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
 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.

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Euro Pacific Asset Management, LLC
 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.

2
Euro Pacific Asset Management, LLC
 The war between Russia and Ukraine, and the resulting supply constraints, sent oil and gas commodity-
producing company shares much higher.

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

3
Euro Pacific Asset Management, LLC
 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.
4
Euro Pacific Asset Management, LLC
 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

5
Euro Pacific Asset Management, LLC
EuroPac International Value Fund
FUND PERFORMANCE at October 31, 2022 (Unaudited)

Performance of a $10,000 Investment

$17,500

$15,000

$12,500 $12,442

$10,000 $9,867

$7,500

$5,000

EuroPac International Value Fund - Class A MSCI AC World Ex USA Value Index

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
Class A¹ -6.77% 3.69% 0.32%
Class I² -6.38% 4.00% 0.59%
After deducting maximum sales charge
Class A¹ -10.97% 2.74% -0.13%
MSCI AC World Ex USA Value Index -18.13% -1.60% 2.21%
1 Maximum sales charge for Class A shares is 4.50%. No deferred sales charge will be imposed on any purchases.
2 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.

6
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%.

7
EuroPac International Bond Fund
FUND PERFORMANCE at October 31, 2022 (Unaudited)

Performance of a $10,000 Investment

$15,000

$12,500

$10,000

$7,500 $7,848
$7,319

$5,000

EuroPac International Bond Fund - Class A JP Morgan GBI Global ex-US FX NY Index Unhedged in USD

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
Class A¹ -12.19% -1.27% -1.94%
Class I² -12.01% -1.04% -1.71%
After deducting maximum sales charge
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%
1 Maximum sales charge for Class A shares is 4.50%. No deferred sales charge will be imposed on any purchases.
2 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.

8
EuroPac International Bond Fund
FUND PERFORMANCE at October 31, 2022 (Unaudited) - Continued
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%.

9
EuroPac International Dividend Income Fund
FUND PERFORMANCE at October 31, 2022 (Unaudited)

Performance of a $10,000 Investment

$15,000

$12,500
$11,924
$11,081
$10,000

$7,500

$5,000

EuroPac International Dividend Income Fund - Class A S&P International Dividend Opportunities Index

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
Class A¹ -5.04% 2.63% 1.52%
Class I² -4.79% 2.91% 1.78%
After deducting maximum sales charge
Class A¹ -9.33% 1.69% 1.05%
S&P International Dividend Opportunities Index -20.15% -1.56% 1.03%
1 Maximum sales charge for Class A shares is 4.50%. No deferred sales charge will be imposed on any purchases.
2 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.

10
EuroPac International Dividend Income Fund
FUND PERFORMANCE at October 31, 2022 (Unaudited) - Continued
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%.

11
EP Emerging Markets Fund
FUND PERFORMANCE at October 31, 2022 (Unaudited)

Performance of a $10,000 Investment

$25,000

$22,500

$20,000

$17,500

$15,000
$13,513
$12,500
$11,470
$10,000 $10,820
$7,500

EP Emerging Markets Fund - Class A MSCI Emerging Markets Small Cap Index
MSCI Emerging Markets Index

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.

Average Annual Total Returns as of October 31, 2022 1 Year 5 Years 10 Years
Before deducting maximum sales charge
Class A¹ -34.57% -2.50% 1.85%
Class I² -34.40% -2.26% 2.11%
After deducting maximum sales charge
Class A¹ -37.51% -3.39% 1.38%
MSCI Emerging Markets Index -31.03% -3.09% 0.79%
MSCI Emerging Markets Small Cap Index -23.42% 0.54% 3.06%
1 Maximum sales charge for Class A shares is 4.50%. No deferred sales charge will be imposed on any purchases.
2 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.

12
EP Emerging Markets Fund
FUND PERFORMANCE at October 31, 2022 (Unaudited) - Continued
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%.

13
EuroPac Gold Fund
FUND PERFORMANCE at October 31, 2022 (Unaudited)

Performance of a $10,000 Investment

$17,500

$15,000

$12,500
$12,051
$10,000 $10,133

$7,500

$5,000

EuroPac Gold Fund - Class A Philadelphia Gold & Silver Index

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.

Since
Average Annual Total Returns as of October 31, 2022 1 Year 5 Years 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
1 Maximum sales charge for Class A shares is 4.50%. No deferred sales charge will be imposed on any purchases.
2 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.

14
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%.

15
EuroPac International Value Fund
SCHEDULE OF INVESTMENTS
As of October 31, 2022

Number
of Shares Value
COMMON STOCKS — 86.2%
AUSTRALIA — 3.6%
183,000 Newcrest Mining Ltd. $ 2,030,862
805,000 Telstra Group Ltd. 2,018,422
4,049,284
BELGIUM — 2.1%
100,000 Etablissements Franz Colruyt N.V. 2,410,317

BRAZIL — 4.3%
750,656 Ambev S.A. - ADR 2,281,994
689,700 Banco Bradesco S.A. - ADR 2,613,963
4,895,957
CANADA — 15.0%
70,000 Agnico Eagle Mines Ltd. 3,077,200
49,000 Bank of Nova Scotia 2,368,357
225,800 Barrick Gold Corp. 3,393,774
1,000,000 IAMGOLD Corp. * 1,460,000
509,900 Kinross Gold Corp. 1,850,937
30,000 Nutrien Ltd. 2,535,000
530,000 Yamana Gold, Inc. 2,321,400
17,006,668
CHILE — 1.7%
174,402 Cia Cervecerias Unidas S.A. - ADR 1,885,286

CHINA — 2.3%
100,000 Tencent Holdings Ltd. 2,619,208

DENMARK — 1.4%
15,000 Novo Nordisk A/S - ADR 1,632,600

FRANCE — 6.5%
51,100 Societe BIC S.A. 2,933,995
50,000 Sodexo S.A. 4,434,233
7,368,228
GERMANY — 7.3%
25,000 adidas A.G. 2,445,400
20,000 BASF S.E. 898,014
56,000 Bayer A.G. 2,945,271
34,000 Mercedes-Benz Group A.G. 1,968,969
8,257,654

16
EuroPac International Value Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2022

Number
of Shares Value
COMMON STOCKS (Continued)
JAPAN — 2.2%
50,000 Asahi Group Holdings Ltd. $ 1,400,182
54,000 Calbee, Inc. 1,084,031
2,484,213
NETHERLANDS — 4.1%
22,000 Aalberts N.V. 764,858
140,000 Shell PLC 3,869,750
4,634,608
NORWAY — 3.4%
105,000 Equinor A.S.A. 3,841,476

SINGAPORE — 2.2%
165,000 Singapore Exchange Ltd. 981,421
842,700 Singapore Telecommunications Ltd. 1,488,238
2,469,659
SPAIN — 1.2%
382,689 Telefonica S.A. 1,317,987

SWEDEN — 0.7%
32,000 Alfa Laval A.B. 788,610

SWITZERLAND — 4.8%
10,000 Kuehne + Nagel International A.G. 2,131,017
40,000 Novartis A.G. - ADR 3,245,200
5,376,217
UNITED KINGDOM — 18.5%
121,000 BP PLC - ADR 4,026,880
158,000 British American Tobacco PLC - ADR 6,259,960
55,760 GSK PLC 1,849,559
40,000 Reckitt Benckiser Group PLC 2,651,376
100,000 Unilever PLC - ADR 4,551,000
1,423,470 Vodafone Group PLC 1,659,192
20,997,967
UNITED STATES — 4.9%
52,000 Newmont Corp. 2,200,640
36,645 Philip Morris International, Inc. 3,365,843
5,566,483
TOTAL COMMON STOCKS
(Cost $100,672,929) 97,602,422

17
EuroPac International Value Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2022

Principal
Amount Value
SHORT-TERM INVESTMENTS — 12.1%
$ 13,739,324 Federated Hermes Treasury Obligations Fund - Institutional Class, 2.878% 1 $ 13,739,324
Total Short-Term Investments
(Cost $13,739,324) 13,739,324

TOTAL INVESTMENTS — 98.3%

(Cost $114,412,253) 111,341,746
Other Assets in Excess of Liabilities — 1.7% 1,916,760
TOTAL NET ASSETS — 100.0% $ 113,258,506

ADR – American Depository Receipt

PLC – Public Limited Company
*
Non-income producing security.
1
The rate is the annualized seven-day yield at period end.

See accompanying Notes to Financial Statements.

18
EuroPac International Value Fund
SUMMARY OF INVESTMENTS
As of October 31, 2022

Percent of Total
Security Type/Sector Net Assets
Common Stocks
Consumer, Non-cyclical 34.0%
Basic Materials 17.5%
Energy 10.4%
Communications 8.0%
Consumer, Cyclical 7.8%
Financial 5.3%
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.

19
EuroPac International Bond Fund
SCHEDULE OF INVESTMENTS
As of October 31, 2022

Number
of Shares Value
COMMON STOCKS — 0.0%
UNITED STATES — 0.0%
1,197 Hycroft Mining Holding Corp. * $ 825
TOTAL COMMON STOCKS
(Cost $1,585,230) 825
Principal
Amount1
FIXED INCOME SECURITIES — 90.2%
ARGENTINA — 1.5%
Argentina Treasury Bond BONCER
33,500,000 1.400%, 3/25/2023 678,517

AUSTRALIA — 6.6%
Australia Government Bond
2,050,000 1.250%, 5/21/2032 1,051,039
BHP Billiton Finance Ltd.
1,000,000 5.625%, 10/22/20792,3 1,003,052
Newcrest Finance Pty Ltd.
1,000,000 5.750%, 11/15/20414 863,161
2,917,252
BRAZIL — 2.9%
Brazilian Government International Bond
7,200,000 10.250%, 1/10/2028 1,298,746

CANADA — 9.8%
Bank of Nova Scotia
1,500,000 2.490%, 9/23/2024 1,048,974
Bell Canada, Inc.
1,500,000 2.500%, 5/14/20302 911,940
Canadian Government Bond
2,000,000 2.500%, 6/1/2024 1,436,130
Pembina Pipeline Corp.
1,500,000 3.310%, 2/1/20302 958,723
4,355,767
CHILE — 0.8%
Bonos de la Tesoreria de la Republica en pesos
375,000,000 4.500%, 3/1/2026 372,638

COLOMBIA — 3.2%
Colombia Government International Bond
8,150,000,000 9.850%, 6/28/2027 1,433,162

20
EuroPac International Bond Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2022

Principal
Amount1 Value
FIXED INCOME SECURITIES (Continued)
DOMINICAN REPUBLIC — 1.5%
Dominican Republic International Bond
37,000,000 9.750%, 6/5/2026 $ 655,722

IRELAND — 1.9%
Glencore Capital Finance DAC
1,000,000 0.500%, 9/7/20282 837,442

LUXEMBOURG — 1.8%
European Investment Bank
18,000,000 6.500%, 7/7/2027 803,018

MALTA — 1.5%
Gaming Innovation Group PLC
9.979% (Stockholm Interbank Offered Rates 3 Month + 850 basis points),
7,250,000 6/11/20242,4,5 656,632

MEXICO — 10.5%
America Movil S.A.B. de C.V.
25,400,000 6.450%, 12/5/2022 1,276,987
Mexican Bonos
35,000,000 6.750%, 3/9/2023 1,747,350
15,000,000 5.750%, 3/5/2026 667,892
Petroleos Mexicanos
21,000,000 7.190%, 9/12/2024 965,861
4,658,090
NEW ZEALAND — 4.2%
New Zealand Government Inflation Linked Bond
1,000,000 3.000%, 9/20/2030 743,590
New Zealand Local Government Funding Agency Bond
2,000,000 4.500%, 4/15/2027 1,133,811
1,877,401
NORWAY — 11.4%
Aker A.S.A.
5,000,000 6.275%, 9/27/2027 471,129
City of Oslo Norway
14,000,000 2.300%, 3/14/2024 1,313,310
5,000,000 1.320%, 2/16/2028 411,530
DNB Bank A.S.A.
4.890% (Oslo Bors Norway Interbank Offered Rate Fixing 3 Month + 230
10,000,000 basis points), 5/28/20302,5 959,461

21
EuroPac International Bond Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2022

Principal
Amount1 Value
FIXED INCOME SECURITIES (Continued)
NORWAY (Continued)
Lime Petroleum A.S.
12.320% (Oslo Bors Norway Interbank Offered Rate Fixing 3 Month + 925
7,100,000 basis points), 7/7/20252,4,5 $ 676,112
Norway Government Bond
13,000,000 3.000%, 3/14/20244 1,242,278
5,073,820
PERU — 2.8%
Peruvian Government International Bond
5,400,000 5.940%, 2/12/2029 1,217,110

PHILIPPINES — 4.5%
Asian Development Bank
75,000,000 6.200%, 10/6/2026 863,686
100,000,000 6.150%, 2/25/2030 1,118,411
1,982,097
SINGAPORE — 6.1%
Housing & Development Board
1,000,000 2.420%, 7/24/2023 696,964
1,000,000 2.320%, 1/24/2028 652,831
Singapore Government Bond
2,000,000 2.125%, 6/1/2026 1,364,651
2,714,446
SOUTH KOREA — 2.9%
Export-Import Bank of Korea
20,500,000,000 7.250%, 12/7/2024 1,303,832

UNITED KINGDOM — 4.7%

BP Capital Markets PLC
1,000,000 3.250% 2,6 911,463
Rolls-Royce PLC
370,000 1.625%, 5/9/20282 274,720
Vodafone Group PLC
1,000,000 4.200%, 10/3/20782,3 878,863
2,065,046
UNITED STATES — 11.6%
Inter-American Development Bank
34,000,000,000 7.875%, 3/14/2023 2,185,722
International Bank for Reconstruction & Development
75,000,000 6.000%, 1/16/2025 888,835
International Finance Corp.

