# EDGAR Filing Document

**Accession Number:** 0001318342
**File Stem:** 0001145549-23-018509
**Filing Date:** 2023-3
**Character Count:** 29309
**Document Hash:** a40172b192e355208068491f0a83bff1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-018509.hdr.sgml**: 20230328

**ACCESSION NUMBER**: 0001145549-23-018509

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230328

**DATE AS OF CHANGE**: 20230328

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Investment Managers Series Trust
- **CENTRAL INDEX KEY:** 0001318342
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21719
- **FILM NUMBER:** 23767210

**BUSINESS ADDRESS:**
- **STREET 1:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 626-914-4141

**MAIL ADDRESS:**
- **STREET 1:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Claymore Trust
- **DATE OF NAME CHANGE:** 20050603

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Claymore Equity Trust
- **DATE OF NAME CHANGE:** 20050218

## Series and Classes Contracts Data

### EuroPac International Value Fund (Series ID: S000028332)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000086557 | Class A      | EPIVX           |
| C000129563 | Class I      | EPVIX           |

## Nport-Ex

#### EuroPac International Value Fund

#### SCHEDULE OF INVESTMENTS

#### As of January 31, 2023 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 90.6%** |  |
|  | **AUSTRALIA — 4.2%** |  |
| 183000 | Newcrest Mining Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2881859 |
| 120000 | Sonic Healthcare Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2674949 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5556808** |
|  | **BELGIUM — 2.8%** |  |
| 140000 | Etablissements Franz Colruyt N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3697108** |
|  | **BRAZIL — 2.9%** |  |
| 750656 | Ambev S.A. - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1996745 |
| 689700 | Banco Bradesco S.A. - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1924263 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3921008** |
|  | **CANADA — 16.4%** |  |
| 70000 | Agnico Eagle Mines Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3953600 |
| 49000 | Bank of Nova Scotia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2652540 |
| 225800 | Barrick Gold Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4414390 |
| 1000000 | IAMGOLD Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2810000 |
| 509900 | Kinross Gold Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365936 |
| 30000 | Nutrien Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2483700 |
| 530000 | Yamana Gold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3195900 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21876066** |
|  | **CHILE — 2.0%** |  |
| 174402 | Cia Cervecerias Unidas S.A. - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2722415** |
|  | **CHINA — 3.8%** |  |
| 10000 | Meituan - Class B <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222670 |
| 100000 | Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4874254 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5096924** |
|  | **DENMARK — 3.4%** |  |
| 15000 | Novo Nordisk A/S - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2081700 |
| 35000 | Royal Unibrew A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2448522 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4530222** |
|  | **FRANCE — 6.5%** |  |
| 51100 | Societe BIC S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3705555 |
| 50000 | Sodexo S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4947815 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8653370** |
|  | **GERMANY — 10.4%** |  |
| 25000 | adidas A.G. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4005762 |
| 20000 | BASF S.E. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139378 |
| 56000 | Bayer A.G. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3470320 |

---

------

#### EuroPac International Value Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of January 31, 2023 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **GERMANY (Continued)** |  |
| 34000 | Mercedes-Benz Group A.G. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2519135 |
| 20000 | Volkswagen A.G. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2760165 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13894760** |
|  | **JAPAN — 2.1%** |  |
| 50000 | Asahi Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1644835 |
| 54000 | Calbee, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217609 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2862444** |
|  | **NETHERLANDS — 3.9%** |  |
| 22000 | Aalberts N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034464 |
| 140000 | Shell PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4105023 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5139487** |
|  | **NORWAY — 2.4%** |  |
| 105000 | Equinor A.S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3190520** |
|  | **SINGAPORE — 2.1%** |  |
| 165000 | Singapore Exchange Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157939 |
| 842700 | Singapore Telecommunications Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609969 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2767908** |
|  | **SPAIN — 1.1%** |  |
| 382689 | Telefonica S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1450790** |
|  | **SWEDEN — 0.7%** |  |
| 32000 | Alfa Laval A.B. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1000612** |
|  | **SWITZERLAND — 4.5%** |  |
| 10000 | Kuehne + Nagel International A.G. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2376843 |
| 40000 | Novartis A.G. - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3624800 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6001643** |
|  | **UNITED KINGDOM — 16.5%** |  |
| 121000 | BP PLC - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4383830 |
| 158000 | British American Tobacco PLC - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6081420 |
| 55760 | GSK PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1966098 |
| 40000 | Reckitt Benckiser Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2845518 |
| 100000 | Unilever PLC - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5110000 |
| 1423470 | Vodafone Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634244 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22021110** |
|  | **UNITED STATES — 4.9%** |  |
| 52000 | Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2752360 |

