EuroPacHard Asset Fund (EPHAX) SEPtEmbEr 30, 2013 FUND FACtS

www.europacificfunds.com | ph: 1-888-558-5851

*Diversification does not protect against loss.

Optimization of AllocationIn determining the allocation for each hard asset type in the fund, the team will attempt to optimize the portfolio as to maximize inflation beta1, inflation hedge reliability and risk adjusted return2. Inflation beta is the portfolio’s sensitivity to un-expected increases in the inflation rate; inflation hedge reliability is the portfolio’s expected correlation3 with the inflation rate and maximizing risk adjusted return involves managing the portfolio’s allocations in order to seek to maximize long-term expected return with as little volatility as possible.

Benefits of Investing• Turn-key exposure to a portfolio of foreign securities designed with

the intent to hedge against inflation and Dollar weakness, and generate income

• Approach to optimizing portfolio seeks to mitigate downside exposure against inflation and Dollar weakness, yet minimize the opportunity cost by aiming to maximize risk adjusted return

• Diversified exposure to hard assets and currencies the advisor believes demonstrate the most positive fundamentals

Security SelectionThe team focuses on 4 main characteristics to select individual securities within each hard asset type identified by the top-down investment process:

HARD ASSET TYPE REPRESENTATION & HEDGE CHARACTERISTICS – The team completes a detailed review of each potential security to select the ones believed to be positioned to perform the best in an inflationary and weak Dollar environment. For example, the team will focus on securities with un-hedged exposure to precious metals, industrial metals, energy, etc and/or pricing power with their customers; securities with large fixed assets and large fixed costs as a percentage of the total; the team will also focus on securities with fixed interest rate debt and long maturities. In this way, the team seeks to include securities in the portfolio that should thrive in an environment of higher inflation and weak Dollar performance.

ATTRACTIVE VALUATION – Rather than focus on cheap securities, the team looks for value using a number of quantitative and qualitative factors applied over a universe of approximately 3,000 individual securities.

FINANCIAL STRENGTH – The team believes in selecting securities with strong balance sheets to reduce capital risk and earnings volatility. The team also believes undervalued securities with strong balance sheets are most likely to have the ability to unlock value when attractive opportunities present themselves.

HIGH BUSINESS AND MANAGEMENT QUALITY – The team focuses on selecting securities we believe have strong management teams and a history of generating consistent returns and value for shareholders.

The fund will typically hold 50 to 60 stocks as well as commodity ETFs balanced across Asia, Europe and the Resource Countries (Australia, New Zealand, and Canada), in foreign currencies.

Investment ObjectivesThe EuroPac Hard Asset Fund attempts to provide capital appreciation and protection against inflation over a long-term investment horizon by selectively investing in hard asset securities and currencies that the team believes have the greatest potential for appreciation versus the US Dollar. As a secondary objective, the fund seeks to generate a stream of income from dividends and interest.

Investment Process HighlightsThe EuroPac Hard Asset Fund uses a top-down approach to select allocations to various hard assets it views as having the best potential for protection against inflation and long-term appreciation versus the Dollar. These hard assets include gold and silver, gold and silver miners, energy, agriculture and industrial metals and miners in foreign currencies.

The team adheres to a controlled investment process with Peter Schiff as the Investment Committee Chairman. The investment process includes three tiers; hard asset and currency selection, optimization of hard asset class allocation and security selection.

Hard Asset and Currency AllocationThe team reviews the outlook for the hard asset classes mentioned above, and defines a broad allocation target for each based on its expectation for performance moving forward. Criteria used in setting the allocation targets include the team’s expectations for economic growth, inflation and long-term fundamental drivers for each that would impact supply and demand.

