also a standout performer. Conversely, an underweight allocation to the Industrials and Real Estate sectors was a drag on relative performance. Further, the funds underweight allocation to large cap tech was a drag. Related to country allocation, the Fund's overweight allocation to Canada was a positive relative contributor while an underweight allocation to Eastern Europe was a drag on relative performance.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1036614.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| EuroPac International Value Fund (Class I/EPVIX) | 24.19% | 13.24% | 9.49% |
| MSCI All Country World Ex USA Value Index | 28.16% | 15.38% | 7.51% |
| MSCI World Ex USA Value Index | 29.49% | 17.25% | 7.84% |
| Bloomberg World ex US Large & Mid Cap Net Return Index | 24.35% | 10.82% | 7.71% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$169085811 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid (net) | &nbsp;&nbsp;&nbsp;&nbsp;$1620447 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Country Allocation exclude short-term holdings, if any. The Country Allocation chart represents Common Stocks of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;British American Tobacco PLC - ADR | 6.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinross Gold Corp. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;IAMGOLD Corp. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Mining Corp. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. - CDI | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Evolution A.B. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Franco-Nevada Corp. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carl Zeiss Meditec A.G. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk A/S - ADR | 2.9% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1036619.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1036624.jpg)

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://europacificfunds.com/our-funds/international-value-fund/. You can also request this information by contacting us at (888) 558-5851.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 558-5851 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EuroPac International Value Fund - Class I

(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

The registrant undertakes to provide to any person without charge, upon request, a copy of its code of ethics by mail when they call the registrant at 1-888-558-5851.

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. William H. Young is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | | |
|:---|:---|:---|:---|
| | Euro Pacific Funds<br>| FYE 10/31/2025 | FYE 10/31/2024 |
| (a) | Audit Fees | $90000 | $86000 |
| (b) | Audit-Related Fees | N/A | N/A |
| (c) | Tax Fees | $14500 | $14000 |
| (d) | All Other Fees | N/A | N/A |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Tait, Weller, & Weller LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| Euro Pacific Funds<br>| FYE 10/31/2025 | FYE 10/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed
 to work performed by full-time permanent employees of the principal accountant.

The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment advisor (and any other controlling entity, etc.—not sub-advisor) for the last two years. The audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment advisor is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

---

| | | | |
|:---|:---|:---|:---|
| | Euro Pacific Funds | <br>FYE 10/31/2025 | <br>FYE 10/31/2024 |
| (g) | Registrant Non-Audit Related Fees | N/A | N/A |
| (h) | Registrant's Investment Advisor | N/A | N/A |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange
 Act of 1934).

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included as part of the report to shareholders filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.</u>**

![](fp0096534-1_01.jpg)

 

**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 Fund**

*Class A (EPASX)*

*Class I (EPEIX)*

**EuroPac Gold Fund**

*Class A* (*EPGFX*)

Class I (EPGIX)

**Annual Financials and Other Information**

**October 31, 2025**

**Euro Pacific Funds**

*Each a series of Investment Managers Series Trust*

**Table of Contents**

### Item 7. Financial Statements and Financial Highlights &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedule of Investments &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EuroPac International Value Fund 1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EuroPac International Bond Fund 4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EuroPac International Dividend Income Fund 9 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EP Emerging Markets Fund 13 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EuroPac Gold Fund 16 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Assets and Liabilities 20 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Operations 24 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets 26 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Highlights 31 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements 41 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Report of Independent Registered Public Accounting Firm 60 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supplemental Information 61
*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 shareholder report and prospectus.*

 

*https://europac.com*

**EuroPac International Value Fund**

**SCHEDULE OF INVESTMENTS**

**As of October 31, 2025**

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **COMMON STOCKS — 87.7%** |  |
|  | **AUSTRALIA — 1.6%** |  |
| 200000 | Sonic Healthcare Ltd. | $**2768909** |
|  | **BRAZIL — 1.0%** |  |
| 750656 | Ambev S.A. - ADR | **1734015** |
|  | **CANADA — 24.9%** |  |
| 55000 | Agnico Eagle Mines Ltd. | 8844550 |
| 40000 | Bank of Nova Scotia | 2623413 |
| 200000 | Barrick Mining Corp. | 6560000 |
| 30000 | Franco-Nevada Corp. | 5598900 |
| 600000 | IAMGOLD Corp. <sup>\*</sup> | 6948000 |
| 300000 | Kinross Gold Corp. | 6972000 |
| 30000 | Nutrien Ltd. | 1633500 |
| 84694 | Pan American Silver Corp. | 2982076 |
|  |  | **42162439** |
|  | **CHINA — 1.2%** |  |
| 25000 | Tencent Holdings Ltd. | **2023653** |
|  | **DENMARK — 5.5%** |  |
| 100000 | Novo Nordisk A/S - ADR | 4946000 |
| 30000 | Novonesis (Novozymes) B | 1792869 |
| 35000 | Royal Unibrew A/S | 2644853 |
|  |  | **9383722** |
|  | **FRANCE — 3.5%** |  |
| 125000 | Dassault Systemes S.E. | 3548582 |
| 25000 | Pluxee N.V. | 482653 |
| 35000 | Societe BIC S.A. | 1948479 |
|  |  | **5979714** |
|  | **GERMANY — 3.0%** |  |
| 100000 | Carl Zeiss Meditec A.G. | **5059936** |
|  | **IRELAND — 2.6%** |  |
| 17500 | Accenture PLC - Class A | **4376750** |
|  | **JAPAN — 11.9%** |  |
| 40000 | BayCurrent, Inc. | 1833755 |
| 50000 | Chugai Pharmaceutical Co., Ltd. | 2287003 |
| 100000 | MonotaRO Co., Ltd. | 1396730 |
| 150000 | Nippon Shinyaku Co., Ltd. | 3135098 |
| 400000 | Ono Pharmaceutical Co., Ltd. | 4870547 |

---

**EuroPac International Value Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2025**

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **JAPAN (Continued)** |  |
| 150000 | Shoei Co., Ltd. | $1595289 |
| 500000 | Unicharm Corp. | 3093570 |
| 130000 | Yakult Honsha Co., Ltd. | 1943125 |
|  |  | **20155117** |
|  | **MEXICO — 2.9%** |  |
| 2500000 | Kimberly-Clark de Mexico S.A.B. de C.V. - Class A | **4838927** |
|  | **NETHERLANDS — 2.6%** |  |
| 22000 | Aalberts N.V. | 699355 |
| 100000 | Shell PLC | 3741355 |
|  |  | **4440710** |
|  | **NORWAY — 1.5%** |  |
| 105000 | Equinor A.S.A. | **2508564** |
|  | **SINGAPORE — 1.3%** |  |
| 165000 | Singapore Exchange Ltd. | **2146166** |
|  | **SWEDEN — 3.4%** |  |
| 85000 | Evolution A.B. <sup>1</sup> | **5683189** |
|  | **SWITZERLAND — 1.9%** |  |
| 10000 | Roche Holding A.G. | **3216948** |
|  | **UNITED KINGDOM — 12.2%** |  |
| 85000 | BP PLC - ADR | 2986050 |
| 200000 | British American Tobacco PLC - ADR | 10238000 |
| 225000 | Greggs PLC | 4767801 |
| 55760 | GSK PLC - ADR | 2612914 |
|  |  | **20604765** |
|  | **UNITED STATES — 6.7%** |  |
| 50000 | Newmont Corp. | 4048500 |
| 73200 | Newmont Corp. - CDI | 5983300 |
| 8500 | Philip Morris International, Inc. | 1226805 |
|  |  | **11258605** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $109,651,679) | **148342129** |

---

**EuroPac International Value Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2025**

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **SHORT-TERM INVESTMENTS — 11.9%** |  |
| 20008106 | Federated Hermes Treasury Obligations Fund - Institutional Class, 3.903% <sup>2</sup> | $20008106 |
|  | **Total Short-Term Investments** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $20,008,106) | **20008106** |
|  | **TOTAL INVESTMENTS — 99.6%** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $129,659,785) | **168350235** |
|  | Other Assets in Excess of Liabilities — 0.4% | 735576 |
|  | **TOTAL NET ASSETS — 100.0%** | $**169085811** |

---

ADR – American Depository Receipt

CDI – CHESS Depositary Interest

PLC – Public Limited Company

<sup>\*</sup> Non-income producing security.

<sup>1</sup> 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 $5,683,189, which represents 3.36% of Net Assets.

<sup>2</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

**EuroPac International Bond Fund**

**SCHEDULE OF INVESTMENTS**

**As of October 31, 2025**

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **COMMON STOCKS — 0.0%** |  |
|  | **UNITED STATES — 0.0%** |  |
| 118 | Hycroft Mining Holding Corp. <sup>\*</sup> | $**897** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $1,559,793) | **897** |

---

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount<sup>1</sup> |  |  |
|  | **FIXED INCOME SECURITIES — 90.0%** |  |
|  | **ARGENTINA — 0.5%** |  |
|  | Argentina Treasury Bond BONCER |  |
| 28800000 | &nbsp;&nbsp;&nbsp;2.000%, 11/9/2026 | **332057** |
|  | **AUSTRALIA — 3.1%** |  |
|  | Newcrest Finance Pty Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.750%, 11/15/2041<sup>2</sup> | 1036578 |
|  | Queensland Treasury Corp. |  |
| 2250000 | &nbsp;&nbsp;&nbsp;1.750%, 7/20/2034<sup>2</sup> | 1156724 |
|  |  | **2193302** |
|  | **BRAZIL — 1.6%** |  |
|  | Brazilian Government International Bond |  |
| 6000000 | &nbsp;&nbsp;&nbsp;10.250%, 1/10/2028 | **1115688** |
|  | **CANADA — 1.5%** |  |
|  | Pembina Pipeline Corp. |  |
| 1500000 | &nbsp;&nbsp;&nbsp;3.310%, 2/1/2030<sup>3</sup> | **1063431** |
|  | **CHILE — 4.0%** |  |
|  | Bonos de la Tesoreria de la Republica en pesos |  |
| 2520000000 | &nbsp;&nbsp;&nbsp;6.000%, 4/1/2033<sup>2</sup> | **2772527** |
|  | **COLOMBIA — 4.2%** |  |
|  | Colombia Government International Bond |  |
| 11300000000 | &nbsp;&nbsp;&nbsp;9.850%, 6/28/2027 | **2912319** |
|  | **DENMARK — 1.7%** |  |
|  | Force Bidco A/S |  |
| 1000000 | &nbsp;&nbsp;&nbsp;9.519% (3-Month Euribor + 750 basis points), 4/10/2029<sup>3,4</sup> | **1158368** |
|  | **DOMINICAN REPUBLIC — 0.8%** |  |
|  | Dominican Republic International Bond |  |
| 37000000 | &nbsp;&nbsp;&nbsp;9.750%, 6/5/2026 | **579152** |

---

**EuroPac International Bond Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2025**

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount<sup>1</sup> |  | Value |
|  | **FIXED INCOME SECURITIES (Continued)** |  |
|  | **FRANCE — 2.0%** |  |
|  | TotalEnergies S.E. |  |
| 1200000 | &nbsp;&nbsp;&nbsp;3.369% <sup>3,5,6</sup> | $**1389761** |
|  | **LUXEMBOURG — 4.6%** |  |
|  | European Investment Bank |  |
| 285000000 | &nbsp;&nbsp;&nbsp;6.950%, 3/1/2029<sup>2</sup> | **3249855** |
|  | **MALAYSIA — 3.3%** |  |
|  | Malaysia Government Bond |  |
| 10000000 | &nbsp;&nbsp;&nbsp;2.632%, 4/15/2031 | **2301679** |
|  | **MALTA — 3.8%** |  |
|  | Airx Group Holdings Ltd. |  |
| 700000 | &nbsp;&nbsp;&nbsp;13.000%, 9/12/2028<sup>2,3</sup> | 819176 |
|  | Gentoo Media PLC |  |
| 9000000 | &nbsp;&nbsp;&nbsp;9.374% (Stockholm Interbank Offered Rates 3 Month + 725 basis points), 12/18/2026<sup>3,4</sup> | 963964 |
|  | Samara Asset Group PLC |  |
| 800000 | &nbsp;&nbsp;&nbsp;9.494% (3-Month Euribor + 750 basis points), 11/5/2029<sup>2,3,4</sup> | 899033 |
|  |  | **2682173** |
|  | **MEXICO — 6.1%** |  |
|  | America Movil S.A.B. de C.V. |  |
| 17850000 | &nbsp;&nbsp;&nbsp;9.500%, 1/27/2031<sup>3</sup> | 991825 |
|  | Mexican Bonos |  |
| 19000000 | &nbsp;&nbsp;&nbsp;7.750%, 5/29/2031 | 998014 |
| 45000000 | &nbsp;&nbsp;&nbsp;7.750%, 11/23/2034 | 2284920 |
|  |  | **4274759** |
|  | **NETHERLANDS — 2.1%** |  |
|  | Volkswagen International Finance N.V. |  |
| 1300000 | &nbsp;&nbsp;&nbsp;3.875% <sup>3,5,6</sup> | **1473855** |
|  | **NORWAY — 7.0%** |  |
|  | Aker A.S.A. |  |
| 5000000 | &nbsp;&nbsp;&nbsp;6.275%, 9/27/2027 | 504665 |
|  | Ax INV1 Holding A.S. |  |
| 8750000 | &nbsp;&nbsp;&nbsp;8.030% (Oslo Bors Norway Interbank Offered Rate Fixing 3 Month + 375 basis points), 2/14/2030<sup>3,4</sup> | 868690 |
|  | City of Oslo Norway |  |
| 5000000 | &nbsp;&nbsp;&nbsp;1.320%, 2/16/2028 | 461991 |

