# EDGAR Filing Document

**Accession Number:** 0001318342
**File Stem:** 0001398344-25-012889
**Filing Date:** 2025-7
**Character Count:** 236818
**Document Hash:** 0df423ce753fe8dda855e325af8eee9a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-012889.hdr.sgml**: 20250708

**ACCESSION NUMBER**: 0001398344-25-012889

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250708

**DATE AS OF CHANGE**: 20250708

**EFFECTIVENESS DATE**: 20250708

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21719
- **FILM NUMBER:** 251110595

**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

#### 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:

#### April 30, 2025
 **Item 1. Report to Stockholders.**

(a) The registrant's semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Investment Act"), is as follows:

EP Emerging Markets Fund

Class A/EPASX

![TSR Fund Logo - Cover](images_285.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This semi-annual shareholder report contains important information about the EP Emerging Markets Fund ("Fund") for the period of November 1, 2024 to April 30, 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 |
| EP Emerging Markets Fund<br>(Class A/EPASX) | $861.75%<sup>1</sup> |

---

 *<sup><sup>1</sup></sup>* *<sup>Annualized.</sup>* 

#### 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;$85898004 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

#### 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. | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Astra International Tbk P.T. | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;British American Tobacco PLC | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Zhejiang Cfmoto Power Co., Ltd. - Class A | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Luzhou Laojiao Co., Ltd. - Class A | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;B3 S.A. - Brasil Bolsa Balcao | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;China Overseas Property Holdings Ltd. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | 2.5% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_958293.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_958298.jpg)

#### 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_285.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This semi-annual shareholder report contains important information about the EP Emerging Markets Fund ("Fund") for the period of November 1, 2024 to April 30, 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 |
| EP Emerging Markets Fund<br>(Class I/EPEIX) | $741.50%<sup>1</sup> |

---

 *<sup><sup>1</sup></sup>* *<sup>Annualized.</sup>* 

#### 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;$85898004 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

#### 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. | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Astra International Tbk P.T. | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;British American Tobacco PLC | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Zhejiang Cfmoto Power Co., Ltd. - Class A | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Luzhou Laojiao Co., Ltd. - Class A | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;B3 S.A. - Brasil Bolsa Balcao | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;China Overseas Property Holdings Ltd. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | 2.5% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_958329.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_958334.jpg)

#### 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_285.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This semi-annual shareholder report contains important information about the EuroPac Gold Fund ("Fund") for the period of November 1, 2024 to April 30, 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 |
| EuroPac Gold Fund<br>(Class A/EPGFX) | $731.36%<sup>1</sup> |

---

 *<sup><sup>1</sup></sup>* *<sup>Annualized.</sup>* 

#### 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;$303401427 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;79 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

#### 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. | 8.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fortuna Silver Mines, Inc. | 7.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Franco-Nevada Corp. | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pan American Silver Corp. | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Gold, Inc. | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corp. | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Orogen Royalties, Inc. | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Gold Corp. | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Osisko Gold Royalties Ltd. | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Heliostar Metals Ltd. | 4.2% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_958581.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_958586.jpg)

#### 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_285.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This semi-annual shareholder report contains important information about the EuroPac Gold Fund ("Fund") for the period of November 1, 2024 to April 30, 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 |
| EuroPac Gold Fund<br>(Class I/EPGIX) | $591.11%<sup>1</sup> |

---

 *<sup><sup>1</sup></sup>* *<sup>Annualized.</sup>* 

#### 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;$303401427 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;79 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

#### 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. | 8.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fortuna Silver Mines, Inc. | 7.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Franco-Nevada Corp. | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pan American Silver Corp. | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Gold, Inc. | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corp. | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Orogen Royalties, Inc. | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Gold Corp. | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Osisko Gold Royalties Ltd. | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Heliostar Metals Ltd. | 4.2% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_958617.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_958622.jpg)

#### 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_285.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This semi-annual shareholder report contains important information about the EuroPac International Bond Fund ("Fund") for the period of November 1, 2024 to April 30, 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 |
| EuroPac International Bond Fund<br>(Class A/EPIBX) | $581.15%<sup>1</sup> |

---

 *<sup><sup>1</sup></sup>* *<sup>Annualized.</sup>* 

#### 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;$56896154 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;41 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

#### 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;Philippine Government International Bond, 6.250%, 1/14/2036 | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombia Government International Bond, 9.850%, 6/28/2027 | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Inter-American Development Bank, 5.100%, 11/17/2026 | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kreditanstalt fuer Wiederaufbau, 4.400%, 7/25/2025 | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonos de la Tesoreria de la Republica en pesos, 6.000%, 4/1/2033 | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;European Bank for Reconstruction & Development, 6.300%, 10/26/2027 | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Export-Import Bank of Korea, 3.700%, 3/23/2026 | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Thailand Government Bond, 3.390%, 6/17/2037 | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Asian Development Bank, 6.200%, 10/6/2026 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Peruvian Government International Bond, 5.940%, 2/12/2029 | 2.7% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_958437.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_958442.jpg)

#### 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_285.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This semi-annual shareholder report contains important information about the EuroPac International Bond Fund ("Fund") for the period of November 1, 2024 to April 30, 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 |
| EuroPac International Bond Fund<br>(Class I/EPBIX) | $460.90%<sup>1</sup> |

---

 *<sup><sup>1</sup></sup>* *<sup>Annualized.</sup>* 

#### 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;$56896154 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;41 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

#### 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;Philippine Government International Bond, 6.250%, 1/14/2036 | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombia Government International Bond, 9.850%, 6/28/2027 | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Inter-American Development Bank, 5.100%, 11/17/2026 | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kreditanstalt fuer Wiederaufbau, 4.400%, 7/25/2025 | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonos de la Tesoreria de la Republica en pesos, 6.000%, 4/1/2033 | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;European Bank for Reconstruction & Development, 6.300%, 10/26/2027 | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Export-Import Bank of Korea, 3.700%, 3/23/2026 | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Thailand Government Bond, 3.390%, 6/17/2037 | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Asian Development Bank, 6.200%, 10/6/2026 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Peruvian Government International Bond, 5.940%, 2/12/2029 | 2.7% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_958473.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_958478.jpg)

#### 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_285.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This semi-annual shareholder report contains important information about the EuroPac International Dividend Income Fund ("Fund") for the period of November 1, 2024 to April 30, 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 |
| EuroPac International Dividend Income Fund<br>(Class A/EPDPX) | $791.50%<sup>1</sup> |

---

 *<sup><sup>1</sup></sup>* *<sup>Annualized.</sup>* 

#### 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;$136064780 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### 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 | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vodafone Group PLC | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Engie S.A. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pan American Silver Corp. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Gold Corp. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;IAMGOLD Corp. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enel S.p.A. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinox Gold Corp. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding A.G. | 2.4% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_958365.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_958370.jpg)

#### 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_285.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This semi-annual shareholder report contains important information about the EuroPac International Dividend Income Fund ("Fund") for the period of November 1, 2024 to April 30, 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 |
| EuroPac International Dividend Income Fund<br>(Class I/EPDIX) | $661.25%<sup>1</sup> |

---

 *<sup><sup>1</sup></sup>* *<sup>Annualized.</sup>* 

#### 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;$136064780 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### 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 | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vodafone Group PLC | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Engie S.A. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pan American Silver Corp. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Gold Corp. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;IAMGOLD Corp. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enel S.p.A. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinox Gold Corp. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding A.G. | 2.4% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_958401.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_958406.jpg)

#### 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_285.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This semi-annual shareholder report contains important information about the EuroPac International Value Fund ("Fund") for the period of November 1, 2024 to April 30, 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 |
| EuroPac International Value Fund<br>(Class A/EPIVX) | $891.71%<sup>1</sup> |

---

 *<sup><sup>1</sup></sup>* *<sup>Annualized.</sup>* 

#### 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;$148399841 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

#### 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 | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carl Zeiss Meditec A.G. | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Gold Corp. | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Franco-Nevada Corp. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ono Pharmaceutical Co., Ltd. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Evolution A.B. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinross Gold Corp. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kimberly-Clark de Mexico S.A.B. de C.V. - Class A | 3.0% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_958509.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_958514.jpg)

#### 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_285.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This semi-annual shareholder report contains important information about the EuroPac International Value Fund ("Fund") for the period of November 1, 2024 to April 30, 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 |
| EuroPac International Value Fund<br>(Class I/EPVIX) | $761.46%<sup>1</sup> |

---

 *<sup><sup>1</sup></sup>* *<sup>Annualized.</sup>* 

#### 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;$148399841 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

#### 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 | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carl Zeiss Meditec A.G. | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Gold Corp. | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Franco-Nevada Corp. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ono Pharmaceutical Co., Ltd. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Evolution A.B. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinross Gold Corp. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kimberly-Clark de Mexico S.A.B. de C.V. - Class A | 3.0% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_958545.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_958550.jpg)

#### 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>**

Not applicable.

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

Not applicable.

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

Not applicable.

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

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>**

![](fp0093736-1_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)

**SEMI-ANNUAL REPORT**

**April 30, 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; 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; 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; EuroPac International Dividend Income Fund 8 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EP Emerging Markets Fund 11 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EuroPac Gold Fund 14 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Assets and Liabilities 18 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Operations 22 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets 25 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Highlights 30 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements 40
 

*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.*

 

*www.europac.com*

**EuroPac International Value Fund**

**SCHEDULE OF INVESTMENTS**

**As of April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number of<br> Shares |  | Value |
|  | **COMMON STOCKS — 87.1%** |  |
|  | **AUSTRALIA — 2.2%** |  |
| 200000 | Sonic Healthcare Ltd. | $**3341020** |
|  | **BRAZIL — 1.3%** |  |
| 750656 | Ambev S.A. - ADR | **1899160** |
|  | **CANADA — 21.9%** |  |
| 55000 | Agnico Eagle Mines Ltd. | 6466900 |
| 40000 | Bank of Nova Scotia | 2001451 |
| 335000 | Barrick Gold Corp. | 6378400 |
| 30000 | Franco-Nevada Corp. | 5153400 |
| 600000 | IAMGOLD Corp. <sup>\*</sup> | 4248000 |
| 300000 | Kinross Gold Corp. | 4428000 |
| 30000 | Nutrien Ltd. | 1711500 |
| 84694 | Pan American Silver Corp. | 2132595 |
|  |  | **32520246** |
|  | **CHINA — 1.0%** |  |
| 25000 | Tencent Holdings Ltd. | **1538243** |
|  | **DENMARK — 4.1%** |  |
| 20000 | Novo Nordisk A/S - ADR | 1329000 |
| 30000 | Novonesis (Novozymes) B | 1940052 |
| 35000 | Royal Unibrew A/S | 2780771 |
|  |  | **6049823** |
|  | **FRANCE — 1.9%** |  |
| 25000 | Pluxee N.V. | 560213 |
| 35000 | Societe BIC S.A. | 2260111 |
|  |  | **2820324** |
|  | **GERMANY — 5.3%** |  |
| 20000 | BASF S.E. | 1011216 |
| 100000 | Carl Zeiss Meditec A.G. | 6808655 |
|  |  | **7819871** |
|  | **JAPAN — 10.8%** |  |
| 40000 | BayCurrent, Inc. | 2151350 |
| 50000 | Chugai Pharmaceutical Co., Ltd. | 2874178 |
| 100000 | MonotaRO Co., Ltd. | 1922297 |
| 400000 | Ono Pharmaceutical Co., Ltd. | 4593649 |
| 150000 | Shoei Co., Ltd. | 1754092 |
| 130000 | Yakult Honsha Co., Ltd. | 2666282 |
|  |  | **15961848** |

---

**EuroPac International Value Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number of<br> Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **MEXICO — 3.0%** |  |
| 2500000 | Kimberly-Clark de Mexico S.A.B. de C.V. - Class A | $**4407078** |
|  | **NETHERLANDS — 2.7%** |  |
| 22000 | Aalberts N.V. | 726272 |
| 100000 | Shell PLC | 3263849 |
|  |  | **3990121** |
|  | **NORWAY — 1.6%** |  |
| 105000 | Equinor A.S.A. | **2401090** |
|  | **SINGAPORE — 2.9%** |  |
| 165000 | Singapore Exchange Ltd. | 1814103 |
| 842700 | Singapore Telecommunications Ltd. | 2438868 |
|  |  | **4252971** |
|  | **SWEDEN — 3.1%** |  |
| 65000 | Evolution A.B. <sup>1</sup> | **4533961** |
|  | **SWITZERLAND — 4.6%** |  |
| 1500 | Barry Callebaut A.G. | 1346620 |
| 20000 | Novartis A.G. - ADR | 2269800 |
| 10000 | Roche Holding A.G. | 3262660 |
|  |  | **6879080** |
|  | **UNITED KINGDOM — 13.4%** |  |
| 85000 | BP PLC - ADR | 2334100 |
| 200000 | British American Tobacco PLC - ADR | 8710000 |
| 125000 | Burberry Group PLC | 1205357 |
| 55760 | GSK PLC - ADR | 2222036 |
| 40000 | Reckitt Benckiser Group PLC | 2578891 |
| 45000 | Unilever PLC - ADR | 2859750 |
|  |  | **19910134** |
|  | **UNITED STATES — 7.3%** |  |
| 85000 | Newmont Corp. | 4477800 |
| 73200 | Newmont Corp. - CDI | 3848017 |
| 15000 | Philip Morris International, Inc. | 2570400 |
|  |  | **10896217** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $101,416,668) | **129221187** |

---

**EuroPac International Value Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **SHORT-TERM INVESTMENTS — 12.3%** |  |
| 18323804 | Federated Hermes Treasury Obligations Fund - Institutional Class, 4.148% <sup>2</sup> | $18323804 |
|  | **Total Short-Term Investments** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $18,323,804) | **18323804** |
|  | **TOTAL INVESTMENTS — 99.4%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $119,740,472) | **147544991** |
|  | Other Assets in Excess of Liabilities — 0.6% | 854850 |
|  | **TOTAL NET ASSETS — 100.0%** | $**148399841** |

