# EDGAR Filing Document

**Accession Number:** 0001318342
**File Stem:** 0001398344-23-000436
**Filing Date:** 2023-1
**Character Count:** 237832
**Document Hash:** 808c955e85fad38394ca7c3eb7dc8698
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-000436.hdr.sgml**: 20230109

**ACCESSION NUMBER**: 0001398344-23-000436

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230109

**DATE AS OF CHANGE**: 20230109

**EFFECTIVENESS DATE**: 20230109

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Investment Managers Series Trust
- **CENTRAL INDEX KEY:** 0001318342
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21719
- **FILM NUMBER:** 23517757

**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           |

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-21719</u>**

**<u>INVESTMENT MANAGERS SERIES TRUST</u>**<br> (Exact name of registrant as specified in charter)

**235 W. Galena Street**

**<u>Milwaukee, WI 53212</u>**<br> (Address of principal executive offices) (Zip code)

**Diane J. Drake**

**Mutual Fund Administration, LLC**

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

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

(Name and address of agent for service)

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

Registrant's telephone number, including area code

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

Date of reporting period: **<u>October 31, 2022</u>**

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

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

![](fp0081421-1_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**

**(Formerly known as EP Emerging Markets Small Companies Fund)**

*Class A (EPASX)*

*Class I (EPEIX)*

**EuroPac Gold Fund**

*Class A* (*EPGFX*)

Class I (EPGIX)

**ANNUAL REPORT**

**October 31, 2022**

**Euro Pacific Funds**

*Each a series of Investment Managers Series Trust*

**Table of Contents**

---

| | |
|:---|:---|
| Shareholder Letter | 1 |
| Fund Performance | 6 |
| Schedules of Investments | 16 |
| Statements of Assets and Liabilities | 38 |
| Statements of Operations | 42 |
| Statements of Changes in Net Assets | 44 |
| Financial Highlights | 49 |
| Notes to Financial Statements | 59 |
| Report of Independent Registered Public Accounting Firm | 78 |
| Supplemental Information | 79 |
| Expense Examples | 83 |

---

*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 prospectus.*

www.europacificfunds.com

![](fp0081421-1_02.jpg)

***2022 Annual Report***

---

| | |
|:---|:---|
| **Euro Pacific Asset Management, LLC** | **December 19, 2022** |

---

Dear Shareholder,

We are pleased to present the Annual Report for the EuroPac International Value Fund, EuroPac International Dividend Income Fund, EuroPac International Bond Fund, EuroPac Gold Fund and EP Emerging Markets Fund with respect to the period November 1, 2021 through October 31, 2022.

Strategically, our portfolios seek to outperform in a weak US Dollar environment. Tactically, our positioning is guided by our Key Themes. As discussed in our "2022 Update & Outlook" (1/24/22), we entered 2022 expecting US Dollar strength (Key Theme #1 "Year of Rebalance") and positioned our core equity funds accordingly. As a result, despite the US Dollar reaching a 20-yr high, the EuroPac International Value Fund, EuroPac International Dividend Income Fund and EuroPac Bond Fund each handily outperformed their relative benchmarks in the most recent fiscal year.

Even if the US Dollar were to remain elevated in the first part of 2023, we believe material upside and strength will be limited. Regardless, our long-term (strategic) view remains intact. We believe the U.S. has begun a new multi-year leveraging phase, and trends that dominated the past decade are set to reverse. In coming years, we expect elevated inflation, a weaker US Dollar, rising commodities & outperformance of Foreign (vs US), Emerging Markets (vs Developed Markets) & Value (vs Growth).

The Euro Pacific family of funds are all international products designed to provide our U.S. investors maximum diversification and overall risk-adjusted returns, by investing outside of the U.S. Dollar. After facing the challenge of a strong U.S. Dollar over the past few years, we believe this trend has reversed and has shifted into our favor. We remain focused on providing our shareholders the advantage of the distinct diversification that the Euro Pacific Funds offer.

Euro Pacific Asset Management, LLC

![](fp0081421-1_02.jpg)

**Overview of the Results of the Funds**

**EuroPac International Value Fund**

The EuroPac International Value Fund attempts to generate income and capital appreciation over a long-term investment horizon by selectively choosing undervalued foreign companies, primarily located within Europe and the Pacific Rim, and with minimal exposure to the US Dollar. The EuroPac International Value Fund uses a top-down allocation approach to select what it views as the most fundamentally sound countries to invest and a bottom-up approach to select high-quality, undervalued companies. The strategy seeks to diversify currency risk and takes a long-term investment view with low portfolio turnover.

In fiscal year 2022, the International Value Fund A-share returned -6.77% without the maximum sales load, and -10.97% with the maximum sales load while the I-share returned -6.38%, which compares favorably to the Morgan Stanley Capital International All Country World Ex USA Value Index return of -18.13%. The Fund outperformed due to its higher exposure to energy stocks as well as superior security selection overall. The war between Russia and Ukraine, and the resulting supply constraints, sent oil and gas commodity-producing company shares much higher.

**EuroPac International Bond Fund**

The EuroPac International Bond Fund attempts to provide income over a long-term investment horizon by selectively choosing foreign bonds of issuers in Europe, and the Pacific Rim with exposure to a balanced basket of currencies that the Fund believes have the greatest potential for long-term appreciation versus the US Dollar. The EuroPac International Bond Fund uses a top-down allocation approach to select what it views as the most fundamentally sound countries and currencies to invest and a bottom-up approach to select undervalued government and corporate bonds.

In fiscal year 2022, the International Bond Fund A-share returned -12.19% without the maximum sales load, and -16.10% with the maximum sales load, while the I-share returned -12.01%, which compares favorably to the JP Morgan Government Bond Index Global ex-US Unhedged Index at -27.80%. The fund outperformed its benchmark as the Euro weakened from the ongoing energy conflict and threat of recession, and the Yen collapsed due a policy to maintain a cap on 10-year yields at 0.25%. The Fund is underweight Euros and Yen. Local currency EM bonds, of which the Fund is overweight, attributed to the outperformance as they generally displayed higher yields in an environment where real rates in Developed Markets remained negative. Going forward, as EM economies have lagged in the recovery, select currencies should strengthen as higher growth rates and significantly higher interest rates continue to attract capital.

**EuroPac International Dividend Income Fund**

The EuroPac International Dividend Income Fund attempts to maximize expected dividend income outside of the United States, using a top-down analysis to select the best currencies and sectors, and a bottom-up analysis to select the securities with the most potential to pay out high and sustainable dividends that grow. The strategy seeks to diversify currency risk and takes a long-term investment view with low portfolio turnover.

In fiscal year 2022, the EuroPac International Dividend Income Fund A-share returned -5.04% without the maximum sales load, and -9.33% with the maximum sales load while the I-share returned -4.79%, which compares very favorably to the S&P International Dividend Opportunities Index at -20.15%. The Fund outperformed due to its higher exposure to energy stocks as well as superior security selection overall. The war between Russia and Ukraine, and the resulting supply constraints, sent oil and gas commodity-producing company shares much higher.

Euro Pacific Asset Management, LLC

![](fp0081421-1_02.jpg)

**EP Emerging Markets Fund**

The EP Emerging Markets Fund seeks to invest primarily in companies that are tied economically to emerging market countries. The manager uses a top-down allocation approach to select what it views as the most fundamentally sound countries to invest and a bottom-up approach to select high-quality, undervalued companies. The strategy seeks to diversify currency risk and takes a long-term investment view with low portfolio turnover.

In fiscal year 2022, the EP Emerging Markets Fund A-share returned -34.57% without the maximum sales load, and -37.51% with the maximum sales load while the I-share returned -34.40%, which compares unfavorably to the Morgan Stanley Capital International Emerging Market Index's -31.03% return. Underperformance was mostly driven by unfavorable stock selection and to a lesser extent country and sector allocation. The strategy's Chinese and Taiwan shares suffered as China's COVID-19 lockdowns continued to hamper companies' performance, and stifle growth. On September 1, 2022 the Fund's sub-advisor stepped down and Euro Pacific Asset Management's team became the primary manager to the fund.

**EuroPac Gold Fund** 

The EuroPac Gold Fund seeks long-term capital appreciation. Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of gold companies located in Europe and the Pacific Rim. The Fund's sub-advisor defines securities of gold companies as equity securities of companies that derive at least 50% of gross revenue or profit from mining, processing, or dealing and investing in gold, as well as companies whose primary business is exploring for gold or that provide services to the gold industry.

In fiscal year 2022, the EuroPac Gold Fund A-share returned -28.63% without the maximum sales load, and -31.82% with the maximum sales load while the I-share returned -28.51%. The Philadelphia Gold & Silver Index returned -18.70% and the NYSE Arca Gold Miners Index returned -23.51% for the same period. The Fund underperformed both indices, while most gold stocks were close to their lows at the end of October 31, 2022; the two largest holdings were particularly weak at that date which were Franco-Nevada, and Oceana Gold. Again, like most gold stocks, they have recovered since then. In addition, the Fund holds a large number of junior stocks that typically outperform in stronger markets, therefore we are optimistic for improving performance into 2023 and beyond.

We would like to extend our sincere thanks for investing with Euro Pacific Funds. We welcome your questions and comments and look forward to serving your investment needs in the years ahead.

Sincerely,

Jim Nelson, CFA

Portfolio Manager

Euro Pacific Asset Management, LLC

Euro Pacific Asset Management, LLC

![](fp0081421-1_02.jpg)

**The views in this letter were as of December 21, 2022 and may not necessarily reflect the same views on the date this letter is first published or any time thereafter. These views are intended to help shareholders in understanding the fund's investment methodology and do not constitute investment advice.**

*Foreign investments present additional risk due to economic and political factors, government regulations, differences in accounting standards and other factors. In addition, the value of securities can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar, or in the case of hedging positions that the U.S. dollar will decline relative to the currency being hedged. Currency rates may fluctuate significantly over short periods of time due to controls or political developments and may result in reduced returns.* 

*Investments in emerging markets involve even greater risks. The Funds will be more susceptible to the economic, market, political, regulatory, local risks and potential natural disasters of the European and Pacific Rim regions than a fund that is more geographically diversified. The economies of Latin American countries are particularly sensitive to fluctuations in commodity prices, currencies and global demand for commodities. Investments closely tied to the Latin American region are generally characterized by high interest, inflation, and unemployment rates and may be more volatile. Small, and mid cap stocks are subject to substantial risks such as market, business, size, volatility, management experience, product diversification, financial resource, competitive strength, liquidity, and unpredictably. The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments. Generally, fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, with lower rated securities more volatile than higher rated securities. The Fund may be susceptible to government regulation, impacting hard asset sectors (such as the Precious metals, natural resources, and real estate sectors). Precious metals and natural resources securities are at times volatile and there may be sharp fluctuations in prices, even during periods of rising prices. To the extent the Funds use futures, swaps, and other derivatives, it is exposed to additional volatility and potential losses resulting from leverage. The use of derivatives involves risks different from, and possibly greater then, the risks associated with investing directly in the underlying assets. Derivatives can be highly volatile, illiquid, and difficult to value. The Funds may be subject to greater risks than a fund whose portfolio has exposure to a broader range of sectors. Diversification does not assure a profit or protect against loss.*

*The S&P International Dividend Opportunities Index is designed to serve as a benchmark for global income-seeking investors. The index seeks to track 100 high-yielding common stocks from around the world excluding the U.S. It measures the performance of companies that pay above-average yields in global markets outside the U.S. The index reflects no deduction for fees, expenses or taxes. Clients cannot invest directly in the S&P International Dividend Opportunities Index.*

*The J.P. Morgan GBI Global ex-US Unhedged Index is an unmanaged index market representative of the total return performance in U.S. dollars on an unhedged basis of major non-U.S. bond markets. It reflects no deduction for fees, expenses or taxes. Clients cannot invest directly in the J.P. Morgan GBI Global ex-US Unhedged Index.*

*The MSCI AC World Ex US Value Net Index captures large and mid cap securities exhibiting overall value style characteristics across 22 Developed and 27 Emerging Markets countries. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield. Clients cannot invest directly in the MSCI AC World Ex US Value Net Index.*

Euro Pacific Asset Management, LLC

![](fp0081421-1_02.jpg)

*The MSCI Emerging Markets Net Index captures large and mid cap representation across 24 Emerging Markets countries. With 1,382 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. The index reflects no deduction for fees, expenses or taxes. Clients cannot invest directly in the MSCI Emerging Markets Small Cap Net Index*

*The Philadelphia Gold & Silver Index is a capitalization-weighted index composed of thirty companies involved in the gold or silver mining industry. The NYSE ARCA Gold Miners Index is a pure-play, global index, tracking the performance of the largest publicly-traded companies worldwide which are primarily involved in the mining for gold and silver. The indexes reflect no deduction for fees, expenses or taxes. Clients cannot invest directly in the Philadelphia Gold & Silver Index or the NYSE ARCA Gold Miners Index.*

*Past performance is not a guarantee of future results. One cannot invest directly in an Index.* 

*Euro Pacific Funds are distributed by IMST Distributors LLC*

Euro Pacific Asset Management, LLC

**EuroPac International Value Fund**

**FUND PERFORMANCE at October 31, 2022 (Unaudited)**

![](fp0081421-1_03.jpg)

This graph compares a hypothetical $10,000 investment in the Fund's Class A shares (assumes the maximum sales load charged by the Fund) with a similar investment in the MSCI AC World Ex USA Value Index during the periods shown. The performance graph above is shown for the Fund's Class A shares, Class I shares performance may vary. Results include the reinvestment of all dividends and capital gains.

The MSCI AC World Ex USA Value Index provides a broad measure of stock performance throughout the world, with the exception of U.S. based companies. This index does not reflect expenses, fees or sales charge, which would lower performance. The index is unmanaged and it is not available for investment.

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** *as of October 31, 2022* | 1 Year | 5 Years | 10 Years |
| **Before deducting maximum sales charge** |  |  |  |
| <br> Class A¹ | -6.77% | 3.69% | 0.32% |
| Class I² | -6.38% | 4.00% | 0.59% |
| **After deducting maximum sales charge** |  |  |  |
| <br> Class A¹ | -10.97% | 2.74% | -0.13% |
| MSCI AC World Ex USA Value Index | -18.13% | -1.60% | 2.21% |

---

<sup>1</sup> Maximum sales charge for Class A shares is 4.50%. No deferred sales charge will be imposed on any purchases.

<sup>2</sup> The performance figures for Class I shares include the performance of the Class A shares for the periods prior to the inception date of Class I shares. Class A shares impose higher expenses than that of Class I shares. Class I shares do not have any initial or deferred sales charge.

*The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling (888) 558-5851.*

**EuroPac International Value Fund**

**FUND PERFORMANCE at October 31, 2022 (Unaudited) - Continued**

Expense ratio for Class A shares was 1.75% and for Class I shares was 1.50%, which were the amounts stated in the current prospectus dated March 1, 2022.

Returns reflect the reinvestment of distributions made by the Fund, if any. The graph and the performance table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Shares redeemed within 30 days of purchase will be charged a redemption fee of 2.00%.

**EuroPac International Bond Fund**

**FUND PERFORMANCE at October 31, 2022 (Unaudited)**

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![](fp0081421-1_04.jpg)

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This graph compares a hypothetical $10,000 investment in the Fund's Class A shares, (assumes the maximum sales load charged by the Fund) with a similar investment in the JP Morgan GBI Global ex-US FX NY Index Unhedged in USD during the periods shown. The performance graph above is shown for the Fund's Class A shares, Class I shares performance may vary. Results include the reinvestment of all dividends and capital gains.

The JP Morgan GBI Global ex-US FX NY Index Unhedged in USD is an unmanaged index market representative of the total return performance in U.S. dollars on an unhedged basis of major non-U.S. bond markets. This index does not reflect expenses, fees or sales charge, which would lower performance. The index is unmanaged and it is not available for investment.

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** *as of October 31, 2022* | 1 Year | 5 Years | 10 Years |
| **Before deducting maximum sales charge** |  |  |  |
| <br> Class A¹ | -12.19% | -1.27% | -1.94% |
| Class I² | -12.01% | -1.04% | -1.71% |
| **After deducting maximum sales charge** |  |  |  |
| <br> Class A¹ | -16.10% | -2.18% | -2.39% |
| JP Morgan GBI Global ex-US FX NY Index Unhedged in USD | -27.80% | -5.01% | -3.07% |

---

<sup>1</sup> Maximum sales charge for Class A shares is 4.50%. No deferred sales charge will be imposed on any purchases.

<sup>2</sup> The performance figures for Class I shares include the performance of the Class A shares for the periods prior to the inception date of Class I shares. Class A shares impose higher expenses than that of Class I shares. Class I shares do not have any initial or deferred sales charge.

*The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling (888) 558-5851.*

**EuroPac International Bond Fund**

**FUND PERFORMANCE at October 31, 2022 (Unaudited) - Continued**

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Gross and net expense ratios for Class A shares were 1.45% and 1.15%, respectively, and for Class I shares were 1.20% and 0.90%, respectively, which were the amounts stated in the current prospectus dated March 1, 2022. For the Fund's current one-year expense ratios, please refer to the Financial Highlights section of this report. The Fund's Advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses do not exceed 1.15% and 0.90% of the average daily nets assets of Class A and Class I shares of the Fund, respectively. This agreement is in effect until February 28, 2023, and it may be terminated before that date only by the Trust's Board of Trustees. In the absence of such waivers, the Fund's returns would be lower.

Returns reflect the reinvestment of distributions made by the Fund, if any. The graph and the performance table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Shares redeemed within 30 days of purchase will be charged a redemption fee of 2.00%.

**EuroPac International Dividend Income Fund**

**FUND PERFORMANCE at October 31, 2022 (Unaudited)**

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![](fp0081421-1_05.jpg)

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The Fund commenced operations on January 10, 2014, after the conversion of a limited liability company account, Spongebob Ventures II LLC, which commenced operations February 28, 2010 (the "Predecessor Account"), into Class I shares of the Fund. The Fund's objectives, policies, guidelines and restrictions are, in all material respects, equivalent to those of the Predecessor Account.