---

**EuroPac International Bond Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2025**

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount<sup>1</sup> |  | Value |
|  | **FIXED INCOME SECURITIES (Continued)** |  |
|  | **NORWAY (Continued)** |  |
|  | Duett Software Group A.S. |  |
| 6250000 | &nbsp;&nbsp;&nbsp;9.640% (Oslo Bors Norway Interbank Offered Rate Fixing 3 Month + 550 basis points), 7/14/2028<sup>2,3,4</sup> | $631676 |
|  | Hawk Infinity Software A.S. |  |
| 10300000 | &nbsp;&nbsp;&nbsp;10.630% (Oslo Bors Norway Interbank Offered Rate Fixing 3 Month + 650 basis points), 10/3/2028<sup>3,4</sup> | 1047363 |
|  | Lime Petroleum A.S. |  |
| 6000000 | &nbsp;&nbsp;&nbsp;13.420% (Oslo Bors Norway Interbank Offered Rate Fixing 3 Month + 925 basis points), 7/19/2027<sup>2,3,4</sup> | 595618 |
|  | Lime Petroleum Holding A.S. |  |
| 8000000 | &nbsp;&nbsp;&nbsp;14.150% (Oslo Bors Norway Interbank Offered Rate Fixing 3 Month + 1,000 basis points), 10/10/2028<sup>2,3,4</sup> | 792489 |
|  |  | **4902492** |
|  | **PERU — 2.4%** |  |
|  | Peruvian Government International Bond |  |
| 5400000 | &nbsp;&nbsp;&nbsp;5.940%, 2/12/2029 | **1677688** |
|  | **PHILIPPINES — 8.6%** |  |
|  | Asian Development Bank |  |
| 132000000 | &nbsp;&nbsp;&nbsp;6.200%, 10/6/2026 | 1487621 |
| 7000000 | &nbsp;&nbsp;&nbsp;8.000%, 8/12/2031 | 1086158 |
| 7000000000 | &nbsp;&nbsp;&nbsp;0.000%, 1/26/2035 | 660090 |
|  | Philippine Government International Bond |  |
| 165000000 | &nbsp;&nbsp;&nbsp;6.250%, 1/14/2036 | 2760300 |
|  |  | **5994169** |
|  | **SINGAPORE — 5.2%** |  |
|  | Housing & Development Board |  |
| 1000000 | &nbsp;&nbsp;&nbsp;2.320%, 1/24/2028 | 779087 |
|  | Singapore Government Bond |  |
| 2000000 | &nbsp;&nbsp;&nbsp;2.125%, 6/1/2026 | 1543024 |
| 1500000 | &nbsp;&nbsp;&nbsp;3.375%, 9/1/2033 | 1277466 |
|  |  | **3599577** |
|  | **SOUTH KOREA — 2.4%** |  |
|  | Export-Import Bank of Korea |  |
| 100000000 | &nbsp;&nbsp;&nbsp;3.700%, 3/23/2026 | **1685828** |
|  | **THAILAND — 2.4%** |  |
|  | Thailand Government Bond |  |
| 47000000 | &nbsp;&nbsp;&nbsp;3.390%, 6/17/2037 | **1688086** |

---

**EuroPac International Bond Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2025**

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount<sup>1</sup> |  | Value |
|  | **FIXED INCOME SECURITIES (Continued)** |  |
|  | **TURKEY — 2.9%** |  |
|  | Turkiye Government International Bond |  |
| 1700000 | &nbsp;&nbsp;&nbsp;5.200%, 8/17/2031 | $**2008516** |
|  | **UNITED KINGDOM — 7.3%** |  |
|  | BP Capital Markets PLC |  |
| 1000000 | &nbsp;&nbsp;&nbsp;3.250% <sup>3,5,6</sup> | 1154599 |
|  | European Bank for Reconstruction & Development |  |
| 10000000000 | &nbsp;&nbsp;&nbsp;5.125%, 5/1/2027 | 602569 |
| 190000000 | &nbsp;&nbsp;&nbsp;6.300%, 10/26/2027 | 2140466 |
|  | Vodafone Group PLC |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.200%, 10/3/2078<sup>3,6</sup> | 1189981 |
|  |  | **5087615** |
|  | **UNITED STATES — 12.5%** |  |
|  | Inter-American Development Bank |  |
| 41500000000 | &nbsp;&nbsp;&nbsp;5.100%, 11/17/2026 | 2494741 |
|  | International Bank for Reconstruction & Development |  |
| 62000000 | &nbsp;&nbsp;&nbsp;3.700%, 1/25/2026 | 1048996 |
| 10000000000 | &nbsp;&nbsp;&nbsp;6.000%, 7/17/2026 | 603939 |
| 2000000 | &nbsp;&nbsp;&nbsp;9.750%, 1/21/2027 | 363417 |
| 18500000000 | &nbsp;&nbsp;&nbsp;6.500%, 12/8/2027 | 1140036 |
|  | International Finance Corp. |  |
| 16000000 | &nbsp;&nbsp;&nbsp;0.000%, 5/20/2030 | 1766245 |
| 70000000 | &nbsp;&nbsp;&nbsp;0.000%, 2/22/2038 | 1297422 |
|  |  | **8714796** |
|  | **TOTAL FIXED INCOME SECURITIES** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $63,361,677) | **62857693** |

---

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  |  |
|  | **SHORT-TERM INVESTMENTS — 6.2%** |  |
| 4309223 | Federated Hermes Treasury Obligations Fund - Institutional Class, 3.903% <sup>7</sup> | 4309223 |
|  | **Total Short-Term Investments** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $4,309,223) | **4309223** |
|  | **TOTAL INVESTMENTS — 96.2%** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $69,230,693) | **67167813** |
|  | Other Assets in Excess of Liabilities — 3.8% | 2634337 |
|  | **TOTAL NET ASSETS — 100.0%** | $**69802150** |

---

PLC – Public Limited Company

**EuroPac International Bond Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2025**

<sup>\*</sup> Non-income producing security.

<sup>1</sup> Local currency.

<sup>2</sup> 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 $11,953,676, which represents 17.13% of Net Assets.

<sup>3</sup> Callable.

<sup>4</sup> Floating rate security.

<sup>5</sup> Perpetual security. Maturity date is not applicable.

<sup>6</sup> Variable rate security.

<sup>7</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

**EuroPac International Dividend Income Fund**

**SCHEDULE OF INVESTMENTS**

**As of October 31, 2025**

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **COMMON STOCKS — 92.5%** |  |
|  | **AUSTRALIA — 5.4%** |  |
| 470000 | Evolution Mining Ltd. | $3339571 |
| 180000 | Northern Star Resources Ltd. | 2898325 |
| 150000 | Sonic Healthcare Ltd. | 2076682 |
| 630000 | Telstra Group Ltd. | 2011515 |
|  |  | **10326093** |
|  | **BRAZIL — 4.3%** |  |
| 700000 | Ambev S.A. - ADR | 1617000 |
| 250000 | B3 S.A. - Brasil Bolsa Balcao | 588290 |
| 550000 | Banco Bradesco S.A. - ADR | 1859000 |
| 165000 | Itau Unibanco Holding S.A. - ADR | 1214400 |
| 250000 | Vale S.A. - ADR | 3022500 |
|  |  | **8301190** |
|  | **CANADA — 17.8%** |  |
| 20000 | Agnico Eagle Mines Ltd. | 3216200 |
| 350000 | Algonquin Power & Utilities Corp. | 1953871 |
| 500000 | B2Gold Corp. | 2195000 |
| 22000 | Bank of Nova Scotia | 1442877 |
| 185000 | Barrick Mining Corp. | 6068000 |
| 70000 | BCE, Inc. | 1600029 |
| 60000 | Canadian Utilities Ltd. - Class A | 1680308 |
| 400000 | Equinox Gold Corp. <sup>\*</sup> | 4388000 |
| 400000 | IAMGOLD Corp. <sup>\*</sup> | 4632000 |
| 15000 | Nutrien Ltd. | 816750 |
| 100000 | Pan American Silver Corp. | 3521000 |
| 50000 | Power Corp. of Canada | 2342079 |
|  |  | **33856114** |
|  | **CHINA — 1.9%** |  |
| 170000 | Alibaba Group Holding Ltd. | **3611948** |
|  | **DENMARK — 0.5%** |  |
| 20000 | Novo Nordisk A/S - ADR | **989200** |
|  | **FINLAND — 1.9%** |  |
| 160000 | Fortum Oyj | **3566621** |
|  | **FRANCE — 8.8%** |  |
| 206000 | Engie S.A. | 4819963 |
| 4000 | LVMH Moet Hennessy Louis Vuitton S.E. | 2822038 |
| 35000 | Sanofi S.A. | 3533887 |
| 60000 | TotalEnergies S.E. - ADR | 3734400 |

---

**EuroPac International Dividend Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2025**

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **FRANCE (Continued)** |  |
| 55000 | Veolia Environnement S.A. | $1816217 |
|  |  | **16726505** |
|  | **GERMANY — 3.4%** |  |
| 75000 | Bayer A.G. | 2329703 |
| 130000 | E.ON S.E. | 2418395 |
| 7000 | SAP S.E. | 1810915 |
|  |  | **6559013** |
|  | **INDONESIA — 1.0%** |  |
| 100000 | Telkom Indonesia Persero Tbk P.T. - ADR | **1959000** |
|  | **ITALY — 2.9%** |  |
| 400000 | Enel S.p.A. | 4044260 |
| 85000 | Eni S.p.A. | 1562056 |
|  |  | **5606316** |
|  | **MEXICO — 2.5%** |  |
| 800000 | Kimberly-Clark de Mexico S.A.B. de C.V. - Class A | 1548457 |
| 1000000 | Wal-Mart de Mexico S.A.B. de C.V. | 3305972 |
|  |  | **4854429** |
|  | **NETHERLANDS — 1.4%** |  |
| 2500 | ASML Holding N.V. | **2648075** |
|  | **NEW ZEALAND — 0.8%** |  |
| 2600000 | Kiwi Property Group Ltd. | **1606867** |
|  | **NORWAY — 5.2%** |  |
| 100000 | Aker BP A.S.A. | 2595441 |
| 100000 | Austevoll Seafood A.S.A. | 940835 |
| 110000 | Equinor A.S.A. - ADR | 2635600 |
| 150000 | Norsk Hydro A.S.A. | 1014976 |
| 180000 | Telenor A.S.A. | 2676197 |
|  |  | **9863049** |
|  | **SINGAPORE — 4.8%** |  |
| 1200000 | CapitaLand Investment Ltd. | 2433927 |
| 55000 | DBS Group Holdings Ltd. | 2278849 |
| 800000 | Singapore Telecommunications Ltd. | 2612170 |
| 4000000 | Starhill Global REIT - REIT | 1782422 |
|  |  | **9107368** |

---

**EuroPac International Dividend Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2025**

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **SOUTH KOREA — 2.5%** |  |
| 1500 | Samsung Electronics Co., Ltd. - GDR | $2797500 |
| 100000 | SK Telecom Co., Ltd. - ADR | 2021000 |
|  |  | **4818500** |
|  | **SPAIN — 5.7%** |  |
| 100000 | Banco Bilbao Vizcaya Argentaria S.A. | 2009566 |
| 55000 | Endesa S.A. | 1970897 |
| 117241 | Iberdrola S.A. | 2373603 |
| 85000 | Repsol S.A. | 1555296 |
| 578064 | Telefonica S.A. | 2922968 |
|  |  | **10832330** |
|  | **SWEDEN — 0.9%** |  |
| 25000 | Evolution A.B. <sup>1</sup> | **1671526** |
|  | **SWITZERLAND — 3.0%** |  |
| 20000 | Novartis A.G. - ADR | 2475800 |
| 10000 | Roche Holding A.G. | 3216948 |
|  |  | **5692748** |
|  | **UNITED KINGDOM — 14.0%** |  |
| 75000 | BP PLC - ADR | 2634750 |
| 150000 | British American Tobacco PLC - ADR | 7678500 |
| 55000 | GSK PLC - ADR | 2577300 |
| 520000 | John Wood Group PLC <sup>\*,2</sup> | 62985 |
| 18000 | Reckitt Benckiser Group PLC | 1375302 |
| 35000 | Shell PLC - ADR | 2622200 |
| 40000 | Unilever PLC - ADR | 2407600 |
| 6000000 | Vodafone Group PLC | 7262743 |
|  |  | **26621380** |
|  | **UNITED STATES — 3.8%** |  |
| 40000 | Newmont Corp. | 3238800 |
| 34000 | Newmont Corp. - CDI | 2779128 |
| 8000 | Philip Morris International, Inc. | 1154640 |
|  |  | **7172568** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $139,063,920) | **176390840** |

---

**EuroPac International Dividend Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2025**

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **SHORT-TERM INVESTMENTS — 7.1%** |  |
| 13437125 | Federated Hermes Treasury Obligations Fund - Institutional Class, 3.903% <sup>3</sup> | $13437125 |
|  | **Total Short-Term Investments** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $13,437,125) | **13437125** |
|  | **TOTAL INVESTMENTS — 99.6%** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $152,501,045) | **189827965** |
|  | Other Assets in Excess of Liabilities — 0.4% | 819365 |
|  | **TOTAL NET ASSETS — 100.0%** | $**190647330** |

---

ADR – American Depository Receipt

CDI – CHESS Depositary Interest

GDR – Global Depository Receipt

PLC – Public Limited Company

REIT – Real Estate Investment Trust

<sup>\*</sup> Non-income producing security.

<sup>1</sup> 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 $1,671,526, which represents 0.88% of Net Assets.

<sup>2</sup> The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy.

