N-CSR 1 fp0085985-1_ncsr.htm

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21719

INVESTMENT MANAGERS SERIES TRUST
(Exact name of registrant as specified in charter)

235 W. Galena Street

Milwaukee, WI 53212
(Address of principal executive offices) (Zip code)

Diane J. Drake

Mutual Fund Administration, LLC

2220 E. Route 66, Suite 226

Glendora, CA 91740

(Name and address of agent for service)

(626) 385-5777

Registrant’s telephone number, including area code

Date of fiscal year end: October 31

Date of reporting period: October 31, 2023

Item 1. Report to Stockholders.

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

EuroPac International Value Fund

Class A (EPIVX)

Class I (EPVIX)

EuroPac International Bond Fund

Class A (EPIBX)

Class I (EPBIX)

EuroPac International Dividend Income Fund

Class A (EPDPX)

Class I (EPDIX)

EP Emerging Markets Fund

Class A (EPASX)

Class I (EPEIX)

EuroPac Gold Fund

Class A (EPGFX)

Class I (EPGIX)

ANNUAL REPORT

October 31, 2023

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	39
Statements of Operations	43
Statements of Changes in Net Assets	46
Financial Highlights	51
Notes to Financial Statements	61
Report of Independent Registered Public Accounting Firm	80
Supplemental Information	81
Expense Examples	85

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

2023 Annual Report

Euro Pacific Asset Management, LLC

December 15, 2023

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, 2022 through October 31, 2023.

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 “2023 Update & Outlook” (1/19/23), we entered 2023 expecting growth and inflation to be supported by the large projected deficits for the US economy. Despite many forecasts for recession, our view won out and the US did not experience a recession. Further, inflation remained higher for longer and although it has recently cooled into the end of the year, economic data has not yet sufficiently confirmed the end to inflationary forces.

As we move into 2024, the market is aggressively pricing in a dovish pivot from the Federal Reserve with expectations for six 25 basis point rate cuts for the year, exceeding the Federal Reserve’s own prediction of three. While the economy may progress in a way as to allow for six rate cuts, we don’t think this is necessarily the most likely scenario. Unsustainably high increases in productivity as well as dynamics of supply and demand in employment may be temporarily masking underlying inflationary forces, especially considering the sort of animal spirits we are seeing from the consumer that remains awash in liquidity from Covid stimulus.

While the pace of inflation, growth and rates is still unclear for 2024, one thing is clear. In this uncertain environment diversification is more important than ever. The Euro Pacific family of funds are all international products designed to provide our U.S. investors maximum diversification and overall risk-adjusted returns, by investing outside of the U.S. Dollar. After facing the challenge of a strong U.S. Dollar over the past few years, we believe this trend has reversed and has shifted into our favor. We remain focused on providing our shareholders the advantage of the distinct diversification that the Euro Pacific Funds offer.

Euro Pacific Asset Management, LLC

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 2023, the International Value Fund A-share returned 9.94% without the maximum sales load, and 5.03% with the maximum sales load while the I-share returned 10.07%, which compares unfavorably to the Morgan Stanley Capital International All Country World Ex USA Value Index return of 15.07%. The fund underperformed due to being underweight the technology sector and overweight precious metals. We continue focused on what we believe will drive long-term outperformance, purchasing quality businesses with attractive valuations and growth prospects.

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 2023, the International Bond Fund A-share returned 7.26% without the maximum sales load, and 2.48% with the maximum sales load, while the I-share returned 7.53%, which compares favorably to the JP Morgan Government Bond Index Global ex-US Unhedged Index at -0.28%. The fund outperformed its benchmark as some Emerging Market currencies such as the Mexican Peso (our top currency) were strong – up almost 10% in the fiscal year, whilst the Japanese Yen (high weighting in the benchmark) fell over the period. This, combined with a much lower duration than the Benchmark led to insulation from the rising global rate environment.

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 2023, the EuroPac International Dividend Income Fund A-share returned 5.68% without the maximum sales load, and 0.89% with the maximum sales load while the I-share returned 6.06%, which compares unfavorably to the S&P International Dividend Opportunities Index at 13.89%. The rise in global interest rates was more beneficial to the financial and utility sector, of which the fund is underweight. We remain focused on owning high-quality companies that pay sustainable dividends that increase over time.

Euro Pacific Asset Management, LLC

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 2023, the EP Emerging Markets Fund A-share returned 5.26% without the maximum sales load, and 0.49% with the maximum sales load while the I-share returned 5.48%, which compares unfavorably to the Morgan Stanley Capital International Emerging Market Index’s 10.80% return. The financial sector - a large part of the benchmark, of which insurance stocks did particularly well amidst an economic recovery post-COVID 19 were underrepresented by 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 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 2023, the EuroPac Gold Fund A-share returned 7.63% without the maximum sales load, and 2.84% with the maximum sales load while the I-share returned 7.98%. The Philadelphia Gold & Silver Index returned 9.42% and the NYSE Arca Gold Miners Index returned 16.29% for the same period. The Fund underperformed both indices in the fiscal year. The Fund holds a large number of junior stocks that typically underperform in weaker precious metals markets, therefore we are optimistic for improving performance into 2024 and beyond as the weaker dollar translates into higher gold prices.

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

The views in this letter were as of December 21, 2023 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.

Euro Pacific Asset Management, LLC

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.

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

Euro Pacific Asset Management, LLC

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 Asset Management, LLC

EuroPac International Value Fund

FUND PERFORMANCE at October 31, 2023 (Unaudited)

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, 2023	1 Year	5 Years	10 Years
Before deducting maximum sales charge
Class A¹	9.94%	7.93%	1.06%
Class I²	10.07%	8.21%	1.32%
After deducting maximum sales charge
Class A¹	5.03%	6.94%	0.60%
MSCI AC World Ex USA Value Index	15.07%	2.84%	1.72%

Maximum sales charge for Class A shares is 4.50%. No deferred sales charge will be imposed on any purchases.

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

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

EuroPac International Value Fund

FUND PERFORMANCE at October 31, 2023 (Unaudited) - Continued

Expense ratio for Class A shares was 1.77% and for Class I shares was 1.52%, which were the amounts stated in the current prospectus dated March 1, 2023 and supplemented on May 15, 2023 and August 18, 2023. 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 1.75% and 1.50% of the average daily net assets of Class A and Class I shares of the Fund, respectively. The total annual fund operating expenses does not correlate to the ratio of expense to average net assets appearing in the financial highlights table, which reflects only the operating expenses of the Fund and does not include acquired fund fees and expenses. This agreement is in effect until February 29, 2024, 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%. Effective May 15, 2023, the Fund no longer charges redemption fees.

EuroPac International Bond Fund

FUND PERFORMANCE at October 31, 2023 (Unaudited)

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, 2023	1 Year	5 Years	10 Years
Before deducting maximum sales charge
Class A¹	7.26%	0.90%	-1.10%
Class I²	7.53%	1.14%	-0.86%
After deducting maximum sales charge
Class A¹	2.48%	-0.02%	-1.56%
JP Morgan GBI Global ex-US FX NY Index Unhedged in USD	-0.28%	-4.64%	-2.66%

Maximum sales charge for Class A shares is 4.50%. No deferred sales charge will be imposed on any purchases.

EuroPac International Bond Fund

FUND PERFORMANCE at October 31, 2023 (Unaudited) - Continued

Gross and net expense ratios for Class A shares were 1.48% and 1.15%, respectively, and for Class I shares were 1.23% and 0.90%, respectively, which were the amounts stated in the current prospectus dated March 1, 2023 and supplemented on May 15, 2023 and August 18, 2023. 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 29, 2024, 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.

EuroPac International Dividend Income Fund

FUND PERFORMANCE at October 31, 2023 (Unaudited)

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, 2023	1 Year	5 Years	10 Years
Before deducting maximum sales charge
Class A¹	5.68%	5.41%	1.00%
Class I²	6.06%	5.69%	1.27%
After deducting maximum sales charge
Class A¹	0.89%	4.44%	0.54%
S&P International Dividend Opportunities Index	13.89%	2.51%	0.94%

Maximum sales charge for Class A shares is 4.50%. No deferred sales charge will be imposed on any purchases.

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

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

EuroPac International Dividend Income Fund

FUND PERFORMANCE at October 31, 2023 (Unaudited) - Continued

Expense ratio for Class A shares was 1.52% and for Class I shares was 1.27%, which were the amounts stated in the current prospectus dated March 1, 2023 and supplemented on May 15, 2023 and August 18, 2023. 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. The total annual fund operating expenses does not correlate to the ratio of expense to average net assets appearing in the financial highlights table, which reflects only the operating expenses of the Fund and does not include acquired fund fees and expenses. This agreement is in effect until February 29, 2024, 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.

EP Emerging Markets Fund

FUND PERFORMANCE at October 31, 2023 (Unaudited)

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 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.

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

Average Annual Total Returns as of October 31, 2023	1 Year	5 Years	10 Years
Before deducting maximum sales charge
Class A¹	5.26%	2.47%	0.78%
Class I²	5.48%	2.72%	1.03%
After deducting maximum sales charge
Class A¹	0.49%	1.53%	0.32%
MSCI Emerging Markets Index	10.80%	1.59%	1.19%

Maximum sales charge for Class A shares is 4.50%. No deferred sales charge will be imposed on any purchases.

EP Emerging Markets Fund

FUND PERFORMANCE at October 31, 2023 (Unaudited) - Continued

Gross and net expense ratios for Class A shares were 2.02% and 1.76%, respectively, and for Class I shares were 1.77% and 1.51%, respectively, which were the amounts stated in the current prospectus dated March 1, 2023 and supplemented on May 15, 2023 and August 18, 2023. 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. The total annual fund operating expenses does not correlate to the ratio of expense to average net assets appearing in the financial highlights table, which reflects only the operating expenses of the Fund and does not include acquired fund fees and expenses. This agreement is in effect until February 29, 2024, 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.

EuroPac Gold Fund

FUND PERFORMANCE at October 31, 2023 (Unaudited)

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 Philadelphia Gold & Silver Index during the periods shown. Results include the reinvestment of all dividends and capital gains.

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

Average Annual Total Returns as of October 31, 2023	1 Year	5 Years	10 Years
Before deducting maximum sales charge
Class A¹	7.63%	4.64%	1.80%
Class I²	7.98%	4.90%	1.93%
After deducting maximum sales charge
Class A¹	2.84%	3.67%	1.34%
Philadelphia Gold & Silver Index	9.42%	13.17%	2.74%

Maximum sales charge for Class A shares is 4.50%. No deferred sales charge will be imposed on any purchases.

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, 2023 and supplemented on May 15, 2023 and August 18, 2023. For the Fund’s current one-year expense ratios, please refer to the Financial Highlights section of this report.

EuroPac Gold Fund

FUND PERFORMANCE at October 31, 2023 (Unaudited) - Continued

EuroPac International Value Fund
SCHEDULE OF INVESTMENTS
As of October 31, 2023

Number of Shares			Value
		COMMON STOCKS — 86.8%
		AUSTRALIA — 4.8%
	183,000	Newcrest Mining Ltd.	$	2,710,638
	200,000	Sonic Healthcare Ltd.		3,647,552
				6,358,190
		BRAZIL — 2.9%
	750,656	Ambev S.A. - ADR		1,899,160
	689,700	Banco Bradesco S.A. - ADR		1,924,263
				3,823,423
		CANADA — 15.1%
	89,928	Agnico Eagle Mines Ltd.		4,218,523
	85,000	Bank of Nova Scotia		3,441,556
	260,000	Barrick Gold Corp.		4,154,800
	1,000,000	IAMGOLD Corp. *		2,540,000
	509,900	Kinross Gold Corp.		2,656,579
	30,000	Nutrien Ltd.		1,611,000
	84,694	Pan American Silver Corp.		1,237,379
				19,859,837
		CHILE — 1.5%
	174,402	Cia Cervecerias Unidas S.A. - ADR		1,962,023

		CHINA — 2.8%
	100,000	Tencent Holdings Ltd.		3,695,705

		DENMARK — 5.8%
	30,000	Novo Nordisk A/S - ADR		2,897,100
	50,000	Novozymes A/S		2,244,180
	35,000	Royal Unibrew A/S		2,529,559
				7,670,839
		FRANCE — 4.4%
	51,100	Societe BIC S.A.		3,203,550
	25,000	Sodexo S.A.		2,642,048
				5,845,598
		GERMANY — 10.4%
	25,000	adidas A.G.		4,422,812
	20,000	BASF S.E.		921,278
	56,000	Bayer A.G.		2,409,227
	15,000	Carl Zeiss Meditec A.G.		1,297,323
	34,000	Mercedes-Benz Group A.G.		1,994,096

EuroPac International Value Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2023

Number of Shares			Value
		COMMON STOCKS (Continued)
		GERMANY (Continued)
	25,000	Volkswagen A.G.	$	2,640,726
				13,685,462
		JAPAN — 4.6%
	50,000	Asahi Group Holdings Ltd.		1,793,172
	54,000	Calbee, Inc.		1,034,933
	110,000	Chugai Pharmaceutical Co., Ltd.		3,236,681
				6,064,786
		NETHERLANDS — 3.0%
	22,000	Aalberts N.V.		684,837
	100,000	Shell PLC		3,262,618
				3,947,455
		NORWAY — 2.7%
	105,000	Equinor A.S.A.		3,519,582

		SINGAPORE — 2.0%
	165,000	Singapore Exchange Ltd.		1,141,214
	842,700	Singapore Telecommunications Ltd.		1,464,816
				2,606,030
		SPAIN — 1.1%
	382,689	Telefonica S.A.		1,476,335

		SWEDEN — 0.8%
	32,000	Alfa Laval A.B.		1,033,747

		SWITZERLAND — 6.9%
	10,000	Kuehne + Nagel International A.G.		2,687,699
	25,000	Novartis A.G. - ADR		2,339,500
	10,000	Roche Holding A.G.		2,570,628
	5,000	Sandoz Group A.G. - ADR *		129,100
	6,000	Sonova Holding A.G.		1,414,752
				9,141,679
		UNITED KINGDOM — 14.1%
	85,000	BP PLC - ADR		3,109,300
	200,000	British American Tobacco PLC - ADR		5,972,000
	55,760	GSK PLC		1,990,632
	40,000	Reckitt Benckiser Group PLC		2,675,094
	75,000	Unilever PLC - ADR		3,551,250

EuroPac International Value Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2023

Number of Shares			Value
		COMMON STOCKS (Continued)
		UNITED KINGDOM (Continued)
	1,423,470	Vodafone Group PLC	$	1,309,793
				18,608,069
		UNITED STATES — 3.9%
	52,000	Newmont Corp.		1,948,440
	36,645	Philip Morris International, Inc.		3,267,268
				5,215,708
		TOTAL COMMON STOCKS
		(Cost $114,971,845)		114,514,468
		SHORT-TERM INVESTMENTS — 12.9%
	17,023,077	Federated Hermes Treasury Obligations Fund - Institutional Class, 5.147% ¹		17,023,077
		Total Short-Term Investments
		(Cost $17,023,077)		17,023,077

		TOTAL INVESTMENTS — 99.7%
		(Cost $131,994,922)		131,537,545

		Other Assets in Excess of Liabilities — 0.3%		380,049
		TOTAL NET ASSETS — 100.0%	$	131,917,594

ADR – American Depository Receipt

PLC – Public Limited Company

Non-income producing security.

