0001318342 2022-09-01 2022-09-01 0001318342 imst:S000030491Member imst:C000093793Member 2022-09-01 2022-09-01 0001318342 imst:S000030491Member imst:C000129565Member 2022-09-01 2022-09-01 0001318342 imst:S000030491Member 2022-09-01 2022-09-01 0001318342 imst:S000030491Member rr:AfterTaxesOnDistributionsMember imst:C000093793Member 2022-09-01 2022-09-01 0001318342 imst:S000030491Member rr:AfterTaxesOnDistributionsAndSalesMember imst:C000093793Member 2022-09-01 2022-09-01 0001318342 imst:S000030491Member imst:MSCIEmergingMarketIndexMember 2022-09-01 2022-09-01 0001318342 imst:S000030491Member imst:MSCIEMSmallCapIndexMember 2022-09-01 2022-09-01 iso4217:USD pure 0001318342 false 485BPOS 2021-10-31 ~ http://imst/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact imst_S000030491Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://imst/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact imst_S000030491Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://imst/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact imst_S000030491Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://imst/role/BarChartData column period compact * column dei_LegalEntityAxis compact imst_S000030491Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://imst/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact imst_S000030491Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ 2022-08-30 N-1A INVESTMENT MANAGERS SERIES TRUST 2022-09-01 EPASX EPEIX 2022-09-01 INVESTMENT MANAGERS SERIES TRUST SUMMARY SECTION Investment Objective The investment objective of the EP Emerging Markets Fund (formerly, EP Emerging Markets Small Companies Fund) (the “Fund”) is to seek long term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--ExpenseBreakpointDiscounts_c20220901__20220901__dei--LegalEntityAxis__custom--S000030491Member_z9CyQzh0uFZh">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20220901__20220901__dei--LegalEntityAxis__custom--S000030491Member_zBbqufCGvU8l">50,000 in the Fund. More information about these and other discounts is available from your financial professional and in the section titled “Sales Charge Schedule” on page 17 of this prospectus and in “APPENDIX A – Waivers and Discounts Available from Intermediaries” of the Prospectus. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 Shareholder Fees (fees paid directly from your investment) 0.0450 0 0 0 -0.0200 -0.0200 20 20 25 25 15 15 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of your investment) 0.0108 0.0108 0.0108 0.0108 0.0025 0.0025 0 0 0.0048 0.0048 0.0048 0.0048 0.0008 0.0008 0.0008 0.0008 0.0040 0.0040 0.0040 0.0040 0.0181 0.0181 0.0156 0.0156 -0.0006 -0.0006 -0.0006 -0.0006 0.0175 0.0175 0.0150 0.0150 September 1, 2023 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The example reflects the Fund’s contractual fee waiver and/or expense reimbursement only for the term of the contractual fee waiver and/or expense reimbursement. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 620 988 1381 2476 153 487 844 1851 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--PortfolioTurnoverRate_dp_c20220901__20220901__dei--LegalEntityAxis__custom--S000030491Member_zu803Rreptdd">47% of the average value of its portfolio. 0.47 Principal Investment Strategies Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies that are tied economically to emerging market countries. The Fund’s advisor considers emerging market countries to be those countries that are, at the time of investment, included in the MSCI Emerging Markets Index. The Fund’s advisor considers a company to be economically tied to an emerging market country if (1) the company is organized under the laws of an emerging market country, or has its principal office in an emerging market country; (2) at the time of investment, the company derived at least 50% of its total revenues or profits during its most recently completed fiscal year from business activities in an emerging market country; or (3) the company’s equity securities are primarily traded on an exchange in an emerging market country. The Fund’s investments in equity securities may include common stock, preferred stock, convertible stock and warrants. Certain of the Fund’s investments may be considered restricted securities. The Fund may invest in large-, mid-, and small-capitalization companies. The Advisor uses an active management investment approach to researching, identifying and selecting portfolio companies. The research process is driven by bottom-up fundamental analysis that aims to identify growing but stable companies trading at attractive valuations relative to anticipated growth in revenue and earnings. Prior to making an investment, the Advisor considers factors including, but not limited to, financial statement analysis; quality of management; insider ownership; perceived soundness of the business strategies; ability to sustain a competitive advantage; liquidity; and valuation relative to expected growth. The Advisor may sell all or a portion of a position when in its opinion one or more of the following occurs, among other reasons: (1) the Advisor’s price target is realized; (2) the company’s fundamentals have deteriorated since it was purchased; (3) the Advisor finds more attractive investment opportunities for the Fund; or (4) the Fund requires cash to meet redemption requests. Principal Risks of Investing Risk is inherent in all investing. A summary description of certain principal risks of investing in the Fund is set forth below. Before you decide whether to invest in the Fund, carefully consider these risk factors associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective. Management and Strategy Risk. The value of your investment depends on the judgment of the Fund’s advisor about the quality, relative yield, value or market trends affecting a particular security, industry, sector or region, which may prove to be incorrect. Market Risk. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic or political conditions throughout the world, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment generally. In addition, local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, or other events could have a significant impact on a security or instrument. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity Risk. The value of the equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests. Foreign Investment Risk. The prices of foreign securities may be more volatile than the prices of securities of U.S. issuers because of economic and social conditions abroad, political developments, and changes in the regulatory environments of foreign countries. Changes in exchange rates and interest rates and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments may adversely affect the values of the Fund’s foreign investments. Foreign companies are generally subject to different legal and accounting standards than U.S. companies, and foreign financial intermediaries may be subject to less supervision and regulation than U.S. financial firms. Emerging Markets Risk. Many of the risks with respect to foreign investments are more pronounced for investments in issuers in developing or emerging market countries. Emerging market countries tend to have more government exchange controls, more volatile interest and currency exchange rates, less market regulation, and less developed and less stable economic, political and legal systems than those of more developed countries. There may be less publicly available and reliable information about issuers in emerging markets than is available about issuers in more developed markets. In addition, emerging market countries may experience high levels of inflation and may have less liquid securities markets and less efficient trading and settlement systems. Geographic Concentration Risk. A fund that is less diversified across countries or geographic regions is generally riskier than a more geographically diversified fund. Investments in a single region, even though representing a number of different countries within the region, may be affected by common economic forces and other factors. This vulnerability to factors affecting the value of investments is significantly greater for a fund that concentrates its investment in a particular region or regions than a more geographically diversified fund, and may result in greater losses and volatility. The economies and financial markets of certain regions, such as Latin America, Asia or Eastern Europe, can be interdependent and may decline all at the same time. Sector Risk. From time to time, the Fund may invest a significant amount of its total assets in each of certain sectors of the economy. Each of those sectors may be subject to specific risks. These risks include governmental regulation of the sector and governmental monetary and fiscal policies, which may impact interest rates and currencies and affect corporate funding and international trade. Certain sectors may be more vulnerable than others to these factors. In addition, market sentiment and expectations toward a particular sector could affect a company’s market valuation and access to equity funding. For example, as of April 30, 2022, 24.2% of the Fund’s assets were invested in the industrial sector. Performance of companies in the industrials sector may be affected by, among other things, supply and demand for their specific product or service and for industrial sector products in general. Moreover, government regulation, world events, exchange rates and economic conditions, technological developments, fuel prices, labor agreements, insurance costs, and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Currency Risk. The values of investments in securities denominated in foreign currencies increase or decrease as the rates of exchange between those currencies and the U.S. Dollar change. Currency conversion costs and currency fluctuations could erase investment gains or add to investment losses. Currency exchange rates can be volatile and are affected by factors such as general economic conditions, the actions of the United States and foreign governments or central banks, the imposition of currency controls, and speculation. Convertible Securities Risk. Convertible securities are subject to market and interest rate risk and credit risk. When the market price of the equity security underlying a convertible security decreases the convertible security tends to trade on the basis of its yield and other fixed income characteristics, and is more susceptible to credit and interest rate risks. When the market price of such equity security rises, the convertible security tends to trade on the basis of its equity conversion features and be more exposed to market risk. Convertible securities are typically issued by smaller capitalized companies with stock prices that may be more volatile than those of other companies. COVID-19 Related Market Events. The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in extreme volatility in the financial markets, a domestic and global economic downturn, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There have also been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. The pandemic may result in domestic and foreign political and social instability, damage to diplomatic and international trade relations, and continued volatility and/or decreased liquidity in the securities markets. Some interest rates are very low and in some cases yields are negative. Governments and central banks, including the Federal Reserve in the United States, are taking extraordinary and unprecedented actions to support local and global economies and the financial markets. This and other government intervention into the economy and financial markets to address the pandemic may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Rates of inflation have also recently risen, which could adversely affect economies and markets. In addition, the COVID-19 pandemic, and measures taken to mitigate its effects, could result in disruptions to the services provided to the Fund by its service providers. Other market events like the COVID-19 pandemic may cause similar disruptions and effects. Cybersecurity Risk. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, the Advisor, and/or other service providers (including custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality. In an extreme case, a shareholder’s ability to exchange or redeem Fund shares may be affected. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of those securities could decline if the issuers experience cybersecurity incidents. Liquidity Risk. The Fund may not be able to sell some or all of the investments that it holds due to a lack of demand in the marketplace or other factors such as market turmoil, or if the Fund is forced to sell an illiquid asset to meet redemption requests or other cash needs it may only be able to sell those investments at a loss. Illiquid assets may also be difficult to value. Market Capitalization Risk. Larger, more established companies may be unable to attain the high growth rates of successful, smaller companies during periods of economic expansion. The securities of small-capitalization and mid-capitalization companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger, more established companies or market averages in general. In addition, such companies typically are more likely to be adversely affected than large capitalization companies by changes in earning results, business prospects, investor expectations or poor economic or market conditions. Preferred Stock Risk. Preferred stock represents an equity interest in a company that generally entitles the holder to receive, in preference to the holders of other stocks such as common stock, dividends and a fixed share of the proceeds resulting from a liquidation of the company. The market value of preferred stock is subject to company-specific and market risks applicable generally to equity securities and is also sensitive to changes in the company’s creditworthiness, the ability of the company to make payments on the preferred stock, and changes in interest rates, typically declining in value if interest rates rise. Warrants Risk. Warrants may lack a liquid secondary market for resale. The prices of warrants may fluctuate as a result of speculation or other factors. Warrants can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of warrants do not necessarily move in tandem with the prices of their underlying securities and are highly volatile and speculative investments. If a warrant expires without being exercised, the Fund will lose any amount paid for the warrant. Private Placements and Restricted Securities Risk. Private placements and other restricted securities may be considered illiquid securities. Private placements typically are subject to restrictions on resale as a matter of contract or under federal securities laws. Because there may be relatively few potential purchasers for such securities, especially under adverse market or economic conditions or in the event of adverse changes in the financial condition of the issuer, the Fund could find it more difficult to sell such securities when it may be advisable to do so or it may be able to sell such securities only at prices lower than if such securities were more widely held. The absence of a liquid trading market may also make it difficult to determine the fair value of such securities for purposes of computing the Fund’s net asset value. Before you decide whether to invest in the Fund, carefully consider these risk factors associated with investing in the Fund, which may cause investors to lose money. Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--PerformanceInformationIllustratesVariabilityOfReturns_c20220901__20220901__dei--LegalEntityAxis__custom--S000030491Member_zsxwGSrWZyL6">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for Class A shares and by showing how the average annual total returns of each class of shares of the Fund compare with the average annual total returns of a broad-based market index. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. Prior to September 1, 2022, the Fund was named the EP Emerging Markets Small Companies Fund and invested primarily in equity securities of small capitalization emerging market companies. Updated performance information is available at the Fund’s website, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--PerformanceAvailabilityWebSiteAddress_c20220901__20220901__dei--LegalEntityAxis__custom--S000030491Member_zhRoeSpP9QUf">www.europacificfunds.com, or by calling the Fund at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--PerformanceAvailabilityPhone_c20220901__20220901__dei--LegalEntityAxis__custom--S000030491Member_zfGnzfLseQy2">1-888-558-5851. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--PerformancePastDoesNotIndicateFuture_c20220901__20220901__dei--LegalEntityAxis__custom--S000030491Member_z4logXJQqEuc">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Class A shares and Class I shares are invested in the same portfolio of securities. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--BarChartDoesNotReflectSalesLoads_c20220901__20220901__dei--LegalEntityAxis__custom--S000030491Member_zxoAEQJZFRAl">Sales loads are not reflected in the bar chart, and if those charges were included, returns would be less than those shown. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for Class A shares and by showing how the average annual total returns of each class of shares of the Fund compare with the average annual total returns of a broad-based market index. www.europacificfunds.com 1-888-558-5851 The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Sales loads are not reflected in the bar chart, and if those charges were included, returns would be less than those shown. Calendar Year Total Return (before taxes) for Class A Shares For each calendar year at NAV 0.4299 0.0720 0.0272 -0.1215 0.0485 0.3438 -0.2144 0.1466 0.2720 0.0968 The <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--YearToDateReturnLabel_c20220901__20220901__dei--LegalEntityAxis__custom--S000030491Member__rr--ProspectusShareClassAxis__custom--C000093793Member_zEZojnffyaI">year-to-date return as of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--BarChartYearToDateReturnDate_dd_c20220901__20220901__dei--LegalEntityAxis__custom--S000030491Member__rr--ProspectusShareClassAxis__custom--C000093793Member_z7GyiV31Z1P1">June 30, 2022 was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--BarChartYearToDateReturn_dp_c20220901__20220901__dei--LegalEntityAxis__custom--S000030491Member__rr--ProspectusShareClassAxis__custom--C000093793Member_zw2ireLunjR">(29.78)% <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; width: 55%">Class A Shares</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"> </td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 30%; text-align: center"> </td></tr> <tr style="background-color: Gainsboro"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--HighestQuarterlyReturnLabel_c20220901__20220901__dei--LegalEntityAxis__custom--S000030491Member__rr--ProspectusShareClassAxis__custom--C000093793Member_zpxCoKUDK0Kc">Highest Calendar Quarter Return at NAV</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--BarChartHighestQuarterlyReturn_dp_c20220901__20220901__dei--LegalEntityAxis__custom--S000030491Member__rr--ProspectusShareClassAxis__custom--C000093793Member_zFWfcbS4BlGe">33.49%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">Quarter Ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--BarChartHighestQuarterlyReturnDate_dd_c20220901__20220901__dei--LegalEntityAxis__custom--S000030491Member__rr--ProspectusShareClassAxis__custom--C000093793Member_z3ZDkIKxSIV2">06/30/2020</td></tr> <tr style="background-color: White"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--LowestQuarterlyReturnLabel_c20220901__20220901__dei--LegalEntityAxis__custom--S000030491Member__rr--ProspectusShareClassAxis__custom--C000093793Member_zahzwEdeRkJ4">Lowest Calendar Quarter Return at NAV</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--BarChartLowestQuarterlyReturn_dp_c20220901__20220901__dei--LegalEntityAxis__custom--S000030491Member__rr--ProspectusShareClassAxis__custom--C000093793Member_zTJ2dGju7JId">(24.89)%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">Quarter Ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--BarChartLowestQuarterlyReturnDate_dd_c20220901__20220901__dei--LegalEntityAxis__custom--S000030491Member__rr--ProspectusShareClassAxis__custom--C000093793Member_zlryE1605xm4">03/31/2020</td></tr> </table> year-to-date 2022-06-30 -0.2978 Highest Calendar Quarter Return at NAV 0.3349 2020-06-30 Lowest Calendar Quarter Return at NAV -0.2489 2020-03-31 Average Annual Total Returns (for periods ended December 31, 2021) 0.0476 0.1003 0.0886 0.0013 0.0826 0.0782 0.0580 0.0771 0.0710 0.0988 0.1129 0.0964 -0.0254 0.0987 0.0549 0.1875 0.1147 0.0742 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A Shares only and after-tax returns for classes other than Class A will vary from returns shown for Class A. Effective September 1, 2022, the Fund will change its primary performance benchmark from the MSCI EM Small Cap Index to the MSCI Emerging Markets Index. Euro Pacific Asset Management, LLC, the Fund’s advisor, believes the MSCI Emerging Markets Index represents a better benchmark for comparison to the Fund’s performance in light of the Fund’s investment strategy as of September 1, 2022. The Fund’s advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with SEC Form N-1A), expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 1.75% and 1.50% of the average daily net assets of Class A and Class I shares of the Fund, respectively. This agreement is in effect until September 1, 2023, and it may be terminated before that date only by the Trust’s Board of Trustees. The Fund’s advisor is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived or payments made to the Fund for a period ending three full fiscal years after the date of the waiver or payment. This reimbursement may be requested from the Fund if the reimbursement will not cause the Fund’s annual expense ratio to exceed the lesser of (a) the expense limitation in effect at the time such fees were waived or payments made, or (b) the expense limitation in effect at the time of the reimbursement. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A Shares only and after-tax returns for classes other than Class A will vary from returns shown for Class A. Class A shares were first offered on December 1, 2010. Class I shares were first offered on July 16, 2013. The performance figures for Class I shares include the performance for the Class A shares for the periods prior to the start date of Class I shares. Class A shares imposes higher expenses than Class I shares. Effective September 1, 2022, the Fund will change its primary performance benchmark from the MSCI EM Small Cap Index to the MSCI Emerging Markets Index. Euro Pacific Asset Management, LLC, the Fund’s advisor, believes the MSCI Emerging Markets Index represents a better benchmark for comparison to the Fund’s performance in light of the Fund’s investment strategy as of September 1, 2022.