---

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 $4,533,961, which represents 3.06% 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 April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 0.0%** |  |
|  | **UNITED STATES — 0.0%** |  |
| 118 | Hycroft Mining Holding Corp. <sup>\*</sup> | $**407** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,559,793) | **407** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  |  |
|  | **FIXED INCOME SECURITIES — 86.7%** |  |
|  | **ARGENTINA — 1.1%** |  |
|  | Argentina Treasury Bond BONCER |  |
| 38400000 | &nbsp;&nbsp;&nbsp;2.000%, 11/9/2026 | **622943** |
|  | **AUSTRALIA — 3.7%** |  |
|  | Newcrest Finance Pty Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.750%, 11/15/2041<sup>2</sup> | 998801 |
|  | Queensland Treasury Corp. |  |
| 2250000 | &nbsp;&nbsp;&nbsp;1.750%, 7/20/2034<sup>2</sup> | 1113269 |
|  |  | **2112070** |
|  | **BRAZIL — 1.8%** |  |
|  | Brazilian Government International Bond |  |
| 6000000 | &nbsp;&nbsp;&nbsp;10.250%, 1/10/2028 | **1022079** |
|  | **CANADA — 1.9%** |  |
|  | Pembina Pipeline Corp. |  |
| 1500000 | &nbsp;&nbsp;&nbsp;3.310%, 2/1/2030<sup>3</sup> | **1062962** |
|  | **CHILE — 4.2%** |  |
|  | Bonos de la Tesoreria de la Republica en pesos |  |
| 2200000000 | &nbsp;&nbsp;&nbsp;6.000%, 4/1/2033<sup>2</sup> | **2388918** |
|  | **COLOMBIA — 4.7%** |  |
|  | Colombia Government International Bond |  |
| 11300000000 | &nbsp;&nbsp;&nbsp;9.850%, 6/28/2027 | **2634532** |
|  | **DENMARK — 2.0%** |  |
|  | Force Bidco A/S |  |
| 1000000 | &nbsp;&nbsp;&nbsp;9.793% (3-Month Euribor + 750 basis points), 4/10/2029<sup>3,4</sup> | **1132571** |
|  | **DOMINICAN REPUBLIC — 1.1%** |  |
|  | Dominican Republic International Bond |  |
| 37000000 | &nbsp;&nbsp;&nbsp;9.750%, 6/5/2026 | **632006** |

---

**EuroPac International Bond Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **FIXED INCOME SECURITIES (Continued)** |  |
|  | **FRANCE — 2.4%** |  |
|  | TotalEnergies S.E. |  |
| 1200000 | &nbsp;&nbsp;&nbsp;3.369% <sup>3,5,6</sup> | $**1359507** |
|  | **GERMANY — 4.3%** |  |
|  | Kreditanstalt fuer Wiederaufbau |  |
| 48700000 | &nbsp;&nbsp;&nbsp;4.400%, 7/25/2025 | **2461609** |
|  | **LUXEMBOURG — 1.6%** |  |
|  | European Investment Bank |  |
| 75000000 | &nbsp;&nbsp;&nbsp;6.950%, 3/1/2029<sup>2</sup> | **897577** |
|  | **MALTA — 3.2%** |  |
|  | Gaming Innovation Group PLC |  |
| 9000000 | &nbsp;&nbsp;&nbsp;9.590% (Stockholm Interbank Offered Rates 3 Month + 725 basis points), 12/18/2026<sup>3,4</sup> | 942778 |
|  | Samara Asset Group PLC |  |
| 800000 | &nbsp;&nbsp;&nbsp;10.062% (3-Month Euribor + 750 basis points), 11/5/2029<sup>2,3,4</sup> | 881377 |
|  |  | **1824155** |
|  | **MEXICO — 3.2%** |  |
|  | America Movil S.A.B. de C.V. |  |
| 17850000 | &nbsp;&nbsp;&nbsp;9.500%, 1/27/2031<sup>3</sup> | 907603 |
|  | Mexican Bonos |  |
| 20000000 | &nbsp;&nbsp;&nbsp;7.750%, 11/23/2034 | 922617 |
|  |  | **1830220** |
|  | **NETHERLANDS — 2.4%** |  |
|  | Volkswagen International Finance N.V. |  |
| 1300000 | &nbsp;&nbsp;&nbsp;3.875% <sup>3,5</sup> | **1381460** |
|  | **NORWAY — 8.3%** |  |
|  | Aker A.S.A. |  |
| 5000000 | &nbsp;&nbsp;&nbsp;6.275%, 9/27/2027 | 491390 |
|  | Ax INV1 Holding A.S. |  |
| 8750000 | &nbsp;&nbsp;&nbsp;8.280% (Oslo Bors Norway Interbank Offered Rate Fixing 3 Month + 375 basis points), 2/14/2030<sup>3,4</sup> | 838975 |
|  | City of Oslo Norway |  |
| 5000000 | &nbsp;&nbsp;&nbsp;1.320%, 2/16/2028 | 445470 |
|  | DNB Bank A.S.A. |  |
| 10000000 | &nbsp;&nbsp;&nbsp;6.780% (Oslo Bors Norway Interbank Offered Rate Fixing 3 Month + 230 basis points), 5/28/2030<sup>3,4</sup> | 962132 |
|  | Hawk Infinity Software A.S. |  |
| 10300000 | &nbsp;&nbsp;&nbsp;11.070% (Oslo Bors Norway Interbank Offered Rate Fixing 3 Month + 650 basis points), 10/3/2028<sup>3,4</sup> | 990057 |

---

**EuroPac International Bond Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **FIXED INCOME SECURITIES (Continued)** |  |
|  | **NORWAY (Continued)** |  |
|  | Lime Petroleum A.S. |  |
| 10000000 | &nbsp;&nbsp;&nbsp;13.860% (Oslo Bors Norway Interbank Offered Rate Fixing 3 Month + 925 basis points), 7/19/2027<sup>2,3,4</sup> | $967063 |
|  |  | **4695087** |
|  | **PERU — 2.7%** |  |
|  | Peruvian Government International Bond |  |
| 5400000 | &nbsp;&nbsp;&nbsp;5.940%, 2/12/2029 | **1553145** |
|  | **PHILIPPINES — 7.8%** |  |
|  | Asian Development Bank |  |
| 132000000 | &nbsp;&nbsp;&nbsp;6.200%, 10/6/2026 | 1558838 |
|  | Philippine Government International Bond |  |
| 165000000 | &nbsp;&nbsp;&nbsp;6.250%, 1/14/2036 | 2891607 |
|  |  | **4450445** |
|  | **SINGAPORE — 6.2%** |  |
|  | Housing & Development Board |  |
| 1000000 | &nbsp;&nbsp;&nbsp;2.320%, 1/24/2028 | 768406 |
|  | Singapore Government Bond |  |
| 2000000 | &nbsp;&nbsp;&nbsp;2.125%, 6/1/2026 | 1530503 |
| 1500000 | &nbsp;&nbsp;&nbsp;3.375%, 9/1/2033 | 1228620 |
|  |  | **3527529** |
|  | **SOUTH KOREA — 3.1%** |  |
|  | Export-Import Bank of Korea |  |
| 100000000 | &nbsp;&nbsp;&nbsp;3.700%, 3/23/2026 | **1763029** |
|  | **THAILAND — 2.8%** |  |
|  | Thailand Government Bond |  |
| 47000000 | &nbsp;&nbsp;&nbsp;3.390%, 6/17/2037 | **1607425** |
|  | **UNITED KINGDOM — 8.0%** |  |
|  | BP Capital Markets PLC |  |
| 1000000 | &nbsp;&nbsp;&nbsp;3.250% <sup>3,5,6</sup> | 1130070 |
|  | European Bank for Reconstruction & Development |  |
| 190000000 | &nbsp;&nbsp;&nbsp;6.300%, 10/26/2027 | 2238442 |
|  | Vodafone Group PLC |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.200%, 10/3/2078<sup>3,6</sup> | 1150910 |
|  |  | **4519422** |
|  | **UNITED STATES — 10.2%** |  |
|  | Inter-American Development Bank |  |
| 41500000000 | &nbsp;&nbsp;&nbsp;5.100%, 11/17/2026 | 2464000 |

---

**EuroPac International Bond Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **FIXED INCOME SECURITIES (Continued)** |  |
|  | **UNITED STATES (Continued)** |  |
|  | International Bank for Reconstruction & Development |  |
| 62000000 | &nbsp;&nbsp;&nbsp;3.700%, 1/25/2026 | $1097407 |
| 2000000 | &nbsp;&nbsp;&nbsp;9.750%, 1/21/2027 | 339524 |
| 18500000000 | &nbsp;&nbsp;&nbsp;6.500%, 12/8/2027 | 1125558 |
|  | International Finance Corp. |  |
| 8000000 | &nbsp;&nbsp;&nbsp;0.000%, 5/20/2030 | 790809 |
|  |  | **5817298** |
|  | **TOTAL FIXED INCOME SECURITIES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $50,843,560) | **49295989** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  |  |
|  | **SHORT-TERM INVESTMENTS — 10.0%** |  |
| 5695671 | Federated Hermes Treasury Obligations Fund - Institutional Class, 4.148% <sup>7</sup> | 5695671 |
|  | **Total Short-Term Investments** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,695,671) | **5695671** |
|  | **TOTAL INVESTMENTS — 96.7%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $58,099,024) | **54992067** |
|  | Other Assets in Excess of Liabilities — 3.3% | 1904087 |
|  | **TOTAL NET ASSETS — 100.0%** | $**56896154** |

---

PLC – Public Limited Company

<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 $7,247,005, which represents 12.74% 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 April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number of<br> Shares |  | Value |
|  | **COMMON STOCKS — 89.2%** |  |
|  | **AUSTRALIA — 5.3%** |  |
| 470000 | Evolution Mining Ltd. | $2357225 |
| 180000 | Northern Star Resources Ltd. | 2211376 |
| 50000 | Sonic Healthcare Ltd. | 835255 |
| 630000 | Telstra Group Ltd. | 1819946 |
|  |  | **7223802** |
|  | **BRAZIL — 3.8%** |  |
| 700000 | Ambev S.A. - ADR | 1771000 |
| 250000 | B3 S.A. - Brasil Bolsa Balcao | 594252 |
| 550000 | Banco Bradesco S.A. - ADR | 1353000 |
| 165000 | Itau Unibanco Holding S.A. - ADR | 1041150 |
| 40000 | Vale S.A. - ADR | 372400 |
|  |  | **5131802** |
|  | **CANADA — 18.7%** |  |
| 30000 | Agnico Eagle Mines Ltd. | 3527400 |
| 350000 | Algonquin Power & Utilities Corp. | 1886334 |
| 22000 | Bank of Nova Scotia | 1100798 |
| 191000 | Barrick Gold Corp. | 3636640 |
| 10000 | BCE, Inc. | 222254 |
| 60000 | Canadian Utilities Ltd. - Class A | 1679530 |
| 500000 | Equinox Gold Corp. <sup>\*</sup> | 3350000 |
| 500000 | IAMGOLD Corp. <sup>\*</sup> | 3540000 |
| 15000 | Nutrien Ltd. | 855750 |
| 150000 | Pan American Silver Corp. | 3777000 |
| 50000 | Power Corp. of Canada | 1892500 |
|  |  | **25468206** |
|  | **CHINA — 1.9%** |  |
| 170000 | Alibaba Group Holding Ltd. | **2575558** |
|  | **FINLAND — 2.0%** |  |
| 160000 | Fortum Oyj | **2672709** |
|  | **FRANCE — 7.5%** |  |
| 206000 | Engie S.A. | 4243922 |
| 15000 | Sanofi S.A. | 1629659 |
| 40000 | TotalEnergies S.E. - ADR | 2274000 |
| 55000 | Veolia Environnement S.A. | 2005098 |
|  |  | **10152679** |
|  | **GERMANY — 4.6%** |  |
| 75000 | Bayer A.G. | 1956780 |

---

**EuroPac International Dividend Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **GERMANY (Continued)** |  |
| 130000 | E.ON S.E. | $2270250 |
| 7000 | SAP S.E. | 2024584 |
|  |  | **6251614** |
|  | **ITALY — 3.4%** |  |
| 400000 | Enel S.p.A. | 3463918 |
| 85000 | Eni S.p.A. | 1222952 |
|  |  | **4686870** |
|  | **NEW ZEALAND — 0.9%** |  |
| 2600000 | Kiwi Property Group Ltd. | **1274131** |
|  | **NORWAY — 4.8%** |  |
| 42794 | Aker BP A.S.A. | 918125 |
| 100000 | Austevoll Seafood A.S.A. | 936232 |
| 55000 | Equinor A.S.A. - ADR | 1225950 |
| 150000 | Norsk Hydro A.S.A. | 787243 |
| 180000 | Telenor A.S.A. | 2702578 |
|  |  | **6570128** |
|  | **SINGAPORE — 4.1%** |  |
| 55000 | DBS Group Holdings Ltd. | 1787574 |
| 800000 | Singapore Telecommunications Ltd. | 2315290 |
| 4000000 | Starhill Global REIT - REIT | 1515963 |
|  |  | **5618827** |
|  | **SOUTH KOREA — 0.8%** |  |
| 50000 | SK Telecom Co., Ltd. - ADR | **1079500** |
|  | **SPAIN — 6.7%** |  |
| 100000 | Banco Bilbao Vizcaya Argentaria S.A. | 1366262 |
| 55000 | Endesa S.A. | 1651184 |
| 114310 | Iberdrola S.A. | 2058409 |
| 85000 | Repsol S.A. | 1040954 |
| 578064 | Telefonica S.A. | 2958755 |
|  |  | **9075564** |
|  | **SWITZERLAND — 4.1%** |  |
| 20000 | Novartis A.G. - ADR | 2269800 |
| 10000 | Roche Holding A.G. | 3262661 |
|  |  | **5532461** |
|  | **UNITED KINGDOM — 16.7%** |  |
| 75000 | BP PLC - ADR | 2059500 |

---

**EuroPac International Dividend Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **UNITED KINGDOM (Continued)** |  |
| 150000 | British American Tobacco PLC - ADR | $6532500 |
| 55000 | GSK PLC | 2191750 |
| 520000 | John Wood Group PLC <sup>\*</sup> | 127783 |
| 18000 | Reckitt Benckiser Group PLC | 1160501 |
| 35000 | Shell PLC - ADR | 2256800 |
| 40000 | Unilever PLC - ADR | 2542000 |
| 6000000 | Vodafone Group PLC | 5857676 |
|  |  | **22728510** |
|  | **UNITED STATES — 3.9%** |  |
| 40000 | Newmont Corp. | 2107200 |
| 34000 | Newmont Corp. - CDI | 1787330 |
| 8000 | Philip Morris International, Inc. | 1370880 |
|  |  | **5265410** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $106,818,830) | **121307771** |
|  | **SHORT-TERM INVESTMENTS — 9.5%** |  |
| 12951722 | Federated Hermes Treasury Obligations Fund - Institutional Class, 4.148% <sup>1</sup> | 12951722 |
|  | **Total Short-Term Investments** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $12,951,722) | **12951722** |
|  | **TOTAL INVESTMENTS — 98.7%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $119,770,552) | **134259493** |
|  | Other Assets in Excess of Liabilities — 1.3% | 1805287 |
|  | **TOTAL NET ASSETS — 100.0%** | $**136064780** |

