UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-21719

INVESTMENT MANAGERS SERIES TRUST

(Exact name of registrant as specified in charter)

235 W. Galena Street

Milwaukee, WI 53212

(Address of principal executive offices) (Zip code)

Diane J. Drake

Mutual Fund Administration, LLC

2220 E. Route 66, Suite 226

Glendora, CA 91740

(Name and address of agent for service)

Registrant's telephone number, including area code:

(626) 385-5777

Date of fiscal year end:

October 31

Date of reporting period:

April 30, 2026

Item 1. Report to Stockholders.

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

EP Emerging Markets Fund

Class A/EPASX

SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2026

This semi-annual shareholder report contains important information about the EP Emerging Markets Fund (“Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://europacificfunds.com/our-funds/emerging-markets-fund/. You can also request this information by contacting us at (888) 558-5851.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
EP Emerging Markets Fund (Class A/EPASX)	$90	1.75%¹

¹	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$135,441,124
Total number of portfolio holdings	65
Portfolio turnover rate as of the end of the reporting period	2%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Country Allocation exclude short-term holdings, if any. The Country Allocation chart represents Common Stocks of the Fund.

Top Ten Holdings

Samsung Electronics Co., Ltd.	5.6%
Taiwan Semiconductor Manufacturing Co., Ltd.	3.8%
British American Tobacco PLC	3.2%
Astra International Tbk P.T.	3.2%
Telkom Indonesia Persero Tbk P.T.	2.9%
B3 S.A. - Brasil Bolsa Balcao	2.7%
Alibaba Group Holding Ltd.	2.4%
Vale S.A.	2.4%
Luzhou Laojiao Co., Ltd. - Class A	2.2%
Saudi Arabian Oil Co.	2.0%

Asset Allocation

Graphical Representation - Allocation 1 Chart

Country Allocation

Graphical Representation - Allocation 2 Chart

Changes in and Disagreements with Accountants

There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://europacificfunds.com/our-funds/emerging-markets-fund/. You can also request this information by contacting us at (888) 558-5851.

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 558-5851 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EP Emerging Markets Fund - Class A

EP Emerging Markets Fund

Class I/EPEIX

SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2026

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
EP Emerging Markets Fund (Class I/EPEIX)	$77	1.50%¹

¹	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$135,441,124
Total number of portfolio holdings	65
Portfolio turnover rate as of the end of the reporting period	2%

Graphical Representation of Holdings

Top Ten Holdings

Samsung Electronics Co., Ltd.	5.6%
Taiwan Semiconductor Manufacturing Co., Ltd.	3.8%
British American Tobacco PLC	3.2%
Astra International Tbk P.T.	3.2%
Telkom Indonesia Persero Tbk P.T.	2.9%
B3 S.A. - Brasil Bolsa Balcao	2.7%
Alibaba Group Holding Ltd.	2.4%
Vale S.A.	2.4%
Luzhou Laojiao Co., Ltd. - Class A	2.2%
Saudi Arabian Oil Co.	2.0%

Asset Allocation

Country Allocation

Changes in and Disagreements with Accountants

There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

Householding

EP Emerging Markets Fund - Class I

EuroPac Gold Fund

Class A/EPGFX

SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2026

This semi-annual shareholder report contains important information about the EuroPac Gold Fund (“Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://europacificfunds.com/our-funds/gold-fund/. You can also request this information by contacting us at (888) 558-5851.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
EuroPac Gold Fund (Class A/EPGFX)	$71	1.27%¹

¹	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$593,059,948
Total number of portfolio holdings	75
Portfolio turnover rate as of the end of the reporting period	6%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks of the Fund.

Top Ten Holdings

Agnico Eagle Mines Ltd.	7.1%
Pan American Silver Corp.	6.3%
Fortuna Silver Mines, Inc.	5.8%
Barrick Mining Corp.	5.0%
Franco-Nevada Corp.	4.9%
Royal Gold, Inc.	4.8%
Wheaton Precious Metals Corp.	4.3%
Heliostar Metals Ltd.	4.2%
AngloGold Ashanti Ltd. - ADR	3.9%
Aurion Resources Ltd.	3.8%

Asset Allocation

Sector Allocation

Changes in and Disagreements with Accountants

There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://europacificfunds.com/our-funds/gold-fund/. You can also request this information by contacting us at (888) 558-5851.

Householding

EuroPac Gold Fund - Class A

EuroPac Gold Fund

Class I/EPGIX

SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2026

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
EuroPac Gold Fund (Class I/EPGIX)	$57	1.02%¹

¹	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$593,059,948
Total number of portfolio holdings	75
Portfolio turnover rate as of the end of the reporting period	6%

Graphical Representation of Holdings

Top Ten Holdings

Agnico Eagle Mines Ltd.	7.1%
Pan American Silver Corp.	6.3%
Fortuna Silver Mines, Inc.	5.8%
Barrick Mining Corp.	5.0%
Franco-Nevada Corp.	4.9%
Royal Gold, Inc.	4.8%
Wheaton Precious Metals Corp.	4.3%
Heliostar Metals Ltd.	4.2%
AngloGold Ashanti Ltd. - ADR	3.9%
Aurion Resources Ltd.	3.8%

Asset Allocation

Sector Allocation

Changes in and Disagreements with Accountants

There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://europacificfunds.com/our-funds/gold-fund/. You can also request this information by contacting us at (888) 558-5851.

Householding

EuroPac Gold Fund - Class I

EuroPac International Bond Fund

Class A/EPIBX

SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2026

This semi-annual shareholder report contains important information about the EuroPac International Bond Fund (“Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://europacificfunds.com/our-funds/international-bond-fund/. You can also request this information by contacting us at (888) 558-5851.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
EuroPac International Bond Fund (Class A/EPIBX)	$57	1.15%¹

¹	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$87,673,316
Total number of portfolio holdings	60
Portfolio turnover rate as of the end of the reporting period	7%

Graphical Representation of Holdings

Top Ten Holdings

Queensland Treasury Corp., 1.750%, 7/20/2034	4.2%
Colombia Government International Bond, 9.850%, 6/28/2027	3.5%
European Investment Bank, 6.950%, 3/1/2029	3.3%
Bonos de la Tesoreria de la Republica en pesos, 6.000%, 4/1/2033	3.3%
Republic of Poland Government Bond, 5.000%, 10/25/2035	3.0%
Philippine Government International Bond, 6.250%, 1/14/2036	2.9%
Malaysia Government Bond, 2.632%, 4/15/2031	2.8%
Inter-American Development Bank, 5.100%, 11/17/2026	2.7%
Mexican Bonos, 7.750%, 11/23/2034	2.7%
International Finance Corp., 0.000%, 5/20/2030	2.3%

Asset Allocation

Country Allocation

Changes in and Disagreements with Accountants

There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://europacificfunds.com/our-funds/international-bond-fund/. You can also request this information by contacting us at (888) 558-5851.

Householding

EuroPac International Bond Fund - Class A

EuroPac International Bond Fund

Class I/EPBIX

SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2026

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
EuroPac International Bond Fund (Class I/EPBIX)	$45	0.90%¹

¹	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$87,673,316
Total number of portfolio holdings	60
Portfolio turnover rate as of the end of the reporting period	7%

Graphical Representation of Holdings

Top Ten Holdings

Queensland Treasury Corp., 1.750%, 7/20/2034	4.2%
Colombia Government International Bond, 9.850%, 6/28/2027	3.5%
European Investment Bank, 6.950%, 3/1/2029	3.3%
Bonos de la Tesoreria de la Republica en pesos, 6.000%, 4/1/2033	3.3%
Republic of Poland Government Bond, 5.000%, 10/25/2035	3.0%
Philippine Government International Bond, 6.250%, 1/14/2036	2.9%
Malaysia Government Bond, 2.632%, 4/15/2031	2.8%
Inter-American Development Bank, 5.100%, 11/17/2026	2.7%
Mexican Bonos, 7.750%, 11/23/2034	2.7%
International Finance Corp., 0.000%, 5/20/2030	2.3%

Asset Allocation

Country Allocation

Changes in and Disagreements with Accountants

There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://europacificfunds.com/our-funds/international-bond-fund/. You can also request this information by contacting us at (888) 558-5851.