This graph compares a hypothetical $10,000 investment in the Fund's Class A shares, (assumes the maximum sales load charged by the Fund) with a similar investment in the S&P International Dividend Opportunities Index during the periods shown. The performance graph above is shown for the Fund's Class A shares, Class I shares performance may vary. Results include the reinvestment of all dividends and capital gains.

The S&P International Dividend Opportunities Index serves as a benchmark for global income seeking investors. The index seeks to provide exposure to 100 high yielding common stocks from around the world while meeting diversification, stability and tradability requirements. This index does not reflect expenses, fees or sales charge, which would lower performance. The index is unmanaged and it is not available for investment.

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** *as of October 31, 2022* | 1 Year | 5 Years | 10 Years |
| **Before deducting maximum sales charge** |  |  |  |
| <br> Class A¹ | -5.04% | 2.63% | 1.52% |
| Class I² | -4.79% | 2.91% | 1.78% |
| **After deducting maximum sales charge** |  |  |  |
| <br> Class A¹ | -9.33% | 1.69% | 1.05% |
| S&P International Dividend Opportunities Index | -20.15% | -1.56% | 1.03% |

---

<sup>1</sup> Maximum sales charge for Class A shares is 4.50%. No deferred sales charge will be imposed on any purchases.

<sup>2</sup> Class A shares impose higher expenses than that of Class I shares. Class I shares do not have any initial or deferred sales charge.

The performance table above includes the information for the Predecessor Account prior to January 10, 2014.

**EuroPac International Dividend Income Fund**

**FUND PERFORMANCE at October 31, 2022 (Unaudited) - Continued**

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*The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling (888) 558-5851.*

Gross and net expense ratios for Class A shares were 1.52% and 1.50%, respectively, and for Class I shares were 1.27% and 1.25%, respectively, which were the amounts stated in the current prospectus dated March 1, 2022. For the Fund's current one-year expense ratios, please refer to the Financial Highlights section of this report. The Fund's Advisor has contractually agreed to waive its fees and/or pay for operating expense of the Fund to ensure that total annual fund operating expenses do not exceed 1.50% and 1.25% of the average daily net assets of Class A and Class I shares of the Fund, respectively. This agreement is in effect until February 28, 2023, and it may be terminated before that date only by the Trust's Board of Trustees. In the absence of such waivers, the Fund's returns would be lower.

Returns reflect the reinvestment of distributions made by the Fund, if any. The graph and the performance table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Shares redeemed within 30 days of purchase will be charged a redemption fee of 2.00%.

**EP Emerging Markets Fund**

**FUND PERFORMANCE at October 31, 2022 (Unaudited)**

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![](fp0081421-1_06.jpg)

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This graph compares a hypothetical $10,000 investment in the Fund's Class A shares (assumes the maximum sales load charged by the Fund) with a similar investment in the Morgan Stanley Capital International (MSCI) Emerging Markets Index and the (MSCI) Emerging Markets Small Cap Index during the periods shown. The performance graph above is shown for the Fund's Class A shares, Class I shares performance may vary. Results include the reinvestment of all dividends and capital gains.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of large and mid-cap companies across 24 emerging markets countries. The MSCI Emerging Markets Small Cap Index tracks the performance of small-cap companies from these same emerging markets. The former has been designated as the primary benchmark moving forward. The Advisor believes the MSCI Emerging Markets Index is a better performance benchmark for comparison to the Fund's performance in light of the Fund's updated investment strategy.

These indices do not reflect expenses, fees or sales charges, which would lower performance. The indices are unmanaged and it are not available for investment.

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** *as of October 31, 2022* | 1 Year | 5 Years | 10 Years |
| **Before deducting maximum sales charge** |  |  |  |
| <br> Class A¹ | -34.57% | -2.50% | 1.85% |
| Class I² | -34.40% | -2.26% | 2.11% |
| **After deducting maximum sales charge** |  |  |  |
| <br> Class A¹ | -37.51% | -3.39% | 1.38% |
| MSCI Emerging Markets Index<br>| -31.03% | -3.09% | 0.79% |
| MSCI Emerging Markets Small Cap Index | -23.42% | 0.54% | 3.06% |

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<sup>1</sup> Maximum sales charge for Class A shares is 4.50%. No deferred sales charge will be imposed on any purchases.

<sup>2</sup> The performance figures for Class I shares include the performance of the Class A shares for the periods prior to the inception date of Class I shares. Class A shares impose higher expenses than that of Class I shares. Class I shares do not have any initial or deferred sales charge.

**EP Emerging Markets Fund**

**FUND PERFORMANCE at October 31, 2022 (Unaudited) - Continued**

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*The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling (888) 558-5851.*

Gross and net expense ratios for Class A shares were 1.81% and 1.75%, respectively, and for Class I shares were 1.56% and 1.50%, respectively, which were the amounts stated in the current prospectus dated September 1, 2022. For the Fund's current one-year expense ratios, please refer to the Financial Highlights section of this report. The Fund's Advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses do not exceed 1.75% and 1.50% of the average daily net assets of Class A and Class I shares of the Fund, respectively. This agreement is in effect until September 1, 2023, and it may be terminated before that date only by the Trust's Board of Trustees. In the absence of such wavers, the Fund's returns would be lower.

Returns reflect the reinvestment of distributions made by the Fund, if any. The graph and the performance table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Shares redeemed within 30 days of purchase will be charged a redemption fee of 2.00%.

**EuroPac Gold Fund**

**FUND PERFORMANCE at October 31, 2022 (Unaudited)**

![](fp0081421-1_07.jpg)

This graph compares a hypothetical $10,000 investment in the Fund's Class A shares (assumes the maximum sales load charged by the Fund), made at its inception, with a similar investment in the Philadelphia Gold & Silver Index. Results include the reinvestment of all dividends and capital gains.

The Philadelphia Gold & Silver Index is designed to track the performance of a set of companies involved in the gold or silver mining industry. This index does not reflect expenses, fees or sales charge, which would lower performance. The index is unmanaged and it is not available for investment.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** *as of October 31, 2022* | 1 Year | 5 Years | Since<br> Inception | Inception Date |
| **Before deducting maximum sales charge** |  |  |  |  |
| Class A¹ | -28.63% | -0.04% | 0.64% | 07/19/13 |
| Class I² | -28.51% | 0.15% | 0.74% | 11/20/18 |
| **After deducting maximum sales charge** |  |  |  |  |
| Class A¹ | -31.82% | -0.96% | 0.14% | 07/19/13 |
| Philadelphia Gold & Silver Index | -18.70% | 6.24% | 2.04% | 07/19/13 |

---

<sup>1</sup> Maximum sales charge for Class A shares is 4.50%. No deferred sales charge will be imposed on any purchases.

<sup>2</sup> The performance figures for Class I shares include the performance of the Class A shares for the periods prior to the inception date of Class I shares. Class A shares impose higher expenses than that of Class I shares. Class I shares do not have any initial or deferred sales charge.

*The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling (888) 558-5851.*

Expense ratio for Class A shares was 1.40% and for Class I shares was 1.15%, which were the amounts stated in the current prospectus dated March 1, 2022. For the Fund's current one-year expense ratios, please refer to the Financial Highlights section of this report.

**EuroPac Gold Fund**

**FUND PERFORMANCE at October 31, 2022 (Unaudited) - Continued**

------

Returns reflect the reinvestment of distributions made by the Fund, if any. The graph and the performance table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Shares redeemed within 30 days of purchase will be charged a redemption fee of 2.00%.

**EuroPac International Value Fund**<br> **SCHEDULE OF INVESTMENTS**<br> **As of October 31, 2022**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 86.2%** |  |
|  | **AUSTRALIA — 3.6%** |  |
| 183000 | Newcrest Mining Ltd. | $2030862 |
| 805000 | Telstra Group Ltd. | 2018422 |
|  |  | **4049284** |
|  | **BELGIUM — 2.1%** |  |
| 100000 | Etablissements Franz Colruyt N.V. | **2410317** |
|  | **BRAZIL — 4.3%** |  |
| 750656 | Ambev S.A. - ADR | 2281994 |
| 689700 | Banco Bradesco S.A. - ADR | 2613963 |
|  |  | **4895957** |
|  | **CANADA — 15.0%** |  |
| 70000 | Agnico Eagle Mines Ltd. | 3077200 |
| 49000 | Bank of Nova Scotia | 2368357 |
| 225800 | Barrick Gold Corp. | 3393774 |
| 1000000 | IAMGOLD Corp. \* | 1460000 |
| 509900 | Kinross Gold Corp. | 1850937 |
| 30000 | Nutrien Ltd. | 2535000 |
| 530000 | Yamana Gold, Inc. | 2321400 |
|  |  | **17006668** |
|  | **CHILE — 1.7%** |  |
| 174402 | Cia Cervecerias Unidas S.A. - ADR | **1885286** |
|  | **CHINA — 2.3%** |  |
| 100000 | Tencent Holdings Ltd. | **2619208** |
|  | **DENMARK — 1.4%** |  |
| 15000 | Novo Nordisk A/S - ADR | **1632600** |
|  | **FRANCE — 6.5%** |  |
| 51100 | Societe BIC S.A. | 2933995 |
| 50000 | Sodexo S.A. | 4434233 |
|  |  | **7368228** |
|  | **GERMANY — 7.3%** |  |
| 25000 | adidas A.G. | 2445400 |
| 20000 | BASF S.E. | 898014 |
| 56000 | Bayer A.G. | 2945271 |
| 34000 | Mercedes-Benz Group A.G. | 1968969 |
|  |  | **8257654** |

---

**EuroPac International Value Fund**<br> **SCHEDULE OF INVESTMENTS - Continued**<br> **As of October 31, 2022**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **JAPAN — 2.2%** |  |
| 50000 | Asahi Group Holdings Ltd. | $1400182 |
| 54000 | Calbee, Inc. | 1084031 |
|  |  | **2484213** |
|  | **NETHERLANDS — 4.1%** |  |
| 22000 | Aalberts N.V. | 764858 |
| 140000 | Shell PLC | 3869750 |
|  |  | **4634608** |
|  | **NORWAY — 3.4%** |  |
| 105000 | Equinor A.S.A. | **3841476** |
|  | **SINGAPORE — 2.2%** |  |
| 165000 | Singapore Exchange Ltd. | 981421 |
| 842700 | Singapore Telecommunications Ltd. | 1488238 |
|  |  | **2469659** |
|  | **SPAIN — 1.2%** |  |
| 382689 | Telefonica S.A. | **1317987** |
|  | **SWEDEN — 0.7%** |  |
| 32000 | Alfa Laval A.B. | **788610** |
|  | **SWITZERLAND — 4.8%** |  |
| 10000 | Kuehne + Nagel International A.G. | 2131017 |
| 40000 | Novartis A.G. - ADR | 3245200 |
|  |  | **5376217** |
|  | **UNITED KINGDOM — 18.5%** |  |
| 121000 | BP PLC - ADR | 4026880 |
| 158000 | British American Tobacco PLC - ADR | 6259960 |
| 55760 | GSK PLC | 1849559 |
| 40000 | Reckitt Benckiser Group PLC | 2651376 |
| 100000 | Unilever PLC - ADR | 4551000 |
| 1423470 | Vodafone Group PLC | 1659192 |
|  |  | **20997967** |
|  | **UNITED STATES — 4.9%** |  |
| 52000 | Newmont Corp. | 2200640 |
| 36645 | Philip Morris International, Inc. | 3365843 |
|  |  | **5566483** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $100,672,929) | **97602422** |

---

**EuroPac International Value Fund**<br> **SCHEDULE OF INVESTMENTS - Continued**<br> **As of October 31, 2022**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SHORT-TERM INVESTMENTS — 12.1%** |  |
| $13739324 | Federated Hermes Treasury Obligations Fund - Institutional Class, 2.878% <sup>1</sup> | $13739324 |
|  | **Total Short-Term Investments** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $13,739,324) | **13739324** |
|  | **TOTAL INVESTMENTS — 98.3%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $114,412,253) | **111341746** |
|  | Other Assets in Excess of Liabilities — 1.7% | 1916760 |
|  | **TOTAL NET ASSETS — 100.0%** | $**113258506** |

---

---

| |
|:---|
| ADR – American Depository Receipt |
| PLC – Public Limited Company |

---

\* Non-income producing security.

<sup>1</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

**EuroPac International Value Fund<br> SUMMARY OF INVESTMENTS\**

**As of October 31, 2022**

---

| | |
|:---|:---|
| Security Type/Sector | Percent of Total<br> Net Assets |
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | 34.0% |
| &nbsp;&nbsp;&nbsp;Basic Materials | 17.5% |
| &nbsp;&nbsp;&nbsp;Energy | 10.4% |
| &nbsp;&nbsp;&nbsp;Communications | 8.0% |
| &nbsp;&nbsp;&nbsp;Consumer, Cyclical | 7.8% |
| &nbsp;&nbsp;&nbsp;Financial | 5.3% |
| &nbsp;&nbsp;&nbsp;Industrial | 3.2% |
| **Total Common Stocks** | **86.2%** |
| Short-Term Investments | 12.1% |
| **Total Investments** | **98.3%** |
| Other Assets in Excess of Liabilities | 1.7% |
| **Total Net Assets** | **100.0%** |

---

 

*See accompanying Notes to Financial Statements.*

**EuroPac International Bond Fund**<br> **SCHEDULE OF INVESTMENTS**<br> **As of October 31, 2022**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 0.0%** |  |
|  | **UNITED STATES — 0.0%** |  |
| 1197 | Hycroft Mining Holding Corp. \* | $825 |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,585,230) | **825** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  |  |
|  | **FIXED INCOME SECURITIES — 90.2%** |  |
|  | **ARGENTINA — 1.5%** |  |
| 33500000 | Argentina Treasury Bond BONCER<br> 1.400%, 3/25/2023 | **678517** |
|  | **AUSTRALIA — 6.6%** |  |
| 2050000 | Australia Government Bond<br> 1.250%, 5/21/2032 | 1051039 |
| 1000000 | BHP Billiton Finance Ltd.<br> 5.625%, 10/22/2079<sup>2,3</sup> | 1003052 |
| 1000000 | Newcrest Finance Pty Ltd.<br> 5.750%, 11/15/2041<sup>4</sup> | 863161 |
|  |  | **2917252** |
|  | **BRAZIL — 2.9%** |  |
| 7200000 | Brazilian Government International Bond<br> 10.250%, 1/10/2028 | **1298746** |
|  | **CANADA — 9.8%** |  |
| 1500000 | Bank of Nova Scotia<br> 2.490%, 9/23/2024 | 1048974 |
| 1500000 | Bell Canada, Inc.<br> 2.500%, 5/14/2030<sup>2</sup> | 911940 |
| 2000000 | Canadian Government Bond<br> 2.500%, 6/1/2024 | 1436130 |
| 1500000 | Pembina Pipeline Corp.<br> 3.310%, 2/1/2030<sup>2</sup> | 958723 |
|  |  | **4355767** |
|  | **CHILE — 0.8%** |  |
| 375000000 | Bonos de la Tesoreria de la Republica en pesos<br> 4.500%, 3/1/2026 | **372638** |
|  | **COLOMBIA — 3.2%** |  |
| 8150000000 | Colombia Government International Bond<br> 9.850%, 6/28/2027 | **1433162** |

---

**EuroPac International Bond Fund**<br> **SCHEDULE OF INVESTMENTS - Continued**<br> **As of October 31, 2022**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **FIXED INCOME SECURITIES (Continued)** |  |
|  | **DOMINICAN REPUBLIC — 1.5%** |  |
| 37000000 | Dominican Republic International Bond<br> 9.750%, 6/5/2026 | $**655722** |
|  | **IRELAND — 1.9%** |  |
| 1000000 | Glencore Capital Finance DAC<br> 0.500%, 9/7/2028<sup>2</sup> | **837442** |
|  | **LUXEMBOURG — 1.8%** |  |
| 18000000 | European Investment Bank<br> 6.500%, 7/7/2027 | **803018** |
|  | **MALTA — 1.5%** |  |
| 7250000 | Gaming Innovation Group PLC<br> 9.979% (Stockholm Interbank Offered Rates 3 Month + 850 basis points), 6/11/2024<sup>2,4,5</sup> | **656632** |
|  | **MEXICO — 10.5%** |  |
| 25400000 | America Movil S.A.B. de C.V.<br> 6.450%, 12/5/2022 | 1276987 |
|  | Mexican Bonos |  |
| 35000000 | &nbsp;&nbsp;&nbsp;6.750%, 3/9/2023 | 1747350 |
| 15000000 | &nbsp;&nbsp;&nbsp;5.750%, 3/5/2026 | 667892 |
| 21000000 | Petroleos Mexicanos<br> 7.190%, 9/12/2024 | 965861 |
|  |  | **4658090** |
|  | **NEW ZEALAND — 4.2%** |  |
| 1000000 | New Zealand Government Inflation Linked Bond<br> 3.000%, 9/20/2030 | 743590 |
| 2000000 | New Zealand Local Government Funding Agency Bond<br> 4.500%, 4/15/2027 | 1133811 |
|  |  | **1877401** |
|  | **NORWAY — 11.4%** |  |
| 5000000 | Aker A.S.A.<br> 6.275%, 9/27/2027 | 471129 |
|  | City of Oslo Norway |  |
| 14000000 | &nbsp;&nbsp;&nbsp;2.300%, 3/14/2024 | 1313310 |
| 5000000 | &nbsp;&nbsp;&nbsp;1.320%, 2/16/2028 | 411530 |
| 10000000 | DNB Bank A.S.A.<br> 4.890% (Oslo Bors Norway Interbank Offered Rate Fixing 3 Month + 230 basis points), 5/28/2030<sup>2,5</sup> | 959461 |

