# EDGAR Filing Document

**Accession Number:** 0001318342
**File Stem:** 0001145549-25-041806
**Filing Date:** 2025-6
**Character Count:** 32652
**Document Hash:** 7ae20077a58e655c26737652cb1248b9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-041806.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001145549-25-041806

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250625

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Investment Managers Series Trust
- **CENTRAL INDEX KEY:** 0001318342

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21719
- **FILM NUMBER:** 251074297

**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 Gold Fund (Series ID: S000041548)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000129046 | Class A      | EPGFX           |
| C000206106 | Class I      | EPGIX           |

## 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 Gold Fund

- **b. EDGAR series identifier (if any):** S000041548

- **c. LEI of Series:** 5493005JFZJ8VEDPRM06

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-04-30

**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:** $304028678.10

**Total Liabilities:** $1372440.75

**Net Assets:** $302656237.35

**Cash Not Reported:** $645717.20

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000129046 | 3.06%                | 10.54%               | 8.41%                |
| Class ID C000206106 | 3.13%                | 10.52%               | 8.49%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-260304.18              | $7311836.86                                |
| Month 2  | $1040463.24              | $24116206.16                               |
| Month 3  | $574282.16               | $21987743.55                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Agnico Eagle Mines Ltd                        | Agnico Eagle Mines Ltd.                                          | CUSIP: 008474108<br>LEI: YGE0EUBRF7IJOB3QRX76 | Long             | EC               | CORP              | CA        |    224940 | NS      | $26448445.20  | 8.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpha Exploration                             | Alpha Exploration                                                | CUSIP: G3198S107<br>LEI: 254900LWGXN18OTF7397 | Long             | EC               | CORP              | VG        |   6487442 | NS      | $3294073.26   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHA EXPLORATION RESTRICTED WARRANTS   /     | ALPHA EXPLORATION RESTRICTED WARRANTS   /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               | CORP              | CA        |   1600000 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| ALPHA EXPLORATION RESTRICTED WARRANTS   /     | ALPHA EXPLORATION RESTRICTED WARRANTS   /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               | CORP              | CA        |    428571 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| ALPHA EXPLORATION RESTRICTED WARRANTS   /     | ALPHA EXPLORATION RESTRICTED WARRANTS   /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               | CORP              | CA        |    535500 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| ALPHA EXPLORATION RESTRICTED WARRANTS   /     | ALPHA EXPLORATION RESTRICTED WARRANTS   /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               | CORP              | CA        |   1428571 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Aztec Minerals Corp                           | Aztec Minerals Corp.                                             | CUSIP: 054827100<br>LEI: 5299005EUEXYTIY87S41 | Long             | EC               | CORP              | CA        |   2053520 | NS      | $268122.44    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| B2Gold Corp                                   | B2Gold Corp.                                                     | CUSIP: 11777Q209<br>LEI: 549300F7OK456M5NLM05 | Long             | EC               | CORP              | CA        |   3689229 | NS      | $11473502.19  | 3.79%             |  |  |  | No            |                  1 | On Loan: No      |
| B2Gold Corp                                   | B2Gold Corp.                                                     | CUSIP: 11777Q209<br>LEI: 549300F7OK456M5NLM05 | Long             | EC               | CORP              | CA        |    901000 | NS      | $2816850.43   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN DOLLARS  /                           | CANADIAN DOLLARS  /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | STIV             |  | CA        |     36430 | OU      | $26425.55     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| KEY CARBON COM   /                            | KEY CARBON COM   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    880000 | NS      | $2952270.42   | 0.98%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CANTER RES Corp. RESTRICTED WARRANTS   /      | CANTER RES Corp. RESTRICTED WARRANTS   /                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               | CORP              | CA        |    150000 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Dakota Gold Corp                              | Dakota Gold Corp.                                                | CUSIP: 46655E100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1924658 | NS      | $5196576.60   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Dundee Precious Metals Inc                    | Dundee Precious Metals, Inc.                                     | CUSIP: 265269209<br>LEI: 549300LATVTU0EIUMD45 | Long             | EC               | CORP              | CA        |     33300 | NS      | $436479.76    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Dryden Gold Corp                              | Dryden Gold Corp.                                                | CUSIP: 26245V101<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   6714000 | NS      | $900979.25    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| DRYDEN RESOURCES RESTRICTED WARRANTS   /      | DRYDEN RESOURCES RESTRICTED WARRANTS   /                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               | CORP              | CA        |   7300000 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Discovery Silver Corp                         | Discovery Silver Corp.                                           | CUSIP: 254677107<br>LEI: 98450041CCB3E8QD3F53 | Long             | EC               | CORP              | CA        |    300000 | NS      | $600609.31    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Elemental Altus Royalties Corp                | Elemental Altus Royalties Corp.                                  | CUSIP: 28619K109<br>LEI: 549300BQ0SXPY5XYOH89 | Long             | EC               | CORP              | CA        |   7717300 | NS      | $8284929.64   | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHA EXPLORATION RESTRICTED WARRANTS   /     | ALPHA EXPLORATION RESTRICTED WARRANTS   /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               | CORP              | CA        |    550000 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Altius Minerals Corp                          | Altius Minerals Corp.                                            | CUSIP: 020936100<br>LEI: 54930083UJGDUCMJMU61 | Long             | EC               | CORP              | CA        |    178100 | NS      | $3499730.89   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| EMX Royalty Corp                              | EMX Royalty Corp.                                                | CUSIP: 26873J107<br>LEI: 5299009B3YOKQ9FW5S21 | Long             | EC               | CORP              | CA        |    543171 | NS      | $1256866.02   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinox Gold Corp                             | Equinox Gold Corp.                                               | CUSIP: 29446Y502<br>LEI: 5493005IN4V1SNP9PN75 | Long             | EC               | CORP              | CA        |    332452 | NS      | $2235478.05   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Exploration Inc                       | Western Exploration, Inc.                                        | CUSIP: 95816A200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1041100 | NS      | $611701.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTERN EXPLORATION RESTRICTED WARRANTS   /   | WESTERN EXPLORATION RESTRICTED WARRANTS   /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               | CORP              | CA        |    650000 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Wheaton Precious Metals Corp                  | Wheaton Precious Metals Corp.                                    | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |    195200 | NS      | $16303104.00  | 5.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp                  | Wheaton Precious Metals Corp.                                    | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |     25000 | NS      | $2087443.78   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| ERRINGTON METALS COM   /                      | ERRINGTON METALS COM   /                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   3000000 | NS      | $870448.28    | 0.29%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Fuerte Metals Corp                            | Fuerte Metals Corp.                                              | CUSIP: 35958L101<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   1180333 | NS      | $530833.21    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corp                            | Franco-Nevada Corp.                                              | CUSIP: 351858105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    105366 | NS      | $18099771.48  | 5.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortuna Mining Corp                           | Fortuna Mining Corp.                                             | CUSIP: 349942102<br>LEI: 5493003Q88RVK7CW4735 | Long             | EC               | CORP              | CA        |   3584980 | NS      | $22406125.00  | 7.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Gold Corp                             | Barrick Gold Corp.                                               | CUSIP: 067901108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |    765392 | NS      | $14573063.68  | 4.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglogold Ashanti Plc                         | Anglogold Ashanti Plc                                            | CUSIP: G0378L100<br>LEI: 2138005YDSA7A82RNU96 | Long             | EC               | CORP              | GB        |     30734 | NS      | $1295745.44   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Aurion Resources Ltd                          | Aurion Resources Ltd.                                            | CUSIP: 05156F107<br>LEI: 529900TLK415XYT5YM22 | Long             | EC               | CORP              | CA        |  10638228 | NS      | $6404852.20   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| G2 Goldfields Inc                             | G2 Goldfields, Inc.                                              | CUSIP: 36256R105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   1733300 | NS      | $4061046.71   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Hart Copper Corp                         | Gold Hart Copper Corp.                                           | CUSIP: 38060B102<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   7500000 | NS      | $761642.25    | 0.25%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Heliostar Metals Ltd                          | Heliostar Metals Ltd.                                            | CUSIP: 42328Y102<br>LEI: 529900BF6RCFL9WNSB18 | Long             | EC               | CORP              | CA        |  15061370 | NS      | $12673138.84  | 4.19%             |  |  |  | No            |                  1 | On Loan: No      |
| HELIOSTAR METALS Ltd. RESTRICTED WARRANTS   / | HELIOSTAR METALS Ltd. RESTRICTED WARRANTS   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               | CORP              | CA        |   1022727 | NC      | $563812.94    | 0.19%             |  |  |  | Yes           |                  2 | On Loan: No      |