Householding

EuroPac International Bond Fund - Class I

EuroPac International
Dividend Income Fund

Class A/EPDPX

SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2026

This semi-annual shareholder report contains important information about the EuroPac International Dividend Income Fund (“Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://europacificfunds.com/our-funds/international-dividend-fund/. You can also request this information by contacting us at (888) 558-5851.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
EuroPac International Dividend Income Fund (Class A/EPDPX)	$77	1.39%¹

¹	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$250,567,457
Total number of portfolio holdings	72
Portfolio turnover rate as of the end of the reporting period	7%

Graphical Representation of Holdings

Top Ten Holdings

Vodafone Group PLC	3.8%
British American Tobacco PLC - ADR	3.5%
SK Telecom Co., Ltd. - ADR	3.0%
Barrick Mining Corp.	2.4%
Samsung Electronics Co., Ltd. - GDR	2.2%
TotalEnergies S.E. - ADR	2.2%
IAMGOLD Corp.	2.0%
Nokia Oyj	2.0%
Engie S.A.	2.0%
Eni S.p.A.	1.9%

Asset Allocation

Country Allocation

Changes in and Disagreements with Accountants

There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://europacificfunds.com/our-funds/international-dividend-fund/. You can also request this information by contacting us at (888) 558-5851.

Householding

EuroPac International Dividend Income Fund - Class A

EuroPac International
Dividend Income Fund

Class I/EPDIX

SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2026

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
EuroPac International Dividend Income Fund (Class I/EPDIX)	$63	1.14%¹

¹	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$250,567,457
Total number of portfolio holdings	72
Portfolio turnover rate as of the end of the reporting period	7%

Graphical Representation of Holdings

Top Ten Holdings

Vodafone Group PLC	3.8%
British American Tobacco PLC - ADR	3.5%
SK Telecom Co., Ltd. - ADR	3.0%
Barrick Mining Corp.	2.4%
Samsung Electronics Co., Ltd. - GDR	2.2%
TotalEnergies S.E. - ADR	2.2%
IAMGOLD Corp.	2.0%
Nokia Oyj	2.0%
Engie S.A.	2.0%
Eni S.p.A.	1.9%

Asset Allocation

Country Allocation

Changes in and Disagreements with Accountants

There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://europacificfunds.com/our-funds/international-dividend-fund/. You can also request this information by contacting us at (888) 558-5851.

Householding

EuroPac International Dividend Income Fund - Class I

EuroPac International Value Fund

Class A/EPIVX

SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2026

This semi-annual shareholder report contains important information about the EuroPac International Value Fund (“Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://europacificfunds.com/our-funds/international-value-fund/. You can also request this information by contacting us at (888) 558-5851.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
EuroPac International Value Fund (Class A/EPIVX)	$86	1.63%¹

¹	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$203,697,809
Total number of portfolio holdings	44
Portfolio turnover rate as of the end of the reporting period	1%

Graphical Representation of Holdings

Top Ten Holdings

British American Tobacco PLC - ADR	5.8%
Novo Nordisk A/S - ADR	5.4%
Agnico Eagle Mines Ltd.	5.1%
IAMGOLD Corp.	5.0%
Evolution A.B.	4.8%
Kinross Gold Corp.	4.4%
Dassault Systemes S.E.	4.4%
Newmont Corp. - CDI	3.9%
Barrick Mining Corp.	3.9%
Franco-Nevada Corp.	3.4%

Asset Allocation

Country Allocation

Changes in and Disagreements with Accountants

There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://europacificfunds.com/our-funds/international-value-fund/. You can also request this information by contacting us at (888) 558-5851.

Householding

EuroPac International Value Fund - Class A

EuroPac International Value Fund

Class I/EPVIX

SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2026

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
EuroPac International Value Fund (Class I/EPVIX)	$73	1.38%¹

¹	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$203,697,809
Total number of portfolio holdings	44
Portfolio turnover rate as of the end of the reporting period	1%

Graphical Representation of Holdings

Top Ten Holdings

British American Tobacco PLC - ADR	5.8%
Novo Nordisk A/S - ADR	5.4%
Agnico Eagle Mines Ltd.	5.1%
IAMGOLD Corp.	5.0%
Evolution A.B.	4.8%
Kinross Gold Corp.	4.4%
Dassault Systemes S.E.	4.4%
Newmont Corp. - CDI	3.9%
Barrick Mining Corp.	3.9%
Franco-Nevada Corp.	3.4%

Asset Allocation

Country Allocation

Changes in and Disagreements with Accountants

There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://europacificfunds.com/our-funds/international-value-fund/. You can also request this information by contacting us at (888) 558-5851.

Householding

EuroPac International Value Fund - Class I

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

This report and the financial statements contained herein are provided for the general information of the shareholders of the Euro Pacific Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective shareholder report and prospectus.

²Security 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 $2,781,459, which represents 2.05% of Net Assets.

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.

⁷ If excise tax expense and interest expense had been excluded, the expense ratios would have remained unchanged for the years ended October 31, 2025 and 2024.

EuroPac International Value Fund (the ‘‘International Value Fund’’), EuroPac International Bond Fund (the “International Bond Fund”), EuroPac International Dividend Income Fund (the “International Dividend Income Fund”), EP Emerging Markets Fund (the “Emerging Markets Fund”) and EuroPac Gold Fund (the “Gold Fund”) (each a “Fund” and collectively the ‘‘Funds’’) are organized as a diversified series of Investment Managers Series Trust, a Delaware statutory trust (the “Trust”) which is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The International Value Fund commenced operations on April 7, 2010, and its primary investment objective is to provide income and long-term capital appreciation. The International Bond Fund commenced operations on November 15, 2010, and its primary investment objective is to provide current income and capital appreciation. The International Dividend Income Fund commenced operations on January 10, 2014, and its primary investment objective is to seek income and maximize growth of income. The Emerging Markets Fund commenced operations on December 1, 2010, and its primary investment objective is to provide long-term capital appreciation. The Gold Fund commenced operations on July 19, 2013, and its primary investment objective is to provide long-term capital appreciation. The International Value Fund, International Bond Fund, International Dividend Income Fund, Emerging Markets Fund and Gold Fund are authorized to issue two classes of shares: Class A shares and Class I shares. The Class I shares commenced operations on July 16, 2013 in the International Value Fund, International Bond Fund and Emerging Markets Fund. The Class I shares commenced operations on November 20, 2018 in the Gold Fund.

The shares of each class represent an interest in the same portfolio of investments of the Fund and have equal rights as to voting, redemptions, dividends and liquidation, subject to the approval of the Trustees. Income, expenses (other than expenses attributable to a specific class) and realized and unrealized gains and losses on investments are allocated to each class of shares in proportion to their relative net assets. Shareholders of a class that bears distribution and service expenses under the terms of a distribution plan have exclusive voting rights to that distribution plan.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies.”

Each Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by the Advisor to make investment decisions, and the results of the operations, as shown on the Statements of Operations and the Financial Highlights for each Fund is the information utilized for the day-to-day management of the Funds. Each Fund is party to the expense agreements as disclosed in the Notes to the Financial Statements and there are no resources allocated to the Fund based on performance measurements. The management of the Fund’s Advisor is deemed to be the Chief Operating Decision Maker (“CODM”) with respect to the Funds’ investment decisions.

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.

Each Fund value equity securities at the last reported sale price on the principal exchange or in the principal over the counter (“OTC”) market in which such securities are traded, as of the close of regular trading on the NYSE on the day the securities are being valued or, if the last-quoted sales price is not readily available, the securities will be valued at the last bid or the mean between the last available bid and ask price. Securities traded on the NASDAQ are valued at the NASDAQ Official Closing Price (“NOCP”). Investments in open-end investment companies are valued at the daily closing net asset value of the respective investment company. Debt securities are valued by utilizing a price supplied by independent pricing service providers. The independent pricing service providers may use various valuation methodologies including matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. These models generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions. If a price is not readily available for a portfolio security, the security will be valued at fair value (the amount which the Fund might reasonably expect to receive for the security upon its current sale) as determined in good faith by the Fund’s advisor, subject to review and approval by the Valuation Committee, pursuant to procedures adopted by the Board of Trustees. The actions of the Valuation Committee are subsequently reviewed by the Board at its next regularly scheduled board meeting. The Valuation Committee meets as needed. The Valuation Committee is comprised of all the Trustees, but action may be taken by any one of the Trustees.

