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N-1A
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INVESTMENT MANAGERS SERIES TRUST
2026-04-30
EP Emerging Markets Fund
Class A
EPASX
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.
semi-annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(60, 72, 65); font-family: 'arial'; font-size: 9pt;">https://europacificfunds.com/our-funds/emerging-markets-fund/</span>. You can also request this information by contacting us at (888) 558-5851.
https://europacificfunds.com/our-funds/emerging-markets-fund/
(888) 558-5851
<div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65);">Fund Expenses</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; font-weight: normal; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; font-weight: normal; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; font-weight: normal; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">EP Emerging Markets Fund<br/>(Class A/EPASX)</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>90</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.75<span>%</span><sup style="vertical-align: baseline; position: relative; top: -0.4em; line-height: 0px;">1</sup></td>
</tr>
</table>
<table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;">
<tr style="break-inside: avoid-page; border-bottom-color: initial; height: auto; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-weight: normal; padding: 3pt 6pt 0 0;">
<div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;"><sup style="vertical-align: baseline; position: relative; top: -0.4em; line-height: 0px;">1</sup></div>
</td>
<td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 3pt 0 0 0;">
<div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div>
</td>
</tr>
</table>
90
0.0175
<div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65); margin-top: 10pt;">Key Fund Statistics</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>135,441,124</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">65</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">2<span>%</span></td>
</tr>
</table>
135441124
65
0.02
<div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65);">Graphical Representation of Holdings</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">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.</div>
<div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Samsung Electronics Co., Ltd.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.6<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co., Ltd.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">British American Tobacco PLC</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Astra International Tbk P.T.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Telkom Indonesia Persero Tbk P.T.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">B3 S.A. - Brasil Bolsa Balcao</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Alibaba Group Holding Ltd.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Vale S.A.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Luzhou Laojiao Co., Ltd. - Class A</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Saudi Arabian Oil Co.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td>
</tr>
</table>
<div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Asset Allocation</b></div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1120213.jpg" style="width: 172.8pt;"/> </div>
<div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Country</b> <b> Allocation</b></div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1120218.jpg" style="max-width: 163pt; width: 172.8pt;"/> </div>
<div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Samsung Electronics Co., Ltd.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.6<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co., Ltd.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">British American Tobacco PLC</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Astra International Tbk P.T.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Telkom Indonesia Persero Tbk P.T.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">B3 S.A. - Brasil Bolsa Balcao</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Alibaba Group Holding Ltd.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Vale S.A.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Luzhou Laojiao Co., Ltd. - Class A</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Saudi Arabian Oil Co.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td>
</tr>
</table>
0.056
0.038
0.032
0.032
0.029
0.027
0.024
0.024
0.022
0.020
<div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65); margin-top: 4pt;">Changes in and Disagreements with Accountants</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div>
EP Emerging Markets Fund
Class I
EPEIX
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.
semi-annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(60, 72, 65); font-family: 'arial'; font-size: 9pt;">https://europacificfunds.com/our-funds/emerging-markets-fund/</span>. You can also request this information by contacting us at (888) 558-5851.