22
EuroPac International Bond Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2022

Principal
Amount1 Value
FIXED INCOME SECURITIES (Continued)
UNITED STATES (Continued)
56,000,000 5.850%, 11/25/2022 $ 675,944
8,000,000,000 8.000%, 10/9/2023 518,263
20,000,000 7.000%, 7/20/2027 894,665
5,163,429
TOTAL FIXED INCOME SECURITIES
(Cost $47,521,240) 40,064,167
SHORT-TERM INVESTMENTS — 7.8%
$ 3,455,858 Federated Hermes Treasury Obligations Fund - Institutional Class, 2.878% 7 3,455,858
Total Short-Term Investments
(Cost $3,455,858) 3,455,858

TOTAL INVESTMENTS — 98.0%

(Cost $52,562,328) 43,520,850
Other Assets in Excess of Liabilities — 2.0% 909,289
TOTAL NET ASSETS — 100.0% $ 44,430,139

PLC – Public Limited Company

*
Non-income producing security.
1
Local currency.
2
Callable.
3
Variable rate security.
4
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.
5
Floating rate security.
6
Perpetual security. Maturity date is not applicable.
7
The rate is the annualized seven-day yield at period end.

See accompanying Notes to Financial Statements.

23
EuroPac International Bond Fund
SUMMARY OF INVESTMENTS
As of October 31, 2022

Percent of Total
Security Type/Sector Net Assets
Common Stocks
Basic Materials 0.0%
Total Common Stocks 0.0%
Fixed Income Securities
Government 61.6%
Energy 7.9%
Communications 6.9%
Basic Materials 6.1%
Financial 5.6%
Consumer, Cyclical 1.5%
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.

24
EuroPac International Dividend Income Fund
SCHEDULE OF INVESTMENTS
As of October 31, 2022

Number
of Shares Value
COMMON STOCKS — 82.8%
AUSTRALIA — 4.1%
470,000 Evolution Mining Ltd. $ 625,304
180,000 Northern Star Resources Ltd. 1,006,269
50,000 Sonic Healthcare Ltd. 1,048,036
630,000 Telstra Group Ltd. 1,579,634
4,259,243
BRAZIL — 4.8%
700,000 Ambev S.A. - ADR 2,128,000
387,200 Banco Bradesco S.A. - ADR 1,467,488
150,000 Itau Unibanco Holding S.A. - ADR 873,000
40,000 Vale S.A. - ADR 517,600
4,986,088
CANADA — 13.4%
220,000 Alamos Gold, Inc. - Class A 1,735,800
22,000 Bank of Nova Scotia 1,063,344
191,000 Barrick Gold Corp. 2,870,730
10,000 BCE, Inc. 451,042
60,000 Canadian Utilities Ltd. - Class A 1,596,448
220,000 Equinox Gold Corp. * 730,400
500,000 IAMGOLD Corp. * 730,000
15,000 Nutrien Ltd. 1,267,500
50,000 Power Corp. of Canada 1,241,559
526,000 Yamana Gold, Inc. 2,303,880
13,990,703
CHILE — 0.9%
89,979 Cia Cervecerias Unidas S.A. - ADR 972,673

FINLAND — 1.0%
75,000 Fortum Oyj 1,055,811

FRANCE — 11.1%
40,000 Bouygues S.A. 1,141,615
26,000 Danone S.A. 1,293,448
206,000 Engie S.A. 2,677,857
15,000 Sanofi 1,294,545
32,000 Societe BIC S.A. 1,837,335
40,000 TotalEnergies S.E. - ADR 2,190,800
55,000 Veolia Environnement S.A. 1,227,839
11,663,439

25
EuroPac International Dividend Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2022

Number
of Shares Value
COMMON STOCKS (Continued)
GERMANY — 6.2%
19,000 BASF S.E. $ 853,113
45,000 Bayer A.G. 2,366,736
130,000 E.ON S.E. 1,088,922
10,000 Henkel A.G. & Co. KGaA 630,299
15,000 Mercedes-Benz Group A.G. 868,663
7,000 SAP S.E. 675,650
6,483,383
ITALY — 2.3%
300,000 Enel S.p.A. 1,339,757
85,000 Eni S.p.A. 1,113,341
2,453,098
NEW ZEALAND — 0.9%
1,849,000 Kiwi Property Group Ltd. 972,875

NORWAY — 5.2%
42,794 Aker BP A.S.A. 1,364,146
55,000 Equinor A.S.A. - ADR 1,995,400
150,000 Norsk Hydro A.S.A. 951,982
122,900 Telenor A.S.A. 1,117,144
5,428,672
SINGAPORE — 4.1%
50,000 DBS Group Holdings Ltd. 1,207,968
1,200,000 Singapore Telecommunications Ltd. 2,119,243
2,709,861 Starhill Global REIT - REIT 985,856
4,313,067
SOUTH KOREA — 0.9%
50,000 SK Telecom Co., Ltd. - ADR 978,000

SPAIN — 5.9%
200,000 Banco Bilbao Vizcaya Argentaria S.A. 1,029,548
55,000 Endesa S.A. 917,754
102,777 Iberdrola S.A. 1,043,615
85,000 Repsol S.A. * 1,154,585
578,064 Telefonica S.A. 1,990,862
6,136,364
SWITZERLAND — 2.0%
20,000 Novartis A.G. - ADR 1,622,600

26
EuroPac International Dividend Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2022

Number
of Shares Value
COMMON STOCKS (Continued)
SWITZERLAND (Continued)
1,500 Roche Holding A.G. $ 498,128
2,120,728
UNITED KINGDOM — 16.2%
75,000 BP PLC - ADR 2,496,000
111,000 British American Tobacco PLC - ADR 4,397,820
55,000 GSK PLC 1,824,350
300,000 John Wood Group PLC * 481,307
10,000 Reckitt Benckiser Group PLC 662,844
60,000 Shell PLC - ADR 3,337,800
30,000 Unilever PLC - ADR 1,365,300
2,000,000 Vodafone Group PLC 2,331,193
16,896,614
UNITED STATES — 3.8%
40,000 Newmont Corp. 1,692,800
25,000 Philip Morris International, Inc. 2,296,250
3,989,050
TOTAL COMMON STOCKS
(Cost $96,785,405) 86,699,808
Principal
Amount
SHORT-TERM INVESTMENTS — 17.5%
$ 18,282,631 Federated Hermes Treasury Obligations Fund - Institutional Class, 2.878% 1 18,282,631
Total Short-Term Investments
(Cost $18,282,631) 18,282,631

TOTAL INVESTMENTS — 100.3%

(Cost $115,068,036) 104,982,439
Liabilities in Excess of Other Assets — (0.3)% (349,139)
TOTAL NET ASSETS — 100.0% $ 104,633,300

ADR – American Depository Receipt

PLC – Public Limited Company
REIT – Real Estate Investment Trust
*
Non-income producing security.
1
The rate is the annualized seven-day yield at period end.

See accompanying Notes to Financial Statements.

27
EuroPac International Dividend Income Fund
SUMMARY OF INVESTMENTS
As of October 31, 2022

Percent of Total
Security Type/Sector Net Assets
Common Stocks
Consumer, Non-cyclical 23.2%
Basic Materials 14.6%
Energy 13.5%
Utilities 10.5%
Communications 10.1%
Financial 8.4%
Industrial 1.1%
Consumer, Cyclical 0.8%
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.

28
EP Emerging Markets Fund
SCHEDULE OF INVESTMENTS
As of October 31, 2022

Number
of Shares Value
COMMON STOCKS — 86.6%
BRAZIL — 7.5%
65,230 Arco Platform Ltd. - Class A * $ 739,708
669,800 Boa Vista Servicos S.A. 816,908
93,480 CI&T, Inc. - Class A * 766,536
—1 Inter & Co., Inc. 1
754,890 Locaweb Servicos de Internet S.A. *,2 1,597,318
568,975 Lojas Quero Quero S.A. 665,301
1,397,810 Meliuz S.A. *,2 324,726
4,910,498
CHINA — 11.8%
259,965 Amoy Diagnostics Co., Ltd. - Class A 835,766
2,700,000 China Forestry Holdings Co., Ltd. *,3 —
337,385 Chongqing Fuling Zhacai Group Co., Ltd. - Class A 1,041,906
652,995 Haitian International Holdings Ltd. 1,307,396
290,764 Hefei Meyer Optoelectronic Technology, Inc. - Class A 946,670
75,000 Tencent Holdings Ltd. 1,970,747
209,733 Yifeng Pharmacy Chain Co., Ltd. - Class A 1,614,193
7,716,678
INDIA — 23.3%
60,610 Aavas Financiers Ltd. * 1,480,180
53,145 AIA Engineering Ltd. 1,723,416
1,031,720 City Union Bank Ltd. 2,318,271
86,880 CreditAccess Grameen Ltd. * 1,024,749
639,575 EPL Ltd. 1,188,255
115,305 GMM Pfaudler Ltd. 2,572,343
191,800 Jubilant Foodworks Ltd. 1,414,894
15,200 L&T Technology Services Ltd. 2 650,306
60,390 Medplus Health Services Ltd. * 432,754
12,550 Metropolis Healthcare Ltd. 2 256,597
32,060 Mphasis Ltd. 766,464
186,895 Syngene International Ltd. 2 1,426,017
15,254,246
INDONESIA — 2.1%
17,917,365 Ace Hardware Indonesia Tbk P.T. 648,564
3,677,180 Bank BTPN Syariah Tbk P.T. 695,767
1,344,331
MALAYSIA — 3.5%
3,297,550 Frontken Corp. Bhd 1,716,288
1,395,750 MR DIY Group M Bhd 2 596,707
2,312,995

29
EP Emerging Markets Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2022

Number
of Shares Value
COMMON STOCKS (Continued)
MEXICO — 3.4%
315,870 Regional S.A.B. de C.V. - Class A $ 2,207,407

PHILIPPINES — 1.5%
1,987,895 Wilcon Depot, Inc. 1,010,314

POLAND — 3.1%
30,690 Dino Polska S.A. *,2 2,003,208

SINGAPORE — 1.3%
697,960 Nanofilm Technologies International Ltd. 858,743

SOUTH AFRICA — 2.5%

98,330 Clicks Group Ltd. 1,666,152

SOUTH KOREA — 9.1%

5,940 Chunbo Co., Ltd. 908,539
9,050 Hansol Chemical Co., Ltd. 1,175,431
31,000 Kakao Games Corp. * 857,475
113,345 Koh Young Technology, Inc. 948,116
13,920 LEENO Industrial, Inc. 1,333,642
9,775 Tokai Carbon Korea Co., Ltd. 694,635
5,917,838
TAIWAN — 11.8%
40,335 Airtac International Group 923,004
28,264 ASPEED Technology, Inc. 1,465,228
230,915 Chroma ATE, Inc. 1,260,711
33,600 momo.com, Inc. 501,300
17,690 Parade Technologies Ltd. 333,138
33,580 Silergy Corp. 387,234
69,260 Voltronic Power Technology Corp. 2,808,088
7,678,703
THAILAND — 2.4%
1,912,380 TOA Paint Thailand PCL 1,585,035

UNITED KINGDOM — 1.6%

243,230 VTEX - Class A * 1,016,701

30
EP Emerging Markets Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2022

Number
of Shares Value
COMMON STOCKS (Continued)
UNITED STATES — 1.7%
80,600 Freshworks, Inc. - Class A * $ 1,095,354
TOTAL COMMON STOCKS
(Cost $71,524,604) 56,578,203
Principal
Amount
SHORT-TERM INVESTMENTS — 13.9%
$ 9,102,933 Federated Hermes Treasury Obligations Fund - Institutional Class, 2.878% 4 9,102,933
Total Short-Term Investments
(Cost $9,102,933) 9,102,933

TOTAL INVESTMENTS — 100.5%

(Cost $80,627,537) 65,681,136
Liabilities in Excess of Other Assets — (0.5)% (354,981)
TOTAL NET ASSETS — 100.0% $ 65,326,155

PCL – Public Company Limited

*
Non-income producing security.
1
Amount represents less than 0.5 shares.
2
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.
3
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.
4
The rate is the annualized seven-day yield at period end.