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

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

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.

The Funds’ records are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the reporting period. The currencies are translated into U.S. dollars by using the exchange rates quoted at the close of the London Stock Exchange prior to when the Funds’ NAV is next determined. Purchases and sales of investment securities, income and expenses are translated on the respective dates of such transactions.

The Funds do not isolate that portion of their net realized and unrealized gains and losses on investments resulting from changes in foreign exchange rates from the impact arising from changes in market prices. Such fluctuations are included with net realized and unrealized gain or loss from investments and foreign currency.

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

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

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

The Income Tax Statement requires management of the Funds to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Funds’ current tax year, as defined by the IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of April 30, 2026 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.

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.

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.

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.

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.

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, 2027, 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.

For the six months ended April 30, 2026, the Advisor recovered $2,623 of previously waived advisory fees and/or other expenses absorbed from the Emerging Markets Fund.

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 in effect at the time such fees were waived or payments made, or (b) the expense limitation in effect at the time of the reimbursement. At April 30, 2026, the amount of these potentially recoverable expenses was $577,067 and $323,837 for the International Bond Fund and Emerging Markets Fund, respectively. The potential recoverable amount is noted as “Commitments and contingencies” as reported on the Statements of Assets and Liabilities. The Advisor may recapture all or a portion of the amounts no later than October 31st of the years stated below:

UMB Fund Services, Inc. (“UMBFS”) serves as the Funds’ fund accountant, transfer agent and co-administrator; and Mutual Fund Administration, LLC (“MFAC”) serves as the Funds’ other co-administrator. UMB Bank, N.A., an affiliate of UMBFS, serves as the Funds’ custodian. The Funds’ allocated fees incurred for fund accounting, fund administration, transfer agency and custody services for the six months ended April 30, 2026 are reported on the Statements of Operations.

Distribution Services, 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 six months ended April 30, 2026, the Funds’ allocated fees incurred for Trustees who are not affiliated with the Funds’ co-administrators are reported on the Statements of Operations.

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

Dziura Compliance Consulting, LLC provides Chief Compliance Officer (“CCO”) services to the Trust. The Funds’ allocated fees incurred for CCO services for the six months ended April 30, 2026 are reported on the Statements of Operations.

At April 30, 2026, gross unrealized appreciation and depreciation of investments owned by the Funds, based on cost for federal income tax purposes were as follows:

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

As of October 31, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

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

The tax character of distributions paid during the fiscal years ended October 31, 2025 and 2024 were as follows:

At October 31, 2025, the Funds had accumulated capital loss carry forwards as follows:

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, 2025, the International Value Fund, International Bond Fund, International Dividend Income Fund, Emerging Markets Fund, and Gold Fund utilized $43,371, $87,508, $0, $2,235,773 and $0 of their capital loss carryovers, respectively.

For the six months ended April 30, 2026, purchases and sales of investments, excluding short-term investments, were as follows:

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

For the six months ended April 30, 2026, 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.

The Trust, on behalf of the Funds, has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act which allows each Fund to pay distribution fees for the sale and distribution of its Class A shares. The Plan provides for the payment of distribution fees at the annual rate of up to 0.25% of each Fund’s average daily net assets attributable to Class A shares, payable to UMB Distribution Services, LLC. Class I shares are not subject to any distribution or administrative service fees under the plan.

For the six months ended April 30, 2026, 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.

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.

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:

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

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing investments are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of April 30, 2026, in valuing the Funds’ assets carried at fair value:

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.

The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of April 30, 2026:

Derivatives and Hedging requires enhanced disclosures about the Gold Fund’s derivative and hedging activities, including how such activities are accounted for and their effects on the Gold Fund’s financial position, performance and cash flows. The Gold Fund invested in warrants during the six months ended April 30, 2026. The effects of these derivative instruments on the Gold Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations are presented in the tables below. The fair values of derivative instruments as of April 30, 2026 by risk category are as follows:

The number of contracts is included on the Schedule of Investments. The quarterly average volumes of derivative instruments as of April 30, 2026 are as follows:

An affiliated issuer is an entity in which the Fund has ownership of at least 5% of the voting securities or any investment in a EuroPac Fund. Issuers that are affiliates of the Fund at period end are noted in the Fund’s Schedule of Investments. Additional security purchases and the reduction of certain securities shares outstanding of existing portfolio holdings that were not considered affiliated in prior years may result in the Fund owning in excess of 5% of the outstanding shares at period-end. The table below reflects transactions during the period with entities that are affiliates as of April 30, 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:

Certain local, regional or global events such as war, acts of terrorism, the spread of infectious illnesses 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, tariffs, 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 Fund’s performance, the performance of the securities in which the Fund invests and may lead to losses on your investment. The ultimate impact of “Market Disruptions and Geopolitical Risks” on the financial performance of the Fund’s investments is not reasonably estimable at this time. Management is actively monitoring these events.

In the reporting period, the Funds adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The standard is an annual disclosure requirement and Fund Management is evaluating the impacts of these changes to the Funds’ financial statements.

The Funds have adopted financial reporting rules regarding subsequent events which require an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. Management has evaluated the Funds’ related events and transactions that occurred through the date of issuance of the Funds’ financial statements. There were no events or transactions that occurred during this period that materially impacted the amounts or disclosures in the Funds’ financial statements.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

At an in-person meeting held on March 18, 2026, the Board of Trustees (the “Board”) of Investment Managers Series Trust (the “Trust”), including the trustees who are not “interested persons” of the Trust (the “Independent Trustees”) as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), reviewed and unanimously approved the renewal of the investment advisory agreement (the “Advisory Agreement”) between the Trust and Euro Pacific Asset Management, LLC (the “Advisor”) for an additional one-year term from when it otherwise would expire, with respect to the following series of the Trust (each a “Fund” and collectively, the “Funds”):

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

In advance of the meeting, the Board received information about the Funds and the Advisory Agreement from the Advisor and from Mutual Fund Administration, LLC and UMB Fund Services, Inc., the Trust’s co-administrators, certain portions of which are discussed below. The materials, among other things, included information about the organization and financial condition of the Advisor; information regarding the background, experience, and compensation structure of relevant personnel providing services to the Funds; information about the Advisor’s compliance policies and procedures, cybersecurity, disaster recovery and contingency planning, and policies with respect to portfolio execution and trading; information regarding the profitability of the Advisor’s overall relationship with the Funds; reports comparing the performance of each Fund with returns of its benchmark index and a group of comparable funds (each, a “Peer Group”) selected by Broadridge Financial Solutions, Inc. (“Broadridge”) from Morningstar, Inc.’s relevant category (each, a “Fund Universe”) for various periods ended December 31, 2025; and reports comparing the investment advisory fee and total expenses of each Fund with those of its Peer Group and Fund Universe. The Board also received a memorandum from legal counsel to the Trust discussing the legal standards under the 1940 Act and other applicable law for their consideration of the proposed renewal of the Advisory Agreement. In addition, the Board considered information reviewed by the Board during the year at other Board and Board committee meetings. No representatives of the Advisor were present during the Board’s consideration of the Advisory Agreement, and the Independent Trustees were represented by their legal counsel with respect to the matters considered.

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

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

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

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

The annual total expenses paid by the Fund (net of fee waivers) for the Fund’s most recent fiscal year were higher than the Peer Group and Fund Universe medians by 0.38% and 0.41%, respectively. The Trustees noted, however, that the average net assets of the Fund’s class considered by Broadridge were lower than the average net assets of corresponding classes of funds in the Peer Group, and significantly lower than the average net assets of corresponding classes of funds in the Fund Universe, and that certain of those other funds also had significant assets in other classes. The Trustees also considered the Advisor’s observation that some of the funds in the Peer Group are part of larger fund complexes and therefore could have lower expenses and/or support lower expense caps.

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

The annual total expenses paid by the Fund (net of fee waivers) for the Fund’s most recent fiscal year were higher than the Peer Group and Fund Universe medians by 0.11% and 0.15%, respectively. The Trustees noted, however, that the average net assets of the Fund’s class considered by Broadridge were significantly lower than the average net assets of corresponding classes of funds in the Peer Group and Fund Universe, and that certain of those other funds also had significant assets in other classes. The Trustees also considered that the Fund’s total expenses were not in the highest quartile of the funds in the Peer Group.