https://europacificfunds.com/our-funds/emerging-markets-fund/
(888) 558-5851
<div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65);">Fund Expenses</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; font-weight: normal; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; font-weight: normal; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; font-weight: normal; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">EP Emerging Markets Fund<br/>(Class I/EPEIX)</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>77</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.50<span>%</span><sup style="vertical-align: baseline; position: relative; top: -0.4em; line-height: 0px;">1</sup></td>
</tr>
</table>
<table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;">
<tr style="break-inside: avoid-page; border-bottom-color: initial; height: auto; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-weight: normal; padding: 3pt 6pt 0 0;">
<div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;"><sup style="vertical-align: baseline; position: relative; top: -0.4em; line-height: 0px;">1</sup></div>
</td>
<td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 3pt 0 0 0;">
<div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div>
</td>
</tr>
</table>
77
0.0150
<div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65); margin-top: 10pt;">Key Fund Statistics</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>135,441,124</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">65</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">2<span>%</span></td>
</tr>
</table>
135441124
65
0.02
<div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65);">Graphical Representation of Holdings</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">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.</div>
<div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Samsung Electronics Co., Ltd.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.6<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co., Ltd.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">British American Tobacco PLC</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Astra International Tbk P.T.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Telkom Indonesia Persero Tbk P.T.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">B3 S.A. - Brasil Bolsa Balcao</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Alibaba Group Holding Ltd.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Vale S.A.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Luzhou Laojiao Co., Ltd. - Class A</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Saudi Arabian Oil Co.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td>
</tr>
</table>
<div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Asset Allocation</b></div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1120249.jpg" style="width: 172.8pt;"/> </div>
<div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Country</b> <b> Allocation</b></div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1120254.jpg" style="max-width: 163pt; width: 172.8pt;"/> </div>
<div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Samsung Electronics Co., Ltd.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.6<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co., Ltd.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">British American Tobacco PLC</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Astra International Tbk P.T.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Telkom Indonesia Persero Tbk P.T.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">B3 S.A. - Brasil Bolsa Balcao</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Alibaba Group Holding Ltd.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Vale S.A.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Luzhou Laojiao Co., Ltd. - Class A</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Saudi Arabian Oil Co.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td>
</tr>
</table>
0.056
0.038
0.032
0.032
0.029
0.027
0.024
0.024
0.022
0.020
<div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65); margin-top: 4pt;">Changes in and Disagreements with Accountants</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div>
EuroPac Gold Fund
Class A
EPGFX
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.
semi-annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(60, 72, 65); font-family: 'arial'; font-size: 9pt;">https://europacificfunds.com/our-funds/gold-fund/</span>. You can also request this information by contacting us at (888) 558-5851.
https://europacificfunds.com/our-funds/gold-fund/
(888) 558-5851
<div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65);">Fund Expenses</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; font-weight: normal; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; font-weight: normal; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; font-weight: normal; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">EuroPac Gold Fund<br/>(Class A/EPGFX)</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>71</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.27<span>%</span><sup style="vertical-align: baseline; position: relative; top: -0.4em; line-height: 0px;">1</sup></td>
</tr>
</table>
<table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;">
<tr style="break-inside: avoid-page; border-bottom-color: initial; height: auto; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-weight: normal; padding: 3pt 6pt 0 0;">
<div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;"><sup style="vertical-align: baseline; position: relative; top: -0.4em; line-height: 0px;">1</sup></div>
</td>
<td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 3pt 0 0 0;">
<div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div>
</td>
</tr>
</table>
71
0.0127
<div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65); margin-top: 10pt;">Key Fund Statistics</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>593,059,948</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">75</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">6<span>%</span></td>
</tr>
</table>
593059948
75
0.06
<div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65);">Graphical Representation of Holdings</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">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.</div>
<div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Agnico Eagle Mines Ltd.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">7.1<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Pan American Silver Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">6.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Fortuna Silver Mines, Inc.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Barrick Mining Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Franco-Nevada Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Royal Gold, Inc.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Wheaton Precious Metals Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Heliostar Metals Ltd.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">AngloGold Ashanti Ltd. - ADR</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Aurion Resources Ltd.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.8<span>%</span></td>
</tr>
</table>
<div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Asset Allocation</b></div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1120501.jpg" style="width: 172.8pt;"/> </div>
<div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Sector</b> <b> Allocation</b></div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1120506.jpg" style="max-width: 163pt; width: 172.8pt;"/> </div>
<div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Agnico Eagle Mines Ltd.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">7.1<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Pan American Silver Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">6.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Fortuna Silver Mines, Inc.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Barrick Mining Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Franco-Nevada Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Royal Gold, Inc.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Wheaton Precious Metals Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Heliostar Metals Ltd.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">AngloGold Ashanti Ltd. - ADR</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Aurion Resources Ltd.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.8<span>%</span></td>
</tr>
</table>
0.071
0.063
0.058
0.050
0.049
0.048
0.043
0.042
0.039
0.038
<div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65); margin-top: 4pt;">Changes in and Disagreements with Accountants</div><div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div>
EuroPac Gold Fund
Class I
EPGIX
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.