<sup>3</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

**EP Emerging Markets Fund**

**SCHEDULE OF INVESTMENTS**

**As of October 31, 2025**

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **COMMON STOCKS — 96.6%** |  |
|  | **BRAZIL — 10.4%** |  |
| 750000 | Ambev S.A. | $1771840 |
| 1000000 | B3 S.A. - Brasil Bolsa Balcao | 2353160 |
| 135000 | NU Holdings Ltd. - Class A <sup>\*</sup> | 2174850 |
| 200000 | Vale S.A. | 2426022 |
| 300000 | WEG S.A. | 2347584 |
|  |  | **11073456** |
|  | **CANADA — 2.5%** |  |
| 600000 | B2Gold Corp. | **2634000** |
|  | **CHINA — 24.8%** |  |
| 200000 | Alibaba Group Holding Ltd. | 4255723 |
| 300000 | Anhui Conch Cement Co., Ltd. - Class H | 894433 |
| 150000 | ANTA Sports Products Ltd. | 1565709 |
| 2700000 | China Forestry Holdings Co., Ltd. <sup>\*,1</sup> |  |
| 700000 | Chongqing Fuling Zhacai Group Co., Ltd. - Class A | 1291301 |
| 1750000 | CSPC Pharmaceutical Group Ltd. | 1723718 |
| 125000 | ENN Energy Holdings Ltd. | 1089152 |
| 499904 | Hangzhou Robam Appliances Co., Ltd. - Class A | 1373847 |
| 125000 | Jiangsu Yanghe Distillery Co., Ltd. - Class A | 1244101 |
| 150000 | Luzhou Laojiao Co., Ltd. - Class A | 2835884 |
| 100000 | Midea Group Co., Ltd. - Class A | 1074190 |
| 190000 | Shandong WIT Dyne Health Co., Ltd. - Class A | 912210 |
| 35000 | Shenzhen Mindray Bio-Medical Electronics Co., Ltd. - Class A | 1058160 |
| 40000 | Tencent Holdings Ltd. | 3249090 |
| 110000 | Wuliangye Yibin Co., Ltd. - Class A | 1840113 |
| 60000 | Zhejiang Cfmoto Power Co., Ltd. - Class A | 2158951 |
|  |  | **26566582** |
|  | **HONG KONG — 1.9%** |  |
| 3250000 | China Overseas Property Holdings Ltd. | **2028563** |
|  | **HUNGARY — 1.4%** |  |
| 50000 | Richter Gedeon Nyrt | **1540203** |
|  | **INDIA — 4.6%** |  |
| 20000 | AIA Engineering Ltd. | 731798 |
| 400000 | Castrol India Ltd. | 877775 |
| 50000 | GMM Pfaudler Ltd. | 725780 |
| 300000 | Indraprastha Gas Ltd. | 715288 |
| 55000 | Infosys Ltd. - ADR | 911350 |

---

**EP Emerging Markets Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2025**

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **INDIA (Continued)** |  |
| 32060 | Mphasis Ltd. | $996518 |
|  |  | **4958509** |
|  | **INDONESIA — 12.5%** |  |
| 12500000 | Astra International Tbk P.T. | 4622044 |
| 24000000 | Telkom Indonesia Persero Tbk P.T. | 4642432 |
| 11000000 | Unilever Indonesia Tbk P.T. | 1705630 |
| 1500000 | United Tractors Tbk P.T. | 2425317 |
|  |  | **13395423** |
|  | **MEXICO — 7.4%** |  |
| 170000 | Arca Continental S.A.B. de C.V. | 1646516 |
| 1000000 | Bolsa Mexicana de Valores S.A.B. de C.V. | 1908658 |
| 40000 | Grupo Aeroportuario del Sureste S.A.B. de C.V. - Class B | 1209979 |
| 1200000 | Kimberly-Clark de Mexico S.A.B. de C.V. - Class A | 2322685 |
| 250000 | Wal-Mart de Mexico S.A.B. de C.V. | 826493 |
|  |  | **7914331** |
|  | **PHILIPPINES — 0.6%** |  |
| 3200000 | DMCI Holdings, Inc. | **613356** |
|  | **SINGAPORE — 2.0%** |  |
| 350000 | Grab Holdings Ltd. - Class A <sup>\*</sup> | **2103500** |
|  | **SOUTH AFRICA — 3.0%** |  |
| 250000 | JSE Ltd. | 2031456 |
| 100000 | Mr Price Group Ltd. | 1194784 |
|  |  | **3226240** |
|  | **SOUTH KOREA — 12.6%** |  |
| 25000 | BGF Retail Co., Ltd. | 1816498 |
| 12500 | GOLFZON Co., Ltd. | 520467 |
| 18000 | Hyundai Glovis Co., Ltd. | 2378954 |
| 12000 | NAVER Corp. | 2248994 |
| 5000 | NCSoft Corp. | 771769 |
| 9000 | Orion Corp. | 626715 |
| 25000 | S-1 Corp. | 1314629 |
| 50000 | Samsung Electronics Co., Ltd. | 3763811 |
|  |  | **13441837** |
|  | **TAIWAN — 7.2%** |  |
| 9000 | ASPEED Technology, Inc. | 1596089 |
| 400000 | Formosa Plastics Corp. | 494299 |
| 51005 | Poya International Co., Ltd. | 753789 |

---

**EP Emerging Markets Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2025**

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **TAIWAN (Continued)** |  |
| 75000 | Realtek Semiconductor Corp. | $1252400 |
| 75000 | Taiwan Semiconductor Manufacturing Co., Ltd. | 3626976 |
|  |  | **7723553** |
|  | **THAILAND — 0.5%** |  |
| 1500000 | Thai Beverage PCL | **552819** |
|  | **UNITED KINGDOM — 3.6%** |  |
| 75000 | British American Tobacco PLC | **3840196** |
|  | **UNITED STATES — 1.1%** |  |
| 75000 | FMC Corp. | **1137750** |
|  | **URUGUAY — 0.5%** |  |
| 250 | MercadoLibre, Inc. <sup>\*</sup> | **581815** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $89,356,824) | **103332133** |
|  | **SHORT-TERM INVESTMENTS — 3.5%** |  |
| 3741450 | Federated Hermes Treasury Obligations Fund - Institutional Class, 3.903% <sup>2</sup> | 3741450 |
|  | **Total Short-Term Investments** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $3,741,450) | **3741450** |
|  | **TOTAL INVESTMENTS — 100.1%** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $93,098,274) | **107073583** |
|  | Liabilities in Excess of Other Assets — (0.1)% | (54137) |
|  | **TOTAL NET ASSETS — 100.0%** | $**107019446** |

---

ADR – American Depository Receipt

PCL – Public Company Limited

PLC – Public Limited Company

<sup>\*</sup> Non-income producing security.

<sup>1</sup> The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy.

<sup>2</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

**EuroPac Gold Fund**

**SCHEDULE OF INVESTMENTS**

**As of October 31, 2025**

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **COMMON STOCKS — 92.3%** |  |
|  | **DIVERSIFIED EXPLORATION AND MINING — 2.7%** |  |
| 880000 | Carbon Neutral<sup>1,2,3</sup> | $2901754 |
| 3600000 | Errington Metals, Inc.<sup>1,2,3</sup> | 2566662 |
| 767333 | Fuerte Metals Corp.<sup>\*,2</sup> | 1712358 |
| 7600000 | Gold Hart Copper Corp.<sup>\*,2,4</sup> | 1354627 |
| 8184720 | Nuvau Minerals, Inc.<sup>\*,2,4</sup> | 4026420 |
|  |  | **12561821** |
|  | **GOLD EXPLORATION — 11.8%** |  |
| 7219084 | Alpha Exploration Ltd.<sup>\*,2,4</sup> | 2676404 |
| 10638228 | Aurion Resources Ltd.<sup>\*,2,4</sup> | 7888035 |
| 2524658 | Dakota Gold Corp.<sup>\*</sup> | 10300605 |
| 5850000 | Dryden Gold Corp.<sup>\*,2,4</sup> | 1230394 |
| 14591370 | Heliostar Metals Ltd.<sup>\*,2,4</sup> | 19037649 |
| 284503 | Ivanhoe Electric, Inc.<sup>\*</sup> | 4207799 |
| 8690000 | Mogotes Metals, Inc.<sup>\*,2</sup> | 1703800 |
| 8216000 | Newcore Gold Ltd.<sup>\*,2</sup> | 3895366 |
| 3300000 | Radius Gold, Inc.<sup>\*,2,4</sup> | 329388 |
| 5073000 | Revival Gold, Inc.<sup>\*,2,4</sup> | 2350955 |
| 8752333 | Scorpio Gold Corp.<sup>\*,2,4</sup> | 2059226 |
| 541100 | Western Exploration, Inc.<sup>\*,2</sup> | 297053 |
|  |  | **55976674** |
|  | **GOLD MINING — 26.2%** |  |
| 224940 | Agnico Eagle Mines Ltd. | 36172601 |
| 95868 | AngloGold Ashanti Ltd. - ADR | 6519024 |
| 4225229 | B2Gold Corp. | 18548755 |
| 901000 | B2Gold Corp.<sup>2</sup> | 3944204 |
| 765392 | Barrick Mining Corp. | 25104858 |
| 332452 | Equinox Gold Corp.<sup>\*,2</sup> | 3652563 |
| 850000 | Equinox Gold Corp.<sup>\*</sup> | 9324500 |
| 208500 | i-80 Gold Corp.<sup>\*,2</sup> | 199194 |
| 330000 | IAMGOLD Corp.<sup>\*</sup> | 3821400 |
| 120000 | Kinross Gold Corp. | 2788800 |
| 87749 | Newmont Corp. | 7105037 |
| 617123 | Orla Mining Ltd.<sup>\*</sup> | 6368709 |
| 5000 | Polyus PJSC - GDR<sup>\*,1,2,3</sup> |  |
|  |  | **123549645** |
|  | **PRECIOUS METALS EXPLORATION — 4.2%** |  |
| 1253300 | G2 Goldfields, Inc.<sup>\*,2</sup> | 3690382 |
| 3715400 | Kenorland Minerals Ltd.<sup>\*,2,4</sup> | 4821067 |
| 5873900 | Midland Exploration, Inc.<sup>\*,2,4</sup> | 1989236 |
| 8729204 | Mundoro Capital, Inc.<sup>\*,2,4</sup> | 1804840 |

---

**EuroPac Gold Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2025**

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **PRECIOUS METALS EXPLORATION (Continued)** |  |
| 2960000 | Probe Gold, Inc.<sup>\*,2</sup> | $7723941 |
|  |  | **20029466** |
|  | **ROYALTY COMPANIES — 35.4%** |  |
| 208459 | Altius Minerals Corp.<sup>2</sup> | 5641739 |
| 771730 | Elemental Altus Royalties Corp.<sup>\*,2</sup> | 11653530 |
| 293171 | EMX Royalty Corp.<sup>\*,2</sup> | 1197683 |
| 111506 | Franco-Nevada Corp. | 20810365 |
| 2512100 | Lara Exploration Ltd.<sup>\*,2</sup> | 4799963 |
| 3155115 | Metalla Royalty & Streaming Ltd.<sup>\*,2</sup> | 21504990 |
| 1344416 | Metalla Royalty & Streaming Ltd.<sup>\*</sup> | 9236138 |
| 3081822 | Orogen Royalties, Inc.<sup>\*,2,4</sup> | 4724025 |
| 547265 | Osisko Gold Royalties Ltd. | 17501535 |
| 313120 | Osisko Gold Royalties Ltd.<sup>2</sup> | 10045915 |
| 123680 | Royal Gold, Inc. | 21618027 |
| 187600 | Silver Crown Royalties, Inc.<sup>\*,2,4</sup> | 782447 |
| 6538461 | Summit Royalty Corp. Private Placement<sup>1,3</sup> | 4249999 |
| 81038 | Triple Flag Precious Metals Corp. | 2249615 |
| 357655 | Triple Flag Precious Metals Corp.<sup>2</sup> | 9932028 |
| 195200 | Wheaton Precious Metals Corp. | 18840704 |
| 25000 | Wheaton Precious Metals Corp.<sup>2</sup> | 2414266 |
|  |  | **167202969** |
|  | **SILVER: EXPLORATION AND MINING — 12.0%** |  |
| 3584980 | Fortuna Silver Mines, Inc.<sup>\*</sup> | 29647784 |
| 7699000 | Guanajuato Silver Co., Ltd.<sup>\*,2</sup> | 1893737 |
| 707761 | Pan American Silver Corp. | 24920265 |
|  |  | **56461786** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $221,561,081) | **435782361** |
|  | **WARRANTS — 0.4%** |  |
|  | **DIVERSIFIED EXPLORATION AND MINING — 0.0%** |  |
| 150000 | Canter Resources Corp., Strike Price: 0.70 CAD, Expiration Date: January 19, 2026<sup>\*,1,2</sup> |  |
| 3750000 | Gold Hart Copper Corp., Strike Price: 0.36 CAD, Expiration Date: March 18, 2027<sup>\*,1,2</sup> |  |
| 2000000 | Nuvau Minerals Corp., Strike Price: 0.75 CAD, Expiration Date: March 15, 2026<sup>\*,1,2</sup> |  |
| 1000000 | Nuvau Minerals Corp., Strike Price: 1.00 CAD, Expiration Date: November 13, 2026<sup>\*,1,2</sup> |  |

---

**EuroPac Gold Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2025**

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **WARRANTS (Continued)** |  |
|  | **DIVERSIFIED EXPLORATION AND MINING (Continued)** |  |
| 1111110 | Nuvau Minerals Corp., Strike Price: 1.35 CAD, Expiration Date: September 10, 2026<sup>\*,1,2</sup> | $— |
|  |  | **—** |
|  | **GOLD EXPLORATION — 0.3%** |  |
| 550000 | Alpha Exploration Ltd., Strike Price: 1.05 CAD, Expiration Date: December 11, 2025<sup>\*,1,2</sup> |  |
| 1428571 | Alpha Exploration Ltd., Strike Price: 1.05 CAD, Expiration Date: November 20, 2025<sup>\*,1,2</sup> |  |
| 535500 | Alpha Exploration Ltd., Strike Price: 1.05 CAD, Expiration Date: November 13, 2026<sup>\*,1,2</sup> |  |
| 428571 | Alpha Exploration Ltd., Strike Price: 1.05 CAD, Expiration Date: October 6, 2026<sup>\*,1,2</sup> |  |
| 7300000 | Dryden Gold Corp., Strike Price: 0.30 CAD, Expiration Date: January 15, 2026<sup>\*,1,2</sup> |  |
| 1022727 | Heliostar Metals Ltd., Strike Price: 0.40 CAD, Expiration Date: January 16, 2026<sup>\*,1,2</sup> | 1042706 |
| 5000000 | Mogotes Metals, Inc., Strike Price: 0.30 CAD, Expiration Date: July 22, 2027<sup>\*,1,2</sup> |  |
| 7000000 | Scorpio Gold Corp., Strike Price: 0.20 CAD, Expiration Date: February 20, 2026 <sup>\*,1,2</sup> | 648795 |
| 650000 | Western Exploration, Inc., Strike Price: 2.15 CAD, Expiration Date: June 20, 2026<sup>\*,1,2</sup> |  |
|  |  | **1691501** |
|  | **GOLD MINING — 0.0%** |  |
| 50000 | I-80 GOLD Corp., Strike Price: 2.15 CAD, Expiration Date: November 27, 2026<sup>\*,1,2</sup> |  |
|  | **PRECIOUS METALS EXPLORATION — 0.1%** |  |
| 2343750 | Revival Gold, Inc., Strike Price: 0.45 CAD, Expiration Date: September 17, 2027<sup>\*,1,2</sup> | 334201 |
| 750000 | Revival Gold, Inc., Strike Price: 0.72 CAD, Expiration Date: July 18, 2026<sup>\*,1,2</sup> |  |
|  |  | **334201** |
|  | **ROYALTY COMPANIES — 0.0%** |  |
| 192400 | Silver Crown Royalties, Inc.<sup>\*,2</sup> | **27435** |
|  | **SILVER: EXPLORATION AND MINING — 0.0%** |  |
| 1666500 | Guanajuato Silver Co., Ltd., Strike Price: 0.45 CAD, Expiration Date: September 24, 2028<sup>\*,1,2</sup> |  |

