# EDGAR Filing Document

**Accession Number:** 0001318342
**File Stem:** 0001145549-23-018519
**Filing Date:** 2023-3
**Character Count:** 44058
**Document Hash:** 35ef3c74d18b8b2be5fcb297bc39f446
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-018519.hdr.sgml**: 20230328

**ACCESSION NUMBER**: 0001145549-23-018519

**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:** 23767223

**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           |

## Nport-Ex

**EuroPac Gold Fund**

**SCHEDULE OF INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **COMMON STOCKS — 97.8%** |  |
|  | **DIVERSIFIED EXPLORATION AND MINING — 1.6%** |  |
| 880000 | Carbon Neutral<sup>1,2</sup> | $1803698 |
| 4000000 | Nuvau Minerals Corp.<sup>1,2</sup> | 1503081 |
|  |  | **3306779** |
|  | **GOLD AND PRECIOUS METALS — 0.4%** |  |
| 46432 | Newcrest Mining Ltd.<sup>2</sup> | **736994** |
|  | **GOLD EXPLORATION — 3.5%** |  |
| 2663228 | Aurion Resources Ltd.<sup>\*,2</sup> | 1240945 |
| 10962498 | Besra Gold, Inc.<sup>\*,2</sup> | 363688 |
| 3000000 | Besra Gold, Inc.<sup>\*,1,2</sup> | 99527 |
| 101265 | Dakota Gold Corp.<sup>\*</sup> | 355440 |
| 577800 | Irving Resources, Inc.<sup>\*,2</sup> | 429898 |
| 270000 | Irving Resources, Inc.<sup>\*,1,2</sup> | 200887 |
| 533000 | Newcore Gold Ltd.<sup>\*,2</sup> | 108154 |
| 786500 | Revival Gold, Inc.<sup>\*,2</sup> | 407850 |
| 2520000 | Revival Gold, Inc.<sup>\*,1,2</sup> | 1306779 |
| 4680597 | Vista Gold Corp.<sup>\*</sup> | 2901502 |
| 8200 | Vista Gold Corp.<sup>\*,2</sup> | 4930 |
|  |  | **7419600** |
|  | **GOLD MINING — 37.1%** |  |
| 219840 | Agnico Eagle Mines Ltd. | 12416563 |
| 15000 | AngloGold Ashanti Ltd. - ADR | 315300 |
| 2685229 | B2Gold Corp. | 10660359 |
| 150000 | B2Gold Corp.<sup>2</sup> | 594093 |
| 583892 | Barrick Gold Corp. | 11415089 |
| 1443099 | Equinox Gold Corp.<sup>\*,2</sup> | 6604895 |
| 120000 | Equinox Gold Corp.<sup>\*</sup> | 546000 |
| 817687 | Evolution Mining Ltd.<sup>2</sup> | 1846967 |
| 805690 | Gold Fields Ltd. - ADR | 9217094 |
| 2910560 | i-80 Gold Corp.<sup>\*,2</sup> | 7809033 |
| 150005 | Kinross Gold Corp. | 696023 |
| 47700 | Newmont Corp. | 2524761 |
| 6044100 | OceanaGold Corp.<sup>\*,2</sup> | 13082074 |
| 100000 | OceanaGold Corp.<sup>\*</sup> | 218000 |
| 116743 | Polymetal International PLC<sup>\*,2</sup> | 335361 |
| 5000 | Polyus PJSC - GDR<sup>\*,1,2</sup> | 83200 |
|  |  | **78364812** |
|  | **PRECIOUS METALS DEVELOPMENTAL — 3.8%** |  |
| 3193263 | Adriatic Metals PLC<sup>\*,2</sup> | 7100147 |