---

**EuroPac International Bond Fund**<br> **SCHEDULE OF INVESTMENTS - Continued**<br> **As of October 31, 2022**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **FIXED INCOME SECURITIES (Continued)** |  |
|  | **NORWAY (Continued)** |  |
| 7100000 | Lime Petroleum A.S.<br> 12.320% (Oslo Bors Norway Interbank Offered Rate Fixing 3 Month + 925 basis points), 7/7/2025<sup>2,4,5</sup> | $676112 |
| 13000000 | Norway Government Bond<br> 3.000%, 3/14/2024<sup>4</sup> | 1242278 |
|  |  | **5073820** |
|  | **PERU — 2.8%** |  |
| 5400000 | Peruvian Government International Bond<br> 5.940%, 2/12/2029 | **1217110** |
|  | **PHILIPPINES — 4.5%** |  |
|  | Asian Development Bank |  |
| 75000000 | &nbsp;&nbsp;&nbsp;6.200%, 10/6/2026 | 863686 |
| 100000000 | &nbsp;&nbsp;&nbsp;6.150%, 2/25/2030 | 1118411 |
|  |  | **1982097** |
|  | **SINGAPORE — 6.1%** |  |
|  | Housing & Development Board |  |
| 1000000 | &nbsp;&nbsp;&nbsp;2.420%, 7/24/2023 | 696964 |
| 1000000 | &nbsp;&nbsp;&nbsp;2.320%, 1/24/2028 | 652831 |
| 2000000 | Singapore Government Bond<br> 2.125%, 6/1/2026 | 1364651 |
|  |  | **2714446** |
|  | **SOUTH KOREA — 2.9%** |  |
| 20500000000 | Export-Import Bank of Korea<br> 7.250%, 12/7/2024 | **1303832** |
|  | **UNITED KINGDOM — 4.7%** |  |
| 1000000 | BP Capital Markets PLC<br> 3.250% <sup>2,6</sup> | 911463 |
| 370000 | Rolls-Royce PLC<br> 1.625%, 5/9/2028<sup>2</sup> | 274720 |
| 1000000 | Vodafone Group PLC<br> 4.200%, 10/3/2078<sup>2,3</sup> | 878863 |
|  |  | **2065046** |
|  | **UNITED STATES — 11.6%** |  |
| 34000000000 | Inter-American Development Bank<br> 7.875%, 3/14/2023 | 2185722 |
| 75000000 | International Bank for Reconstruction & Development<br> 6.000%, 1/16/2025 | 888835 |
|  | International Finance Corp. |  |

---

**EuroPac International Bond Fund**<br> **SCHEDULE OF INVESTMENTS - Continued**<br> **As of October 31, 2022**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **FIXED INCOME SECURITIES (Continued)** |  |
|  | **UNITED STATES (Continued)** |  |
| 56000000 | &nbsp;&nbsp;&nbsp;5.850%, 11/25/2022 | $675944 |
| 8000000000 | &nbsp;&nbsp;&nbsp;8.000%, 10/9/2023 | 518263 |
| 20000000 | &nbsp;&nbsp;&nbsp;7.000%, 7/20/2027 | 894665 |
|  |  | **5163429** |
|  | **TOTAL FIXED INCOME SECURITIES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $47,521,240) | **40064167** |
|  | **SHORT-TERM INVESTMENTS — 7.8%** |  |
| $3455858 | Federated Hermes Treasury Obligations Fund - Institutional Class, 2.878% <sup>7</sup> | **3455858** |
|  | **Total Short-Term Investments** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,455,858) | **3455858** |
|  | **TOTAL INVESTMENTS — 98.0%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $52,562,328) | **43520850** |
|  | Other Assets in Excess of Liabilities — 2.0% | 909289 |
|  | **TOTAL NET ASSETS — 100.0%** | $**44430139** |

---

PLC – Public Limited Company

\* Non-income producing security.

<sup>1</sup> Local currency.

<sup>2</sup> Callable.

<sup>3</sup> Variable rate security.

<sup>4</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 $3,438,183, which represents 7.74% of Net Assets.

<sup>5</sup> Floating rate security.

<sup>6</sup> Perpetual security. Maturity date is not applicable.

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

*See accompanying Notes to Financial Statements.* 

**EuroPac International Bond Fund**

**SUMMARY OF INVESTMENTS**

**As of October 31, 2022**

---

| | |
|:---|:---|
| Security Type/Sector | Percent of Total<br> Net Assets |
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp;Basic Materials | 0.0% |
| **Total Common Stocks** | **0.0%** |
| Fixed Income Securities |  |
| &nbsp;&nbsp;&nbsp;Government | 61.6% |
| &nbsp;&nbsp;&nbsp;Energy | 7.9% |
| &nbsp;&nbsp;&nbsp;Communications | 6.9% |
| &nbsp;&nbsp;&nbsp;Basic Materials | 6.1% |
| &nbsp;&nbsp;&nbsp;Financial | 5.6% |
| &nbsp;&nbsp;&nbsp;Consumer, Cyclical | 1.5% |
| &nbsp;&nbsp;&nbsp;Industrial | 0.6% |
| **Total Fixed Income Securities** | **90.2%** |
| Short-Term Investments | 7.8% |
| **Total Investments** | **98.0%** |
| Other Assets in Excess of Liabilities | 2.0% |
| **Total Net Assets** | **100.0%** |

---

 

*See accompanying Notes to Financial Statements.*

**EuroPac International Dividend Income Fund**

**SCHEDULE OF INVESTMENTS**

**As of October 31, 2022**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 82.8%** |  |
|  | **AUSTRALIA — 4.1%** |  |
| 470000 | Evolution Mining Ltd. | $625304 |
| 180000 | Northern Star Resources Ltd. | 1006269 |
| 50000 | Sonic Healthcare Ltd. | 1048036 |
| 630000 | Telstra Group Ltd. | 1579634 |
|  |  | **4259243** |
|  | **BRAZIL — 4.8%** |  |
| 700000 | Ambev S.A. - ADR | 2128000 |
| 387200 | Banco Bradesco S.A. - ADR | 1467488 |
| 150000 | Itau Unibanco Holding S.A. - ADR | 873000 |
| 40000 | Vale S.A. - ADR | 517600 |
|  |  | **4986088** |
|  | **CANADA — 13.4%** |  |
| 220000 | Alamos Gold, Inc. - Class A | 1735800 |
| 22000 | Bank of Nova Scotia | 1063344 |
| 191000 | Barrick Gold Corp. | 2870730 |
| 10000 | BCE, Inc. | 451042 |
| 60000 | Canadian Utilities Ltd. - Class A | 1596448 |
| 220000 | Equinox Gold Corp. \* | 730400 |
| 500000 | IAMGOLD Corp. \* | 730000 |
| 15000 | Nutrien Ltd. | 1267500 |
| 50000 | Power Corp. of Canada | 1241559 |
| 526000 | Yamana Gold, Inc. | 2303880 |
|  |  | **13990703** |
|  | **CHILE — 0.9%** |  |
| 89979 | Cia Cervecerias Unidas S.A. - ADR | **972673** |
|  | **FINLAND — 1.0%** |  |
| 75000 | Fortum Oyj | **1055811** |
|  | **FRANCE — 11.1%** |  |
| 40000 | Bouygues S.A. | 1141615 |
| 26000 | Danone S.A. | 1293448 |
| 206000 | Engie S.A. | 2677857 |
| 15000 | Sanofi | 1294545 |
| 32000 | Societe BIC S.A. | 1837335 |
| 40000 | TotalEnergies S.E. - ADR | 2190800 |
| 55000 | Veolia Environnement S.A. | 1227839 |
|  |  | **11663439** |

---

**EuroPac International Dividend Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2022**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **GERMANY — 6.2%** |  |
| 19000 | BASF S.E. | $853113 |
| 45000 | Bayer A.G. | 2366736 |
| 130000 | E.ON S.E. | 1088922 |
| 10000 | Henkel A.G. & Co. KGaA | 630299 |
| 15000 | Mercedes-Benz Group A.G. | 868663 |
| 7000 | SAP S.E. | 675650 |
|  |  | **6483383** |
|  | **ITALY — 2.3%** |  |
| 300000 | Enel S.p.A. | 1339757 |
| 85000 | Eni S.p.A. | 1113341 |
|  |  | **2453098** |
|  | **NEW ZEALAND — 0.9%** |  |
| 1849000 | Kiwi Property Group Ltd. | **972875** |
|  | **NORWAY — 5.2%** |  |
| 42794 | Aker BP A.S.A. | 1364146 |
| 55000 | Equinor A.S.A. - ADR | 1995400 |
| 150000 | Norsk Hydro A.S.A. | 951982 |
| 122900 | Telenor A.S.A. | 1117144 |
|  |  | **5428672** |
|  | **SINGAPORE — 4.1%** |  |
| 50000 | DBS Group Holdings Ltd. | 1207968 |
| 1200000 | Singapore Telecommunications Ltd. | 2119243 |
| 2709861 | Starhill Global REIT - REIT | 985856 |
|  |  | **4313067** |
|  | **SOUTH KOREA — 0.9%** |  |
| 50000 | SK Telecom Co., Ltd. - ADR | **978000** |
|  | **SPAIN — 5.9%** |  |
| 200000 | Banco Bilbao Vizcaya Argentaria S.A. | 1029548 |
| 55000 | Endesa S.A. | 917754 |
| 102777 | Iberdrola S.A. | 1043615 |
| 85000 | Repsol S.A. \* | 1154585 |
| 578064 | Telefonica S.A. | 1990862 |
|  |  | **6136364** |
|  | **SWITZERLAND — 2.0%** |  |
| 20000 | Novartis A.G. - ADR | 1622600 |

---

**EuroPac International Dividend Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2022**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **SWITZERLAND (Continued)** |  |
| 1500 | Roche Holding A.G. | $498128 |
|  |  | **2120728** |
|  | **UNITED KINGDOM — 16.2%** |  |
| 75000 | BP PLC - ADR | 2496000 |
| 111000 | British American Tobacco PLC - ADR | 4397820 |
| 55000 | GSK PLC | 1824350 |
| 300000 | John Wood Group PLC \* | 481307 |
| 10000 | Reckitt Benckiser Group PLC | 662844 |
| 60000 | Shell PLC - ADR | 3337800 |
| 30000 | Unilever PLC - ADR | 1365300 |
| 2000000 | Vodafone Group PLC | 2331193 |
|  |  | **16896614** |
|  | **UNITED STATES — 3.8%** |  |
| 40000 | Newmont Corp. | 1692800 |
| 25000 | Philip Morris International, Inc. | 2296250 |
|  |  | **3989050** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $96,785,405) | **86699808** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **SHORT-TERM INVESTMENTS — 17.5%** |  |
| $18282631 | Federated Hermes Treasury Obligations Fund - Institutional Class, 2.878% <sup>1</sup> | 18282631 |
|  | **Total Short-Term Investments** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $18,282,631) | **18282631** |
|  | **TOTAL INVESTMENTS — 100.3%** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $115,068,036) | **104982439** |
|  | Liabilities in Excess of Other Assets — (0.3)% | (349139) |
|  | **TOTAL NET ASSETS — 100.0%** | $**104633300** |

---

ADR – American Depository Receipt

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.*

**EuroPac International Dividend Income Fund**

**SUMMARY OF INVESTMENTS**

**As of October 31, 2022**

---

| | |
|:---|:---|
| Security Type/Sector | Percent of Total<br> Net Assets |
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | 23.2% |
| &nbsp;&nbsp;&nbsp;Basic Materials | 14.6% |
| &nbsp;&nbsp;&nbsp;Energy | 13.5% |
| &nbsp;&nbsp;&nbsp;Utilities | 10.5% |
| &nbsp;&nbsp;&nbsp;Communications | 10.1% |
| &nbsp;&nbsp;&nbsp;Financial | 8.4% |
| &nbsp;&nbsp;&nbsp;Industrial | 1.1% |
| &nbsp;&nbsp;&nbsp;Consumer, Cyclical | 0.8% |
| &nbsp;&nbsp;&nbsp;Technology | 0.6% |
| **Total Common Stocks** | **82.8%** |
| Short-Term Investments | 17.5% |
| **Total Investments** | **100.3%** |
| Liabilities in Excess of Other Assets | (0.3)% |
| **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Financial Statements.*

**EP Emerging Markets Fund**

**SCHEDULE OF INVESTMENTS**

**As of October 31, 2022**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 86.6%** |  |
|  | **BRAZIL — 7.5%** |  |
| 65230 | Arco Platform Ltd. - Class A <sup>\*</sup> | $739708 |
| 669800 | Boa Vista Servicos S.A. | 816908 |
| 93480 | CI&T, Inc. - Class A <sup>\*</sup> | 766536 |
| —<sup>1</sup> | Inter & Co., Inc. | 1 |
| 754890 | Locaweb Servicos de Internet S.A. <sup>\*,2</sup> | 1597318 |
| 568975 | Lojas Quero Quero S.A. | 665301 |
| 1397810 | Meliuz S.A. <sup>\*,2</sup> | 324726 |
|  |  | **4910498** |
|  | **CHINA — 11.8%** |  |
| 259965 | Amoy Diagnostics Co., Ltd. - Class A | 835766 |
| 2700000 | China Forestry Holdings Co., Ltd. <sup>\*,3</sup> |  |
| 337385 | Chongqing Fuling Zhacai Group Co., Ltd. - Class A | 1041906 |
| 652995 | Haitian International Holdings Ltd. | 1307396 |
| 290764 | Hefei Meyer Optoelectronic Technology, Inc. - Class A | 946670 |
| 75000 | Tencent Holdings Ltd. | 1970747 |
| 209733 | Yifeng Pharmacy Chain Co., Ltd. - Class A | 1614193 |
|  |  | **7716678** |
|  | **INDIA — 23.3%** |  |
| 60610 | Aavas Financiers Ltd. <sup>\*</sup> | 1480180 |
| 53145 | AIA Engineering Ltd. | 1723416 |
| 1031720 | City Union Bank Ltd. | 2318271 |
| 86880 | CreditAccess Grameen Ltd. <sup>\*</sup> | 1024749 |
| 639575 | EPL Ltd. | 1188255 |
| 115305 | GMM Pfaudler Ltd. | 2572343 |
| 191800 | Jubilant Foodworks Ltd. | 1414894 |
| 15200 | L&T Technology Services Ltd. <sup>2</sup> | 650306 |
| 60390 | Medplus Health Services Ltd. <sup>\*</sup> | 432754 |
| 12550 | Metropolis Healthcare Ltd. <sup>2</sup> | 256597 |
| 32060 | Mphasis Ltd. | 766464 |
| 186895 | Syngene International Ltd. <sup>2</sup> | 1426017 |
|  |  | **15254246** |
|  | **INDONESIA — 2.1%** |  |
| 17917365 | Ace Hardware Indonesia Tbk P.T. | 648564 |
| 3677180 | Bank BTPN Syariah Tbk P.T. | 695767 |
|  |  | **1344331** |
|  | **MALAYSIA — 3.5%** |  |
| 3297550 | Frontken Corp. Bhd | 1716288 |
| 1395750 | MR DIY Group M Bhd <sup>2</sup> | 596707 |
|  |  | **2312995** |

---

**EP Emerging Markets Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2022**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **MEXICO — 3.4%** |  |
| 315870 | Regional S.A.B. de C.V. - Class A | $**2207407** |
|  | **PHILIPPINES — 1.5%** |  |
| 1987895 | Wilcon Depot, Inc. | **1010314** |
|  | **POLAND — 3.1%** |  |
| 30690 | Dino Polska S.A. <sup>\*,2</sup> | **2003208** |
|  | **SINGAPORE — 1.3%** |  |
| 697960 | Nanofilm Technologies International Ltd. | **858743** |
|  | **SOUTH AFRICA — 2.5%** |  |
| 98330 | Clicks Group Ltd. | **1666152** |
|  | **SOUTH KOREA — 9.1%** |  |
| 5940 | Chunbo Co., Ltd. | 908539 |
| 9050 | Hansol Chemical Co., Ltd. | 1175431 |
| 31000 | Kakao Games Corp. <sup>\*</sup> | 857475 |
| 113345 | Koh Young Technology, Inc. | 948116 |
| 13920 | LEENO Industrial, Inc. | 1333642 |
| 9775 | Tokai Carbon Korea Co., Ltd. | 694635 |
|  |  | **5917838** |
|  | **TAIWAN — 11.8%** |  |
| 40335 | Airtac International Group | 923004 |
| 28264 | ASPEED Technology, Inc. | 1465228 |
| 230915 | Chroma ATE, Inc. | 1260711 |
| 33600 | momo.com, Inc. | 501300 |
| 17690 | Parade Technologies Ltd. | 333138 |
| 33580 | Silergy Corp. | 387234 |
| 69260 | Voltronic Power Technology Corp. | 2808088 |
|  |  | **7678703** |
|  | **THAILAND — 2.4%** |  |
| 1912380 | TOA Paint Thailand PCL | **1585035** |
|  | **UNITED KINGDOM — 1.6%** |  |
| 243230 | VTEX - Class A <sup>\*</sup> | **1016701** |

---

**EP Emerging Markets Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2022**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **UNITED STATES — 1.7%** |  |
| 80600 | Freshworks, Inc. - Class A <sup>\*</sup> | $**1095354** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $71,524,604) | **56578203** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **SHORT-TERM INVESTMENTS — 13.9%** |  |
| $9102933 | Federated Hermes Treasury Obligations Fund - Institutional Class, 2.878% <sup>4</sup> | 9102933 |
|  | **Total Short-Term Investments** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $9,102,933) | **9102933** |
|  | **TOTAL INVESTMENTS — 100.5%** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $80,627,537) | **65681136** |
|  | Liabilities in Excess of Other Assets — (0.5)% | (354981) |
|  | **TOTAL NET ASSETS — 100.0%** | $**65326155** |

---

PCL – Public Company Limited

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

<sup>1</sup> Amount represents less than 0.5 shares.

<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 $6,854,879, which represents 10.49% of Net Assets.

<sup>3</sup> Level 3 securities fair valued under procedures established by the Board of Trustees, represents 0.00% of Net Assets. The total value of these securities is $0.