---

**EuroPac Gold Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2025**

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **WARRANTS (Continued)** |  |
|  | **SILVER: EXPLORATION AND MINING (Continued)** |  |
| 1750000 | Guanajuato Silver Co., Ltd., Strike Price: 0.65 CAD, Expiration Date: December 15, 2028<sup>\*,1,2</sup> | $— |
|  |  | **—** |
|  | **TOTAL WARRANTS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $—) | **2053137** |
|  | **SHORT-TERM INVESTMENTS — 5.5%** |  |
| 25877811 | Federated Hermes Treasury Obligations Fund - Institutional Class, 3.90%<sup>5</sup> | 25877810 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $25,877,810) | **25877810** |
|  | **TOTAL INVESTMENTS — 98.2%** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $247,438,891) | **463713308** |
|  | Other Assets in Excess of Liabilities — 1.8% | 8726227 |
|  | **TOTAL NET ASSETS — 100.0%** | $**472439535** |

---

ADR – American Depository Receipt

CAD – Canadian Dollar

GDR – Global Depository Receipt

PJSC – Public Joint Stock Company

<sup>\*</sup> Non-income producing security.

<sup>1</sup> 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 $11,744,117, which represents 2.49% of Net Assets.

<sup>2</sup> Foreign security denominated in U.S. dollars.

<sup>3</sup> Level 3 securities fair valued under procedures established by the Board of Trustees, representing 2.06% of Net Assets. The total value of these securities is $9,718,415.

<sup>4</sup> Affiliated company.

<sup>5</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF ASSETS AND LIABILITIES**

**As of October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **EuroPac International**<br>**Value Fund** | **EuroPac International**<br>**Bond Fund** | **EuroPac International**<br>**Dividend Income Fund** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at cost | $129659785 | $69230693 | $152501045 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers, at cost |  |  |  |
| &nbsp;&nbsp;&nbsp;Warrants, at cost |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency, at cost | - | 1368820 | 22641 |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value | $168350235 | $67167813 | $189827965 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers, at value |  |  |  |
| &nbsp;&nbsp;&nbsp;Warrants, at value |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value |  | 1239846 | 22592 |
| &nbsp;&nbsp;&nbsp;Cash | 47091 | 390925 | 39144 |
| &nbsp;&nbsp;&nbsp;Cash held at broker |  |  |  |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 102754 | 39895 | 136034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclaims receivable | 518591 |  | 594594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 389798 | 1074015 | 297858 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 11757 | 21198 | 29680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 169420226 | 69933692 | 190947867 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed | 7609 |  | 10202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 161997 | 20925 | 137265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) | 10808 | 4391 | 8279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 7) | 28175 | 7770 | 27126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting and administration fees | 37037 | 22354 | 32181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 18695 | 12693 | 16973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 11578 | 10967 | 12635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 26435 | 24348 | 26089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 20500 | 20500 | 20500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 2673 | 2597 | 2961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 628 | 1165 | 960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued other expenses | 8280 | 3832 | 5366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 334415 | 131542 | 300537 |
| &nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 3) |  |  |  |
| **Net Assets** | $**169085811** | $**69802150** | $**190647330** |

---

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **EuroPac International**<br>**Value Fund** | **EuroPac International**<br>**Bond Fund** | **EuroPac International**<br>**Dividend Income Fund** |
| **Components of Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | 119208072 | $72830182 | $143867739 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | 49877739 | (3028032) | 46779591 |
| **Net Assets** | $**169085811** | $**69802150** | $**190647330** |
| **Maximum Offering Price per Share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | 131112748 | 39434664 | $127481587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 9774465 | 4371747 | 9638521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption price per share | $13.41 | $9.02 | $13.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum sales charge (4.50% of offering price)<sup>\*</sup> | 0.63 | 0.43 | 0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum public offering price to public | $14.04 | $9.45 | $13.85 |
| &nbsp;&nbsp;&nbsp;Class I Shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | 37973063 | 30367486 | $63165743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 2822068 | 3293094 | 4803997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering and redemption price per share | $13.46 | $9.22 | $13.15 |

---

<sup>\*</sup> On sales of $50,000 or more, the sales charge will be reduced.

 

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **EP Emerging Markets**<br>**Fund** | <br>**EuroPac Gold Fund** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at cost | 93098274 | $221084363 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers, at cost |  | 26354528 |
| &nbsp;&nbsp;&nbsp;Warrants, at cost |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency, at cost | 62613 | 324382 |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value | $107073583 | $417376488 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers, at value |  | 44283683 |
| &nbsp;&nbsp;&nbsp;Warrants, at value |  | 2053137 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value | 62613 | 322786 |
| &nbsp;&nbsp;&nbsp;Cash |  | 248890 |
| &nbsp;&nbsp;&nbsp;Cash held at broker |  | 3372164 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold |  | 4860117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 236534 | 476990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclaims receivable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 145633 | 67994 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 15376 | 27258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 107533739 | 473089507 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed | 14901 | 70185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 94269 | 334929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) | 7702 | 16428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 7) | 17085 | 67197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting and administration fees | 28151 | 57216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 16813 | 25715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 26631 | 12481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 27306 | 29760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 20500 | 22500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 2542 | 2587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 1220 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | 249879 |  |
| &nbsp;&nbsp;&nbsp;Accrued other expenses | 7294 | 10481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 514293 | 649972 |
| &nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 3) |  |  |
| **Net Assets** | **107019446** | $**472439535** |

---

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **EP Emerging Markets**<br>**Fund** |<br>**EuroPac Gold Fund** |
| **Components of Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $98688539 | $286397463 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | 8330907 | 186042072 |
| **Net Assets** | $**107019446** | $**472439535** |
| **Maximum Offering Price per Share:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $83846381 | $297987409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 7144831 | 16931847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption price per share | $11.74 | $17.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum sales charge (4.50% of offering price)<sup>\*</sup> | 0.55 | 0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum public offering price to public | $12.29 | $18.43 |
| &nbsp;&nbsp;&nbsp;Class I Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $23173065 | $174452126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 1912227 | 9793718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering and redemption price per share | $12.12 | $17.81 |

---

<sup>\*</sup> On sales of $50,000 or more, the sales charge will be reduced.

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF OPERATIONS**

**For the Year Ended October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**EuroPac**<br>**International**<br>**Value Fund** | <br>**EuroPac**<br>**International**<br>**Bond Fund** | **EuroPac**<br>**International**<br>**Dividend Income**<br>**Fund** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income from unaffiliated issuers (net of foreign withholding taxes of $366,485, $0 and $674,489, respectively) | $4030814 | $- | $5256470 |
| &nbsp;&nbsp;&nbsp;Interest income from unaffiliated issuers (net of foreign withholding taxes of $0, $20,838 and $0, respectively) | 663327 | 3609757 | 358408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 4694141 | 3609757 | 5614878 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 1620447 | 353428 | 1211924 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) | 114964 | 38057 | 111883 |
| &nbsp;&nbsp;&nbsp;Distribution fees (Note 7) | 292092 | 93089 | 264366 |
| &nbsp;&nbsp;&nbsp;Fund accounting and administration fees | 190212 | 109019 | 176907 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 71168 | 46955 | 67565 |
| &nbsp;&nbsp;&nbsp;Custody fees | 33872 | 31945 | 36349 |
| &nbsp;&nbsp;&nbsp;Registration fees | 32137 | 41035 | 34533 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting fees | 21446 | 13841 | 20096 |
| &nbsp;&nbsp;&nbsp;Auditing fees | 20500 | 20500 | 20500 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 18830 | 17764 | 18917 |
| &nbsp;&nbsp;&nbsp;Legal fees | 15993 | 13781 | 17678 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 7194 | 7201 | 8106 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 5771 | 4790 | 7553 |
| &nbsp;&nbsp;&nbsp;Insurance fees | 5103 | 5544 | 5528 |
| &nbsp;&nbsp;&nbsp;Tax reclaim service fees | 1306 |  | 4193 |
| &nbsp;&nbsp;&nbsp;Excise tax expenses |  | 796 |  |
| &nbsp;&nbsp;&nbsp;Interest expense | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 2451035 | 797745 | 2006098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | - | (173719) | 20636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 2451035 | 624026 | 2026734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 2243106 | 2985731 | 3588144 |
| **Realized and Unrealized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 11173024 | (800087) | 9304779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (17699) | 7944 | (11346) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 11155325 | (792143) | 9293433 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 18483926 | 2756127 | 33533031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrants |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 33753 | (105132) | 37348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 18517679 | 2650995 | 33570379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 29673004 | 1858852 | 42863812 |
| **Net Increase (Decrease) in Net Assets from Operations** | $**31916110** | $**4844583** | $**46451956** |

---

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF OPERATIONS - Continued**

**For the Year Ended October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **EP Emerging Markets**<br>**Fund** | **EuroPac**<br>**Gold Fund** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income from unaffiliated issuers (net of foreign withholding taxes of $401,018 and $302,839, respectively) | $3203491 | $1990987 |
| &nbsp;&nbsp;&nbsp;Interest income from unaffiliated issuers (net of foreign withholding taxes of $0 and $0, respectively) | 343875 | 189448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 3547366 | 2180435 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 980858 | 2506333 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) | 67345 | 274134 |
| &nbsp;&nbsp;&nbsp;Distribution fees (Note 7) | 183765 | 556625 |
| &nbsp;&nbsp;&nbsp;Fund accounting and administration fees | 144739 | 310108 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 65017 | 107777 |
| &nbsp;&nbsp;&nbsp;Custody fees | 66290 | 38407 |
| &nbsp;&nbsp;&nbsp;Registration fees | 28775 | 37238 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting fees | 17635 | 34261 |
| &nbsp;&nbsp;&nbsp;Auditing fees | 20537 | 22500 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 18410 | 21987 |
| &nbsp;&nbsp;&nbsp;Legal fees | 15211 | 17471 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 7817 | 8182 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 5885 | 9308 |
| &nbsp;&nbsp;&nbsp;Insurance fees | 5534 | 6381 |
| &nbsp;&nbsp;&nbsp;Tax reclaim service fees |  |  |
| &nbsp;&nbsp;&nbsp;Excise tax expenses |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 1 | 3859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 1627819 | 3954571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | (81747) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 1546072 | 3954571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 2001294 | (1774136) |
| **Realized and Unrealized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 2243621 | 289439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers |  | 11397873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (21436) | (7356) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 2222185 | 11679956 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 10109795 | 131993850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers |  | 17292881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrants |  | 1928271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 637 | (1377) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | 19143 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 10129575 | 151213625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 12351760 | 162893581 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets from Operations** | $**14353054** | $**161119445** |

---

*See accompanying Notes to Financial Statements.*

**EuroPac International Value Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**October 31, 2025** | **For the**<br>**Year Ended**<br>**October 31, 2024** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $2243106 | $2681988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) investments and foreign currency transactions | 11155325 | 4273077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | 18517679 | 20669810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 31916110 | 27624875 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (1642385) | (2075382) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (550204) | (652997) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | (2192589) | (2728379) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 9697947 | 4883005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 9938992 | 7468125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1051311 | 1351044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 540244 | 638511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (13066122) | (20588869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (12061465) | (7304523) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (3899093) | (13552707) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 25824428 | 11343789 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 143261383 | 131917594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $169085811 | $143261383 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 774739 | 475155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 796092 | 729196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 87823 | 132450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 44936 | 62219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (1108010) | (2022235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (1026445) | (717842) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | (430865) | (1341057) |

---

*See accompanying Notes to Financial Statements.*

**EuroPac International Bond Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**October 31, 2025** | **For the**<br>**Year Ended**<br>**October 31, 2024** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $2985731 | $2791242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) investments and foreign currency transactions | (792143) | (1710399) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | 2650995 | 2392806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 4844583 | 3473649 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (1164259) | (1103520) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (624218) | (450032) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | (1788477) | (1553552) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 3442551 | 2151049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 19211062 | 6534727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 751855 | 688508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 623292 | 448214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (4610535) | (7687133) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (7835905) | (4243682) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 11582320 | (2108317) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 14638426 | (188220) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 55163724 | 55351944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $69802150 | $55163724 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 391641 | 248046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 2129019 | 746315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 88548 | 80774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 71270 | 51387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (543150) | (894587) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (880135) | (483079) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 1257193 | (251144) |

---

*See accompanying Notes to Financial Statements.*

**EuroPac International Dividend Income Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**October 31, 2025** | **For the**<br>**Year Ended**<br>**October 31, 2024** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $3588144 | $4000877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) investments and foreign currency transactions | 9293433 | 2601690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | 33570379 | 14230462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 46451956 | 20833029 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (2655999) | (3138554) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (1314315) | (828786) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | (3970314) | (3967340) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 10640945 | 4398867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 41350004 | 5524800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1710436 | 2057252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 1300717 | 817245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (13119013) | (16515034) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (14324131) | (8451293) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 27558958 | (12168163) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 70040600 | 4697526 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 120606730 | 115909204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $190647330 | $120606730 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 942657 | 469892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 3572469 | 588768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 160596 | 220615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 115356 | 87419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (1222342) | (1766941) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (1250014) | (898542) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 2318722 | (1298789) |

