EuroPac Gold Fund

SCHEDULE OF INVESTMENTS

As of January 31, 2026 (Unaudited)

 

 

Number
of Shares		      Value 
     COMMON STOCKS — 91.5%     
     DIVERSIFIED EXPLORATION AND MINING — 2.9%     
 880,000   Carbon Neutral1,2,3  $2,988,911 
 3,600,000   Errington Metals, Inc.1,2,3   2,643,754 
 677,333   Fuerte Metals Corp.*,2   3,277,981 
 7,467,000   Gold Hart Copper Corp.*,2,4   1,590,240 
 9,970,020   Nuvau Minerals, Inc.*,2,4   6,443,136 
 600,000   Western Copper & Gold Corp.*   1,914,000 
         18,858,022 
     GOLD EXPLORATION — 13.0%     
 6,836,084   Alpha Exploration Ltd.*,2,4   2,510,129 
 10,690,428   Aurion Resources Ltd.*,2,4   11,383,653 
 2,524,658   Dakota Gold Corp.*   15,122,701 
 3,920,500   Dryden Gold Corp.*,2   1,122,857 
 7,300,000   Dryden Gold Corp.*,1,2   2,090,769 
 15,534,097   Heliostar Metals Ltd.*,2,4   32,626,509 
 264,503   Ivanhoe Electric, Inc.*   4,520,356 
 377,385   Mogotes Metals Inc.*,1,2   116,400 
 8,490,000   Mogotes Metals, Inc.*,2   2,618,639 
 8,216,000   Newcore Gold Ltd.*,2   4,706,235 
 3,100,000   Radius Gold, Inc.*,2   364,251 
 4,370,000   Revival Gold, Inc.*,2   2,535,287 
 15,919,833   Scorpio Gold Corp.*,2   4,676,458 
 211,100   Western Exploration, Inc.*,2   144,175 
         84,538,419 
     GOLD MINING — 27.7%     
 224,940   Agnico Eagle Mines Ltd.   42,851,070 
 3,000   Alamos Gold, Inc. - Class A   110,700 
 226,868   AngloGold Ashanti Ltd. - ADR   21,069,231 
 4,425,229   B2Gold Corp.   21,683,622 
 901,000   B2Gold Corp.2   4,386,891 
 765,392   Barrick Mining Corp.   35,047,300 
 994,400   Discovery Silver Corp.*,2   6,995,926 
 332,452   Equinox Gold Corp.*,2   4,755,941 
 1,089,035   Equinox Gold Corp.*   15,573,200 
 100,000   Hemlo Mining Corp.*,2   450,173 
 300,000   IAMGOLD Corp.*   5,454,000 
 110,000   Kinross Gold Corp.   3,471,600 
 80,749   Newmont Corp.   9,072,150 
 617,123   Orla Mining Ltd.   9,312,386 
 5,000   Polyus PJSC - GDR*,1,2,3   — 
         180,234,190 

   

 

EuroPac Gold Fund

SCHEDULE OF INVESTMENTS - Continued

As of January 31, 2026 (Unaudited)

 

 

Number
of Shares		      Value 
     COMMON STOCKS (Continued)     
     PRECIOUS METALS DEVELOPMENTAL — 0.1%     
 2,050,000   Central Nevada Gold Corp.1,3  $820,000 
           
     PRECIOUS METALS EXPLORATION — 2.2%     
 363,300   G2 Goldfields, Inc.*,2   1,766,208 
 3,647,600   Kenorland Minerals Ltd.*,2   7,500,389 
 56,500   Mayfair Gold Corp.*,2   231,112 
 5,873,900   Midland Exploration, Inc.*,2,4   2,199,963 
 8,329,204   Mundoro Capital, Inc.*,2,4   2,507,875 
         14,205,547 
     PRECIOUS METALS ROYALTIES — 1.3%     
 50,000   Summit Royalties Ltd.*,2,4   62,422 
 6,538,461   Summit Royalties Ltd.*,1,2,4   8,162,873 
         8,225,295 
     ROYALTY COMPANIES — 32.4%     
 208,459   Altius Minerals Corp.2   6,598,063 
 854,462   Elemental Altus Royalties Corp.*,2   19,100,994 
 121,506   Franco-Nevada Corp.   28,476,146 
 2,547,000   Lara Exploration Ltd.*,2,4   5,573,959 
 3,127,615   Metalla Royalty & Streaming Ltd.*,2   23,565,638 
 1,344,416   Metalla Royalty & Streaming Ltd.*   10,096,564 
 3,081,822   Orogen Royalties, Inc.*,2,4   7,264,925 
 547,265   Osisko Gold Royalties Ltd.   21,584,132 
 313,120   Osisko Gold Royalties Ltd.2   12,345,901 
 122,680   Royal Gold, Inc.   32,302,871 
 63,100   Silver Crown Royalties, Inc.*,2,4   880,444 
 71,038   Triple Flag Precious Metals Corp.   2,395,401 
 357,655   Triple Flag Precious Metals Corp.2   12,058,413 
 193,200   Wheaton Precious Metals Corp.   25,477,284 
 25,000   Wheaton Precious Metals Corp.2   3,293,493 
         211,014,228 
     SILVER: EXPLORATION AND MINING — 11.9%     
 3,584,980   Fortuna Silver Mines, Inc.*   35,061,104 
 7,049,000   Guanajuato Silver Co., Ltd.*,2   4,141,294 
 707,761   Pan American Silver Corp.   38,643,751 
         77,846,149 
     TOTAL COMMON STOCKS     
     (Cost $243,412,165)   595,741,850 