---

ADR – American Depository Receipt

CDI – CHESS Depositary Interest

PLC – Public Limited Company

REIT – Real Estate Investment Trust

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

<sup>1</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 April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 88.0%** |  |
|  | **BRAZIL — 5.0%** |  |
| 750000 | Ambev S.A. | $1925483 |
| 1000000 | B3 S.A. - Brasil Bolsa Balcao | 2377009 |
|  |  | **4302492** |
|  | **CHINA — 28.3%** |  |
| 200000 | Alibaba Group Holding Ltd. | 2986008 |
| 300000 | Anhui Conch Cement Co., Ltd. - Class H | 845118 |
| 150000 | ANTA Sports Products Ltd. | 1772373 |
| 2700000 | China Forestry Holdings Co., Ltd. <sup>\*,1</sup> |  |
| 700000 | Chongqing Fuling Zhacai Group Co., Ltd. - Class A | 1263832 |
| 1750000 | CSPC Pharmaceutical Group Ltd. | 1378365 |
| 125000 | ENN Energy Holdings Ltd. | 986798 |
| 499904 | Hangzhou Robam Appliances Co., Ltd. - Class A | 1346977 |
| 125000 | Jiangsu Yanghe Distillery Co., Ltd. - Class A | 1180803 |
| 150000 | Luzhou Laojiao Co., Ltd. - Class A | 2556068 |
| 100000 | Midea Group Co., Ltd. - Class A | 1013860 |
| 190000 | Shandong WIT Dyne Health Co., Ltd. - Class A | 799678 |
| 35000 | Shenzhen Mindray Bio-Medical Electronics Co., Ltd. - Class A | 1058537 |
| 40000 | Tencent Holdings Ltd. | 2450038 |
| 110000 | Wuliangye Yibin Co., Ltd. - Class A | 1949537 |
| 120000 | Zhejiang Cfmoto Power Co., Ltd. - Class A | 2745135 |
|  |  | **24333127** |
|  | **HONG KONG — 2.6%** |  |
| 3250000 | China Overseas Property Holdings Ltd. | **2257140** |
|  | **HUNGARY — 1.7%** |  |
| 50000 | Richter Gedeon Nyrt | **1516431** |
|  | **INDIA — 5.7%** |  |
| 20000 | AIA Engineering Ltd. | 756708 |
| 400000 | Castrol India Ltd. | 935719 |
| 50000 | GMM Pfaudler Ltd. | 607515 |
| 300000 | Indraprastha Gas Ltd. | 682082 |
| 55000 | Infosys Ltd. - ADR | 968000 |
| 32060 | Mphasis Ltd. | 936335 |
|  |  | **4886359** |
|  | **INDONESIA — 10.8%** |  |
| 12500000 | Astra International Tbk P.T. | 3612824 |
| 24000000 | Telkom Indonesia Persero Tbk P.T. | 3782849 |
| 11000000 | Unilever Indonesia Tbk P.T. | 1134714 |

---

**EP Emerging Markets Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **INDONESIA (Continued)** |  |
| 550000 | United Tractors Tbk P.T. | $751641 |
|  |  | **9282028** |
|  | **MEXICO — 9.4%** |  |
| 170000 | Arca Continental S.A.B. de C.V. | 1788985 |
| 1000000 | Bolsa Mexicana de Valores S.A.B. de C.V. | 2098366 |
| 40000 | Grupo Aeroportuario del Sureste S.A.B. de C.V. - Class B | 1267097 |
| 1200000 | Kimberly-Clark de Mexico S.A.B. de C.V. - Class A | 2115397 |
| 250000 | Wal-Mart de Mexico S.A.B. de C.V. | 792305 |
|  |  | **8062150** |
|  | **PHILIPPINES — 0.7%** |  |
| 3200000 | DMCI Holdings, Inc. | **607287** |
|  | **SOUTH AFRICA — 4.2%** |  |
| 250000 | JSE Ltd. | 1710768 |
| 100000 | Mr Price Group Ltd. | 1278084 |
| 90000 | Vodacom Group Ltd. | 665929 |
|  |  | **3654781** |
|  | **SOUTH KOREA — 8.1%** |  |
| 25000 | BGF Retail Co., Ltd. | 1889137 |
| 12500 | GOLFZON Co., Ltd. | 576481 |
| 18000 | Hyundai Glovis Co., Ltd. | 1443273 |
| 5000 | NCSoft Corp. | 514675 |
| 9000 | Orion Corp. | 780109 |
| 25000 | S-1 Corp. | 1114263 |
| 16000 | Samsung Electronics Co., Ltd. | 624281 |
|  |  | **6942219** |
|  | **TAIWAN — 6.3%** |  |
| 9000 | ASPEED Technology, Inc. | 846688 |
| 400000 | Formosa Plastics Corp. | 426174 |
| 50500 | Poya International Co., Ltd. | 756099 |
| 75000 | Realtek Semiconductor Corp. | 1232931 |
| 75000 | Taiwan Semiconductor Manufacturing Co., Ltd. | 2125091 |
|  |  | **5386983** |
|  | **THAILAND — 0.7%** |  |
| 1500000 | Thai Beverage PCL | **574918** |
|  | **UNITED KINGDOM — 3.8%** |  |
| 75000 | British American Tobacco PLC | **3243601** |

---

**EP Emerging Markets Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **URUGUAY — 0.7%** |  |
| 250 | MercadoLibre, Inc. <sup>\*</sup> | $**582713** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $73,658,962) | **75632229** |
|  | **SHORT-TERM INVESTMENTS — 12.3%** |  |
| 10546261 | Federated Hermes Treasury Obligations Fund - Institutional Class, 4.148% <sup>2</sup> | 10546261 |
|  | **Total Short-Term Investments** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $10,546,261) | **10546261** |
|  | **TOTAL INVESTMENTS — 100.3%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $84,205,223) | **86178490** |
|  | Liabilities in Excess of Other Assets — (0.3)% | (280486) |
|  | **TOTAL NET ASSETS — 100.0%** | $**85898004** |

---

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 April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 97.7%** |  |
|  | **DIVERSIFIED EXPLORATION AND MINING — 2.5%** |  |
| 880000 | Carbon Neutral<sup>1,2,3</sup> | $2952270 |
| 3000000 | Errington Metals, Inc.<sup>1,2,3</sup> | 870448 |
| 1180333 | Fuerte Metals Corp.<sup>\*,2</sup> | 530834 |
| 7500000 | Gold Hart Copper Corp.<sup>\*,1,3,4</sup> | 761642 |
| 8222220 | Nuvau Minerals, Inc.<sup>\*,2,4</sup> | 2564598 |
|  |  | **7679792** |
|  | **GOLD EXPLORATION — 13.4%** |  |
| 6487442 | Alpha Exploration Ltd.<sup>\*,2,4</sup> | 3294073 |
| 857142 | Alpha Exploration Ltd.<sup>\*,1,2,3,4</sup> | 435224 |
| 10638228 | Aurion Resources Ltd.<sup>\*,2,4</sup> | 6404852 |
| 1924658 | Dakota Gold Corp.<sup>\*</sup> | 5196577 |
| 6714000 | Dryden Gold Corp.<sup>\*,2</sup> | 900979 |
| 15061370 | Heliostar Metals Ltd.<sup>\*,4</sup> | 12673139 |
| 319503 | Ivanhoe Electric, Inc.<sup>\*</sup> | 2012869 |
| 9290000 | Mogotes Metals, Inc.<sup>\*,2</sup> | 1212970 |
| 8316000 | Newcore Gold Ltd.<sup>\*,2</sup> | 3076425 |
| 3300000 | Radius Gold, Inc.<sup>\*</sup> | 275279 |
| 8176500 | Revival Gold, Inc.<sup>\*</sup> | 2579992 |
| 7500000 | Scorpio Gold Corp<sup>\*,1,2,3,4</sup> | 680038 |
| 11302333 | Scorpio Gold Corp.<sup>\*,2,4</sup> | 1024802 |
| 1000000 | SolGold PLC<sup>\*,2</sup> | 90085 |
| 1041100 | Western Exploration, Inc.<sup>\*,2</sup> | 611701 |
|  |  | **40469005** |
|  | **GOLD MINING — 23.3%** |  |
| 224940 | Agnico Eagle Mines Ltd. | 26448445 |
| 30734 | AngloGold Ashanti Ltd. - ADR | 1295746 |
| 3689229 | B2Gold Corp. | 11473502 |
| 901000 | B2Gold Corp.<sup>2</sup> | 2816850 |
| 765392 | Barrick Gold Corp. | 14573064 |
| 300000 | Discovery Silver Corp.<sup>\*,2</sup> | 600609 |
| 33300 | Dundee Precious Metals, Inc.<sup>2</sup> | 436480 |
| 332452 | Equinox Gold Corp.<sup>\*,2</sup> | 2235478 |
| 6151229 | i-80 Gold Corp.<sup>\*,2</sup> | 3837268 |
| 100000 | Kinross Gold Corp. | 1476000 |
| 104749 | Newmont Corp. | 5518177 |
| 5000 | Polyus PJSC - GDR<sup>\*,1,2,3</sup> |  |
|  |  | **70711619** |
|  | **PRECIOUS METALS DEVELOPMENTAL — 0.3%** |  |
| 906600 | Western Copper & Gold Corp.<sup>\*,2</sup> | **999588** |

---

**EuroPac Gold Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **PRECIOUS METALS EXPLORATION — 5.0%** |  |
| 2053520 | Aztec Minerals Corp.<sup>\*,2</sup> | $268122 |
| 1733300 | G2 Goldfields, Inc.<sup>\*,2</sup> | 4061047 |
| 3807300 | Kenorland Minerals Ltd.<sup>\*,2</sup> | 3976869 |
| 6023900 | Midland Exploration, Inc.<sup>\*,2,4</sup> | 1354569 |
| 8829204 | Mundoro Capital, Inc.<sup>\*,2,4</sup> | 1184827 |
| 2950000 | Probe Gold, Inc.<sup>\*,2</sup> | 4429494 |
|  |  | **15274928** |
|  | **ROYALTY COMPANIES — 39.8%** |  |
| 178100 | Altius Minerals Corp.<sup>2</sup> | 3499731 |
| 7717300 | Elemental Altus Royalties Corp.<sup>\*,2</sup> | 8284930 |
| 543171 | EMX Royalty Corp.<sup>\*,2</sup> | 1256866 |
| 105366 | Franco-Nevada Corp. | 18099771 |
| 2412100 | Lara Exploration Ltd.<sup>\*,2</sup> | 3184406 |
| 3155115 | Metalla Royalty & Streaming Ltd.<sup>\*,2</sup> | 9635162 |
| 1258682 | Metalla Royalty & Streaming Ltd.<sup>\*</sup> | 3826393 |
| 12327289 | Orogen Royalties, Inc.<sup>\*,2,4</sup> | 16184820 |
| 560265 | Osisko Gold Royalties Ltd. | 13463168 |
| 318120 | Osisko Gold Royalties Ltd.<sup>2</sup> | 7624173 |
| 89800 | Royal Gold, Inc. | 16407358 |
| 199800 | Silver Crown Royalties, Inc.<sup>\*,2,4</sup> | 942043 |
| 195200 | Wheaton Precious Metals Corp. | 16303104 |
| 25000 | Wheaton Precious Metals Corp.<sup>2</sup> | 2087444 |
|  |  | **120799369** |
|  | **SILVER: EXPLORATION AND MINING — 13.4%** |  |
| 3584980 | Fortuna Silver Mines, Inc.<sup>\*</sup> | 22406125 |
| 707761 | Pan American Silver Corp. | 17821422 |
| 100000 | Vizsla Silver Corp.<sup>\*</sup> | 212000 |
| 10000 | Vizsla Silver Corp.<sup>\*,2</sup> | 21036 |
|  |  | **40460583** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $194,124,763) | **296394884** |
|  | **WARRANTS — 0.2%** |  |
|  | **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>\*,1,2,3</sup> |  |
| 2000000 | Nuvau Minerals Corp., Strike Price: 0.75 CAD, Expiration Date: March 15, 2026<sup>\*,1,2</sup> |  |

---

**EuroPac Gold Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **WARRANTS (Continued)** |  |
|  | **DIVERSIFIED EXPLORATION AND MINING (Continued)** |  |
| 1000000 | Nuvau Minerals Corp., Strike Price: 1.00 CAD, Expiration Date: November 13, 2026<sup>\*,1,2</sup> | $— |
| 1111110 | Nuvau Minerals Corp., Strike Price: 1.35 CAD, Expiration Date: September 10, 2026<sup>\*,1,2</sup> |  |
|  |  | **—** |
|  | **GOLD EXPLORATION — 0.2%** |  |
| 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> |  |
| 1600000 | Alpha Exploration Ltd., Strike Price: 1.05 CAD, Expiration Date: June 20, 2026<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> |  |
| 900000 | Angus Gold, Inc.. Strike Price: 0.80 CAD, Expiration Date: July 24, 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> | 563813 |
| 5000000 | Mogotes Metals, Inc., Strike Price: 0.30 CAD, Expiration Date: July 22, 2027<sup>\*,1,2</sup> |  |
| 4000000 | Radius Gold, Inc.; Strike Price: 0.35 CAD, Expiration Date: July 19, 2025<sup>\*,1,2</sup> |  |
| 7000000 | Scorpio Gold Corp., Strike Price: 0.20 CAD, Expiration Date: February 20, 2026<sup>\*,1,2</sup> |  |
| 650000 | Western Exploration, Inc., Strike Price: 2.15 CAD, Expiration Date: June 20, 2026<sup>\*,1,2</sup> |  |
|  |  | **563813** |
|  | **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 — 0.0%** |  |
| 2343750 | Revival Gold, Inc., Strike Price: 0.45 CAD, Expiration Date: September 17, 2027<sup>\*,1,2</sup> |  |
| 750000 | Revival Gold, Inc., Strike Price: 0.72 CAD, Expiration Date: July 18, 2026<sup>\*,1,2</sup> |  |
|  |  | **—** |

---

**EuroPac Gold Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **WARRANTS (Continued)** |  |
|  | **ROYALTY COMPANIES — 0.0%** |  |
| 192400 | Silver Crown Royalties, Inc.<sup>\*,2</sup> | $**698** |
|  | **TOTAL WARRANTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $—) | **564511** |
|  | **SHORT-TERM INVESTMENTS — 2.2%** |  |
| 6666542 | Federated Hermes Treasury Obligations Fund - Institutional Class, 4.15%<sup>5</sup> | 6666542 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,666,542) | **6666542** |
|  | **TOTAL INVESTMENTS — 100.1%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $200,791,305) | **303625937** |
|  | Liabilities in Excess of Other Assets — (0.1)% | (224510) |
|  | **TOTAL NET ASSETS — 100.0%** | $**303401427** |

---

ADR – American Depository Receipt

CAD – Canadian Dollar

GDR – Global Depository Receipt

PJSC – Public Joint Stock Company

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 $6,263,435, which represents 2.06% 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 1.88% of Net Assets. The total value of these securities is $5,699,623.