---

**EuroPac Gold Fund**

**SCHEDULE OF INVESTMENTS - Continued**

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

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **PRECIOUS METALS DEVELOPMENTAL (Continued)** |  |
| 253400 | Artemis Gold, Inc.<sup>\*,2</sup> | $902688 |
|  |  | **8002835** |
|  | **PRECIOUS METALS EXPLORATION — 4.0%** |  |
| 1611182 | Almadex Minerals Ltd.<sup>\*,2</sup> | 435913 |
| 2100000 | G2 Goldfields, Inc.<sup>\*,1,2</sup> | 1309935 |
| 8577590 | GBM Resources Ltd.<sup>\*,2</sup> | 314841 |
| 234527 | Harfang Exploration, Inc.<sup>\*,2</sup> | 41420 |
| 78000 | Heliostar Metals Ltd.<sup>\*,2</sup> | 14069 |
| 6136364 | Heliostar Metals Ltd.<sup>\*,1,2</sup> | 1106814 |
| 781300 | Kenorland Minerals Ltd.<sup>\*,2</sup> | 481486 |
| 1850000 | Kenorland Minerals Ltd.<sup>\*,1,2</sup> | 1140087 |
| 5485900 | Midland Exploration, Inc.<sup>\*,2,3</sup> | 2308811 |
| 6329204 | Mundoro Capital, Inc.<sup>\*,2,3</sup> | 927548 |
| 2490000 | Riverside Resources, Inc.<sup>\*,2</sup> | 271344 |
| 10500000 | Thomson Resources Ltd.<sup>\*,2</sup> | 133409 |
|  |  | **8485677** |
|  | **ROYALTY COMPANIES — 36.9%** |  |
| 5701800 | Elemental Altus Royalties Corp.<sup>\*,2,3</sup> | 5442121 |
| 900000 | Elemental Altus Royalties Corp.<sup>\*,1,2,3</sup> | 859011 |
| 1304518 | EMX Royalty Corp.<sup>\*</sup> | 2661217 |
| 124000 | EMX Royalty Corp.<sup>\*,1,2</sup> | 253480 |
| 89096 | Franco-Nevada Corp. | 13070383 |
| 368000 | Lara Exploration Ltd.<sup>\*,2</sup> | 210191 |
| 1573850 | Metalla Royalty & Streaming Ltd.<sup>\*,2</sup> | 7806561 |
| 389437 | Metalla Royalty & Streaming Ltd.<sup>\*</sup> | 1919924 |
| 4435151 | Orogen Royalties, Inc.<sup>\*,2</sup> | 1699930 |
| 750000 | Orogen Royalties, Inc.<sup>\*,1,2</sup> | 287464 |
| 640889 | Osisko Gold Royalties Ltd. | 8575095 |
| 323120 | Osisko Gold Royalties Ltd.<sup>2</sup> | 4324941 |
| 91400 | Royal Gold, Inc. | 11610542 |
| 950100 | Sandstorm Gold Ltd. | 5501079 |
| 3100000 | Star Royalties Ltd.<sup>\*,2</sup> | 943559 |
| 312120 | Triple Flag Precious Metals Corp. | 4213625 |
| 74600 | Vox Royalty Corp.<sup>2</sup> | 176605 |
| 162000 | Wheaton Precious Metals Corp. | 7409880 |
| 25000 | Wheaton Precious Metals Corp.<sup>2</sup> | 1143093 |
|  |  | **78108701** |
|  | **SILVER: EXPLORATION AND MINING — 10.5%** |  |
| 3300980 | Fortuna Silver Mines, Inc.<sup>\*</sup> | 12708773 |
| 488500 | Pan American Silver Corp. | 8905355 |