<sup>4</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

**EP Emerging Markets Fund**

**SUMMARY OF INVESTMENTS**

**As of October 31, 2022**

---

| | |
|:---|:---|
| Security Type/Sector | Percent of Total<br> Net Assets |
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp;Industrial | 24.6% |
| &nbsp;&nbsp;&nbsp;Technology | 13.2% |
| &nbsp;&nbsp;&nbsp;Consumer, Cyclical | 12.3% |
| &nbsp;&nbsp;&nbsp;Financial | 11.8% |
| &nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | 9.8% |
| &nbsp;&nbsp;&nbsp;Basic Materials | 8.2% |
| &nbsp;&nbsp;&nbsp;Communications | 6.7% |
| **Total Common Stocks** | **86.6%** |
| Short-Term Investments | 13.9% |
| **Total Investments** | **100.5%** |
| Liabilities in Excess of Other Assets | (0.5)% |
| **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Financial Statements.*

**EuroPac Gold Fund**

**SCHEDULE OF INVESTMENTS**

**As of October 31, 2022**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 99.7%** |  |
|  | **DIVERSIFIED EXPLORATION AND MINING — 1.1%** |  |
| 800000 | Carbon Neutral<sup>1,2</sup> | $**1761597** |
|  | **GOLD AND PRECIOUS METALS — 0.8%** |  |
| 122132 | Newcrest Mining Ltd.<sup>2</sup> | **1347361** |
|  | **GOLD EXPLORATION — 3.3%** |  |
| 2663228 | Aurion Resources Ltd.<sup>\*,2</sup> | 918759 |
| 9859848 | Besra Gold, Inc.<sup>\*,2</sup> | 264880 |
| 577800 | Irving Resources, Inc.<sup>\*,2</sup> | 424105 |
| 270000 | Irving Resources, Inc.<sup>\*,1,2</sup> | 198180 |
| 533000 | Newcore Gold Ltd.<sup>\*,2</sup> | 82156 |
| 816500 | Revival Gold, Inc.<sup>\*,2</sup> | 377565 |
| 920000 | Revival Gold, Inc.<sup>\*,1,2</sup> | 425426 |
| 4680597 | Vista Gold Corp.\* | 2569648 |
| 8200 | Vista Gold Corp.<sup>\*,2</sup> | 4514 |
|  |  | **5265233** |
|  | **GOLD MINING — 36.1%** |  |
| 219840 | Agnico Eagle Mines Ltd. | 9664166 |
| 20000 | AngloGold Ashanti Ltd. - ADR | 261000 |
| 2685229 | B2Gold Corp. | 8243653 |
| 150000 | B2Gold Corp.<sup>2</sup> | 458015 |
| 565392 | Barrick Gold Corp. | 8497842 |
| 1443099 | Equinox Gold Corp.<sup>\*,2</sup> | 4755956 |
| 120000 | Equinox Gold Corp.<sup>\*</sup> | 398400 |
| 667687 | Evolution Mining Ltd.<sup>2</sup> | 888313 |
| 1104000 | Gold Fields Ltd. - ADR | 8699520 |
| 2810560 | i-80 Gold Corp.<sup>\*,2</sup> | 4703521 |
| 200005 | Kinross Gold Corp. | 726018 |
| 33700 | Newmont Corp. | 1426184 |
| 6367900 | OceanaGold Corp.<sup>\*,2</sup> | 9254582 |
| 100000 | OceanaGold Corp.<sup>\*</sup> | 146000 |
| 116743 | Polymetal International PLC<sup>2</sup> | 275792 |
| 5000 | Polyus PJSC - GDR<sup>1,2</sup> | 60800 |
| 20000 | Yamana Gold, Inc. | 87600 |
|  |  | **58547362** |
|  | **PRECIOUS METALS DEVELOPMENTAL — 3.2%** |  |
| 3223263 | Adriatic Metals PLC<sup>\*,2</sup> | 4989316 |
| 80000 | Artemis Gold, Inc.<sup>\*,2</sup> | 219612 |
|  |  | **5208928** |

---

**EuroPac Gold Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2022**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **PRECIOUS METALS EXPLORATION — 3.9%** |  |
| 1611182 | Almadex Minerals Ltd.<sup>\*,2</sup> | $345912 |
| 2100000 | G2 Goldfields, Inc.<sup>\*,1,2</sup> | 816941 |
| 11331818 | GBM Resources Ltd.<sup>\*,2</sup> | 376906 |
| 234527 | Harfang Exploration, Inc.<sup>\*,2</sup> | 32707 |
| 78000 | Heliostar Metals Ltd.<sup>\*,2</sup> | 15172 |
| 781300 | Kenorland Minerals Ltd.<sup>\*,2</sup> | 407166 |
| 1850000 | Kenorland Minerals Ltd.<sup>1,2</sup> | 964107 |
| 5233400 | Magna Gold Corp.<sup>\*,2,3</sup> | 576196 |
| 5485900 | Midland Exploration, Inc.<sup>\*,2,3</sup> | 1530125 |
| 6329204 | Mundoro Capital, Inc.<sup>\*,2,3</sup> | 836213 |
| 2490000 | Riverside Resources, Inc.<sup>\*,2</sup> | 210181 |
| 12000000 | Thomson Resources Ltd.<sup>\*,2</sup> | 145836 |
|  |  | **6257462** |
|  | **ROYALTY COMPANIES — 40.5%** |  |
| 5701800 | Elemental Altus Royalties Corp.<sup>\*,2,3</sup> | 5356947 |
| 900000 | Elemental Altus Royalties Corp.<sup>\*,1,2,3</sup> | 845567 |
| 1306976 | EMX Royalty Corp.<sup>\*</sup> | 2313347 |
| 124000 | EMX Royalty Corp.<sup>\*,1,2</sup> | 217528 |
| 89096 | Franco-Nevada Corp. | 11010484 |
| 231500 | Lara Exploration Ltd.<sup>\*,2</sup> | 125741 |
| 867001 | Maverix Metals, Inc. | 2765733 |
| 1583850 | Metalla Royalty & Streaming Ltd.<sup>\*,2</sup> | 7277526 |
| 389437 | Metalla Royalty & Streaming Ltd.<sup>\*</sup> | 1787516 |
| 4416651 | Orogen Royalties, Inc.<sup>\*,2</sup> | 1264308 |
| 750000 | Orogen Royalties, Inc.<sup>\*,1,2</sup> | 214695 |
| 640889 | Osisko Gold Royalties Ltd. | 6883148 |
| 323120 | Osisko Gold Royalties Ltd.<sup>2</sup> | 3465049 |
| 91400 | Royal Gold, Inc. | 8679344 |
| 1199000 | Sandstorm Gold Ltd. | 5935050 |
| 14450 | Sandstorm Gold Ltd.<sup>2</sup> | 71168 |
| 3100000 | Star Royalties Ltd.<sup>\*,2</sup> | 841897 |
| 206300 | Vox Royalty Corp.<sup>2</sup> | 449729 |
| 162000 | Wheaton Precious Metals Corp. | 5295780 |
| 25000 | Wheaton Precious Metals Corp.<sup>2</sup> | 817858 |
|  |  | **65618415** |
|  | **SILVER: EXPLORATION AND MINING — 10.8%** |  |
| 3300980 | Fortuna Silver Mines, Inc.<sup>\*</sup> | 9176724 |
| 488500 | Pan American Silver Corp. | 7806230 |

---

**EuroPac Gold Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2022**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **SILVER: EXPLORATION AND MINING (Continued)** |  |
| 100000 | SilverCrest Metals, Inc.<sup>\*</sup> | $502000 |
|  |  | **17484954** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $170,470,700) | **161491312** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Contracts |  |  |
|  | **PURCHASED OPTIONS CONTRACTS — 0.0%** |  |
|  | **CALL OPTIONS — 0.0%** |  |
|  | Pan American Silver Corp. |  |
| 200 | Exercise Price: $22.00, Notional Amount: $440,000<br> Expiration Date: January 20, 2023 | 6000 |
| 200 | Exercise Price: $23.00, Notional Amount: $460,000<br> Expiration Date: January 20, 2023 | 3000 |
| 200 | Exercise Price: $18.00, Notional Amount: $360,000<br> Expiration Date: January 20, 2023 | 15500 |
| 300 | Exercise Price: $19.00, Notional Amount: $570,000<br> Expiration Date: January 20, 2023 | 17250 |
| 126 | Exercise Price: $20.00, Notional Amount: $252,000<br> Expiration Date: January 20, 2023 | 5292 |
|  | **TOTAL CALL OPTIONS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $177,976) | **47042** |
|  | **TOTAL PURCHASED OPTIONS CONTRACTS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $177,976) | **47042** |

---

---

| | |
|:---|:---|
| Number<br> of Shares |  |
|  | **WARRANTS — 0.0%** |
|  | **PRECIOUS METALS EXPLORATION — 0.0%** |
| 1278181 | GBM Resources Ltd. Loyalty Options, Strike Price: 0.075 AUD, Expiration Date: December 1, 2022<sup>\*,1,2</sup> |
| 9090909 | GBM Resources Ltd., Strike Price: 0.096 AUD, Expiration Date: April 1, 2023<sup>\*,1,2</sup> |
| 1250000 | Mundoro Capital, Inc., Strike Price: 0.30 CAD, Expiration Date: March 11, 2023<sup>\*,1,2</sup> |
| 6750000 | Thomson Resources Ltd., Strike Price: 0.115 AUD, Expiration Date: November 8, 2024<sup>\*,1,2</sup> |
| 2500000 | Thomson Resources Ltd., Strike Price: 0.20 AUD, Expiration Date: March 29, 2024<sup>\*,1,2</sup> |

---

**EuroPac Gold Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2022**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **WARRANTS (Continued)** |  |
|  | **ROYALTY COMPANIES — 0.0%** |  |
| 793584 | Elemental Altus Royalties Corp., Strike Price: 2.53 CAD, Expiration Date: March 2, 2023<sup>\*,1,2</sup> | $— |
| 700000 | Empress Royalty Corp., Strike Price: 0.75 CAD, Expiration Date: April 8, 2023<sup>\*,1,2</sup> |  |
| 62000 | EMX Royalty Corp., Strike Price: 4.00 CAD, Expiration Date: November 10, 2023<sup>\*,1,2</sup> |  |
| 58350 | Vox Royalty Corp., Strike Price: 4.50 CAD, Expiration Date: April 13, 2024<sup>\*,1,2</sup> |  |
| 333350 | Vox Royalty Corp., Strike Price: 4.50 CAD, Expiration Date: May 15, 2023<sup>\*,1,2</sup> |  |
|  |  | **—** |
|  | **SILVER: EXPLORATION AND MINING — 0.0%** |  |
| 1880000 | Golden Arrow Resources Corp., Strike Price: 0.40 CAD, Expiration Date: March 18, 2023<sup>\*,1,2</sup> |  |
|  | **TOTAL WARRANTS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $23,007) | **—** |
|  | **SHORT-TERM INVESTMENTS — 0.5%** |  |
| 872714 | Federated Hermes Treasury Obligations Fund - Institutional Class, 2.88%<sup>4</sup> | 872714 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $872,714) | **872714** |
|  | **TOTAL INVESTMENTS — 100.2%** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $171,544,397) | **162411068** |
|  | Liabilities in Excess of Other Assets — (0.2)% | (388276) |
|  | **TOTAL NET ASSETS — 100.0%** | $**162022792** |

---

ADR – American Depository Receipt

AUD – Australian Dollar

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> 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. These securities are Level 3 securities fair valued under procedures established by the Board of Trustees, representing 3.40% of Net Assets. The total value of these securities is $5,504,841.

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

<sup>3</sup> Affiliated company.

<sup>4</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

**EuroPac Gold Fund**

**SUMMARY OF INVESTMENTS**

**As of October 31, 2022**

---

| | |
|:---|:---|
| Security Type/Sector | Percent of Total<br> Net Assets |
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp;Royalty Companies | 40.5% |
| &nbsp;&nbsp;&nbsp;Gold Mining | 36.1% |
| &nbsp;&nbsp;&nbsp;Silver: Exploration and Mining | 10.8% |
| &nbsp;&nbsp;&nbsp;Precious Metals Exploration | 3.9% |
| &nbsp;&nbsp;&nbsp;Gold Exploration | 3.3% |
| &nbsp;&nbsp;&nbsp;Precious Metals Developmental | 3.2% |
| &nbsp;&nbsp;&nbsp;Diversified Exploration and Mining | 1.1% |
| &nbsp;&nbsp;&nbsp;Gold and Precious Metals | 0.8% |
| &nbsp;&nbsp;&nbsp;Total Common Stocks | 99.7% |
| Purchased Options Contracts |  |
| &nbsp;&nbsp;&nbsp;Call Options | 0.0% |
| &nbsp;&nbsp;&nbsp;Total Purchased Options Contracts | 0.0% |
| Short-Term Investments | 0.5% |
| Warrants | 0.0% |
| **Total Investments** | **100.2%** |
| Liabilities in Excess of Other Assets | (0.2)% |
| **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF ASSETS AND LIABILITIES**

**As of October 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
|  | **EuroPac International Value Fund**  | **EuroPac International Bond Fund**  | **EuroPac International Dividend Income Fund**  |
| **Assets:** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at cost | $114412253 | $52562328 | $115068036 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers, at cost |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased options contracts, at cost |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrants, at cost |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at cost | - | 769246 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value | $111341746 | $43520850 | $104982439 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers, at value |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchased options contracts, at value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrants, at value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value |  | 767089 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash held at broker |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 1431576 |  | 1649399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 258829 | 13 | 26599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclaims receivable | 277092 |  | 292565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 156425 | 692267 | 173702 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 11695 | 18484 | 20037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 113477363 | 44998703 | 107144741 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased |  | 484577 | 2034666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed | 19693 | 1104 | 313033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 99616 | 6743 | 73531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 13925 | 6667 | 11971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 8) | 20050 | 7478 | 18531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting and administration fees  | 15182 | 12693 | 12541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 10696 | 8518 | 10617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 3857 | 6468 | 3408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 16195 | 15914 | 16225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 7199 | 6911 | 7154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 5026 | 3490 | 1494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 470 | 888 | 1578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued other expenses | 6948 | 7113 | 6692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 218857 | 568564 | 2511441 |
| **Net Assets** | $**113258506** | $**44430139** | $**104633300** |

---

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of October 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
|  | **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) | $125588935 | $56037034 | $118840902 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | (12330429) | (11606895) | (14207602) |
| **Net Assets** | $**113258506** | $**44430139** | $**104633300** |
| **Maximum Offering Price per Share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $100628413 | $38149217 | $90131714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 11779156 | 4946098 | 10710746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption price per share | $8.54 | $7.71 | $8.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum sales charge (4.50% of offering price)\* | 0.40 | 0.36 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum public offering price to public | $8.94 | $8.07 | $8.82 |
| &nbsp;&nbsp;&nbsp;Class I Shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $12630093 | $6280922 | $14501586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 1474582 | 800829 | 1720537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering and redemption price per share | $8.57 | $7.84 | $8.43 |

---

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

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of October 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **EP Emerging Markets Fund** | **EuroPac Gold Fund** |
| **Assets:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at cost | $80627537 | $159233997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers, at cost |  | 12109417 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased options contracts, at cost |  | 177976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrants, at cost |  | 23007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at cost | - | 300788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value | $65681136 | $153218978 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers, at value |  | 9145048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased options contracts, at value |  | 47042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrants, at value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value |  | 295124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash held at broker |  | 47270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 210464 | 20961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 13365 | 66592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclaims receivable | 866 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 24138 | 5714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 16410 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 65946379 | 162847737 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased |  | 519632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed | 40016 | 43225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 41833 | 109225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 9431 | 20750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 8) | 12056 | 31447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting and administration fees | 12790 | 28533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 11044 | 15171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 24651 | 9518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 16014 | 16145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 8383 | 8080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 3185 | 4718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 557 | 1146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | 435687 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued other expenses | 4577 | 17355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 620224 | 824945 |
| **Net Assets** | $**65326155** | $**162022792** |

---

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of October 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **EP Emerging Markets Fund** | **EuroPac Gold Fund** |
| **Components of Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $84371289 | $212638120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | (19045134) | (50615328) |
| **Net Assets** | $**65326155** | $**162022792** |
| **Maximum Offering Price per Share:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $60154609 | $146736715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 7132297 | 18993369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption price per share | $8.43 | $7.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum sales charge (4.50% of offering price)\* | 0.40 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum public offering price to public | $8.83 | $8.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $5171546 | $15286077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 594401 | 1966424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering and redemption price per share | $8.70 | $7.77 |

---

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

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF OPERATIONS**

**For the Year Ended October 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
|  | **EuroPac International Value Fund** | **EuroPac International Bond Fund** | **EuroPac International Dividend Income Fund** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income from unaffiliated issuers (net of foreign withholding taxes of $429,458, $0 and $511,640, respectively) | $4367387 | $- | $5266809 |
| &nbsp;&nbsp;&nbsp;Interest income from unaffiliated issuers | 133298 | 1945004 | 144445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 4500685 | 1945004 | 5411254 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 1283433 | 283972 | 914026 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 101464 | 37917 | 91685 |
| &nbsp;&nbsp;&nbsp;Distribution fees (Note 8) | 273386 | 105819 | 242233 |
| &nbsp;&nbsp;&nbsp;Fund accounting and administration fees | 150216 | 96000 | 143032 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 67191 | 47702 | 63515 |
| &nbsp;&nbsp;&nbsp;Custody fees | 24829 | 30506 | 25532 |
| &nbsp;&nbsp;&nbsp;Registration fees | 42118 | 33847 | 36616 |
| &nbsp;&nbsp;&nbsp;Auditing fees | 16000 | 16018 | 16000 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting fees | 11411 | 7102 | 9029 |
| &nbsp;&nbsp;&nbsp;Legal fees | 9501 | 8147 | 7257 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 9348 | 6896 | 5213 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 8187 | 5990 | 8258 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 6088 | 6189 | 6095 |
| &nbsp;&nbsp;&nbsp;Insurance fees | 2951 | 3375 | 3426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 2006123 | 689480 | 1571917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | 49806 | (157703) | 14473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 2055929 | 531777 | 1586390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 2444756 | 1413227 | 3824864 |
| **Realized and Unrealized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 6075149 | (2734377) | 3575557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased options contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (32511) | (167230) | (46789) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-US taxes | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 6042638 | (2901607) | 3528768 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | (17423264) | (4595350) | (14233798) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrants |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased options contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | (30806) | 1910 | (34355) |
| &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 | (17454070) | (4593440) | (14268153) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (11411432) | (7495047) | (10739385) |
| **Net Increase (Decrease) in Net Assets from Operations** | $**(8966676)** | $**(6081820)** | $**(6914521)** |

---

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF OPERATIONS - Continued**

**For the Year Ended October 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **EP Emerging Markets Fund** | **EuroPac Gold Fund** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income from unaffiliated issuers (net of foreign withholding taxes of $107,393 and $343,821, respectively) | $804536 | $2195791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income from unaffiliated issuers | 62282 | 8967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 866818 | 2204758 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 857921 | 1604670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 75653 | 199489 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 8) | 186868 | 458330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting and administration fees | 136485 | 220134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 65002 | 98514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 122625 | 40105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 40617 | 59611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 15819 | 16277 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 20541 | 22481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 21883 | 11473 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 9125 | 9595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 8279 | 7545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 17301 | 6384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 3217 | 3789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 1581336 | 2758397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | (202911) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 1378425 | 2758397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | (511607) | (553639) |
| **Realized and Unrealized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | (437146) | 3967610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers |  | 19720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased options contracts |  | 107155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (42532) | (77952) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-US taxes | (410600) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (890278) | 4016533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | (32133605) | (64427044) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers |  | (3138148) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrants |  | (296541) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased options contracts |  | (130934) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | (540) | (11062) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | 346957 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (31787188) | (68003729) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (32677466) | (63987196) |
| **Net Increase (Decrease) in Net Assets from Operations** | $**(33189073)** | $**(64540835)** |

---

*See accompanying Notes to Financial Statements.*

**EuroPac International Value Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended October 31, 2022** | **For the Year Ended October 31, 2021** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $2444756 | $1370516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) investments and foreign currency transactions | 6042638 | 1660067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | (17454070) | 12583752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (8966676) | 15614335 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (1734767) | (1438651) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (181202) | (78432) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | (1915969) | (1517083) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 20055594 | 20615990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 10434286 | 5863869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1139021 | 928827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 175650 | 73736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<sup>1</sup> | (14301539) | (11565153) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<sup>2</sup> | (3731679) | (952716) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions**  | 13771333 | 14964553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 2888688 | 29061805 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 110369818 | 81308013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $113258506 | $110369818 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 2087327 | 2234609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 1099332 | 631710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 125096 | 100396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 19471 | 7931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (1535850) | (1234863) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (395850) | (103260) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 1399526 | 1636523 |

---

<sup>1</sup> Net of redemption fees of $6,496 and $3,906, respectively.