The annual total expenses paid by the Fund (net of fee waivers) for the Fund’s most recent fiscal year were higher than the Peer Group and Fund Universe medians by 0.26% and 0.32%, respectively. The Trustees considered the Advisor’s assertion that the Fund is somewhat uniquely focused on smaller, less liquid markets than the funds in the Peer Group, and that some of the funds in the Peer Group are part of larger fund complexes and therefore could have lower expenses and/or support lower expense caps. The Trustees also observed that the average net assets of the Fund’s class considered by Broadridge were lower than the average net assets of corresponding classes of funds in the Peer Group, and significantly lower than the average net assets of corresponding classes of funds in the Fund Universe, and that certain of those other funds also had significant assets in other classes.

The annual total expenses paid by the Fund (net of fee waivers) for the Fund’s most recent fiscal year were higher than the Peer Group and Fund Universe medians by 0.51% and 0.54%, respectively. The Trustees noted, however, that the average net assets of the Fund’s class considered by Broadridge were significantly lower than the average net assets of corresponding classes of funds in the Peer Group and Fund Universe, and that certain of those other funds also had significant assets in other classes. The Trustees also considered the Advisor’s observation that some of the funds in the Peer Group are part of larger fund complexes and therefore could have lower expenses and/or support lower expense caps.

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

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

The Board next considered information prepared by the Advisor relating to its costs and profits with respect to each Fund for the year ended December 31, 2025, noting that the Advisor had waived a significant portion of its advisory fee for the International Bond Fund, had waived a portion of its advisory fee for the Emerging Markets Fund, and had recouped fees it previously waived for the International Dividend Fund. Recognizing the difficulty in evaluating an investment advisor’s profitability with respect to the funds it manages in the context of an advisor with multiple lines of business, and noting that other profitability methodologies might also be reasonable, the Board and the Independent Trustees concluded that the profits of the Advisor from its relationships with the Funds were reasonable.

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

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

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

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

(a) (2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Instruction to paragraph (a)(2). Not Applicable.

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.

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.

Number of Shares			Value
		COMMON STOCKS — 92.9%
		AUSTRALIA — 1.4%
	200,000	Sonic Healthcare Ltd.	$	2,846,652

		BRAZIL — 1.1%
	750,656	Ambev S.A. - ADR		2,191,915

		CANADA — 26.6%
	55,000	Agnico Eagle Mines Ltd.		10,351,550
	40,000	Bank of Nova Scotia		3,111,897
	200,000	Barrick Mining Corp.		7,868,000
	30,000	Franco-Nevada Corp.		6,910,200
	600,000	IAMGOLD Corp. ^*		10,122,000
	300,000	Kinross Gold Corp.		9,072,000
	30,000	Nutrien Ltd.		2,280,000
	84,694	Pan American Silver Corp.		4,428,649
				54,144,296
		CHINA — 0.7%
	25,000	Tencent Holdings Ltd.		1,493,138

		DENMARK — 7.4%
	260,000	Novo Nordisk A/S - ADR		10,977,200
	30,000	Novonesis (Novozymes) B		1,841,783
	35,000	Royal Unibrew A/S		2,340,589
				15,159,572
		FRANCE — 5.7%
	400,000	Dassault Systemes S.E.		8,964,789
	25,000	Pluxee N.V.		354,166
	35,000	Societe BIC S.A.		2,403,169
				11,722,124
		GERMANY — 2.5%
	24,000	Beiersdorf A.G.		1,988,169
	100,000	Carl Zeiss Meditec A.G.		3,107,981
				5,096,150
		IRELAND — 1.5%
	17,500	Accenture PLC - Class A		3,127,425

		JAPAN — 11.0%
	40,000	BayCurrent, Inc.		1,292,836
	50,000	Chugai Pharmaceutical Co., Ltd.		2,592,060
	100,000	MonotaRO Co., Ltd.		1,186,803

Number of Shares			Value
		COMMON STOCKS (Continued)
		JAPAN (Continued)
	150,000	Nippon Shinyaku Co., Ltd.	$	4,589,442
	400,000	Ono Pharmaceutical Co., Ltd.		5,891,859
	150,000	Shoei Co., Ltd.		1,674,811
	500,000	Unicharm Corp.		2,913,034
	130,000	Yakult Honsha Co., Ltd.		2,269,011
				22,409,856
		MEXICO — 2.8%
	2,500,000	Kimberly-Clark de Mexico S.A.B. de C.V. - Class A		5,653,033

		NETHERLANDS — 1.6%
	22,000	Aalberts N.V.		833,521
	30,000	Wolters Kluwer N.V.		2,338,732
				3,172,253
		NORWAY — 2.1%
	105,000	Equinor A.S.A.		4,213,736

		SINGAPORE — 0.7%
	80,000	Singapore Exchange Ltd.		1,363,922

		SWEDEN — 4.8%
	140,000	Evolution A.B. ¹		9,740,924

		SWITZERLAND — 2.0%
	10,000	Roche Holding A.G.		4,074,738

		UNITED KINGDOM — 13.7%
	85,000	BP PLC - ADR		4,027,300
	200,000	British American Tobacco PLC - ADR		11,760,000
	225,000	Greggs PLC		4,644,509
	55,760	GSK PLC - ADR		2,916,806
	100,000	Shell PLC		4,519,953
				27,868,568
		UNITED STATES — 7.3%
	50,000	Newmont Corp.		5,554,500
	73,200	Newmont Corp. - CDI		7,921,832
	8,500	Philip Morris International, Inc.		1,403,095
				14,879,427
		TOTAL COMMON STOCKS
		(Cost $130,131,650)		189,157,729

Number of Shares			Value
		SHORT-TERM INVESTMENTS — 6.6%
	13,453,191	Federated Hermes Treasury Obligations Fund - Institutional Class, 3.473% ²	$	13,453,191
		Total Short-Term Investments
		(Cost $13,453,191)		13,453,191

		TOTAL INVESTMENTS — 99.5%
		(Cost $143,584,841)		202,610,920

		Other Assets in Excess of Liabilities — 0.5%		1,086,889
		TOTAL NET ASSETS — 100.0%	$	203,697,809

Number of Shares			Value
		COMMON STOCKS — 0.0%
		UNITED STATES — 0.0%
	118	Hycroft Mining Holding Corp. ^*	$	4,302
		TOTAL COMMON STOCKS
		(Cost $1,559,793)		4,302

Principal Amount¹
		FIXED INCOME SECURITIES — 84.9%
		ARGENTINA — 0.2%
		Argentina Treasury Bond BONCER
	19,200,000	2.000%, 11/9/2026	185,727

		AUSTRALIA — 5.3%
		Newcrest Finance Pty Ltd.
	1,000,000	5.750%, 11/15/2041²	1,000,896
		Queensland Treasury Corp.
	6,750,000	1.750%, 7/20/2034²	3,657,489
			4,658,385
		BRAZIL — 1.4%
		Brazilian Government International Bond
	6,000,000	10.250%, 1/10/2028	1,208,894

		CHILE — 3.3%
		Bonos de la Tesoreria de la Republica en pesos
	2,520,000,000	6.000%, 4/1/2033²	2,896,226

		COLOMBIA — 3.5%
		Colombia Government International Bond
	11,300,000,000	9.850%, 6/28/2027	3,059,117

		DENMARK — 3.2%
		Ccit Group A/S
	1,400,000	10.248% (3-Month Euribor + 800 basis points), 5/11/2029^2,3,4	1,643,193
		Force Bidco A/S
	1,000,000	9.662% (3-Month Euribor + 750 basis points), 4/10/2029^3,4	1,179,581
			2,822,774
		DOMINICAN REPUBLIC — 0.7%
		Dominican Republic International Bond
	37,000,000	9.750%, 6/5/2026	626,227

Item 7. Financial Statements and Financial Highlights
Schedule of Investments
EuroPac International Value Fund	1
EuroPac International Bond Fund	4
EuroPac International Dividend Income Fund	9
EP Emerging Markets Fund	13
EuroPac Gold Fund	17
Statements of Assets and Liabilities	21
Statements of Operations	25
Statements of Changes in Net Assets	27
Financial Highlights	32
Notes to Financial Statements	42
Item 8. Changes in and Disagreements with Accountants	58
Item 9. Proxy Disclosures	58
Item 10. Remuneration Paid to Directors, Officers, and Others	58
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract	58