<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 April 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **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 | $119740472 | $58099024 | $119770552 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers, at cost |  |  |  |
| &nbsp;&nbsp;&nbsp;Warrants, at cost |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency, at cost | - | 870407 | 279513 |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value | $147544991 | $54992067 | $134259493 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers, at value |  |  |  |
| &nbsp;&nbsp;&nbsp;Warrants, at value |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value |  | 831796 | 279513 |
| &nbsp;&nbsp;&nbsp;Cash | 23379 | 88976 | 456727 |
| &nbsp;&nbsp;&nbsp;Cash held at broker |  |  |  |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 6666 | 45303 | 328101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclaims receivable | 555831 |  | 645119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 502958 | 1010339 | 282300 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 14240 | 21100 | 26011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 148648065 | 56989581 | 136277264 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed | 4160 |  | 5734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 129048 | 12404 | 90209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 6002 | 5327 | 5825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 8) | 22372 | 6880 | 20880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting and administration fees | 22293 | 16267 | 20383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 12088 | 9203 | 13100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 6948 | 5801 | 9588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 20176 | 18606 | 19867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 9919 | 9962 | 9919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 2087 | 1436 | 2932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 984 | 396 | 1821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends payable |  |  | 142 |
| &nbsp;&nbsp;&nbsp;Accrued other expenses | 12147 | 7145 | 12084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 248224 | 93427 | 212484 |
| &nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 3) |  |  |  |
| **Net Assets** | $**148399841** | $**56896154** | $**136064780** |

---

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF ASSETS AND LIABILITIES - Continued** 

**As of April 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **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) | $116785129 | $62083887 | $119153402 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | 31614712 | (5187733) | 16911378 |
| **Net Assets** | $**148399841** | $**56896154** | $**136064780** |
| **Maximum Offering Price per Share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $116061194 | $37130173 | $106097994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 9722313 | 4262439 | 9615131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption price per share | $11.94 | $8.71 | $11.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum sales charge (4.50% of offering price)<sup>\*</sup> | 0.56 | 0.41 | 0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum public offering price to public | $12.50 | $9.12 | $11.55 |
| &nbsp;&nbsp;&nbsp;Class I Shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $32338647 | $19765981 | $29966786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 2700553 | 2221750 | 2716759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering and redemption price per share | $11.97 | $8.90 | $11.03 |

---

 

<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 April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **EP Emerging Markets<br> Fund** | **EuroPac Gold Fund** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at cost | $84205223 | $168048522 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers, at cost |  | 32742783 |
| &nbsp;&nbsp;&nbsp;Warrants, at cost |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency, at cost | - | 26326 |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value | $86178490 | $255556799 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers, at value |  | 47504627 |
| &nbsp;&nbsp;&nbsp;Warrants, at value |  | 564511 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value |  | 26425 |
| &nbsp;&nbsp;&nbsp;Cash |  | 328485 |
| &nbsp;&nbsp;&nbsp;Cash held at broker |  | 12623 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 44040 | 1050345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclaims receivable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 91829 | 19739 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 10787 | 15469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 86325146 | 305079023 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased |  | 1048172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed | 28916 | 305156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 65058 | 186157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 4886 | 7661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 8) | 13151 | 43103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting and administration fees | 22827 | 16358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 11985 | 18223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 17144 | 6837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 21056 | 22512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 10099 | 9457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 2504 | 1690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 624 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | 216417 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends payable |  |  |
| &nbsp;&nbsp;&nbsp;Accrued other expenses | 12475 | 12156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 427142 | 1677596 |
| &nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 3) |  |  |
| **Net Assets** | $**85898004** | $**303401427** |

---

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **EP Emerging Markets<br> Fund** | **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) | $92616353 | $241464217 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | (6718349) | 61937210 |
| **Net Assets** | $**85898004** | $**303401427** |
| **Maximum Offering Price per Share:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $69584620 | $215772734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 6966726 | 17246860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption price per share | $9.99 | $12.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum sales charge (4.50% of offering price)<sup>\*</sup> | 0.47 | 0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum public offering price to public | $10.46 | $13.10 |
| &nbsp;&nbsp;&nbsp;Class I Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $16313384 | $87628693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 1583583 | 6928964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering and redemption price per share | $10.30 | $12.65 |

---

 

<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 Six Months Ended April 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **EuroPac<br> International<br> Value Fund** | **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 $195,090, $0 and $300,421, respectively) | $2065603 | $- | $2624835 |
| &nbsp;&nbsp;&nbsp;Interest income from unaffiliated issuers (net of foreign withholding taxes of $0, $15,548 and $0, respectively) | 338393 | 1639937 | 86824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 2403996 | 1639937 | 2711659 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 743097 | 156578 | 498527 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 49073 | 17883 | 44920 |
| &nbsp;&nbsp;&nbsp;Distribution fees (Note 8) | 133960 | 44799 | 117880 |
| &nbsp;&nbsp;&nbsp;Fund accounting and administration fees | 89729 | 55797 | 80061 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 35283 | 23955 | 35296 |
| &nbsp;&nbsp;&nbsp;Custody fees | 17301 | 15841 | 20939 |
| &nbsp;&nbsp;&nbsp;Registration fees | 20909 | 16788 | 18167 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting fees | 14676 | 7067 | 13502 |
| &nbsp;&nbsp;&nbsp;Auditing fees | 9919 | 9962 | 9919 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 8354 | 7160 | 8954 |
| &nbsp;&nbsp;&nbsp;Legal fees | 4702 | 5837 | 8181 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 3568 | 3075 | 5028 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 3358 | 3046 | 4648 |
| &nbsp;&nbsp;&nbsp;Insurance fees | 3026 | 2445 | 2471 |
| &nbsp;&nbsp;&nbsp;Tax reclaim service fees | 1306 |  | 809 |
| &nbsp;&nbsp;&nbsp;Excise tax expenses |  | 796 |  |
| &nbsp;&nbsp;&nbsp;Interest expense | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 1138261 | 371029 | 869302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | - | (90596) | (17485) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 1138261 | 280433 | 851817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 1265735 | 1359504 | 1859842 |
| **Realized and Unrealized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 3757500 | (865667) | 1940106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (23322) | (23977) | (223) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-US taxes | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 3734178 | (889644) | 1939883 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 7597995 | 1712050 | 10695052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrants |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 39285 | 6624 | 25391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 7637280 | 1718674 | 10720443 |

---

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF OPERATIONS - Continued**

**For the Six Months Ended April 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **EuroPac<br> International<br> Value Fund** | **EuroPac<br> International<br> Bond Fund** | **EuroPac<br> International<br> Dividend Income<br> Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 11371458 | 829030 | 12660326 |
| **Net Increase (Decrease) in Net Assets from Operations** | $**12637193** | $**2188534** | $**14520168** |

---

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF OPERATIONS - Continued**

**For the Six Months Ended April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **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 $128,164 and $148,644, respectively) | $925906 | $933496 |
| &nbsp;&nbsp;&nbsp;Interest income from unaffiliated issuers (net of foreign withholding taxes of $0 and $0, respectively) | 206689 | 45061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 1132595 | 978557 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 454890 | 982223 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 29523 | 105631 |
| &nbsp;&nbsp;&nbsp;Distribution fees (Note 8) | 86433 | 234413 |
| &nbsp;&nbsp;&nbsp;Fund accounting and administration fees | 74310 | 124221 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 32574 | 54437 |
| &nbsp;&nbsp;&nbsp;Custody fees | 30160 | 19997 |
| &nbsp;&nbsp;&nbsp;Registration fees | 16549 | 16860 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting fees | 10267 | 17568 |
| &nbsp;&nbsp;&nbsp;Auditing fees | 10136 | 9457 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 8138 | 8920 |
| &nbsp;&nbsp;&nbsp;Legal fees | 6835 | 5651 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 3970 | 3749 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 3589 | 4615 |
| &nbsp;&nbsp;&nbsp;Insurance fees | 3357 | 2090 |
| &nbsp;&nbsp;&nbsp;Tax reclaim service fees |  |  |
| &nbsp;&nbsp;&nbsp;Excise tax expenses |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | - | 3777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 770731 | 1593609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | (52210) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 718521 | 1593609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 414074 | (615052) |
| **Realized and Unrealized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 735801 | (505976) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers |  | 338844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (14647) | 20213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-US taxes | 7848 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 729002 | (146919) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | (1892247) | 23210002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers |  | 14125570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrants |  | 439645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 317 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | 52617 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (1839313) | 37775535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1110311) | 37628616 |
| **Net Increase (Decrease) in Net Assets from Operations** | $**(696237)** | $**37013564** |

---

*See accompanying Notes to Financial Statements.*

**EuroPac International Value Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> April 30, 2025<br> (Unaudited)** | **For the<br> Year Ended<br> October 31, 2024** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $1265735 | $2681988 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) investments and foreign currency transactions | 3734178 | 4273077 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | 7637280 | 20669810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 12637193 | 27624875 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (885312) | (2075382) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (291881) | (652997) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | (1177193) | (2728379) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 3711861 | 4883005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 3708199 | 7468125 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 567948 | 1351044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 286708 | 638511 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (7396385) | (20588869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (7199873) | (7304523) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (6321542) | (13552707) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 5138458 | 11343789 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 143261383 | 131917594 |
| &nbsp;&nbsp;&nbsp;End of period | $148399841 | $143261383 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 323967 | 475155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 324449 | 729196 |
| &nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 50216 | 132450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 25330 | 62219 |
| &nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (671783) | (2022235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (656711) | (717842) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | (604532) | (1341057) |

---

*See accompanying Notes to Financial Statements.*

**EuroPac International Bond Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> April 30, 2025<br> (Unaudited)** | **For the<br> Year Ended<br> October 31, 2024** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $1359504 | $2791242 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) investments and foreign currency transactions | (889644) | (1710399) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | 1718674 | 2392806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2188534 | 3473649 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (886365) | (1103520) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (405480) | (450032) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | (1291845) | (1553552) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1280329 | 2151049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 5212657 | 6534727 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 571835 | 688508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 404839 | 448214 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (3260713) | (7687133) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (3373206) | (4243682) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 835741 | (2108317) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 1732430 | (188220) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 55163724 | 55351944 |
| &nbsp;&nbsp;&nbsp;End of period | $56896154 | $55163724 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 151456 | 248046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 595068 | 746315 |
| &nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 68591 | 80774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 47578 | 51387 |
| &nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (392316) | (894587) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (393836) | (483079) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 76541 | (251144) |

---

*See accompanying Notes to Financial Statements.*

**EuroPac International Dividend Income Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> April 30, 2025<br> (Unaudited)** | **For the<br> Year Ended<br> October 31, 2024** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $1859842 | $4000877 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) investments and foreign currency transactions | 1939883 | 2601690 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | 10720443 | 14230462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 14520168 | 20833029 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (1469173) | (3138554) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (438449) | (828786) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | (1907622) | (3967340) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 4942354 | 4398867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 6854900 | 5524800 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 948923 | 2057252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 433143 | 817245 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (7020804) | (16515034) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (3313012) | (8451293) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 2845504 | (12168163) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 15458050 | 4697526 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 120606730 | 115909204 |
| &nbsp;&nbsp;&nbsp;End of period | $136064780 | $120606730 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 480416 | 469892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 644938 | 588768 |
| &nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 95620 | 220615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 43167 | 87419 |
| &nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (718515) | (1766941) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (337532) | (898542) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 208094 | (1298789) |

---

*See accompanying Notes to Financial Statements.*

**EP Emerging Markets Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> April 30, 2025<br> (Unaudited)** | **For the<br> Year Ended<br> October 31, 2024** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $414074 | $1566388 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) investments and foreign currency transactions | 729002 | (810318) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments, deferred non-U.S. taxes and foreign currency translations | (1839313) | 12997656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (696237) | 13753726 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (1364250) | (891674) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (322466) | (189331) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | (1686716) | (1081005) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1605895 | 4473260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 3208283 | 4853994 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 877331 | 575464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 321923 | 189263 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (5273299) | (9952980) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (2299296) | (3390855) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (1559163) | (3251854) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (3942116) | 9420867 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 89840120 | 80419253 |
| &nbsp;&nbsp;&nbsp;End of period | $85898004 | $89840120 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 163285 | 455211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 316135 | 480031 |
| &nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 88438 | 62824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 31499 | 20049 |
| &nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (540263) | (1029629) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (228186) | (337671) |
| **Net increase (decrease) in capital share transactions** | (169092) | (349185) |

---

*See accompanying Notes to Financial Statements.*

**EuroPac Gold Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> April 30, 2025<br> (Unaudited)** | **For the<br> Year Ended<br> October 31, 2024** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(615052) | $(813023) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) investments, affiliated issuers and foreign currency transactions | (146919) | 15361878 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments, affiliated issuers, warrants and foreign currency translations | 37775535 | 65524482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 37013564 | 80073337 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (16492121) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (4771547) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | (21263668) | - |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 10355881 | 14780238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 29433583 | 25666328 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 12296508 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 4731238 |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (27395241) | (33324552) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (10165640) | (9690080) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 19256329 | (2568066) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 35006225 | 77505271 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 268395202 | 190889931 |
| &nbsp;&nbsp;&nbsp;End of period | $303401427 | $268395202 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 913178 | 1494801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 2490692 | 2539932 |
| &nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1220580 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 465215 |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (2569889) | (3382834) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (946236) | (959662) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 1573540 | (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,** |
|  | **For the<br> Six Months<br> Ended<br> April 30, 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of period** | $10.99 | $9.18 | $8.54 | $9.31 | $7.96 | $7.30 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1</sup> | 0.10 | 0.19 | 0.23 | 0.19 | 0.12 | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.94 | 1.82 | 0.63 | (0.81) | 1.36 | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 1.04 | 2.01 | 0.86 | (0.62) | 1.48 | 0.74 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.09) | (0.20) | (0.22) | (0.15) | (0.13) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.09) | (0.20) | (0.22) | (0.15) | (0.13) | (0.08) |
| **Redemption fee proceeds<sup>1,2</sup>** | - | - | -<sup>3</sup> | -<sup>3</sup> | -<sup>3</sup> | -<sup>3</sup> |
| **Net asset value, end of period** | $11.94 | $10.99 | $9.18 | $8.54 | $9.31 | $7.96 |
| **Total return<sup>4</sup>** | 9.52%<sup>5</sup> | 22.02% | 9.94% | (6.77)% | 18.64% | 10.26% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $116061 | $110109 | $104915 | $100628 | $103354 | $79591 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.71%<sup>6</sup> | 1.71%<sup>7</sup> | 1.70% | 1.71% | 1.71% | 1.81% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.71%<sup>6</sup> | 1.71%<sup>7</sup> | 1.73% | 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/recovered | 1.78%<sup>6</sup> | 1.87% | 2.39% | 2.08% | 1.33% | 1.04% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.78%<sup>6</sup> | 1.87% | 2.36% | 2.04% | 1.29% | 1.10% |
| Portfolio turnover rate | 12%<sup>5</sup> | 20% | 16% | 21% | 10% | 13% |

---

 

<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> Not annualized.

<sup>6</sup> Annualized.