<sup>2</sup> Net of redemption fees of $649 and $260, respectively.

*See accompanying Notes to Financial Statements.*

**EuroPac International Bond Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended October 31, 2022** | **For the Year Ended October 31, 2021** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $1413227 | $1469429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) investments and foreign currency transactions | (2901607) | (1670056) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | (4593440) | 1122960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (6081820) | 922333 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | (510519) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | - | (62153) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | - | (572672) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 5211943 | 7664332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 3448591 | 4001279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 331609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | 62153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<sup>1</sup> | (6771054) | (7311369) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<sup>2</sup> | (755835) | (3959124) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions**  | 1133645 | 788880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (4948175) | 1138541 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 49378314 | 48239773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $44430139 | $49378314 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 618099 | 854471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 416371 | 439790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 36663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | 6791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (815686) | (814154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (89344) | (433442) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 129440 | 90119 |

---

<sup>1</sup> Net of redemption fees of $1,154 and $2,280, respectively.

<sup>2</sup> Net of redemption fees of $0 and $90, respectively.

*See accompanying Notes to Financial Statements.*

**EuroPac International Dividend Income Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended October 31, 2022** | **For the Year Ended October 31, 2021** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $3824864 | $1856853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) investments and foreign currency transactions | 3528768 | (20580) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | (14268153) | 13130933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (6914521) | 14967206 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (2357336) | (1778959) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (315639) | (74559) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | (2672975) | (1853518) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 23850281 | 20467890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 15945807 | 2953829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1536777 | 1158623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 307834 | 68011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<sup>1</sup> | (17784927) | (8886255) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<sup>2</sup> | (4260480) | (913473) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions**  | 19595292 | 14848625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 10007796 | 27962313 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 94625504 | 66663191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $104633300 | $94625504 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 2556909 | 2288838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 1704452 | 327240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 174830 | 129058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 35364 | 7557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (1961451) | (991647) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (490020) | (102352) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 2020084 | 1658694 |

---

<sup>1</sup> Net of redemption fees of $8,780 and $5,679, respectively.

<sup>2</sup> Net of redemption fees of $5,873 and $0, respectively.

*See accompanying Notes to Financial Statements.*

**EP Emerging Markets Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended October 31, 2022** | **For the Year Ended October 31, 2021** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $(511607) | $(815165) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) investments and foreign currency transactions | (890278) | 19611296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments, deferred non-U.S. taxes and foreign currency translations | (31787188) | 4176840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (33189073) | 22972971 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (17170692) | (479075) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (720947) | (7712) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | (17891639) | (486787) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 14106201 | 22184085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 4129747 | 3874072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 11113870 | 296636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 720947 | 7479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<sup>1</sup> | (21532817) | (12745977) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<sup>2</sup> | (1492217) | (1003495) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 7045731 | 12612800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (44034981) | 35098984 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 109361136 | 74262152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $65326155 | $109361136 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1318178 | 1482373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 386425 | 242534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 868950 | 21732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 54783 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (1739509) | (832322) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (123619) | (63534) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 765208 | 851319 |

---

<sup>1</sup> Net of redemption fees of $2,297 and $8,690, respectively.

<sup>2</sup> Net of redemption fees of $0 and $272, respectively.

*See accompanying Notes to Financial Statements.*

**EuroPac Gold Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended October 31, 2022** | **For the Year Ended October 31, 2021** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $(553639) | $3786122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) investments, purchased options contracts and foreign currency transactions | 4016533 | (1899339) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments, affiliated issuers, purchased options contracts and foreign currency translations | (68003729) | (28440410) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (64540835) | (26553627) |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (4854161) | (19802847) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (434084) | (2008796) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | (5288245) | (21811643) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 34229221 | 48906730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 10345086 | 9069975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 3599307 | 14469100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 414456 | 2005975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<sup>1</sup> | (30854978) | (48836422) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<sup>2</sup> | (5825810) | (17163760) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 11907282 | 8451598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (57921798) | (39913672) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 219944590 | 259858262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $162022792 | $219944590 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 3449804 | 3896349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 1042148 | 746956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 363934 | 1092832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 41738 | 150825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (3114598) | (3986387) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (600340) | (1345399) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 1182686 | 555176 |

---

<sup>1</sup> Net of redemption fees of $9,643 and $20,845, respectively.

<sup>2</sup> Net of redemption fees of $486 and $1,496, respectively.

*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,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $9.31 | $7.96 | $7.30 | $6.77 | $7.65 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1</sup> | 0.19 | 0.12 | 0.09 | 0.10 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.81) | 1.36 | 0.65 | 0.52 | (0.88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.62) | 1.48 | 0.74 | 0.62 | (0.76) |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.15) | (0.13) | (0.08) | (0.09) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.15) | (0.13) | (0.08) | (0.09) | (0.12) |
| **Redemption fee proceeds<sup>1</sup>** | -<sup>2</sup> | -<sup>2</sup> | -<sup>2</sup> | -<sup>2</sup> | -<sup>2</sup> |
| **Net asset value, end of period** | $8.54 | $9.31 | $7.96 | $7.30 | $6.77 |
| **Total return<sup>3</sup>** | (6.77)% | 18.64% | 10.26% | 9.20% | (10.00)% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $100628 | $103354 | $79591 | $57383 | $53781 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.71% | 1.71% | 1.81% | 1.87% | 1.89% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.75% | 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/recovered | 2.08% | 1.33% | 1.04% | 1.27% | 1.47% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 2.04% | 1.29% | 1.10% | 1.39% | 1.61% |
| Portfolio turnover rate | 21% | 10% | 13% | 15% | 23% |

---

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

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

<sup>3</sup> Total returns would have been lower/higher had fees and expenses not been waived or absorbed/recovered 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.

*See accompanying Notes to Financial Statements.*

**EuroPac International Value Fund**<br> **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,** |
|  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Net asset value, beginning of period** | $9.33 | $7.98 | $7.31 | $6.78 | $7.66 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) 1 | 0.21 | 0.14 | 0.11 | 0.12 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.80) | 1.37 | 0.65 | 0.52 | (0.88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.59) | 1.51 | 0.76 | 0.64 | (0.74) |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.17) | (0.16) | (0.10) | (0.11) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.17) | (0.16) | (0.10) | (0.11) | (0.14) |
| **Redemption fee proceeds<sup>1</sup>** | -<sup>2</sup> | -<sup>2</sup> | 0.01 | - | -<sup>2</sup> |
| **Net asset value, end of period** | $8.57 | $9.33 | $7.98 | $7.31 | $6.78 |
| **Total return<sup>3</sup>** | (6.38)% | 18.89% | 10.66% | 9.46% | (9.75)% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $12630 | $7016 | $1717 | $680 | $365 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.46% | 1.46% | 1.56% | 1.62% | 1.64% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.50% | 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 | 2.33% | 1.58% | 1.29% | 1.52% | 1.72% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 2.29% | 1.54% | 1.35% | 1.64% | 1.86% |
| Portfolio turnover rate | 21% | 10% | 13% | 15% | 23% |

---

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

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

<sup>3</sup> Total returns would have been lower/higher 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.

*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,** |
|  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Net asset value, beginning of period** | $8.78 | $8.72 | $8.48 | $8.11 | $8.43 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1</sup> | 0.25 | 0.26 | 0.24 | 0.30 | 0.24 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.32) | (0.10) | - | 0.19 | (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.07) | 0.16 | 0.24 | 0.49 | (0.32) |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | - | (0.10) | - | (0.12) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (0.10) | - | (0.12) | - |
| **Redemption fee proceeds<sup>1</sup>** | -<sup>2</sup> | -<sup>2</sup> | -<sup>2</sup> | -<sup>2</sup> | -<sup>2</sup> |
| **Net asset value, end of period** | $7.71 | $8.78 | $8.72 | $8.48 | $8.11 |
| **Total return<sup>3</sup>** | (12.19)% | 1.79% | 2.83% | 6.07% | (3.80)% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $38149 | $45159 | $44167 | $38621 | $37254 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.48% | 1.45% | 1.46% | 1.51% | 1.51% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.15% | 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 | 2.63% | 2.58% | 2.49% | 3.22% | 2.52% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 2.96% | 2.88% | 2.80% | 3.58% | 2.88% |
| Portfolio turnover rate | 27% | 20% | 16% | 26% | 20% |

---

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

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

<sup>3</sup> Total returns would have been lower/higher 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.

*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,** |
|  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Net asset value, beginning of period** | $8.91 | $8.84 | $8.58 | $8.19 | $8.49 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1</sup> | 0.27 | 0.28 | 0.26 | 0.33 | 0.27 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.34) | (0.09) | - | 0.18 | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.07) | 0.19 | 0.26 | 0.51 | (0.30) |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | - | (0.12) | - | (0.12) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (0.12) | - | (0.12) | - |
| **Redemption fee proceeds<sup>1</sup>** | - | -<sup>2</sup> | -<sup>2</sup> | - | - |
| **Net asset value, end of period** | $7.84 | $8.91 | $8.84 | $8.58 | $8.19 |
| **Total return<sup>3</sup>** | (12.01)% | 2.11% | 3.03% | 6.30% | (3.53)% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $6281 | $4219 | $4072 | $1532 | $372 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.23% | 1.20% | 1.21% | 1.26% | 1.26% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.90% | 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 | 2.88% | 2.83% | 2.74% | 3.47% | 2.77% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 3.21% | 3.13% | 3.05% | 3.83% | 3.13% |
| Portfolio turnover rate | 27% | 20% | 16% | 26% | 20% |

---

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

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

<sup>3</sup> Total returns would have been lower/higher 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.

*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,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $9.09 | $7.62 | $7.81 | $7.47 | $8.30 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1</sup> | 0.32 | 0.19 | 0.14 | 0.19 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.77) | 1.47 | (0.19) | 0.34 | (0.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.45) | 1.66 | (0.05) | 0.53 | (0.62) |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.22) | (0.19) | (0.14) | (0.19) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.22) | (0.19) | (0.14) | (0.19) | (0.21) |
| **Redemption fee proceeds<sup>1</sup>** | -<sup>2</sup> | -<sup>2</sup> | -<sup>2</sup> | -<sup>2</sup> | -<sup>2</sup> |
| **Net asset value, end of period** | $8.42 | $9.09 | $7.62 | $7.81 | $7.47 |
| **Total return<sup>3</sup>** | (5.04)% | 21.81% | (0.62)% | 7.10% | (7.54)% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $90132 | $90342 | $64846 | $53452 | $53161 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.49% | 1.52% | 1.65% | 1.65% | 1.66% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.50% | 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 | 3.54% | 2.07% | 1.68% | 2.26% | 2.48% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 3.53% | 2.09% | 1.83% | 2.41% | 2.64% |
| Portfolio turnover rate | 24% | 6% | 18% | 15% | 15% |

---

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

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

<sup>3</sup> Total returns would have been lower/higher 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.

*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,** |
|  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Net asset value, beginning of period** | $9.10 | $7.63 | $7.81 | $7.48 | $8.30 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1</sup> | 0.34 | 0.21 | 0.16 | 0.20 | 0.23 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.77) | 1.47 | (0.19) | 0.34 | (0.82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.43) | 1.68 | (0.03) | 0.54 | (0.59) |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.24) | (0.21) | (0.16) | (0.21) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.24) | (0.21) | (0.16) | (0.21) | (0.23) |
| **Redemption fee proceeds<sup>1</sup>** | - | - | 0.01 | - | - |
| **Net asset value, end of period** | $8.43 | $9.10 | $7.63 | $7.81 | $7.48 |
| **Total return<sup>2</sup>** | (4.79)% | 22.07% | (0.23)% | 7.22% | (7.17)% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $14502 | $4284 | $1817 | $1108 | $686 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.24% | 1.27% | 1.40% | 1.40% | 1.41% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.25% | 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 | 3.79% | 2.32% | 1.93% | 2.51% | 2.73% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 3.78% | 2.34% | 2.08% | 2.66% | 2.89% |
| Portfolio turnover rate | 24% | 6% | 18% | 15% | 15% |

---

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

<sup>2</sup> Total returns would have been lower/higher 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.

*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,** |
|  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Net asset value, beginning of period** | $15.69 | $12.15 | $10.97 | $10.72 | $13.62 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1</sup> | (0.07) | (0.12) | (0.09) | (0.03) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (4.40) | 3.74 | 1.29<sup>2</sup> | 1.38 | (2.28) |
| &nbsp;&nbsp;&nbsp;Net increase from payments by affiliates (Note 3) | - | - | -<sup>2,3</sup> | - | -<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (4.47) | 3.62 | 1.20 | 1.35 | (2.31) |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain | (2.79) | (0.08) | (0.02) | (1.10) | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (2.79) | (0.08) | (0.02) | (1.10) | (0.59) |
| **Redemption fee proceeds<sup>1</sup>** | -<sup>3</sup> | -<sup>3</sup> | -<sup>3</sup> | -<sup>3</sup> | -<sup>3</sup> |
| **Net asset value, end of period** | $8.43 | $15.69 | $12.15 | $10.97 | $10.72 |
| **Total return<sup>4</sup>** | (34.57)% | 29.87% | 10.91% | 13.90% | (17.93)% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $60155 | $104913 | $73055 | $57051 | $54686 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 2.01% | 1.81% | 2.00% | 2.07% | 2.05% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.75% | 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 | (0.91)% | (0.85)% | (1.03)% | (0.62)% | (0.56)% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.65)% | (0.79)% | (0.78)% | (0.30)% | (0.26)% |
| Portfolio turnover rate | 31% | 47% | 49% | 45% | 43% |

---

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

<sup>2</sup> Affiliate reimbursed the Fund $796 for errors during processing. The reimbursement had no impact to the Fund's performance.

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

<sup>4</sup> Total returns would have been lower/higher 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.

*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,** |
|  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Net asset value, beginning of period** | $16.07 | $12.41 | $11.18 | $10.88 | $13.78 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1</sup> | (0.04) | (0.09) | (0.06) | (0.01) | -<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (4.54) | 3.83 | 1.31<sup>3</sup> | 1.41 | (2.31) |
| &nbsp;&nbsp;&nbsp;Net increase from payments by affiliates (Note 3) | - | - | -<sup>2,3</sup> | - | -<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (4.58) | 3.74 | 1.25 | 1.40 | (2.31) |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain | (2.79) | (0.08) | (0.02) | (1.10) | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (2.79) | (0.08) | (0.02) | (1.10) | (0.59) |
| **Redemption fee proceeds<sup>1</sup>** | - | - | - | - | - |
| **Net asset value, end of period** | $8.70 | $16.07 | $12.41 | $11.18 | $10.88 |
| **Total return<sup>4</sup>** | (34.40)% | 30.21% | 11.15% | 14.19% | (17.71)% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $5172 | $4448 | $1207 | $999 | $590 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.76% | 1.56% | 1.75% | 1.82% | 1.80% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.50% | 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 | (0.66)% | (0.60)% | (0.78)% | (0.37)% | (0.31)% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.40)% | (0.54)% | (0.53)% | (0.05)% | (0.01)% |
| Portfolio turnover rate | 31% | 47% | 49% | 45% | 43% |

---

<sup>1</sup> Calculated based on average 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> Total returns would have been lower/higher 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.