See accompanying Notes to Financial Statements.

31
EP Emerging Markets Fund
SUMMARY OF INVESTMENTS
As of October 31, 2022

Percent of Total
Security Type/Sector Net Assets
Common Stocks
Industrial 24.6%
Technology 13.2%
Consumer, Cyclical 12.3%
Financial 11.8%
Consumer, Non-cyclical 9.8%
Basic Materials 8.2%
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.

32
EuroPac Gold Fund
SCHEDULE OF INVESTMENTS
As of October 31, 2022

Number
of Shares Value
COMMON STOCKS — 99.7%
DIVERSIFIED EXPLORATION AND MINING — 1.1%
800,000 Carbon Neutral1,2 $ 1,761,597

GOLD AND PRECIOUS METALS — 0.8%

122,132 Newcrest Mining Ltd.2 1,347,361

GOLD EXPLORATION — 3.3%

2,663,228 Aurion Resources Ltd.*,2 918,759
9,859,848 Besra Gold, Inc.*,2 264,880
577,800 Irving Resources, Inc.*,2 424,105
270,000 Irving Resources, Inc.*,1,2 198,180
533,000 Newcore Gold Ltd.*,2 82,156
816,500 Revival Gold, Inc.*,2 377,565
920,000 Revival Gold, Inc.*,1,2 425,426
4,680,597 Vista Gold Corp.* 2,569,648
8,200 Vista Gold Corp.*,2 4,514
5,265,233
GOLD MINING — 36.1%
219,840 Agnico Eagle Mines Ltd. 9,664,166
20,000 AngloGold Ashanti Ltd. - ADR 261,000
2,685,229 B2Gold Corp. 8,243,653
150,000 B2Gold Corp.2 458,015
565,392 Barrick Gold Corp. 8,497,842
1,443,099 Equinox Gold Corp.*,2 4,755,956
120,000 Equinox Gold Corp.* 398,400
667,687 Evolution Mining Ltd.2 888,313
1,104,000 Gold Fields Ltd. - ADR 8,699,520
2,810,560 i-80 Gold Corp.*,2 4,703,521
200,005 Kinross Gold Corp. 726,018
33,700 Newmont Corp. 1,426,184
6,367,900 OceanaGold Corp.*,2 9,254,582
100,000 OceanaGold Corp.* 146,000
116,743 Polymetal International PLC2 275,792
5,000 Polyus PJSC - GDR1,2 60,800
20,000 Yamana Gold, Inc. 87,600
58,547,362
PRECIOUS METALS DEVELOPMENTAL — 3.2%
3,223,263 Adriatic Metals PLC*,2 4,989,316
80,000 Artemis Gold, Inc.*,2 219,612
5,208,928

33
EuroPac Gold Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2022

Number
of Shares Value
COMMON STOCKS (Continued)
PRECIOUS METALS EXPLORATION — 3.9%
1,611,182 Almadex Minerals Ltd.*,2 $ 345,912
2,100,000 G2 Goldfields, Inc.*,1,2 816,941
11,331,818 GBM Resources Ltd.*,2 376,906
234,527 Harfang Exploration, Inc.*,2 32,707
78,000 Heliostar Metals Ltd.*,2 15,172
781,300 Kenorland Minerals Ltd.*,2 407,166
1,850,000 Kenorland Minerals Ltd.1,2 964,107
5,233,400 Magna Gold Corp.*,2,3 576,196
5,485,900 Midland Exploration, Inc.*,2,3 1,530,125
6,329,204 Mundoro Capital, Inc.*,2,3 836,213
2,490,000 Riverside Resources, Inc.*,2 210,181
12,000,000 Thomson Resources Ltd.*,2 145,836
6,257,462
ROYALTY COMPANIES — 40.5%
5,701,800 Elemental Altus Royalties Corp.*,2,3 5,356,947
900,000 Elemental Altus Royalties Corp.*,1,2,3 845,567
1,306,976 EMX Royalty Corp.* 2,313,347
124,000 EMX Royalty Corp.*,1,2 217,528
89,096 Franco-Nevada Corp. 11,010,484
231,500 Lara Exploration Ltd.*,2 125,741
867,001 Maverix Metals, Inc. 2,765,733
1,583,850 Metalla Royalty & Streaming Ltd.*,2 7,277,526
389,437 Metalla Royalty & Streaming Ltd.* 1,787,516
4,416,651 Orogen Royalties, Inc.*,2 1,264,308
750,000 Orogen Royalties, Inc.*,1,2 214,695
640,889 Osisko Gold Royalties Ltd. 6,883,148
323,120 Osisko Gold Royalties Ltd.2 3,465,049
91,400 Royal Gold, Inc. 8,679,344
1,199,000 Sandstorm Gold Ltd. 5,935,050
14,450 Sandstorm Gold Ltd.2 71,168
3,100,000 Star Royalties Ltd.*,2 841,897
206,300 Vox Royalty Corp.2 449,729
162,000 Wheaton Precious Metals Corp. 5,295,780
25,000 Wheaton Precious Metals Corp.2 817,858
65,618,415
SILVER: EXPLORATION AND MINING — 10.8%
3,300,980 Fortuna Silver Mines, Inc.* 9,176,724
488,500 Pan American Silver Corp. 7,806,230

34
EuroPac Gold Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2022

Number
of Shares Value
COMMON STOCKS (Continued)
SILVER: EXPLORATION AND MINING (Continued)
100,000 SilverCrest Metals, Inc.* $ 502,000
17,484,954
TOTAL COMMON STOCKS
(Cost $170,470,700) 161,491,312
Number
of Contracts
PURCHASED OPTIONS CONTRACTS — 0.0%
CALL OPTIONS — 0.0%
Pan American Silver Corp.
Exercise Price: $22.00, Notional Amount: $440,000
200 Expiration Date: January 20, 2023 6,000
Exercise Price: $23.00, Notional Amount: $460,000
200 Expiration Date: January 20, 2023 3,000
Exercise Price: $18.00, Notional Amount: $360,000
200 Expiration Date: January 20, 2023 15,500
Exercise Price: $19.00, Notional Amount: $570,000
300 Expiration Date: January 20, 2023 17,250
Exercise Price: $20.00, Notional Amount: $252,000
126 Expiration Date: January 20, 2023 5,292
TOTAL CALL OPTIONS
(Cost $177,976) 47,042
TOTAL PURCHASED OPTIONS CONTRACTS
(Cost $177,976) 47,042
Number
of Shares
WARRANTS — 0.0%
PRECIOUS METALS EXPLORATION — 0.0%
GBM Resources Ltd. Loyalty Options, Strike Price: 0.075 AUD, Expiration
1,278,181 Date: December 1, 2022*,1,2 —
GBM Resources Ltd., Strike Price: 0.096 AUD, Expiration Date: April 1,
9,090,909 2023*,1,2 —
Mundoro Capital, Inc., Strike Price: 0.30 CAD, Expiration Date: March 11,
1,250,000 2023*,1,2 —
Thomson Resources Ltd., Strike Price: 0.115 AUD, Expiration
6,750,000 Date: November 8, 2024*,1,2 —
Thomson Resources Ltd., Strike Price: 0.20 AUD, Expiration Date: March 29,
2,500,000 2024*,1,2 —
—

35
EuroPac Gold Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2022

Number
of Shares Value
WARRANTS (Continued)
ROYALTY COMPANIES — 0.0%
Elemental Altus Royalties Corp., Strike Price: 2.53 CAD, Expiration
793,584 Date: March 2, 2023*,1,2 $ —
Empress Royalty Corp., Strike Price: 0.75 CAD, Expiration Date: April 8,
700,000 2023*,1,2 —
EMX Royalty Corp., Strike Price: 4.00 CAD, Expiration Date: November 10,
62,000 2023*,1,2 —
58,350 Vox Royalty Corp., Strike Price: 4.50 CAD, Expiration Date: April 13, 2024*,1,2 —
333,350 Vox Royalty Corp., Strike Price: 4.50 CAD, Expiration Date: May 15, 2023*,1,2 —
—
SILVER: EXPLORATION AND MINING — 0.0%
Golden Arrow Resources Corp., Strike Price: 0.40 CAD, Expiration
1,880,000 Date: March 18, 2023*,1,2 —
TOTAL WARRANTS
(Cost $23,007) —
SHORT-TERM INVESTMENTS — 0.5%
872,714 Federated Hermes Treasury Obligations Fund - Institutional Class, 2.88%4 872,714
TOTAL SHORT-TERM INVESTMENTS
(Cost $872,714) 872,714

TOTAL INVESTMENTS — 100.2%

(Cost $171,544,397) 162,411,068
Liabilities in Excess of Other Assets — (0.2)% (388,276)
TOTAL NET ASSETS — 100.0% $ 162,022,792

ADR – American Depository Receipt

AUD – Australian Dollar
CAD – Canadian Dollar
GDR – Global Depository Receipt
PJSC – Public Joint Stock Company
PLC – Public Limited Company
*
Non-income producing security.
1
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.
2
Foreign security denominated in U.S. dollars.
3
Affiliated company.
4
The rate is the annualized seven-day yield at period end.

See accompanying Notes to Financial Statements.

36
EuroPac Gold Fund
SUMMARY OF INVESTMENTS
As of October 31, 2022

Percent of Total
Security Type/Sector Net Assets
Common Stocks
Royalty Companies 40.5%
Gold Mining 36.1%
Silver: Exploration and Mining 10.8%
Precious Metals Exploration 3.9%
Gold Exploration 3.3%
Precious Metals Developmental 3.2%
Diversified Exploration and Mining 1.1%
Gold and Precious Metals 0.8%
Total Common Stocks 99.7%
Purchased Options Contracts
Call Options 0.0%
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.

37
STATEMENTS OF ASSETS AND LIABILITIES
As of October 31, 2022
EuroPac International EuroPac International EuroPac International
Value Fund Bond Fund Dividend Income Fund
Assets:
Investments in unaffiliated issuers,
at cost $ 114,412,253 $ 52,562,328 $ 115,068,036
Investments in affiliated issuers, at
cost - - -
Purchased options contracts, at cost - - -
Warrants, at cost - - -
Foreign currency, at cost - 769,246 -
Investments in unaffiliated issuers,
at value $ 111,341,746 $ 43,520,850 $ 104,982,439
Investments in affiliated issuers, at
value - - -
Purchased options contracts, at
value - - -
Warrants, at value - - -
Foreign currency, at value - 767,089 -
Cash held at broker - - -
Receivables:
Investment securities sold 1,431,576 - 1,649,399
Fund shares sold 258,829 13 26,599
Reclaims receivable 277,092 - 292,565
Dividends and interest 156,425 692,267 173,702
Prepaid expenses 11,695 18,484 20,037
Total assets 113,477,363 44,998,703 107,144,741
Liabilities:
Payables:
Investment securities purchased - 484,577 2,034,666
Fund shares redeemed 19,693 1,104 313,033
Advisory fees 99,616 6,743 73,531
Shareholder servicing fees (Note 7) 13,925 6,667 11,971
Distribution fees (Note 8) 20,050 7,478 18,531
Fund accounting and
administration fees 15,182 12,693 12,541
Transfer agent fees and expenses 10,696 8,518 10,617
Custody fees 3,857 6,468 3,408
Auditing fees 16,195 15,914 16,225
Trustees' deferred compensation
(Note 3) 7,199 6,911 7,154
Trustees' fees and expenses 5,026 3,490 1,494
Chief Compliance Officer fees 470 888 1,578
Deferred non-U.S. taxes - - -
Accrued other expenses 6,948 7,113 6,692
Total liabilities 218,857 568,564 2,511,441
Net Assets $ 113,258,506 $ 44,430,139 $ 104,633,300

38
See accompanying Notes to Financial Statements.
STATEMENTS OF ASSETS AND LIABILITIES - Continued
As of October 31, 2022
EuroPac International EuroPac International EuroPac International
Value Fund Bond Fund Dividend Income Fund
Components of Net Assets:
Paid-in capital (par value of $0.01
per share with an unlimited
number of shares authorized) $ 125,588,935 $ 56,037,034 $ 118,840,902
Total distributable earnings
(accumulated deficit) (12,330,429) (11,606,895) (14,207,602)
Net Assets $ 113,258,506 $ 44,430,139 $ 104,633,300
Maximum Offering Price per Share:
Class A Shares:
Net assets applicable to shares
outstanding $ 100,628,413 $ 38,149,217 $ 90,131,714
Shares of beneficial interest issued
and outstanding 11,779,156 4,946,098 10,710,746
Redemption price per share $ 8.54 $ 7.71 $ 8.42
Maximum sales charge (4.50% of
offering price)* 0.40 0.36 0.40
Maximum public offering price to
public $ 8.94 $ 8.07 $ 8.82
Class I Shares:
Net assets applicable to shares
outstanding $ 12,630,093 $ 6,280,922 $ 14,501,586
Shares of beneficial interest issued
and outstanding 1,474,582 800,829 1,720,537
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.