Principal Amount¹			Value
		FIXED INCOME SECURITIES (Continued)
		FRANCE — 1.6%
		TotalEnergies S.E.
	1,200,000	3.369% ^3,5,6	$	1,408,487

		LUXEMBOURG — 3.3%
		European Investment Bank
	285,000,000	6.950%, 3/1/2029²		2,923,615

		MALAYSIA — 4.0%
		Malaysia Government Bond
	10,000,000	2.632%, 4/15/2031		2,437,003
	4,250,000	3.476%, 7/2/2035		1,063,321
				3,500,324
		MALTA — 3.9%
		Airx Group Holdings Ltd.
	1,300,000	13.000%, 9/12/2028^2,3		1,525,721
		Gentoo Media PLC
	9,000,000	9.292% (Stockholm Interbank Offered Rates 3 Month + 725 basis points), 12/18/2026^3,4		955,290
		Samara Asset Group PLC
	800,000	9.529% (3-Month Euribor + 750 basis points), 11/5/2029^2,3,4		908,457
				3,389,468
		MEXICO — 5.7%
		America Movil S.A.B. de C.V.
	27,850,000	9.500%, 1/27/2031³		1,622,242
		Mexican Bonos
	19,000,000	7.750%, 5/29/2031		1,044,702
	45,000,000	7.750%, 11/23/2034		2,361,492
				5,028,436
		NETHERLANDS — 3.6%
		Boston Bidco Netherlands B.V.
	1,400,000	8.127% (3-Month Euribor + 600 basis points), 3/31/2030^2,3,4		1,663,718
		Volkswagen International Finance N.V.
	1,300,000	3.875% ^3,5,6		1,486,954
				3,150,672
		NORWAY — 6.3%
		Aker A.S.A.
	5,000,000	6.275%, 9/27/2027		542,834
		Ax INV1 Holding A.S.
	8,750,000	7.930% (Oslo Bors Norway Interbank Offered Rate Fixing 3 Month + 375 basis points), 2/14/2030^3,4		932,638

Number of Shares			Value
		SHORT-TERM INVESTMENTS — 10.9%
	9,549,287	Federated Hermes Treasury Obligations Fund - Institutional Class, 3.473% ⁷	$	9,549,287
		Total Short-Term Investments
		(Cost $9,549,287)		9,549,287

		TOTAL INVESTMENTS — 95.8%
		(Cost $86,855,081)		84,033,124
		Other Assets in Excess of Liabilities — 4.2%		3,640,192
		TOTAL NET ASSETS — 100.0%	$	87,673,316

Number of Shares			Value
		COMMON STOCKS — 94.4%
		AUSTRALIA — 4.5%
	470,000	Evolution Mining Ltd.	$	4,026,638
	180,000	Northern Star Resources Ltd.		2,721,382
	150,000	Sonic Healthcare Ltd.		2,134,989
	630,000	Telstra Group Ltd.		2,412,959
				11,295,968
		BRAZIL — 6.8%
	700,000	Ambev S.A. - ADR		2,051,174
	1,000,000	B3 S.A. - Brasil Bolsa Balcao		3,641,100
	1,000,000	Banco Bradesco S.A. - ADR		3,880,000
	400,000	Itau Unibanco Holding S.A. - ADR		3,480,000
	250,000	Vale S.A. - ADR		4,090,000
				17,142,274
		CANADA — 16.4%
	20,000	Agnico Eagle Mines Ltd.		3,764,200
	700,000	Algonquin Power & Utilities Corp.		4,390,459
	500,000	B2Gold Corp.		2,250,000
	22,000	Bank of Nova Scotia		1,711,543
	150,000	Barrick Mining Corp.		5,901,000
	150,000	BCE, Inc.		3,564,488
	60,000	Canadian Utilities Ltd. - Class A		2,141,784
	300,000	Equinox Gold Corp.		4,188,000
	300,000	IAMGOLD Corp. ^*		5,061,000
	15,000	Nutrien Ltd.		1,140,000
	80,000	Pan American Silver Corp.		4,183,200
	50,000	Power Corp. of Canada		2,789,311
				41,084,985
		CHINA — 1.1%
	170,000	Alibaba Group Holding Ltd.		2,734,759

		DENMARK — 0.5%
	30,000	Novo Nordisk A/S - ADR		1,266,600

		FINLAND — 3.6%
	160,000	Fortum Oyj		4,026,291
	400,000	Nokia Oyj		4,978,873
				9,005,164
		FRANCE — 8.3%
	150,000	Engie S.A.		4,941,901
	4,000	LVMH Moet Hennessy Louis Vuitton S.E.		2,119,249

Number of Shares			Value
		SHORT-TERM INVESTMENTS — 5.1%
	12,734,735	Federated Hermes Treasury Obligations Fund - Institutional Class, 3.473% ²	$	12,734,735
		Total Short-Term Investments
		(Cost $12,734,735)		12,734,735

		TOTAL INVESTMENTS — 99.5%
		(Cost $172,889,698)		249,271,179
		Other Assets in Excess of Liabilities — 0.5%		1,296,278
		TOTAL NET ASSETS — 100.0%	$	250,567,457

Number of Shares			Value
		COMMON STOCKS — 91.8%
		BRAZIL — 10.2%
	750,000	Ambev S.A. - ADR	$	2,197,686
	1,000,000	B3 S.A. - Brasil Bolsa Balcao		3,641,100
	135,000	NU Holdings Ltd. - Class A ^*		1,954,800
	200,000	Vale S.A.		3,278,808
	300,000	WEG S.A.		2,717,799
				13,790,193
		CANADA — 2.0%
	600,000	B2Gold Corp.		2,700,000

		CHINA — 18.6%
	200,000	Alibaba Group Holding Ltd.		3,296,202
	300,000	Anhui Conch Cement Co., Ltd. - Class H		751,634
	250,000	ANTA Sports Products Ltd.		2,619,007
	2,700,000	China Forestry Holdings Co., Ltd. ^*,1		—
	700,000	Chongqing Fuling Zhacai Group Co., Ltd. - Class A		1,291,297
	1,750,000	CSPC Pharmaceutical Group Ltd.		1,906,757
	125,000	ENN Energy Holdings Ltd.		979,914
	499,904	Hangzhou Robam Appliances Co., Ltd. - Class A		1,314,175
	125,000	Jiangsu Yanghe Distillery Co., Ltd. - Class A		901,541
	200,000	Luzhou Laojiao Co., Ltd. - Class A		2,932,768
	100,000	Midea Group Co., Ltd. - Class A		1,189,168
	190,000	Shandong WIT Dyne Health Co., Ltd. - Class A		805,186
	35,000	Shenzhen Mindray Bio-Medical Electronics Co., Ltd. - Class A		866,063
	40,000	Tencent Holdings Ltd.		2,429,291
	110,000	Wuliangye Yibin Co., Ltd. - Class A		1,564,815
	60,000	Zhejiang Cfmoto Power Co., Ltd. - Class A		2,417,902
				25,265,720
		HONG KONG — 1.2%
	3,250,000	China Overseas Property Holdings Ltd.		1,655,270

		HUNGARY — 1.6%
	50,000	Richter Gedeon Nyrt		2,108,987

		INDIA — 3.0%
	20,000	AIA Engineering Ltd.		835,855
	400,000	Castrol India Ltd.		780,464
	50,000	GMM Pfaudler Ltd.		478,113
	300,000	Indraprastha Gas Ltd.		527,465
	55,000	Infosys Ltd. - ADR		685,300