*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,** |
|  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Net asset value, beginning of period** | $11.12 | $13.51 | $9.50 | $7.40 | $8.87 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1</sup> | (0.03) | 0.19 | (0.11) | (0.06) | (0.07) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (3.10) | (1.43) | 4.11<sup>2</sup> | 2.16 | (1.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (3.13) | (1.24) | 4.00 | 2.10 | (1.24) |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.26) | (1.15) | - | - | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.26) | (1.15) | - | - | (0.23) |
| **Redemption fee proceeds<sup>1</sup>** | -<sup>3</sup> | -<sup>3</sup> | 0.01 | -<sup>3</sup> | -<sup>3</sup> |
| **Net asset value, end of period** | $7.73 | $11.12 | $13.51 | $9.50 | $7.40 |
| **Total return<sup>4</sup>** | (28.63)% | (10.56)% | 42.21% | 28.38% | (14.37)% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $146737 | $203354 | $233630 | $102004 | $66886 |
| 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 | 1.40%<sup>5</sup> | 1.40%<sup>5</sup> | 1.39%<sup>5</sup> | 1.52%<sup>5</sup> | 1.57%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.40%<sup>5</sup> | 1.40%<sup>5</sup> | 1.46%<sup>5</sup> | 1.50%<sup>5</sup> | 1.50%<sup>5</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(including interest expense and dividends on securities sold short) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | (0.30)% | 1.54% | (0.84)% | (0.74)% | (0.91)% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | (0.30)% | 1.54% | (0.91)% | (0.72)% | (0.84)% |
| Portfolio turnover rate | 13% | 10% | 9% | 18% | 21% |

---

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

<sup>2</sup> Affiliate reimbursed the Fund $547 for errors during processing. The reimbursement had no impact to the Fund's performance.

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

<sup>4</sup> Total returns would have been lower/higher had expenses not been waived or absorbed by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown do not include payment of sales load of 4.50% of offering price which is reduced on sales of $50,000 or more. If the sales charge was included total returns would be lower.

<sup>5</sup> If interest expense and dividends on securities sold short had been excluded, the expense ratios would have been lowered by 0.00% for the year ended October 31, 2022. For the prior periods, the ratios would have been lowered by 0.00%, 0.01%, 0.00% and 0.00%, respectively.

*See accompanying Notes to Financial Statements.*

**EuroPac Gold Fund**

**FINANCIAL HIGHLIGHTS**

**Class I**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended October 31,**  | **For the Year Ended October 31,**  | **For the Year Ended October 31,**  | |
|  | **2022**  | **2021**  | **2020**  | **For the Period<br> November 20, 2018\*<br> through<br> October 31,**<br>**2019**  |
| **Net asset value, beginning of period** | $11.19 | $13.59 | $9.52 | $7.23 |
| **Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1</sup> | -<sup>2</sup> | 0.22 | (0.08) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (3.13) | (1.45) | 4.15<sup>3</sup> | 2.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (3.13) | (1.23) | 4.07 | 2.29 |
| **Less Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.29) | (1.17) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.29) | (1.17) | - | - |
| **Redemption fee proceeds<sup>1</sup>** | -<sup>2</sup> | -<sup>2</sup> | -<sup>2</sup> | - |
| **Net asset value, end of period** | $7.77 | $11.19 | $13.59 | $9.52 |
| **Total return<sup>4</sup>** | (28.51)% | (10.39)% | 42.75% | 31.67%<sup>5</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in thousands) | $15286 | $16590 | $26228 | $7856 |
| 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 | 1.15%<sup>6</sup> | 1.15%<sup>6</sup> | 1.14%<sup>6</sup> | 1.27%<sup>6,7</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.15%<sup>6</sup> | 1.15%<sup>6</sup> | 1.21%<sup>6</sup> | 1.25%<sup>6,7</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 | (0.05)% | 1.79% | (0.59)% | (0.53)%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | (0.05)% | 1.79% | (0.66)% | (0.51)%<sup>7</sup> |
| Portfolio turnover rate | 13% | 10% | 9% | 18%<sup>5</sup> |

---

<sup>\*</sup> Commencement of operations.

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

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

<sup>3</sup> Affiliate reimbursed the Fund $547 for errors during processing. The reimbursement had no impact to the Fund's performance.

<sup>4</sup> Total returns would have been lower/higher had fees and expenses not been waived or absorbed/recovered 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> If interest expense and dividends on securities sold short had been excluded, the expense ratios would have been lowered by 0.00% for the year ended October 31, 2022. For the prior period, the ratios would have been lowered by 0.00%, 0.01% and 0.00%, respectively.

<sup>7</sup> Annualized.

*See accompanying Notes to Financial Statements.*

**Euro Pacific Funds**<br> **NOTES TO FINANCIAL STATEMENTS**<br> **October 31, 2022**

**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."

**Note 2 – Accounting Policies**<br> 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.

**(a) Valuation of Investments**<br> 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.

**Euro Pacific Funds**<br> **NOTES TO FINANCIAL STATEMENTS – Continued**<br> **October 31, 2022**

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**<br> 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.

**(c) Foreign Currency Translation** <br> 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.

**Euro Pacific Funds**<br> **NOTES TO FINANCIAL STATEMENTS – Continued**<br> **October 31, 2022**

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**<br> The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized gains to its shareholders. Therefore, no provision is made for federal income or excise taxes. Due to the timing of dividend distributions and the differences in accounting for income and realized gains and losses for financial statement and federal income tax purposes, the fiscal year in which amounts are distributed may differ from the year in which the income and realized gains and losses are recorded by the Funds.

*Accounting for Uncertainty in Income Taxes* (the "Income Tax Statement") requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing a Fund's tax returns to determine whether these positions meet a "more-likely-than-not" standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the "more-likely-than-not" recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations.

The Income Tax Statement requires management of the Funds to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Funds' current tax year, as defined by the IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of October 31, 2022 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.

**(e) Distributions to Shareholders**<br> 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.

**Euro Pacific Funds**<br> **NOTES TO FINANCIAL STATEMENTS – Continued**<br> **October 31, 2022**

---

| | |
|:---|:---|
|  | 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**<br> 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**<br> 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.

**(h) Exchange Traded Funds ("ETFs")**<br> 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.

**Euro Pacific Funds**<br> **NOTES TO FINANCIAL STATEMENTS – Continued**<br> **October 31, 2022**

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**<br> 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**<br> 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**<br> 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, 2023, 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**<br> **NOTES TO FINANCIAL STATEMENTS – Continued**<br> **October 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
|  | Investment<br> Advisory<br> Fees<sup>†</sup> | Total Limit on Annual<br> Operating Expenses<br> Class A Shares<sup>††</sup> | Total Limit on Annual<br> Operating Expenses<br> Class I Shares<sup>††</sup> |
| 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% |

---

<sup>†</sup> The investment advisory fees are calculated daily based on each Fund's average daily net assets.

---

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

---

Prior to September 1, 2022, the Emerging Markets Fund was sub-advised by Champlain Investment Partners, LLC (the "Sub-advisor"). Pursuant to the sub-advisory agreement, the Advisor paid a portion of the annual advisory fee of 1.08% of average net assets of the Fund to the Sub-advisor.

For the year ended October 31, 2022, the Advisor waived fees as follows:

---

| | |
|:---|:---|
|  | Advisory fees |
| International Bond Fund | $157703 |
| Emerging Markets Fund | 202911 |

---

For the year ended October 31, 2022, the Advisor recovered $49,806 and $14,473 of previously waived advisory fees and/or other expenses absorbed from the International Value Fund and International Dividend Income Fund, respectively.

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 October 31, 2022, the amount of these potentially recoverable expenses was $38,576, $444,320, $105,751 and $423,919 for the International Value Fund, International Bond Fund, International Dividend Income Fund and Emerging Markets Fund, respectively. The Advisor may recapture all or a portion of the amounts no later than October 31st of the years stated below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | International<br> Value Fund | International<br> Bond Fund | International <br> Dividend Income<br> Fund | Emerging Markets <br> Fund |
| 2023 | $38576 | $134324 | $92290 | $156512 |
| 2024 |  | 152293 | 13461 | 64496 |
| 2025 | - | 157703 | - | 202911 |
| Total | $38576 | $444320 | $105751 | $423919 |

---

**Euro Pacific Funds**<br> **NOTES TO FINANCIAL STATEMENTS – Continued**<br> **October 31, 2022**

UMB Fund Services, Inc. ("UMBFS") serves as the Funds' fund accountant, transfer agent and co-administrator; and Mutual Fund Administration, LLC ("MFAC") serves as the Funds' other co-administrator. UMB Bank, N.A., an affiliate of UMBFS, serves as the Funds' custodian. The Funds' allocated fees incurred for fund accounting, fund administration, transfer agency and custody services for the year ended October 31, 2022 are reported on the Statements of Operations.

IMST Distributors, LLC serves as the Funds' distributor (the "Distributor"). The Distributor does not receive compensation from the Funds for its distribution services; the Advisor pays the Distributor a fee for its distribution-related services.

Certain trustees and officers of the Trust are employees of UMBFS or MFAC. The Funds do not compensate trustees and officers affiliated with the Funds' co-administrators. For the year ended October 31, 2022, the Funds' allocated fees incurred for Trustees who are not affiliated with the Funds' co-administrators are reported on the Statements of Operations.

The Funds' Board of Trustees has adopted a Deferred Compensation Plan (the "Plan") for the Independent Trustees that enables Trustees to elect to receive payment in cash or the option to select various fund(s) in the Trust in which their deferred accounts shall be deemed to be invested. If a trustee elects to defer payment, the Plan provides for the creation of a deferred payment account. The Funds' liability for these amounts is adjusted for market value changes in the invested fund(s) and remains a liability to the Funds until distributed in accordance with the Plan. The Trustees Deferred compensation liability under the Plan constitutes a general unsecured obligation of each Fund and is disclosed in the Statements of Assets and Liabilities. Contributions made under the plan and the change in unrealized appreciation/depreciation and income are included in the Trustees' fees and expenses in the Statements of Operations.

Dziura Compliance Consulting, LLC provides Chief Compliance Officer ("CCO") services to the Trust. The Funds' allocated fees incurred for CCO services for the year ended October 31, 2022 are reported on the Statements of Operations.

**Note 4 – Federal Income Taxes**<br> At October 31, 2022, gross unrealized appreciation and depreciation of investments owned by the Funds, based on cost for federal income tax purposes were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | International Value Fund | International Bond Fund | International Dividend Income Fund | Emerging Markets Fund | Gold Fund |
| Cost of investments | $114412253 | $52562328 | $115075436 | $81285530 | $186975830 |
| Gross unrealized appreciation | $14273119 | $308121 | $8364529 | $9006476 | $21071180 |
| Gross unrealized depreciation | (17343626) | (9349599) | (18457526) | (24610870) | (45635942) |
| Net unrealized appreciation (depreciation) on investments | $(3070507) | $(9041478) | $(10092997) | $(15604394) | $(24564762) |

---

**Euro Pacific Funds**<br> **NOTES TO FINANCIAL STATEMENTS – Continued**<br> **October 31, 2022**

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

Accounting principles generally accepted in the United States require that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended October 31, 2022, permanent differences in book and tax accounting have been reclassified to paid-in capital and total distributable earnings (accumulated deficit) income(loss) as follows:

---

| | | |
|:---|:---|:---|
| Increase (Decrease) | Increase (Decrease) | Increase (Decrease) |
| Funds | Paid-in Capital | Total Distributable Earnings (Accumulated Deficit) |
| International Value Fund | $(32290) | $32290 |
| International Bond Fund | (283700) | 283700 |
| International Dividend Income Fund | (27870) | 27870 |
| Emerging Markets Fund | (39873) | 39873 |
| Gold Fund | (296664) | 296664 |

---

As of October 31, 2022, 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 | $- | $- | $- | $- | $- |
| Undistributed long-term gains | - | - | - | - | - |
| Tax accumulated earnings |  |  |  |  |  |
| Accumulated capital and other losses | $(9216218) | $(2548999) | $(4072434) | $(2996441) | $(26036826) |
| Unrealized appreciation (depreciation) on investments | (3070507) | (9041478) | (10092997) | (15604394) | (24564762) |
| Unrealized appreciation (depreciation) on foreign currency translations | (36505) | (9507) | (35017) | (435687) | (5660) |
| Unrealized deferred non-U.S. taxes |  |  |  | (229) |  |
| Unrealized deferred compensation | (7199) | (6911) | (7154) | (8383) | (8080) |
| Total accumulated deficit | $(12330429) | $(11606895) | $(14207602) | $(19045134) | $(50615328) |

---

Differences between income and/or capital gains as determined on a book basis and a tax basis are primarily due to differing treatments of passive foreign investment company shares and wash sale loss deferrals.

**Euro Pacific Funds**<br> **NOTES TO FINANCIAL STATEMENTS – Continued**<br> **October 31, 2022**

The tax character of distributions paid during the fiscal years ended October 31, 2022 and 2021 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | International Value Fund | International Value Fund | International Bond Fund | International Bond Fund | International Dividend Income Fund | International Dividend Income Fund |
|  | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |
| Distributions paid from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary Income | $1915969 | $1517083 | $- | $572672 | $2672975 | $1853518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net long-term capital gains | - | - | - | - | - | - |
| Total taxable distributions | 1915969 | 1517083 |  | 572672 | 2672975 | 1853518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of Capital | - | - | - | - | - | - |
| Total distributions paid | $1915969 | $1517083 | $- | $572672 | $2672975 | $1853518 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Emerging Markets<br> Fund | Emerging Markets<br> Fund | Gold Fund | Gold Fund |
|  | 2022 | 2021 | 2022 | 2021 |
| Distributions paid from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary Income | $972452 | $- | $5288245 | $21811643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net long-term capital gains | 16919187 | 486787 | - | - |
| Total taxable distributions | 17891639 | 486787 | 5288245 | 21811643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of Capital | - | - | - | - |
| Total distributions paid | $17891639 | $486787 | $5288245 | $21811643 |

---

At October 31, 2022, the Funds had accumulated capital loss carry forwards as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Capital Loss Carryforward Not Subject to Expiration | &nbsp;&nbsp;&nbsp;Capital Loss Carryforward Not Subject to Expiration | &nbsp;&nbsp;&nbsp;Capital Loss Carryforward Not Subject to Expiration |
| Fund | Short-Term | Long-Term | Total |
| International Value Fund | $1864926 | $7351292 | $9216218 |
| International Bond Fund | 107303 | 851569 | 958872 |
| International Dividend Income Fund | 1043791 | 3028643 | 4072434 |
| Emerging Markets Fund\* | 2043811 | 952630 | 2996441 |
| Gold Fund | 3893896 | 13131423 | 17025319 |

---

\* 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, 2022, the International Value Income Fund, International Bond Fund, International Dividend Income Fund, Emerging Markets Fund, and Gold Fund utilized $6,612,289, $0, $4,706,988, $0 and $3,313,766 of their capital loss carryovers, respectively.

**Euro Pacific Funds**<br> **NOTES TO FINANCIAL STATEMENTS – Continued**<br> **October 31, 2022**

As of October 31, 2022, the International Bond Fund and Gold Fund had qualified Late-Year Losses of $1,590,127 and $9,011,507 which are deferred until fiscal year 2023 for tax purposes, respectively. Net late-year losses that are deferred, are deemed to arise on the first day of the Fund's next taxable year.

**Note 5 – Redemption Fee** <br> The Funds may impose a redemption fee of 2.00% of the total redemption amount on all shares redeemed within 30 days of purchase. For the years ended October 31, 2022 and 2021, redemption fees were as follows:

---

| | | |
|:---|:---|:---|
|  | 2022 | 2021 |
| International Value Fund | $7145 | $4166 |
| International Bond Fund | 1154 | 2370 |
| International Dividend Income Fund | 14653 | 5679 |
| Emerging Markets Fund | 2297 | 8962 |
| Gold Fund | 10129 | 22341 |

---

**Note 6 – Investment Transactions**<br> For the year ended October 31, 2022, purchases and sales of investments, excluding short-term investments, were as follows:

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| International Value Fund | $28573251 | $21430436 |
| International Bond Fund | 14110522 | 11675645 |
| International Dividend Income Fund | 29246560 | 21958600 |
| Emerging Markets Fund | 23371797 | 38297473 |
| Gold Fund | 31904826 | 25620691 |

---

**Note 7 – Shareholder Servicing Plan**<br> The Trust, on behalf of each Fund, has adopted a Shareholder Servicing Plan to pay a fee at an annual rate of up to 0.15% of each Fund's average daily net assets of shares serviced by shareholder servicing agents who provide administrative and support services to their customers.

For the year ended October 31, 2022, 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 8 – Distribution Plan**<br> 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 IMST Distributors, LLC. Class I shares are not subject to any distribution or administrative service fees under the plan.

For the year ended October 31, 2022, 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.