<sup>7</sup> If interest expense had been excluded, the expense ratios would have been lowered by 0.00% for the year ended October 31, 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,** |
|  | **For the<br> Six Months<br> Ended<br> April 30, 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of period** | $11.02 | $9.20 | $8.57 | $9.33 | $7.98 | $7.31 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1</sup> | 0.11 | 0.22 | 0.25 | 0.21 | 0.14 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.95 | 1.82 | 0.62 | (0.80) | 1.37 | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 1.06 | 2.04 | 0.87 | (0.59) | 1.51 | 0.76 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.11) | (0.22) | (0.24) | (0.17) | (0.16) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.11) | (0.22) | (0.24) | (0.17) | (0.16) | (0.10) |
| **Redemption fee proceeds<sup>1,2</sup>** | - | - | -<sup>3</sup> | -<sup>3</sup> | -<sup>3</sup> | 0.01 |
| **Net asset value, end of period** | $11.97 | $11.02 | $9.20 | $8.57 | $9.33 | $7.98 |
| **Total return<sup>4</sup>** | 9.63%<sup>5</sup> | 22.38% | 10.07% | (6.38)% | 18.89% | 10.66% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $32339 | $33153 | $27002 | $12630 | $7016 | $1717 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.46%<sup>6</sup> | 1.46%<sup>7</sup> | 1.45% | 1.46% | 1.46% | 1.56% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.46%<sup>6</sup> | 1.46%<sup>7</sup> | 1.48% | 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 | 2.03%<sup>6</sup> | 2.12% | 2.64% | 2.33% | 1.58% | 1.29% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 2.03%<sup>6</sup> | 2.12% | 2.61% | 2.29% | 1.54% | 1.35% |
| Portfolio turnover rate | 12%<sup>5</sup> | 20% | 16% | 21% | 10% | 13% |

---

 

<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> Not annualized.

<sup>6</sup> Annualized.

<sup>7</sup> If interest expense had been excluded, the expense ratios would have been lowered by 0.00% for the year ended October 31, 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,** |
|  | **For the<br> Six Months<br> Ended<br> April 30, 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of period** | $8.56 | $8.27 | $7.71 | $8.78 | $8.72 | $8.48 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1</sup> | 0.21 | 0.41 | 0.32 | 0.25 | 0.26 | 0.24 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.14 | 0.11 | 0.24 | (1.32) | (0.10) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.35 | 0.52 | 0.56 | (1.07) | 0.16 | 0.24 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.20) | (0.23) | - | - | (0.10) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.20) | (0.23) | - | - | (0.10) | - |
| **Redemption fee proceeds<sup>1,2</sup>** | - | - | - | -<sup>3</sup> | -<sup>3</sup> | -<sup>3</sup> |
| **Net asset value, end of period** | $8.71 | $8.56 | $8.27 | $7.71 | $8.78 | $8.72 |
| **Total return<sup>4</sup>** | 4.22%<sup>5</sup> | 6.25% | 7.26% | (12.19)% | 1.79% | 2.83% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $37130 | $37944 | $41367 | $38149 | $45159 | $44167 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.50%<sup>6</sup> | 1.44%<sup>7</sup> | 1.46% | 1.48% | 1.45% | 1.46% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.15%<sup>6</sup> | 1.15%<sup>7</sup> | 1.15% | 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 | 4.78%<sup>6</sup> | 4.48% | 3.57% | 2.63% | 2.58% | 2.49% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 5.13%<sup>6</sup> | 4.77% | 3.88% | 2.96% | 2.88% | 2.80% |
| Portfolio turnover rate | 16%<sup>5</sup> | 28% | 23% | 27% | 20% | 16% |

---

 

<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> Not annualized.

<sup>6</sup> Annualized.

<sup>7</sup> If interest expense had been excluded, the expense ratios would have been lowered by 0.00% for the year ended October 31, 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,** |
|  | **For the<br> Six Months<br> Ended<br> April 30, 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of period** | $8.73 | $8.43 | $7.84 | $8.91 | $8.84 | $8.58 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1</sup> | 0.23 | 0.44 | 0.35 | 0.27 | 0.28 | 0.26 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.15 | 0.11 | 0.24 | (1.34) | (0.09) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.38 | 0.55 | 0.59 | (1.07) | 0.19 | 0.26 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.21) | (0.25) | - | - | (0.12) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.21) | (0.25) | - | - | (0.12) | - |
| **Redemption fee proceeds<sup>1,2</sup>** | - | - | - | - | -<sup>3</sup> | -<sup>3</sup> |
| **Net asset value, end of period** | $8.90 | $8.73 | $8.43 | $7.84 | $8.91 | $8.84 |
| **Total return<sup>4</sup>** | 4.43%<sup>5</sup> | 6.50% | 7.53% | (12.01)% | 2.11% | 3.03% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $19766 | $17220 | $13985 | $6281 | $4219 | $4072 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.25%<sup>6</sup> | 1.19%<sup>7</sup> | 1.21% | 1.23% | 1.20% | 1.21% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.90%<sup>6</sup> | 0.90%<sup>7</sup> | 0.90% | 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 | 5.03%<sup>6</sup> | 4.73% | 3.82% | 2.88% | 2.83% | 2.74% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 5.38%<sup>6</sup> | 5.02% | 4.13% | 3.21% | 3.13% | 3.05% |
| Portfolio turnover rate | 16%<sup>5</sup> | 28% | 23% | 27% | 20% | 16% |

---

 

<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> Not annualized.

<sup>6</sup> Annualized.

<sup>7</sup> If interest expense had been excluded, the expense ratios would have been lowered by 0.00% for the year ended October 31, 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,** |
|  | **For the<br> Six Months<br> Ended<br> April 30, 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of period** | $9.94 | $8.63 | $8.42 | $9.09 | $7.62 | $7.81 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1</sup> | 0.15 | 0.31 | 0.29 | 0.32 | 0.19 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.09 | 1.31 | 0.20 | (0.77) | 1.47 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 1.24 | 1.62 | 0.49 | (0.45) | 1.66 | (0.05) |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.11) | (0.31) | (0.28) | (0.22) | (0.19) | (0.14) |
| &nbsp;&nbsp;&nbsp;From net realized gain | (0.04) | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.15) | (0.31) | (0.28) | (0.22) | (0.19) | (0.14) |
| **Redemption fee proceeds<sup>1,2</sup>** | - | - | -<sup>3</sup> | -<sup>3</sup> | -<sup>3</sup> | -<sup>3</sup> |
| **Net asset value, end of period** | $11.03 | $9.94 | $8.63 | $8.42 | $9.09 | $7.62 |
| **Total return<sup>4</sup>** | 12.68%<sup>5</sup> | 19.03% | 5.68% | (5.04)% | 21.81% | (0.62)% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $106098 | $97036 | $93527 | $90132 | $90342 | $64846 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.53%<sup>6,7</sup> | 1.53%<sup>7</sup> | 1.49% | 1.49% | 1.52% | 1.65% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.50%<sup>6,7</sup> | 1.51%<sup>7</sup> | 1.50% | 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 | 3.09%<sup>6,7</sup> | 3.26%<sup>7</sup> | 3.13% | 3.54% | 2.07% | 1.68% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 3.12%6<sup>,7</sup> | 3.28%<sup>7</sup> | 3.12% | 3.53% | 2.09% | 1.83% |
| Portfolio turnover rate | -%<sup>5</sup> | 4% | 8% | 24% | 6% | 18% |

---

 

<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> Not annualized.

<sup>6</sup> Annualized.

<sup>7</sup> Includes tax reclaim service fee expense and excise tax expense. If excluded, the ratios would have been lowered by 0.00% for the six months ended April 30, 2025 and 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,** |
|  | **For the<br> Six Months<br> Ended<br> April 30, 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of period** | $9.96 | $8.65 | $8.43 | $9.10 | $7.63 | $7.81 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1</sup> | 0.17 | 0.33 | 0.31 | 0.34 | 0.21 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.09 | 1.31 | 0.21 | (0.77) | 1.47 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 1.26 | 1.64 | 0.52 | (0.43) | 1.68 | (0.03) |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.15) | (0.33) | (0.30) | (0.24) | (0.21) | (0.16) |
| &nbsp;&nbsp;&nbsp;From net realized gain | (0.04) | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.19) | (0.33) | (0.30) | (0.24) | (0.21) | (0.16) |
| **Redemption fee proceeds<sup>1,2</sup>** | - | - | -<sup>3</sup> | -<sup>3</sup> | - | 0.01 |
| **Net asset value, end of period** | $11.03 | $9.96 | $8.65 | $8.43 | $9.10 | $7.63 |
| **Total return<sup>4</sup>** | 12.83%<sup>5</sup> | 19.28% | 6.06% | (4.79)% | 22.07% | (0.23)% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $29967 | $23571 | $22382 | $14502 | $4284 | $1817 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.28%<sup>6,7</sup> | 1.28%<sup>7</sup> | 1.24% | 1.24% | 1.27% | 1.40% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.25%<sup>6,7</sup> | 1.26%<sup>7</sup> | 1.25% | 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 | 3.34%<sup>6,7</sup> | 3.51%<sup>7</sup> | 3.38% | 3.79% | 2.32% | 1.93% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 3.37%<sup>6,7</sup> | 3.53%<sup>7</sup> | 3.37% | 3.78% | 2.34% | 2.08% |
| Portfolio turnover rate | -%<sup>5</sup> | 4% | 8% | 24% | 6% | 18% |

---

 

<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> Not annualized.

<sup>6</sup> Annualized.

<sup>7</sup> Includes tax reclaim service fee expense and excise tax expense. If excluded, the ratios would have been lowered by 0.00% for the six months ended April 30, 2025 and 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,** |
|  | **For the<br> Six Months<br> Ended<br> April 30, 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of period** | $10.25 | $8.83 | $8.43 | $15.69 | $12.15 | $10.97 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1</sup> | 0.05 | 0.17 | 0.12 | (0.07) | (0.12) | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.12) | 1.37 | 0.33 | (4.40) | 3.74 | 1.29 |
| &nbsp;&nbsp;&nbsp;Net increase from payments by affiliates (Note 3) | - | - | - | - | - | -<sup>2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.07) | 1.54 | 0.45 | (4.47) | 3.62 | 1.20 |
| **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) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.19) | (0.12) | (0.05) | (2.79) | (0.08) | (0.02) |
| **Redemption fee proceeds<sup>1,4</sup>** | - | - | -<sup>2</sup> | -<sup>2</sup> | -<sup>2</sup> | -<sup>2</sup> |
| **Net asset value, end of period** | $9.99 | $10.25 | $8.83 | $8.43 | $15.69 | $12.15 |
| **Total return<sup>5</sup>** | (0.67)%<sup>6</sup> | 17.55% | 5.26% | (34.57)% | 29.87% | 10.91% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $69585 | $74354 | $68564 | $60155 | $104913 | $73055 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.87%<sup>7</sup> | 1.86%<sup>8</sup> | 1.93% | 2.01% | 1.81% | 2.00% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.75%<sup>7</sup> | 1.75%<sup>8</sup> | 1.75% | 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 | 0.81%<sup>7</sup> | 1.66% | 1.08% | (0.91)% | (0.85)% | (1.03)% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.93%<sup>7</sup> | 1.77% | 1.26% | (0.65)% | (0.79)% | (0.78)% |
| Portfolio turnover rate | 6%<sup>6</sup> | 37% | 71% | 31% | 47% | 49% |

---

 

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

<sup>2</sup> Amount represents less than $0.01 per share.

<sup>3</sup> Affiliate reimbursed the Fund $796 for errors during processing. The reimbursement had no impact to the Fund's performance.

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

<sup>5</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>6</sup> Not annualized.

<sup>7</sup> Annualized.

<sup>8</sup> If interest expense had been excluded, the expense ratios would have remained unchanged for the year ended October 31, 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,** |
|  | **For the<br> Six Months<br> Ended<br> April 30, 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of period** | $10.58 | $9.11 | $8.70 | $16.07 | $12.41 | $11.18 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1</sup> | 0.06 | 0.20 | 0.15 | (0.04) | (0.09) | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.12) | 1.41 | 0.33 | (4.54) | 3.83 | 1.31 |
| &nbsp;&nbsp;&nbsp;Net increase from payments by affiliates (Note 3) | - | - | - | - | - | -<sup>2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.06) | 1.61 | 0.48 | (4.58) | 3.74 | 1.25 |
| **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) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.22) | (0.14) | (0.07) | (2.79) | (0.08) | (0.02) |
| **Redemption fee proceeds<sup>1,4</sup>** | - | - | -<sup>2</sup> | - | - | - |
| **Net asset value, end of period** | $10.30 | $10.58 | $9.11 | $8.70 | $16.07 | $12.41 |
| **Total return<sup>5</sup>** | (0.59)%<sup>6</sup> | 17.86% | 5.48% | (34.40)% | 30.21% | 11.15% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $16313 | $15486 | $11855 | $5172 | $4448 | $1207 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.62%<sup>7</sup> | 1.61%<sup>8</sup> | 1.68% | 1.76% | 1.56% | 1.75% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.50%<sup>7</sup> | 1.50%<sup>8</sup> | 1.50% | 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 | 1.06%<sup>7</sup> | 1.91% | 1.33% | (0.66)% | (0.60)% | (0.78)% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.18%<sup>7</sup> | 2.02% | 1.51% | (0.40)% | (0.54)% | (0.53)% |
| Portfolio turnover rate | 6%<sup>6</sup> | 37% | 71% | 31% | 47% | 49% |

---

 

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

<sup>2</sup> Amount represents less than $0.01 per share.

<sup>3</sup> Affiliate reimbursed the Fund $796 for errors during processing. The reimbursement had no impact to the Fund's performance.

<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> Not annualized.

<sup>7</sup> Annualized.

<sup>8</sup> If interest expense had been excluded, the expense ratios would have remained unchanged for the year ended October 31, 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,** |
|  | **For the<br> Six Months<br> Ended<br> April 30, 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of period** | $11.85 | $8.32 | $7.73 | $11.12 | $13.51 | $9.50 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1</sup> | (0.03) | (0.04) | (0.02) | (0.03) | 0.19 | (0.11) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.65 | 3.57 | 0.61 | (3.10) | (1.43) | 4.11<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 1.62 | 3.53 | 0.59 | (3.13) | (1.24) | 4.00 |
| **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>1,3</sup>** | - | - | -<sup>4</sup> | -<sup>4</sup> | -<sup>4</sup> | 0.01 |
| **Net asset value, end of period** | $12.51 | $11.85 | $8.32 | $7.73 | $11.12 | $13.51 |
| **Total return<sup>5</sup>** | 15.59%<sup>6</sup> | 42.43% | 7.63% | (28.63)% | (10.56)% | 42.21% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $215773 | $209469 | $162861 | $146737 | $203354 | $233630 |
| 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 | 1.36%<sup>7,8</sup> | 1.37%<sup>7</sup> | 1.39%<sup>7</sup> | 1.40%<sup>7</sup> | 1.40%<sup>7</sup> | 1.39%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.36%<sup>7,8</sup> | 1.37%<sup>7</sup> | 1.39%<sup>7</sup> | 1.40%<sup>7</sup> | 1.40%<sup>7</sup> | 1.46%<sup>7</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 | (0.56)%<sup>8</sup> | (0.41)% | (0.19)% | (0.30)% | 1.54% | (0.84)% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | (0.56)%<sup>8</sup> | (0.41)% | (0.19)% | (0.30)% | 1.54% | (0.91)% |
| Portfolio turnover rate | 13%<sup>6</sup> | 26% | 19% | 13% | 10% | 9% |

---

 

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

<sup>2</sup> Payment by affiliates had no impact to the total return.