The rate is the annualized seven-day yield at period end.

See accompanying Notes to Financial Statements.

EuroPac International Value Fund
SUMMARY OF INVESTMENTS
As of October 31, 2023

Security Type/Sector	Percent of Total Net Assets
Common Stocks
Consumer, Non-cyclical		37.8%
Basic Materials		18.4%
Consumer, Cyclical		8.9%
Energy		7.5%
Communications		6.0%
Financial		4.9%
Industrial		3.3%
Total Common Stocks		86.8%
Short-Term Investments		12.9%
Total Investments		99.7%
Other Assets in Excess of Liabilities		0.3%
Total Net Assets		100.0%

See accompanying Notes to Financial Statements.

EuroPac International Bond Fund
SCHEDULE OF INVESTMENTS
As of October 31, 2023

Number of Shares			Value
		COMMON STOCKS — 0.0%
		UNITED STATES — 0.0%
	1,197	Hycroft Mining Holding Corp. *	$	266
		TOTAL COMMON STOCKS
		(Cost $1,585,230)		266


Principal Amount¹
		FIXED INCOME SECURITIES — 92.0%
		ARGENTINA — 1.4%
	48,000,000	Argentina Treasury Bond BONCER 2.000%, 11/9/2026	765,041

		AUSTRALIA — 5.3%
	2,050,000	Australia Government Bond 1.250%, 5/21/2032	974,162
	1,000,000	BHP Billiton Finance Ltd. 5.625%, 10/22/2079^2,3	1,064,835
	1,000,000	Newcrest Finance Pty Ltd. 5.750%, 11/15/2041⁴	900,728
			2,939,725
		BRAZIL — 4.7%
	13,500,000	Brazilian Government International Bond 10.250%, 1/10/2028	2,615,039

		CANADA — 7.8%
	1,500,000	Bank of Nova Scotia 2.490%, 9/23/2024	1,052,664
	1,500,000	Bell Canada, Inc. 2.500%, 5/14/2030²	892,437
	2,000,000	Canadian Government Bond 2.500%, 6/1/2024	1,421,480
	1,500,000	Pembina Pipeline Corp. 3.310%, 2/1/2030²	936,296
			4,302,877
		COLOMBIA — 3.4%
	8,150,000,000	Colombia Government International Bond 9.850%, 6/28/2027	1,872,619

		DOMINICAN REPUBLIC — 1.2%
	37,000,000	Dominican Republic International Bond 9.750%, 6/5/2026	651,179

EuroPac International Bond Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2023

Principal Amount¹			Value
		FIXED INCOME SECURITIES (Continued)
		FRANCE — 2.2%
	1,200,000	TotalEnergies S.E. 3.369% ^2,3,5	$	1,204,538

		GERMANY — 4.4%
	48,700,000	Kreditanstalt fuer Wiederaufbau 4.400%, 7/25/2025		2,422,142

		IRELAND — 1.8%
	1,000,000	Glencore Capital Finance DAC 0.500%, 9/7/2028²		995,929

		LUXEMBOURG — 4.4%
		European Investment Bank
	24,500,000,000	5.750%, 1/24/2025		1,535,472
	18,000,000	6.500%, 7/7/2027		873,922
				2,409,394
		MALTA — 1.2%
	7,250,000	Gaming Innovation Group PLC 12.546% (Stockholm Interbank Offered Rates 3 Month + 850 basis points), 6/11/2024^2,4,6		664,110

		MEXICO — 5.0%
		Mexican Bonos
	15,000,000	5.750%, 3/5/2026		748,434
	20,000,000	7.750%, 11/23/2034		933,984
	21,000,000	Petroleos Mexicanos 7.190%, 9/12/2024		1,098,887
				2,781,305
		NORWAY — 9.5%
		Aker A.S.A.
	4,000,000	6.600% (Oslo Bors Norway Interbank Offered Rate Fixing 3 Month + 190 basis points), 11/22/2024^2,6		358,818
	5,000,000	6.275%, 9/27/2027		447,288
		City of Oslo Norway
	14,000,000	2.300%, 3/14/2024		1,239,422
	5,000,000	1.320%, 2/16/2028		387,599
	10,000,000	DNB Bank A.S.A. 7.020% (Oslo Bors Norway Interbank Offered Rate Fixing 3 Month + 230 basis points), 5/28/2030^2,6		899,449

EuroPac International Bond Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2023

Principal Amount¹			Value
		FIXED INCOME SECURITIES (Continued)
		NORWAY (Continued)
	8,332,297	Lime Petroleum A.S. 13.990% (Oslo Bors Norway Interbank Offered Rate Fixing 3 Month + 925 basis points), 7/7/2025^2,4,6	$	742,157
	13,000,000	Norway Government Bond 3.000%, 3/14/2024⁴		1,158,073
				5,232,806
		PERU — 2.4%
	5,400,000	Peruvian Government International Bond 5.940%, 2/12/2029		1,347,855

		PHILIPPINES — 8.3%
		Asian Development Bank
	132,000,000	6.200%, 10/6/2026		1,542,136
	100,000,000	6.150%, 2/25/2030		1,148,945
	115,000,000	Philippine Government International Bond 6.250%, 1/14/2036		1,924,493
				4,615,574
		SINGAPORE — 3.8%
	1,000,000	Housing & Development Board 2.320%, 1/24/2028		692,152
	2,000,000	Singapore Government Bond 2.125%, 6/1/2026		1,408,852
				2,101,004
		SOUTH KOREA — 4.1%
	35,500,000,000	Export-Import Bank of Korea 7.250%, 12/7/2024		2,248,892

		SWEDEN — 1.6%
	800,000	Betsson A.B. 10.455% (3-Month Euribor + 650 basis points), 6/23/2025^2,6		887,322

		THAILAND — 2.3%
	47,000,000	Thailand Government Bond 3.390%, 6/17/2037		1,292,243

		UNITED KINGDOM — 8.5%
	1,000,000	BP Capital Markets PLC 3.250% ^2,3,5		994,790
		European Bank for Reconstruction & Development
	86,000,000	2.000%, 2/5/2024		1,499,998
	75,000,000	5.150%, 2/16/2024		896,662

EuroPac International Bond Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2023

Principal Amount¹			Value
		FIXED INCOME SECURITIES (Continued)
		UNITED KINGDOM (Continued)
	370,000	Rolls-Royce PLC 1.625%, 5/9/2028²	$	333,586
	1,000,000	Vodafone Group PLC 4.200%, 10/3/2078^2,3		975,172
				4,700,208
		UNITED STATES — 8.7%
	18,000,000,000	Inter-American Development Bank 5.100%, 11/17/2026		1,095,922
		International Bank for Reconstruction & Development
	75,000,000	6.000%, 1/16/2025		889,546
	2,000,000	9.750%, 1/21/2027		391,834
	18,500,000,000	6.500%, 12/8/2027		1,173,530
	26,000,000	International Finance Corp. 7.000%, 7/20/2027		1,293,150
				4,843,982
		TOTAL FIXED INCOME SECURITIES
		(Cost $56,498,523)		50,893,784


Number of Shares
		SHORT-TERM INVESTMENTS — 5.2%
	2,891,824	Federated Hermes Treasury Obligations Fund - Institutional Class, 5.220% ⁷		2,891,824
		Total Short-Term Investments
		(Cost $2,891,824)		2,891,824

		TOTAL INVESTMENTS — 97.2%
		(Cost $60,975,577)		53,785,874

		Other Assets in Excess of Liabilities — 2.8%		1,566,070
		TOTAL NET ASSETS — 100.0%	$	55,351,944

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 $3,465,068, which represents 6.26% of Net Assets.
⁵	Perpetual security. Maturity date is not applicable.
⁶	Floating rate security.
⁷	The rate is the annualized seven-day yield at period end.

See accompanying Notes to Financial Statements.

EuroPac International Bond Fund
SUMMARY OF INVESTMENTS
As of October 31, 2023

Security Type/Sector	Percent of Total Net Assets
Common Stocks
Basic Materials		0.0%
Total Common Stocks		0.0%
Fixed Income Securities
Government		61.5%
Financial		9.4%
Energy		9.0%
Basic Materials		5.3%
Communications		3.4%
Consumer, Cyclical		2.8%
Industrial		0.6%
Total Fixed Income Securities		92.0%
Short-Term Investments		5.2%
Total Investments		97.2%
Other Assets in Excess of Liabilities		2.8%
Total Net Assets		100.0%

See accompanying Notes to Financial Statements.

EuroPac International Dividend Income Fund
SCHEDULE OF INVESTMENTS
As of October 31, 2023

Number of Shares			Value
		COMMON STOCKS — 90.1%
		AUSTRALIA — 5.2%
	470,000	Evolution Mining Ltd.	$	1,064,387
	85,000	Newcrest Mining Ltd.		1,259,040
	180,000	Northern Star Resources Ltd.		1,334,813
	50,000	Sonic Healthcare Ltd.		911,888
	630,000	Telstra Group Ltd.		1,522,647
				6,092,775
		BRAZIL — 4.5%
	700,000	Ambev S.A. - ADR		1,771,000
	250,000	B3 S.A. - Brasil Bolsa Balcao		550,399
	550,000	Banco Bradesco S.A. - ADR		1,534,500
	150,000	Itau Unibanco Holding S.A. - ADR		796,500
	40,000	Vale S.A. - ADR		548,400
				5,200,799
		CANADA — 17.8%
	45,000	Agnico Eagle Mines Ltd.		2,110,950
	220,000	Alamos Gold, Inc. - Class A		2,723,600
	350,000	Algonquin Power & Utilities Corp.		1,761,609
	22,000	Bank of Nova Scotia		890,756
	191,000	Barrick Gold Corp.		3,052,180
	10,000	BCE, Inc.		371,214
	60,000	Canadian Utilities Ltd. - Class A		1,269,397
	500,000	Equinox Gold Corp. *		2,200,000
	800,000	IAMGOLD Corp. *		2,032,000
	15,000	Nutrien Ltd.		805,500
	150,000	Pan American Silver Corp.		2,191,500
	50,000	Power Corp. of Canada		1,204,572
				20,613,278
		FINLAND — 1.6%
	160,000	Fortum Oyj		1,896,096

		FRANCE — 9.4%
	35,000	Danone S.A.		2,079,410
	206,000	Engie S.A.		3,270,367
	15,000	Sanofi		1,360,174
	40,000	TotalEnergies S.E. - ADR		2,664,000
	55,000	Veolia Environnement S.A.		1,503,174
				10,877,125
		GERMANY — 5.7%
	19,000	BASF S.E.		875,214

EuroPac International Dividend Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2023

Number of Shares			Value
		COMMON STOCKS (Continued)
		GERMANY (Continued)
	55,000	Bayer A.G.	$	2,366,205
	130,000	E.ON S.E.		1,543,329
	15,000	Mercedes-Benz Group A.G.		879,748
	7,000	SAP S.E.		938,715
				6,603,211
		ITALY — 3.4%
	400,000	Enel S.p.A.		2,534,335
	85,000	Eni S.p.A.		1,387,557
				3,921,892
		NEW ZEALAND — 1.0%
	2,600,000	Kiwi Property Group Ltd.		1,173,969

		NORWAY — 5.6%
	42,794	Aker BP A.S.A.		1,230,074
	100,000	Austevoll Seafood A.S.A.		683,018
	55,000	Equinor A.S.A. - ADR		1,835,350
	150,000	Norsk Hydro A.S.A.		855,071
	180,000	Telenor A.S.A.		1,839,316
				6,442,829
		SINGAPORE — 3.9%
	50,000	DBS Group Holdings Ltd.		1,199,606
	1,200,000	Singapore Telecommunications Ltd.		2,085,889
	4,000,000	Starhill Global REIT - REIT		1,300,029
				4,585,524
		SOUTH KOREA — 0.9%
	50,000	SK Telecom Co., Ltd. - ADR		1,013,000

		SPAIN — 6.3%
	200,000	Banco Bilbao Vizcaya Argentaria S.A.		1,570,627
	55,000	Endesa S.A.		1,033,832
	107,313	Iberdrola S.A.		1,192,241
	85,000	Repsol S.A.		1,243,387
	578,064	Telefonica S.A.		2,230,051
				7,270,138
		SWITZERLAND — 3.9%
	20,000	Novartis A.G. - ADR		1,871,600
	10,000	Roche Holding A.G.		2,570,628

EuroPac International Dividend Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2023

Number of Shares			Value
		COMMON STOCKS (Continued)
		SWITZERLAND (Continued)
	4,000	Sandoz Group A.G. - ADR *	$	103,280
				4,545,508
		UNITED KINGDOM — 17.7%
	75,000	BP PLC - ADR		2,743,500
	111,000	British American Tobacco PLC - ADR		3,314,460
	55,000	GSK PLC		1,963,500
	520,000	John Wood Group PLC *		896,901
	18,000	Reckitt Benckiser Group PLC		1,203,792
	60,000	Shell PLC - ADR		3,908,400
	40,000	Unilever PLC - ADR		1,894,000
	5,000,000	Vodafone Group PLC		4,600,705
				20,525,258
		UNITED STATES — 3.2%
	40,000	Newmont Corp.		1,498,800
	25,000	Philip Morris International, Inc.		2,229,000
				3,727,800
		TOTAL COMMON STOCKS
		(Cost $114,916,744)		104,489,202
		SHORT-TERM INVESTMENTS — 9.5%
	10,973,753	Federated Hermes Treasury Obligations Fund - Institutional Class, 5.220% ¹		10,973,753
		Total Short-Term Investments
		(Cost $10,973,753)		10,973,753

		TOTAL INVESTMENTS — 99.6%
		(Cost $125,890,497)		115,462,955

		Other Assets in Excess of Liabilities — 0.4%		446,249
		TOTAL NET ASSETS — 100.0%	$	115,909,204

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.