**Euro Pacific Funds**<br> **NOTES TO FINANCIAL STATEMENTS – Continued**<br> **October 31, 2022**

**Note 9 – Indemnifications**<br> 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 10 – Fair Value Measurements and Disclosure**<br> *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 October 31, 2022, in valuing the Funds' assets carried at fair value:

**Euro Pacific Funds**<br> **NOTES TO FINANCIAL STATEMENTS – Continued**<br> **October 31, 2022**

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| | | | | |
|:---|:---|:---|:---|:---|
| **International Value Fund** | **Level 1** | **Level 2** | **Level 3\*\*** | **Total** |
| **Investments** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic Materials | $19767827 | $- | $- | $19767827 |
| &nbsp;&nbsp;&nbsp;Communications | 9103046 |  |  | 9103046 |
| &nbsp;&nbsp;&nbsp;Consumer, Cyclical | 8848602 |  |  | 8848602 |
| &nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | 38496615 |  |  | 38496615 |
| &nbsp;&nbsp;&nbsp;Energy | 11738106 |  |  | 11738106 |
| &nbsp;&nbsp;&nbsp;Financial | 5963741 |  |  | 5963741 |
| &nbsp;&nbsp;&nbsp;Industrial | 3684485 |  |  | 3684485 |
| Short-Term Investments | 13739324 | - | - | 13739324 |
| Total Investments | $111341746 | $- | $- | $111341746 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Bond Fund** | **Level 1** | **Level 2** | **Level 3\*\*** | **Total** |
| **Investments** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic Materials | $825 | $- | $- | $825 |
| Fixed Income Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic Materials |  | 2703655 |  | 2703655 |
| &nbsp;&nbsp;&nbsp;Communications |  | 3067791 |  | 3067791 |
| &nbsp;&nbsp;&nbsp;Consumer, Cyclical |  | 656631 |  | 656631 |
| &nbsp;&nbsp;&nbsp;Energy |  | 3512159 |  | 3512159 |
| &nbsp;&nbsp;&nbsp;Financial |  | 2479564 |  | 2479564 |
| &nbsp;&nbsp;&nbsp;Government |  | 27369647 |  | 27369647 |
| &nbsp;&nbsp;&nbsp;Industrial |  | 274720 |  | 274720 |
| Short-Term Investments | 3455858 | - | - | 3455858 |
| Total Investments | $3456683 | $40064167 | $- | $43520850 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Dividend Income Fund** | **Level 1** | **Level 2** | **Level 3\*\*** | **Total** |
| **Investments** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic Materials | $15285378 | $- | $- | $15285378 |
| &nbsp;&nbsp;&nbsp;Communications | 10567117 |  |  | 10567117 |
| &nbsp;&nbsp;&nbsp;Consumer, Cyclical | 868663 |  |  | 868663 |
| &nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | 24238365 |  |  | 24238365 |
| &nbsp;&nbsp;&nbsp;Energy | 14133380 |  |  | 14133380 |
| &nbsp;&nbsp;&nbsp;Financial | 8841639 |  |  | 8841639 |
| &nbsp;&nbsp;&nbsp;Industrial | 1141615 |  |  | 1141615 |
| &nbsp;&nbsp;&nbsp;Technology | 675650 |  |  | 675650 |
| &nbsp;&nbsp;&nbsp;Utilities | 10948001 |  |  | 10948001 |
| Short-Term Investments | 18282631 | - | - | 18282631 |
| Total Investments | $104982439 | $- | $- | $104982439 |

---

**Euro Pacific Funds**<br> **NOTES TO FINANCIAL STATEMENTS – Continued**<br> **October 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Emerging Markets Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments** | | | | |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic Materials | $- | $5332809 | $0 | $5332809 |
| &nbsp;&nbsp;&nbsp;Communications | 1922044 | 2472047 |  | 4394091 |
| &nbsp;&nbsp;&nbsp;Consumer, Cyclical | 2331453 | 5717426 |  | 8048879 |
| &nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | 816908 | 5563494 |  | 6380402 |
| &nbsp;&nbsp;&nbsp;Financial | 2207408 | 5518967 |  | 7726375 |
| &nbsp;&nbsp;&nbsp;Industrial |  | 16051869 |  | 16051869 |
| &nbsp;&nbsp;&nbsp;Technology | 3618299 | 5025479 |  | 8643778 |
| Short-Term Investments | 9102933 | - | - | 9102933 |
| Total Investments | $19999045 | $45682091 | $0 | $65681136 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Gold Fund** | **Level 1** | **Level 2\*** | **Level 3** | **Total** |
| **Investments** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diversified Exploration and Mining | $- | $- | $1761597 | $1761597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold and Precious Metals | 1347361 |  |  | 1347361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold Exploration | 4641627 |  | 623606 | 5265233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold Mining | 58486562 |  | 60800 | 58547362 |
| &nbsp;&nbsp;&nbsp;&nbsp;Precious Metals Developmental | 5208928 |  |  | 5208928 |
| &nbsp;&nbsp;&nbsp;&nbsp;Precious Metals Exploration | 4476414 |  | 1781048 | 6257462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Royalty Companies | 64340625 |  | 1277790 | 65618415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver: Exploration and Mining | 17484954 |  |  | 17484954 |
| Purchased Options Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Call Options | 47042 |  |  | 47042 |
| Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Precious Metals Exploration |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Royalty Companies |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver: Exploration and Mining |  |  |  |  |
| Short-Term Investments | 872714 | - | - | 872714 |
| Total Investments | $156906227 | $- | $5504841 | $162411068 |

---

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

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

**Euro Pacific Funds**<br> **NOTES TO FINANCIAL STATEMENTS – Continued**<br> **October 31, 2022**

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

---

| | | |
|:---|:---|:---|
| | International Bond Fund – Fixed Income Securities | Emerging Markets Fund – Common Stocks |
| Beginning balance October 31, 2021 | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers into Level 3 during the period |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers out of Level 3 during the period |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain/(loss) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total unrealized appreciation/(depreciation) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net sales | - | - |
| Balance as of October 31, 2022 | $- | $- |

---

---

| | | |
|:---|:---|:---|
| | Gold Fund – Common Stocks | Gold Fund – Warrants |
| Beginning balance October 31, 2021 | $5487791 | $273534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers into Level 3 during the period | 495500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers out of Level 3 during the period | (3140005) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain/(loss) | (889) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total unrealized appreciation/(depreciation) | (2588973) | (296541) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net purchases | 5272528 | 23007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net sales | (21111) | - |
| Balance as of October 31, 2022 | $5504841 | $- |

---

**Euro Pacific Funds**<br> **NOTES TO FINANCIAL STATEMENTS – Continued**<br> **October 31, 2022**

The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of October 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Fair Value<br> October 31,<br> 2022** | **Valuation<br> Methodologies** | **Unobservable**<br> **Input<sup>(1)</sup>** | **Input Range/<br> Value** | **Valuation<br> Weighted Average of<br> Input** | **Impact to**<br> **Valuation**<br> **from an**<br> **increase in**<br> **Input<sup>(2)</sup>** |
| Emerging Markets Fund - Common Stock | $- | Asset Approach | Estimated Recovery Proceeds | $0.00 | n/a | Increase |
| Gold Fund - Warrants | $- | Market Approach | Intrinsic Value | $0.00 - $0.00 | N/A | Increase |
| Gold Fund - Common Stocks | $3682444 | Market Approach | Market Value Comparable Security | $0.29 - $1.75 | $0.44 | Increase |
| Gold Fund - Common Stocks | $1761597 | Market Approach | Purchase Price | $2.20 | N/A | Increase |
| Gold Fund - Common Stocks | $60800 | Market Approach | Market Value Comparable Security with Liquidity Discount | $12.16 | N/A | Increase |

---

<sup>(1)</sup> The investment advisor considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. The Fund's use of fair value pricing may cause the net asset value of Fund shares to differ from the net asset value that would be calculated using market quotations. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security.

<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**<br> **NOTES TO FINANCIAL STATEMENTS – Continued**<br> **October 31, 2022**

**Note 11 – Derivatives and Hedging Disclosures**<br> *Derivatives and Hedging* requires enhanced disclosures about the Gold Fund's derivative and hedging activities, including how such activities are accounted for and their effects on the Gold Fund's financial position, performance and cash flows. The Gold Fund invested in warrants during the year ended October 31, 2022. The effects of these derivative instruments on the Gold Fund's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations are presented in the tables below. The fair values of derivative instruments as of October 31, 2022 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 | Purchased options contracts, at value Warrants, at value | $47402 |
| Total |  | $47402 |

---

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 2022 are as follows:

---

| | | |
|:---|:---|:---|
|  | **Gold Fund** | **Gold Fund** |
|  | **Amount of Realized Gain or (Loss) <br> on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) <br> on Derivatives Recognized in Income** |
| Derivatives not designated as hedging instruments | Warrants | Purchased Options Contracts |
| Equity contracts | $- | $107155 |
| Total | $- | $107155 |

---

---

| | | |
|:---|:---|:---|
|  | **Gold Fund** | **Gold Fund** |
|  | **Change in Unrealized <br> Appreciation/Depreciation on Derivatives<br> Recognized in Income** | **Change in Unrealized <br> Appreciation/Depreciation on Derivatives<br> Recognized in Income** |
| Derivatives not designated as hedging instruments | Warrants | &nbsp;&nbsp;&nbsp;&nbsp;Purchased Options Contracts |
| Equity contracts | $(296541) | $(130934) |
| Total | $(296541) | $(130934) |

---

The number of contracts is included on the Schedule of Investments. The quarterly average volumes of derivative instruments as of October 31, 2022 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| Derivatives not designated as<br> hedging instruments | **Gold Fund** | **Gold Fund** | **Gold Fund** |
| Equity contracts | Warrants | Average market value | $118479 |
|  | Purchased Option Contracts | Average notional value | $596400 |

---

**Euro Pacific Funds**<br> **NOTES TO FINANCIAL STATEMENTS – Continued**<br> **October 31, 2022**

**Note 12 – Investments in Affiliated Issuers**<br> An affiliated issuer is an entity in which the Fund has ownership of a least 5% of the voting securities or any investment in a EuroPac Fund. Issuers that are affiliates of the Fund at period-end are noted in the Fund's Schedule of Investments. Additional security purchases and the reduction of certain securities shares outstanding of existing portfolio holdings that were not considered affiliated in prior years may result in the Fund owning in excess of 5% of the outstanding shares at period-end. The table below reflects transactions during the period with entities that are affiliates as of October 31, 2022 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:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Security<br> Description** | **Value<br> Beginning<br> of Period** | **Purchases** | **Sales<br> Proceeds** | **Net<br> Realized<br> Gain<br> (Loss)** | **Transfer<br> Prior Year<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value End<br> of Period** | **Dividend<br> Income\*** |
| Gold Fund |  |  |  |  |  |  |  |  |
| Elemental Altus Royalties Corp. | $5649577 | $1732712<sup>(1)</sup> | $(60471) | $(11031) | $- | $(1108273) | $6202514 | $- |
| Midland Exploration, Inc. | 2681270 | 13249 |  |  |  | (1164394) | 1530125 |  |
| Mundoro Capital, Inc. | 977474 | 17402 | (1502) | 473 |  | (157634) | 836213 |  |
| Total | $9308321 |  |  |  |  |  |  |  |
| Magna Gold Corp. <sup>(2)</sup> | 3815652 |  | (48309) | 30278 | (2513578) | (707847) | 576196 | - |
| Total |  |  |  | $19720 |  | $(3138148) | $9145048 | $- |

---

\* Net of foreign withholding taxes.

<sup>(1)</sup> Includes a transfer of cost of $653,284 and a transfer of 658,211 shares related to Elemental Royalties Corp. merger of Altus Strategies plc.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund/Security**<br> **Description** | **Shares**<br> **Beginning**<br> **of Period** | **Purchases** | **Sales** | **Stock Split** | **Shares**<br> **End**<br> **of Period** |
| Gold Fund |  |  |  |  |  |
| Elemental Altus Royalties Corp. | 5103589 | 1558211<sup>(1)</sup> | (60000) |  | 6601800 |
| Midland Exploration, Inc. | 5439900 | 46000 |  |  | 5485900 |
| Mundoro Capital, Inc. | 6203704 | 135500 | (10000) |  | 6329204 |
| Magna Gold Corp. <sup>(2)</sup> | 5305900 |  | (72500) |  | 5233400 |

---

**Note 13 – Market Disruption and Geopolitical Risks**<br> Certain local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, or other events could have a significant impact on a security or instrument. Since 2020, the novel strain of coronavirus (COVID-19) has negatively affected 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. Following Russia's large-scale invasion of Ukraine, the President of the United States signed an Executive Order in February 2022 prohibiting U.S. persons from entering transactions with the Central Bank of Russia and Executive Orders in March 2022 prohibiting U.S. persons from importing oil and gas from Russia as well as other popular Russian exports, such as diamonds, seafood and vodka. There may also be restrictions on investments in Chinese companies. For example, the President of the United States of America signed an Executive Order in June 2021 affirming and expanding the U.S. policy prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. Government as "Chinese Military-Industrial Complex Companies." The list of such companies can change from time to time, and as a result of forced selling or an inability to participate in an investment the Advisor otherwise believes is attractive, the Funds may incur losses. The duration of the coronavirus outbreak and the Russian-Ukraine conflict 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 COVID-19 and Russia Invasion on the financial performance of the Funds' investments is not reasonably estimable at this time. Management is actively monitoring these events.

**Euro Pacific Funds**<br> **NOTES TO FINANCIAL STATEMENTS – Continued**<br> **October 31, 2022**

**Note 14 – New Accounting Pronouncement**<br> In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices ("Rule 2a-5"). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Funds will be required to comply with the rules by September 8, 2022. Management is currently assessing the potential impact of the new rules on the Funds' financial statements.

In March 2020, FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit London Interbank Offered Rate ("LIBOR") quotes by the UK Financial Conduct Authority. The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. In addition, derivative contracts that qualified for hedge accounting prior to modification, will be allowed to continue to receive such treatment, even if critical terms change due to a change in the benchmark interest rate. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management is currently assessing the impact of the ASU's adoption to the Funds' financial statements and various filings.

**Note 15 – Events Subsequent to the Fiscal Period End**<br> 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.

**Euro Pacific Funds**<br> **NOTES TO FINANCIAL STATEMENTS – Continued**<br> **October 31, 2022**

The Funds declared the payment of a distribution to be paid, on December 9, 2022, to shareholders of record on December 8, 2022 as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | Long Term Capital Gain | Short Term Capital Gain | Income |
| International Value Fund | Class A Shares | $None | $None | $0.03752 |
| International Value Fund | Class I Shares |  |  | 0.04312 |
| International Bond Fund | Class A Shares |  |  |  |
| International Bond Fund | Class I Shares |  |  |  |
| International Dividend Income Fund | Class A Shares |  |  | 0.05347 |
| International Dividend Income Fund | Class I Shares |  |  | 0.05897 |
| Emerging Markets Fund | Class A Shares |  |  | 0.04540 |
| Emerging Markets Fund | Class I Shares |  |  | 0.06980 |
| Gold Fund | Class A Shares |  |  |  |
| Gold Fund | Class I Shares |  |  |  |

---

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

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Board of Trustees of**

**Investment Managers Series Trust** 

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

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of the EuroPac International Value Fund, EuroPac International Bond Fund, EuroPac International Dividend Income Fund, EP Emerging Markets Fund (formerly, EP Emerging Markets Small Companies Fund) and EuroPac Gold Fund (the "Funds"), each a series of Investment Managers Series Trust, including the schedules of investments, as of October 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for the periods indicated thereon, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of October 31, 2022, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for the periods indicated thereon, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian and brokers; when replies from brokers were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

---

| |
|:---|
| ![](fp0081421-1_08.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TAIT, WELLER & BAKER LLP** |

---

**Philadelphia, Pennsylvania**

**December 30, 2022**

**Euro Pacific Funds**

**SUPPLEMENTAL INFORMATION (Unaudited)**

***Qualified Dividend Income***

Pursuant to Section 854 of the Internal Revenue Code of 1986, International Value Fund, International Bond Fund, International Dividend Income Fund, Emerging Markets Fund and Gold Fund, designates income dividends of 100%, 0%, 100%, 0% and 0%, respectively, as qualified dividend income paid during the fiscal year ended October 31, 2022.

***Corporate Dividends Received Deduction***

For the fiscal year ended October 31, 2022, 14.82%, 0%, 9.30%, 0% and 0% of the dividends paid from net income qualifies for the dividends received deduction available to corporate shareholders of the International Value Fund, International Bond Fund, International Dividend Income Fund, Emerging Markets Fund and Gold Fund, respectively.

***Foreign Taxes Paid***

Pursuant to Section 853 of the Internal Revenue Code of 1986, as amended, the International Value Fund and the International Dividend Income Fund designates $2,262,605 and $2,976,460 of income derived from foreign sources and $380,151 and $332,238, respectively, of foreign taxes paid for the fiscal year ended October 31, 2022.

Of the ordinary income (including short-term capital gain) distributions made (or to be made) for the fiscal year ended October 31, 2022, the proportionate share of income derived from foreign sources and foreign taxes paid attributable to one share of stock are:

---

| | | |
|:---|:---|:---|
|  | Foreign<br> Source Income | Foreign<br> Taxes Paid |
| International Value Fund | $0.1707 | $0.0287 |
| International Dividend Income Fund | $0.2394 | $0.0267 |

---

***Long-term Capital Gain*** <br> The Emerging Markets Fund designates $16,919,187 as a 20% rate gain distribution for purposes of the dividends paid deduction.