<sup>3</sup> Effective May 15, 2023, redemption fees were removed.

<sup>4</sup> Amount represents less than $0.01 per share.

<sup>5</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>6</sup> Not annualized.

<sup>7</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 six months ended April 30, 2025. For the prior periods, the ratios would have been lowered by 0.00% 0.00%, 0.00%, 0.00% and 0.01%, respectively.

<sup>8</sup> Annualized.

*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,** |
|  | **For the<br> Six Months<br> Ended<br> April 30, 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of period** | $11.98 | $8.39 | $7.77 | $11.19 | $13.59 | $9.52 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1</sup> | (0.02) | (0.02) | 0.01<sup>2</sup> | -<sup>3</sup> | 0.22 | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.67 | 3.61 | 0.61 | (3.13) | (1.45) | 4.15<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 1.65 | 3.59 | 0.62 | (3.13) | (1.23) | 4.07 |
| **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>1,5</sup>** | - | - | -<sup>3</sup> | -<sup>3</sup> | -<sup>3</sup> | -<sup>3</sup> |
| **Net asset value, end of period** | $12.65 | $11.98 | $8.39 | $7.77 | $11.19 | $13.59 |
| **Total return<sup>6</sup>** | 15.80%<sup>7</sup> | 42.79% | 7.98% | (28.51)% | (10.39)% | 42.75% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $87629 | $58926 | $28029 | $15286 | $16590 | $26228 |
| 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 | 1.11%<sup>8,9</sup> | 1.12%<sup>8</sup> | 1.14%<sup>8</sup> | 1.15%<sup>8</sup> | 1.15%<sup>8</sup> | 1.14%<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.11%<sup>8,9</sup> | 1.12%<sup>8</sup> | 1.14%<sup>8</sup> | 1.15%<sup>8</sup> | 1.15%<sup>8</sup> | 1.21%<sup>8</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 | (0.31)%<sup>9</sup> | (0.16)% | 0.06% | (0.05)% | 1.79% | (0.59)% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | (0.31)%<sup>9</sup> | (0.16)% | 0.06% | (0.05)% | 1.79% | (0.66)% |
| Portfolio turnover rate | 13%<sup>7</sup> | 26% | 19% | 13% | 10% | 9% |

---

 

<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> Payment by affiliates had no impact to the total return.

<sup>5</sup> Effective May 15, 2023, redemption fees were removed.

<sup>6</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>7</sup> Not annualized.

<sup>8</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 six months ended April 30, 2025. For the prior periods, the ratios would have been lowered by 0.00%, 0.00%, 0.00%, 0.00% and 0.01%, respectively.

<sup>9</sup> Annualized.

*See accompanying Notes to Financial Statements.*

**Euro Pacific Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025 (Unaudited)** 

**Note 1 – Organization**

EuroPac International Value Fund (the ''International Value Fund''), EuroPac International Bond Fund (the "International Bond Fund"), EuroPac International Dividend Income Fund (the "International Dividend Income Fund"), EP Emerging Markets 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 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** 

**April 30, 2025 (Unaudited)** 

**(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** 

**April 30, 2025 (Unaudited)**

**(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 April 30, 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** 

**April 30, 2025 (Unaudited)**

**(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** 

**April 30, 2025 (Unaudited)**

**(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** 

**April 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | 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 six months ended April 30, 2025, the Advisor waived fees as follows:

---

| | |
|:---|:---|
|  | Advisory fees |
| International Bond Fund | $90596 |
| International Dividend Income Fund | 17485 |
| Emerging Markets Fund | 52210 |

---

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 amount in effect at the time such fees were waived or payments made, or (b) the expense limitation amount in effect at the time of the reimbursement. At April 30, 2025, the amount of these potentially recoverable expenses was $577,188, $37,928 and $499,834 for the International Bond Fund, International Dividend Income 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 | International Dividend<br> Income Fund | Emerging Markets<br> Fund |
| 2025 | $157703 | $- | $202911 |
| 2026 | 161772 |  | 147804 |
| 2027 | 167117 | 20443 | 96909 |
| 2028 | 90596 | 17485 | 52210 |
| Total | $577188 | $37928 | $499834 |

---

**Euro Pacific Funds** 

**NOTES TO FINANCIAL STATEMENTS – Continued** 

**April 30, 2025 (Unaudited)**

UMB Fund Services, Inc. ("UMBFS") serves as the Funds' fund accountant, transfer agent and co-administrator; and Mutual Fund Administration, LLC ("MFAC") serves as the Funds' other co-administrator. UMB Bank, N.A., an affiliate of UMBFS, serves as the Funds' custodian. The Funds' allocated fees incurred for fund accounting, fund administration, transfer agency and custody services for the six months ended April 30, 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 six months ended April 30, 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 six months ended April 30, 2025 are reported on the Statements of Operations.

**Note 4 – Federal Income Taxes**

At April 30, 2025, gross unrealized appreciation and depreciation of investments owned by the Funds, based on cost for federal income tax purposes were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | International<br> Value Fund | International<br> Bond Fund | International<br> Dividend Income<br> Fund | Emerging<br> Markets Fund | Gold Fund |
| Cost of investments | $119740472 | $58099024 | $119777952 | $84205223 | $235882189 |
| Gross unrealized appreciation | $34849248 | $989289 | $29827789 | $11311048 | $87573752 |
| Gross unrealized depreciation | (7044729) | (4096246) | (15346248) | (9337781) | (19830004) |
| Net unrealized appreciation (depreciation) on investments | $27804519 | $(3106957) | $14481541 | $1973267 | $67743748 |

---

**Euro Pacific Funds** 

**NOTES TO FINANCIAL STATEMENTS – Continued** 

**April 30, 2025 (Unaudited)**

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to wash sale loss deferrals and passive foreign investment companies ("PFICs").

As of October 31, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | International<br> Value Fund | International<br> Bond Fund | International<br> Dividend Income<br> Fund | Emerging<br> Markets Fund | Gold Fund |
| Undistributed ordinary income | $27135 | $41030 | $73339 | $941209 | $20937072 |
| Undistributed long-term gains | - | - | 468001 | - | - |
| Tax accumulated earnings | 27135 | 41030 | 541340 | 941209 | 20937072 |
| Accumulated capital and other losses | $(43371) | $(1293593) | $- | $(8852459) | $(13357862) |
| Unrealized appreciation (depreciation) on investments | 20206524 | (4819007) | 3786489 | 3865514 | 38628917 |
| Unrealized appreciation (depreciation) on foreign currency translations | (17103) | 4206 | (10803) | (1228) | (219) |
| Unrealized deferred non-U.S. taxes |  |  |  | (269034) |  |
| Unrealized deferred compensation | (18473) | (17058) | (18194) | (19398) | (20594) |
| Total accumulated earnings (deficit) | $20154712 | $(6084422) | $4298832 | $(4335396) | $46187314 |

---

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.

The tax character of distributions paid during the fiscal years ended October 31, 2024 and 2023 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | International Value Fund | International Value Fund | International Bond Fund | International Bond Fund | International Dividend Income Fund | International Dividend Income Fund |
|  | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
| Distributions paid from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $2728379 | $3108823 | $1553552 | $- | $3967340 | $3700640 |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | - | - | - | - | - | - |
| Total distributions paid | $2728379 | $3108823 | $1553552 | $- | $3967340 | $3700640 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Emerging Markets <br>Fund | Emerging Markets <br>Fund | Gold Fund | Gold Fund |
|  | 2024 | 2023 | 2024 | 2023 |
| Distributions paid from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $1081005 | $365671 | $- | $- |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | - | - | - | - |
| Total distributions paid | $1081005 | $365671 | $- | $- |

---

**Euro Pacific Funds** 

**NOTES TO FINANCIAL STATEMENTS – Continued** 

**April 30, 2025 (Unaudited)**

At October 31, 2024, 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 | $43371 | $- | $43371 |
| International Bond Fund | 107303 | 1186290 | 1293593 |
| International Dividend Income Fund |  |  |  |
| Emerging Markets Fund\* | 1048533 | 7803926 | 8852459 |
| Gold Fund | 2164902 | 11192960 | 13357862 |

---

\* 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, 2024, the International Value Fund, International Bond Fund, International Dividend Income Fund, Emerging Markets Fund, and Gold Fund utilized $4,339,883, $0, $2,127,528, $0 and $8,707,705 of their capital loss carryovers, respectively.

**Note 5 – Investment Transactions**

For the six months ended April 30, 2025, purchases and sales of investments, excluding short-term investments, were as follows:

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| International Value Fund | $14941780 | $16466259 |
| International Bond Fund | 8236433 | 7477616 |
| International Dividend Income Fund | 26594 | 6211772 |
| Emerging Markets Fund | 4181465 | 5875691 |
| Gold Fund | 32239986 | 40293503 |

---

**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 six months ended April 30, 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.

**Euro Pacific Funds** 

**NOTES TO FINANCIAL STATEMENTS – Continued** 

**April 30, 2025 (Unaudited)** 

For the six months ended April 30, 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.

Under *Fair Value Measurements and Disclosures*, various inputs are used in determining the value of each Fund's investments. These inputs are summarized into three broad Levels as described below:

● Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

● Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

● Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing investments are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of April 30, 2025, in valuing the Funds' assets carried at fair value:

**Euro Pacific Funds** 

**NOTES TO FINANCIAL STATEMENTS – Continued** 

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Value Fund** | **Level 1** | **Level 2\*** | **Level 3\*** | **Total** |
| **Investments** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic Materials | $41795880 | $- | $- | $41795880 |
| &nbsp;&nbsp;&nbsp;Communications | 5899408 |  |  | 5899408 |
| &nbsp;&nbsp;&nbsp;Consumer, Cyclical | 5739318 |  |  | 5739318 |
| &nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | 59340274 |  |  | 59340274 |
| &nbsp;&nbsp;&nbsp;Energy | 7999039 |  |  | 7999039 |
| &nbsp;&nbsp;&nbsp;Financial | 3815554 |  |  | 3815554 |
| &nbsp;&nbsp;&nbsp;Industrial | 2480364 |  |  | 2480364 |
| &nbsp;&nbsp;&nbsp;Technology | 2151350 |  |  | 2151350 |
| Short-Term Investments | 18323804 | - | - | 18323804 |
| Total Investments | $147544991 | $- | $- | $147544991 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Bond Fund** | **Level 1** | **Level 2** | **Level 3\*\*** | **Total** |
| **Investments** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic Materials | $407 | $- | $- | $407 |
| Fixed Income Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic Materials |  | 998801 |  | 998801 |
| &nbsp;&nbsp;&nbsp;Communications |  | 2058513 |  | 2058513 |
| &nbsp;&nbsp;&nbsp;Consumer, Cyclical |  | 2324238 |  | 2324238 |
| &nbsp;&nbsp;&nbsp;Energy | 1062962 | 4589211 |  | 5652173 |
| &nbsp;&nbsp;&nbsp;Financial |  | 5635483 |  | 5635483 |
| &nbsp;&nbsp;&nbsp;Government |  | 31636724 |  | 31636724 |
| &nbsp;&nbsp;&nbsp;Technology |  | 990057 |  | 990057 |
| Short-Term Investments | 5695671 | - | - | 5695671 |
| Total Investments | $6759040 | $48233027 | $- | $54992067 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Dividend Income Fund** | **Level 1** | **Level 2\*** | **Level 3\*** | **Total** |
| **Investments** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic Materials | $28309564 | $- | $- | $28309564 |
| &nbsp;&nbsp;&nbsp;Communications | 19531557 |  |  | 19531557 |
| &nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | 26459018 |  |  | 26459018 |
| &nbsp;&nbsp;&nbsp;Energy | 11126064 |  |  | 11126064 |
| &nbsp;&nbsp;&nbsp;Financial | 11925630 |  |  | 11925630 |
| &nbsp;&nbsp;&nbsp;Technology | 2024584 |  |  | 2024584 |
| &nbsp;&nbsp;&nbsp;Utilities | 21931354 |  |  | 21931354 |
| Short-Term Investments | 12951722 | - | - | 12951722 |
| Total Investments | $134259493 | $- | $- | $134259493 |

---

**Euro Pacific Funds** 

**NOTES TO FINANCIAL STATEMENTS – Continued** 

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Emerging Markets Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic Materials | $- | $2721049 | $0 | $2721049 |
| &nbsp;&nbsp;&nbsp;Communications | 582713 | 10399499 |  | 10982212 |
| &nbsp;&nbsp;&nbsp;Consumer, Cyclical | 792305 | 14990970 |  | 15783275 |
| &nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | 5829865 | 18550856 |  | 24380721 |
| &nbsp;&nbsp;&nbsp;Energy | 607287 |  |  | 607287 |
| &nbsp;&nbsp;&nbsp;Financial | 6186143 | 2257140 |  | 8443283 |
| &nbsp;&nbsp;&nbsp;Industrial | 1267097 | 3045099 |  | 4312196 |
| &nbsp;&nbsp;&nbsp;Technology | 968000 | 5765326 |  | 6733326 |
| &nbsp;&nbsp;&nbsp;Utilities |  | 1668880 |  | 1668880 |
| Short-Term Investments | 10546261 | - | - | 10546261 |
| Total Investments | $26779671 | $59398819 | $0 | $86178490 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Gold Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Diversified Exploration and Mining | $3095431 | $- | $4584361 | $7679792 |
| &nbsp;&nbsp;&nbsp;Gold Exploration | 39353743 |  | 1115262 | 40469005 |
| &nbsp;&nbsp;&nbsp;Gold Mining | 70711619 |  | 0 | 70711619 |
| &nbsp;&nbsp;&nbsp;Precious Metals Developmental | 999588 |  |  | 999588 |
| &nbsp;&nbsp;&nbsp;Precious Metals Exploration | 15274928 |  |  | 15274928 |
| &nbsp;&nbsp;&nbsp;Royalty Companies | 120799369 |  |  | 120799369 |
| &nbsp;&nbsp;&nbsp;Silver: Exploration and Mining | 40460583 |  |  | 40460583 |
| Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Diversified Exploration and Mining |  | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Gold Exploration |  | 563813 |  | 563813 |
| &nbsp;&nbsp;&nbsp;Gold Mining |  | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;Precious Metals Exploration |  | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;Royalty Companies | 698 |  |  | 698 |
| Short-Term Investments | 6666542 | - | - | 6666542 |
| Total Investments | $297362501 | $563813 | $5699623 | $303625937 |

---

\* 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.