EuroPac International Dividend Income Fund
SUMMARY OF INVESTMENTS
As of October 31, 2023

Security Type/Sector	Percent of Total Net Assets
Common Stocks
Consumer, Non-cyclical		21.0%
Basic Materials		19.4%
Utilities		13.8%
Energy		13.7%
Communications		11.8%
Financial		8.8%
Technology		0.8%
Consumer, Cyclical		0.8%
Total Common Stocks		90.1%
Short-Term Investments		9.5%
Total Investments		99.6%
Other Assets in Excess of Liabilities		0.4%
Total Net Assets		100.0%

See accompanying Notes to Financial Statements.

EP Emerging Markets Fund
SCHEDULE OF INVESTMENTS
As of October 31, 2023

Number of Shares			Value
		COMMON STOCKS — 86.9%
		BRAZIL — 4.1%
	325,000	Ambev S.A.	$	828,970
	550,000	B3 S.A. - Brasil Bolsa Balcao		1,210,877
	754,890	Locaweb Servicos de Internet S.A. ¹		814,511
	568,975	Lojas Quero Quero S.A. *		438,993
				3,293,351
		CHINA — 23.1%
	70,000	Alibaba Group Holding Ltd. *		720,651
	300,000	Anhui Conch Cement Co., Ltd. - Class H		746,605
	75,000	ANTA Sports Products Ltd.		848,207
	2,700,000	China Forestry Holdings Co., Ltd. ^*,2		-
	700,000	Chongqing Fuling Zhacai Group Co., Ltd. - Class A		1,478,168
	1,750,000	CSPC Pharmaceutical Group Ltd.		1,528,558
	125,000	ENN Energy Holdings Ltd.		946,887
	652,995	Haitian International Holdings Ltd.		1,557,765
	324,904	Hangzhou Robam Appliances Co., Ltd. - Class A		1,025,028
	290,764	Hefei Meyer Optoelectronic Technology, Inc. - Class A		771,484
	120,000	Lepu Medical Technology Beijing Co., Ltd. - Class A		282,696
	100,000	Midea Group Co., Ltd. - Class A		723,404
	10,000	NetEase, Inc. - ADR		1,069,200
	190,000	Shandong WIT Dyne Health Co., Ltd. - Class A		843,655
	35,000	Shenzhen Mindray Bio-Medical Electronics Co., Ltd. - Class A		1,367,971
	92,000	Tencent Holdings Ltd.		3,404,784
	60,000	Wuliangye Yibin Co., Ltd. - Class A		1,278,986
				18,594,049
		HONG KONG — 1.7%
	750,000	China Overseas Property Holdings Ltd.		651,358
	250,000	China Resources Gas Group Ltd.		739,026
				1,390,384
		HUNGARY — 1.5%
	50,000	Richter Gedeon Nyrt		1,172,362

		INDIA — 8.3%
	30,000	AIA Engineering Ltd.		1,266,815
	850,000	Castrol India Ltd.		1,390,127
	50,000	GMM Pfaudler Ltd.		1,041,767
	150,000	Indraprastha Gas Ltd.		689,035
	30,000	Infosys Ltd. - ADR		492,600
	15,200	L&T Technology Services Ltd. ¹		765,217
	12,550	Metropolis Healthcare Ltd. ¹		211,917

EP Emerging Markets Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2023

Number of Shares			Value
		COMMON STOCKS (Continued)
		INDIA (Continued)
	32,060	Mphasis Ltd.	$	818,500
				6,675,978
		INDONESIA — 8.5%
	55,000,000	Ace Hardware Indonesia Tbk P.T.		2,769,909
	2,000,000	Astra International Tbk P.T.		727,559
	1,000,000	Indofood CBP Sukses Makmur Tbk P.T.		651,558
	3,500,000	Indofood Sukses Makmur Tbk P.T.		1,465,289
	10,000,000	Industri Jamu Dan Farmasi Sido Muncul Tbk P.T.		321,058
	550,000	United Tractors Tbk P.T.		870,379
				6,805,752
		MEXICO — 6.5%
	100,000	Arca Continental S.A.B. de C.V.		896,722
	800,000	Bolsa Mexicana de Valores S.A.B. de C.V.		1,247,324
	40,000	Grupo Aeroportuario del Sureste S.A.B. de C.V. - Class B		862,056
	170,000	Regional S.A.B. de C.V. - Class A		1,293,222
	250,000	Wal-Mart de Mexico S.A.B. de C.V.		894,808
				5,194,132
		PHILIPPINES — 0.6%
	3,200,000	DMCI Holdings, Inc.		517,166

		SOUTH AFRICA — 4.9%
	60,000	Clicks Group Ltd.		884,153
	164,662	JSE Ltd.		783,121
	250,000	Mr Price Group Ltd.		1,806,975
	90,000	Vodacom Group Ltd.		489,948
				3,964,197
		SOUTH KOREA — 12.7%
	8,000	BGF retail Co., Ltd.		818,093
	9,050	Hansol Chemical Co., Ltd.		1,009,939
	9,000	Hyundai Glovis Co., Ltd.		1,142,199
	14,000	Kia Corp.		799,840
	113,345	Koh Young Technology, Inc.		928,854
	10,000	KT&G Corp.		630,833
	3,500	LG H&H Co., Ltd.		820,555
	5,000	NCSoft Corp.		863,834
	9,000	Orion Corp.		796,546
	25,000	S-1 Corp.		1,010,426
	16,000	Samsung Electronics Co., Ltd.		796,398

EP Emerging Markets Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2023

Number of Shares			Value
		COMMON STOCKS (Continued)
		SOUTH KOREA (Continued)
	9,775	Tokai Carbon Korea Co., Ltd.	$	601,944
				10,219,461
		TAIWAN — 10.7%
	550,000	Asia Cement Corp.		679,182
	15,000	ASPEED Technology, Inc.		1,198,765
	400,000	Formosa Plastics Corp.		951,269
	150,000	Giant Manufacturing Co., Ltd.		758,486
	11,000	Largan Precision Co., Ltd.		704,515
	40,000	Nien Made Enterprise Co., Ltd.		353,894
	50,000	Poya International Co., Ltd.		768,623
	100,000	Realtek Semiconductor Corp.		1,246,287
	33,580	Silergy Corp.		300,133
	75,000	Taiwan Semiconductor Manufacturing Co., Ltd.		1,224,939
	10,000	Voltronic Power Technology Corp.		401,039
				8,587,132

		THAILAND — 0.7%
	1,500,000	Thai Beverage PCL		592,463

		UNITED KINGDOM — 2.8%
	75,000	British American Tobacco PLC		2,247,089

		URUGUAY — 0.8%
	500	MercadoLibre, Inc. *		620,370
		TOTAL COMMON STOCKS
		(Cost $79,091,019)		69,873,886
		SHORT-TERM INVESTMENTS — 13.4%
	10,768,501	Federated Hermes Treasury Obligations Fund - Institutional Class, 5.220% ³		10,768,501
		Total Short-Term Investments
		(Cost $10,768,501)		10,768,501

		TOTAL INVESTMENTS — 100.3%
		(Cost $89,859,520)		80,642,387

		Liabilities in Excess of Other Assets — (0.3)%		(223,134	)
		TOTAL NET ASSETS — 100.0%	$	80,419,253

ADR – American Depository Receipt

PCL – Public Company Limited

PLC – Public Limited Company

*	Non-income producing security.

EP Emerging Markets Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2023

¹	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $1,791,645, which represents 2.23% of Net Assets.
²	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.
³	The rate is the annualized seven-day yield at period end.

See accompanying Notes to Financial Statements.

EP Emerging Markets Fund
SUMMARY OF INVESTMENTS
As of October 31, 2023

Security Type/Sector	Percent of Total Net Assets
Common Stocks
Consumer, Non-cyclical		22.9%
Consumer, Cyclical		16.9%
Industrial		12.6%
Technology		9.3%
Communications		8.6%
Basic Materials		6.5%
Financial		6.5%
Utilities		3.0%
Energy		0.6%
Total Common Stocks		86.9%
Short-Term Investments		13.4%
Total Investments		100.3%
Liabilities in Excess of Other Assets		(0.3)%
Total Net Assets		100.0%

See accompanying Notes to Financial Statements.

EuroPac Gold Fund
SCHEDULE OF INVESTMENTS
As of October 31, 2023

Number of Shares			Value
		COMMON STOCKS — 99.8%
		DIVERSIFIED EXPLORATION AND MINING — 2.6%
	880,000	Carbon Neutral^1,2,4	$	1,730,603
	6,000,000	Nuvau Minerals Corp.^1,2,4		3,244,880
				4,975,483
		GOLD EXPLORATION — 6.7%
	4,457,142	Alpha Exploration Ltd.^*,2,3		2,185,504
	5,030,228	Aurion Resources Ltd.^*,2		1,704,794
	10,412,498	Besra Gold, Inc.^*,2		858,681
	151,265	Dakota Gold Corp.^*		435,642
	6,214,364	Heliostar Metals Ltd.^*,2,3		1,277,108
	7,036,824	Heliostar Metals Ltd.^*1,2,3		1,446,131
	847,800	Irving Resources, Inc.^*,2		324,008
	4,000,000	Radius Gold, Inc.^*,2,3		490,337
	7,956,500	Revival Gold, Inc.^*,2,3		1,950,685
	4,085,164	Vista Gold Corp.^*		1,509,060
	8,200	Vista Gold Corp.^*,2		2,956
	1,300,000	Western Exploration, Inc.^*,2,3		684,310
				12,869,216
		GOLD MINING — 34.7%
	226,440	Agnico Eagle Mines Ltd.		10,622,300
	85,000	AngloGold Ashanti Ltd. - ADR		1,516,400
	3,385,229	B2Gold Corp.		10,934,290
	150,000	B2Gold Corp.²		480,242
	675,392	Barrick Gold Corp.		10,792,764
	1,443,099	Equinox Gold Corp.^*,2		6,316,420
	120,000	Equinox Gold Corp.^*		528,000
	787,687	Evolution Mining Ltd.²		1,783,838
	390,690	Gold Fields Ltd. - ADR		5,086,784
	5,056,300	i-80 Gold Corp.^*,2		6,963,898
	100,000	IAMGOLD Corp.^*		254,000
	230,005	Kinross Gold Corp.		1,198,326
	33,000	Newmont Corp.		1,236,510
	4,971,600	OceanaGold Corp.²		8,317,070
	100,000	OceanaGold Corp.		168,300
	5,000	Polyus PJSC - GDR^*,2,4		—
				66,199,142
		PRECIOUS METALS DEVELOPMENTAL — 3.9%
	2,298,263	Adriatic Metals PLC^*,2		4,956,923
	673,400	Artemis Gold, Inc.^*,2		2,471,594
				7,428,517

EuroPac Gold Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2023

Number of Shares			Value
		COMMON STOCKS (Continued)
		PRECIOUS METALS EXPLORATION — 4.0%
	1,243,182	Almadex Minerals Ltd.^*,2	$	192,734
	3,800,000	G2 Goldfields, Inc.^*,2		2,219,498
	1,490,027	Harfang Exploration, Inc.^*,2		166,538
	2,846,300	Kenorland Minerals Ltd.^*,2		1,251,978
	5,645,900	Midland Exploration, Inc.^*,2,3		1,730,248
	8,829,204	Mundoro Capital, Inc.^*,2,3		1,177,821
	5,903,500	Newcore Gold Ltd.^*,2		617,254
	1,360,000	Riverside Resources, Inc.^*,2		107,874
	10,000	Seabridge Gold, Inc.^*		109,600
				7,573,545
		ROYALTY COMPANIES — 35.4%
	7,581,800	Elemental Altus Royalties Corp.^*,2,3		6,287,186
	646,743	EMX Royalty Corp.^*		1,131,800
	124,000	EMX Royalty Corp.^*,2		219,066
	89,096	Franco-Nevada Corp.		10,829,619
	1,559,000	Lara Exploration Ltd.^*,2		685,744
	2,182,769	Metalla Royalty & Streaming Ltd.²		6,122,708
	378,337	Metalla Royalty & Streaming Ltd.		1,051,777
	650,000	Nova Royalty Corp.^*,2		642,126
	5,221,651	Orogen Royalties, Inc.^*,2		2,598,024
	640,889	Osisko Gold Royalties Ltd.		7,831,664
	323,120	Osisko Gold Royalties Ltd.²		3,949,296
	91,700	Royal Gold, Inc.		9,567,061
	2,850,000	Star Royalties Ltd.^*,2		560,012
	409,359	Triple Flag Precious Metals Corp.		5,247,982
	232,200	Wheaton Precious Metals Corp.		9,810,450
	25,000	Wheaton Precious Metals Corp.²		1,055,848
				67,590,363
		SILVER: EXPLORATION AND MINING — 12.5%
	3,624,980	Fortuna Silver Mines, Inc.^*		10,186,194
	753,761	Pan American Silver Corp.		11,012,448
	548,644	SilverCrest Metals, Inc.^*		2,726,761
				23,925,403
		TOTAL COMMON STOCKS
		(Cost $191,026,805)		190,561,669
		WARRANTS — 0.0%
		DIVERSIFIED EXPLORATION AND MINING — 0.0%
	2,000,000	Nuvau Minerals Corp., Strike Price: 0.75 CAD, Expiration Date: March 15, 2025^*,1,2,4		—