Number of Shares			Value
		COMMON STOCKS — 99.6%
		DIVERSIFIED EXPLORATION AND MINING — 4.6%
	880,000	Carbon Neutral^1,2,3	$	2,996,172
	3,600,000	Errington Metals Corp.^*,1,2,3,4		7,950,530
	567,333	Fuerte Metals Corp.^*,2		3,963,481
	6,967,000	Gold Hart Copper Corp.^*,2		1,410,428
	9,041,520	Nuvau Minerals, Inc.^*,2,4		5,857,286
	500,000	Western Copper & Gold Corp.^*,2		1,391,343
	1,300,000	Western Copper & Gold Corp.^*		3,627,000
				27,196,240
		GOLD EXPLORATION — 10.1%
	6,450,084	Alpha Exploration Ltd.^*,2,4		2,943,943
	3,333,334	Alpha Exploration Ltd.^*,1,2,4		1,521,398
	11,790,428	Aurion Resources Ltd.^*,2,4		22,306,684
	2,924,658	Dakota Gold Corp.^*		15,734,660
	8,140,000	Dryden Gold Corp.^*,2		1,917,550
	244,503	Ivanhoe Electric, Inc.^*		3,136,973
	377,385	Mogotes Metals Inc.^*,1		69,454
	8,420,000	Mogotes Metals, Inc.^*,2		1,549,617
	9,216,000	Newcore Gold Ltd.^*,2		3,731,449
	2,900,000	Radius Gold, Inc.^*,2		288,207
	2,877,400	Revival Gold, Inc.^*,2		1,694,582
	750,000	Revival Gold, Inc.^*,1,2		441,696
	16,919,833	Scorpio Gold Corp.^*,2,4		4,234,941
				59,571,154
		GOLD MINING — 46.7%
	224,940	Agnico Eagle Mines Ltd.		42,335,957
	246,868	AngloGold Ashanti Ltd. - ADR		23,138,938
	4,825,229	B2Gold Corp.		21,713,531
	901,000	B2Gold Corp.²		4,072,541
	750,392	Barrick Mining Corp.		29,520,421
	994,400	Discovery Silver Corp.^*,2		6,134,476
	332,452	Equinox Gold Corp.²		4,645,126
	1,419,035	Equinox Gold Corp.		19,809,729
	10,000	First Majestic Silver Corp.		197,100
	3,584,980	Fortuna Silver Mines, Inc.^*		34,595,057
	40,000	Gold Fields Ltd. - ADR		1,699,200
	15,534,097	Heliostar Metals Ltd.^*,2,4		24,815,217
	321,377	IAMGOLD Corp.^*		5,421,630
	140,000	Kinross Gold Corp.		4,233,600
	319,600	Minera Alamos, Inc.^*,2		1,423,425
	60,749	Newmont Corp.		6,748,606

Number of Shares			Value
		WARRANTS — 0.1%
		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%
	1,666,667	Alpha Exploration Ltd., Strike Price 0.90 CAD, Expiration Date: December 15, 2027^*,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		—
	188,693	Mogotes Metals, Inc., Strike Price 0.53 CAD, Expiration Date: February 22, 2029^*,1,2		—
	2,343,750	Revival Gold, Inc., Strike Price 0.45 CAD, Expiration Date: September 17, 2027^*,1,2		603,881
	650,000	Western Exploration, Inc., Strike Price 2.15 CAD, Expiration Date: June 20, 2026^*,1,2		—
				603,881
		GOLD MINING — 0.0%
	50,000	I-80 GOLD Corp., Strike Price 2.15 CAD, Expiration Date: November 27, 2026^*,1,2		—

		SILVER: EXPLORATION AND MINING — 0.0%
	1,666,500	Guanajuato Silver Co., Ltd., Strike Price 0.45 CAD, Expiration Date: September 24, 2028^*,1,2		208,558
	1,750,000	Guanajuato Silver Co., Ltd., Strike Price 0.65 CAD, Expiration Date: December 15, 2028^*,1,2		—
				208,558
		TOTAL WARRANTS
		(Cost $—)		812,439

Number of Shares			Value
		SHORT-TERM INVESTMENTS — 0.1%
	475,302	Federated Hermes Treasury Obligations Fund - Institutional Class, 3.47%⁵	$	475,302
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $475,302)		475,302

		TOTAL INVESTMENTS — 99.8%
		(Cost $272,223,872)		592,085,848
		Other Assets in Excess of Liabilities — 0.2%		974,100
		TOTAL NET ASSETS — 100.0%	$	593,059,948

	EuroPac International Value Fund		EuroPac International Bond Fund		EuroPac International Dividend Income Fund
Assets:
Investments in unaffiliated issuers, at cost	$	143,584,841	$	86,855,081	$	172,889,698
Investments in affiliated issuers, at cost		-		-		-
Warrants, at cost		-		-		-
Foreign currency, at cost		-		3,266,847		2,837
Investments in unaffiliated issuers, at value	$	202,610,920	$	84,033,124	$	249,271,179
Investments in affiliated issuers, at value		-		-		-
Warrants, at value		-		-		-
Foreign currency, at value		-		3,181,557		2,852
Receivables:
Investment securities sold		-		-		-
Fund shares sold		40,929		681,490		48,404
Dividends and interest		703,373		1,518,277		695,807
Reclaims receivable		664,806		-		828,990
Prepaid expenses		28,604		21,484		44,749
Total assets		204,048,632		89,435,932		250,891,981
Liabilities:
Payables:
Segregated cash due to Broker		-		-		-
Investment securities purchased		-		1,643,193		-
Fund shares redeemed		28,735		770		30,685
Advisory fees		185,677		31,150		174,789
Shareholder servicing fees (Note 6)		8,368		8,731		6,014
Distribution fees (Note 7)		31,185		9,649		33,558
Fund accounting and administration fees		35,497		17,254		26,631
Transfer agent fees and expenses		10,957		7,497		10,273
Custody fees		4,995		3,300		492
Trustees' deferred compensation (Note 3)		25,845		23,773		25,545
Auditing fees		9,919		9,962		9,919
Chief Compliance Officer fees		1,121		1,157		1,487
Trustees' fees and expenses		878		816		1,119
Deferred non-U.S. taxes		-		-		-
Accrued other expenses		7,646		5,364		4,012
Total liabilities		350,823		1,762,616		324,524
Commitments and contingencies (Note 3)
Net Assets	$	203,697,809	$	87,673,316	$	250,567,457

	EP Emerging Markets Fund		EuroPac Gold Fund
Assets:
Investments in unaffiliated issuers, at cost	$	113,225,072	$	230,891,060
Investments in affiliated issuers, at cost		-		41,332,812
Warrants, at cost		-		-
Foreign currency, at cost		-		984,377
Investments in unaffiliated issuers, at value	$	133,444,873	$	487,839,568
Investments in affiliated issuers, at value		-		103,433,841
Warrants, at value		-		812,439
Foreign currency, at value		-		991,102
Receivables:
Investment securities sold		1,980,744		-
Fund shares sold		62,888		751,176
Dividends and interest		322,581		2,841
Reclaims receivable		-		1,365
Prepaid expenses		21,515		49,640
Total assets		135,832,601		593,881,972
Liabilities:
Payables:
Segregated cash due to Broker		-		523
Investment securities purchased		-		-
Fund shares redeemed		3,052		213,305
Advisory fees		124,506		414,380
Shareholder servicing fees (Note 6)		7,404		5,759
Distribution fees (Note 7)		20,048		74,288
Fund accounting and administration fees		22,603		49,357
Transfer agent fees and expenses		10,537		12,141
Custody fees		1,480		2,284
Trustees' deferred compensation (Note 3)		26,593		29,319
Auditing fees		10,136		12,856
Chief Compliance Officer fees		877		1,881
Trustees' fees and expenses		1,504		1,329
Deferred non-U.S. taxes		157,017		-
Accrued other expenses		5,720		4,602
Total liabilities		391,477		822,024
Commitments and contingencies (Note 3)
Net Assets	$	135,441,124	$	593,059,948

	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)	$	120,525,752	$	325,545,260
Total distributable earnings (accumulated deficit)		14,915,372		267,514,688
Net Assets	$	135,441,124	$	593,059,948

Maximum Offering Price per Share:
Class A Shares:
Net assets applicable to shares outstanding	$	100,623,213	$	338,115,495
Shares of beneficial interest issued and outstanding		8,105,171		16,339,191
Redemption price per share	$	12.41	$	20.69
Maximum sales charge (4.50% of offering price)^*		0.58		0.97
Maximum public offering price to public	$	12.99	$	21.66
Class I Shares:
Net assets applicable to shares outstanding	$	34,817,911	$	254,944,453
Shares of beneficial interest issued and outstanding		2,716,118		12,169,087
Offering and redemption price per share	$	12.82	$	20.95