**Euro Pacific Funds** 

**NOTES TO FINANCIAL STATEMENTS – Continued** 

**April 30, 2025 (Unaudited)**

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.

---

| | | |
|:---|:---|:---|
| | Gold Fund – Common Stocks | Gold Fund – Warrants |
| Beginning balance October 31, 2024 | $8237574 | $- |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 during the period | 1799200 |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 during the period | (5192981) |  |
| &nbsp;&nbsp;&nbsp;Total realized gain/(loss) | (1749) |  |
| &nbsp;&nbsp;&nbsp;Total unrealized appreciation/(depreciation) | (1879133) |  |
| &nbsp;&nbsp;&nbsp;Net purchases | 2745111 |  |
| &nbsp;&nbsp;&nbsp;Net sales | (8399) | - |
| Balance as of April 30, 2025 | $5699623 | $- |

---

The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of April 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Fair Value<br> April 30, 2025** | **Valuation<br> Methodologies** | **Unobservable<br> Input<sup>(1)</sup>** | **Input Range/<br> Value** | **Valuation<br> Weighted<br> Average of<br> Input** | **Impact to<br> Valuation<br> from an<br> increase in<br> Input<sup>(2)</sup>** |
| Gold Fund - Warrants |  | Market Approach | Intrinsic Value | $0.00 - $0.00 | N/A | Increase |
| Gold Fund - Common Stocks | 1876904 | Market Approach | Subscription Price | $0.09 | N/A | Increase |
| Gold Fund - Common Stocks | 3822719 | Market Approach | Subscription Price | $0.29 | N/A | Increase |
| Gold Fund - Common Stocks |  | Market Approach | Liquidity Discount | 100% | N/A | Decrease |

---

<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.

**Euro Pacific Funds** 

**NOTES TO FINANCIAL STATEMENTS – Continued** 

**April 30, 2025 (Unaudited)**

**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 six months ended April 30, 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 April 30, 2025 by risk category are as follows:

---

| | | |
|:---|:---|:---|
|  | **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 | $564511 |

---

---

| | |
|:---|:---|
|  | **Gold Fund** |
|  | **Change in Unrealized** <br> **Appreciation/Depreciation<br> on Derivatives Recognized<br> in Income** |
| Derivatives not designated as hedging instruments | Warrants |
| Equity contracts | $439645 |

---

The number of contracts is included on the Schedule of Investments. The quarterly average volumes of derivative instruments as of April 30, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| Derivatives not designated as hedging instruments |  | **Gold Fund** | **Gold Fund** |
| Equity contracts | Warrants | Average market value | $319842 |

---

**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 April 30, 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:

**Euro Pacific Funds** 

**NOTES TO FINANCIAL STATEMENTS – Continued** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br> Beginning <br> of Period** | **Additions** | **Reductions** | **Net<br> Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value End<br> of Period** | **Dividend<br> Income\*** |
| **Common Stocks** |  |  |  |  |  |  |  |
| **Diversified Exploration and Mining - 1.1%** |  |  |  |  |  |  |  |
| Gold Hart Corp. <sup>(1)(3)</sup> | $- | $1057157 | $- | $- | $(295515) | $761642 | $- |
| Nuvau Minerals Corp. <sup>(1)(3)(4)</sup> | 5314563 |  | (1280387) |  | (1469578) | 2564598 |  |
|  |  |  |  |  |  | 3326240 |  |
| **Gold Exploration - 8.1%** |  |  |  |  |  |  |  |
| Alpha Exploration Ltd. <sup>(3)(4)</sup> | 3514491 | 413650 | (61547) | (3077) | (134220) | 3729297 |  |
| Angus Gold, Inc. <sup>(2)(3)</sup> | 1372630 | 80544 | (2078978) | 384184 | 241620 |  |  |
| Aurion Resources, Ltd. <sup>(3)</sup> | 5104986 | 17475 |  |  | 1282391 | 6404852 |  |
| Dryden Gold Corp. <sup>(2)(3)</sup> | 915139 |  | (887104) | 4173 | (32208) |  |  |
| Heliostar Metals Ltd. <sup>(3)</sup> | 6607714 |  | (617595) | 318202 | 6364818 | 12673139 |  |
| Radius Gold, Inc. <sup>(2)(3)</sup> | 287274 |  | (470722) | (45530) | 228978 |  |  |
| Revival Gold, Inc. <sup>(2)(3)</sup> | 2346962 |  | (2620429) | (220911) | 494378 |  |  |
| Scorpio Gold Corp. <sup>(3)(4)</sup> | 1237400 | 415628 | (75920) | (35919) | 163651 | 1704840 |  |
|  |  |  |  |  |  | 24512128 |  |
| **Precious Metals Exploration - 0.8%** |  |  |  |  |  |  |  |
| Kenorland Minerals Ltd. <sup>(2)(3)</sup> | 3245397 |  | (2389603) | (6714) | (849080) |  |  |
| Midland Exploration, Inc. <sup>(3)</sup> | 1354645 | 39417 | (14962) | (55115) | 30584 | 1354569 |  |
| Mundoro Capital, Inc. <sup>(3)</sup> | 1204790 |  |  |  | (19963) | 1184827 |  |
|  |  |  |  |  |  | 2539396 |  |
| **Royalty Companies - 5.6%** |  |  |  |  |  |  |  |
| Orogen Royalties, Inc. <sup>(1)(3)</sup> | 9201350 | 3966974 | (5295884) |  | 8312380 | 16184820 |  |
| Silver Crown Royalties, Inc. <sup>(3)</sup> | 1136168 |  | (1010) | (449) | (192666) | 942043 |  |
|  |  |  |  |  |  | 17126863 |  |
| Total |  |  |  | $338844 | $14125570 | $47504627 | $- |

---

<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.

\* Net of foreign withholding taxes.

**Euro Pacific Funds** 

**NOTES TO FINANCIAL STATEMENTS – Continued** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Shares<br> Beginning<br> of Period** | **Purchases** | **Sales** | **Stock Split** | **Shares<br> End<br> of Period** |
| **Common Stocks** |  |  |  |  |  |
| **Diversified Exploration and Mining - 1.1%** |  |  |  |  |  |
| Gold Hart Corp. <sup>(1)(3)</sup> |  | 7500000 |  |  | 7500000 |
| Nuvau Minerals Corp. <sup>(1)(3)(4)</sup> | 8222220 |  |  |  | 8222220 |
| **Gold Exploration - 8.1%** |  |  |  |  |  |
| Alpha Exploration Ltd. <sup>(3)(4)</sup> | 6612942 | 857142 | (125500) |  | 7344584 |
| 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 |  | (1250000) |  | 6714000 |
| Heliostar Metals Ltd. <sup>(3)</sup> | 16141370 |  | (1080000) |  | 15061370 |
| Radius Gold, Inc. <sup>(2)(3)</sup> | 4000000 |  | (700000) |  | 3300000 |
| Revival Gold, Inc. <sup>(2)(3)</sup> | 9611500 |  | (1435000) |  | 8176500 |
| Scorpio Gold Corp. <sup>(3)(4)</sup> | 12306833 | 7500000 | (1004500) |  | 18802333 |
| **Precious Metals Exploration - 0.8%** |  |  |  |  |  |
| Kenorland Minerals Ltd. <sup>(2)(3)</sup> | 3862300 |  | (55000) |  | 3807300 |
| Midland Exploration, Inc. <sup>(3)</sup> | 5894400 | 200000 | (70500) |  | 6023900 |
| Mundoro Capital, Inc. <sup>(3)</sup> | 8829204 |  |  |  | 8829204 |
| **Royalty Companies - 5.6%** |  |  |  |  |  |
| Orogen Royalties, Inc. <sup>(1)(3)</sup> | 8715619 | 3611670 |  |  | 12327289 |
| Silver Crown Royalties, Inc. <sup>(3)</sup> | 200000 |  | (200) |  | 199800 |

---

<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.

\* Net of foreign withholding taxes.

**Euro Pacific Funds** 

**NOTES TO FINANCIAL STATEMENTS – Continued** 

**April 30, 2025 (Unaudited)** 

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

Certain local, regional, or global events such as war, acts of terrorism, the spread of infectious illness 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, 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 Funds' performance, the performance of the securities in which the Funds invest and may lead to losses on your investment. The ultimate impact of "Market Disruptions and Geopolitical Risks" on the financial performance of the Funds' investments is not reasonably estimable at this time. Management is actively monitoring these events.

**Note 13 – New Accounting Pronouncement**

Effective January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information deemed important for retail investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in the funds' streamlined shareholder reports but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. The Funds have adopted procedures in accordance with the SEC's rules and for amendments.

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

**<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>**

**EP Emerging Markets Fund, EuroPac Gold Fund, EuroPac International Bond Fund, EuroPac International Dividend Income Fund, and EuroPac International Value Fund**

**Board Consideration of Investment Advisory Agreement (Unaudited)**

At an in-person meeting held on March 19-20, 2025, the Board of Trustees (the "*Board*") of Investment Managers Series Trust (the "*Trust*"), including the trustees who are not "interested persons" of the Trust (the "*Independent Trustees*") as defined in the Investment Company Act of 1940, as amended (the "*1940 Act*"), reviewed and unanimously approved the renewal of the investment advisory agreement (the "*Advisory Agreement*") between the Trust and Euro Pacific Asset Management, LLC (the "*Advisor*") for an additional one-year term from when it otherwise would expire, with respect to the following series of the Trust (each a "*Fund*" and collectively, the "*Funds*"):

● EP Emerging Markets Fund (the "*Emerging Markets Fund* "),

● EuroPac Gold Fund (the "*Gold Fund* "),

● EuroPac International Bond Fund (the "*International Bond Fund* "),

● EuroPac International Dividend Income Fund (the "*International Dividend Fund* "), and

● EuroPac International Value Fund (the "*International Value Fund* ").

In approving the renewal of the Advisory Agreement with respect to each Fund, the Board, including the Independent Trustees, determined that such renewal was in the best interests of the Fund and its shareholders.

***Background***

In advance of the meeting, the Board received information about the Funds and the Advisory Agreement from the Advisor and from Mutual Fund Administration, LLC and UMB Fund Services, Inc., the Trust's co-administrators, certain portions of which are discussed below. The materials, among other things, included information about the organization and financial condition of the Advisor; information regarding the background, experience, and compensation structure of relevant personnel providing services to the Funds; information about the Advisor's compliance policies and procedures, disaster recovery and contingency planning, and policies with respect to portfolio execution and trading; information regarding the profitability of the Advisor's overall relationship with the Funds; reports comparing the performance of each Fund with returns of its benchmark index and a group of comparable funds (each a "*Peer Group*") selected by Broadridge Financial Solutions, Inc. ("*Broadridge*") from Morningstar, Inc.'s relevant category (each a "*Fund Universe*") for various periods ended December 31, 2024; and reports comparing the investment advisory fee and total expenses of each Fund with those of its Peer Group and Fund Universe. The Board also received a memorandum from legal counsel to the Trust discussing the legal standards under the 1940 Act and other applicable law for their consideration of the proposed renewal of the Advisory Agreement. In addition, the Board considered information reviewed by the Board during the year at other Board and Board committee meetings. No representatives of the Advisor were present during the Board's consideration of the Advisory Agreement, and the Independent Trustees were represented by their legal counsel with respect to the matters considered.

**EP Emerging Markets Fund, EuroPac Gold Fund, EuroPac International Bond Fund, EuroPac International Dividend Income Fund, and EuroPac International Value Fund**

**Board Consideration of Investment Advisory Agreement (Unaudited)**

In renewing the Advisory Agreement, the Board and the Independent Trustees considered a variety of factors, including those discussed below. In their deliberations, the Board and the Independent Trustees did not identify any particular factor that was controlling, and each Trustee may have attributed different weights to the various factors.

***Nature, Extent, and Quality of Services***

With respect to the performance results of each Fund, the meeting materials indicated the following:

● The Emerging Markets Fund's annualized total return for the five-year period was above the Diversified Emerging Markets Fund Universe median return, but below the MSCI Emerging Markets Index (the "*MSCI EM Index*") return and the Peer Group median return by 0.30% and 0.96%, respectively. For the ten-year period, the Fund's annualized total return was below the Fund Universe median return, the MSCI EM Index return, and the Peer Group median return by 1.42%, 1.84%, and 2.45%, respectively. The Fund's annualized total return for the three-year period was below the Fund Universe and Peer Group median returns and the MSCI EM Index return by 4.91%, 4.92%, and 6.48%, respectively. For the one-year period, the Fund's total return was below the Peer Group median return by 4.75%, the Fund Universe median return by 5.38%, and the MSCI EM Index return by 6.85%. The Trustees considered the Advisor's belief that the Fund's underperformance for the one-year period was due to the Fund's overweight allocation to China and its underweight allocation to artificial intelligence-related stocks, which the Advisor believes traded at prices above their fundamental values. The Trustees observed that the Fund's volatility of returns, as measured by its standard deviation, and its downside volatility, as measured by its Morningstar risk score, ranked it in the first or second quartile of the funds (which are the most favorable) in the Peer Group and Fund Universe for the three-year period. The Trustees also noted that the Advisor remains very bullish on emerging markets over the next five years and beyond.

● The Gold Fund's annualized total return for the ten-year period was below the Equity Precious Metals Fund Universe and Peer Group median returns, the NYSE Arca Gold Miners Total Return Index (the "*NYSE Index*") return, the Philadelphia Gold & Silver Index (the "*Philadelphia Index*") return, and the S&P 500 Total Return Index (the "*S&P 500 Index*") return by 0.53%, 0.54%, 1.95%, 2.66%, and 6.97%, respectively. For the three-year period, the Fund's annualized total return was below the Fund Universe and Peer Group median returns, the Philadelphia Index return, the NYSE Index return, and the S&P 500 Index return by 2.09%, 2.73%, 5.64 %, 5.84%, and 10.46%, respectively. The Fund's annualized total return for the five-year period was below both the Fund Universe and Peer Group median returns by 2.98%, the NYSE Index return by 3.72%, the Philadelphia Index return by 6.06%, and the S&P 500 Index return by 13.12%. The Fund's total return for the one-year period was below the NYSE Index return by 2.54%, the Fund Universe median return by 6.04%, the Peer Group median return by 6.16%, the Philadelphia Index return by 6.17%, and the S&P 500 Index return by 16.47%. The Trustee considered the Advisor's assertion that the Fund's underperformance relative to the Peer Group was due to the underperformance in exploration and mid-tier miners, which was mostly driven by relatively slow asset flows into the sector. The Trustees also considered the Advisor's belief that the Fund's underperformance compared to the Philadelphia Index was primarily due to the Philadelphia Index being fully invested in large-cap miners, some of which are not gold miners. The Trustees also noted the Advisor's explanation that the Fund's focus on smaller miners and exploration companies should lead to outperformance over the long term, but that during periods with weak retail investor flows into the sector, the Fund tends to underperform over the short term.