---

*See accompanying Notes to Financial Statements.*

**EP Emerging Markets Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**October 31, 2025** | **For the**<br>**Year Ended**<br>**October 31, 2024** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $2001294 | $1566388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) investments and foreign currency transactions | 2222185 | (810318) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments, deferred non-U.S. taxes and foreign currency translations | 10129575 | 12997656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 14353054 | 13753726 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (1364250) | (891674) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (322466) | (189331) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | (1686716) | (1081005) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 10053397 | 4473260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 9291076 | 4853994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 877331 | 575464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 321923 | 189263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (11528577) | (9952980) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (4502162) | (3390855) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 4512988 | (3251854) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 17179326 | 9420867 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 89840120 | 80419253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | 107019446 | $89840120 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 909926 | 455211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 834387 | 480031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 88438 | 62824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 31499 | 20049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (1108799) | (1029629) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (417794) | (337671) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 337657 | (349185) |

---

*See accompanying Notes to Financial Statements.*

**EuroPac Gold Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**October 31, 2025** | **For the**<br>**Year Ended**<br>**October 31, 2024** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $(1774136) | $(813023) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) investments, affiliated issuers and foreign currency transactions | 11679956 | 15361878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments, affiliated issuers, warrants and foreign currency translations | 151213625 | 65524482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 161119445 | 80073337 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (16492121) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (4771547) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | (21263668) | - |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 28945188 | 14780238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 99889366 | 25666328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 12296508 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 4731238 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (49177900) | (33324552) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (32495844) | (9690080) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 64188556 | (2568066) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 204044333 | 77505271 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 268395202 | 190889931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $472439535 | $268395202 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 2046710 | 1494801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 6754875 | 2539932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1220580 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 465215 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (4018434) | (3382834) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (2345665) | (959662) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 4123281 | (307763) |

---

*See accompanying Notes to Financial Statements.*

**EuroPac International Value Fund**

**FINANCIAL HIGHLIGHTS**

**Class A**

 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended October 31,** | **For the Year Ended October 31,** | **For the Year Ended October 31,** | **For the Year Ended October 31,** | **For the Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $10.99 | $9.18 | $8.54 | $9.31 | $7.96 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1</sup> | 0.17 | 0.19 | 0.23 | 0.19 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.42 | 1.82 | 0.63 | (0.81) | 1.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 2.59 | 2.01 | 0.86 | (0.62) | 1.48 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.17) | (0.20) | (0.22) | (0.15) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.17) | (0.20) | (0.22) | (0.15) | (0.13) |
| **Redemption fee proceeds<sup>1,2</sup>** | - | - | -<sup>3</sup> | -<sup>3</sup> | -<sup>3</sup> |
| **Net asset value, end of period** | $13.41 | $10.99 | $9.18 | $8.54 | $9.31 |
| **Total return<sup>4</sup>** | 23.75% | 22.02% | 9.94% | (6.77)% | 18.64% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $131113 | $110109 | $104915 | $100628 | $103354 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(including tax reclaim service fees and interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.69%<sup>5</sup> | 1.71%<sup>5</sup> | 1.70% | 1.71% | 1.71% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.69%<sup>5</sup> | 1.71%<sup>5</sup> | 1.73% | 1.75% | 1.75% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.44% | 1.87% | 2.39% | 2.08% | 1.33% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.44% | 1.87% | 2.36% | 2.04% | 1.29% |
| Portfolio turnover rate | 31% | 20% | 16% | 21% | 10% |

---

 

<sup>1</sup> Calculated based on averages shares outstanding for the period.

<sup>2</sup> Effective May 15, 2023, redemption fees were removed.

<sup>3</sup> Amount represents less than $0.01 per share.

<sup>4</sup> 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.

<sup>5</sup> If tax reclaim service fees and interest expense had been excluded, the expense ratios would have remained unchanged for the years ended October 31, 2025 and 2024.

See accompanying Notes to Financial Statements.

**EuroPac International Value Fund**

**FINANCIAL HIGHLIGHTS**

**Class I**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended October 31,** | **For the Year Ended October 31,** | **For the Year Ended October 31,** | **For the Year Ended October 31,** | **For the Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $11.02 | $9.20 | $8.57 | $9.33 | $7.98 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1</sup> | 0.20 | 0.22 | 0.25 | 0.21 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.44 | 1.82 | 0.62 | (0.80) | 1.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 2.64 | 2.04 | 0.87 | (0.59) | 1.51 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.20) | (0.22) | (0.24) | (0.17) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.20) | (0.22) | (0.24) | (0.17) | (0.16) |
| **Redemption fee proceeds<sup>1,2</sup>** | - | - | -<sup>3</sup> | -<sup>3</sup> | -<sup>3</sup> |
| **Net asset value, end of period** | $13.46 | $11.02 | $9.20 | $8.57 | $9.33 |
| **Total return<sup>4</sup>** | 24.19% | 22.38% | 10.07% | (6.38)% | 18.89% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $37973 | $33153 | $27002 | $12630 | $7016 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(including tax reclaim service fees and interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.44%<sup>5</sup> | 1.46%<sup>5</sup> | 1.45% | 1.46% | 1.46% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.44%<sup>5</sup> | 1.46%<sup>5</sup> | 1.48% | 1.50% | 1.50% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.69% | 2.12% | 2.64% | 2.33% | 1.58% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.69% | 2.12% | 2.61% | 2.29% | 1.54% |
| Portfolio turnover rate | 31% | 20% | 16% | 21% | 10% |

---

 

<sup>1</sup> Calculated based on averages shares outstanding for the period.

<sup>2</sup> Effective May 15, 2023, redemption fees were removed.

<sup>3</sup> Amount represents less than $0.01 per share.

<sup>4</sup> 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.

<sup>5</sup> If tax reclaim service fees and interest expense had been excluded, the expense ratios would have remained unchanged for the years ended October 31, 2025 and 2024.

 

*See accompanying Notes to Financial Statements.*

**EuroPac International Bond Fund**

**FINANCIAL HIGHLIGHTS**

**Class A**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended October 31,** | **For the Year Ended October 31,** | **For the Year Ended October 31,** | **For the Year Ended October 31,** | **For the Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $8.56 | $8.27 | $7.71 | $8.78 | $8.72 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1</sup> | 0.43 | 0.41 | 0.32 | 0.25 | 0.26 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.30 | 0.11 | 0.24 | (1.32) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.73 | 0.52 | 0.56 | (1.07) | 0.16 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.27) | (0.23) | - | - | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.27) | (0.23) | - | - | (0.10) |
| **Redemption fee proceeds<sup>1,2</sup>** | - | - | - | -<sup>3</sup> | -<sup>3</sup> |
| **Net asset value, end of period** | $9.02 | $8.56 | $8.27 | $7.71 | $8.78 |
| **Total return<sup>4</sup>** | 8.70% | 6.25% | 7.26% | (12.19)% | 1.79% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $39435 | $37944 | $41367 | $38149 | $45159 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(including excise tax expenses and interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.45%<sup>5</sup> | 1.44%<sup>5</sup> | 1.46% | 1.48% | 1.45% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.15%<sup>5</sup> | 1.15%<sup>5</sup> | 1.15% | 1.15% | 1.15% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 4.68% | 4.48% | 3.57% | 2.63% | 2.58% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 4.98% | 4.77% | 3.88% | 2.96% | 2.88% |
| Portfolio turnover rate | 23% | 28% | 23% | 27% | 20% |

---

 

<sup>1</sup> Calculated based on averages shares outstanding for the period.

<sup>2</sup> Effective May 15, 2023, redemption fees were removed.

<sup>3</sup> Amount represents less than $0.01 per share.

<sup>4</sup> 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.

<sup>5</sup> If excise tax expenses and interest expense had been excluded, the expense ratios would have remained unchanged for the years ended October 31, 2025 and 2024.

 

*See accompanying Notes to Financial Statements.*

**EuroPac International Bond Fund**

**FINANCIAL HIGHLIGHTS**

**Class I**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended October 31,** | **For the Year Ended October 31,** | **For the Year Ended October 31,** | **For the Year Ended October 31,** | **For the Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $8.73 | $8.43 | $7.84 | $8.91 | $8.84 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1</sup> | 0.47 | 0.44 | 0.35 | 0.27 | 0.28 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.30 | 0.11 | 0.24 | (1.34) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.77 | 0.55 | 0.59 | (1.07) | 0.19 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.28) | (0.25) | - | - | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.28) | (0.25) | - | - | (0.12) |
| **Redemption fee proceeds<sup>1,2</sup>** | - | - | - | - | -<sup>3</sup> |
| **Net asset value, end of period** | $9.22 | $8.73 | $8.43 | $7.84 | $8.91 |
| **Total return<sup>4</sup>** | 8.99% | 6.50% | 7.53% | (12.01)% | 2.11% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $30367 | $17220 | $13985 | $6281 | $4219 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(including excise tax expenses and interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.20%<sup>5</sup> | 1.19%<sup>5</sup> | 1.21% | 1.23% | 1.20% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.90%<sup>5</sup> | 0.90%<sup>5</sup> | 0.90% | 0.90% | 0.90% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 4.93% | 4.73% | 3.82% | 2.88% | 2.83% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 5.23% | 5.02% | 4.13% | 3.21% | 3.13% |
| Portfolio turnover rate | 23% | 28% | 23% | 27% | 20% |

---

 

<sup>1</sup> Calculated based on averages shares outstanding for the period.

<sup>2</sup> Effective May 15, 2023, redemption fees were removed.

<sup>3</sup> Amount represents less than $0.01 per share.

<sup>4</sup> 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.

<sup>5</sup> If excise tax expenses and interest expense had been excluded, the expense ratios would have remained unchanged for the years ended October 31, 2025 and 2024.

 

*See accompanying Notes to Financial Statements.*

**EuroPac International Dividend Income Fund**

**FINANCIAL HIGHLIGHTS**

**Class A**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended October 31,** | **For the Year Ended October 31,** | **For the Year Ended October 31,** | **For the Year Ended October 31,** | **For the Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $9.94 | $8.63 | $8.42 | $9.09 | $7.62 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1</sup> | 0.27 | 0.31 | 0.29 | 0.32 | 0.19 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3.30 | 1.31 | 0.20 | (0.77) | 1.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 3.57 | 1.62 | 0.49 | (0.45) | 1.66 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.24) | (0.31) | (0.28) | (0.22) | (0.19) |
| &nbsp;&nbsp;&nbsp;From net realized gain | (0.04) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.28) | (0.31) | (0.28) | (0.22) | (0.19) |
| **Redemption fee proceeds<sup>1,2</sup>** | - | - | -<sup>3</sup> | -<sup>3</sup> | -<sup>3</sup> |
| **Net asset value, end of period** | $13.23 | $9.94 | $8.63 | $8.42 | $9.09 |
| **Total return<sup>4</sup>** | 36.58% | 19.03% | 5.68% | (5.04)% | 21.81% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $127482 | $97036 | $93527 | $90132 | $90342 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| (including tax reclaim service fees and excise tax expenses) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.47%<sup>5</sup> | 1.53%<sup>5</sup> | 1.49% | 1.49% | 1.52% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.49%<sup>5</sup> | 1.51%<sup>5</sup> | 1.50% | 1.50% | 1.50% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 2.47% | 3.26%<sup>5</sup> | 3.13% | 3.54% | 2.07% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 2.45% | 3.28%<sup>5</sup> | 3.12% | 3.53% | 2.09% |
| Portfolio turnover rate | 14% | 4% | 8% | 24% | 6% |

---

 

<sup>1</sup> Calculated based on averages shares outstanding for the period.

<sup>2</sup> Effective May 15, 2023, redemption fees were removed.

<sup>3</sup> Amount represents less than $0.01 per share.

<sup>4</sup> 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.

<sup>5</sup> If tax reclaim service fees and excise tax expenses had been excluded, the expense ratios would have remained unchanged for the year ended October 31, 2025 and been lowered by 0.01% for the year ended October 31, 2024.

 

*See accompanying Notes to Financial Statements.*

**EuroPac International Dividend Income Fund**

**FINANCIAL HIGHLIGHTS**

**Class I**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended October 31,** | **For the Year Ended October 31,** | **For the Year Ended October 31,** | **For the Year Ended October 31,** | **For the Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $9.96 | $8.65 | $8.43 | $9.10 | $7.63 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1</sup> | 0.31 | 0.33 | 0.31 | 0.34 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3.28 | 1.31 | 0.21 | (0.77) | 1.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 3.59 | 1.64 | 0.52 | (0.43) | 1.68 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.36) | (0.33) | (0.30) | (0.24) | (0.21) |
| &nbsp;&nbsp;&nbsp;From net realized gain | (0.04) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.40) | (0.33) | (0.30) | (0.24) | (0.21) |
| **Redemption fee proceeds<sup>1,2</sup>** | - | - | -<sup>3</sup> | -<sup>3</sup> | - |
| **Net asset value, end of period** | $13.15 | $9.96 | $8.65 | $8.43 | $9.10 |
| **Total return<sup>4</sup>** | 36.85% | 19.28% | 6.06% | (4.79)% | 22.07% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $63166 | $23571 | $22382 | $14502 | $4284 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(including tax reclaim service fees and excise tax expenses) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.22%<sup>5</sup> | 1.28%<sup>5</sup> | 1.24% | 1.24% | 1.27% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.24%<sup>5</sup> | 1.26%<sup>5</sup> | 1.25% | 1.25% | 1.25% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 2.72% | 3.51%<sup>5</sup> | 3.38% | 3.79% | 2.32% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 2.70% | 3.53%<sup>5</sup> | 3.37% | 3.78% | 2.34% |
| Portfolio turnover rate | 14% | 4% | 8% | 24% | 6% |

---

 

<sup>1</sup> Calculated based on averages shares outstanding for the period.

<sup>2</sup> Effective May 15, 2023, redemption fees were removed.

<sup>3</sup> Amount represents less than $0.01 per share.

<sup>4</sup> 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.

<sup>5</sup> If tax reclaim service fees and excise tax expenses had been excluded, the expense ratios would have remained unchanged for the year ended October 31, 2025 and been lowered by 0.01% for the year ended October 31, 2024.