39
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:
Investments in unaffiliated issuers, at cost $ 80,627,537 $ 159,233,997
Investments in affiliated issuers, at cost - 12,109,417
Purchased options contracts, at cost - 177,976
Warrants, at cost - 23,007
Foreign currency, at cost - 300,788
Investments in unaffiliated issuers, at value $ 65,681,136 $ 153,218,978
Investments in affiliated issuers, at value - 9,145,048
Purchased options contracts, at value - 47,042
Warrants, at value - -
Foreign currency, at value - 295,124
Cash held at broker - 47,270
Receivables:
Investment securities sold 210,464 20,961
Fund shares sold 13,365 66,592
Reclaims receivable 866 -
Dividends and interest 24,138 5,714
Prepaid expenses 16,410 1,008
Total assets 65,946,379 162,847,737
Liabilities:
Payables:
Investment securities purchased - 519,632
Fund shares redeemed 40,016 43,225
Advisory fees 41,833 109,225
Shareholder servicing fees (Note 7) 9,431 20,750
Distribution fees (Note 8) 12,056 31,447
Fund accounting and administration fees 12,790 28,533
Transfer agent fees and expenses 11,044 15,171
Custody fees 24,651 9,518
Auditing fees 16,014 16,145
Trustees' deferred compensation (Note 3) 8,383 8,080
Trustees' fees and expenses 3,185 4,718
Chief Compliance Officer fees 557 1,146
Deferred non-U.S. taxes 435,687 -
Accrued other expenses 4,577 17,355
Total liabilities 620,224 824,945
Net Assets $ 65,326,155 $ 162,022,792

40
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:
Paid-in capital (par value of $0.01 per share with an unlimited
number of shares authorized) $ 84,371,289 $ 212,638,120
Total distributable earnings (accumulated deficit) (19,045,134) (50,615,328)
Net Assets $ 65,326,155 $ 162,022,792
Maximum Offering Price per Share:
Class A Shares:
Net assets applicable to shares outstanding $ 60,154,609 $ 146,736,715
Shares of beneficial interest issued and outstanding 7,132,297 18,993,369
Redemption price per share $ 8.43 $ 7.73
Maximum sales charge (4.50% of offering price)* 0.40 0.36
Maximum public offering price to public $ 8.83 $ 8.09
Class I Shares:
Net assets applicable to shares outstanding $ 5,171,546 $ 15,286,077
Shares of beneficial interest issued and outstanding 594,401 1,966,424
Offering and redemption price per share $ 8.70 $ 7.77
*
On sales of $50,000 or more, the sales charge will be reduced.

41
See accompanying Notes to Financial Statements.
STATEMENTS OF OPERATIONS
For the Year Ended October 31, 2022
EuroPac
EuroPac EuroPac International
International International Dividend Income
Value Fund Bond Fund Fund
Investment Income:
Dividend income from unaffiliated
issuers (net of foreign withholding
taxes of $429,458, $0 and $511,640,
respectively) $ 4,367,387 $ - $ 5,266,809
Interest income from unaffiliated issuers 133,298 1,945,004 144,445
Total investment income 4,500,685 1,945,004 5,411,254

Expenses:
Advisory fees 1,283,433 283,972 914,026
Shareholder servicing fees (Note 7) 101,464 37,917 91,685
Distribution fees (Note 8) 273,386 105,819 242,233
Fund accounting and administration fees 150,216 96,000 143,032
Transfer agent fees and expenses 67,191 47,702 63,515
Custody fees 24,829 30,506 25,532
Registration fees 42,118 33,847 36,616
Auditing fees 16,000 16,018 16,000
Shareholder reporting fees 11,411 7,102 9,029
Legal fees 9,501 8,147 7,257
Trustees' fees and expenses 9,348 6,896 5,213
Miscellaneous 8,187 5,990 8,258
Chief Compliance Officer fees 6,088 6,189 6,095
Insurance fees 2,951 3,375 3,426
Total expenses 2,006,123 689,480 1,571,917
Advisory fees (waived) recovered 49,806 (157,703) 14,473
Net expenses 2,055,929 531,777 1,586,390
Net investment income (loss) 2,444,756 1,413,227 3,824,864

Realized and Unrealized Gain (Loss) on:

Net realized gain (loss) on:
Investments in unaffiliated issuers 6,075,149 (2,734,377) 3,575,557
Investments in affiliated issuers - - -
Purchased options contracts - - -
Foreign currency transactions (32,511) (167,230) (46,789)
Deferred non-US taxes - - -
Net realized gain (loss) 6,042,638 (2,901,607) 3,528,768
Net change in unrealized
appreciation/depreciation on:
Investments in unaffiliated issuers (17,423,264) (4,595,350) (14,233,798)
Investments in affiliated issuers - - -
Warrants - - -
Purchased options contracts - - -
Foreign currency translations (30,806) 1,910 (34,355)
Deferred non-U.S. taxes - - -
Net change in unrealized
appreciation/depreciation (17,454,070) (4,593,440) (14,268,153)
Net realized and unrealized gain
(loss) (11,411,432) (7,495,047) (10,739,385)

Net Increase (Decrease) in Net Assets from

Operations $ (8,966,676) $ (6,081,820) $ (6,914,521)

42
See accompanying Notes to Financial Statements.
STATEMENTS OF OPERATIONS - Continued
For the Year Ended October 31, 2022
EP Emerging Markets EuroPac
Fund Gold Fund
Investment Income:
Dividend income from unaffiliated issuers (net of foreign
withholding taxes of $107,393 and $343,821, respectively) $ 804,536 $ 2,195,791
Interest income from unaffiliated issuers 62,282 8,967
Total investment income 866,818 2,204,758

Expenses:
Advisory fees 857,921 1,604,670
Shareholder servicing fees (Note 7) 75,653 199,489
Distribution fees (Note 8) 186,868 458,330
Fund accounting and administration fees 136,485 220,134
Transfer agent fees and expenses 65,002 98,514
Custody fees 122,625 40,105
Registration fees 40,617 59,611
Auditing fees 15,819 16,277
Shareholder reporting fees 20,541 22,481
Legal fees 21,883 11,473
Trustees' fees and expenses 9,125 9,595
Miscellaneous 8,279 7,545
Chief Compliance Officer fees 17,301 6,384
Insurance fees 3,217 3,789
Total expenses 1,581,336 2,758,397
Advisory fees (waived) recovered (202,911) -
Net expenses 1,378,425 2,758,397
Net investment income (loss) (511,607) (553,639)

Realized and Unrealized Gain (Loss) on:

Net realized gain (loss) on:
Investments in unaffiliated issuers (437,146) 3,967,610
Investments in affiliated issuers - 19,720
Purchased options contracts - 107,155
Foreign currency transactions (42,532) (77,952)
Deferred non-US taxes (410,600) -
Net realized gain (loss) (890,278) 4,016,533
Net change in unrealized appreciation/depreciation on:
Investments in unaffiliated issuers (32,133,605) (64,427,044)
Investments in affiliated issuers - (3,138,148)
Warrants - (296,541)
Purchased options contracts - (130,934)
Foreign currency translations (540) (11,062)
Deferred non-U.S. taxes 346,957 -
Net change in unrealized appreciation/depreciation (31,787,188) (68,003,729)
Net realized and unrealized gain (loss) (32,677,466) (63,987,196)

Net Increase (Decrease) in Net Assets from Operations $ (33,189,073) $ (64,540,835)

43
See accompanying Notes to Financial Statements.
EuroPac International Value Fund
STATEMENTS OF CHANGES IN NET ASSETS
For the For the
Year Ended Year Ended
October 31, 2022 October 31, 2021
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss) $ 2,444,756 $ 1,370,516
Net realized gain (loss) investments and foreign currency
transactions 6,042,638 1,660,067
Net change in unrealized appreciation/depreciation on
investments and foreign currency translations (17,454,070) 12,583,752
Net increase (decrease) in net assets resulting from
operations (8,966,676) 15,614,335

Distributions to Shareholders:
Distributions:
Class A (1,734,767) (1,438,651)
Class I (181,202) (78,432)
Total (1,915,969) (1,517,083)

Capital Transactions:
Net proceeds from shares sold:
Class A 20,055,594 20,615,990
Class I 10,434,286 5,863,869
Reinvestment of distributions:
Class A 1,139,021 928,827
Class I 175,650 73,736
Cost of shares redeemed:
Class A1 (14,301,539) (11,565,153)
Class I2 (3,731,679) (952,716)
Net increase (decrease) in net assets from capital
transactions 13,771,333 14,964,553

Total increase (decrease) in net assets 2,888,688 29,061,805

Net Assets:
Beginning of period 110,369,818 81,308,013
End of period $ 113,258,506 $ 110,369,818
Capital Share Transactions:
Shares sold:
Class A 2,087,327 2,234,609
Class I 1,099,332 631,710
Shares reinvested:
Class A 125,096 100,396
Class I 19,471 7,931
Shares redeemed:
Class A (1,535,850) (1,234,863)
Class I (395,850) (103,260)
Net increase (decrease) in capital share transactions 1,399,526 1,636,523
1
Net of redemption fees of $6,496 and $3,906, respectively.
2
Net of redemption fees of $649 and $260, respectively.

44
See accompanying Notes to Financial Statements.
EuroPac International Bond Fund
STATEMENTS OF CHANGES IN NET ASSETS
For the For the
Year Ended Year Ended
October 31, 2022 October 31, 2021
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss) $ 1,413,227 $ 1,469,429
Net realized gain (loss) investments and foreign currency
transactions (2,901,607) (1,670,056)
Net change in unrealized appreciation/depreciation on
investments and foreign currency translations (4,593,440) 1,122,960
Net increase (decrease) in net assets resulting from
operations (6,081,820) 922,333

Distributions to Shareholders:
Distributions:
Class A - (510,519)
Class I - (62,153)
Total - (572,672)

Capital Transactions:
Net proceeds from shares sold:
Class A 5,211,943 7,664,332
Class I 3,448,591 4,001,279
Reinvestment of distributions:
Class A - 331,609
Class I - 62,153
Cost of shares redeemed:
Class A1 (6,771,054) (7,311,369)
Class I2 (755,835) (3,959,124)
Net increase (decrease) in net assets from capital
transactions 1,133,645 788,880

Total increase (decrease) in net assets (4,948,175) 1,138,541

Net Assets:
Beginning of period 49,378,314 48,239,773
End of period $ 44,430,139 $ 49,378,314
Capital Share Transactions:
Shares sold:
Class A 618,099 854,471
Class I 416,371 439,790
Shares reinvested:
Class A - 36,663
Class I - 6,791
Shares redeemed:
Class A (815,686) (814,154)
Class I (89,344) (433,442)
Net increase (decrease) in capital share transactions 129,440 90,119
1
Net of redemption fees of $1,154 and $2,280, respectively.
2
Net of redemption fees of $0 and $90, respectively.

45
See accompanying Notes to Financial Statements.
EuroPac International Dividend Income Fund
STATEMENTS OF CHANGES IN NET ASSETS
For the For the
Year Ended Year Ended
October 31, 2022 October 31, 2021
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss) $ 3,824,864 $ 1,856,853
Net realized gain (loss) investments and foreign currency
transactions 3,528,768 (20,580)
Net change in unrealized appreciation/depreciation on
investments and foreign currency translations (14,268,153) 13,130,933
Net increase (decrease) in net assets resulting from
operations (6,914,521) 14,967,206

Distributions to Shareholders:
Distributions:
Class A (2,357,336) (1,778,959)
Class I (315,639) (74,559)
Total (2,672,975) (1,853,518)

Capital Transactions:
Net proceeds from shares sold:
Class A 23,850,281 20,467,890
Class I 15,945,807 2,953,829
Reinvestment of distributions:
Class A 1,536,777 1,158,623
Class I 307,834 68,011
Cost of shares redeemed:
Class A1 (17,784,927) (8,886,255)
Class I2 (4,260,480) (913,473)
Net increase (decrease) in net assets from capital
transactions 19,595,292 14,848,625

Total increase (decrease) in net assets 10,007,796 27,962,313

Net Assets:
Beginning of period 94,625,504 66,663,191
End of period $ 104,633,300 $ 94,625,504
Capital Share Transactions:
Shares sold:
Class A 2,556,909 2,288,838
Class I 1,704,452 327,240
Shares reinvested:
Class A 174,830 129,058
Class I 35,364 7,557
Shares redeemed:
Class A (1,961,451) (991,647)
Class I (490,020) (102,352)
Net increase (decrease) in capital share transactions 2,020,084 1,658,694
1
Net of redemption fees of $8,780 and $5,679, respectively.
2
Net of redemption fees of $5,873 and $0, respectively.