---

**EuroPac Gold Fund**

**SCHEDULE OF INVESTMENTS - Continued**

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

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **SILVER: EXPLORATION AND MINING (Continued)** |  |
| 100000 | SilverCrest Metals, Inc.<sup>\*</sup> | $653000 |
|  |  | **22267128** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $167,721,860) | **206692526** |
|  | **WARRANTS — 0.0%** |  |
|  | **DIVERSIFIED EXPLORATION AND MINING — 0.0%** |  |
| 2000000 | Nuvau Minerals Corp., Strike Price: 0.75 CAD, Expiration Date: March 15, 2025<sup>\*,1,2</sup> | **—** |
|  | **PRECIOUS METALS EXPLORATION — 0.0%** |  |
| 9090909 | GBM Resources Ltd., Strike Price: 0.096 AUD, Expiration Date: April 1, 2023<sup>\*,1,2</sup> |  |
| 3068182 | Heliostar Metals Ltd., Strike Price: 0.30 CAD, Expiration Date: February 15, 2026<sup>\*,1,2</sup> |  |
| 1250000 | Mundoro Capital, Inc., Strike Price: 0.30 CAD, Expiration Date: March 11, 2023<sup>\*,1,2</sup> |  |
| 800000 | Revival Gold, Inc., Strike Price: 0.80 CAD, Expiration Date: January 25, 2024<sup>\*,1,2</sup> |  |
| 6750000 | Thomson Resources Ltd., Strike Price: 0.115 AUD, Expiration Date: November 8, 2024<sup>\*,1,2</sup> |  |
| 2500000 | Thomson Resources Ltd., Strike Price: 0.20 AUD, Expiration Date: March 29, 2024<sup>\*,1,2</sup> |  |
|  |  | **—** |
|  | **ROYALTY COMPANIES — 0.0%** |  |
| 793584 | Elemental Altus Royalties Corp., Strike Price: 2.53 CAD, Expiration Date: March 2, 2023<sup>\*,1,2</sup> |  |
| 700000 | Empress Royalty Corp., Strike Price: 0.75 CAD, Expiration Date: April 8, 2023<sup>\*,1,2</sup> |  |
| 62000 | EMX Royalty Corp., Strike Price: 4.00 CAD, Expiration Date: November 10, 2023<sup>\*,1,2</sup> |  |
| 58350 | Vox Royalty Corp., Strike Price: 4.50 CAD, Expiration Date: April 13, 2024<sup>\*,1,2</sup> |  |
| 333350 | Vox Royalty Corp., Strike Price: 4.50 CAD, Expiration Date: May 15, 2023<sup>\*,1,2</sup> |  |
|  |  | **—** |
|  | **SILVER: EXPLORATION AND MINING — 0.0%** |  |
| 1880000 | Golden Arrow Resources Corp., Strike Price: 0.40 CAD, Expiration Date: March 18, 2023<sup>\*,1,2</sup> |  |
|  | **TOTAL WARRANTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $—) | **—** |

---

**EuroPac Gold Fund**

**SCHEDULE OF INVESTMENTS - Continued**

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

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **SHORT-TERM INVESTMENTS — 2.3%** |  |
| 4913030 | Federated Hermes Treasury Obligations Fund - Institutional Class, 4.12%<sup>4</sup> | $4913030 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,913,030) | **4913030** |
|  | **TOTAL INVESTMENTS — 100.1%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $172,634,890) | **211605556** |
|  | Liabilities in Excess of Other Assets — (0.1)% | (129296) |
|  | **TOTAL NET ASSETS — 100.0%** | $**211476260** |

---

ADR – American Depository Receipt

AUD – Australian Dollar

CAD – Canadian Dollar

GDR – Global Depository Receipt

PJSC – Public Joint Stock Company

PLC – Public Limited Company

<sup>\*</sup> Non-income producing security.

<sup>1</sup> Securities noted are exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities are Level 3 securities fair valued under procedures established by the Board of Trustees, representing 4.71% of Net Assets. The total value of these securities is $9,953,963.

<sup>2</sup> Foreign security denominated in U.S. dollars.

<sup>3</sup> Affiliated company.

<sup>4</sup> The rate is the annualized seven-day yield at period end.

**Note 12 – Investments in Affiliated Issuers**

An affiliated issuer is an entity in which the Fund has ownership of a least 5% of the voting securities or any investment in a EuroPac Fund. Issuers that are affiliates of the Fund at period-end are noted in the Fund's Schedule of Investments. Additional security purchases and the reduction of certain securities shares outstanding of existing portfolio holdings that were not considered affiliated in prior years may result in the Fund owning in excess of 5% of the outstanding shares at period-end. The table below reflects transactions during the period with entities that are affiliates as of January 31, 2023 and may include acquisitions of new investments, prior year holdings that became affiliated during the period and prior period affiliated holdings that are no longer affiliated as of period-end:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Security**<br> **Description** | **Value**<br> **Beginning**<br> **of Period** | **Purchases** | **Sales**<br> **Proceeds** | **Net**<br> **Realized**<br> **Gain**<br> **(Loss)** | **Transfer**<br> **Prior Year**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)** | **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)** | **Value End**<br> **of Period** | **Dividend**<br> **Income\*** |
| Gold Fund |  |  |  |  |  |  |  |  |
| Elemental Altus Royalties Corp.<sup>(1)</sup> | $6202514 | $- | $- | $- | $(6523830) | $321316 | $- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Magna Gold Corp. <sup>(1)</sup> | 576196 |  | (153610) | (1130432) |  | 707846 |  |  |
| Midland Exploration, Inc. | 1530125 |  |  |  |  | 778686 | 2308811 |  |
| Mundoro Capital, Inc. | 836213 |  |  | - |  | 91335 | 927548 | - |
| Total | $9145048 |  |  | $(1130432) |  | $1899183 | $3236359 | $- |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund/Security** <br> **Description**  | **Shares** <br> **Beginning** <br> **of Period**  | **Purchases**  | **Sales**  | **Stock Split**  | **Shares** <br> **End** <br> **of Period**  |
| Gold Fund |  |  |  |  |  |
| Elemental Altus Royalties Corp.<sup>(1)</sup> | 6601800 |  |  |  | 6601800 |
| Magna Gold Corp. <sup>(1)</sup> | 5233400 |  | (5233400) |  |  |
| Midland Exploration, Inc. | 5485900 |  |  |  | 5485900 |
| Mundoro Capital, Inc. | 6329204 |  |  |  | 6329204 |

---

\* Net of foreign withholding taxes.