---

------

#### EuroPac International Value Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of January 31, 2023 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **UNITED STATES (Continued)** |  |
| 36645 | Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3819875 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6572235** |
|  | **TOTAL COMMON STOCKS** |  |
|  | (Cost $107,057,507) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**120955430** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  |  |
|  | **SHORT-TERM INVESTMENTS — 8.9%** |  |
| 11898179 | Federated Hermes Treasury Obligations Fund - Institutional Class, 4.119% <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11898179 |
|  | **Total Short-Term Investments** |  |
|  | (Cost $11,898,179) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11898179** |
|  | **TOTAL INVESTMENTS — 99.5%** |  |
|  | (Cost $118,955,686) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**132853609** |
|  | Other Assets in Excess of Liabilities — 0.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622909 |
|  | **TOTAL NET ASSETS — 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$133476518** |

---

ADR – American Depository Receipt <br> PLC – Public Limited Company

---

| |
|:---|
| <sup>\*</sup>Non-income producing security. |
| <sup>1</sup>Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $222,670, which represents 0.17% of Net Assets. |
| <sup>2</sup>The rate is the annualized seven-day yield at period end. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** INVESTMENT MANAGERS SERIES TRUST

- **b. Investment Company Act file number:** 811-21719

- **c. CIK number of Registrant:** 0001318342

- **d. LEI of Registrant:** 549300ESWU4ZNAH5Y054

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 235 WEST GALENA STREET

  - **City:** MILWAUKEE

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 532123948

  - **Telephone number:** 4142992000

**Item A.2. Information about the Series.**

- **a. Name of Series:** EuroPac International Value

- **b. EDGAR series identifier (if any):** S000028332

- **c. LEI of Series:** 549300QRY4BKI6OJI637

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $133533683.70

**Total Liabilities:** $193752.48

**Net Assets:** $133339931.30

**Cash Not Reported:** $152276.52

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000086557 | 9.37%                | -0.03%               | 5.81%                |
| Class ID C000129563 | 9.33%                | -0.07%               | 5.90%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2432.37                | $10331962.14                               |
| Month 2  | $1776.13                 | $-479707.46                                |
| Month 3  | $-75748.39               | $7108124.23                                |