**EP Emerging Markets Fund, EuroPac Gold Fund, EuroPac International Bond Fund, EuroPac International Dividend Income Fund, and EuroPac International Value Fund**

**Board Consideration of Investment Advisory Agreement (Unaudited)**

● The International Bond Fund's annualized total returns for the three- and five-year periods were above the Peer Group and Global Bond Fund Universe median returns, the Bloomberg Global Aggregate Bond Index (the "*Global Aggregate Bond Index*") returns, the FTSE Non-USD World Government Bond Index (the "*FTSE Index*") returns, and the JPMorgan GBI Global ex-US FX NY Index Unhedged in USD (the "*JPMorgan Index*") returns. For the ten-year period, the Fund's annualized total return was above the Peer Group median return, the FTSE Index return, and the JPMorgan Index return, but below the Global Aggregate Bond Index return and the Fund Universe median return by 0.15% and 0.29%, respectively. The Fund's total return for the one-year period was above the FTSE Index return and the JPMorgan Index return, but below the Peer Group median return, the Global Aggregate Bond Index return, and the Fund Universe median return by 1.26%, 1.62%, and 2.80%, respectively. The Board considered the Advisor's assertion that the Fund's underperformance over the one-year period was largely due to the strength of the U.S. dollar in November and December 2024, as well as the Fund's low average duration and currency mix. The Trustees observed that the Fund's volatility of returns, as measured by its standard deviation, and its downside volatility, as measured by its Morningstar risk score, ranked it in the first or second quartile of the funds (which are the most favorable) in the Peer Group and Fund Universe for the one-, three-, and five-year periods, and in the first quartile of the funds in the Peer Group for the ten-year period.

● The International Dividend Fund's annualized total return for the five-year period was above the Peer Group and Foreign Large Value Fund Universe median returns, the MSCI World ex-USA Index return, and the S&P International Dividend Opportunities Total Return Index (the "*S&P International Dividend Index*") return. The Fund's annualized total return for the three-year period was above the Peer Group median return, the MSCI World ex-USA Index return, and the S&P International Dividend Index return, and the same as the Fund Universe median return. For the ten-year period, the Fund's annualized total return was below the Peer Group median return by 1.14%, the S&P International Dividend Index return by 1.41%, the Fund Universe median return by 1.91%, and the MSCI World ex-USA Index return by 2.87%. The Fund's total return for the one-year period was below the S&P International Dividend Index return, the Fund Universe and Peer Group median returns, and the MSCI World ex-USA Index return by 2.89%, 3.61%, 3.96%, and 3.98%, respectively. The Board considered the Advisor's assertion that the Fund's underperformance relative to the Peer Group for the one- and ten-year periods was due to a selection of non-dividend focused funds included in the Peer Group, and that such funds had overweight allocations to technology and other growth sectors. The Trustees observed that the Fund's volatility of returns, as measured by its standard deviation, and its downside volatility, as measured by its Morningstar risk score, ranked it in the first or second quartile of the funds (which are the most favorable) in the Peer Group and Fund Universe for the three-, five-, and ten-year periods.

● The International Value Fund's annualized total return for the five-year period was above the Peer Group and Foreign Large Value Fund Universe median returns, the MSCI World ex-USA Value Index return, the MSCI World ex-USA Index return, and the MSCI ACWI ex-USA Value Index return. The Fund's annualized total return for the three-year period was above the Peer Group and Fund Universe median returns, the MSCI ACWI ex-USA Value Index return, and the MSCI World ex-USA Index return, but below the MSCI World Ex-USA Value Index return by 0.99%. For the one-year period, the Fund's total return was above the Peer Group and Fund Universe median returns and the MSCI World ex-USA Index return, but below the MSCI ACWI ex-USA Value Index return and the MSCI World ex-USA Value Index return by 0.96% and 1.57%, respectively. For the ten-year period, the Fund's annualized total return was below the MSCI ACWI ex-USA Value Index return, the Fund Universe and Peer Group median returns, the MSCI World ex-USA Value Index return, and the MSCI World ex-USA Index return by 0.15%, 0.38%, 0.42%, 0.62%, and 1.34%, respectively. The Board considered the Advisor's explanation that the Fund's underperformance relative to the Peer Group over the ten-year period was largely due to the underperformance of gold stocks and other inflation sensitive sectors compared to technology and financials sectors during the earlier years of the period. The Trustees observed that the Fund's volatility of returns, as measured by its standard deviation; its risk-adjusted returns, as measured by its Sharpe ratio; its downside volatility, as measured by its Morningstar risk score; and its risk-adjusted returns relative to the benchmark, as measured by its information ratio, ranked it in the first quartile of the funds (which is the most favorable) in the Peer Group and Fund Universe for the three- and five-year periods.

**EP Emerging Markets Fund, EuroPac Gold Fund, EuroPac International Bond Fund, EuroPac International Dividend Income Fund, and EuroPac International Value Fund**

**Board Consideration of Investment Advisory Agreement (Unaudited)**

The Board considered the overall quality of services provided by the Advisor to the Funds. In doing so, the Board considered the Advisor's specific responsibilities in day-to-day management and oversight of the Funds, as well as the qualifications, experience, and responsibilities of the personnel involved in the activities of the Funds. The Board also considered the overall quality of the organization and operations of the Advisor, as well as its compliance structure. The Board and the Independent Trustees concluded that based on the various factors they had reviewed, the nature, overall quality, and extent of the management and oversight services provided by the Advisor to each Fund were satisfactory.

***Advisory Fees and Expense Ratios***

With respect to the advisory fees and expenses paid by the Funds, the meeting materials indicated the following:

● The Emerging Markets Fund's annual investment advisory fee (gross of fee waivers) was higher than the Peer Group and Diversified Emerging Markets Fund Universe medians by 0.08% and 0.13%, respectively. The Trustees noted that the Fund's advisory fee was higher than the standard fee that the Advisor charges to sub-advise separate accounts for institutional clients of its affiliate, Alliance Global Partners Corp ()"*AGP* "). The Trustees observed, however, that management of mutual fund assets requires compliance with certain requirements under the 1940 Act that do not apply to AGP's institutional clients, and that the Advisor provides more services to the Fund than it does to separately managed accounts for which it serves as sub-advisor. The Trustees also considered that the Fund's advisory fee was within the range of advisory fees paid by the other series of the Trust managed by the Advisor.

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were higher than the Peer Group and Fund Universe medians by 0.36% and 0.42%, respectively. The Trustees noted, however, that the average net assets of the Fund's class considered by Broadridge were lower than the average net assets of corresponding classes of funds in the Peer Group, and significantly lower than the average net assets of corresponding classes of funds in the Fund Universe, and that certain of those other funds also had significant assets in other classes. The Trustees also considered the Advisor's observation that some of the funds in the Peer Group are part of larger fund complexes and therefore could have lower expenses and/or support lower expense caps.

**EP Emerging Markets Fund, EuroPac Gold Fund, EuroPac International Bond Fund, EuroPac International Dividend Income Fund, and EuroPac International Value Fund**

**Board Consideration of Investment Advisory Agreement (Unaudited)**

● The Gold Fund's annual investment advisory fee (gross of fee waivers) was the same as the Peer Group and Equity Precious Metals Fund Universe medians. The Trustees noted that the Fund's advisory fee was the same as the standard fee that the Advisor charges to sub-advise separate accounts for institutional clients of its affiliate, AGP. The Trustees observed, however, that management of mutual fund assets requires compliance with certain requirements under the 1940 Act that do not apply to AGP's institutional clients, and that the Advisor provides more services to the Fund than it does to separately managed accounts for which it serves as sub-advisor. The Trustees also considered that the Fund's advisory fee was within the range of advisory fees paid by the other series of the Trust managed by the Advisor.

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were lower than the Peer Group and Fund Universe medians.

● The International Bond Fund's annual investment advisory fee (gross of fee waivers) was lower than the Peer Group median, but higher than the Global Bond Fund Universe median by 0.05%. The Trustees noted that the Fund's advisory fee was lower than the standard fee that the Advisor charges to sub-advise separate accounts for institutional clients of its affiliate, AGP. The Trustees also considered that the Fund's advisory fee was lower than the advisory fees paid by the other series of the Trust managed by the Advisor.

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were higher than the Peer Group and Fund Universe medians by 0.11% and 0.16%, respectively. The Trustees noted, however, that the average net assets of the Fund's class considered by Broadridge were significantly lower than the average net assets of corresponding classes of funds in the Peer Group and Fund Universe, and that certain of those other funds also had significant assets in other classes. The Trustees also considered that the Fund's total expenses were not in the highest quartile of the funds in the Peer Group.

● The International Dividend Fund's annual investment advisory fee (gross of fee waivers) was higher than both the Peer Group and Foreign Large Value Fund Universe medians by 0.10%. The Trustees considered that compared to other funds in the Peer Group, the Advisor believes that there is substantially more effort and specialization required to manage the Fund, in part because the Fund is somewhat uniquely focused on smaller, less liquid markets than the funds in the Peer Group. The Trustees noted that the Fund's advisory fee was higher than the standard fee that the Advisor charges to sub-advise separate accounts for institutional clients of its affiliate, AGP. The Trustees observed, however, that management of mutual fund assets requires compliance with certain requirements under the 1940 Act that do not apply to AGP's institutional clients, and that the Advisor provides more services to the Fund than it does to separately managed accounts for which it serves as sub-advisor. The Trustees also considered that the Fund's advisory fee was within the range of advisory fees paid by the other series of the Trust managed by the Advisor.

**EP Emerging Markets Fund, EuroPac Gold Fund, EuroPac International Bond Fund, EuroPac International Dividend Income Fund, and EuroPac International Value Fund**

**Board Consideration of Investment Advisory Agreement (Unaudited)**

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were higher than the Peer Group and Fund Universe medians by 0.25% and 0.33%, respectively. The Trustees considered that some of the funds in the Peer Group are part of larger fund complexes and therefore could have lower expenses and/or support lower expense caps. The Trustees also noted that the average net assets of the Fund's class considered by Broadridge were lower than the average net assets of corresponding classes of funds in the Peer Group, and significantly lower than the average net assets of corresponding classes of funds in the Fund Universe, and that certain of those other funds also had significant assets in other classes.

● The International Value Fund's annual investment advisory fee (gross of fee waivers) was higher than the Peer Group and Foreign Large Value Fund Universe medians by 0.305% and 0.33%, respectively. The Trustees considered the Advisor's assertion that the Fund warrants a higher advisory fee than the Peer Group funds generally because the Fund uses a distinct strategy involving investment in markets that are not typically covered and a focus on dividend paying companies, and that as a result, substantially more effort and specialization is required to manage the Fund. The Trustees also noted that the Fund's advisory fee was higher than the standard fee that the Advisor charges to sub-advise separate accounts for institutional clients of its affiliate, AGP. The Trustees observed, however, that management of mutual fund assets requires compliance with certain requirements under the 1940 Act that do not apply to AGP's institutional clients, and that the Advisor provides more services to the Fund than it does to separately managed accounts for which it serves as sub-advisor. The Trustees also considered that the Fund's advisory fee was within the range of advisory fees paid by the other series of the Trust managed by the Advisor.

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were higher than the Peer Group and Fund Universe medians by 0.52% and 0.54%, respectively. The Trustees noted, however, that the average net assets of the Fund's class considered by Broadridge were significantly lower than the average net assets of corresponding classes of funds in the Peer Group and Fund Universe, and that certain of those other funds also had significant assets in other classes. The Trustees also considered the Advisor's observation that some of the funds in the Peer Group are part of larger fund complexes and therefore could have lower expenses and/or support lower expense caps.

In considering the Funds' fees and total expenses, the Board considered the Advisor's longstanding view that each Fund is distinct from its Peer Group in some significant way, as the Advisor focuses on unhedged exposure to various countries, currencies, and commodities in a way that is not replicated by any other fund family's products, and that this makes it difficult for Broadridge to appropriately categorize the Funds' strategies and construct peer groups for the Funds. The Board also considered that most investors in the Funds, the majority of whom purchase shares through AGP, invest in the Funds specifically for this unique investment process and philosophy and with a long-term focus.

**EP Emerging Markets Fund, EuroPac Gold Fund, EuroPac International Bond Fund, EuroPac International Dividend Income Fund, and EuroPac International Value Fund**

**Board Consideration of Investment Advisory Agreement (Unaudited)**

The Board and the Independent Trustees concluded that based on the factors they had reviewed, the compensation payable to the Advisor under the Advisory Agreement was fair and reasonable in light of the nature and quality of the services the Advisor provides to the Funds.

***Profitability, Benefits to the Advisor, and Economies of Scale***

The Board next considered information prepared by the Advisor relating to its costs and profits with respect to each Fund for the year ended December 31, 2024, noting that the Advisor had waived a significant portion of its advisory fee for the International Bond Fund, and had waived a portion of its advisory fee for the Emerging Markets Fund and International Dividend Fund. Recognizing the difficulty in evaluating an investment advisor's profitability with respect to the funds it manages in the context of an advisor with multiple lines of business, and noting that other profitability methodologies might also be reasonable, the Board and the Independent Trustees concluded that the profits of the Advisor from its relationships with the Funds were reasonable.

The Board also considered the benefits received by the Advisor as a result of the Advisor's relationship with the Funds, other than the receipt of its investment advisory fees, including any research received from broker-dealers providing execution services to the Funds, the beneficial effects from the review by the Trust's Chief Compliance Officer of the Advisor's compliance program, the intangible benefits of the Advisor's association with the Funds generally, and any favorable publicity arising in connection with the Funds' performance. The Trustees noted that although there were no advisory fee breakpoints, the asset levels of the Funds were not currently likely to lead to significant economies of scale, and that any such economies would be considered in the future as the assets of the Funds grow.

***Conclusion***

Based on these and other factors, the Board and the Independent Trustees concluded that renewal of the Advisory Agreement was in the best interests of each Fund and its shareholders and, accordingly, approved the renewal of the Advisory Agreement with respect to the Funds.

**<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>**

(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.

(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) (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.* Not Applicable.

(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.

(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](fp0093736-1_ex99cert.htm).

(a) (4) Not Applicable

(a) (5) Not Applicable

*(b)* *Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* [Filed herewith](fp0093736-1_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 | 7/8/2025 |

---

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 | 7/8/2025 |
| By (Signature and Title) | /s/ Rita Dam |
|  | Rita Dam, Treasurer and Principal Financial Officer |
| Date | 7/8/2025 |

---

## Ex-99.Cert

EX.99.CERT

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

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

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");

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;

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;

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;(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;(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;(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;(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

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: | 7/8/2025 | /s/ Maureen Quill |
|  |  | Maureen Quill<br> President and Principal Executive Officer |

---

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

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

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");

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;

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;

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;(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;(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;(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;(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

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: | 7/8/2025 | /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 six months ended **April 30, 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 | 7/8/2025 |
| /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.