46
See accompanying Notes to Financial Statements.
EP Emerging Markets Fund
STATEMENTS OF CHANGES IN NET ASSETS
For the For the
Year Ended Year Ended
October 31, 2022 October 31, 2021
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss) $ (511,607) $ (815,165)
Net realized gain (loss) investments and foreign currency
transactions (890,278) 19,611,296
Net change in unrealized appreciation/depreciation on
investments, deferred non-U.S. taxes and foreign
currency translations (31,787,188) 4,176,840
Net increase (decrease) in net assets resulting from
operations (33,189,073) 22,972,971

Distributions to Shareholders:
Distributions:
Class A (17,170,692) (479,075)
Class I (720,947) (7,712)
Total (17,891,639) (486,787)

Capital Transactions:
Net proceeds from shares sold:
Class A 14,106,201 22,184,085
Class I 4,129,747 3,874,072
Reinvestment of distributions:
Class A 11,113,870 296,636
Class I 720,947 7,479
Cost of shares redeemed:
Class A1 (21,532,817) (12,745,977)
Class I2 (1,492,217) (1,003,495)
Net increase (decrease) in net assets from capital
transactions 7,045,731 12,612,800

Total increase (decrease) in net assets (44,034,981) 35,098,984

Net Assets:
Beginning of period 109,361,136 74,262,152
End of period $ 65,326,155 $ 109,361,136
Capital Share Transactions:
Shares sold:
Class A 1,318,178 1,482,373
Class I 386,425 242,534
Shares reinvested:
Class A 868,950 21,732
Class I 54,783 536
Shares redeemed:
Class A (1,739,509) (832,322)
Class I (123,619) (63,534)
Net increase (decrease) in capital share transactions 765,208 851,319
1
Net of redemption fees of $2,297 and $8,690, respectively.
2
Net of redemption fees of $0 and $272, respectively.

47
See accompanying Notes to Financial Statements.
EuroPac Gold Fund
STATEMENTS OF CHANGES IN NET ASSETS
For the For the
Year Ended Year Ended
October 31, 2022 October 31, 2021
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss) $ (553,639) $ 3,786,122
Net realized gain (loss) investments, purchased options
contracts and foreign currency transactions 4,016,533 (1,899,339)
Net change in unrealized appreciation/depreciation on
investments, affiliated issuers, purchased options
contracts and foreign currency translations (68,003,729) (28,440,410)
Net increase (decrease) in net assets resulting from
operations (64,540,835) (26,553,627)

Distributions to Shareholders:
Distributions:
Class A (4,854,161) (19,802,847)
Class I (434,084) (2,008,796)
Total (5,288,245) (21,811,643)

Capital Transactions:
Net proceeds from shares sold:
Class A 34,229,221 48,906,730
Class I 10,345,086 9,069,975
Reinvestment of distributions:
Class A 3,599,307 14,469,100
Class I 414,456 2,005,975
Cost of shares redeemed:
Class A1 (30,854,978) (48,836,422)
Class I2 (5,825,810) (17,163,760)
Net increase (decrease) in net assets from capital
transactions 11,907,282 8,451,598

Total increase (decrease) in net assets (57,921,798) (39,913,672)

Net Assets:
Beginning of period 219,944,590 259,858,262
End of period $ 162,022,792 $ 219,944,590
Capital Share Transactions:
Shares sold:
Class A 3,449,804 3,896,349
Class I 1,042,148 746,956
Shares reinvested:
Class A 363,934 1,092,832
Class I 41,738 150,825
Shares redeemed:
Class A (3,114,598) (3,986,387)
Class I (600,340) (1,345,399)
Net increase (decrease) in capital share transactions 1,182,686 555,176
1
Net of redemption fees of $9,643 and $20,845, respectively.
2
Net of redemption fees of $486 and $1,496, respectively.

48
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,
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:
Net investment income (loss) 1 0.19 0.12 0.09 0.10 0.12
Net realized and unrealized gain (loss) (0.81) 1.36 0.65 0.52 (0.88)
Total from investment operations (0.62) 1.48 0.74 0.62 (0.76)

Less Distributions:
From net investment income (0.15) (0.13) (0.08) (0.09) (0.12)
Total distributions (0.15) (0.13) (0.08) (0.09) (0.12)

Redemption fee proceeds1 -2 -2 -2 -2 -2

Net asset value, end of period $ 8.54 $ 9.31 $ 7.96 $ 7.30 $ 6.77

Total return3 (6.77)% 18.64% 10.26% 9.20% (10.00)%

Ratios and Supplemental Data:

Net assets, end of period (in thousands) $ 100,628 $ 103,354 $ 79,591 $ 57,383 $ 53,781

Ratio of expenses to average net assets:

Before fees waived and expenses
absorbed/recovered 1.71% 1.71% 1.81% 1.87% 1.89%
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:
Before fees waived and expenses
absorbed/recovered 2.08% 1.33% 1.04% 1.27% 1.47%
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%

1
Calculated based on average shares outstanding for the period.
2
Amount represents less than $0.01 per share.
3
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.

49

See accompanying Notes to Financial Statements.

EuroPac International Value Fund
FINANCIAL HIGHLIGHTS
Class I
Per share operating performance.
For a capital share outstanding throughout each period.
For the Year Ended October 31,
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:
Net investment income (loss) 1 0.21 0.14 0.11 0.12 0.14
Net realized and unrealized gain (loss) (0.80) 1.37 0.65 0.52 (0.88)
Total from investment operations (0.59) 1.51 0.76 0.64 (0.74)

Less Distributions:
From net investment income (0.17) (0.16) (0.10) (0.11) (0.14)
Total distributions (0.17) (0.16) (0.10) (0.11) (0.14)

Redemption fee proceeds1 -2 -2 0.01 - -2

Net asset value, end of period $ 8.57 $ 9.33 $ 7.98 $ 7.31 $ 6.78

Total return3 (6.38)% 18.89% 10.66% 9.46% (9.75)%

Ratios and Supplemental Data:

Net assets, end of period (in thousands) $ 12,630 $ 7,016 $ 1,717 $ 680 $ 365

Ratio of expenses to average net assets:

Before fees waived and expenses
absorbed/recovered 1.46% 1.46% 1.56% 1.62% 1.64%
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:
Before fees waived and expenses
absorbed/recovered 2.33% 1.58% 1.29% 1.52% 1.72%
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%

1
Calculated based on average shares outstanding for the period.
2
Amount represents less than $0.01 per share.
3
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.

50

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,
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:
Net investment income (loss) 1 0.25 0.26 0.24 0.30 0.24
Net realized and unrealized gain (loss) (1.32) (0.10) - 0.19 (0.56)
Total from investment operations (1.07) 0.16 0.24 0.49 (0.32)

Less Distributions:
From net investment income - (0.10) - (0.12) -
Total distributions - (0.10) - (0.12) -

Redemption fee proceeds1 -2 -2 -2 -2 -2

Net asset value, end of period $ 7.71 $ 8.78 $ 8.72 $ 8.48 $ 8.11

Total return3 (12.19)% 1.79% 2.83% 6.07% (3.80)%

Ratios and Supplemental Data:

Net assets, end of period (in thousands) $ 38,149 $ 45,159 $ 44,167 $ 38,621 $ 37,254

Ratio of expenses to average net assets:

Before fees waived and expenses absorbed 1.48% 1.45% 1.46% 1.51% 1.51%
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:
Before fees waived and expenses absorbed 2.63% 2.58% 2.49% 3.22% 2.52%
After fees waived and expenses absorbed 2.96% 2.88% 2.80% 3.58% 2.88%

Portfolio turnover rate 27% 20% 16% 26% 20%

1
Calculated based on average shares outstanding for the period.
2
Amount represents less than $0.01 per share.
3
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.

51

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,
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:
Net investment income (loss) 1 0.27 0.28 0.26 0.33 0.27
Net realized and unrealized gain (loss) (1.34) (0.09) - 0.18 (0.57)
Total from investment operations (1.07) 0.19 0.26 0.51 (0.30)

Less Distributions:
From net investment income - (0.12) - (0.12) -
Total distributions - (0.12) - (0.12) -

Redemption fee proceeds1 - -2 -2 - -

Net asset value, end of period $ 7.84 $ 8.91 $ 8.84 $ 8.58 $ 8.19

Total return3 (12.01)% 2.11% 3.03% 6.30% (3.53)%

Ratios and Supplemental Data:

Net assets, end of period (in thousands) $ 6,281 $ 4,219 $ 4,072 $ 1,532 $ 372

Ratio of expenses to average net assets:

Before fees waived and expenses absorbed 1.23% 1.20% 1.21% 1.26% 1.26%
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:
Before fees waived and expenses absorbed 2.88% 2.83% 2.74% 3.47% 2.77%
After fees waived and expenses absorbed 3.21% 3.13% 3.05% 3.83% 3.13%

Portfolio turnover rate 27% 20% 16% 26% 20%

1
Calculated based on average shares outstanding for the period.
2
Amount represents less than $0.01 per share.
3
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.

52

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,
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:
Net investment income (loss) 1 0.32 0.19 0.14 0.19 0.21
Net realized and unrealized gain (loss) (0.77) 1.47 (0.19) 0.34 (0.83)
Total from investment operations (0.45) 1.66 (0.05) 0.53 (0.62)

Less Distributions:
From net investment income (0.22) (0.19) (0.14) (0.19) (0.21)
Total distributions (0.22) (0.19) (0.14) (0.19) (0.21)

Redemption fee proceeds1 -2 -2 -2 -2 -2

Net asset value, end of period $ 8.42 $ 9.09 $ 7.62 $ 7.81 $ 7.47

Total return3 (5.04)% 21.81% (0.62)% 7.10% (7.54)%

Ratios and Supplemental Data:

Net assets, end of period (in thousands) $ 90,132 $ 90,342 $ 64,846 $ 53,452 $ 53,161

Ratio of expenses to average net assets:

Before fees waived and expenses
absorbed/recovered 1.49% 1.52% 1.65% 1.65% 1.66%
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:
Before fees waived and expenses
absorbed/recovered 3.54% 2.07% 1.68% 2.26% 2.48%
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%

1
Calculated based on average shares outstanding for the period.
2
Amount represents less than $0.01 per share.
3
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.

53

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,
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:
Net investment income (loss) 1 0.34 0.21 0.16 0.20 0.23
Net realized and unrealized gain (loss) (0.77) 1.47 (0.19) 0.34 (0.82)
Total from investment operations (0.43) 1.68 (0.03) 0.54 (0.59)

Less Distributions:
From net investment income (0.24) (0.21) (0.16) (0.21) (0.23)
Total distributions (0.24) (0.21) (0.16) (0.21) (0.23)

Redemption fee proceeds1 - - 0.01 - -

Net asset value, end of period $ 8.43 $ 9.10 $ 7.63 $ 7.81 $ 7.48

Total return2 (4.79)% 22.07% (0.23)% 7.22% (7.17)%

Ratios and Supplemental Data:

Net assets, end of period (in thousands) $ 14,502 $ 4,284 $ 1,817 $ 1,108 $ 686

Ratio of expenses to average net assets:

Before fees waived and expenses
absorbed/recovered 1.24% 1.27% 1.40% 1.40% 1.41%
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:
Before fees waived and expenses
absorbed/recovered 3.79% 2.32% 1.93% 2.51% 2.73%
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%

1
Calculated based on average shares outstanding for the period.
2
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.

54

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,
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:
Net investment income (loss) 1 (0.07) (0.12) (0.09) (0.03) (0.03)
Net realized and unrealized gain (loss) (4.40) 3.74 1.292 1.38 (2.28)
Net increase from payments by affiliates (Note 3) - - -2,3 - -3
Total from investment operations (4.47) 3.62 1.20 1.35 (2.31)

Less Distributions:
From net realized gain (2.79) (0.08) (0.02) (1.10) (0.59)
Total distributions (2.79) (0.08) (0.02) (1.10) (0.59)

Redemption fee proceeds1 -3 -3 -3 -3 -3

Net asset value, end of period $ 8.43 $ 15.69 $ 12.15 $ 10.97 $ 10.72

Total return4 (34.57)% 29.87% 10.91% 13.90% (17.93)%

Ratios and Supplemental Data:

Net assets, end of period (in thousands) $ 60,155 $ 104,913 $ 73,055 $ 57,051 $ 54,686

Ratio of expenses to average net assets:

Before fees waived and expenses absorbed 2.01% 1.81% 2.00% 2.07% 2.05%
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:
Before fees waived and expenses absorbed (0.91)% (0.85)% (1.03)% (0.62)% (0.56)%
After fees waived and expenses absorbed (0.65)% (0.79)% (0.78)% (0.30)% (0.26)%

Portfolio turnover rate 31% 47% 49% 45% 43%

1
Calculated based on average shares outstanding for the period.
2
Affiliate reimbursed the Fund $796 for errors during processing. The reimbursement had no impact to the Fund's performance.
3
Amount represents less than $0.01 per share.
4
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.