**Euro Pacific Funds**

**SUPPLEMENTAL INFORMATION (Unaudited) - Continued**

***Trustees and Officers Information***

Additional information about the Trustees is included in the Funds' Statement of Additional Information which is available, without charge, upon request by calling (888) 558-5851. The Trustees and officers of the Funds and their principal occupations during the past five years are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Address, Year of Birth and Position(s) held with Trust** | **Term of<br> Office<sup>c</sup> and<br> Length of <br> Time Served** | **Principal Occupation During the Past Five Years and Other Affiliations** | **Number of<br> Portfolios in<br> the Fund<br> Complex**<br> **Overseen by<br> Trustee<sup>d</sup>** | **Other<br> Directorships<br> Held by Trustee<sup>e</sup>** |
| **"Independent" Trustees:** | **"Independent" Trustees:** | | | |
| Charles H. Miller <sup>a</sup> <br>(born 1947)<br>Trustee<br>| Since<br> November<br> 2007 | Retired (2013 – present); Executive Vice President, Client Management and Development, Access Data, a Broadridge company, a provider of technology and services to asset management firms (1997 – 2012). | 5 | None. |
| Ashley Toomey Rabun <sup>a</sup> <br> (born 1952)<br>Trustee and Chairperson of the Board | Since<br> November<br> 2007 | Retired (2016 – present); President and Founder, InvestorReach, Inc., a financial services consulting firm (1996 – 2015). | 5 | Select Sector SPDR Trust, a registered investment company (includes 11 portfolios). |
| William H. Young <sup>a</sup> <br> (born 1950)<br>Trustee<br>| Since<br> November<br> 2007 | Retired (2014 – present); Independent financial services consultant (1996 – 2014); Interim CEO, Unified Fund Services Inc. (now Huntington Fund Services), a mutual fund service provider (2003 – 2006); Senior Vice President, Oppenheimer Management Company (1983 – 1996); Chairman, NICSA, an investment management trade association (1993 – 1996). | 5 | None. |
| James E. Ross <sup>a</sup><br>(born 1965)<br>Trustee<br>| Since<br> December<br> 2022 | Non-Executive Chairman and Director, Fusion Acquisition Corp. II, a special purpose acquisition company (March 2021 – present); Non-Executive Chairman and Director, Fusion Acquisition Corp., a special purpose acquisition company (June 2020 – September 2021); Executive Vice President, State Street Global Advisors, a global asset management firm (2012 – March 2020); Chairman and Director, SSGA Funds Management, Inc., a registered investment advisor (2005 – March 2020); Chief Executive Officer, Manager and Director, SSGA Funds Distributor, LLC, a broker-dealer (2017 – March 2020). | 5 | SPDR Series Trust, a registered investment company (includes 125 portfolios); Select Sector SPDR Trust, a registered investment company (includes 11 portfolios); Fusion Acquisition Corp II. |

---

**Euro Pacific Funds**

**SUPPLEMENTAL INFORMATION (Unaudited) - Continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Address, Year of Birth and Position(s) held with Trust** | **Term of<br> Office<sup>c</sup> and<br> Length of<br> Time Served** | **Principal Occupation During the Past Five Years and Other Affiliations** | **Number of<br> Portfolios in<br> the Fund<br> Complex**<br> **Overseen by<br> Trustee<sup>d</sup>** | **Other<br> Directorships<br> Held by Trustee<sup>e</sup>** |
| **Interested Trustees:** | **Interested Trustees:** | | | |
| John P. Zader <sup>a \*</sup><br>(born 1961)<br>Trustee | Since<br> November<br> 2007 | Retired (June 2014 – present); CEO, UMB Fund Services, Inc., a mutual fund and hedge fund service provider, and the transfer agent, fund accountant, and co-administrator for the Funds (December 2006 – June 2014); President, Investment Managers Series Trust (December 2007 – June 2014). | 5 | Investment Managers Series Trust II, a registered investment company (includes 63 portfolios). |
| Maureen Quill <sup>a , \*\*</sup><br>(born 1963)<br>Trustee and President | Since<br> June<br> 2019 | President, Investment Managers Series Trust (June 2014 – present); EVP/Executive Director Registered Funds (January 2018 – present), Chief Operating Officer (June 2014 – January 2018), and Executive Vice President (January 2007 – June 2014), UMB Fund Services, Inc.; President, UMB Distribution Services (March 2013 – December 2020); Vice President, Investment Managers Series Trust (December 2013 – June 2014). | 5 | None. |
| **Officers of the Trust:** | **Officers of the Trust:** | **Officers of the Trust:** |  |  |
| Rita Dam <sup>b</sup><br>(born 1966)<br>Treasurer and Assistant Secretary | Since<br> December<br> 2007 | Co-Chief Executive Officer (2016 – present), and Vice President (2006 – 2015), Mutual Fund Administration, LLC; Co-President, Foothill Capital Management, LLC, a registered investment advisor (2018 – present). | N/A | N/A |
| Joy Ausili <sup>b</sup><br>(born 1966)<br>Vice President, Assistant Secretary and Assistant Treasurer | Since<br> March<br> 2016 | Co-Chief Executive Officer (2016 – present), and Vice President (2006 – 2015), Mutual Fund Administration, LLC; Co-President, Foothill Capital Management, LLC, a registered investment advisor (2018 – present); Secretary and Assistant Treasurer, Investment Managers Series Trust (December 2007 – March 2016). | N/A | N/A |
| Diane Drake <sup>b</sup><br>(born 1967)<br>Secretary | Since<br> March<br> 2016 | Senior Counsel, Mutual Fund Administration, LLC (October 2015 – present); Chief Compliance Officer, Foothill Capital Management, LLC, a registered investment advisor (2018 – 2019). | N/A | N/A |

---

**Euro Pacific Funds**

**SUPPLEMENTAL INFORMATION (Unaudited) - Continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Address, Year of Birth and Position(s) held with Trust** | **Term of<br> Office<sup>c</sup> and<br> Length of <br> Time Served** | **Principal Occupation During the Past Five Years and Other Affiliations** | **Number of<br> Portfolios in<br> the Fund<br> Complex**<br> **Overseen by<br> Trustee<sup>d</sup>** | **Other<br> Directorships<br> Held by Trustee<sup>e</sup>** |
| **Officers of the Trust:** | | | | |
| Martin Dziura <sup>b</sup><br>(born 1959)<br>Chief Compliance Officer | Since<br> June<br> 2014 | Principal, Dziura Compliance Consulting, LLC (October 2014 – present); Managing Director, Cipperman Compliance Services (2010 – September 2014); Chief Compliance Officer, Hanlon Investment Management (2009 – 2010); and Vice President - Compliance, Morgan Stanley Investment Management (2000 - 2009). | N/A | N/A |

---

a Address for certain Trustees and certain officers: 235 West Galena Street, Milwaukee, Wisconsin 53212.

b Address for Ms. Ausili, Ms. Dam and Ms. Drake: 2220 E. Route 66, Suite 226, Glendora, California 91740.

Address for Mr. Dziura: 309 Woodridge Lane, Media, Pennsylvania 19063.

c Trustees and officers serve until their successors have been duly elected.

d The Trust is comprised of 54 series managed by unaffiliated investment advisors. Each Trustee serves as Trustee of each series of the Trust. The term "Fund Complex" applies only to the series managed by the same investment advisor. The Funds do not hold themselves out as related to any other series within the Trust, for purposes of investment and investor services, nor do they share the same investment advisor with any other series.

---

| | |
|:---|:---|
| e | "Other Directorships Held" includes only directorships of companies required to register or file reports with the SEC under the Securities Exchange Act of 1934, as amended (that is, "public companies"), or other investment companies registered under the 1940 Act. |

---

\* Mr. Zader is an "interested person" of the Trust by virtue of the employment of a member of his immediate family with an investment advisor to certain series of the Trust.

\*\* Ms. Quill is an "interested person" of the Trust by virtue of her position with UMB Fund Services, Inc.

**Euro Pacific Funds** 

**EXPENSE EXAMPLES**

**For the Six Months Ended October 31, 2022 (Unaudited)**

**Expense Examples**

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments (Class A shares only), and redemption fees and (2) ongoing costs, including management fees; distribution fees and/or service (12b-1) fees (Class A shares only); and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2022 to October 31, 2022.

**Actual Expenses**

The information in the row titled "Actual Performance" of the table below provides actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate row under the column titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

The information in the row titled "Hypothetical (5% annual return before expenses)" of the table below provides hypothetical account values and hypothetical expenses based on the Funds' actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (load) or contingent deferred sales charges. Therefore, the information in the row titled "Hypothetical (5% annual return before expenses)" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | |
|:---|:---|:---|:---|
| **EuroPac International Value Fund** | Beginning<br>Account Value<br>| Ending<br>Account Value<br>| Expenses <br> Paid During Period\*<br>|
| Actual Performance | 5/1/22 | 10/31/22 | 5/1/22 – 10/31/22 |
| Class A | $1000.00 | $874.80 | $8.27 |
| Class I | 1000.00 | 877.40 | 7.10 |
| Hypothetical (5% annual return before expenses) | 5/1/22 | 10/31/22 | 5/1/22 – 10/31/22 |
| Class A | 1000.00 | 1016.38 | 8.89 |
| Class I | 1000.00 | 1017.64 | 7.63 |

---

\* Expenses are equal to the Fund's annualized expense ratios of 1.75% and 1.50% for Class A and Class I shares, respectively, multiplied by the average account values over the period, multiplied by 184/365 (to reflect the six-month period). The expense ratios reflect a recovery of previously waived fees. Assumes all dividends and distributions were reinvested.

**Euro Pacific Funds** 

**EXPENSE EXAMPLES - Continued**

**For the Six Months Ended October 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **EuroPac International Bond Fund** | Beginning<br> Account Value | Ending<br> Account Value | Expenses<br> Paid During Period\* |
| Actual Performance | 5/1/22 | 10/31/22 | 5/1/22 – 10/31/22 |
| Class A | $1000.00 | $936.80 | $5.61 |
| Class I | 1000.00 | 937.80 | 4.39 |
| Hypothetical (5% annual return before expenses) | 5/1/22 | 10/31/22 | 5/1/22 – 10/31/22 |
| Class A | 1000.00 | 1019.41 | 5.85 |
| Class I | 1000.00 | 1020.67 | 4.58 |

---

\* Expenses are equal to the Fund's annualized expense ratios of 1.15% and 0.90% for Class A and Class I shares, respectively, multiplied by the average account values over the period, multiplied by 184/365 (to reflect the six-month period). The expense ratios reflect an expense waiver. Assumes all dividends and distributions were reinvested.

---

| | | | |
|:---|:---|:---|:---|
| **EuroPac International Dividend Income Fund** | Beginning<br> Account Value | Ending<br> Account Value | Expenses<br> Paid During Period\* |
| Actual Performance | 5/1/22 | 10/31/22 | 5/1/22 – 10/31/22 |
| Class A | $1000.00 | $901.70 | $7.19 |
| Class I | 1000.00 | 903.00 | 6.00 |
| Hypothetical (5% annual return before expenses) | 5/1/22 | 10/31/22 | 5/1/22 – 10/31/22 |
| Class A | 1000.00 | 1017.64 | 7.63 |
| Class I | 1000.00 | 1018.90 | 6.36 |

---

\* Expenses are equal to the Fund's annualized expense ratios of 1.50% and 1.25% for Class A and Class I shares, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the six-month period). The expense ratios reflect a recovery of previously waived fees. Assumes all dividends and distributions were reinvested.

---

| | | | |
|:---|:---|:---|:---|
| **EP Emerging Markets Fund** | Beginning<br> Account Value | Ending<br> Account Value | Expenses<br> Paid During Period\* |
| Actual Performance | 5/1/22 | 10/31/22 | 5/1/22 – 10/31/22 |
| Class A | $1000.00 | $843.00 | $8.13 |
| Class I | 1000.00 | 844.70 | 6.97 |
| Hypothetical (5% annual return before expenses) | 5/1/22 | 10/31/22 | 5/1/22 – 10/31/22 |
| Class A | 1000.00 | 1016.39 | 8.89 |
| Class I | 1000.00 | 1017.65 | 7.63 |

---

\* Expenses are equal to the Fund's annualized expense ratios of 1.75% and 1.50% for Class A and Class I shares, respectively, multiplied by the average account values over the period, multiplied by 184/365 (to reflect the six-month period). The expense ratios reflect an expense waiver. Assumes all dividends and distributions were reinvested.

**Euro Pacific Funds** 

**EXPENSE EXAMPLES - Continued**

**For the Six Months Ended October 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **EuroPac Gold Fund** | Beginning<br>Account Value<br>| Ending <br> Account Value<br>| Expenses<br>Paid During Period\*<br>|
| Actual Performance | 5/1/22 | 10/31/22 | 5/1/22 – 10/31/22 |
| Class A | $1000.00 | $698.30 | $6.03 |
| Class I | 1000.00 | 698.70 | 4.95 |
| Hypothetical (5% annual return before expenses) | 5/1/22 | 10/31/22 | 5/1/22 – 10/31/22 |
| Class A | 1000.00 | 1018.11 | 7.16 |
| Class I | 1000.00 | 1019.38 | 5.89 |

---

\* Expenses are equal to the Fund's annualized expense ratios of 1.41% and 1.16% for Class A and Class I shares, respectively, multiplied by the average account values over the period, multiplied by 184/365 (to reflect the six-month period). Assumes all dividends and distributions were reinvested.

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***Euro Pacific Funds***

*Each a series of Investment Managers Series Trust*

***Investment Advisor***

Euro Pacific Asset Management, LLC

Suite 204, Lots 81-82

Street C

Dorado, Puerto Rico 00646

***Independent Registered Public Accounting Firm***

Tait, Weller & Baker LLP

Two Liberty Place

50 South 16<sup>th</sup> Street, Suite 2900

Philadelphia, Pennsylvania 19102

***Custodian***

UMB Bank, n.a.

928 Grand Boulevard, 5<sup>th</sup> Floor

Kansas City, Missouri 64106

***Fund Co-Administrator***

Mutual Fund Administration, LLC

2220 E. Route 66, Suite 226

Glendora, California 91740

***Fund Co-Administrator, Transfer Agent and Fund Accountant***

UMB Fund Services, Inc.

235 W. Galena Street

Milwaukee, Wisconsin 53212

***Distributor***

IMST Distributors, LLC

Three Canal Plaza, Suite 100

Portland, Maine 04101

www.foreside.com<br>

FUND INFORMATION

------

---

| | | |
|:---|:---|:---|
| | **TICKER** | **CUSIP** |
| EuroPac International Value Fund – Class A | EPIVX | 461 418 766 |
| EuroPac International Value Fund – Class I | EPVIX | 461 41P 669 |
| EuroPac International Bond Fund – Class A | EPIBX | 461 418 618 |
| EuroPac International Bond Fund – Class I | EPBIX | 461 41P 651 |
| EuroPac International Dividend Income Fund – Class A | EPDPX | 461 41P 487 |
| EuroPac International Dividend Income Fund – Class I | EPDIX | 461 41P 479 |
| EP Emerging Markets Fund – Class A | EPASX | 461 418 550 |
| EP Emerging Markets Fund – Class I | EPEIX | 461 41P 636 |
| EuroPac Gold Fund – Class A | EPGFX | 461 41P 677 |
| EuroPac Gold Fund – Class I | EPGIX | 461 41Q 196 |

---

**Privacy Principles of the Euro Pacific Funds for Shareholders**

The Funds are committed to maintaining the privacy of their shareholders and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information the Funds collect, how we protect that information and why, in certain cases, we may share information with select other parties.

Generally, the Funds do not receive any non-public personal information relating to their shareholders, although certain non-public personal information of their shareholders may become available to the Funds. The Funds do not disclose any non-public personal information about their shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example, to a transfer agent or third party administrator).

This report is sent to shareholders of the Euro Pacific Funds for their information. It is not a Prospectus, circular or representation intended for use in the purchase or sale of shares of the Funds or of any securities mentioned in this report.

**Proxy Voting**

The Funds' proxy voting policies and procedures, as well as information regarding how the Funds voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, are also available, without charge and upon request by calling the Funds at (888) 558-5851, on the Funds' website at <u>www.europacificfunds.com</u> or on the SEC's website at <u>www.sec.gov.</u>

**Fund Portfolio Holdings**

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT within 60 days of the end of such fiscal quarter. Shareholders may obtain the Funds' Form N-PORT on the SEC's website at <u>www.sec.gov.</u>

Prior to the use of Form N-PORT, the Funds filed their complete schedule of portfolio holdings with the SEC on Form N-Q, which is available online at <u>www.sec.gov.</u>

**Householding**

The Funds will mail only one copy of shareholder documents, including prospectuses, and notice of annual and semi-annual reports availability and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (888) 558-5851.

**Euro Pacific Funds**

P. O. Box 2175

Milwaukee, WI 53201

Toll Free: (888) 558-5851

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

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

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

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

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. **<u>John P. Zader</u>** is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

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

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

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2022 | FYE 10/31/2021 |
| Audit Fees | $72000 | $63500 |
| Audit-Related Fees | N/A | N/A |
| Tax Fees | $14000 | $14000 |
| All Other Fees | N/A | N/A |

---

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

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

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2022 | FYE 10/31/2021 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

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

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

Non-Audit Related Fees FYE 10/31/2022 FYE 10/31/2021 <br> Registrant N/A N/A <br> <u>Registrant's Investment Advisor</u> <u>N/A</u> <u>N/A</u>

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

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

(b) Not applicable.

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

(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b) Not Applicable.

**<u>Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 8. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable.

**<u>Item 10. 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 11. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Registrant's President/Chief Executive Officer and Treasurer/Chief Financial Officer
 have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c)
 under the Investment Company Act of 1940 (the "Act")) as of a date within
 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act
 and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based
 on their review, such officers have concluded that the disclosure controls and procedures
 are effective in ensuring that information required to be disclosed in this report is
 appropriately recorded, processed, summarized and reported and made known to them by
 others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There
 were no changes in the Registrant's internal control over financial reporting (as defined
 in Rule 30a-3(d) under the Act) that occurred during the period covered by this report
 that has materially affected, or is reasonably likely to materially affect, the Registrant's
 internal control over financial reporting.

**<u>Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) *Any code of ethics or amendment thereto, that is subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Incorporated by reference to the Registrant's [Form N-CSR filed June 8, 2018.](https://www.sec.gov/Archives/edgar/data/1318342/000139834418008786/fp0033804_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* [Filed herewith.](fp0081421-1_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) *Change in the registrant's independent public accountant*. There was no change in the registrant's independent public accountant for the period covered by this report.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* [Furnished herewith.](fp0081421-1_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/Chief Executive Officer |
| Date | 1/9/2023 |

---

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/Chief Executive Officer |
| Date | 1/9/2023 |

---

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Rita Dam |
|  | Rita Dam, Treasurer/Chief Financial Officer |
| Date | 1/9/2023 |

---

## Ex-99.Cert

EX.99.CERT302

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

I, **<u>Maureen Quill,</u>** certify that:

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the second fiscal quarter of the period covered by this report that
 has materially affected, or is reasonably likely to materially affect, the registrant's
 internal control over financial reporting; and

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 1/9/2023 | /s/ Maureen Quill |
|  |  | Maureen Quill |
|  |  | President/Chief Executive Officer |

---

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

I, **<u>Rita Dam,</u>** certify that:

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the second fiscal quarter of the period covered by this report that
 has materially affected, or is reasonably likely to materially affect, the registrant's
 internal control over financial reporting; and

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 1/9/2023 | /s/ Rita Dam |
|  |  | Rita Dam |
|  |  | Treasurer/Chief 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 Small Companies Fund, and EuroPac Gold Fund</u>** each a series of Investment Managers Series Trust (the "Trust"), for the fiscal year ended **October 31, 2022** (the "Report"), Maureen Quill, as President/Chief Executive Officer of the Trust, and Rita Dam, as Treasurer/Chief 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 <u>1/9/2023</u>

---

| |
|:---|
| /s/ Maureen Quill |
| Maureen Quill |
| President/Chief Executive Officer |

---

---

| |
|:---|
| /s/ Rita Dam |
| Rita Dam |
| Treasurer/Chief 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.