semi-annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(60, 72, 65); font-family: 'arial'; font-size: 9pt;">https://europacificfunds.com/our-funds/gold-fund/</span>. You can also request this information by contacting us at (888) 558-5851.
https://europacificfunds.com/our-funds/gold-fund/
(888) 558-5851
<div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65);">Fund Expenses</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; font-weight: normal; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; font-weight: normal; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; font-weight: normal; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">EuroPac Gold Fund<br/>(Class I/EPGIX)</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>57</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.02<span>%</span><sup style="vertical-align: baseline; position: relative; top: -0.4em; line-height: 0px;">1</sup></td>
</tr>
</table>
<table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;">
<tr style="break-inside: avoid-page; border-bottom-color: initial; height: auto; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-weight: normal; padding: 3pt 6pt 0 0;">
<div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;"><sup style="vertical-align: baseline; position: relative; top: -0.4em; line-height: 0px;">1</sup></div>
</td>
<td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 3pt 0 0 0;">
<div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div>
</td>
</tr>
</table>
57
0.0102
<div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65); margin-top: 10pt;">Key Fund Statistics</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>593,059,948</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">75</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">6<span>%</span></td>
</tr>
</table>
593059948
75
0.06
<div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65);">Graphical Representation of Holdings</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">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.</div>
<div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Agnico Eagle Mines Ltd.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">7.1<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Pan American Silver Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">6.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Fortuna Silver Mines, Inc.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Barrick Mining Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Franco-Nevada Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Royal Gold, Inc.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Wheaton Precious Metals Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Heliostar Metals Ltd.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">AngloGold Ashanti Ltd. - ADR</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Aurion Resources Ltd.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.8<span>%</span></td>
</tr>
</table>
<div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Asset Allocation</b></div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1120537.jpg" style="width: 172.8pt;"/> </div>
<div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Sector</b> <b> Allocation</b></div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1120542.jpg" style="max-width: 163pt; width: 172.8pt;"/> </div>
<div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div><table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Agnico Eagle Mines Ltd.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">7.1<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Pan American Silver Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">6.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Fortuna Silver Mines, Inc.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Barrick Mining Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Franco-Nevada Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Royal Gold, Inc.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Wheaton Precious Metals Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Heliostar Metals Ltd.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">AngloGold Ashanti Ltd. - ADR</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Aurion Resources Ltd.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.8<span>%</span></td>
</tr>
</table>
0.071
0.063
0.058
0.050
0.049
0.048
0.043
0.042
0.039
0.038
<div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65); margin-top: 4pt;">Changes in and Disagreements with Accountants</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div>
EuroPac International Bond Fund
Class A
EPIBX
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.
semi-annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(60, 72, 65); font-family: 'arial'; font-size: 9pt;">https://europacificfunds.com/our-funds/international-bond-fund/</span>. You can also request this information by contacting us at (888) 558-5851.