	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 $208,124, $0 and $367,465, respectively)	$	2,498,702		$	-		$	3,631,531
Interest income from unaffiliated issuers (net of foreign withholding taxes of $0, $33,039 and $0, respectively)		296,889			2,371,082			188,754
Total investment income		2,795,591			2,371,082			3,820,285

Expenses:
Advisory fees		1,055,392			223,146			961,485
Shareholder servicing fees (Note 6)		73,900			28,710			90,293
Distribution fees (Note 7)		185,320			53,323			189,075
Fund accounting and administration fees		106,820			50,851			114,939
Transfer agent fees and expenses		33,848			22,625			34,636
Custody fees		17,915			18,709			21,024
Registration fees		17,684			21,593			18,167
Auditing fees		9,919			9,962			9,919
Trustees' fees and expenses		9,354			7,780			9,456
Shareholder reporting fees		8,751			7,647			10,369
Legal fees		7,648			7,647			7,418
Chief Compliance Officer fees		3,568			3,660			3,648
Miscellaneous		3,358			4,405			4,857
Insurance fees		3,026			2,445			2,471
Tax reclaim service fees		-			-			807
Total expenses		1,536,503			462,503			1,478,564
Advisory fees (waived) recovered		-			(74,459	)		-
Net expenses		1,536,503			388,044			1,478,564
Net investment income (loss)		1,259,088			1,983,038			2,341,721

Realized and Unrealized Gain (Loss) on:
Net realized gain (loss) on:
Investments in unaffiliated issuers		787,936			(122,090	)		70,418
Investments in affiliated issuers		-			-			-
Foreign currency transactions		(11,409	)		33,018			(18,847	)
Deferred non-US taxes		-			-			-
Net realized gain (loss)		776,527			(89,072	)		51,571
Net change in unrealized appreciation/depreciation on:
Investments in unaffiliated issuers		20,335,629			(759,077	)		39,054,561
Investments in affiliated issuers		-			-			-
Warrants		-			-			-
Foreign currency translations		26,904			64,243			20,675
Deferred non-U.S. taxes		-			-			-
Net change in unrealized appreciation/depreciation		20,362,533			(694,834	)		39,075,236
Net realized and unrealized gain (loss)		21,139,060			(783,906	)		39,126,807

Net Increase (Decrease) in Net Assets from Operations	$	22,398,148		$	1,199,132		$	41,468,528

	EP Emerging Markets Fund			EuroPac Gold Fund
Investment Income:
Dividend income from unaffiliated issuers (net of foreign withholding taxes of $173,885 and $231,252, respectively)	$	1,531,705		$	1,978,061
Interest income from unaffiliated issuers (net of foreign withholding taxes of $0 and $0, respectively)		135,943			433,141
Total investment income		1,667,648			2,411,202

Expenses:
Advisory fees		653,967			2,396,446
Shareholder servicing fees (Note 6)		43,670			262,191
Distribution fees (Note 7)		115,631			445,373
Fund accounting and administration fees		78,645			240,724
Transfer agent fees and expenses		31,914			56,599
Custody fees		37,733			19,883
Registration fees		16,549			25,448
Auditing fees		10,136			12,856
Trustees' fees and expenses		8,924			12,920
Shareholder reporting fees		8,076			13,956
Legal fees		6,910			9,323
Chief Compliance Officer fees		3,442			4,464
Miscellaneous		3,259			9,248
Insurance fees		2,440			3,963
Tax reclaim service fees		-			-
Total expenses		1,021,296			3,513,394
Advisory fees (waived) recovered		2,623			-
Net expenses		1,023,919			3,513,394
Net investment income (loss)		643,729			(1,102,192	)

Realized and Unrealized Gain (Loss) on:
Net realized gain (loss) on:
Investments in unaffiliated issuers		1,715,108			14,753,435
Investments in affiliated issuers		-			616,650
Foreign currency transactions		1,093			(21,795	)
Deferred non-US taxes		(242	)		-
Net realized gain (loss)		1,715,959			15,348,290
Net change in unrealized appreciation/depreciation on:
Investments in unaffiliated issuers		6,244,492			60,656,383
Investments in affiliated issuers		-			44,171,874
Warrants		-			(1,240,698	)
Foreign currency translations		8,806			8,321
Deferred non-U.S. taxes		93,465			-
Net change in unrealized appreciation/depreciation		6,346,763			103,595,880
Net realized and unrealized gain (loss)		8,062,722			118,944,170

Net Increase (Decrease) in Net Assets from Operations	$	8,706,451		$	117,841,978

	For the Six Months Ended April 30, 2026 (Unaudited)			For the Year Ended October 31, 2025
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	1,259,088		$	2,243,106
Net realized gain (loss) investments and foreign currency transactions		776,527			11,155,325
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		20,362,533			18,517,679
Net increase (decrease) in net assets resulting from operations		22,398,148			31,916,110

Distributions to Shareholders:
Distributions:
Class A		(9,520,364	)		(1,642,385	)
Class I		(2,897,667	)		(550,204	)
Total		(12,418,031	)		(2,192,589	)

Capital Transactions:
Net proceeds from shares sold:
Class A		14,319,065			9,697,947
Class I		14,353,454			9,938,992
Reinvestment of distributions:
Class A		6,111,236			1,051,311
Class I		2,853,425			540,244
Cost of shares redeemed:
Class A		(7,355,606	)		(13,066,122	)
Class I		(5,649,693	)		(12,061,465	)
Net increase (decrease) in net assets from capital transactions		24,631,881			(3,899,093	)

Total increase (decrease) in net assets		34,611,998			25,824,428

Net Assets:
Beginning of period		169,085,811			143,261,383
End of period	$	203,697,809		$	169,085,811
Capital Share Transactions:
Shares sold:
Class A		950,775			774,739
Class I		964,141			796,092
Shares reinvested:
Class A		437,409			87,823
Class I		203,528			44,936
Shares redeemed:
Class A		(507,174	)		(1,108,010	)
Class I		(385,525	)		(1,026,445	)
Net increase (decrease) in capital share transactions		1,663,154			(430,865	)

	For the Six Months Ended April 30, 2026			For the Year Ended October 31,
	(Unaudited)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	13.41		$	10.99		$	9.18		$	8.54		$	9.31		$	7.96
Income from Investment Operations:
Net investment income (loss) ¹		0.09			0.17			0.19			0.23			0.19			0.12
Net realized and unrealized gain (loss)		1.74			2.42			1.82			0.63			(0.81	)		1.36
Total from investment operations		1.83			2.59			2.01			0.86			(0.62	)		1.48

Less Distributions:
From net investment income		(0.09	)		(0.17	)		(0.20	)		(0.22	)		(0.15	)		(0.13	)
From net realized gain		(0.88	)		-			-			-			-			-
Total distributions		(0.97	)		(0.17	)		(0.20	)		(0.22	)		(0.15	)		(0.13	)

Redemption fee proceeds^1,2		-			-			-			-	³		-	³		-	³
Net asset value, end of period	$	14.27		$	13.41		$	10.99		$	9.18		$	8.54		$	9.31

Total return⁴		13.85	%⁵		23.75	%		22.02	%		9.94	%		(6.77	)%		18.64	%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	152,071		$	131,113		$	110,109		$	104,915		$	100,628		$	103,354

Ratio of expenses to average net assets:
(including tax reclaim service fees and interest expense)
Before fees waived and expenses absorbed/recovered		1.63	%⁶		1.69	%⁷		1.71	%⁷		1.70	%		1.71	%		1.71	%
After fees waived and expenses absorbed/recovered		1.63	%⁶		1.69	%⁷		1.71	%⁷		1.73	%		1.75	%		1.75	%
Ratio of net investment income (loss)
to average net assets:
Before fees waived and expenses absorbed/recovered		1.23	%⁶		1.44	%		1.87	%		2.39	%		2.08	%		1.33	%
After fees waived and expenses absorbed/recovered		1.23	%⁶		1.44	%		1.87	%		2.36	%		2.04	%		1.29	%

Portfolio turnover rate		1	%⁵		31	%		20	%		16	%		21	%		10	%

	For the Six Months Ended
	April 30, 2026			For the Year Ended October 31,
	(Unaudited)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	13.46		$	11.02		$	9.20		$	8.57		$	9.33		$	7.98
Income from Investment Operations:
Net investment income (loss) ¹		0.11			0.20			0.22			0.25			0.21			0.14
Net realized and unrealized gain (loss)		1.73			2.44			1.82			0.62			(0.80	)		1.37
Total from investment operations		1.84			2.64			2.04			0.87			(0.59	)		1.51