### Schedule of Portfolio Investments

| Name                           | Title                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Mercedes-Benz Group AG         | Mercedes-Benz Group A.G.                                         | CUSIP: D1668R123<br>LEI: 529900R27DL06UVNT076 | Long             | EC               | CORP              | DE        |     34000 | NS      | $2519134.59   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Newcrest Mining Ltd            | Newcrest Mining Ltd.                                             | CUSIP: Q6651B114<br>LEI: 5299006MN50OZJUJI655 | Long             | EC               | CORP              | AU        |    183000 | NS      | $2881859.25   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                   | Newmont Corp.                                                    | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     52000 | NS      | $2752360.00   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S               | Novo Nordisk A/S - ADR                                           | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             |  | CORP              | DK        |     15000 | NS      | $2081700.00   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                    | Novartis A.G. - ADR                                              | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             |  | CORP              | CH        |     40000 | NS      | $3624800.00   | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International In | Philip Morris International, Inc.                                | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     36645 | NS      | $3819874.80   | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Calbee Inc                     | Calbee, Inc.                                                     | CUSIP: J05190103<br>LEI: 529900CIHZID6O8LJH81 | Long             | EC               | CORP              | JP        |     54000 | NS      | $1217608.42   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Asahi Group Holdings Ltd       | Asahi Group Holdings Ltd.                                        | CUSIP: J02100113<br>LEI: 353800KAJ02XNHLCJW79 | Long             | EC               | CORP              | JP        |     50000 | NS      | $1644835.40   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Meituan                        | Meituan - Class B                                                | CUSIP: G59669104<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | CN        |     10000 | NS      | $222670.00    | 0.17%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Tencent Holdings Ltd           | Tencent Holdings Ltd.                                            | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |    100000 | NS      | $4874253.94   | 3.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Aalberts NV                    | Aalberts N.V.                                                    | CUSIP: N00089271<br>LEI: 549300EMP9DT6Q35HZ31 | Long             | EC               | CORP              | NL        |     22000 | NS      | $1034464.01   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambev SA                       | Ambev S.A. - ADR                                                 | CUSIP: 02319V103<br>LEI: 549300TH5Q6VRP8OT012 | Long             |  | CORP              | BR        |    750656 | NS      | $1996744.96   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| adidas AG                      | adidas A.G.                                                      | CUSIP: D0066B185<br>LEI: 549300JSX0Z4CW0V5023 | Long             | EC               | CORP              | DE        |     25000 | NS      | $4005762.12   | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd         | Agnico Eagle Mines Ltd.                                          | CUSIP: 008474108<br>LEI: YGE0EUBRF7IJOB3QRX76 | Long             | EC               | CORP              | CA        |     70000 | NS      | $3953600.00   | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Alfa Laval AB                  | Alfa Laval A.B.                                                  | CUSIP: W04008152<br>LEI: 549300UCKT2UK88AG251 | Long             | EC               | CORP              | SE        |     32000 | NS      | $1000612.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Yamana Gold Inc                | Yamana Gold, Inc.                                                | CUSIP: 98462Y100<br>LEI: 54930002VY22NXG01418 | Long             | EC               | CORP              | CA        |    530000 | NS      | $3195900.00   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| BASF SE                        | BASF S.E.                                                        | CUSIP: D06216317<br>LEI: 529900PM64WH8AF1E917 | Long             | EC               | CORP              | DE        |     20000 | NS      | $1139378.13   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayer AG                       | Bayer A.G.                                                       | CUSIP: D0712D163<br>LEI: 549300J4U55H3WP1XT59 | Long             | EC               | CORP              | DE        |     56000 | NS      | $3470319.63   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Societe BIC SA                 | Societe BIC S.A.                                                 | CUSIP: F10080103<br>LEI: 969500UR00DF63I0VH67 | Long             | EC               | CORP              | FR        |     51100 | NS      | $3705555.56   | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bradesco SA              | Banco Bradesco S.A. - ADR                                        | CUSIP: 059460303<br>LEI: 549300CTUU1RFXHQJE44 | Long             |  | CORP              | BR        |    689700 | NS      | $1924263.00   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Nova Scotia/The        | Bank of Nova Scotia                                              | CUSIP: 064149107<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | EC               | CORP              | CA        |     49000 | NS      | $2652540.21   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| BP PLC                         | BP PLC - ADR                                                     | CUSIP: 055622104<br>LEI: 213800LH1BZH3DI6G760 | Long             |  | CORP              | GB        |    121000 | NS      | $4383830.00   | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| British American Tobacco PLC   | British American Tobacco PLC - ADR                               | CUSIP: 110448107<br>LEI: 213800FKA5MF17RJKT63 | Long             |  | CORP              | GB        |    158000 | NS      | $6081420.00   | 4.