EuroPac Gold Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2023

Number of Shares			Value
		WARRANTS (Continued)
		DIVERSIFIED EXPLORATION AND MINING (Continued)
	1,000,000	Nuvau Minerals Corp., Strike Price: 1.00 CAD, Expiration Date: November 13, 2026^*,1,2,4	$	—
				—
		GOLD EXPLORATION — 0.0%
	1,428,571	Alpha Exploration Ltd., Strike Price: 1.05 CAD, Expiration Date: November 20, 2025^*,1,2		—
	1,600,000	Alpha Exploration Ltd., Strike Price: 1.05 CAD, Expiration Date: June 20, 2026^*,1,2		—
	3,068,182	Heliostar Metals Ltd., Strike Price: 0.30 CAD, Expiration Date: February 15, 2026^*,1,2		—
	3,518,412	Heliostar Metals Ltd., Strike Price: 0.40 CAD, Expiration Date: January 25, 2025^*,1,2		—
	4,000,000	Radius Gold, Inc.; Strike Price: 0.35 CAD, Expiration Date: July 19, 2025^*,1,2		—
	650,000	Western Exploration, Inc., Strike Price: 2.15 CAD, Expiration Date: June 20, 2026^*,1,2		—
				—
		PRECIOUS METALS EXPLORATION — 0.0%
	2,100,000	Newcore Gold, Ltd., Strike Price: 0.20 CAD, Expiration Date: June 29, 2024^*,1,2		—
	750,000	Revival Gold, Inc., Strike Price: 0.72 CAD, Expiration Date: July 18, 2026^*,1,2		—
	800,000	Revival Gold, Inc., Strike Price: 0.80 CAD, Expiration Date: January 25, 2024^*,1,2		—
	6,750,000	Thomson Resources Ltd., Strike Price: 0.115 AUD, Expiration Date: November 8, 2024^*,1,2,4		—
	2,500,000	Thomson Resources Ltd., Strike Price: 0.20 AUD, Expiration Date: March 29, 2024^*,1,2,4		—
				—
		ROYALTY COMPANIES — 0.0%
	62,000	EMX Royalty Corp., Strike Price: 4.00 CAD, Expiration Date: November 10, 2023^*,1,2		—
	58,350	Vox Royalty Corp., Strike Price: 4.50 CAD, Expiration Date: April 13, 2024^*,1,2		—
				—
		SILVER: EXPLORATION AND MINING — 0.0%
	1,880,000	Golden Arrow Resources Corp., Strike Price: 0.40 CAD, Expiration Date: March 21, 2024^*,1,2		—
		TOTAL WARRANTS
		(Cost $—)		—

EuroPac Gold Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2023

Number of Shares			Value
		SHORT-TERM INVESTMENTS — 0.3%
	493,252	Federated Hermes Treasury Obligations Fund - Institutional Class, 5.22%⁵	$	493,252
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $493,252)		493,252

		TOTAL INVESTMENTS — 100.1%
		(Cost $191,520,057)		191,054,921

		Liabilities in Excess of Other Assets — (0.1)%		(164,990	)
		TOTAL NET ASSETS — 100.0%	$	190,889,931

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. At October 31, 2023, the value of these restricted securities amounted to $6,421,614 or 3.36% of net assets.
²	Foreign security denominated in U.S. dollars.
³	Affiliated company.
⁴	Level 3 securities fair valued under procedures established by the Board of Trustees, representing 2.61% of Net Assets. The total value of these securities is $4,975,483.
⁵	The rate is the annualized seven-day yield at period end.

See accompanying Notes to Financial Statements.

EuroPac Gold Fund
SUMMARY OF INVESTMENTS
As of October 31, 2023

Security Type/Sector	Percent of Total Net Assets
Common Stocks
Royalty Companies		35.4%
Gold Mining		34.7%
Silver: Exploration and Mining		12.5%
Gold Exploration		6.7%
Precious Metals Exploration		4.0%
Precious Metals Developmental		3.9%
Diversified Exploration and Mining		2.6%
Total Common Stocks		99.8%
Short-Term Investments		0.3%
Warrants		0.0%
Total Investments		100.1%
Liabilities in Excess of Other Assets		(0.1)%
Total Net Assets		100.0%

See accompanying Notes to Financial Statements.

STATEMENTS OF ASSETS AND LIABILITIES

As of October 31, 2023

	EuroPac International Value Fund		EuroPac International Bond Fund		EuroPac International Dividend Income Fund
Assets:
Investments in unaffiliated issuers, at cost	$	131,994,922	$	60,975,577	$	125,890,497
Investments in affiliated issuers, at cost		-		-		-
Warrants, at cost		-		-		-
Foreign currency, at cost		-		682,994		53,318
Investments in unaffiliated issuers, at value	$	131,537,545	$	53,785,874	$	115,462,955
Investments in affiliated issuers, at value		-		-		-
Warrants, at value		-		-		-
Foreign currency, at value		-		664,587		53,173
Cash held at broker		-		-		-
Receivables:
Investment securities sold		-		-		-
Fund shares sold		6,887		-		693
Reclaims receivable		451,342		-		397,511
Dividends and interest		218,019		1,015,002		166,206
Prepaid expenses		16,596		18,221		32,476
Total assets		132,230,389		55,483,684		116,113,014

Liabilities:
Payables:
Investment securities purchased		-		-		-
Fund shares redeemed		79,182		33,316		26,414
Advisory fees		119,125		13,971		83,856
Shareholder servicing fees (Note 7)		12,745		5,239		10,872
Distribution fees (Note 8)		21,742		8,196		20,048
Fund accounting and administration fees		19,853		11,772		18,190
Transfer agent fees and expenses		12,495		9,502		8,676
Custody fees		8,297		11,722		4,136
Auditing fees		14,496		14,945		14,526
Trustees’ deferred compensation (Note 3)		11,140		10,355		10,994
Trustees’ fees and expenses		3,931		1,192		182
Chief Compliance Officer fees		1,750		2,635		1,213
Deferred non-U.S. taxes		-		-		-
Accrued other expenses		8,039		8,895		4,703
Total liabilities		312,795		131,740		203,810
Commitments and contingencies (Note 3)
Net Assets	$	131,917,594	$	55,351,944	$	115,909,204

See accompanying Notes to Financial Statements.

STATEMENTS OF ASSETS AND LIABILITIES - Continued

As of October 31, 2023

	EuroPac International Value Fund			EuroPac International Bond Fund			EuroPac International Dividend Income Fund
Components of Net Assets:
Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized)	$	136,661,108		$	63,355,951		$	128,476,110
Total distributable earnings (accumulated deficit)		(4,743,514	)		(8,004,007	)		(12,566,906	)
Net Assets	$	131,917,594		$	55,351,944		$	115,909,204

Maximum Offering Price per Share:
Class A Shares:
Net assets applicable to shares outstanding	$	104,915,413		$	41,366,833		$	93,526,723
Shares of beneficial interest issued and outstanding		11,434,543			5,000,475			10,834,044
Redemption price per share	$	9.18		$	8.27		$	8.63
Maximum sales charge (4.50% of offering price)*		0.43			0.39			0.41
Maximum public offering price to public	$	9.61		$	8.66		$	9.04

Class I Shares:
Net assets applicable to shares outstanding	$	27,002,181		$	13,985,111		$	22,382,481
Shares of beneficial interest issued and outstanding		2,933,912			1,658,317			2,588,541
Offering and redemption price per share	$	9.20		$	8.43		$	8.65

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

See accompanying Notes to Financial Statements.

STATEMENTS OF ASSETS AND LIABILITIES - Continued

As of October 31, 2023

	EP Emerging Markets Fund		EuroPac Gold Fund
Assets:
Investments in unaffiliated issuers, at cost	$	89,859,520	$	176,407,428
Investments in affiliated issuers, at cost		-		15,112,629
Warrants, at cost		-		-
Foreign currency, at cost		9,868		2,848
Investments in unaffiliated issuers, at value	$	80,642,387	$	180,112,777
Investments in affiliated issuers, at value		-		10,942,144
Warrants, at value		-		-
Foreign currency, at value		9,871		2,839
Cash held at broker		-		93,835
Receivables:
Investment securities sold		-		127,125
Fund shares sold		34,674		106,684
Reclaims receivable		-		-
Dividends and interest		137,080		5,582
Prepaid expenses		8,355		2,609
Total assets		80,832,367		191,393,595

Liabilities:
Payables:
Investment securities purchased		-		51,133
Fund shares redeemed		21,586		149,329
Advisory fees		66,004		131,770
Shareholder servicing fees (Note 7)		20,258		18,067
Distribution fees (Note 8)		14,129		35,692
Fund accounting and administration fees		15,386		27,258
Transfer agent fees and expenses		9,054		21,258
Custody fees		28,769		19,438
Auditing fees		14,846		15,542
Trustees’ deferred compensation (Note 3)		12,002		12,446
Trustees’ fees and expenses		2,546		2,726
Chief Compliance Officer fees		5,596		1,512
Deferred non-U.S. taxes		186,573		-
Accrued other expenses		16,365		17,493
Total liabilities		413,114		503,664
Commitments and contingencies (Note 3)
Net Assets	$	80,419,253	$	190,889,931

See accompanying Notes to Financial Statements.

STATEMENTS OF ASSETS AND LIABILITIES - Continued

As of October 31, 2023

	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)	$	97,427,118		$	224,774,934
Total distributable earnings (accumulated deficit)		(17,007,865	)		(33,885,003	)
Net Assets	$	80,419,253		$	190,889,931

Maximum Offering Price per Share:
Class A Shares:
Net assets applicable to shares outstanding	$	68,563,848		$	162,861,426
Shares of beneficial interest issued and outstanding		7,766,860			19,571,024
Redemption price per share	$	8.83		$	8.32
Maximum sales charge (4.50% of offering price)*		0.42			0.39
Maximum public offering price to public	$	9.25		$	8.71

Class I Shares:
Net assets applicable to shares outstanding	$	11,855,405		$	28,028,505
Shares of beneficial interest issued and outstanding		1,301,726			3,339,023
Offering and redemption price per share	$	9.11		$	8.39

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

See accompanying Notes to Financial Statements.

STATEMENTS OF OPERATIONS

For the Year Ended October 31, 2023

	EuroPac International Value Fund			EuroPac International Bond Fund			EuroPac International Dividend Income Fund
Investment Income:
Dividend income from unaffiliated issuers (net of foreign withholding taxes of $505,259, $0 and $558,275, respectively)	$	4,749,020		$	-		$	4,920,364
Interest income from unaffiliated issuers (net of foreign withholding taxes of $0, $20,722 and $0, respectively)		779,833			2,613,916			581,432
Total investment income		5,528,853			2,613,916			5,501,796

Expenses:
Advisory fees		1,457,173			311,694			1,013,069
Shareholder servicing fees (Note 7)		105,836			37,523			95,282
Distribution fees (Note 8)		280,963			104,494			247,150
Fund accounting and administration fees		177,524			101,569			168,826
Transfer agent fees and expenses		71,168			47,775			64,246
Custody fees		32,872			31,945			31,569
Registration fees		42,165			33,854			36,635
Legal fees		16,993			16,021			13,748
Auditing fees		15,501			16,232			15,502
Shareholder reporting fees		11,446			8,121			12,096
Trustees’ fees and expenses		9,355			6,884			8,887
Chief Compliance Officer fees		7,756			8,201			6,107
Miscellaneous		7,672			5,585			7,258
Insurance fees		4,643			3,909			3,960
Tax reclaim service fees		1,178			-			1,178
Excise tax expenses		-			-			-
Total expenses		2,242,245			733,807			1,725,513
Advisory fees (waived) recovered		38,509			(161,772	)		12,623
Net expenses		2,280,754			572,035			1,738,136
Net investment income (loss)		3,248,099			2,041,881			3,763,660

Realized and Unrealized Gain (Loss) on:
Net realized gain (loss) on:
Investments in unaffiliated issuers		4,832,494			(647,756	)		1,944,906
Investments in affiliated issuers		-			-			-
Warrants		-			-			-
Purchased options contracts		-			-			-
Foreign currency transactions		(10,763	)		(74,700	)		(39,585	)
Deferred non-US taxes		-			-			-
Net realized gain (loss)		4,821,731			(722,456	)		1,905,321
Net change in unrealized appreciation/depreciation on:
Investments in unaffiliated issuers		2,613,130			1,851,775			(341,945	)
Investments in affiliated issuers		-			-			-
Warrants		-			-			-
Purchased options contracts		-			-			-
Foreign currency translations		5,443			(8,397	)		14,014
Deferred non-U.S. taxes		-			-			-
Net change in unrealized appreciation/depreciation		2,618,573			1,843,378			(327,931	)

See accompanying Notes to Financial Statements.

STATEMENTS OF OPERATIONS - Continued

For the Year Ended October 31, 2023

	EuroPac International Value Fund		EuroPac International Bond Fund		EuroPac International Dividend Income Fund
Net realized and unrealized gain (loss)		7,440,304		1,120,922		1,577,390

Net Increase (Decrease) in Net Assets from Operations	$	10,688,403	$	3,162,803	$	5,341,050

See accompanying Notes to Financial Statements.

STATEMENTS OF OPERATIONS - Continued

For the Year Ended October 31, 2023

	EP Emerging Markets Fund			EuroPac Gold Fund
Investment Income:
Dividend income from unaffiliated issuers (net of foreign withholding taxes of $316,626 and $362,537, respectively)	$	2,064,238		$	2,236,328
Interest income from unaffiliated issuers (net of foreign withholding taxes of $0 and $0, respectively)		400,955			291,982
Total investment income		2,465,193			2,528,310

Expenses:
Advisory fees		883,989			1,684,302
Shareholder servicing fees (Note 7)		73,593			189,205
Distribution fees (Note 8)		182,818			461,964
Fund accounting and administration fees		137,740			239,618
Transfer agent fees and expenses		64,357			109,777
Custody fees		89,400			44,501
Registration fees		40,672			44,050
Legal fees		21,461			13,395
Auditing fees		16,031			16,597
Shareholder reporting fees		18,295			22,561
Trustees’ fees and expenses		9,110			9,592
Chief Compliance Officer fees		10,921			6,398
Miscellaneous		6,680			7,483
Insurance fees		3,537			4,216
Tax reclaim service fees		-			-
Excise tax expenses		164			-
Total expenses		1,558,768			2,853,659
Advisory fees (waived) recovered		(147,804	)		-
Net expenses		1,410,964			2,853,659
Net investment income (loss)		1,054,229			(325,349	)

Realized and Unrealized Gain (Loss) on:
Net realized gain (loss) on:
Investments in unaffiliated issuers		(4,239,620	)		684,056
Investments in affiliated issuers		-			(1,142,359	)
Warrants		-			(23,007	)
Purchased options contracts		-			(146,127	)
Foreign currency transactions		(71,194	)		(15,188	)
Deferred non-US taxes		(319,972	)		-
Net realized gain (loss)		(4,630,786	)		(642,625	)
Net change in unrealized appreciation/depreciation on:
Investments in unaffiliated issuers		5,729,268			9,720,368
Investments in affiliated issuers		-			(1,206,116	)
Warrants		-			23,007
Purchased options contracts		-			130,934
Foreign currency translations		1,531			5,510
Deferred non-U.S. taxes		249,114			-
Net change in unrealized appreciation/depreciation		5,979,913			8,673,703
Net realized and unrealized gain (loss)		1,349,127			8,031,078

Net Increase (Decrease) in Net Assets from Operations	$	2,403,356		$	7,705,729

See accompanying Notes to Financial Statements.