Less Distributions:
From net investment income		(0.10	)		(0.20	)		(0.22	)		(0.24	)		(0.17	)		(0.16	)
From net realized gain		(0.88	)		-			-			-			-			-
Total distributions		(0.98	)		(0.20	)		(0.22	)		(0.24	)		(0.17	)		(0.16	)

Redemption fee proceeds^1,2		-			-			-			-	³		-	³		-	³
Net asset value, end of period	$	14.32		$	13.46		$	11.02		$	9.20		$	8.57		$	9.33

Total return⁴		13.91	%⁵		24.19	%		22.38	%		10.07	%		(6.38	)%		18.89	%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	51,627		$	37,973		$	33,153		$	27,002		$	12,630		$	7,016

Ratio of expenses to average net assets:
(including tax reclaim service fees and interest expense)
Before fees waived and expenses absorbed/recovered		1.38	%⁶		1.44	%⁷		1.46	%⁷		1.45	%		1.46	%		1.46	%
After fees waived and expenses absorbed/recovered		1.38	%⁶		1.44	%⁷		1.46	%⁷		1.48	%		1.50	%		1.50	%
Ratio of net investment income (loss)
to average net assets:
Before fees waived and expenses absorbed/recovered		1.48	%⁶		1.69	%		2.12	%		2.64	%		2.33	%		1.58	%
After fees waived and expenses absorbed/recovered		1.48	%⁶		1.69	%		2.12	%		2.61	%		2.29	%		1.54	%

Portfolio turnover rate		1	%⁵		31	%		20	%		16	%		21	%		10	%

	For the Six Months Ended
	April 30, 2026			For the Year Ended October 31,
	(Unaudited)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	17.81		$	11.98		$	8.39		$	7.77		$	11.19		$	13.59
Income from Investment Operations:
Net investment income (loss) ¹		(0.02	)		(0.05	)		(0.02	)		0.012			-	³		0.22
Net realized and unrealized gain (loss)		4.55			6.86			3.61			0.61			(3.13	)		(1.45	)
Total from investment operations		4.53			6.81			3.59			0.62			(3.13	)		(1.23	)

Less Distributions:
From net investment income		(1.39	)		(0.98	)		-			-			(0.29	)		(1.17	)
Total distributions		(1.39	)		(0.98	)		-			-			(0.29	)		(1.17	)

Redemption fee proceeds^1,4		-			-			-			-	³		-	³		-	³
Net asset value, end of period	$	20.95		$	17.81		$	11.98		$	8.39		$	7.77		$	11.19

Total return⁵		25.90	%⁶		63.03	%		42.79	%		7.98	%		(28.51	)%		(10.39	)%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	254,944		$	174,452		$	58,926		$	28,029		$	15,286		$	16,590

Ratio of expenses to average net assets:
(including interest expense and dividends on securities sold short)
Before fees waived and expenses absorbed/recovered		1.02	%⁷		1.08	%⁸		1.12	%⁸		1.14	%⁸		1.15	%⁸		1.15	%⁸
After fees waived and expenses absorbed/recovered		1.02	%⁷		1.08	%⁸		1.12	%⁸		1.14	%⁸		1.15	%⁸		1.15	%⁸
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed/recovered		(0.22	)%⁷		(0.39	)%		(0.16	)%		0.06	%		(0.05	)%		1.79	%
After fees waived and expenses absorbed/recovered		(0.22	)%⁷		(0.39	)%		(0.16	)%		0.06	%		(0.05	)%		1.79	%

Portfolio turnover rate		6	%⁶		26	%		26	%		19	%		13	%		10	%

	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

	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%

	International Bond Fund		Emerging Markets Fund
2026	$	161,772	$	145,181
2027		167,117		96,909
2028		173,719		81,747
2029		74,459		-
Total	$	577,067	$	323,837

	International Value Fund			International Bond Fund			International Dividend Income Fund			Emerging Markets Fund			Gold Fund
Undistributed ordinary income	$	1,405,005		$	366,207		$	160,032		$	1,250,072		$	35,928,302
Undistributed long-term gains		9,792,069			-			9,304,713			-			-
Tax accumulated earnings		11,197,074			366,207			9,464,745			1,250,072			35,928,302

Accumulated capital and other losses		-			(1,206,085	)		-			(6,616,686	)		(22,176,245	)
Unrealized appreciation (depreciation) on investments		38,690,450			(2,062,880	)		37,314,390			13,975,309			172,321,371
Unrealized appreciation (depreciation) on foreign currency translations		16,650			(100,926	)		26,545			(591	)		(1,596	)
Unrealized deferred non-U.S. taxes		-			-			-			(249,891	)		-
Unrealized deferred compensation		(26,435	)		(24,348	)		(26,089	)		(27,306	)		(29,760	)
Total accumulated earnings (deficit)	$	49,877,739		$	(3,028,032	)	$	46,779,591		$	8,330,907		$	186,042,072

	Capital Loss Carryforward Not Subject to Expiration
Fund	Short-Term		Long-Term		Total
International Value Fund	$	-	$	-	$	-
International Bond Fund		107,303		1,098,782		1,206,085
International Dividend Income Fund		-		-		-
Emerging Markets Fund*		1,048,533		5,568,153		6,616,686
Gold Fund		1,810,723		20,365,522		22,176,245

	Purchases		Sales
International Value Fund	$	21,099,432	$	1,407,397
International Bond Fund		17,089,350		4,898,708
International Dividend Income Fund		37,067,376		16,046,751
Emerging Markets Fund		15,114,587		1,987,456
Gold Fund		63,308,872		33,494,447

International Value Fund	Level 1		Level 2*		Level 3*		Total
Investments
Common Stocks	$	189,157,729	$	-	$	-	$	189,157,729
Short-Term Investments		13,453,191		-		-		13,453,191
Total Investments	$	202,610,920	$	-	$	-	$	202,610,920

International Bond Fund	Level 1		Level 2		Level 3**		Total
Investments
Common Stocks
Basic Materials	$	4,302	$	-	$	-	$	4,302
Fixed Income Securities
Basic Materials		-		1,000,896		-		1,000,896
Communications		-		2,805,132		-		2,805,132
Consumer, Cyclical		-		3,967,965		-		3,967,965
Energy		-		5,695,311		105,603		5,800,914
Financial		-		2,383,929		-		2,383,929
Government		-		52,771,144		-		52,771,144
Industrial				1,663,718		-		1,663,718
Technology		-		2,442,644		1,643,193		4,085,837
Short-Term Investments		9,549,287		-		-		9,549,287
Total Investments	$	9,553,589	$	72,730,739	$	1,748,796	$	84,033,124

	International Bond Fund – Fixed Income Securities
Beginning balance October 31, 2025	$	-
Transfers into Level 3 during the period		-
Transfers out of Level 3 during the period		-
Total realized gain/(loss)		-
Net change in unrealized appreciation/(depreciation)		6,992
Net purchases		1,741,804
Net sales		-
Balance as of April 30, 2026	$	1,748,796

	International Dividend Income Fund – Common Stocks
Beginning balance October 31, 2025	$	62,985
Transfers into Level 3 during the period		-
Transfers out of Level 3 during the period		-
Total realized gain/(loss)		(1,140,117	)
Net change in unrealized appreciation/(depreciation)		1,286,444
Net purchases		-
Net sales		(209,312	)
Balance as of April 30, 2026	$	-

	Gold Fund – Common Stocks			Gold Fund – Warrants
Beginning balance October 31, 2025	$	9,718,415		$	-
Transfers into Level 3 during the period		-			-
Transfers out of Level 3 during the period		(4,250,000	)		-
Total realized gain/(loss)		-			-
Net change in unrealized appreciation/(depreciation)¹		5,490,221			-
Net purchases		2,280,570			-
Net sales		-			-
Balance as of April 30, 2026	$	13,239,206		$	-

	Gold Fund
	Asset Derivatives
Derivatives not designated as hedging instruments	Statement of Assets and Liabilities Location	Value
Equity contracts	Warrants, at value	$	812,439