https://europacificfunds.com/our-funds/international-bond-fund/
(888) 558-5851
<div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65);">Fund Expenses</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; font-weight: normal; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; font-weight: normal; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; font-weight: normal; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">EuroPac International Bond Fund<br/>(Class A/EPIBX)</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>57</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.15<span>%</span><sup style="vertical-align: baseline; position: relative; top: -0.4em; line-height: 0px;">1</sup></td>
</tr>
</table>
<table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;">
<tr style="break-inside: avoid-page; border-bottom-color: initial; height: auto; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-weight: normal; padding: 3pt 6pt 0 0;">
<div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;"><sup style="vertical-align: baseline; position: relative; top: -0.4em; line-height: 0px;">1</sup></div>
</td>
<td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 3pt 0 0 0;">
<div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div>
</td>
</tr>
</table>
57
0.0115
<div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65); margin-top: 10pt;">Key Fund Statistics</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>87,673,316</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">60</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">7<span>%</span></td>
</tr>
</table>
87673316
60
0.07
<div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65);">Graphical Representation of Holdings</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">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 Fixed Income Securities of the Fund.</div>
<div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Queensland Treasury Corp., 1.750%, 7/20/2034</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Colombia Government International Bond, 9.850%, 6/28/2027</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">European Investment Bank, 6.950%, 3/1/2029</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Bonos de la Tesoreria de la Republica en pesos, 6.000%, 4/1/2033</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Republic of Poland Government Bond, 5.000%, 10/25/2035</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Philippine Government International Bond, 6.250%, 1/14/2036</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Malaysia Government Bond, 2.632%, 4/15/2031</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Inter-American Development Bank, 5.100%, 11/17/2026</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Mexican Bonos, 7.750%, 11/23/2034</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">International Finance Corp., 0.000%, 5/20/2030</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td>
</tr>
</table>
<div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Asset Allocation</b></div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1120357.jpg" style="width: 172.8pt;"/> </div>
<div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Country</b> <b> Allocation</b></div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1120362.jpg" style="max-width: 163pt; width: 172.8pt;"/> </div>
<div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div><table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Queensland Treasury Corp., 1.750%, 7/20/2034</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Colombia Government International Bond, 9.850%, 6/28/2027</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">European Investment Bank, 6.950%, 3/1/2029</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Bonos de la Tesoreria de la Republica en pesos, 6.000%, 4/1/2033</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Republic of Poland Government Bond, 5.000%, 10/25/2035</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Philippine Government International Bond, 6.250%, 1/14/2036</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Malaysia Government Bond, 2.632%, 4/15/2031</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Inter-American Development Bank, 5.100%, 11/17/2026</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Mexican Bonos, 7.750%, 11/23/2034</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">International Finance Corp., 0.000%, 5/20/2030</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td>
</tr>
</table>
0.042
0.035
0.033
0.033
0.030
0.029
0.028
0.027
0.027
0.023
<div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65); margin-top: 4pt;">Changes in and Disagreements with Accountants</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div>
EuroPac International Bond Fund
Class I
EPBIX
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.
semi-annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(60, 72, 65); font-family: 'arial'; font-size: 9pt;">https://europacificfunds.com/our-funds/international-bond-fund/</span>. You can also request this information by contacting us at (888) 558-5851.
https://europacificfunds.com/our-funds/international-bond-fund/
(888) 558-5851
<div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65);">Fund Expenses</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div>
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<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; font-weight: normal; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; font-weight: normal; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; font-weight: normal; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
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<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">EuroPac International Bond Fund<br/>(Class I/EPBIX)</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>45</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.90<span>%</span><sup style="vertical-align: baseline; position: relative; top: -0.4em; line-height: 0px;">1</sup></td>
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<table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;">
<tr style="break-inside: avoid-page; border-bottom-color: initial; height: auto; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-weight: normal; padding: 3pt 6pt 0 0;">
<div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;"><sup style="vertical-align: baseline; position: relative; top: -0.4em; line-height: 0px;">1</sup></div>
</td>
<td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 3pt 0 0 0;">
<div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div>
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</tr>
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45
0.0090
<div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65); margin-top: 10pt;">Key Fund Statistics</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>87,673,316</td>
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<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">60</td>
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<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">7<span>%</span></td>
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</table>
87673316
60
0.07
<div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65);">Graphical Representation of Holdings</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">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 Fixed Income Securities of the Fund.</div>
<div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Queensland Treasury Corp., 1.750%, 7/20/2034</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.2<span>%</span></td>