Country Allocation*

(% of total portfolio equities)as of 9/30/2013

Canada 31.9% Australia 4.2%

Switzerland 25.3% Singapore 3.8%

Norway 13.2% Thailand 2.4%

United States 10.4% Indonesia 2.3%

China 5.2% Colombia 1.3%

Sector Diversification* (% of total portfolio equities) As of 9/30/2013

Energy 38.0% Precious Metals 24.8%

Materials 29.4% Consumer Staples 7.9%

* Source: Euro Pacific Asset Management

Top 10 Holdings (% of total portfolio equities) As of 9/30/2013

ZKB Gold ETF-A USD 16.2% Barrick Gold Corp 2.8%

ZKB Silver ETF USD 7.7% Major Drilling Group Intl 2.8%

Chesapeake Energy Corp 3.3% Statoil ASA 2.8%

Freehold Royalties Ltd 3.0% Golden Agri-Resources Ltd 2.7%

CNOOC Ltd 3.0% Newmont Mining Corp 2.7%

Fund Statistics (AS OF 9/30/2013)

Weighted Average Market Cap§ $15.8B Harmonic Avg. P/E (FY2)§ 14.4X

Harmonic Avg. Price / Book 1.8X Number of Holdings 47

Harmonic Avg. P/E (FY1)§ 16.9X

1. Inflation beta refers to a security’s sensitivity to unexpected changes to the inflation rate, measured by actual inflation measured in a period compared to the predicted value by economists in the Livingston Surveys.

2. Risk adjusted return as described above refers to a particular security’s annualized return over time divided by the standard deviation of its returns over time and representative of the security’s expected return per unit of risk.

3. Correlation is a statistical measure of how two securities move in relation to each other.

EuroPacHard Asset Fund (EPHAX) SEPtEmbEr 30, 2013 FUND FACtS

www.europacificfunds.com | ph: 1-888-558-5851

‡ Inception Date: 6/30/2011. ‡‡ Inception Date: 7/16/2013. ‡‡‡ Reflects no deduction for fees, expenses or taxes. Clients cannot invest directly in the S&P Global Natural Resources Sector Index.

The gross and net expense ratios of the EuroPac Hard Asset Fund A Share Class are 2.53% and 1.82%, respectively. The gross and net expense ratios of the EuroPac Hard Asset Fund Institutional Share Class are 2.28% and 1.57%, respectively. The performance data quoted here represents past performance. Past performance does not guarantee future results. The investment return and principal will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. For information current to the most recent month end please call 1-888-558-5851. A redemption fee of 2.00% may be imposed on redemptions of shares you have owned for 30 days or less. Please see the prospectus for more information. The performance data reflects payment of the 4.50% maximum sales charge at the beginning of the stated periods. The Fund’s advisor has contractually agreed to waive its fees and/or absorb expenses of the Fund to ensure that total annual fund operating expenses do not exceed 1.75% of average daily net assets of the Fund. This agreement is effective until March 1, 2014, and may be terminated by the Trust’s Board of Trustees (the “Board”). The Fund’s advisor is permitted to seek reimbursement from the Fund, subject to limitations, for fees it waived and Fund expenses it paid. The advisor is permitted to seek reimbursement from the Fund for a period of three fiscal years following the fiscal year in which fees were waived or reimbursed. § Harmonic mean is a way of averaging multiples, and gives equal weight to each data point rather than greater weights to high data points. For example, with a simple arithmetic mean, companies with high price to earnings multiples would have a greater impact on the overall earnings multiple of the portfolio due to their large size relative to other companies with smaller multiples, whereas the harmonic mean would adjust for this impact by giving equal weight to both the company with the high multiple and the low multiple in calculating the overall price to earnings multiple for the portfolio. Portfolio holdings will change due to ongoing management of the fund. References to specific securities (or sectors) should not be construed as recommendations by the Fund, the Advisor or the Distributor. The P/E (price to earnings) ratio is an indicator of how much investors are willing to pay for the opportunity to share in the company’s future earnings potential. “FY1” refers to the P/E ratio calculated using the company’s current year earnings as projected by analysts. “FY2” refers to the P/E ratio calculated using the company’s earnings as projected by analysts two fiscal years forward. The Price / Book ratio is used to compare a stock’s market value to its book value and is commonly used to compare a company’s valuation to other peers within its industry.