   

 

EuroPac Gold Fund

SCHEDULE OF INVESTMENTS - Continued

As of January 31, 2026 (Unaudited)

 

 

Number
of Shares		      Value 
     WARRANTS — 0.3%     
     DIVERSIFIED EXPLORATION AND MINING — 0.0%     
 3,750,000   Gold Hart Copper Corp., Strike Price 0.36 CAD, Expiration Date: March 18, 2027*,1,2  $— 
 1,000,000   Nuvau Minerals Corp., Strike Price 1.00 CAD, Expiration Date: November 13, 2026*,1,2   — 
 1,111,110   Nuvau Minerals Corp., Strike Price 1.35 CAD, Expiration Date: September 10, 2026*,1,2   — 
         — 
     GOLD EXPLORATION — 0.1%     
 535,500   Alpha Exploration Ltd., Strike Price 1.05 CAD, Expiration Date: November 13, 2026*,1,2   — 
 428,571   Alpha Exploration Ltd., Strike Price 1.05 CAD, Expiration Date: October 6, 2026*,1,2   — 
 5,000,000   Mogotes Metals, Inc., Strike Price 0.30 CAD, Expiration Date: July 22, 2027*,1,2   440,626 
 188,693   Mogotes Metals, Inc., Strike Price 0.53 CAD, Expiration Date: February 22, 2029*,1,2   — 
 650,000   Western Exploration, Inc., Strike Price 2.15 CAD, Expiration Date: June 20, 2026*,1,2   — 
         440,626 
     GOLD MINING — 0.0%     
 50,000   I-80 GOLD Corp., Strike Price 2.15 CAD, Expiration Date: November 27, 2026*,1,2   367 
           
     PRECIOUS METALS EXPLORATION — 0.1%     
 750,000   Revival Gold, Inc., Strike Price 0.72 CAD, Expiration Date: July 18, 2026*,1,2   38,555 
 2,343,750   Revival Gold, Inc., Strike Price 0.45 CAD, Expiration Date: September 17, 2027*,1,2   585,206 
         623,761 
     SILVER: EXPLORATION AND MINING — 0.1%     
 1,666,500   Guanajuato Silver Co., Ltd., Strike Price 0.45 CAD, Expiration Date: September 24, 2028*,1,2   428,343 
 1,750,000   Guanajuato Silver Co., Ltd., Strike Price 0.65 CAD, Expiration Date: December 15, 2028*,1,2   192,774 
         621,117 
     TOTAL WARRANTS     
     (Cost $—)   1,685,871 

   

 

EuroPac Gold Fund

SCHEDULE OF INVESTMENTS - Continued

As of January 31, 2026 (Unaudited)

 

 

Number
of Shares		     Value 
    SHORT-TERM INVESTMENTS — 6.6%    
 43,341,905   Federated Hermes Treasury Obligations Fund - Institutional Class, 3.50%5  $43,341,905 
     TOTAL SHORT-TERM INVESTMENTS     
     (Cost $43,341,905)   43,341,905 
           
     TOTAL INVESTMENTS — 98.4%     
     (Cost $286,754,070)   640,769,626 
     Other Assets in Excess of Liabilities — 1.6%   10,482,265 
     TOTAL NET ASSETS — 100.0%  $651,251,891 

 

ADR – American Depository Receipt

GDR – Global Depository Receipt

PJSC – Public Joint Stock Company

 

*Non-income producing security.
1Security 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 $18,508,578, which represents 2.84% of Net Assets.
2Foreign security denominated in U.S. dollars.
3Level 3 securities fair valued under procedures established by the Board of Trustees, representing 0.99% of Net Assets. The total value of these securities is $6,452,665.
4Affiliated company.
5The rate is the annualized seven-day yield at period end.
   