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<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Colombia Government International Bond, 9.850%, 6/28/2027</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.5<span>%</span></td>
</tr>
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<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">European Investment Bank, 6.950%, 3/1/2029</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.3<span>%</span></td>
</tr>
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<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Bonos de la Tesoreria de la Republica en pesos, 6.000%, 4/1/2033</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Republic of Poland Government Bond, 5.000%, 10/25/2035</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Philippine Government International Bond, 6.250%, 1/14/2036</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Malaysia Government Bond, 2.632%, 4/15/2031</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Inter-American Development Bank, 5.100%, 11/17/2026</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Mexican Bonos, 7.750%, 11/23/2034</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">International Finance Corp., 0.000%, 5/20/2030</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td>
</tr>
</table>
<div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Asset Allocation</b></div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1120393.jpg" style="width: 172.8pt;"/> </div>
<div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Country</b> <b> Allocation</b></div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1120398.jpg" style="max-width: 163pt; width: 172.8pt;"/> </div>
<div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div><table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Queensland Treasury Corp., 1.750%, 7/20/2034</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Colombia Government International Bond, 9.850%, 6/28/2027</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">European Investment Bank, 6.950%, 3/1/2029</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Bonos de la Tesoreria de la Republica en pesos, 6.000%, 4/1/2033</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Republic of Poland Government Bond, 5.000%, 10/25/2035</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Philippine Government International Bond, 6.250%, 1/14/2036</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Malaysia Government Bond, 2.632%, 4/15/2031</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Inter-American Development Bank, 5.100%, 11/17/2026</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Mexican Bonos, 7.750%, 11/23/2034</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">International Finance Corp., 0.000%, 5/20/2030</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td>
</tr>
</table>
0.042
0.035
0.033
0.033
0.030
0.029
0.028
0.027
0.027
0.023
<div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65); margin-top: 4pt;">Changes in and Disagreements with Accountants</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div>
EuroPac InternationalDividend Income Fund
Class A
EPDPX
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.
semi-annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(60, 72, 65); font-family: 'arial'; font-size: 9pt;">https://europacificfunds.com/our-funds/international-dividend-fund/</span>. You can also request this information by contacting us at (888) 558-5851.
https://europacificfunds.com/our-funds/international-dividend-fund/
(888) 558-5851
<div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65);">Fund Expenses</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; font-weight: normal; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; font-weight: normal; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; font-weight: normal; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">EuroPac International Dividend Income Fund<br/>(Class A/EPDPX)</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>77</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.39<span>%</span><sup style="vertical-align: baseline; position: relative; top: -0.4em; line-height: 0px;">1</sup></td>
</tr>
</table>
<table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;">
<tr style="break-inside: avoid-page; border-bottom-color: initial; height: auto; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-weight: normal; padding: 3pt 6pt 0 0;">
<div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;"><sup style="vertical-align: baseline; position: relative; top: -0.4em; line-height: 0px;">1</sup></div>
</td>
<td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 3pt 0 0 0;">
<div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div>
</td>
</tr>
</table>
77
0.0139
<div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65); margin-top: 10pt;">Key Fund Statistics</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>250,567,457</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">72</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">7<span>%</span></td>
</tr>
</table>
250567457
72
0.07
<div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65);">Graphical Representation of Holdings</div><div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">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.</div><div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div><table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Vodafone Group PLC</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">British American Tobacco PLC - ADR</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">SK Telecom Co., Ltd. - ADR</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Barrick Mining Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Samsung Electronics Co., Ltd. - GDR</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">TotalEnergies S.E. - ADR</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">IAMGOLD Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Nokia Oyj</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Engie S.A.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Eni S.p.A.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.9<span>%</span></td>
</tr>
</table><div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Asset Allocation</b></div><div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1120285.jpg" style="width: 172.8pt;"/> </div><div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Country</b> <b> Allocation</b></div><div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1120290.jpg" style="max-width: 163pt; width: 172.8pt;"/> </div>
<div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div><table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Vodafone Group PLC</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">British American Tobacco PLC - ADR</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">SK Telecom Co., Ltd. - ADR</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Barrick Mining Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Samsung Electronics Co., Ltd. - GDR</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">TotalEnergies S.E. - ADR</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">IAMGOLD Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Nokia Oyj</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Engie S.A.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Eni S.p.A.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.9<span>%</span></td>
</tr>
</table>
0.038
0.035
0.030
0.024
0.022
0.022
0.020
0.020
0.020
0.019
<div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65); margin-top: 4pt;">Changes in and Disagreements with Accountants</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div>
EuroPac InternationalDividend Income Fund
Class I
EPDIX
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.