EuroPac International Value Fund

STATEMENTS OF CHANGES IN NET ASSETS

	For the Year Ended October 31, 2023			For the Year Ended October 31, 2022
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	3,248,099		$	2,444,756
Net realized gain (loss) investments and foreign currency transactions		4,821,731			6,042,638
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		2,618,573			(17,454,070	)
Net increase (decrease) in net assets resulting from operations		10,688,403			(8,966,676	)

Distributions to Shareholders:
Distributions:
Class A		(2,524,990	)		(1,734,767	)
Class I		(583,833	)		(181,202	)
Total		(3,108,823	)		(1,915,969	)

Capital Transactions:
Net proceeds from shares sold:
Class A		12,060,129			20,055,594
Class I		20,535,748			10,434,286
Reinvestment of distributions:
Class A		1,652,705			1,139,021
Class I		565,294			175,650
Cost of shares redeemed:
Class A¹		(16,963,146	)		(14,301,539	)
Class I²		(6,771,222	)		(3,731,679	)
Net increase (decrease) in net assets from capital transactions		11,079,508			13,771,333

Total increase (decrease) in net assets		18,659,088			2,888,688

Net Assets:
Beginning of period		113,258,506			110,369,818
End of period	$	131,917,594		$	113,258,506
Capital Share Transactions:
Shares sold:
Class A		1,247,913			2,087,327
Class I		2,102,069			1,099,332
Shares reinvested:
Class A		171,930			125,096
Class I		58,610			19,471
Shares redeemed:
Class A		(1,764,456	)		(1,535,850	)
Class I		(701,349	)		(395,850	)
Net increase (decrease) in capital share transactions		1,114,717			1,399,526

¹	Net of redemption fees of $892 and $6,496, respectively.
²	Net of redemption fees of $5,272 and $649, respectively.

See accompanying Notes to Financial Statements.

EuroPac International Bond Fund

STATEMENTS OF CHANGES IN NET ASSETS

	For the Year Ended October 31, 2023			For the Year Ended October 31, 2022
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	2,041,881		$	1,413,227
Net realized gain (loss) investments and foreign currency transactions		(722,456	)		(2,901,607	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		1,843,378			(4,593,440	)
Net increase (decrease) in net assets resulting from operations		3,162,803			(6,081,820	)

Capital Transactions:
Net proceeds from shares sold:
Class A		5,803,819			5,211,943
Class I		8,669,085			3,448,591
Cost of shares redeemed:
Class A¹		(5,347,033	)		(6,771,054	)
Class I		(1,366,869	)		(755,835	)
Net increase (decrease) in net assets from capital transactions		7,759,002			1,133,645

Total increase (decrease) in net assets		10,921,805			(4,948,175	)

Net Assets:
Beginning of period		44,430,139			49,378,314
End of period	$	55,351,944		$	44,430,139
Capital Share Transactions:
Shares sold:
Class A		698,891			618,099
Class I		1,017,707			416,371
Shares redeemed:
Class A		(644,514	)		(815,686	)
Class I		(160,219	)		(89,344	)
Net increase (decrease) in capital share transactions		911,865			129,440

¹	Net of redemption fees of $0 and $1,154, respectively.

See accompanying Notes to Financial Statements.

EuroPac International Dividend Income Fund

STATEMENTS OF CHANGES IN NET ASSETS

	For the Year Ended October 31, 2023			For the Year Ended October 31, 2022
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	3,763,660		$	3,824,864
Net realized gain (loss) investments and foreign currency transactions		1,905,321			3,528,768
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(327,931	)		(14,268,153	)
Net increase (decrease) in net assets resulting from operations		5,341,050			(6,914,521	)

Distributions to Shareholders:
Distributions:
Class A		(3,005,745	)		(2,357,336	)
Class I		(694,895	)		(315,639	)
Total		(3,700,640	)		(2,672,975	)

Capital Transactions:
Net proceeds from shares sold:
Class A		16,092,459			23,850,281
Class I		17,809,554			15,945,807
Reinvestment of distributions:
Class A		1,965,423			1,536,777
Class I		680,810			307,834
Cost of shares redeemed:
Class A¹		(16,755,225	)		(17,784,927	)
Class I²		(10,157,527	)		(4,260,480	)
Net increase (decrease) in net assets from capital transactions		9,635,494			19,595,292

Total increase (decrease) in net assets		11,275,904			10,007,796

Net Assets:
Beginning of period		104,633,300			94,625,504
End of period	$	115,909,204		$	104,633,300
Capital Share Transactions:
Shares sold:
Class A		1,730,610			2,556,909
Class I		1,892,108			1,704,452
Shares reinvested:
Class A		216,567			174,830
Class I		74,911			35,364
Shares redeemed:
Class A		(1,823,879	)		(1,961,451	)
Class I		(1,099,015	)		(490,020	)
Net increase (decrease) in capital share transactions		991,302			2,020,084

¹	Net of redemption fees of $4,564 and $8,780, respectively.
²	Net of redemption fees of $334 and $5,873, respectively.

See accompanying Notes to Financial Statements.

EP Emerging Markets Fund

STATEMENTS OF CHANGES IN NET ASSETS

	For the Year Ended October 31, 2023			For the Year Ended October 31, 2022
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	1,054,229		$	(511,607	)
Net realized gain (loss) investments and foreign currency transactions		(4,630,786	)		(890,278	)
Net change in unrealized appreciation/depreciation on investments, deferred non-U.S. taxes and foreign currency translations		5,979,913			(31,787,188	)
Net increase (decrease) in net assets resulting from operations		2,403,356			(33,189,073	)

Distributions to Shareholders:
Distributions:
Class A		(325,165	)		(17,170,692	)
Class I		(40,506	)		(720,947	)
Total		(365,671	)		(17,891,639	)

Capital Transactions:
Net proceeds from shares sold:
Class A		14,378,833			14,106,201
Class I		8,615,480			4,129,747
Reinvestment of distributions:
Class A		214,774			11,113,870
Class I		40,161			720,947
Cost of shares redeemed:
Class A¹		(8,501,601	)		(21,532,817	)
Class I²		(1,692,234	)		(1,492,217	)
Net increase (decrease) in net assets from capital transactions		13,055,413			7,045,731

Total increase (decrease) in net assets		15,093,098			(44,034,981	)

Net Assets:
Beginning of period		65,326,155			109,361,136
End of period	$	80,419,253		$	65,326,155
Capital Share Transactions:
Shares sold:
Class A		1,512,618			1,318,178
Class I		877,958			386,425
Shares reinvested:
Class A		23,244			868,950
Class I		4,223			54,783
Shares redeemed:
Class A		(901,299	)		(1,739,509	)
Class I		(174,856	)		(123,619	)
Net increase (decrease) in capital share transactions		1,341,888			765,208

¹	Net of redemption fees of $2,708 and $2,297, respectively.
²	Net of redemption fees of $203 and $0, respectively.

See accompanying Notes to Financial Statements.

EuroPac Gold Fund

STATEMENTS OF CHANGES IN NET ASSETS

	For the Year Ended October 31, 2023			For the Year Ended October 31, 2022
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	(325,349	)	$	(553,639	)
Net realized gain (loss) investments, affiliated issuers, warrants, purchased options contracts and foreign currency transactions		(642,625	)		4,016,533
Net change in unrealized appreciation/depreciation on investments, affiliated issuers, warrants, purchased options contracts and foreign currency translations		8,673,703			(68,003,729	)
Net increase (decrease) in net assets resulting from operations		7,705,729			(64,540,835	)

Distributions to Shareholders:
Distributions:
Class A		-			(4,854,161	)
Class I		-			(434,084	)
Total		-			(5,288,245	)

Capital Transactions:
Net proceeds from shares sold:
Class A		34,568,581			34,229,221
Class I		21,963,951			10,345,086
Reinvestment of distributions:
Class A		-			3,599,307
Class I		-			414,456
Cost of shares redeemed:
Class A¹		(27,524,794	)		(30,854,978	)
Class I²		(7,846,328	)		(5,825,810	)
Net increase (decrease) in net assets from capital transactions		21,161,410			11,907,282

Total increase (decrease) in net assets		28,867,139			(57,921,798	)

Net Assets:
Beginning of period		162,022,792			219,944,590
End of period	$	190,889,931		$	162,022,792
Capital Share Transactions:
Shares sold:
Class A		3,527,407			3,449,804
Class I		2,205,552			1,042,148
Shares reinvested:
Class A		-			363,934
Class I		-			41,738
Shares redeemed:
Class A		(2,949,752	)		(3,114,598	)
Class I		(832,953	)		(600,340	)
Net increase (decrease) in capital share transactions		1,950,254			1,182,686

¹	Net of redemption fees of $11,733 and $9,643, respectively.
²	Net of redemption fees of $2,577 and $486, respectively.

See accompanying Notes to Financial Statements.

EuroPac International Value Fund

FINANCIAL HIGHLIGHTS

Class A

Per share operating performance.

For a capital share outstanding throughout each period.

	For the Year Ended October 31,
	2023			2022			2021			2020			2019
Net asset value, beginning of period	$	8.54		$	9.31		$	7.96		$	7.30		$	6.77
Income from Investment Operations:
Net investment income (loss) ¹		0.23			0.19			0.12			0.09			0.10
Net realized and unrealized gain (loss)		0.63			(0.81	)		1.36			0.65			0.52
Total from investment operations		0.86			(0.62	)		1.48			0.74			0.62

Less Distributions:
From net investment income		(0.22	)		(0.15	)		(0.13	)		(0.08	)		(0.09	)
Total distributions		(0.22	)		(0.15	)		(0.13	)		(0.08	)		(0.09	)

Redemption fee proceeds¹		-	²		-	²		-	²		-	²		-	²
Net asset value, end of period	$	9.18		$	8.54		$	9.31		$	7.96		$	7.30

Total return³		9.94	%		(6.77	)%		18.64	%		10.26	%		9.20	%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	104,915		$	100,628		$	103,354		$	79,591		$	57,383

Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recovered		1.70	%		1.71	%		1.71	%		1.81	%		1.87	%
After fees waived and expenses absorbed/recovered		1.73	%		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		2.39	%		2.08	%		1.33	%		1.04	%		1.27	%
After fees waived and expenses absorbed/recovered		2.36	%		2.04	%		1.29	%		1.10	%		1.39	%

Portfolio turnover rate		16	%		21	%		10	%		13	%		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 fees and expenses not been waived or absorbed/recovered by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown do not include payment of sales load of 4.50% of offering price which is reduced on sales of $50,000 or more. If the sales charge was included total returns would be lower.

See accompanying Notes to Financial Statements.

EuroPac International Value Fund

FINANCIAL HIGHLIGHTS

Class I

Per share operating performance.

For a capital share outstanding throughout each period.

	For the Year Ended October 31,
	2023			2022			2021			2020			2019
Net asset value, beginning of period	$	8.57		$	9.33		$	7.98		$	7.31		$	6.78
Income from Investment Operations:
Net investment income (loss) ¹		0.25			0.21			0.14			0.11			0.12
Net realized and unrealized gain (loss)		0.62			(0.80	)		1.37			0.65			0.52
Total from investment operations		0.87			(0.59	)		1.51			0.76			0.64

Less Distributions:
From net investment income		(0.24	)		(0.17	)		(0.16	)		(0.10	)		(0.11	)
Total distributions		(0.24	)		(0.17	)		(0.16	)		(0.10	)		(0.11	)

Redemption fee proceeds¹		-	²		-	²		-	²		0.01			-
Net asset value, end of period	$	9.20		$	8.57		$	9.33		$	7.98		$	7.31

Total return³		10.07	%		(6.38	)%		18.89	%		10.66	%		9.46	%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	27,002		$	12,630		$	7,016		$	1,717		$	680

Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recovered		1.45	%		1.46	%		1.46	%		1.56	%		1.62	%
After fees waived and expenses absorbed/recovered		1.48	%		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		2.64	%		2.33	%		1.58	%		1.29	%		1.52	%
After fees waived and expenses absorbed/recovered		2.61	%		2.29	%		1.54	%		1.35	%		1.64	%

Portfolio turnover rate		16	%		21	%		10	%		13	%		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 had fees not been waived by the Advisor. These returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

See accompanying Notes to Financial Statements.

EuroPac International Bond Fund

FINANCIAL HIGHLIGHTS

Class A

Per share operating performance.

For a capital share outstanding throughout each period.

	For the Year Ended October 31,
	2023			2022			2021			2020			2019
Net asset value, beginning of period	$	7.71		$	8.78		$	8.72		$	8.48		$	8.11
Income from Investment Operations:
Net investment income (loss) ¹		0.32			0.25			0.26			0.24			0.30
Net realized and unrealized gain (loss)		0.24			(1.32	)		(0.10	)		-			0.19
Total from investment operations		0.56			(1.07	)		0.16			0.24			0.49

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

Redemption fee proceeds¹		-			-	²		-	²		-	²		-	²
Net asset value, end of period	$	8.27		$	7.71		$	8.78		$	8.72		$	8.48

Total return³		7.26	%		(12.19	)%		1.79	%		2.83	%		6.07	%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	41,367		$	38,149		$	45,159		$	44,167		$	38,621

Ratio of expenses to average net assets:
Before fees waived and expenses absorbed		1.46	%		1.48	%		1.45	%		1.46	%		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		3.57	%		2.63	%		2.58	%		2.49	%		3.22	%
After fees waived and expenses absorbed		3.88	%		2.96	%		2.88	%		2.80	%		3.58	%

Portfolio turnover rate		23	%		27	%		20	%		16	%		26	%

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.