Foreign investments present additional risk due to currency fluctuations, which means the value of securities can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar, economic and political factors, government regulations, differences in accounting standards and other factors. Investments in emerging markets involve even greater risks. The Fund will be more susceptible to the economic, market, political, regulatory, local risks and potential natural disasters of the European and Pacific Rim regions than a fund that is more geographically diversified. Small, and mid cap stocks are subject to substantial risks such as market, business, size volatility, management experience, product diversification, financial resource, competitive strength, liquidity, and potential to fall out of favor that may cause their prices to fluctuate over time, sometimes rapidly and unpredictably. The Fund may be susceptible to government regulation, impacting hard asset sectors (such as the precious metals, natural resources, and real estate sectors). Precious metals and natural resources securities are at times volatile and there may be sharp fluctuations in prices, even during periods of rising prices.

To the extent the Fund uses futures, swaps, and other derivatives, it is exposed to additional volatility and potential losses resulting from leverage. The use of derivatives involves risks different from, and possibly greater than, the risks associated with investing directly in the underlying assets. Derivatives can be highly volatile, illiquid, and difficult to value. The Fund may be subject to greater risks than a fund whose portfolio has exposure to a broader range of sectors.

Investors should carefully consider the information about Euro Pacific Funds, including investment objectives, risks, and charges and expenses, which can be found in the Euro Pacific Funds’ prospectus or summary prospectus. Copies of the prospectus or summary prospectus are available from your registered representative, at the Fund’s website, www.europacificfunds.com, or by calling 1 888 558 5851. You should read the prospectus or summary prospectus carefully before investing or sending funds.

The EuroPac Hard Asset Fund is distributed by IMST Distributors, LLC.

THROUGH SEPTEMBER 30, 2013 Since Inception

Performance 1 Month

3 Month

6 Month YTD 1 Year 2 Year Annualized Cumulative

Euro Pac Hard Asset Fund (A Share)(EPHAX)‡

with impact of maximum sales charge -6.68% 1.43% -16.63% -20.29% -23.86% -5.39% -11.20% -23.48%

without impact of maximum sales charge -2.25% 6.25% -12.72% -16.54% -20.25% -3.20% -9.37% -19.88%

Euro Pac Hard Asset Fund (I Share)(EPHIX)‡‡ -2.25% 6.26% -12.66% -16.43% -20.10% -2.98% -9.17% -19.47%

S&P Global Natural Resources Sector Index ‡‡‡ 4.85% 8.79% -1.78% -3.34% -2.06% 5.35% -6.63% -14.32%

Portfolio Management

Investment AdvisorEuro Pacific Asset Management, LLC

PETER SCHIFF is the Owner of Euro Pacific Asset Management, LLC. Peter began his investment career as a financial consultant with Shearson Lehman Brothers, after having earned a degree in finance and accounting from U.C. Berkeley in 1987. A financial professional for over twenty years he joined Euro Pacific Capital, Inc in 1996 and has served as its President since January 2000. In 2007, Peter authored the bestselling book “Crash Proof” in which he warned of the coming economic downturn as well as “The Little Book of Bull Moves in Bear Markets” and “Crash Proof 2.0”.

JIM NELSON, CFA, is the Director of Euro Pacific Asset Management, LLC and the Co-Portfolio Manager of the EuroPac International Bond Fund. Prior to Euro Pacific Asset Management, Jim created Euro Pacific Capital’s Wealth Management division and currently serves as Portfolio Manager for the firm’s International Value Separately Managed Accounts. Jim originally joined

Euro Pacific’s Capital Markets division, having spent time in both Research Analyst and Investment Banking roles. Prior to Euro Pacific, Jim was a research analyst at ROTH Capital Partners, where he gained extensive experience in analyzing the market opportunities of both domestic and foreign companies. Prior to ROTH, Jim served as a Commissioned Officer in the United States Air Force, where he gained extensive experience as a Financial Controller, having directed finance and accounting activities for a number of acquisition programs, as well as Air Force installations including Misawa Air Force Base in Japan. Jim received his B.S. in Management from the United States Air Force Academy, and is a CFA Charterholder.