semi-annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(60, 72, 65); font-family: 'arial'; font-size: 9pt;">https://europacificfunds.com/our-funds/international-dividend-fund/</span>. You can also request this information by contacting us at (888) 558-5851.
https://europacificfunds.com/our-funds/international-dividend-fund/
(888) 558-5851
<div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65);">Fund Expenses</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; font-weight: normal; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; font-weight: normal; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; font-weight: normal; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">EuroPac International Dividend Income Fund<br/>(Class I/EPDIX)</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>63</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.14<span>%</span><sup style="vertical-align: baseline; position: relative; top: -0.4em; line-height: 0px;">1</sup></td>
</tr>
</table>
<table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;">
<tr style="break-inside: avoid-page; border-bottom-color: initial; height: auto; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-weight: normal; padding: 3pt 6pt 0 0;">
<div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;"><sup style="vertical-align: baseline; position: relative; top: -0.4em; line-height: 0px;">1</sup></div>
</td>
<td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 3pt 0 0 0;">
<div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div>
</td>
</tr>
</table>
63
0.0114
<div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65); margin-top: 10pt;">Key Fund Statistics</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>250,567,457</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">72</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">7<span>%</span></td>
</tr>
</table>
250567457
72
0.07
<div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65);">Graphical Representation of Holdings</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">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.</div>
<div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Vodafone Group PLC</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">British American Tobacco PLC - ADR</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">SK Telecom Co., Ltd. - ADR</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Barrick Mining Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Samsung Electronics Co., Ltd. - GDR</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">TotalEnergies S.E. - ADR</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">IAMGOLD Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Nokia Oyj</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Engie S.A.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Eni S.p.A.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.9<span>%</span></td>
</tr>
</table>
<div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Asset Allocation</b></div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1120321.jpg" style="width: 172.8pt;"/> </div>
<div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Country</b> <b> Allocation</b></div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1120326.jpg" style="max-width: 163pt; width: 172.8pt;"/> </div>
<div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Vodafone Group PLC</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">British American Tobacco PLC - ADR</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">SK Telecom Co., Ltd. - ADR</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Barrick Mining Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Samsung Electronics Co., Ltd. - GDR</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">TotalEnergies S.E. - ADR</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">IAMGOLD Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Nokia Oyj</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Engie S.A.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Eni S.p.A.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.9<span>%</span></td>
</tr>
</table>
0.038
0.035
0.030
0.024
0.022
0.022
0.020
0.020
0.020
0.019
<div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65); margin-top: 4pt;">Changes in and Disagreements with Accountants</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div>
EuroPac International Value Fund
Class A
EPIVX
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.
semi-annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(60, 72, 65); font-family: 'arial'; font-size: 9pt;">https://europacificfunds.com/our-funds/international-value-fund/</span>. You can also request this information by contacting us at (888) 558-5851.