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,
	2023			2022			2021			2020			2019
Net asset value, beginning of period	$	7.84		$	8.91		$	8.84		$	8.58		$	8.19
Income from Investment Operations:
Net investment income (loss) ¹		0.35			0.27			0.28			0.26			0.33
Net realized and unrealized gain (loss)		0.24			(1.34	)		(0.09	)		-			0.18
Total from investment operations		0.59			(1.07	)		0.19			0.26			0.51

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	$	8.43		$	7.84		$	8.91		$	8.84		$	8.58

Total return³		7.53	%		(12.01	)%		2.11	%		3.03	%		6.30	%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	13,985		$	6,281		$	4,219		$	4,072		$	1,532

Ratio of expenses to average net assets:
Before fees waived and expenses absorbed		1.21	%		1.23	%		1.20	%		1.21	%		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		3.82	%		2.88	%		2.83	%		2.74	%		3.47	%
After fees waived and expenses absorbed		4.13	%		3.21	%		3.13	%		3.05	%		3.83	%

Portfolio turnover rate		23	%		27	%		20	%		16	%		26	%

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 had fees not been waived by the Advisor. These returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

See accompanying Notes to Financial Statements.

EuroPac International Dividend Income Fund

FINANCIAL HIGHLIGHTS

Class A

Per share operating performance.

For a capital share outstanding throughout each period.

	For the Year Ended October 31,
	2023			2022			2021			2020			2019
Net asset value, beginning of period	$	8.42		$	9.09		$	7.62		$	7.81		$	7.47
Income from Investment Operations:
Net investment income (loss) ¹		0.29			0.32			0.19			0.14			0.19
Net realized and unrealized gain (loss)		0.20			(0.77	)		1.47			(0.19	)		0.34
Total from investment operations		0.49			(0.45	)		1.66			(0.05	)		0.53

Less Distributions:
From net investment income		(0.28	)		(0.22	)		(0.19	)		(0.14	)		(0.19	)
Total distributions		(0.28	)		(0.22	)		(0.19	)		(0.14	)		(0.19	)

Redemption fee proceeds¹		-	²		-	²		-	²		-	²		-	²
Net asset value, end of period	$	8.63		$	8.42		$	9.09		$	7.62		$	7.81

Total return³		5.68	%		(5.04	)%		21.81	%		(0.62	)%		7.10	%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	93,527		$	90,132		$	90,342		$	64,846		$	53,452

Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recovered		1.49	%		1.49	%		1.52	%		1.65	%		1.65	%
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		3.13	%		3.54	%		2.07	%		1.68	%		2.26	%
After fees waived and expenses absorbed/recovered		3.12	%		3.53	%		2.09	%		1.83	%		2.41	%

Portfolio turnover rate		8	%		24	%		6	%		18	%		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 had expenses not been waived or absorbed by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown do not include payment of sales load of 4.50% of offering price which is reduced on sales of $50,000 or more. If the sales charge was included total returns would be lower.

See accompanying Notes to Financial Statements.

EuroPac International Dividend Income Fund

FINANCIAL HIGHLIGHTS

Class I

Per share operating performance.

For a capital share outstanding throughout each period.

	For the Year Ended October 31,
	2023			2022			2021			2020			2019
Net asset value, beginning of period	$	8.43		$	9.10		$	7.63		$	7.81		$	7.48
Income from Investment Operations:
Net investment income (loss) ¹		0.31			0.34			0.21			0.16			0.20
Net realized and unrealized gain (loss)		0.21			(0.77	)		1.47			(0.19	)		0.34
Total from investment operations		0.52			(0.43	)		1.68			(0.03	)		0.54

Less Distributions:
From net investment income		(0.30	)		(0.24	)		(0.21	)		(0.16	)		(0.21	)
Total distributions		(0.30	)		(0.24	)		(0.21	)		(0.16	)		(0.21	)

Redemption fee proceeds¹		-	²		-	²		-			0.01			-
Net asset value, end of period	$	8.65		$	8.43		$	9.10		$	7.63		$	7.81

Total return³		6.06	%		(4.79	)%		22.07	%		(0.23	)%		7.22	%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	22,382		$	14,502		$	4,284		$	1,817		$	1,108

Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recovered		1.24	%		1.24	%		1.27	%		1.40	%		1.40	%
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		3.38	%		3.79	%		2.32	%		1.93	%		2.51	%
After fees waived and expenses absorbed/recovered		3.37	%		3.78	%		2.34	%		2.08	%		2.66	%

Portfolio turnover rate		8	%		24	%		6	%		18	%		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 had fees not been waived by the Advisor. These returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

See accompanying Notes to Financial Statements.

EP Emerging Markets Fund

FINANCIAL HIGHLIGHTS

Class A

Per share operating performance.

For a capital share outstanding throughout each period.

	For the Year Ended October 31,
	2023			2022			2021			2020			2019
Net asset value, beginning of period	$	8.43		$	15.69		$	12.15		$	10.97		$	10.72
Income from Investment Operations:
Net investment income (loss) ¹		0.12			(0.07	)		(0.12	)		(0.09	)		(0.03	)
Net realized and unrealized gain (loss)		0.33			(4.40	)		3.74			1.29			1.38
Net increase from payments by affiliates (Note 3)		-			-			-			-	^2,3		-
Total from investment operations		0.45			(4.47	)		3.62			1.20			1.35

Less Distributions:
From net investment income		(0.05	)		-			-			-			-
From net realized gain		-			(2.79	)		(0.08	)		(0.02	)		(1.10	)
Total distributions		(0.05	)		(2.79	)		(0.08	)		(0.02	)		(1.10	)

Redemption fee proceeds¹		-	²		-	²		-	²		-	²		-	²
Net asset value, end of period	$	8.83		$	8.43		$	15.69		$	12.15		$	10.97

Total return⁴		5.26	%		(34.57	)%		29.87	%		10.91	%		13.90	%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	68,564		$	60,155		$	104,913		$	73,055		$	57,051

Ratio of expenses to average net assets:
Before fees waived and expenses absorbed		1.93	%		2.01	%		1.81	%		2.00	%		2.07	%
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		1.08	%		(0.91	)%		(0.85	)%		(1.03	)%		(0.62	)%
After fees waived and expenses absorbed		1.26	%		(0.65	)%		(0.79	)%		(0.78	)%		(0.30	)%

Portfolio turnover rate		71	%		31	%		47	%		49	%		45	%

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

See accompanying Notes to Financial Statements.

EP Emerging Markets Fund

FINANCIAL HIGHLIGHTS

Class I

Per share operating performance.

For a capital share outstanding throughout each period.

	For the Year Ended October 31,
	2023			2022			2021			2020			2019
Net asset value, beginning of period	$	8.70		$	16.07		$	12.41		$	11.18		$	10.88
Income from Investment Operations:
Net investment income (loss) ¹		0.15			(0.04	)		(0.09	)		(0.06	)		(0.01	)
Net realized and unrealized gain (loss)		0.33			(4.54	)		3.83			1.31			1.41
Net increase from payments by affiliates (Note 3)		-			-			-			-	^2,3		-
Total from investment operations		0.48			(4.58	)		3.74			1.25			1.40

Less Distributions:
From net investment income		(0.07	)		-			-			-			-
From net realized gain		-			(2.79	)		(0.08	)		(0.02	)		(1.10	)
Total distributions		(0.07	)		(2.79	)		(0.08	)		(0.02	)		(1.10	)

Redemption fee proceeds¹		-	²		-			-			-			-
Net asset value, end of period	$	9.11		$	8.70		$	16.07		$	12.41		$	11.18

Total return⁴		5.48	%		(34.40	)%		30.21	%		11.15	%		14.19	%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	11,855		$	5,172		$	4,448		$	1,207		$	999

Ratio of expenses to average net assets:
Before fees waived and expenses absorbed		1.68	%		1.76	%		1.56	%		1.75	%		1.82	%
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		1.33	%		(0.66	)%		(0.60	)%		(0.78	)%		(0.37	)%
After fees waived and expenses absorbed		1.51	%		(0.40	)%		(0.54	)%		(0.53	)%		(0.05	)%

Portfolio turnover rate		71	%		31	%		47	%		49	%		45	%

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 had fees not been waived by the Advisor. These returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

See accompanying Notes to Financial Statements.

EuroPac Gold Fund

FINANCIAL HIGHLIGHTS

Class A

Per share operating performance.

For a capital share outstanding throughout each period.

	For the Year Ended October 31,
	2023			2022			2021			2020			2019
Net asset value, beginning of period	$	7.73		$	11.12		$	13.51		$	9.50		$	7.40
Income from Investment Operations:
Net investment income (loss) ¹		(0.02	)		(0.03	)		0.19			(0.11	)		(0.06	)
Net realized and unrealized gain (loss)		0.61			(3.10	)		(1.43	)		4.11	²		2.16
Total from investment operations		0.59			(3.13	)		(1.24	)		4.00			2.10

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

Redemption fee proceeds¹		-	³		-	³		-	³		0.01			-	³
Net asset value, end of period	$	8.32		$	7.73		$	11.12		$	13.51		$	9.50

Total return⁴		7.63	%		(28.63	)%		(10.56	)%		42.21	%		28.38	%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	162,861		$	146,737		$	203,354		$	233,630		$	102,004

Ratio of expenses to average net assets:
(including interest expense and dividends on securities sold short)
Before fees waived and expenses absorbed/recovered		1.39	%⁵		1.40	%⁵		1.40	%⁵		1.39	%⁵		1.52	%⁵
After fees waived and expenses absorbed/recovered		1.39	%⁵		1.40	%⁵		1.40	%⁵		1.46	%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		(0.19	)%		(0.30	)%		1.54	%		(0.84	)%		(0.74	)%
After fees waived and expenses absorbed/recovered		(0.19	)%		(0.30	)%		1.54	%		(0.91	)%		(0.72	)%

Portfolio turnover rate		19	%		13	%		10	%		9	%		18	%

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 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, 2023. For the prior periods, the ratios would have been lowered by 0.00%, 0.00%, 0.01% and 0.00%, respectively.

See accompanying Notes to Financial Statements.

EuroPac Gold Fund

FINANCIAL HIGHLIGHTS

Class I

Per share operating performance.

For a capital share outstanding throughout each period.

	For the Year Ended October 31,												For the Period November 20, 2018* through October 31,
	2023			2022			2021			2020			2019
Net asset value, beginning of period	$	7.77		$	11.19		$	13.59		$	9.52		$	7.23
Income from Investment Operations:
Net investment income (loss) ¹		0.01	²		-	³		0.22			(0.08	)		(0.04	)
Net realized and unrealized gain (loss)		0.61			(3.13	)		(1.45	)		4.15	⁴		2.33
Total from investment operations		0.62			(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		-	³		-	³		-	³		-	³		-
Net asset value, end of period	$	8.39		$	7.77		$	11.19		$	13.59		$	9.52

Total return⁵		7.98	%		(28.51	)%		(10.39	)%		42.75	%		31.67	%⁶

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	28,029		$	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		1.14	%⁷		1.15	%⁷		1.15	%⁷		1.14	%⁷		1.27	%^7,8
After fees waived and expenses absorbed/recovered		1.14	%⁷		1.15	%⁷		1.15	%⁷		1.21	%⁷		1.25	%^7,8
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		0.06	%		(0.05	)%		1.79	%		(0.59	)%		(0.53	)%⁸
After fees waived and expenses absorbed/recovered		0.06	%		(0.05	)%		1.79	%		(0.66	)%		(0.51	)%⁸

Portfolio turnover rate		19	%		13	%		10	%		9	%		18	%⁶

^*	Commencement of operations.
¹	Calculated based on average shares outstanding for the period.
²	Per share net investment income may not correspond with the net investment income of the Fund because Class I shares receive a relatively small portion of the Fund’s gross expenses and do not bear distribution fees.
³	Amount represents less than $0.01 per share.
⁴	Affiliate reimbursed the Fund $547 for errors during processing. The reimbursement had no impact to the Fund’s performance.
⁵	Total returns would have been lower had fees not been waived by the Advisor. These returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.
⁶	Not annualized.
⁷	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, 2023. For the prior periods, the ratios would have been lowered by 0.00%, 0.00%, 0.01% and 0.00%, respectively.
⁸	Annualized.

See accompanying Notes to Financial Statements.

Euro Pacific Funds

NOTES TO FINANCIAL STATEMENTS

October 31, 2023

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

Euro Pacific Funds

NOTES TO FINANCIAL STATEMENTS – Continued

October 31, 2023

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 rates quoted at the close of the London Stock Exchange prior to when the Funds’ NAV is next determined. Purchases and sales of investment securities, income and expenses are translated on the respective dates of such transactions.

Euro Pacific Funds

NOTES TO FINANCIAL STATEMENTS – Continued

October 31, 2023

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, 2023 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.

Euro Pacific Funds

NOTES TO FINANCIAL STATEMENTS – Continued

October 31, 2023

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

Euro Pacific Funds

NOTES TO FINANCIAL STATEMENTS – Continued

October 31, 2023

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, 2024, and it may be terminated before that date only by the Trust’s Board of Trustees. The table below contains the investment advisory fee annual rate and the expense cap by Fund and by Class.

Euro Pacific Funds

NOTES TO FINANCIAL STATEMENTS – Continued

October 31, 2023

	Investment Advisory Fees†	Total Limit on Annual Operating Expenses Class A Shares††	Total Limit on Annual Operating Expenses 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.

For the year ended October 31, 2023, the Advisor waived fees as follows:

	Advisory fees
International Bond Fund	$	161,772
Emerging Markets Fund		147,804

For the year ended October 31, 2023, the Advisor recovered $38,509 and $12,623 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, 2023, the amount of these potentially recoverable expenses was $471,768, $13,461 and $415,211 for the 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 Bond Fund		International Dividend Income Fund		Emerging Markets Fund
2024	$	152,293	$	13,461	$	64,496
2025		157,703		-		202,911
2026		161,772		-		147,804
Total	$	471,768	$	13,461	$	415,211

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, 2023 are reported on the Statements of Operations.

Euro Pacific Funds

NOTES TO FINANCIAL STATEMENTS – Continued

October 31, 2023

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, 2023, 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, 2023 are reported on the Statements of Operations.

Note 4 – Federal Income Taxes

At October 31, 2023, gross unrealized appreciation and depreciation of investments owned by the Funds, based on cost for federal income tax purposes were as follows:

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

Cost of investments	$	131,994,922		$	60,975,577		$	125,897,897		$	89,936,325		$	202,451,207

Gross unrealized appreciation	$	15,680,376		$	413,150		$	10,585,605		$	4,703,240		$	24,673,873

Gross unrealized depreciation		(16,137,753	)		(7,602,853	)		(21,020,547	)		(14,024,178	)		(36,070,159	)

Net unrealized appreciation (depreciation) on investments	$	(457,377	)	$	(7,189,703	)	$	(10,434,942	)	$	(9,293,938	)	$	(11,396,286	)

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”).