| i-80 Gold Corp                                | i-80 Gold Corp.                                                  | CUSIP: 44955L106<br>LEI: 549300LFFIWIGUEXPK11 | Long             | EC               | CORP              | CA        |   6151229 | NS      | $3837267.47   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| I-80 GOLD Corp. RESTRICTED WARRANTS   /       | I-80 GOLD Corp. RESTRICTED WARRANTS   /                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               | CORP              | CA        |     50000 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Ivanhoe Electric Inc / US                     | Ivanhoe Electric, Inc. / US                                      | CUSIP: 46578C108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    319503 | NS      | $2012868.90   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinross Gold Corp                             | Kinross Gold Corp.                                               | CUSIP: 496902404<br>LEI: 549300UEBMAQDN0K0R06 | Long             | EC               | CORP              | CA        |    100000 | NS      | $1476000.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenorland Minerals Ltd                        | Kenorland Minerals Ltd.                                          | CUSIP: 48978L100<br>LEI: 2549002HI5ATMIG9UD65 | Long             | EC               | CORP              | CA        |   3807300 | NS      | $3976869.29   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Lara Exploration Ltd                          | Lara Exploration Ltd.                                            | CUSIP: 516683109<br>LEI: 5299008LJPWOZHNEKD65 | Long             | EC               | CORP              | CA        |   2412100 | NS      | $3184405.92   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Midland Exploration Inc                       | Midland Exploration, Inc.                                        | CUSIP: 59751U100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   6023900 | NS      | $1354569.13   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Mogotes Metals Inc                            | Mogotes Metals, Inc.                                             | CUSIP: 608011102<br>LEI: 984500DB698F84ADCF60 | Long             | EC               | CORP              | CA        |   9290000 | NS      | $1212969.68   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| MOGOTES METALS, Inc. RESTRICTED WARRANTS   /  | MOGOTES METALS, Inc. RESTRICTED WARRANTS   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               | CORP              | CA        |   5000000 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Metalla Royalty & Streaming Lt                | Metalla Royalty & Streaming Ltd.                                 | CUSIP: 59124U605<br>LEI: 549300RPR0O774QEKV20 | Long             | EC               | CORP              | CA        |   1258682 | NS      | $3826393.28   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Metalla Royalty & Streaming Lt                | Metalla Royalty & Streaming Ltd.                                 | CUSIP: 59124U605<br>LEI: 549300RPR0O774QEKV20 | Long             | EC               | CORP              | CA        |   3155115 | NS      | $9635161.87   | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| NUVAU MINERALS RESTRICTED WARRANTS   /        | NUVAU MINERALS RESTRICTED WARRANTS   /                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               | CORP              | CA        |   1000000 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| NUVAU MINERALS RESTRICTED WARRANTS   /        | NUVAU MINERALS RESTRICTED WARRANTS   /                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               | CORP              | CA        |   1111110 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Orogen Royalties Inc                          | Orogen Royalties, Inc.                                           | CUSIP: 68707R103<br>LEI: 529900D7N5WQ55E2DA45 | Long             | EC               | CORP              | CA        |  12327289 | NS      | $16184820.17  | 5.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Osisko Gold Royalties Ltd                     | Osisko Gold Royalties Ltd.                                       | CUSIP: 68827L101<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | CA        |    560265 | NS      | $13463167.95  | 4.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Mundoro Capital Inc                           | Mundoro Capital, Inc.                                            | CUSIP: 626135107<br>LEI: 529900O9ODYZXQFQXM38 | Long             | EC               | CORP              | CA        |   8829204 | NS      | $1184827.17   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Newcore Gold Ltd                              | Newcore Gold Ltd.                                                | CUSIP: 65118M103<br>LEI: 894500A52BE2PYANBI95 | Long             | EC               | CORP              | CA        |   8316000 | NS      | $3076425.36   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                                  | Newmont Corp.                                                    | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |    104749 | NS      | $5518177.32   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuvau Minerals Inc                            | Nuvau Minerals, Inc.                                             | CUSIP: 67120R104<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   8222220 | NS      | $2564597.85   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| NUVAU MINERALS RESTRICTED WARRANTS   /        | NUVAU MINERALS RESTRICTED WARRANTS   /                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               | CORP              | CA        |   2000000 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Osisko Gold Royalties Ltd                     | Osisko Gold Royalties Ltd.                                       | CUSIP: 68827L101<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | CA        |    318120 | NS      | $7624172.93   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan American Silver Corp                      | Pan American Silver Corp.                                        | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |    707761 | NS      | $17821421.98  | 5.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Polyus PJSC                                   | Polyus PJSC - GDR                                                | CUSIP: 73181M117<br>LEI: 549300FUXVT7TF6ZKV71 | Long             |  | CORP              | RU        |      5000 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Probe Gold Inc                                | Probe Gold, Inc.                                                 | CUSIP: 74290F100<br>LEI: 549300KN4JVFBY70QS60 | Long             | EC               | CORP              | CA        |   2950000 | NS      | $4429493.69   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Radius Gold Inc                               | Radius Gold, Inc.                                                | CUSIP: 750468100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   3300000 | NS      | $275279.27    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| RADIUS GOLD RESTRICTED WARRANTS   /           | RADIUS GOLD RESTRICTED WARRANTS   /                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               | CORP              | CA        |   4000000 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Royal Gold Inc                                | Royal Gold, Inc.                                                 | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |     89800 | NS      | $16407358.00  | 5.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Revival Gold Inc                              | Revival Gold, Inc.                                               | CUSIP: 76151P101<br>LEI: 529900X2G2T7XSIDUH63 | Long             | EC               | CORP              | CA        |   8176500 | NS      | $2579992.38   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| REVIVAL GOLD, Inc. RESTRICTED WARRANTS   /    | REVIVAL GOLD, Inc. RESTRICTED WARRANTS   /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               | CORP              | CA        |   2343750 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| REVIVAL GOLD, Inc. RESTRICTED WARRANTS   /    | REVIVAL GOLD, Inc. RESTRICTED WARRANTS   /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               | CORP              | CA        |    750000 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Silver Crown Royalties Inc                    | Silver Crown Royalties, Inc.                                     | CUSIP: 827647108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    199800 | NS      | $942042.65    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| SILVER CROWN ROYALTIES INC                    | Silver Crown Royalties, Inc.                                     | CUSIP: 999999999<br>LEI: 254900FEQ9DH6PZ51S07 | Long             | DE               | CORP              | CA        |    192400 | NC      | $697.81       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Scorpio Gold Corp                             | Scorpio Gold Corp                                                | CUSIP: 80918M302<br>LEI: 549300C382FMNEC9DO83 | Long             | EC               | CORP              | CA        |  11302333 | NS      | $1024801.70   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| SCORPIO GOLD RESTRICTED WARRANTS   /          | SCORPIO GOLD RESTRICTED WARRANTS   /                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               | CORP              | CA        |   7000000 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| SolGold PLC                                   | SolGold PLC                                                      | CUSIP: G8255T104<br>LEI: 213800HGFADQBMIEVI76 | Long             | EC               | CORP              | AU        |   1000000 | NS      | $90085.29     | 0.03%             |  |  |  | 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        |   6359188 | PA      | $6359188.13   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| VICUNAU METALLS RESTRICTED WARRANTS   /       | VICUNAU METALLS RESTRICTED WARRANTS   /                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               | CORP              | CA        |   3750000 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Vizsla Silver Corp                            | Vizsla Silver Corp.                                              | CUSIP: 92859G608<br>LEI: 549300ADJF7HWIEDL366 | Long             | EC               | CORP              | CA        |    100000 | NS      | $212000.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Vizsla Silver Corp                            | Vizsla Silver Corp.                                              | CUSIP: 92859G608<br>LEI: 549300ADJF7HWIEDL366 | Long             | EC               | CORP              | CA        |     10000 | NS      | $21035.83     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Copper & Gold Corp                    | Western Copper & Gold Corp.                                      | CUSIP: 95805V108<br>LEI: 529900DF4NXAM6X99014 | Long             | EC               | CORP              | CA        |    906600 | NS      | $999587.99    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ANGUS GOLD, Inc. RESTRICTED WARRANTS   /      | ANGUS GOLD, Inc. RESTRICTED WARRANTS   /                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               | CORP              | CA        |    900000 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Alpha Exploration                             | Alpha Exploration                                                | CUSIP: G3198S107<br>LEI: N/A                  | Long             | EC               | NUSS              | CA        |    857142 | NS      | $435223.71    | 0.14%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Scorpio Gold Corp                             | Scorpio Gold Corp                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | NUSS              | CA        |   7500000 | NS      | $680037.72    | 0.22%             |  |  |  | Yes           |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-12

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

**Signature:** /s/ Maureen Quill

**Name of Signer:** Maureen Quill

**Title:** President