 

*See accompanying Notes to Financial Statements.*

**EP Emerging Markets Fund**

**FINANCIAL HIGHLIGHTS**

**Class A**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended October 31,** | **For the Year Ended October 31,** | **For the Year Ended October 31,** | **For the Year Ended October 31,** | **For the Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $10.25 | $8.83 | $8.43 | $15.69 | $12.15 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1</sup> | 0.23 | 0.17 | 0.12 | (0.07) | (0.12) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.45 | 1.37 | 0.33 | (4.40) | 3.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 1.68 | 1.54 | 0.45 | (4.47) | 3.62 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.19) | (0.12) | (0.05) |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | (2.79) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.19) | (0.12) | (0.05) | (2.79) | (0.08) |
| **Redemption fee proceeds<sup>1,2</sup>** | - | - | -<sup>3</sup> | -<sup>3</sup> | -<sup>3</sup> |
| **Net asset value, end of period** | $11.74 | $10.25 | $8.83 | $8.43 | $15.69 |
| **Total return<sup>4</sup>** | 16.73% | 17.55% | 5.26% | (34.57)% | 29.87% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $83846 | $74354 | $68564 | $60155 | $104913 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.84%<sup>5</sup> | 1.86%<sup>5</sup> | 1.93% | 2.01% | 1.81% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.75%<sup>5</sup> | 1.75%<sup>5</sup> | 1.75% | 1.75% | 1.75% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 2.07% | 1.66% | 1.08% | (0.91)% | (0.85)% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 2.16% | 1.77% | 1.26% | (0.65)% | (0.79)% |
| Portfolio turnover rate | 11% | 37% | 71% | 31% | 47% |

---

 

<sup>1</sup> Calculated based on averages shares outstanding for the period.

<sup>2</sup> Effective May 15, 2023, redemption fees were removed.

<sup>3</sup> Amount represents less than $0.01 per share.

<sup>4</sup> 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.

<sup>5</sup> If interest expense had been excluded, the expense ratios would have remained unchanged for the year ended October 31, 2025 and 2024.

*See accompanying Notes to Financial Statements.*

**EP Emerging Markets Fund** 

**FINANCIAL HIGHLIGHTS**

**Class I**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended October 31,** | **For the Year Ended October 31,** | **For the Year Ended October 31,** | **For the Year Ended October 31,** | **For the Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $10.58 | $9.11 | $8.70 | $16.07 | $12.41 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1</sup> | 0.26 | 0.20 | 0.15 | (0.04) | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.50 | 1.41 | 0.33 | (4.54) | 3.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 1.76 | 1.61 | 0.48 | (4.58) | 3.74 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.22) | (0.14) | (0.07) |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | (2.79) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.22) | (0.14) | (0.07) | (2.79) | (0.08) |
| **Redemption fee proceeds<sup>1,2</sup>** | - | - | -<sup>3</sup> | - | - |
| **Net asset value, end of period** | $12.12 | $10.58 | $9.11 | $8.70 | $16.07 |
| **Total return<sup>4</sup>** | 16.97% | 17.86% | 5.48% | (34.40)% | 30.21% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $23173 | $15486 | $11855 | $5172 | $4448 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(including interest expense) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.59%<sup>5</sup> | 1.61%<sup>5</sup> | 1.68% | 1.76% | 1.56% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.50%<sup>5</sup> | 1.50%<sup>5</sup> | 1.50% | 1.50% | 1.50% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 2.32% | 1.91% | 1.33% | (0.66)% | (0.60)% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 2.41% | 2.02% | 1.51% | (0.40)% | (0.54)% |
| Portfolio turnover rate | 11% | 37% | 71% | 31% | 47% |

---

 

<sup>1</sup> Calculated based on averages shares outstanding for the period.

<sup>2</sup> Effective May 15, 2023, redemption fees were removed.

<sup>3</sup> Amount represents less than $0.01 per share.

<sup>4</sup> 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.

<sup>5</sup> If interest expense had been excluded, the expense ratios would have remained unchanged for the year ended October 31, 2025 and 2024.

 

*See accompanying Notes to Financial Statements.*

**EuroPac Gold Fund**

**FINANCIAL HIGHLIGHTS**

**Class A**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended October 31,** | **For the Year Ended October 31,** | **For the Year Ended October 31,** | **For the Year Ended October 31,** | **For the Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $11.85 | $8.32 | $7.73 | $11.12 | $13.51 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1</sup> | (0.08) | (0.04) | (0.02) | (0.03) | 0.19 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 6.79 | 3.57 | 0.61 | (3.10) | (1.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 6.71 | 3.53 | 0.59 | (3.13) | (1.24) |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.96) | - | - | (0.26) | (1.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.96) | - | - | (0.26) | (1.15) |
| **Redemption fee proceeds<sup>1,2</sup>** | - | - | -<sup>3</sup> | -<sup>3</sup> | -<sup>3</sup> |
| **Net asset value, end of period** | $17.60 | $11.85 | $8.32 | $7.73 | $11.12 |
| **Total return<sup>4</sup>** | 62.62% | 42.43% | 7.63% | (28.63)% | (10.56)% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $297987 | $209469 | $162861 | $146737 | $203354 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(including interest expense and dividends on securities sold short) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.33%<sup>5</sup> | 1.37%<sup>5</sup> | 1.39%<sup>5</sup> | 1.40%<sup>5</sup> | 1.40%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.33%<sup>5</sup> | 1.37%<sup>5</sup> | 1.39%<sup>5</sup> | 1.40%<sup>5</sup> | 1.40%<sup>5</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(including interest expense and dividends on securities sold short) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | (0.64)% | (0.41)% | (0.19)% | (0.30)% | 1.54% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | (0.64)% | (0.41)% | (0.19)% | (0.30)% | 1.54% |
| Portfolio turnover rate | 26% | 26% | 19% | 13% | 10% |

---

 

<sup>1</sup> Calculated based on averages shares outstanding for the period.

<sup>2</sup> Effective May 15, 2023, redemption fees were removed.

<sup>3</sup> Amount represents less than $0.01 per share.

<sup>4</sup> 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.

<sup>5</sup> If interest expense and dividends on securities sold short had been excluded, the expense ratios would have been lowered by 0.00% for the year ended October 31, 2025. For the prior periods, the ratios would have been lowered by 0.00%, 0.00%, 0.00% and 0.00%, respectively.

 

*See accompanying Notes to Financial Statements.*

**EuroPac Gold Fund**

**FINANCIAL HIGHLIGHTS**

**Class I**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended October 31,** | **For the Year Ended October 31,** | **For the Year Ended October 31,** | **For the Year Ended October 31,** | **For the Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $11.98 | $8.39 | $7.77 | $11.19 | $13.59 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1</sup> | (0.05) | (0.02) | 0.01<sup>2</sup> | -<sup>3</sup> | 0.22 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 6.86 | 3.61 | 0.61 | (3.13) | (1.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 6.81 | 3.59 | 0.62 | (3.13) | (1.23) |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.98) | - | - | (0.29) | (1.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.98) | - | - | (0.29) | (1.17) |
| **Redemption fee proceeds<sup>1,4</sup>** | - | - | -<sup>3</sup> | -<sup>3</sup> | -<sup>3</sup> |
| **Net asset value, end of period** | $17.81 | $11.98 | $8.39 | $7.77 | $11.19 |
| **Total return<sup>5</sup>** | 63.03% | 42.79% | 7.98% | (28.51)% | (10.39)% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $174452 | $58926 | $28029 | $15286 | $16590 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(including interest expense and dividends on securities sold short) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.08%<sup>6</sup> | 1.12%<sup>6</sup> | 1.14%<sup>6</sup> | 1.15%<sup>6</sup> | 1.15%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.08%<sup>6</sup> | 1.12%<sup>6</sup> | 1.14%<sup>6</sup> | 1.15%<sup>6</sup> | 1.15%<sup>6</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(including interest expense and dividends on securities sold short) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | (0.39)% | (0.16)% | 0.06% | (0.05)% | 1.79% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | (0.39)% | (0.16)% | 0.06% | (0.05)% | 1.79% |
| Portfolio turnover rate | 26% | 26% | 19% | 13% | 10% |

---

 

<sup>1</sup> Calculated based on averages shares outstanding for the period.

<sup>2</sup> Per share net investment income may not correspond with the net investment income of the Fund because Class I shares receive a relatively small portion of the Fund's gross expenses and do not bear distribution fees.

<sup>3</sup> Amount represents less than $0.01 per share.

<sup>4</sup> Effective May 15, 2023, redemption fees were removed.

<sup>5</sup> 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.

<sup>6</sup> If interest expense and dividends on securities sold short had been excluded, the expense ratios would have been lowered by 0.00% for the year ended October 31, 2025. For the prior periods, the ratios would have been lowered by 0.00%, 0.00%, 0.00% and 0.00%, respectively.

 

*See accompanying Notes to Financial Statements.*

**Euro Pacific Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025** 

**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 Fund (the "Emerging Markets 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 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 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 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."

Each Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by the Advisor to make investment decisions, and the results of the operations, as shown on the Statements of Operations and the Financial Highlights for each Fund is the information utilized for the day-to-day management of the Funds. Each Fund is party to the expense agreements as disclosed in the Notes to the Financial Statements and there are no resources allocated to the Fund based on performance measurements. The management of the Fund's Advisor is deemed to be the Chief Operating Decision Maker ("CODM") with respect to the Funds' investment decisions.

**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.

**Euro Pacific Funds** 

**NOTES TO FINANCIAL STATEMENTS – Continued** 

**October 31, 2025** 

**(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.

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.

**Euro Pacific Funds** 

**NOTES TO FINANCIAL STATEMENTS – Continued** 

**October 31, 2025** 

**(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.

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 October 31, 2025 and during the prior three open tax years, 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.

**Euro Pacific Funds** 

**NOTES TO FINANCIAL STATEMENTS – Continued** 

**October 31, 2025** 

**(e) Distributions to Shareholders**

The International Value Fund, International Bond Fund, International Dividend Income Fund, Emerging Markets 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.

---

| | |
|:---|:---|
|  | Distribution Frequency of<br> Net Investment Income |
| International Value Fund | Quarterly |
| International Bond Fund | Monthly |
| International Dividend Income Fund | Quarterly |
| Emerging Markets 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.

**Euro Pacific Funds** 

**NOTES TO FINANCIAL STATEMENTS – Continued** 

**October 31, 2025** 

**(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.

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, 2026, and it may be terminated before that date only by the Trust's Board of Trustees. The table below contains the investment advisory fee annual rate and the expense cap by Fund and by Class.

**Euro Pacific Funds** 

**NOTES TO FINANCIAL STATEMENTS – Continued** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | Investment<br> Advisory<br> Fees† | Total Limit on Annual<br> Operating Expenses<br> Class A Shares†† | Total Limit on Annual<br> Operating Expenses<br> 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 Fund | 1.08% | 1.75% | 1.50% |
| Gold Fund | 0.80% | 1.50% | 1.25% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The investment advisory fees are calculated daily based on each Fund's average daily net assets.

---

| | |
|:---|:---|
| †† | The total limit on annual operating expenses is calculated based on each Fund's average daily net assets. |

---

For the year ended October 31, 2025, the Advisor waived fees as follows:

---

| | |
|:---|:---|
|  | Advisory fees |
| International Bond Fund | $173719 |
| Emerging Markets Fund | 81747 |

---

For the year ended October 31, 2025, the Advisor recovered $20,636 of its previously waived advisory fees for the International Dividend Income Fund.

The 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 in effect at the time such fees were waived or payments made, or (b) the expense limitation in effect at the time of the reimbursement. At October 31, 2025, the amount of these potentially recoverable expenses was $502,608 and $326,460 for the International Bond Fund and Emerging Markets Fund, respectively. The potential recoverable amount is noted as "Commitments and contingencies" as reported on the Statements of Assets and Liabilities. The Advisor may recapture all or a portion of the amounts no later than October 31st of the years stated below:

---

| | | |
|:---|:---|:---|
|  | International <br>Bond Fund | Emerging Markets Fund |
| 2026 | $161772 | $147804 |
| 2027 | 167117 | 96909 |
| 2028 | 173719 | 81747 |
| Total | $502608 | $326460 |

---

**Euro Pacific Funds** 

**NOTES TO FINANCIAL STATEMENTS – Continued** 

**October 31, 2025** 

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 year ended October 31, 2025 are reported on the Statements of Operations.

Distribution Services, LLC serves as the Funds' distributor (the "Distributor"). Prior to December 6, 2024, UMB Distribution Services, LLC served as the Funds' 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 year ended October 31, 2025, 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 year ended October 31, 2025 are reported on the Statements of Operations.

**Note 4 – Federal Income Taxes**

At October 31, 2025, 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 Fund | Gold Fund |
| Cost of investments | $129659785 | $69230693 | $152513575 | $93098274 | $291391937 |
| Gross unrealized appreciation | $47898557 | $1592689 | $50471076 | $22769145 | $178995635 |
| Gross unrealized depreciation | (9208107) | (3655569) | (13156686) | (8793836) | (6674264) |
| Net unrealized appreciation (depreciation) on investments | $38690450 | $(2062880) | $37314390 | $13975309 | $172321371 |

---

**Euro Pacific Funds** 

**NOTES TO FINANCIAL STATEMENTS – Continued** 

**October 31, 2025** 

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").

Accounting principles generally accepted in the United States require that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended October 31, 2025, permanent differences in book and tax accounting have been reclassified to paid-in capital and total distributable earnings (accumulated deficit) income (loss) as follows:

---

| | | |
|:---|:---|:---|
| Increase (Decrease) | Increase (Decrease) | Increase (Decrease) |
| Funds | Paid-in Capital | Total Distributable Earnings (Accumulated Deficit) |
| International Value Fund | $494 | $(494) |
| International Bond Fund | (284) | 284 |
| International Dividend Income Fund | 883 | (883) |
| Emerging Markets Fund | 35 | (35) |
| Gold Fund | 1019 | (1019) |

---

As of October 31, 2025, 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 Fund | Gold Fund |
| Undistributed ordinary income | $1405005 | $366207 | $160032 | $1250072 | $35928302 |
| Undistributed long-term gains | 9792069 | - | 9304713 | - | - |
| Tax accumulated earnings | 11197074 | 366207 | 9464745 | 1250072 | 35928302 |
| Accumulated capital and other losses |  | (1206085) |  | (6616686) | (22176245) |
| Unrealized appreciation (depreciation) on investments | 38690450 | (2062880) | 37314390 | 13975309 | 172321371 |
| Unrealized appreciation (depreciation) on foreign currency translations | 16650 | (100926) | 26545 | (591) | (1596) |
| Unrealized deferred non-U.S. taxes |  |  |  | (249891) |  |
| Unrealized deferred compensation | (26435) | (24348) | (26089) | (27306) | (29760) |
| Total accumulated earnings (deficit) | $49877739 | $(3028032) | $46779591 | $8330907 | $186042072 |

---

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.