Euro Pacific Funds

NOTES TO FINANCIAL STATEMENTS – Continued

October 31, 2023

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, 2023, 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)
Funds	Paid-in Capital			Total Distributable Earnings (Accumulated Deficit)
International Value Fund	$	(7,335	)	$	7,335
International Bond Fund		(440,085	)		440,085
International Dividend Income Fund		(286	)		286
Emerging Markets Fund		416			(416	)
Gold Fund		(9,024,596	)		9,024,596

As of October 31, 2023, the components of accumulated earnings (deficit) on a tax basis were as follows:

	International Value Fund			International Bond Fund			International Dividend Income Fund			Emerging Markets Fund			Gold Fund
Undistributed ordinary income	$	131,269		$	-		$	26,392		$	267,362		$	-
Undistributed long-term gains		-			-			-			-			-
Tax accumulated earnings		131,269			-			26,392			267,362			-

Accumulated capital and other losses	$	(4,383,254	)	$	(786,045	)	$	(2,127,528	)	$	(7,784,016	)	$	(22,476,121	)
Unrealized appreciation (depreciation) on investments		(457,377	)		(7,189,703	)		(10,434,942	)		(9,293,938	)		(11,396,286	)
Unrealized appreciation (depreciation) on foreign currency translations		(23,012	)		(17,904	)		(19,834	)		1,302			(150	)
Unrealized deferred non-U.S. taxes		-			-			-			(186,573	)		-
Unrealized deferred compensation		(11,140	)		(10,355	)		(10,994	)		(12,002	)		(12,446	)
Total accumulated earnings (deficit)	$	(4,743,514	)	$	(8,004,007	)	$	(12,566,906	)	$	(17,007,865	)	$	(33,885,003	)

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

Euro Pacific Funds

NOTES TO FINANCIAL STATEMENTS – Continued

October 31, 2023

The tax character of distributions paid during the fiscal years ended October 31, 2023 and 2022 were as follows:

	International Value Fund				International Bond Fund				International Dividend Income Fund
	2023		2022		2023		2022		2023		2022
Distributions paid from:
Ordinary Income	$	3,108,823	$	1,915,969	$	-	$	-	$	3,700,640	$	2,672,975
Net long-term capital gains		-		-		-		-		-		-
Total taxable distributions		3,108,823		1,915,969		-		-		3,700,640		2,672,975
Return of Capital		-		-		-		-		-		-
Total distributions paid	$	3,108,823	$	1,915,969	$	-	$	-	$	3,700,640	$	2,672,975

	Emerging Markets Fund				Gold Fund
	2023		2022		2023		2022
Distributions paid from:
Ordinary Income	$	365,671	$	972,452	$	-	$	5,288,245
Net long-term capital gains		-		16,919,187		-		-
Total taxable distributions		365,671		17,891,639		-		5,288,245
Return of Capital		-		-		-		-
Total distributions paid	$	365,671	$	17,891,639	$	-	$	5,288,245

At October 31, 2023, the Funds had accumulated capital loss carry forwards as follows:

	Capital Loss Carryforward Not Subject to Expiration
Fund	Short-Term		Long-Term		Total
International Value Fund	$	1,306,947	$	3,076,307	$	4,383,254
International Bond Fund		107,303		678,742		786,045
International Dividend Income Fund		1,043,787		1,083,741		2,127,528
Emerging Markets Fund*		1,048,533		6,735,483		7,784,016
Gold Fund		3,637,380		18,428,187		22,065,567

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, 2023, the International Value Income Fund, International Bond Fund, International Dividend Income Fund, Emerging Markets Fund, and Gold Fund utilized $4,832,494, $172,827, $1,944,906, $0 and $0 of their capital loss carryovers, respectively.

Euro Pacific Funds

NOTES TO FINANCIAL STATEMENTS – Continued

October 31, 2023

As of October 31, 2023, the Gold Fund had qualified Late-Year Losses of $410,554 which are deferred until fiscal year 2024 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

Effective May 15, 2023, the Funds’ redemption fee was removed. Prior to May 15, 2023, the Funds imposed 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, 2023 and 2022, redemption fees were as follows:

	October 31, 2023		October 31, 2022
International Value Fund	$	6,164	$	7,145
International Bond Fund		-		1,154
International Dividend Income Fund		4,898		14,653
Emerging Markets Fund		2,911		2,297
Gold Fund		14,310		10,129

Note 6 – Investment Transactions

For the year ended October 31, 2023, purchases and sales of investments, excluding short-term investments, were as follows:

	Purchases		Sales
International Value Fund	$	28,041,298	$	18,574,876
International Bond Fund		20,320,509		10,604,269
International Dividend Income Fund		24,894,723		8,708,290
Emerging Markets Fund		63,657,286		51,851,251
Gold Fund		58,726,272		37,712,799

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, 2023, 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, 2023, for the International Value Fund, International Bond Fund, International Dividend Income Fund, Emerging Markets Fund and Gold Fund, distribution fees incurred by each Fund’s Class A shares are disclosed on the Statements of Operations.

Euro Pacific Funds

NOTES TO FINANCIAL STATEMENTS – Continued

October 31, 2023

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, 2023, in valuing the Funds’ assets carried at fair value:

Euro Pacific Funds

NOTES TO FINANCIAL STATEMENTS – Continued

October 31, 2023

International Value Fund	Level 1		Level 2		Level 3*		Total
Investments
Common Stocks
Basic Materials	$	21,532,179	$	2,710,638	$	-	$	24,242,817
Communications		7,946,649		-		-		7,946,649
Consumer, Cyclical		11,699,682		-		-		11,699,682
Consumer, Non-cyclical		49,820,504		-		-		49,820,504
Energy		9,891,500		-		-		9,891,500
Financial		6,507,033		-		-		6,507,033
Industrial		4,406,283		-		-		4,406,283
Short-Term Investments		17,023,077		-		-		17,023,077
Total Investments	$	128,826,907	$	2,710,638	$	-	$	131,537,545

International Bond Fund	Level 1		Level 2		Level 3*		Total
Investments
Common Stocks
Basic Materials	$	266	$	-	$	-	$	266
Fixed Income Securities
Basic Materials		-		2,961,492		-		2,961,492
Communications		-		1,867,609		-		1,867,609
Consumer, Cyclical		-		1,551,432		-		1,551,432
Energy		-		4,976,668		-		4,976,668
Financial		-		5,180,361		-		5,180,361
Government		-		34,022,636		-		34,022,636
Industrial		-		333,586		-		333,586
Short-Term Investments		2,891,824		-		-		2,891,824
Total Investments	$	2,892,090	$	50,893,784	$	-	$	53,785,874

International Dividend Income Fund	Level 1		Level 2		Level 3*		Total
Investments
Common Stocks
Basic Materials	$	21,292,415	$	1,259,040	$	-	$	22,551,455
Communications		13,662,822		-		-		13,662,822
Consumer, Cyclical		879,748		-		-		879,748
Consumer, Non-cyclical		24,321,955		-		-		24,321,955
Energy		15,909,169		-		-		15,909,169
Financial		10,220,958		-		-		10,220,958
Technology		938,715		-		-		938,715
Utilities		16,004,380		-		-		16,004,380
Short-Term Investments		10,973,753		-		-		10,973,753
Total Investments	$	114,203,915	$	1,259,040	$	-	$	115,462,955

Euro Pacific Funds

NOTES TO FINANCIAL STATEMENTS – Continued

October 31, 2023

Emerging Markets Fund	Level 1		Level 2		Level 3		Total
Investments
Common Stocks
Basic Materials	$	-	$	5,263,481	$	0	$	5,263,481
Communications		1,924,829		4,989,269		-		6,914,098
Consumer, Cyclical		6,794,838		6,823,134		-		13,617,972
Consumer, Non-cyclical		4,153,366		14,272,456		-		18,425,822
Energy		517,166		-		-		517,166
Financial		3,751,423		1,434,479		-		5,185,902
Industrial		862,056		9,263,808		-		10,125,864
Technology		1,561,800		5,886,833		-		7,448,633
Utilities		-		2,374,948		-		2,374,948
Short-Term Investments		10,768,501		-		-		10,768,501
Total Investments	$	30,333,979	$	50,308,408	$	0	$	80,642,387

Gold Fund	Level 1		Level 2		Level 3		Total
Investments
Common Stocks
Diversified Exploration and Mining	$	-	$	-	$	4,975,483	$	4,975,483
Gold Exploration		12,869,216		-		-		12,869,216
Gold Mining		66,199,141		-		-		66,199,141
Precious Metals Developmental		7,428,517		-		-		7,428,517
Precious Metals Exploration		7,573,545		-		-		7,573,545
Royalty Companies		67,590,363		-		-		67,590,363
Silver: Exploration and Mining		23,925,403		-		-		23,925,403
Warrants
Diversified Exploration and Mining		-		-		-		-
Gold Exploration		-		-		-		-
Precious Metals Exploration		-		-		-		-
Royalty Companies		-		-		-		-
Silver: Exploration and Mining		-		-		-		-
Short-Term Investments		493,252		-		-		493,252
Total Investments	$	186,079,437	$	-	$	4,975,483	$	191,054,920

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

Euro Pacific Funds

NOTES TO FINANCIAL STATEMENTS – Continued

October 31, 2023

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

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

	Gold Fund – Common Stocks			Gold Fund – Warrants
Beginning balance October 31, 2022	$	5,504,841		$	-
Transfers into Level 3 during the period		-			-
Transfers out of Level 3 during the period		(6,581,388	)		-
Total realized gain/(loss)		-			-
Total unrealized appreciation/(depreciation)		1,243,328			-
Net purchases		4,808,702			-
Net sales		-			-
Balance as of October 31, 2023	$	4,975,483		$	-

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, 2023:

Fair Value October 31,
2023

Valuation
Methodologies

Unobservable
Input⁽¹⁾

Input Range/
Value

Valuation
Weighted Average of
Input

Impact to
Valuation
from an
increase in
Input⁽²⁾

Emerging Markets Fund - Common Stock

Asset Approach

Estimated Recovery Proceeds

$0.00

N/A

Increase

Gold Fund - Warrants

Market Approach

Intrinsic Value

$0.00 - $0.00

N/A

Increase

Gold Fund - Common Stocks

3,244,880

Market Approach

Subscription Price

$0.54

N/A

Increase

Gold Fund - Common Stocks

1,730,603

Market Approach

Subscription Price

$1.97

N/A

Increase

Gold Fund - Common Stocks

Market Approach

Liquidity Discount

100%

N/A

Decrease

⁽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 judgements, and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security.

⁽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.

Euro Pacific Funds

NOTES TO FINANCIAL STATEMENTS – Continued

October 31, 2023

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, 2023. 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, 2023 by risk category are as follows:

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

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 2023 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 Contract
Equity contracts	$	(23,007	)	$	(146,127	)

	Gold Fund
		Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in Income
Derivatives not designated as hedging instruments		Warrants		Purchased Options Contract
Equity contracts	$	23,007	$	130,934

The number of contracts is included on the Schedule of Investments. The quarterly average volumes of derivative instruments as of October 31, 2023 are as follows:

Derivatives not designated as hedging instruments	Gold Fund
Equity contracts	Warrants	Average market value	$	52,084
	Purchased Options Contracts	Average notional value		416,400

Euro Pacific Funds

NOTES TO FINANCIAL STATEMENTS – Continued

October 31, 2023

Note 12 – Investments in Affiliated Issuers

An affiliated issuer is an entity in which the Fund has ownership of at least 5% of the voting securities or any investment in a EuroPac Fund. Issuers that are affiliates of the Fund at period-end are noted in the Fund’s Schedule of Investments. Additional security purchases and the reduction of certain securities shares outstanding of existing portfolio holdings that were not considered affiliated in prior years may result in the Fund owning in excess of 5% of the outstanding shares at period-end. The table below reflects transactions during the period with entities that are affiliates as of October 31, 2023 and may include acquisitions of new investments, prior year holdings that became affiliated during the period and prior period affiliated holdings that are no longer affiliated as of period-end:

Gold Fund
											Change in
	Value							Net			Unrealized
	Beginning							Realized			Appreciation			Value End		Dividend
	of Period		Additions		Reductions			Gain (Loss)			(Depreciation)			of Period		Income*
Common Stocks

Gold Exploration - 4.2%
Alpha Exploration Ltd. ⁽¹⁾⁽³⁾	$	-	$	2,280,390	$	-		$	-		$	(94,886	)	$	2,185,504	$	-
Heliostar Metals Ltd. ^(1)(3)(4)		15,172		3,010,675		-			-			(302,608	)		2,723,239		-
Radius Gold, Inc. ⁽¹⁾⁽³⁾		-		516,251		-			-			(25,914	)		490,337		-
Revival Gold, Inc. ⁽¹⁾⁽³⁾		802,991		2,388,728		(134,923	)		13,367			(1,119,478	)		1,950,685		-
Western Exploration, Inc. ⁽¹⁾⁽³⁾		-		1,488,183		-			-			(803,873	)		684,310		-
															8,034,075

Precious Metals Exploration - 1.5%
Magna Gold Corp. ⁽²⁾⁽³⁾		576,196		-		(153,610	)		(1,130,432	)		707,846			-		-
Midland Exploration, Inc. ⁽³⁾		1,530,125		96,174		(20,719	)		(20,079	)		144,747			1,730,248		-
Mundoro Capital, Inc. ⁽³⁾		836,213		374,876		-			-			(33,268	)		1,177,821		-
															2,908,069

Royalty Companies - 0.0%
Elemental Altus Royalties Corp. ⁽²⁾⁽³⁾		6,202,514		1,009,600		(7,528,217	)		(5,215	)		321,318			-		-
															-

Total								$	(1,142,359)		$	(1,206,116)		$	10,942,144	$	-

(1)

Not an affiliate at the beginning of the period.

(2)

Not an affiliate at the end of the period.

(3)

Non Income Producing

(4)

Securities noted are exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted.

These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

Net of foreign withholding taxes.