55

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,
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:
Net investment income (loss) 1 (0.04) (0.09) (0.06) (0.01) -2
Net realized and unrealized gain (loss) (4.54) 3.83 1.313 1.41 (2.31)
Net increase from payments by affiliates (Note 3) - - -2,3 - -2
Total from investment operations (4.58) 3.74 1.25 1.40 (2.31)

Less Distributions:
From net realized gain (2.79) (0.08) (0.02) (1.10) (0.59)
Total distributions (2.79) (0.08) (0.02) (1.10) (0.59)

Redemption fee proceeds1 - - - - -

Net asset value, end of period $ 8.70 $ 16.07 $ 12.41 $ 11.18 $ 10.88

Total return4 (34.40)% 30.21% 11.15% 14.19% (17.71)%

Ratios and Supplemental Data:

Net assets, end of period (in thousands) $ 5,172 $ 4,448 $ 1,207 $ 999 $ 590

Ratio of expenses to average net assets:

Before fees waived and expenses absorbed 1.76% 1.56% 1.75% 1.82% 1.80%
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:
Before fees waived and expenses absorbed (0.66)% (0.60)% (0.78)% (0.37)% (0.31)%
After fees waived and expenses absorbed (0.40)% (0.54)% (0.53)% (0.05)% (0.01)%

Portfolio turnover rate 31% 47% 49% 45% 43%

1
Calculated based on average shares outstanding for the period.
2
Amount represents less than $0.01 per share.
3
Affiliate reimbursed the Fund $796 for errors during processing. The reimbursement had no impact to the Fund's performance.
4
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.

56

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,
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:
Net investment income (loss) 1 (0.03) 0.19 (0.11) (0.06) (0.07)
Net realized and unrealized gain (loss) (3.10) (1.43) 4.112 2.16 (1.17)
Total from investment operations (3.13) (1.24) 4.00 2.10 (1.24)

Less Distributions:
From net investment income (0.26) (1.15) - - (0.23)
Total distributions (0.26) (1.15) - - (0.23)

Redemption fee proceeds1 -3 -3 0.01 -3 -3

Net asset value, end of period $ 7.73 $ 11.12 $ 13.51 $ 9.50 $ 7.40

Total return4 (28.63)% (10.56)% 42.21% 28.38% (14.37)%

Ratios and Supplemental Data:

Net assets, end of period (in thousands) $ 146,737 $ 203,354 $ 233,630 $ 102,004 $ 66,886

Ratio of expenses to average net assets:

(including interest expense and dividends on
securities sold short)
Before fees waived and expenses
absorbed/recovered 1.40%5 1.40%5 1.39%5 1.52%5 1.57%5
After fees waived and expenses absorbed/recovered 1.40%5 1.40%5 1.46%5 1.50%5 1.50%5
Ratio of net investment income (loss) to average net
assets:
(including interest expense and dividends on
securities sold short)
Before fees waived and expenses
absorbed/recovered (0.30)% 1.54% (0.84)% (0.74)% (0.91)%
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%

1
Calculated based on average shares outstanding for the period.
2
Affiliate reimbursed the Fund $547 for errors during processing. The reimbursement had no impact to the Fund's performance.
3
Amount represents less than $0.01 per share.
4
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.
5
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.

57

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 Period
November 20, 2018*
through
For the Year Ended October 31, October 31,
2022 2021 2020 2019
Net asset value, beginning of period $ 11.19 $ 13.59 $ 9.52 $ 7.23
Income from Investment Operations:
Net investment income (loss) 1 -2 0.22 (0.08) (0.04)
Net realized and unrealized gain (loss) (3.13) (1.45) 4.153 2.33
Total from investment operations (3.13) (1.23) 4.07 2.29

Less Distributions:
From net investment income (0.29) (1.17) - -
Total distributions (0.29) (1.17) - -

Redemption fee proceeds1 -2 -2 -2 -

Net asset value, end of period $ 7.77 $ 11.19 $ 13.59 $ 9.52

Total return4 (28.51)% (10.39)% 42.75% 31.67%5

Ratios and Supplemental Data:

Net assets, end of period (in thousands) $ 15,286 $ 16,590 $ 26,228 $ 7,856

Ratio of expenses to average net assets:

(including interest expense and dividends on securities
sold short)
Before fees waived and expenses absorbed/recovered 1.15%6 1.15%6 1.14%6 1.27%6,7
After fees waived and expenses absorbed/recovered 1.15%6 1.15%6 1.21%6 1.25%6,7
Ratio of net investment income (loss) to average net assets:
(including interest expense and dividends on securities
sold short)
Before fees waived and expenses absorbed/recovered (0.05)% 1.79% (0.59)% (0.53)%7
After fees waived and expenses absorbed/recovered (0.05)% 1.79% (0.66)% (0.51)%7

Portfolio turnover rate 13% 10% 9% 18%5

*
Commencement of operations.
1
Calculated based on average shares outstanding for the period.
2
Amount represents less than $0.01 per share.
3
Affiliate reimbursed the Fund $547 for errors during processing. The reimbursement had no impact to the Fund's performance.
4
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.
5
Not annualized.
6
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.
7
Annualized.

58

See accompanying Notes to Financial Statements.

Euro Pacific Funds
NOTES TO FINANCIAL STATEMENTS
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

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

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

59
Euro Pacific Funds
NOTES TO FINANCIAL STATEMENTS – Continued
October 31, 2022

available for a portfolio security, the security will be valued at fair value (the amount which the Fund might
reasonably expect to receive for the security upon its current sale) as determined in good faith by the Fund’s advisor,
subject to review and approval by the Valuation Committee, pursuant to procedures adopted by the Board of
Trustees. The actions of the Valuation Committee are subsequently reviewed by the Board at its next regularly
scheduled board meeting. The Valuation Committee meets as needed. The Valuation Committee is comprised of
all the Trustees, but action may be taken by any one of the Trustees.

Fair value pricing may be applied to foreign securities held by the Funds upon the occurrence of an event after the
close of trading on non-U.S. markets, but before the close of trading on the NYSE when each Fund’s NAV is
determined. If the event may result in a material adjustment to the price of the Fund’s foreign securities once non-
U.S. markets open on the following business day (such as, for example, a significant surge or decline in the U.S.
market), the Fund may value such foreign securities at fair value, taking into account the effect of such event, in
order to calculate the Fund’s NAV. Other types of portfolio securities that the Fund may fair value include, but are
not limited to: (1) investments that are illiquid or traded infrequently, including “restricted” securities and private
placements for which there is no public market; (2) investments for which, in the judgment of the Advisor, the market
price is stale; (3) securities of an issuer that has entered into a restructuring; (4) securities for which trading has been
halted or suspended; and (5) fixed income securities for which there is not a current market value quotation.

Foreign securities traded in countries outside the U.S. are fair valued by utilizing the quotations of an independent
pricing service or from a brokerage firm. The pricing service will use a statistical analyses and quantitative models to
adjust local prices using factors such as subsequent movement and changes in the prices of indexes, securities and
exchange rates in other markets in determining fair value as of the time the Fund calculates the NAVs. The Board
reviews the independent third party fair valuation analysis report quarterly.

(b) Investment Transactions, Investment Income and Expenses

Investment transactions are accounted for on the trade date. Realized gains and losses on investments are
determined on the identified cost basis. Dividend income is recorded net of applicable withholding taxes on the ex-
dividend date and interest income is recorded on an accrual basis. Withholding taxes on foreign dividends, if
applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable
country’s tax rules and rates and are disclosed in the Statement of Operations. Withholding tax reclaims are filed in
certain countries to recover a portion of the amounts previously withheld. The Funds record a reclaim receivable
based on a number of factors, including a jurisdiction’s legal obligation to pay reclaims as well as payment history
and market convention. The Funds may be subject to foreign taxation related to capital gains on sale of securities
in the foreign jurisdictions in which they invest. When a capital gain tax is determined to apply, the Funds record an
estimated deferred tax liability in an amount that may be payable if the securities were disposed of on the valuation
date. Discounts on debt securities are accreted or amortized to interest income over the lives of the respective
securities using the effective interest method. Premiums for callable debt securities are amortized to the earliest
call date, if the call price was less than the purchase price. If the call price was not at par and the security was not
called, the security is amortized to the next call price and date. Income and Expenses of the Funds are allocated on
a pro rata basis to each class of shares, except for distribution and service fees which are unique to each class of
shares relative net assets. Expenses incurred by the Trust with respect to more than one fund are allocated in
proportion to the net assets of each fund except where allocation of direct expenses to each Fund or an alternative
allocation method can be more appropriately made.

(c) Foreign Currency Translation

The Funds’ records are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities
denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates
prevailing at the end of the reporting period. The currencies are translated into U.S. dollars by using the exchange

60
Euro Pacific Funds
NOTES TO FINANCIAL STATEMENTS – Continued
October 31, 2022

rates quoted at the close of the London Stock Exchange prior to when the Funds’ NAV is next determined. Purchases
and sales of investment securities, income and expenses are translated on the respective dates of such transactions.
The Funds do not isolate that portion of their net realized and unrealized gains and losses on investments resulting
from changes in foreign exchange rates from the impact arising from changes in market prices. Such fluctuations
are included with net realized and unrealized gain or loss from investments and foreign currency.

Net realized foreign currency transaction gains and losses arise from sales of foreign currencies, currency gains or
losses realized between the trade and settlement dates on securities transactions, and the differences between the
amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar
equivalent of the amounts actually received or paid. Net unrealized foreign currency translation gains and losses
arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes
in the exchange rates.

(d) Federal Income Taxes

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

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

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

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.

61
Euro Pacific Funds
NOTES TO FINANCIAL STATEMENTS – Continued
October 31, 2022

Distribution Frequency of
Net Investment Income
International Value Fund Quarterly
International Bond Fund Monthly
International Dividend Income Fund Quarterly
Emerging Markets Fund Annually
Gold Fund Annually

The character of distributions made during the year from net investment income or net realized gains may differ
from the characterization for federal income tax purposes due to differences in the recognition of income, expense
and gain (loss) items for financial statement and tax purposes.

(f) Options
The Funds may write or purchase options contracts primarily to enhance each Fund’s returns and reduce volatility.
In addition, the Funds may utilize options in an attempt to generate gains from option premiums or to reduce overall
portfolio risk. When a Fund writes or purchases an option, an amount equal to the premium received or paid by the
Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option
written or purchased. Premiums received or paid from writing or purchasing options which expire unexercised are
treated by the Fund on the expiration date as realized gains or losses. The difference between the premium and the
amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also
treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the
purchase or proceeds from the sale in determining whether the Fund has realized a gain or a loss on investment
transactions. The Fund, as a writer of an option, may have no control over whether the underlying securities may
be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the
security underlying the written option.

(g) Short Sales

Short sales are transactions under which the Fund sells a security it does not own in anticipation of a decline in the
value of that security. To complete such a transaction, the Fund must borrow the security to make delivery to the
buyer. The Fund then is obligated to replace the security borrowed by purchasing the security at market price at the
time of replacement. The price at such time may be more or less than the price at which the security was sold by
the Fund. When a security is sold short a decrease in the value of the security will be recognized as a gain and an
increase in the value of the security will be recognized as a loss, which is potentially limitless. Until the security is
replaced, the Fund is required to pay the lender amounts equal to dividend or interest that accrues during the period
of the loan which is recorded as an expense. To borrow the security, the Fund also may be required to pay a premium
or an interest fee, which are recorded as interest expense. Cash or securities are segregated for the broker to meet
the necessary margin requirements. The Fund is subject to the risk that it may not always be able to close out a short
position at a particular time or at an acceptable price.

(h) Exchange Traded Funds (“ETFs”)

ETFs typically trade on securities exchanges and their shares may, at times, trade at a premium or discount to their
net asset values. In addition, an ETF may not replicate exactly the performance of the benchmark index it seeks to
track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain
index securities in the secondary market or discrepancies between the ETF and the index with respect to the
weighting of securities or the number of securities held. Investing in ETFs, which are investment companies, may
involve duplication of advisory fees and certain other expenses. As a result, Fund shareholders indirectly bear their

62
Euro Pacific Funds
NOTES TO FINANCIAL STATEMENTS – Continued
October 31, 2022

proportionate share of these incurred expenses. Therefore, the cost of investing in the Fund will be higher than the
cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in securities.

Each ETF in which each Fund invests is subject to specific risks, depending on the nature of the ETF. Each ETF is
subject to the risks associated with direct ownership of the securities comprising the index on which the ETF is based.
These risks could include liquidity risk, sector risk, and risks associated with fixed-income securities.