https://europacificfunds.com/our-funds/international-value-fund/
(888) 558-5851
<div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65);">Fund Expenses</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; font-weight: normal; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; font-weight: normal; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; font-weight: normal; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">EuroPac International Value Fund<br/>(Class A/EPIVX)</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>86</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.63<span>%</span><sup style="vertical-align: baseline; position: relative; top: -0.4em; line-height: 0px;">1</sup></td>
</tr>
</table>
<table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;">
<tr style="break-inside: avoid-page; border-bottom-color: initial; height: auto; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-weight: normal; padding: 3pt 6pt 0 0;">
<div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;"><sup style="vertical-align: baseline; position: relative; top: -0.4em; line-height: 0px;">1</sup></div>
</td>
<td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 3pt 0 0 0;">
<div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div>
</td>
</tr>
</table>
86
0.0163
<div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65); margin-top: 10pt;">Key Fund Statistics</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>203,697,809</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">44</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">1<span>%</span></td>
</tr>
</table>
203697809
44
0.01
<div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65);">Graphical Representation of Holdings</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">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.</div>
<div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">British American Tobacco PLC - ADR</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Novo Nordisk A/S - ADR</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Agnico Eagle Mines Ltd.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.1<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">IAMGOLD Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Evolution A.B.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Kinross Gold Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Dassault Systemes S.E.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Newmont Corp. - CDI</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Barrick Mining Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Franco-Nevada Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.4<span>%</span></td>
</tr>
</table>
<div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Asset Allocation</b></div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1120429.jpg" style="width: 172.8pt;"/> </div>
<div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Country</b> <b> Allocation</b></div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1120434.jpg" style="max-width: 163pt; width: 172.8pt;"/> </div>
<div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">British American Tobacco PLC - ADR</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Novo Nordisk A/S - ADR</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Agnico Eagle Mines Ltd.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.1<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">IAMGOLD Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Evolution A.B.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Kinross Gold Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Dassault Systemes S.E.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Newmont Corp. - CDI</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Barrick Mining Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Franco-Nevada Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.4<span>%</span></td>
</tr>
</table>
0.058
0.054
0.051
0.050
0.048
0.044
0.044
0.039
0.039
0.034
<div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65); margin-top: 4pt;">Changes in and Disagreements with Accountants</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div>
EuroPac International Value Fund
Class I
EPVIX
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.
semi-annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(60, 72, 65); font-family: 'arial'; font-size: 9pt;">https://europacificfunds.com/our-funds/international-value-fund/</span>. You can also request this information by contacting us at (888) 558-5851.
https://europacificfunds.com/our-funds/international-value-fund/
(888) 558-5851
<div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65);">Fund Expenses</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; font-weight: normal; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; font-weight: normal; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; font-weight: normal; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">EuroPac International Value Fund<br/>(Class I/EPVIX)</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>73</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.38<span>%</span><sup style="vertical-align: baseline; position: relative; top: -0.4em; line-height: 0px;">1</sup></td>
</tr>
</table>
<table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;">
<tr style="break-inside: avoid-page; border-bottom-color: initial; height: auto; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-weight: normal; padding: 3pt 6pt 0 0;">
<div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;"><sup style="vertical-align: baseline; position: relative; top: -0.4em; line-height: 0px;">1</sup></div>
</td>
<td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 3pt 0 0 0;">
<div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div>
</td>
</tr>
</table>
73
0.0138
<div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65); margin-top: 10pt;">Key Fund Statistics</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>203,697,809</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">44</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">1<span>%</span></td>
</tr>
</table>
203697809
44
0.01
<div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65);">Graphical Representation of Holdings</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">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.</div>
<div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">British American Tobacco PLC - ADR</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Novo Nordisk A/S - ADR</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Agnico Eagle Mines Ltd.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.1<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">IAMGOLD Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Evolution A.B.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Kinross Gold Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Dassault Systemes S.E.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Newmont Corp. - CDI</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Barrick Mining Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Franco-Nevada Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.4<span>%</span></td>
</tr>
</table>
<div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Asset Allocation</b></div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1120465.jpg" style="width: 172.8pt;"/> </div>
<div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Country</b> <b> Allocation</b></div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1120470.jpg" style="max-width: 163pt; width: 172.8pt;"/> </div>
<div style="font-size: 9pt; font-family: 'arial'; font-weight: normal; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(60, 72, 65); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(60, 72, 65); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div><table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">British American Tobacco PLC - ADR</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Novo Nordisk A/S - ADR</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Agnico Eagle Mines Ltd.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.1<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">IAMGOLD Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Evolution A.B.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Kinross Gold Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Dassault Systemes S.E.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Newmont Corp. - CDI</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(247, 224, 97); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Barrick Mining Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Franco-Nevada Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.4<span>%</span></td>
</tr>
</table>
0.058
0.054
0.051
0.050
0.048
0.044
0.044
0.039
0.039
0.034
<div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(60, 72, 65); margin-top: 4pt;">Changes in and Disagreements with Accountants</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div>
Annualized.
Annualized.
Annualized.
Annualized.
Annualized.
Annualized.
Annualized.
Annualized.
Annualized.
Annualized.