 

Note 12 – Investments in Affiliated Issuers

 

An affiliated issuer is an entity in which the Fund has ownership of a least 5% of the voting securities or any investment in a EuroPac Fund. Issuers that are affiliates of the Fund at period-end are noted in the Fund’s Schedule of Investments. Additional security purchases and the reduction of certain securities shares outstanding of existing portfolio holdings that were not considered affiliated in prior years may result in the Fund owning in excess of 5% of the outstanding shares at period-end. The table below reflects transactions during the period with entities that are affiliates as of January 31, 2026 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

 

   Value
Beginning
of Period		   Additions   Reductions   Net
Realized
Gain (Loss)		   Change in
Unrealized
Appreciation
(Depreciation)		   Value End
of Period		   Dividend
Income*		 
Common Stocks                                   
                                    
Diversified Exploration and Mining - 1.2%                               
Gold Hart Corp. (3)  $1,354,627   $-   $(24,189.00)  $3,009   $256,793   $1,590,240   $- 
Nuvau Minerals Corp. (3)   4,026,420    1,084,442    (142,592)   2,884    1,471,982    6,443,136    - 
                             8,033,376      
                                    
Gold Exploration - 7.1%                               
Alpha Exploration Ltd. (3)   2,676,404    -    (136,462)   (60,990)   31,177    2,510,129    - 
Aurion Resources, Ltd. (3)   7,888,035    59,933    -    -    3,435,685    11,383,653    - 
Heliostar Metals Ltd. (3)   19,037,649    392,027    (254,897)   218,859    13,232,871    32,626,509    - 
                             46,520,291      
                                    
Precious Metals Exploration - 0.7%                               
Midland Exploration, Inc. (3)   1,989,236    -    -    -    210,727    2,199,963    - 
Mundoro Capital, Inc. (3)   1,804,840    -    (84,438)   24,458    763,015    2,507,875    - 
                             4,707,838      
                                    
Precious Metals Royalties - 1.3%                               
Summit Royalties Ltd. (1)(3)   -    4,316,878    -    -    3,908,417    8,225,295    - 
                                    
Royalty Companies - 2.0%                               
Lara Exploration Ltd. (1)(3)   4,799,963    67,539    (3,076,053)   -    3,782,510    5,573,959    - 
Orogen Royalties, Inc. (3)   4,724,025    -    -    -    2,540,900    7,264,925    - 
Silver Crown Royalties, Inc. (2)(3)   782,447    -    (1,534,069)   164,826    586,796    -    - 
                             12,838,884      
                                    
Total                 $353,046   $30,220,873   $80,325,684   $- 

 

   Shares
Beginning
of Period		   Purchases   Sales   Stock
Split		   Shares
End
of Period		 
Common Stocks                         
                          
Diversified Exploration and Mining - 1.2%                         
Gold Hart Corp. (3)   7,600,000    -    (133,000)   -    7,467,000 
Nuvau Minerals Corp. (3)   8,184,720    2,000,000    (214,700)   -    9,970,020 
                          
Gold Exploration - 7.1%                         
Alpha Exploration Ltd. (3)   7,219,084    -    (383,000)   -    6,836,084 
Aurion Resources, Ltd. (3)   10,638,228    52,200    -    -    10,690,428 
Heliostar Metals Ltd. (3)   14,591,370    1,072,727    (130,000)   -    15,534,097 
                          
Precious Metals Exploration - 0.7%                         
Midland Exploration, Inc. (3)   5,873,900    -    -    -    5,873,900 
Mundoro Capital, Inc. (3)   8,729,204    -    (400,000)   -    8,329,204 
                          
Precious Metals Royalties - 1.3%                         
Summit Royalties Ltd. (1)(3)   -    6,588,461    -    -    6,588,461 
                          
Royalty Companies - 2.0%                         
Lara Exploration Ltd. (1)(3)   2,512,100    34,900    -    -    2,547,000 
Orogen Royalties, Inc. (3)   3,081,822    -    -    -    3,081,822 
Silver Crown Royalties, Inc. (2)(3)   187,600    -    (124,500)   -    63,100 

 

(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.