(i) Warrants and Rights

The Funds may invest in warrants or rights (including those acquired in units or attached to other securities) that
entitle (but do not obligate) the holder to buy equity securities at a specific price for a specific period of time but will
do so only if such equity securities are deemed appropriate by the Advisor. Rights are similar to warrants but typically
have a shorter duration and are issued by a company to existing stockholders to provide those holders the right to
purchase additional shares of stock at a later date. Warrants and rights do not have voting rights, do not earn
dividends, and do not entitle the holder to any rights with respect to the assets of the company that has issued them.
They do not represent ownership of the underlying companies but only the right to purchase shares of those
companies at a specified price on or before a specified exercise date. Warrants and rights tend to be more volatile
than the underlying stock, and if at a warrant’s expiration date the stock is trading at a price below the price set in
the warrant, the warrant will expire worthless. Conversely, if at the expiration date the stock is trading at a price
higher than the price set in the warrant or right, a Fund can acquire the stock at a price below its market value. The
prices of warrants and rights do not necessarily parallel the prices of the underlying securities. An investment in
warrants or rights may be considered speculative.

(j) Illiquid Securities

Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Liquidity Risk Management Program (“LRMP”)
that requires, among other things, that the Funds limit their illiquid investments that are assets to no more than 15%
of net assets. An illiquid investment is any security which may not reasonably be expected to be sold or disposed of
in current market conditions in seven calendar days or less without the sale or disposition significantly changing the
market value of the investment. If the Advisor, at any time, determines that the value of illiquid securities held by a
Fund exceeds 15% of its net asset value, the Advisor will take such steps as it considers appropriate to reduce them
as soon as reasonably practicable in accordance with the Funds’ written LRMP.

Note 3 – Investment Advisory and Other Agreements

The Trust, on behalf of the Funds, entered into an Investment Advisory Agreement (the “Agreement”) with Euro
Pacific Asset Management, LLC (the “Advisor”). Under the terms of the Agreement, the Funds pay a monthly
investment advisory fee to the Advisor. The annual rates are listed by Fund in the table below. The Advisor has
contractually agreed to waive its fees and/or pay for operating expenses (excluding any taxes, leverage interest,
brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as
determined in accordance with SEC Form N-1A), expenses incurred in connection with any merger or reorganization,
and extraordinary expenses such as litigation expenses) in order to limit total annual operating expenses of each
fund. This agreement is in effect until February 28, 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.

63
Euro Pacific Funds
NOTES TO FINANCIAL STATEMENTS – Continued
October 31, 2022

Investment Total Limit on Annual Total Limit on Annual

Advisory Operating Expenses Operating Expenses
Fees† Class A Shares†† Class I Shares††
International Value Fund 1.08% 1.75% 1.50%
International Bond Fund 0.60% 1.15% 0.90%
International Dividend Income Fund 0.85% 1.50% 1.25%
Emerging Markets Fund 1.08% 1.75% 1.50%
Gold Fund 0.80% 1.50% 1.25%

†The investment advisory fees are calculated daily based on each Fund’s average daily net assets.
††The total limit on annual operating expenses is calculated based on each Fund’s average daily net assets.

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 $ 157,703
Emerging Markets Fund 202,911

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
International International Dividend Income Emerging Markets
Value Fund Bond Fund Fund Fund
2023 $ 38,576 $ 134,324 $ 92,290 $ 156,512
2024 - 152,293 13,461 64,496
2025 - 157,703 - 202,911
Total $ 38,576 $ 444,320 $ 105,751 $ 423,919

64
Euro Pacific Funds
NOTES TO FINANCIAL STATEMENTS – Continued
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

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
International International Dividend Income Emerging
Value Fund Bond Fund Fund Markets Fund Gold Fund

Cost of investments $ 114,412,253 $ 52,562,328 $ 115,075,436 $ 81,285,530 $ 186,975,830

Gross unrealized appreciation $ 14,273,119 $ 308,121 $ 8,364,529 $ 9,006,476 $ 21,071,180

Gross unrealized depreciation (17,343,626) (9,349,599) (18,457,526) (24,610,870) (45,635,942)

Net unrealized appreciation

(depreciation) on investments $ (3,070,507) $ (9,041,478) $ (10,092,997) $ (15,604,394) $ (24,564,762)

65
 Euro Pacific Funds
NOTES TO FINANCIAL STATEMENTS – Continued
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)
Total Distributable Earnings
Funds Paid-in Capital (Accumulated Deficit)
International Value Fund $ (32,290) $ 32,290
International Bond Fund (283,700) 283,700
International Dividend Income Fund (27,870) 27,870
Emerging Markets Fund (39,873) 39,873
Gold Fund (296,664) 296,664

As of October 31, 2022, the components of accumulated earnings (deficit) on a tax basis were as follows:
International
International International Dividend Income Emerging
Value Fund Bond Fund Fund Markets Fund Gold Fund
Undistributed ordinary income $ - $ - $ - $ - $ -
Undistributed long-term gains - - - - -
Tax accumulated earnings - - - - -

Accumulated capital and other

losses $ (9,216,218) $ (2,548,999) $ (4,072,434) $ (2,996,441) $ (26,036,826)
Unrealized appreciation
(depreciation) on investments (3,070,507) (9,041,478) (10,092,997) (15,604,394) (24,564,762)
Unrealized appreciation
(depreciation) on foreign
currency translations (36,505) (9,507) (35,017) (435,687) (5,660)
Unrealized deferred non-U.S.
taxes - - - (229) -
Unrealized deferred
compensation (7,199) (6,911) (7,154) (8,383) (8,080)
Total accumulated deficit $ (12,330,429) $ (11,606,895) $ (14,207,602) $ (19,045,134) $ (50,615,328)

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.

66
Euro Pacific Funds
NOTES TO FINANCIAL STATEMENTS – Continued
October 31, 2022

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

International Dividend
International Value Fund International Bond Fund Income Fund
2022 2021 2022 2021 2022 2021
Distributions paid from:
Ordinary Income $ 1,915,969 $ 1,517,083 $ - $ 572,672 $ 2,672,975 $ 1,853,518
Net long-term capital gains - - - - - -
-
Total taxable distributions 1,915,969 1,517,083 572,672 2,672,975 1,853,518
Return of Capital - - - - - -
Total distributions paid $ 1,915,969 $ 1,517,083 $ - $ 572,672 $ 2,672,975 $ 1,853,518

Emerging Markets
Fund Gold Fund
2022 2021 2022 2021
Distributions paid from:
Ordinary Income $ 972,452 $ - $ 5,288,245 $ 21,811,643
Net long-term capital gains 16,919,187 486,787 - -
Total taxable distributions 17,891,639 486,787 5,288,245 21,811,643
Return of Capital - - - -
Total distributions paid $ 17,891,639 $ 486,787 $ 5,288,245 $ 21,811,643

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

Capital Loss Carryforward Not Subject to Expiration

Short- Long-
Fund Term Term Total
International Value Fund $ 1,864,926 $ 7,351,292 $ 9,216,218
International Bond Fund 107,303 851,569 958,872
International Dividend Income Fund 1,043,791 3,028,643 4,072,434
Emerging Markets Fund* 2,043,811 952,630 2,996,441
Gold Fund 3,893,896 13,131,423 17,025,319

* 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.

67
Euro Pacific Funds
NOTES TO FINANCIAL STATEMENTS – Continued
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

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 $ 7,145 $ 4,166
International Bond Fund 1,154 2,370
International Dividend Income Fund 14,653 5,679
Emerging Markets Fund 2,297 8,962
Gold Fund 10,129 22,341

Note 6 – Investment Transactions

For the year ended October 31, 2022, purchases and sales of investments, excluding short-term investments, were
as follows:

Purchases Sales
International Value Fund $ 28,573,251 $ 21,430,436
International Bond Fund 14,110,522 11,675,645
International Dividend Income Fund 29,246,560 21,958,600
Emerging Markets Fund 23,371,797 38,297,473
Gold Fund 31,904,826 25,620,691

Note 7 – Shareholder Servicing Plan

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

For the year ended October 31, 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

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.

68
Euro Pacific Funds
NOTES TO FINANCIAL STATEMENTS – Continued
October 31, 2022

Note 9 – Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which
provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this
would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds
expect the risk of loss to be remote.

Note 10 – Fair Value Measurements and Disclosure

Fair Value Measurements and Disclosures defines fair value, establishes a framework for measuring fair value in
accordance with GAAP, and expands disclosure about fair value measurements. It also provides guidance on
determining when there has been a significant decrease in the volume and level of activity for an asset or a liability,
when a transaction is not orderly, and how that information must be incorporated into a fair value measurement.

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

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

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

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

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

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for
disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls in its entirety,
is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. The
inputs or methodology used for valuing investments are not an indication of the risk associated with investing in
those securities. The following is a summary of the inputs used, as of October 31, 2022, in valuing the Funds’ assets
carried at fair value:

69
Euro Pacific Funds
NOTES TO FINANCIAL STATEMENTS – Continued
October 31, 2022

International Value Fund Level 1 Level 2 Level 3** Total

Investments
Common Stocks
Basic Materials $ 19,767,827 $ - $ - $ 19,767,827
Communications 9,103,046 - - 9,103,046
Consumer, Cyclical 8,848,602 - - 8,848,602
Consumer, Non-cyclical 38,496,615 - - 38,496,615
Energy 11,738,106 - - 11,738,106
Financial 5,963,741 - - 5,963,741
Industrial 3,684,485 - - 3,684,485
Short-Term Investments 13,739,324 - - 13,739,324
Total Investments $ 111,341,746 $ - $ - $ 111,341,746

International Bond Fund Level 1 Level 2 Level 3** Total

Investments
Common Stocks
Basic Materials $ 825 $ - $ - $ 825
Fixed Income Securities
Basic Materials - 2,703,655 - 2,703,655
Communications - 3,067,791 - 3,067,791
Consumer, Cyclical - 656,631 - 656,631
Energy - 3,512,159 - 3,512,159
Financial - 2,479,564 - 2,479,564
Government - 27,369,647 - 27,369,647
Industrial - 274,720 - 274,720
Short-Term Investments 3,455,858 - - 3,455,858
Total Investments $ 3,456,683 $ 40,064,167 $ - $ 43,520,850

International Dividend Income

Fund Level 1 Level 2 Level 3** Total
Investments
Common Stocks
Basic Materials $ 15,285,378 $ - $ - $ 15,285,378
Communications 10,567,117 - - 10,567,117
Consumer, Cyclical 868,663 - - 868,663
Consumer, Non-cyclical 24,238,365 - - 24,238,365
Energy 14,133,380 - - 14,133,380
Financial 8,841,639 - - 8,841,639
Industrial 1,141,615 - - 1,141,615
Technology 675,650 - - 675,650
Utilities 10,948,001 - - 10,948,001
Short-Term Investments 18,282,631 - - 18,282,631
Total Investments $ 104,982,439 $ - $ - $ 104,982,439

70
Euro Pacific Funds
NOTES TO FINANCIAL STATEMENTS – Continued
October 31, 2022

Emerging Markets Fund Level 1 Level 2 Level 3 Total

Investments
Common Stocks
Basic Materials $ - $ 5,332,809 $ 0 $ 5,332,809
Communications 1,922,044 2,472,047 - 4,394,091
Consumer, Cyclical 2,331,453 5,717,426 - 8,048,879
Consumer, Non-cyclical 816,908 5,563,494 - 6,380,402
Financial 2,207,408 5,518,967 - 7,726,375
Industrial - 16,051,869 - 16,051,869
Technology 3,618,299 5,025,479 - 8,643,778
Short-Term Investments 9,102,933 - - 9,102,933
Total Investments $ 19,999,045 $ 45,682,091 $ 0 $ 65,681,136

Gold Fund Level 1 Level 2* Level 3 Total

Investments
Common Stocks
Diversified Exploration and Mining $ - $ - $ 1,761,597 $ 1,761,597
Gold and Precious Metals 1,347,361 - - 1,347,361
Gold Exploration 4,641,627 - 623,606 5,265,233
Gold Mining 58,486,562 - 60,800 58,547,362
Precious Metals Developmental 5,208,928 - - 5,208,928
Precious Metals Exploration 4,476,414 - 1,781,048 6,257,462
Royalty Companies 64,340,625 - 1,277,790 65,618,415
Silver: Exploration and Mining 17,484,954 - - 17,484,954
Purchased Options Contracts
Call Options 47,042 - - 47,042
Warrants
Precious Metals Exploration - - - -
Royalty Companies - - - -
Silver: Exploration and Mining - - - -
Short-Term Investments 872,714 - - 872,714
Total Investments $ 156,906,227 $ - $ 5,504,841 $ 162,411,068

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

71
Euro Pacific Funds
NOTES TO FINANCIAL STATEMENTS – Continued
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 Emerging Markets Fund
Securities – Common Stocks
Beginning balance October 31, 2021 $ - $ -
Transfers into Level 3 during the period - -
Transfers out of Level 3 during the period - -
Total realized gain/(loss) - -
Total unrealized appreciation/(depreciation) - -
Net purchases - -
Net sales - -
Balance as of October 31, 2022 $ - $ -

Gold Fund – Common

Stocks Gold Fund – Warrants
Beginning balance October 31, 2021 $ 5,487,791 $ 273,534
Transfers into Level 3 during the period 495,500 -
Transfers out of Level 3 during the period (3,140,005) -
Total realized gain/(loss) (889) -
Total unrealized appreciation/(depreciation) (2,588,973) (296,541)
Net purchases 5,272,528 23,007
Net sales (21,111) -
Balance as of October 31, 2022 $ 5,504,841 $ -

72
Euro Pacific Funds
NOTES TO FINANCIAL STATEMENTS – Continued
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:
Impact to
Valuation
Valuation from an
Fair Value Weighted increase
October 31, Valuation Unobservable Input Range/ Average of in
2022 Methodologies Input(1) Value Input Input(2)
Emerging Markets Estimated
Fund - Common Asset Recovery
Stock $ - Approach Proceeds $0.00 n/a Increase
Gold Fund - Market
Warrants $ - Approach Intrinsic Value $0.00 - $0.00 N/A Increase
Market Value
Gold Fund - Market Comparable
Common Stocks $ 3,682,444 Approach Security $0.29 - $1.75 $0.44 Increase
Gold Fund - Market
Common Stocks $ 1,761,597 Approach Purchase Price $2.20 N/A Increase
Market Value
Comparable
Gold Fund - Market Security with
Common Stocks $ 60,800 Approach Liquidity Discount $12.16 N/A Increase

(1)
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.
(2)
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.