**Euro Pacific Funds** 

**NOTES TO FINANCIAL STATEMENTS – Continued** 

**October 31, 2025** 

The tax character of distributions paid during the fiscal years ended October 31, 2025 and 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | International Value Fund | International Value Fund | International Bond Fund | International Bond Fund | International Dividend Income Fund | International Dividend Income Fund |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Distributions paid from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $2192589 | $2728379 | $1788477 | $1553552 | $3502247 | $3967340 |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | - | - | - | - | 468067 | - |
| Total distributions paid | $2192589 | $2728379 | $1788477 | $1553552 | $3970314 | $3967340 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Emerging Markets Fund | Emerging Markets Fund | Gold Fund | Gold Fund |
|  | 2025 | 2024 | 2025 | 2024 |
| Distributions paid from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $1686716 | $1081005 | $21263668 | $- |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | - | - | - | - |
| Total distributions paid | $1686716 | $1081005 | $21263668 | $- |

---

At October 31, 2025, the Funds had accumulated capital loss carry forwards as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Capital Loss Carryforward Not Subject to Expiration | Capital Loss Carryforward Not Subject to Expiration | Capital Loss Carryforward Not Subject to Expiration |
| Fund | Short-Term | Long-Term | Total |
| International Value Fund | $- | $- | $- |
| International Bond Fund | 107303 | 1098782 | 1206085 |
| International Dividend Income Fund |  |  |  |
| Emerging Markets Fund\* | 1048533 | 5568153 | 6616686 |
| Gold Fund | 1810723 | 20365522 | 22176245 |

---

\* 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, 2025, the International Value Fund, International Bond Fund, International Dividend Income Fund, Emerging Markets Fund, and Gold Fund utilized $43,371, $87,508, $0, $2,235,773 and $0 of their capital loss carryovers, respectively.

**Euro Pacific Funds** 

**NOTES TO FINANCIAL STATEMENTS – Continued** 

**October 31, 2025** 

**Note 5 – Investment Transactions**

For the year ended October 31, 2025, purchases and sales of investments, excluding short-term investments, were as follows:

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| International Value Fund | $41216582 | $41919124 |
| International Bond Fund | 24697881 | 11710273 |
| International Dividend Income Fund | 37313720 | 18618481 |
| Emerging Markets Fund | 21265771 | 8762107 |
| Gold Fund | 87270.881 | 79742549 |

---

**Note 6 – 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 year ended October 31, 2025, for the International Value Fund, International Bond Fund, International Dividend Income Fund, Emerging Markets Fund and Gold Fund, shareholder servicing fees incurred are disclosed on the Statements of Operations.

**Note 7 – 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 UMB Distribution Services, LLC. Class I shares are not subject to any distribution or administrative service fees under the plan.

For the year ended October 31, 2025, for the International Value Fund, International Bond Fund, International Dividend Income Fund, Emerging Markets Fund and Gold Fund, distribution fees incurred by each Fund's Class A shares are disclosed on the Statements of Operations.

**Note 8 – 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 9 – 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.

**Euro Pacific Funds** 

**NOTES TO FINANCIAL STATEMENTS – Continued** 

**October 31, 2025** 

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 October 31, 2025, in valuing the Funds' assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Value Fund** | **Level 1** | **Level 2\*** | **Level 3\*** | **Total** |
| **Investments** |  |  |  |  |
| Common Stocks | $148342129 | $- | $- | $148342129 |
| Short-Term Investments | 20008106 | - | - | 20008106 |
| Total Investments | $168350235 | $- | $- | $168350235 |

---

**Euro Pacific Funds** 

**NOTES TO FINANCIAL STATEMENTS – Continued** 

**October 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Bond Fund** | **Level 1** | **Level 2** | **Level 3\*\*** | **Total** |
| **Investments** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic Materials | $897 | $- | $- | $897 |
| Fixed Income Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic Materials |  | 1036578 |  | 1036578 |
| &nbsp;&nbsp;&nbsp;Communications |  | 2181806 |  | 2181806 |
| &nbsp;&nbsp;&nbsp;Consumer, Cyclical |  | 3256995 |  | 3256995 |
| &nbsp;&nbsp;&nbsp;Energy |  | 6154265 |  | 6154265 |
| &nbsp;&nbsp;&nbsp;Financial |  | 2272387 |  | 2272387 |
| &nbsp;&nbsp;&nbsp;Government |  | 46276623 |  | 46276623 |
| &nbsp;&nbsp;&nbsp;Technology |  | 1679039 |  | 1679039 |
| Short-Term Investments | 4309223 | - | - | 4309223 |
| Total Investments | $4310120 | $62857693 | $- | $67167813 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Dividend Income Fund** | **Level 1** | **Level 2\*\*\*** | **Level 3** | **Total** |
| **Investments** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic Materials | $41130250 | $- | $- | $41130250 |
| &nbsp;&nbsp;&nbsp;Communications | 26677570 |  |  | 26677570 |
| &nbsp;&nbsp;&nbsp;Consumer, Cyclical | 7779536 |  |  | 7779536 |
| &nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | 33921854 |  |  | 33921854 |
| &nbsp;&nbsp;&nbsp;Energy | 17339743 |  | 62985 | 17402728 |
| &nbsp;&nbsp;&nbsp;Financial | 17558277 |  |  | 17558277 |
| &nbsp;&nbsp;&nbsp;Technology | 7256490 |  |  | 7256490 |
| &nbsp;&nbsp;&nbsp;Utilities | 24644135 |  |  | 24644135 |
| Short-Term Investments | 13437125 | - | - | 13437125 |
| Total Investments | $189764980 | $- | $62985 | $189827965 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Emerging Markets Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic Materials | $6197772 | $4523171 | $0 | $10720943 |
| &nbsp;&nbsp;&nbsp;Communications | 2685315 | 15168008 |  | 17853323 |
| &nbsp;&nbsp;&nbsp;Consumer, Cyclical | 826493 | 15080279 |  | 15906772 |
| &nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | 5741041 | 20485679 |  | 26226720 |
| &nbsp;&nbsp;&nbsp;Energy | 613356 |  |  | 613356 |
| &nbsp;&nbsp;&nbsp;Financial | 6436668 | 4060019 |  | 10496687 |
| &nbsp;&nbsp;&nbsp;Industrial | 3557563 | 4005185 |  | 7562748 |
| &nbsp;&nbsp;&nbsp;Technology | 911350 | 11235794 |  | 12147144 |
| &nbsp;&nbsp;&nbsp;Utilities |  | 1804440 |  | 1804440 |
| Short-Term Investments | 3741450 | - | - | 3741450 |
| Total Investments | $30711008 | $76362575 | $0 | $107073583 |

---

**Euro Pacific Funds** 

**NOTES TO FINANCIAL STATEMENTS – Continued** 

**October 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Gold Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Diversified Exploration and Mining | $7093405 | $- | $5468416 | $12561821 |
| &nbsp;&nbsp;&nbsp;Gold Exploration | 55976674 |  |  | 55976674 |
| &nbsp;&nbsp;&nbsp;Gold Mining | 123549645 |  | 0 | 123549645 |
| &nbsp;&nbsp;&nbsp;Precious Metals Exploration | 20029466 |  |  | 20029466 |
| &nbsp;&nbsp;&nbsp;Royalty Companies | 162952970 |  | 4249999 | 167202969 |
| &nbsp;&nbsp;&nbsp;Silver: Exploration and Mining | 56461786 |  |  | 56461786 |
| Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Diversified Exploration and Mining |  | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;Gold Exploration |  | 1691501 |  | 1691501 |
| &nbsp;&nbsp;&nbsp;Gold Mining |  | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;Precious Metals Exploration |  | 334201 |  | 334201 |
| &nbsp;&nbsp;&nbsp;Royalty Companies |  | 27435 |  | 27435 |
| &nbsp;&nbsp;&nbsp;Silver: Exploration and Mining |  | 0 |  | 0 |
| Short-Term Investments | 25877810 | - | - | 25877810 |
| Total Investments | $451941756 | $2053137 | $9718415 | $463713308 |

---

\* The Fund did not hold any Level 2 and 3 securities at period end.

\*\* The Fund did not hold any Level 3 securities at period end.

\*\*\* The Fund did not hold any Level 2 securities at period end.

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining value:

The Level 3 investments for Emerging Markets Fund are not material in relation to net assets.

---

| | |
|:---|:---|
| | International Dividend Income Fund – Common Stocks |
| Beginning balance October 31, 2024 | $- |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 during the period | 62985 |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 during the period |  |
| &nbsp;&nbsp;&nbsp;Total realized gain/(loss) |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation)<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;Net purchases |  |
| &nbsp;&nbsp;&nbsp;Net sales | - |
| Balance as of October 31, 2025 | $62985 |

---

 

<sup>1</sup> The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to Level 3 investments still held at October 31, 2025 was $(785242).

**Euro Pacific Funds** 

**NOTES TO FINANCIAL STATEMENTS – Continued** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| | Gold Fund – Common Stocks | Gold Fund – Warrants |
| Beginning balance October 31, 2024 | $8237574 | $- |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 during the period |  |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 during the period | (4026420) |  |
| &nbsp;&nbsp;&nbsp;Total realized gain/(loss) | (953) |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation)<sup>1</sup> | (7522) |  |
| &nbsp;&nbsp;&nbsp;Net purchases | 5539185 |  |
| &nbsp;&nbsp;&nbsp;Net sales | (23449) | - |
| Balance as of October 31, 2025 | $9718415 | $- |

---

 

<sup>1</sup> The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to Level 3 investments still held at October 31, 2025 was $1,256,220.

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 October 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Fair Value**<br> **October 31, 2025** | **Valuation**<br> **Methodologies** | **Unobservable**<br> **Input<sup>(1)</sup>** | **Input Range/**<br> **Value** | **Valuation**<br> **Weighted Average of**<br> **Input** | **Impact to**<br> **Valuation**<br> **from an**<br> **increase in**<br> **Input<sup>(2)</sup>** |
| International Dividend Income Fund – Common Stocks | $62985 | Market Approach | Liquidity Discount | 0% - 50% | N/A | Decrease |
| Gold Fund – Common Stocks | 9718415 | Market Approach | Subscription Price | $0.65 - $3.30 | N/A | Increase |
| Gold Fund – Common Stocks |  | Asset Approach | Probability of Recovery | 0% | N/A | Increase |

---

<sup>(1)</sup> 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 judgements, 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.

<sup>(2)</sup> 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 10 – Derivatives and Hedging Disclosures**

*Derivatives and Hedging* requires enhanced disclosures about the Gold Fund's derivative and hedging activities, including how such activities are accounted for and their effects on the Gold Fund's financial position, performance and cash flows. The Gold Fund invested in warrants during the year ended October 31, 2025. The effects of these derivative instruments on the Gold 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 October 31, 2025 by risk category are as follows:

**Euro Pacific Funds** 

**NOTES TO FINANCIAL STATEMENTS – Continued** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Gold Fund** | **Gold Fund** |
|  | **Asset Derivatives** | **Asset Derivatives** |
| Derivatives not designated as hedging instruments | Statement of Assets and Liabilities Location | Value |
| Equity contracts | Warrants, at value | $2053137 |

---

---

| | |
|:---|:---|
|  | **Gold Fund** |
|  | **Change in Unrealized**<br> **Appreciation/Depreciation on Derivatives Recognized in Income** |
| Derivatives not designated as hedging instruments | Warrants |
| Equity contracts | $1928271 |

---

The number of contracts is included on the Schedule of Investments. The quarterly average volumes of derivative instruments as of October 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| Derivatives not designated as hedging instruments |  | **Gold Fund** | **Gold Fund** |
| Equity contracts | Warrants | Average market value | $718371 |

---

**Euro Pacific Funds** 

**NOTES TO FINANCIAL STATEMENTS – Continued** 

**October 31, 2025** 

**Note 11 – Investments in Affiliated Issuers**

An affiliated issuer is an entity in which the Fund has ownership of at 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 October 31, 2025 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:

**Gold Fund**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Value**<br>**Beginning**<br>**of Period** |<br><br>**Additions** |<br><br>**Reductions** |<br>**Net**<br>**Realized**<br>**Gain (Loss)** | **Change in**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |<br>**Value End**<br>**of Period** |<br>**Dividend**<br>**Income\*** |
| **Common Stocks** |  |  |  |  |  |  |  |
| **Diversified Exploration and Mining - 1.1%** |  |  |  |  |  |  |  |
| Gold Hart Corp. <sup>(1)(3)</sup> | $- | $1073686 | $- | $- | $280941 | $1354627 | $&nbsp;&nbsp;&nbsp;&nbsp; - |
| Nuvau Minerals Corp. <sup>(1)(3)(4)</sup> | 5314563 |  | (1303837) | (953) | 16647 | 4026420 |  |
|  |  |  |  |  |  | 5381047 |  |
| **Gold Exploration - 6.3%** |  |  |  |  |  |  |  |
| Alpha Exploration Ltd. <sup>(3)(4)</sup> | 3514491 | 413651 | (120265) | (9060) | (1122413) | 2676404 |  |
| Angus Gold, Inc. <sup>(2)(3)</sup> | 1372630 | 80544 | (2078977) | 384184 | 241619 |  |  |
| Aurion Resources, Ltd. <sup>(3)</sup> | 5104986 | 17475 |  |  | 2765574 | 7888035 |  |
| Dryden Gold Corp. <sup>(2)(3)</sup> | 915139 |  | (940275) | 57345 | (32209) |  |  |
| Heliostar Metals Ltd. <sup>(3)</sup> | 6607714 |  | (1056751) | 627066 | 12859620 | 19037649 |  |
| Radius Gold, Inc. <sup>(2)(3)</sup> | 287274 |  | (470721) | (45530) | 228977 |  |  |
| Revival Gold, Inc. <sup>(2)(3)</sup> | 2346962 |  | (2734050) | (107290) | 494378 |  |  |
| Scorpio Gold Corp. <sup>(2)(3)(4)</sup> | 1237400 | 415628 | (1648744) | (17952) | 13668 | - |  |
|  |  |  |  |  |  | 29602088 |  |
| **Precious Metals Exploration - 0.8%** |  |  |  |  |  |  |  |
| Kenorland Minerals Ltd. <sup>(2)(3)</sup> | 3245397 |  | (2424611) | 28294 | (849080) |  |  |
| Midland Exploration, Inc. <sup>(3)</sup> | 1354645 | 39417 | (51395) | (163291) | 809860 | 1989236 |  |
| Mundoro Capital, Inc. <sup>(3)</sup> | 1204790 |  | (15785) | 789 | 615046 | 1804840 |  |
|  |  |  |  |  |  | 3794076 |  |
| **Royalty Companies - 1.2%** |  |  |  |  |  |  |  |
| Orogen Royalties, Inc. <sup>(1)(3)</sup> | 9201350 | 7457529 | (23842175) | 10673851 | 1233470 | 4724025 |  |
| Silver Crown Royalties, Inc. <sup>(3)</sup> | 1136168 |  | (60924) | (29580) | (263217) | 782447 |  |
|  |  |  |  |  |  | 5506472 |  |
| Total |  |  |  | $11397873 | $17292881 | $44283683 | $- |

---

**Euro Pacific Funds** 

**NOTES TO FINANCIAL STATEMENTS – Continued** 

**October 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Shares**<br>**Beginning**<br>**of Period** |<br>**Purchases** |<br>**Sales** |<br>**Stock**<br>**Split** | **Shares**<br>**End**<br>**of Period** |
| **Common Stocks** |  |  |  |  |  |
| **Diversified Exploration and Mining - 1.1%** |  |  |  |  |  |
| Gold Hart Corp. <sup>(1)(3)</sup> |  | 7600000 |  |  | 7600000 |
| Nuvau Minerals Corp. <sup>(1)(3)(4)</sup> | 8222220 |  | (37500) |  | 8184720 |
| **Gold Exploration - 6.3%** |  |  |  |  |  |
| Alpha Exploration Ltd. <sup>(3)(4)</sup> | 6612942 | 857142 | (251000) |  | 7219084 |
| Angus Gold, Inc. <sup>(2)(3)</sup> | 3822500 | 300000 | (4122500) |  |  |
| Aurion Resources, Ltd. <sup>(3)</sup> | 10609228 | 29000 |  |  | 10638228 |
| Dryden Gold Corp. <sup>(2)(3)</sup> | 7964000 |  | (2114000) |  | 5850000 |
| Heliostar Metals Ltd. <sup>(3)</sup> | 16141370 |  | (1550000) |  | 14591370 |
| Radius Gold, Inc. <sup>(2)(3)</sup> | 4000000 |  | (700000) |  | 3300000 |
| Revival Gold, Inc. <sup>(2)(3)</sup> | 9611500 |  | (4538500) |  | 5073000 |
| Scorpio Gold Corp. <sup>(2)(3)(4)</sup> | 12306833 | 7500000 | (11054500) |  | 8752333 |
| **Precious Metals Exploration - 0.8%** |  |  |  |  |  |
| Kenorland Minerals Ltd. <sup>(2)(3)</sup> | 3862300 |  | (146900) |  | 3715400 |
| Midland Exploration, Inc. <sup>(3)</sup> | 5894400 | 200000 | (220500) |  | 5873900 |
| Mundoro Capital, Inc. <sup>(3)</sup> | 8829204 |  | (100000) |  | 8729204 |
| **Royalty Companies - 1.2%** |  |  |  |  |  |
| Orogen Royalties, Inc. <sup>(1)(3)</sup> | 8715619 | 6693492 | (12327289) |  | 3081822 |
| Silver Crown Royalties, Inc. <sup>(3)</sup> | 200000 |  | (12400) |  | 187600 |

---

<sup>(1)</sup> Not an affiliate at the beginning of the period.

<sup>(2)</sup> Not an affiliate at the end of the period.

<sup>(3)</sup> Non Income Producing

<sup>(4)</sup> 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.

<sup>\*</sup> Net of foreign withholding taxes.

**Note 12 – Market Disruption and Geopolitical Risks**

Certain local, regional or global events such as war, acts of terrorism, the spread of infectious illnesses and/or other public health issues, financial institution instability or other events may have a significant impact on a security or instrument. These types of events and other like them are collectively referred to as "Market Disruptions and Geopolitical Risks" and they may have adverse impacts on 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. Some of the impacts noted in recent times include but are not limited to embargos, political actions, supply chain disruptions, tariffs, bank failures, restrictions to investment and/or monetary movement including the forced selling of securities or the inability to participate impacted markets. The duration of these events could adversely affect the Fund's performance, the performance of the securities in which the Fund invests and may lead to losses on your investment. The ultimate impact of "Market Disruptions and Geopolitical Risks" on the financial performance of the Fund's investments is not reasonably estimable at this time. Management is actively monitoring these events.

**Euro Pacific Funds** 

**NOTES TO FINANCIAL STATEMENTS – Continued** 

**October 31, 2025** 

**Note 13 – New Accounting Pronouncement**

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds' financial statements.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07")," which enhances disclosure requirements about significant segment expenses that are regularly provided to the CODM. ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by Topic 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management has evaluated the impact of applying ASU 2023-07, and the Funds have adopted the ASU during the reporting period. The adoption of the ASU does not have a material impact on the financial statements. Required disclosure is included in Note 1.

**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.

The EuroPac International Bond Fund declared the payment of a distribution to be paid, on November 26, 2025, to shareholders of record on November 25, 2025, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | Long Term Capital Gain | Short Term Capital Gain | Income |
| International Bond Fund | Class A Shares | $None | $None | $0.03790 |
| International Bond Fund | Class I Shares |  |  | 0.03796 |

---

**Euro Pacific Funds** 

**NOTES TO FINANCIAL STATEMENTS – Continued** 

**October 31, 2025** 

The Funds declared the payment of a distribution to be paid, on December 18, 2025, to shareholders of record on December 17, 2025, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | Long Term Capital Gain | Short Term Capital Gain | Income |
| International Value Fund | Class A Shares | $0.77770 | $0.10624 | $0.00424 |
| International Value Fund | Class I Shares | 0.77770 | 0.10624 | 0.00913 |
| International Bond Fund | Class A Shares |  |  | 0.14818 |
| International Bond Fund | Class I Shares |  |  | 0.15010 |
| International Dividend Income Fund | Class A Shares | 0.65669 |  | 0.06756 |
| International Dividend Income Fund | Class I Shares | 0.65669 |  | 0.10473 |
| Emerging Markets Fund | Class A Shares |  |  | 0.22867 |
| Emerging Markets Fund | Class I Shares |  |  | 0.25203 |
| Gold Fund | Class A Shares |  |  | 1.35463 |
| Gold Fund | Class I Shares |  |  | 1.39149 |

---

There were no other events or transactions that occurred during this period that materially impacted the amounts or disclosures in the Funds' financial statements.

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Board of Trustees of**

**Investment Managers Series Trust** 

**and the Shareholders of the Euro Pacific Funds**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of the EuroPac International Value Fund, EuroPac International Bond Fund, EuroPac International Dividend Income Fund, EP Emerging Markets Fund and EuroPac Gold Fund (the "Funds"), each a series of Investment Managers Series Trust, including the schedules of investments, as of October 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of October 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2007.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

---

| | |
|:---|:---|
|  | ![](fp0096534-1_02.jpg) |
|  | **TAIT, WELLER & BAKER LLP** |
| **Philadelphia, Pennsylvania** |  |
| **December 30, 2025** |  |

---

**Euro Pacific Funds**

**SUPPLEMENTAL INFORMATION (Unaudited)**

 ****

***Qualified Dividend Income***

Pursuant to Section 854 of the Internal Revenue Code of 1986, International Value Fund, International Bond Fund, International Dividend Fund, Emerging Markets Fund and Gold Fund designates income dividends of 100%, 0%, 100%, 100% and 6.09% as qualified dividend income paid during the fiscal year ended October 31, 2025.

 ****

***Corporate Dividends Received Deduction***

For the fiscal year ended October 31, 2025, 5.77%, 0%, 3.28%, 0% and .61% of the dividends paid from net investment income qualifies for the dividends received deduction available to corporate shareholders of the International Value Fund, International Bond Fund, International Dividend Fund, Emerging Markets Fund and Gold Fund, respectively.

 ****

***Foreign Taxes Paid***

Pursuant to Section 853 of the Internal Revenue Code of 1986, as amended, the International Value Fund, International Dividend Income Fund and the Gold Fund designates $2,102,326, $3,747,110 and $1,863,817 of income derived from foreign sources and $296,246, $441,249 and $302,839 of foreign taxes paid for the period ended October 31, 2025.

Of the ordinary income (including short-term capital gain) distributions made (or to be made) for the year ended October 31, 2025, the proportionate share of income derived from foreign sources and foreign taxes paid attributable to one share of stock are:

---

| | | |
|:---|:---|:---|
|  | Foreign<br> Source Income | Foreign<br> Taxes Paid |
| International Value Fund | $0.1669 | $0.0235 |
| International Dividend Income Fund | $0.2595 | $0.0306 |
| Gold Fund | $0.0697 | $0.0113 |

---

***Shareholder Meeting Results***

Shareholders were asked to participate in a special meeting of shareholders on September 12, 2025 (the "Shareholder Meeting") for the purpose of electing trustees. Each Nominee was approved by the affirmative vote of a plurality of the shares voting at the Shareholder Meeting. The final results of the Shareholder Meeting are reported in the following table.

Proposal: To elect the following as Trustees of the Trust:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Voted For** | **Voted For** | **Total Shares Outstanding** | **Voted Withheld** | **Voted Withheld** | **Total Shares Outstanding** |
| **Trustee Nominee Name** | **Shares** | **%** | **%** | **Shares** | **%** | **%** |
| Ashley Toomey Rabun | 827129737.221 | 93.884% | 64.642% | 53885229.201 | 6.116% | 4.211% |
| William H. Young | 829469192.220 | 94.150% | 64.825% | 51545774.202 | 5.850% | 4.028% |
| James E. Ross | 872416952.851 | 99.025% | 68.182% | 8598013.571 | 0.975% | 0.671% |
| Jill I. Mavro | 872376298.228 | 99.020% | 68.178% | 8638668.194 | 0.980% | 0.675% |
| Maureen Quill | 873652842.444 | 99.165% | 68.278% | 7362123.978 | 0.835% | 0.575% |

---

Note: Record date Shares 1,279,552,379.149

Shares voted: 881,014,966.422

% Total Shares Voted: 68.853%

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</u>**

Not Applicable.

**<u>Item 9. Proxy Disclosures for Open-End Management Investment Companies</u>.**

Not Applicable.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.</u>**

This information is included in Item 7, as part of the financial statements.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Not Applicable.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

 

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

The registrant has not made any material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal 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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

(a) Not Applicable.

(b) Not Applicable.

**<u>Item 19. Exhibits.</u>**

[(a)](https://www.sec.gov/Archives/edgar/data/1318342/000139834418008810/fp0033774_ex99code.htm) [(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 June 8, 2018.](https://www.sec.gov/Archives/edgar/data/1318342/000139834418008810/fp0033774_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(a) (2) *Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Instruction to paragraph (a)(2).* Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(a) [(3) A separate certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)). Filed herewith](fp0096534-1_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(a) (4) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;(a) (5) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](fp0096534-1_ex99906cert.htm)

**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 and Principal Executive Officer |
| Date | 1/9/2026 |

---

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 and Principal Executive Officer |
| Date | 1/9/2026 |
| By (Signature and Title) | /s/ Rita Dam |
|  | Rita Dam, Treasurer and Principal Financial Officer |
| Date | 1/9/2026 |

---

## Ex-99.Cert

EX.99.CERT

**<u>CERTIFICATIONS</u>**

I, **Maureen Quill**, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of  **<u>EuroPac International Value Fund, EuroPac International Bond Fund, EuroPac International Dividend Income Fund, EP Emerging Markets Fund, and EuroPac Gold Fund,</u>** each a series of Investment
Managers Series Trust (the "Trust");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
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; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrants' ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 1/9/2026 | /s/ Maureen Quill |
|  |  | Maureen Quill<br> President and Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, **Rita Dam**, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of  **<u>EuroPac International Value Fund, EuroPac International Bond Fund, EuroPac International Dividend Income Fund, EP Emerging Markets Fund, and EuroPac Gold Fund,</u>** each a series of Investment
Managers Series Trust (the "Trust");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
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; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 1/9/2026 | /s/ Rita Dam |
|  |  | Rita Dam<br> Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

EX.99.906CERT

**Certification of CEO and CFO Pursuant to**

**18 U.S.C. Section 1350, as Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the report on Form N-CSR of **<u>EuroPac International Value Fund, EuroPac International Bond Fund, EuroPac International Dividend Income Fund, EP Emerging Markets Fund, and EuroPac Gold Fund,</u>** each a series of Investment Managers Series Trust (the "Trust"), for the year ended **October 31, 2025** (the "Report"), Maureen Quill, as President and Principal Executive Officer of the Trust, and Rita Dam, as Treasurer and Principal Financial Officer of the Trust, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his or her knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully complies with the requirements of Section 13 (a) or 15 (d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date | 1/9/2026 |
| /s/ Maureen Quill | /s/ Maureen Quill |
| Maureen Quill | Maureen Quill |
| President and Principal Executive Officer | President and Principal Executive Officer |
| /s/ Rita Dam | /s/ Rita Dam |
| Rita Dam | Rita Dam |
| Treasurer and Principal Financial Officer | Treasurer and Principal Financial Officer |

---

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Investment Managers Series Trust for purposes of Section 18 of the Securities Exchange Act of 1934.