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia Cervecerias Unidas SA      | Cia Cervecerias Unidas S.A. - ADR                                | CUSIP: 204429104<br>LEI: 529900BJW9B0O6LI2R39 | Long             |  | CORP              | CL        |    174402 | NS      | $2722415.22   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Etablissements Franz Colruyt N | Etablissements Franz Colruyt N.V.                                | CUSIP: B26882231<br>LEI: 5493000O0NZ1BCXO8K39 | Long             | EC               | CORP              | BE        |    140000 | NS      | $3697108.07   | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinor ASA                    | Equinor A.S.A.                                                   | CUSIP: R2R90P103<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | EC               | CORP              | NO        |    105000 | NS      | $3190520.56   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Gold Corp              | Barrick Gold Corp.                                               | CUSIP: 067901108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |    225800 | NS      | $4414390.00   | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK PLC                        | GSK PLC - ADR                                                    | CUSIP: 37733W204<br>LEI: 5493000HZTVUYLO1D793 | Long             |  | CORP              | GB        |     55760 | NS      | $1966097.60   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| IAMGOLD Corp                   | IAMGOLD Corp.                                                    | CUSIP: 450913108<br>LEI: 254900E7II30XAB9LA72 | Long             | EC               | CORP              | CA        |   1000000 | NS      | $2810000.00   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinross Gold Corp              | Kinross Gold Corp.                                               | CUSIP: 496902404<br>LEI: 549300UEBMAQDN0K0R06 | Long             | EC               | CORP              | CA        |    509900 | NS      | $2365936.00   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Kuehne + Nagel International A | Kuehne + Nagel International A.G.                                | CUSIP: H4673L145<br>LEI: 529900Q0YED3805QXQ66 | Long             | EC               | CORP              | CH        |     10000 | NS      | $2376843.26   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd                    | Nutrien Ltd.                                                     | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |     30000 | NS      | $2483700.00   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Unibrew A/S              | Royal Unibrew A/S                                                | CUSIP: K8390X122<br>LEI: 529900D69KFL8IAP8Q63 | Long             | EC               | CORP              | DK        |     35000 | NS      | $2448521.78   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Reckitt Benckiser Group PLC    | Reckitt Benckiser Group PLC                                      | CUSIP: G74079107<br>LEI: 5493003JFSMOJG48V108 | Long             | EC               | CORP              | GB        |     40000 | NS      | $2845518.43   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Singapore Exchange Ltd         | Singapore Exchange Ltd.                                          | CUSIP: Y79946102<br>LEI: 549300IQ650PPXM76X03 | Long             | EC               | CORP              | SG        |    165000 | NS      | $1157938.80   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                      | Shell PLC                                                        | CUSIP: G80827101<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    140000 | NS      | $4105022.83   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonic Healthcare Ltd           | Sonic Healthcare Ltd.                                            | CUSIP: Q8563C107<br>LEI: 549300NQQ5L2NONWR862 | Long             | EC               | CORP              | AU        |    120000 | NS      | $2674948.82   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SingTel                        | Singapore Telecommunications Ltd.                                | CUSIP: Y79985209<br>LEI: 2549003XJKIQO8YDYD89 | Long             | EC               | CORP              | SG        |    842700 | NS      | $1609968.79   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Sodexo SA                      | Sodexo S.A.                                                      | CUSIP: F84941123<br>LEI: 969500LCBOG12HXPYM84 | Long             | EC               | CORP              | FR        |     50000 | NS      | $4947814.74   | 3.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonica SA                  | Telefonica S.A.                                                  | CUSIP: 879382109<br>LEI: 549300EEJH4FEPDBBR25 | Long             | EC               | CORP              | ES        |    382689 | NS      | $1450789.89   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Hermes Treasury Obli | Federated Hermes Treasury Obligations Fund - Class Institutional | CUSIP: 60934N500<br>LEI: 254900WUIGYHOH89FC60 | Long             | STIV             | RF                | US        |  11745902 | PA      | $11745902.33  | 8.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                   | Unilever PLC - ADR                                               | CUSIP: 904767704<br>LEI: 549300MKFYEKVRWML317 | Long             |  | CORP              | GB        |    100000 | NS      | $5110000.00   | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Vodafone Group PLC             | Vodafone Group PLC                                               | CUSIP: G93882192<br>LEI: 213800TB53ELEUKM7Q61 | Long             | EC               | CORP              | GB        |   1423470 | NS      | $1634243.95   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Volkswagen AG                  | Volkswagen A.G.                                                  | CUSIP: D94523103<br>LEI: 529900NNUPAGGOMPXZ31 | Long             |  | CORP              | DE        |     20000 | NS      | $2760165.25   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-23

**Name of Applicant:** INVESTMENT MANAGERS SERIES TRUST

**Signature:** /s/ Terrance P. Gallagher

**Name of Signer:** Terrance P. Gallagher

**Title:** Assistant Vice President