73
Euro Pacific Funds
NOTES TO FINANCIAL STATEMENTS – Continued
October 31, 2022

Note 11 – Derivatives and Hedging Disclosures

Derivatives and Hedging requires enhanced disclosures about the Gold Fund’s derivative and hedging activities,
including how such activities are accounted for and their effects on the Gold Fund’s financial position, performance
and cash flows. The Gold Fund invested in warrants during the year ended October 31, 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
Asset Derivatives
Derivatives not designated as Statement of Assets and Liabilities
hedging instruments Location Value

Equity contracts Purchased options contracts, at value

Warrants, at value $ 47,402

Total $ 47,402

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 2022 are as
follows:
Gold Fund
Amount of Realized Gain or (Loss)
on Derivatives Recognized in Income

Derivatives not designated as hedging instruments Warrants Purchased Options Contracts

Equity contracts $ - $ 107,155
Total $ - $ 107,155

Gold Fund
Change in Unrealized
Appreciation/Depreciation on Derivatives
Recognized in Income
Derivatives not designated as hedging instruments Warrants Purchased Options Contracts
Equity contracts $(296,541) $ (130,934)
Total $(296,541) $ (130,934)

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

hedging instruments Gold Fund

Equity contracts Warrants Average market value $ 118,479

Purchased Option Contracts Average notional value $ 596,400

74
 Euro Pacific Funds
NOTES TO FINANCIAL STATEMENTS – Continued
October 31, 2022

Note 12 – Investments in Affiliated Issuers

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:

Transfer
Net Prior Year Change in
Value Realized Unrealized Unrealized
Fund/Security Beginning Sales Gain Appreciation Appreciation Value End Dividend
Description of Period Purchases Proceeds (Loss) (Depreciation) (Depreciation) of Period Income*
Gold Fund
Elemental Altus Royalties
Corp. $ 5,649,577 $1,732,712(1) $ (60,471) $ (11,031) $ - $(1,108,273) $6,202,514 $ -
Midland Exploration, Inc. 2,681,270 13,249 - - - (1,164,394) 1,530,125 -
Mundoro Capital, Inc. 977,474 17,402 (1,502) 473 - (157,634) 836,213 -

Total $ 9,308,321

Magna Gold Corp. (2) 3,815,652 - (48,309) 30,278 (2,513,578) (707,847) 576,196 -

Total $ 19,720 $ (3,138,148) $ 9,145,048 $ -

* Net of foreign withholding taxes.

(1)
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.
(2)
Not an affiliate at the beginning of the period.

Shares Shares
Fund/Security Beginning End
Description of Period Purchases Sales Stock Split of Period
Gold Fund
Elemental Altus Royalties
Corp. 5,103,589 1,558,211(1) (60,000) - 6,601,800
Midland Exploration, Inc. 5,439,900 46,000 - - 5,485,900
Mundoro Capital, Inc. 6,203,704 135,500 (10,000) - 6,329,204

Magna Gold Corp. (2) 5,305,900 - (72,500) - 5,233,400

Note 13 – Market Disruption and Geopolitical Risks

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

75
Euro Pacific Funds
NOTES TO FINANCIAL STATEMENTS – Continued
October 31, 2022

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.

Note 14 – New Accounting Pronouncement

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

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.

76
Euro Pacific Funds
NOTES TO FINANCIAL STATEMENTS – Continued
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 Short Term

Capital Gain Capital Gain Income
International Value Fund Class A Shares $ None $ None $ 0.03752
International Value Fund Class I Shares None None 0.04312
International Bond Fund Class A Shares None None None
International Bond Fund Class I Shares None None None
International Dividend Income Fund Class A Shares None None 0.05347
International Dividend Income Fund Class I Shares None None 0.05897
Emerging Markets Fund Class A Shares None None 0.04540
Emerging Markets Fund Class I Shares None None 0.06980
Gold Fund Class A Shares None None None
Gold Fund Class I Shares None None None

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

77
 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.

TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania
December 30, 2022

78
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 Foreign
Source Income Taxes Paid
International Value Fund $0.1707 $0.0287
International Dividend Income Fund $0.2394 $0.0267

Long-term Capital Gain

The Emerging Markets Fund designates $16,919,187 as a 20% rate gain distribution for purposes of the dividends paid
deduction.

79
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:

Number of
Portfolios in
Name, Address, Year Term of the Fund
of Birth and Officec and Complex Other
Position(s) held with Length of Principal Occupation During the Past Five Overseen by Directorships
Trust Time Served Years and Other Affiliations Trusteed Held by Trusteee
“Independent” Trustees:
Charles H. Miller a Since Retired (2013 – present); Executive Vice 5 None.
(born 1947) November President, Client Management and
Trustee 2007 Development, Access Data, a Broadridge
company, a provider of technology and
services to asset management firms (1997
– 2012).
Ashley Toomey Rabun a Since Retired (2016 – present); President and 5 Select Sector
(born 1952) November Founder, InvestorReach, Inc., a financial SPDR Trust, a
Trustee and 2007 services consulting firm (1996 – 2015). registered
Chairperson of the investment
Board company
(includes 11
portfolios).
William H. Young a Since Retired (2014 – present); Independent 5 None.
(born 1950) November financial services consultant (1996 – 2014);
Trustee 2007 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).

James E. Ross a Since Non-Executive Chairman and Director, 5 SPDR Series Trust,
(born 1965) December Fusion Acquisition Corp. II, a special a registered
Trustee 2022 purpose acquisition company (March 2021 investment
– present); Non-Executive Chairman and company
Director, Fusion Acquisition Corp., a special (includes 125
purpose acquisition company (June 2020 – portfolios); Select
September 2021); Executive Vice President, Sector SPDR
State Street Global Advisors, a global asset Trust, a registered
management firm (2012 – March 2020); investment
Chairman and Director, SSGA Funds company
Management, Inc., a registered investment (includes 11
advisor (2005 – March 2020); Chief portfolios); Fusion
Executive Officer, Manager and Director, Acquisition Corp
SSGA Funds Distributor, LLC, a broker- II.
dealer (2017 – March 2020).

80
Euro Pacific Funds
SUPPLEMENTAL INFORMATION (Unaudited) - Continued
Number of
Portfolios in
Name, Address, Year Term of the Fund
of Birth and Officec and Complex Other
Position(s) held with Length of Principal Occupation During the Past Five Overseen by Directorships
Trust Time Served Years and Other Affiliations Trusteed Held by Trusteee
Interested Trustees:
John P. Zader a * Since Retired (June 2014 – present); CEO, UMB 5 Investment
(born 1961) November Fund Services, Inc., a mutual fund and Managers Series
Trustee 2007 hedge fund service provider, and the Trust II, a
transfer agent, fund accountant, and co- registered
administrator for the Funds (December investment
2006 – June 2014); President, Investment company
Managers Series Trust (December 2007 – (includes 63
June 2014). portfolios).

Maureen Quill a , ** Since June President, Investment Managers Series 5 None.

(born 1963) 2019 Trust (June 2014 – present); EVP/Executive
Trustee and President 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).

Officers of the Trust:

Rita Dam b Since Co-Chief Executive Officer (2016 – present), N/A N/A
(born 1966) December and Vice President (2006 – 2015), Mutual
Treasurer and Assistant 2007 Fund Administration, LLC; Co-President,
Secretary Foothill Capital Management, LLC, a
registered investment advisor (2018 –
present).

Joy Ausili b Since March Co-Chief Executive Officer (2016 – present), N/A N/A
(born 1966) 2016 and Vice President (2006 – 2015), Mutual
Vice President, Fund Administration, LLC; Co-President,
Assistant Secretary and Foothill Capital Management, LLC, a
Assistant Treasurer registered investment advisor (2018 –
present); Secretary and Assistant Treasurer,
Investment Managers Series Trust
(December 2007 – March 2016).

Diane Drake b Since March Senior Counsel, Mutual Fund N/A N/A
(born 1967) 2016 Administration, LLC (October 2015 –
Secretary present); Chief Compliance Officer, Foothill
Capital Management, LLC, a registered
investment advisor (2018 – 2019).

81
Euro Pacific Funds
SUPPLEMENTAL INFORMATION (Unaudited) - Continued
Number of
Portfolios in
Name, Address, Year Term of the Fund
of Birth and Officec and Complex Other
Position(s) held with Length of Principal Occupation During the Past Five Overseen by Directorships
Trust Time Served Years and Other Affiliations Trusteed Held by Trusteee
Officers of the Trust:
Martin Dziura b Since June Principal, Dziura Compliance Consulting, N/A N/A
(born 1959) 2014 LLC (October 2014 – present); Managing
Chief Compliance Director, Cipperman Compliance Services
Officer (2010 – September 2014); Chief
Compliance Officer, Hanlon Investment
Management (2009 – 2010); and Vice
President − Compliance, Morgan Stanley
Investment Management (2000 − 2009).

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.

82
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 Ending Expenses

Account Value Account Value Paid During Period*
Actual Performance 5/1/22 10/31/22 5/1/22 – 10/31/22
Class A $1,000.00 $ 874.80 $ 8.27
Class I 1,000.00 877.40 7.10
Hypothetical (5% annual return before expenses) 5/1/22 10/31/22 5/1/22 – 10/31/22
Class A 1,000.00 1,016.38 8.89
Class I 1,000.00 1,017.64 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.

83
Euro Pacific Funds
EXPENSE EXAMPLES - Continued
For the Six Months Ended October 31, 2022 (Unaudited)

EuroPac International Bond Fund Beginning Ending Expenses

Account Value Account Value Paid During Period*
Actual Performance 5/1/22 10/31/22 5/1/22 – 10/31/22
Class A $1,000.00 $ 936.80 $ 5.61
Class I 1,000.00 937.80 4.39
Hypothetical (5% annual return before expenses) 5/1/22 10/31/22 5/1/22 – 10/31/22
Class A 1,000.00 1,019.41 5.85
Class I 1,000.00 1,020.67 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 Ending Expenses

Account Value Account Value Paid During Period*
Actual Performance 5/1/22 10/31/22 5/1/22 – 10/31/22
Class A $1,000.00 $901.70 $7.19
Class I 1,000.00 903.00 6.00
Hypothetical (5% annual return before expenses) 5/1/22 10/31/22 5/1/22 – 10/31/22
Class A 1,000.00 1,017.64 7.63
Class I 1,000.00 1,018.90 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 Ending Expenses

Account Value Account Value Paid During Period*
Actual Performance 5/1/22 10/31/22 5/1/22 – 10/31/22
Class A $1,000.00 $843.00 $8.13
Class I 1,000.00 844.70 6.97
Hypothetical (5% annual return before expenses) 5/1/22 10/31/22 5/1/22 – 10/31/22
Class A 1,000.00 1,016.39 8.89
Class I 1,000.00 1,017.65 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.

84
Euro Pacific Funds
EXPENSE EXAMPLES - Continued
For the Six Months Ended October 31, 2022 (Unaudited)

EuroPac Gold Fund Beginning Ending Expenses

Account Value Account Value Paid During Period*
Actual Performance 5/1/22 10/31/22 5/1/22 – 10/31/22
Class A $1,000.00 $698.30 $6.03
Class I 1,000.00 698.70 4.95
Hypothetical (5% annual return before expenses) 5/1/22 10/31/22 5/1/22 – 10/31/22
Class A 1,000.00 1,018.11 7.16
Class I 1,000.00 1,019.38 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.

85
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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 16th Street, Suite 2900
Philadelphia, Pennsylvania 19102

Custodian
UMB Bank, n.a.
928 Grand Boulevard, 5th 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
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 www.europacificfunds.com or
on the SEC’s website at www.sec.gov.

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 www.sec.gov.

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 www.sec.gov.

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