Euro Pacific Funds

NOTES TO FINANCIAL STATEMENTS – Continued

October 31, 2023

	Shares									Shares
	Beginning							Stock		End
	of Period		Purchases		Sales			Split		of Period
Common Stocks

Gold Exploration - 4.2%
Alpha Exploration Ltd. ⁽¹⁾⁽³⁾		-		4,457,142		-			-		4,457,142
Heliostar Metals Ltd. ^(1)(3)(4)		78,000		13,173,188		-			-		13,251,188
Radius Gold, Inc. ⁽¹⁾⁽³⁾		-		4,000,000		-			-		4,000,000
Revival Gold, Inc. ⁽¹⁾⁽³⁾		1,736,500		6,372,000		(152,000	)		-		7,956,500
Western Exploration, Inc. ⁽¹⁾⁽³⁾		-		1,300,000		-			-		1,300,000

Precious Metals Exploration - 1.5%
Magna Gold Corp. ⁽²⁾⁽³⁾		5,233,400		-		(5,233,400	)		-		-
Midland Exploration, Inc. ⁽³⁾		5,485,900		200,000		(40,000	)		-		5,645,900
Mundoro Capital, Inc. ⁽³⁾		6,329,204		2,500,000		-			-		8,829,204

Royalty Companies - 0.0%
Elemental Altus Royalties Corp. ⁽²⁾⁽³⁾		6,601,800		1,000,000		(20,000	)		-		7,581,800

Note 13 – Market Disruption and Geopolitical Risks

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

Note 14 – New Accounting Pronouncement

Effective January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information deemed important for retail investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in the funds’ streamlined shareholder reports but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these rule and form amendment changes on the content of the current shareholder report and the newly created annual and semiannual streamlined shareholder reports.

Euro Pacific Funds

NOTES TO FINANCIAL STATEMENTS – Continued

October 31, 2023

In October 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). Rule 18f-4 will impose limits on the amount of derivatives a Fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and require funds whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Funds have adopted procedures in accordance with Rule 18f-4.

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 have adopted procedures in accordance with Rule 2a-5.

In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in the ASU provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate and other interbank-offered based reference rates as of the end of 2021. The ASU is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848, which extends the period through December 31, 2024. Management has reviewed the requirements and believes the adoption of these ASUs will not have a material impact on the financial statements.

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.

Euro Pacific Funds

NOTES TO FINANCIAL STATEMENTS – Continued

October 31, 2023

The Funds declared the payment of a distribution to be paid, on December 8, 2023, to shareholders of record on December 7, 2023 as follows:

Long Term Capital Gain

Short Term Capital Gain

Income

International Value Fund

Class A Shares

None

0.04288

International Value Fund

Class I Shares

None

0.04891

International Bond Fund

Class A Shares

None

0.18802

International Bond Fund

Class I Shares

None

0.19157

International Dividend Income Fund

Class A Shares

None

0.06157

International Dividend Income Fund

Class I Shares

None

0.06727

Emerging Markets Fund

Class A Shares

None

0.11588

Emerging Markets Fund

Class I Shares

None

0.13998

Gold Fund

Class A Shares

None

Gold Fund

Class I Shares

None

Effectively, December 31, 2023 the Fund’s distributor changed from IMST Distributors, LLC to UMB Distribution Services, LLC.

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

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of

Investment Managers Series Trust

and the Shareholders of the Euro Pacific Funds

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of the EuroPac International Value Fund, EuroPac International Bond Fund, EuroPac International Dividend Income Fund, EP Emerging Markets Fund and EuroPac Gold Fund (the “Funds”), each a series of Investment Managers Series Trust, including the schedules of investments, as of October 31, 2023, 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, 2023, 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, 2023 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 29, 2023

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%, 100% and 0%, respectively, as qualified dividend income paid during the fiscal year ended October 31, 2023.

Corporate Dividends Received Deduction

For the fiscal year ended October 31, 2023, 7.64%, 0%, 4.84%, 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 $3,024,202 and $3,602,586 of income derived from foreign sources and $401,373 and $358,824, respectively, of foreign taxes paid for the fiscal year ended October 31, 2023.

Of the ordinary income (including short-term capital gain) distributions made (or to be made) for the fiscal year ended October 31, 2023, the proportionate share of income derived from foreign sources and foreign taxes paid attributable to one share of stock are:

	Foreign Source Income		Foreign Taxes Paid
International Value Fund	$	0.2105	$	0.0279
International Dividend Income Fund	$	0.2684	$	0.0267

Euro Pacific Funds

SUPPLEMENTAL INFORMATION (Unaudited) - Continued

Trustees and Officers Information

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

Name, Address, Year of Birth and Position(s) held with Trust	Term of Office^c and Length of Time Served	Principal Occupation During the Past Five Years and Other Affiliations	Number of Portfolios in the Fund Complex Overseen by Trustee^d	Other Directorships Held by Trustee^e
“Independent” Trustees:
Charles H. Miller ^a (born 1947) Trustee	Since November 2007	Retired (2013 – present); Executive Vice President, Client Management and Development, Access Data, a Broadridge company, a provider of technology and services to asset management firms (1997 – 2012).	5	None.
Ashley Toomey Rabun ^a (born 1952) Trustee and Chairperson of the Board	Since November 2007	Retired (2016 – present); President and Founder, InvestorReach, Inc., a financial services consulting firm (1996 – 2015).	5	Select Sector SPDR Trust, a registered investment company (includes 11 portfolios).
William H. Young ^a (born 1950) Trustee	Since November 2007	Retired (2014 – present); Independent financial services consultant (1996 – 2014); Interim CEO, Unified Fund Services Inc. (now Huntington Fund Services), a mutual fund service provider (2003 – 2006); Senior Vice President, Oppenheimer Management Company (1983 – 1996); Chairman, NICSA, an investment management trade association (1993 – 1996).	5	None.
James E. Ross ^a (born 1965) Trustee	Since December 2022	Non-Executive Chairman and Director, Fusion Acquisition Corp. II, a special purpose acquisition company (March 2021 – present); Non-Executive Chairman and Director, Fusion Acquisition Corp., a special purpose acquisition company (June 2020 – September 2021); Executive Vice President, State Street Global Advisors, a global asset management firm (2012 – March 2020); Chairman and Director, SSGA Funds Management, Inc., a registered investment advisor (2005 – March 2020); Chief Executive Officer, Manager and Director, SSGA Funds Distributor, LLC, a broker-dealer (2017 – March 2020).	5	SPDR Index Shares Funds, a registered investment company (includes 26 portfolios); SPDR Series Trust, a registered investment company (includes 125 portfolios); Select Sector SPDR Trust, a registered investment company (includes 11 portfolios); SSGA Active Trust, a registered investment company (includes 14 portfolios); Fusion Acquisition Corp II.

Euro Pacific Funds

SUPPLEMENTAL INFORMATION (Unaudited) - Continued

Name, Address, Year of Birth and Position(s) held with Trust	Term of Office^c and Length of Time Served	Principal Occupation During the Past Five Years and Other Affiliations	Number of Portfolios in the Fund Complex Overseen by Trustee^d	Other Directorships Held by Trustee^e
Interested Trustee:
Maureen Quill ^{a , *} (born 1963) Trustee and President	Since June 2019	President, Investment Managers Series Trust (June 2014 – present); EVP/Executive Director Registered Funds (January 2018 – present), Chief Operating Officer (June 2014 – January 2018), and Executive Vice President (January 2007 – June 2014), UMB Fund Services, Inc.; President, UMB Distribution Services (March 2013 – December 2020); Vice President, Investment Managers Series Trust (December 2013 – June 2014).	5	FPA Funds Trust (includes 2 portfolios), Bragg Capital Trust (includes 2 portfolios), FPA New Income, Inc. and FPA U.S. Core Equity Fund, Inc., each a registered investment company; Source Capital, Inc., a closed-end investment company.
Officers of the Trust:
Rita Dam ^b (born 1966) Treasurer and Assistant Secretary	Since December 2007	Co-Chief Executive Officer (2016 – present), and Vice President (2006 – 2015), Mutual Fund Administration, LLC; Co-President, Foothill Capital Management, LLC, a registered investment advisor (2018 – 2022).	N/A	N/A
Joy Ausili ^b (born 1966) Vice President, Assistant Secretary and Assistant Treasurer	Since March 2016	Co-Chief Executive Officer (2016 – present), and Vice President (2006 – 2015), Mutual Fund Administration, LLC; Co-President, Foothill Capital Management, LLC, a registered investment advisor (2018 – present); Secretary and Assistant Treasurer, Investment Managers Series Trust (December 2007 – March 2016).	N/A	N/A

Euro Pacific Funds

SUPPLEMENTAL INFORMATION (Unaudited) - Continued

Name, Address, Year of Birth and Position(s) held with Trust	Term of Office^c and Length of Time Served	Principal Occupation During the Past Five Years and Other Affiliations	Number of Portfolios in the Fund Complex Overseen by Trustee^d	Other Directorships Held by Trustee^e
Officers of the Trust:
Diane Drake ^b (born 1967) Secretary	Since March 2016	Senior Counsel, Mutual Fund Administration, LLC (October 2015 – present); Chief Compliance Officer, Foothill Capital Management, LLC, a registered investment advisor (2018 – 2019).	N/A	N/A
Martin Dziura ^b (born 1959) Chief Compliance Officer	Since June 2014	Principal, Dziura Compliance Consulting, LLC (October 2014 – present); Managing Director, Cipperman Compliance Services (2010 – September 2014); Chief Compliance Officer, Hanlon Investment Management (2009 – 2010); and Vice President − Compliance, Morgan Stanley Investment Management (2000 − 2009).	N/A	N/A

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

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.

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

The Trust is comprised of 44 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.

“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.

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

Euro Pacific Funds

EXPENSE EXAMPLES

For the Six Months Ended October 31, 2023 (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, 2023 to October 31, 2023.

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 Account Value	Ending Account Value	Expenses Paid During Period*
Actual Performance	5/1/23	10/31/23	5/1/23 – 10/31/23
Class A	$1,000.00	$ 920.90	$ 8.31
Class I	1,000.00	921.30	7.13
Hypothetical (5% annual return before expenses)
Class A	1,000.00	1,016.56	8.72
Class I	1,000.00	1,017.79	7.48

Expenses are equal to the Fund’s annualized expense ratios of 1.72% and 1.47% for Class A and Class I shares, respectively, multiplied by the average account values over the period, multiplied by 184/365 (to reflect the six-month period). The expense ratios reflect a recovery of previously waived fees. Assumes all dividends and distributions were reinvested.

Euro Pacific Funds

EXPENSE EXAMPLES - Continued

For the Six Months Ended October 31, 2023 (Unaudited)

EuroPac International Bond Fund	Beginning Account Value	Ending Account Value	Expenses Paid During Period*
Actual Performance	5/1/23	10/31/23	5/1/23 – 10/31/23
Class A	$1,000.00	$ 983.40	$ 5.75
Class I	1,000.00	984.80	4.50
Hypothetical (5% annual return before expenses)
Class A	1,000.00	1,019.41	5.85
Class I	1,000.00	1,015.31	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 Account Value	Ending Account Value	Expenses Paid During Period*
Actual Performance	5/1/23	10/31/23	5/1/23 – 10/31/23
Class A	$1,000.00	$ 897.10	$ 7.18
Class I	1,000.00	899.40	5.99
Hypothetical (5% annual return before expenses)
Class A	1,000.00	1,017.63	7.64
Class I	1,000.00	1,018.89	6.37

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 Account Value	Ending Account Value	Expenses Paid During Period*
Actual Performance	5/1/23	10/31/23	5/1/23 – 10/31/23
Class A	$1,000.00	$ 938.40	$ 8.56
Class I	1,000.00	939.20	7.34
Hypothetical (5% annual return before expenses)
Class A	1,000.00	1,016.38	8.90
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 an expense waiver. Assumes all dividends and distributions were reinvested.

Euro Pacific Funds

EXPENSE EXAMPLES - Continued

For the Six Months Ended October 31, 2023 (Unaudited)

EuroPac Gold Fund	Beginning Account Value	Ending Account Value	Expenses Paid During Period*
Actual Performance	5/1/23	10/31/23	5/1/23 – 10/31/23
Class A	$1,000.00	$ 787.10	$ 6.21
Class I	1,000.00	1,018.26	7.01
Hypothetical (5% annual return before expenses)
Class A	1,000.00	787.80	5.10
Class I	1,000.00	1,019.51	5.76

Expenses are equal to the Fund’s annualized expense ratios of 1.38% and 1.13% for Class A and Class I shares, respectively, multiplied by the average account values over the period, multiplied by 184/365 (to reflect the six- month period). Assumes all dividends and distributions were reinvested.

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Euro Pacific Funds

Each a series of Investment Managers Series Trust

Investment Advisor

Euro Pacific Asset Management, LLC

Suite 204, Lots 81-82

Street C

Dorado, Puerto Rico 00646

Independent Registered Public Accounting Firm

Tait, Weller & Baker LLP

Two Liberty Place

50 South 16^th Street, Suite 2900

Philadelphia, Pennsylvania 19102

Custodian

UMB Bank, n.a.

928 Grand Boulevard, 5^th 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

UMB Distribution Services, LLC.

235 West Galena Street

Milwaukee, Wisconsin 53212

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

Item 2. Code of Ethics.

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

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

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

	FYE 10/31/2023	FYE 10/31/2022
Audit Fees	$77,625	$72,000
Audit-Related Fees	N/A	N/A
Tax Fees	$14,000	$14,000
All Other Fees	N/A	N/A

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

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

	FYE 10/31/2023	FYE 10/31/2022
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

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

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

Non-Audit Related Fees	FYE 10/31/2023	FYE 10/31/2022
Registrant	N/A	N/A
Registrant’s Investment Advisor	N/A	N/A

Item 5. Audit Committee of Listed Registrants.

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

(b) Not applicable.

Item 6. Investments.

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

(b) Not Applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

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

Item 11. Controls and Procedures.

(a)

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

(b)

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)

(1) Any code of ethics or amendment thereto, that is subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Incorporated by reference to the Registrant’s Form N-CSR filed June 8, 2018.

(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

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

(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.

(b)

Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	(Registrant)	Investment Managers Series Trust

	By (Signature and Title)	/s/ Maureen Quill
		Maureen Quill, President/Chief Executive Officer

	Date	01/09/2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

	By (Signature and Title)	/s/ Maureen Quill
		Maureen Quill, President/Chief Executive Officer

	Date	01/09/2024

	By (Signature and Title)	/s/ Rita Dam
		Rita Dam, Treasurer/Chief Financial Officer

	Date	01/09/2024