<sup>(1)</sup> Not an affiliate at the end of the period.

## 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:** 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:** $211707437.00

**Total Liabilities:** $286087.02

**Net Assets:** $211421350.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000129046 | 17.46%               | 0.11%                | 9.57%                |
| Class ID C000206106 | 17.63%               | 0.11%                | 9.51%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-477495.17              | $28859038.85                               |
| Month 2  | $-461278.60              | $769296.19                                 |
| Month 3  | $52433.42                | $18327618.62                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Adriatic Metals PLC                            | Adriatic Metals PLC                                              | CUSIP: G01117103<br>LEI: 549300OHAH2GL1DP0L61 | Long             |  | CORP              | GB        |   3193263 | NS      | $7100147.14   | 3.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd                         | Agnico Eagle Mines Ltd.                                          | CUSIP: 008474108<br>LEI: YGE0EUBRF7IJOB3QRX76 | Long             | EC               | CORP              | CA        |    219840 | NS      | $12416563.20  | 5.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Artemis Gold Inc                               | Artemis Gold, Inc.                                               | CUSIP: 04302L100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    253400 | NS      | $902687.51    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| AngloGold Ashanti Ltd                          | AngloGold Ashanti Ltd. - ADR                                     | CUSIP: 035128206<br>LEI: 378900EF3BA9A5F42A59 | Long             |  | CORP              | ZA        |     15000 | NS      | $315300.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Aurion Resources Ltd                           | Aurion Resources Ltd.                                            | CUSIP: 05156F107<br>LEI: 529900TLK415XYT5YM22 | Long             | EC               | CORP              | CA        |   2663228 | NS      | $1240944.96   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| B2Gold Corp                                    | B2Gold Corp.                                                     | CUSIP: 11777Q209<br>LEI: 549300F7OK456M5NLM05 | Long             | EC               | CORP              | CA        |   2685229 | NS      | $10660359.13  | 5.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN DOLLARS  /                            | CANADIAN DOLLARS  /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | STIV             |  | CA        |      8634 | OU      | $6488.64      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CARBON NEUTRAL COM   /                         | CARBON NEUTRAL COM   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    880000 | NS      | $1803697.58   | 0.85%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Dakota Gold Corp                               | Dakota Gold Corp.                                                | CUSIP: 46655E100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    101265 | NS      | $355440.15    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Almadex Minerals Ltd/New                       | Almadex Minerals Ltd./New                                        | CUSIP: 02028L107<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   1611182 | NS      | $435912.76    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Elemental Altus Royalties                      | Elemental Altus Royalties                                        | CUSIP: 28619K109<br>LEI: 549300BQ0SXPY5XYOH89 | Long             | EC               | CORP              | CA        |   5701800 | NS      | $5442120.85   | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| ELEMENTAL ALT RLTY C RESTRICTED WARR   /       | ELEMENTAL ALT RLTY C RESTRICTED WARR   /                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               | CORP              | CA        |    793584 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EMPRESS ROYALTY Corp. RESTRICTED WARRANTS   /  | EMPRESS ROYALTY Corp. RESTRICTED WARRANTS   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               | CORP              | CA        |    700000 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EMX Royalty Corp                               | EMX Royalty Corp.                                                | CUSIP: 26873J107<br>LEI: 5299009B3YOKQ9FW5S21 | Long             | EC               | CORP              | CA        |   1304518 | NS      | $2661216.72   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| EMX Royalty Corp                               | EMX Royalty Corp.                                                | CUSIP: 26873J107<br>LEI: 5299009B3YOKQ9FW5S21 | Long             | EC               | CORP              | CA        |    124000 | NS      | $253479.63    | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Kenorland Minerals                             | Kenorland Minerals                                               | CUSIP: 48978L100<br>LEI: 2549002HI5ATMIG9UD65 | Long             | EC               | CORP              | CA        |    781300 | NS      | $481486.55    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Lara Exploration Ltd                           | Lara Exploration Ltd.                                            | CUSIP: 516683109<br>LEI: 5299008LJPWOZHNEKD65 | Long             | EC               | CORP              | CA        |    368000 | NS      | $210190.89    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Midland Exploration Inc                        | Midland Exploration, Inc.                                        | CUSIP: 59751U100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   5485900 | NS      | $2308811.06   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Metalla Royalty & Streaming Lt                 | Metalla Royalty & Streaming Ltd.                                 | CUSIP: 59124U605<br>LEI: 549300RPR0O774QEKV20 | Long             | EC               | CORP              | CA        |    389437 | NS      | $1919924.41   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Metalla Royalty & Streaming Lt                 | Metalla Royalty & Streaming Ltd.                                 | CUSIP: 59124U605<br>LEI: 549300RPR0O774QEKV20 | Long             | EC               | CORP              | CA        |   1573850 | NS      | $7806560.95   | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Mundoro Capital Inc                            | Mundoro Capital, Inc.                                            | CUSIP: 626135107<br>LEI: 529900O9ODYZXQFQXM38 | Long             | EC               | CORP              | CA        |   6329204 | NS      | $927547.56    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| MUNDORO CAPITAL, Inc. WARRANT (EST EXPIRE)   / | MUNDORO CAPITAL, Inc. WARRANT (EST EXPIRE)   /                   | CUSIP: 60928Z923<br>LEI: N/A                  | Long             | DE               | CORP              | CA        |   1250000 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Newcore Gold Ltd                               | Newcore Gold Ltd.                                                | CUSIP: 65118M103<br>LEI: 894500A52BE2PYANBI95 | Long             | EC               | CORP              | CA        |    533000 | NS      | $108154.22    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Newcrest Mining Ltd                            | Newcrest Mining Ltd.                                             | CUSIP: Q6651B114<br>LEI: 5299006MN50OZJUJI655 | Long             | EC               | CORP              | AU        |     46432 | NS      | $736993.72    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                                   | Newmont Corp.                                                    | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     47700 | NS      | $2524761.00   | 1.19%             |  |  |  | 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           |                  3 | On Loan: No      |
| NUVAU MINERALS COM   /                         | NUVAU MINERALS COM   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   4000000 | NS      | $1503081.32   | 0.71%             |  |  |  | Yes           |                  3 | On Loan: No      |
| OceanaGold Corp                                | OceanaGold Corp.                                                 | CUSIP: 675222103<br>LEI: 549300CBMSE8I9N3E232 | Long             | EC               | CORP              | AU        |    100000 | NS      | $218000.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| OceanaGold Corp                                | OceanaGold Corp.                                                 | CUSIP: 675222103<br>LEI: 549300CBMSE8I9N3E232 | Long             | EC               | CORP              | AU        |   6044100 | NS      | $13082074.25  | 6.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Orogen Royalties, Inc.                         | Orogen Royalties, Inc.                                           | CUSIP: 68707R103<br>LEI: 529900D7N5WQ55E2DA45 | Long             | EC               | CORP              | CA        |   4435151 | NS      | $1699930.11   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Osisko Gold Royalties Ltd                      | Osisko Gold Royalties Ltd.                                       | CUSIP: 68827L101<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | CA        |    640889 | NS      | $8575094.82   | 4.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Osisko Gold Royalties Ltd                      | Osisko Gold Royalties Ltd.                                       | CUSIP: 68827L101<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | CA        |    323120 | NS      | $4324941.53   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan American Silver Corp                       | Pan American Silver Corp.                                        | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |    488500 | NS      | $8905355.00   | 4.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Polyus PJSC                                    | Polyus PJSC - GDR                                                | CUSIP: 73181M117<br>LEI: 549300FUXVT7TF6ZKV71 | Long             |  | CORP              | RU        |      5000 | NS      | $83200.00     | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Polymetal International PLC                    | Polymetal International PLC                                      | CUSIP: G7179S101<br>LEI: 213800JKJ5HJWYS4GR61 | Long             | EC               | CORP              | CY        |    116743 | NS      | $335360.86    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold Inc                                 | Royal Gold, Inc.                                                 | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |     91400 | NS      | $11610542.00  | 5.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Riverside Resources Inc                        | Riverside Resources, Inc.                                        | CUSIP: 76927D101<br>LEI: 254900MYA3EXIBXFAF68 | Long             | EC               | CORP              | CA        |   2490000 | NS      | $271343.75    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Revival Gold, Inc.                             | Revival Gold, Inc.                                               | CUSIP: 76151P101<br>LEI: 529900X2G2T7XSIDUH63 | Long             | EC               | CORP              | CA        |    786500 | NS      | $407849.84    | 0.19%             |  |  |  | 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        |    800000 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Sandstorm Gold Ltd                             | Sandstorm Gold Ltd.                                              | CUSIP: 80013R206<br>LEI: 549300QWJPV45VQF1B33 | Long             | EC               | CORP              | CA        |    950100 | NS      | $5501079.00   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Vox Royalty Corp                               | Vox Royalty Corp.                                                | CUSIP: 92919F103<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     74600 | NS      | $176604.54    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| VOX ROYALTY Corp. RESTRICTED WARRANTS   /      | VOX ROYALTY Corp. RESTRICTED WARRANTS   /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               | CORP              | KY        |    333350 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| VOX ROYALTY Corp. RESTRICTED WARRANTS   /      | VOX ROYALTY Corp. RESTRICTED WARRANTS   /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               | CORP              | KY        |     58350 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Wheaton Precious Metals Corp                   | Wheaton Precious Metals Corp.                                    | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |    162000 | NS      | $7409880.00   | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp                   | Wheaton Precious Metals Corp.                                    | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |     25000 | NS      | $1143093.34   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Besra Gold Inc.                                | Besra Gold Inc.                                                  | CUSIP: C0980Y114<br>LEI: N/A                  | Long             |  | CORP              | CA        |  10962498 | NS      | $363688.44    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| B2Gold Corp                                    | B2Gold Corp.                                                     | CUSIP: 11777Q209<br>LEI: 549300F7OK456M5NLM05 | Long             | EC               | CORP              | CA        |    150000 | NS      | $594092.89    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| EMX ROYALTY Corp. RESTRICTED WARRANTS   /      | EMX ROYALTY Corp. RESTRICTED WARRANTS   /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               | CORP              | CA        |     62000 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Equinox Gold Corp                              | Equinox Gold Corp.                                               | CUSIP: 29446Y502<br>LEI: 5493005IN4V1SNP9PN75 | Long             | EC               | CORP              | CA        |    120000 | NS      | $546000.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinox Gold Corp                              | Equinox Gold Corp.                                               | CUSIP: 29446Y502<br>LEI: 5493005IN4V1SNP9PN75 | Long             | EC               | CORP              | CA        |   1443099 | NS      | $6604894.72   | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolution Mining Ltd                           | Evolution Mining Ltd.                                            | CUSIP: Q3647R147<br>LEI: 254900BCFW5QO5LW8F27 | Long             | EC               | CORP              | AU        |    817687 | NS      | $1846967.18   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corp                             | Franco-Nevada Corp.                                              | CUSIP: 351858105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     89096 | NS      | $13070383.20  | 6.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortuna Silver Mines Inc                       | Fortuna Silver Mines, Inc.                                       | CUSIP: 349915108<br>LEI: 5493003Q88RVK7CW4735 | Long             | EC               | CORP              | CA        |   3300980 | NS      | $12708773.00  | 6.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GBM Resources Ltd                              | GBM Resources Ltd.                                               | CUSIP: Q39725108<br>LEI: 894500CZAVZULLEHSE93 | Long             | EC               | CORP              | AU        |   8577590 | NS      | $314840.60    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| GBM RESOURCES Ltd. RESTRICTED WARRANTS   /     | GBM RESOURCES Ltd. RESTRICTED WARRANTS   /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               | CORP              | AU        |   9090909 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Gold Fields Ltd                                | Gold Fields Ltd. - ADR                                           | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             |  | CORP              | ZA        |    805690 | NS      | $9217093.60   | 4.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Gold Corp                              | Barrick Gold Corp.                                               | CUSIP: 067901108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |    583892 | NS      | $11415088.60  | 5.40%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDEN ARROW RES COR RESTRICTED WARRANTS   /   | GOLDEN ARROW RES COR RESTRICTED WARRANTS   /                     | CUSIP: 38083Z912<br>LEI: N/A                  | Long             | DE               | CORP              | CA        |   1880000 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| G2 Goldfields Inc                              | G2 Goldfields, Inc.                                              | CUSIP: 36256R105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   2100000 | NS      | $1309935.37   | 0.62%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Harfang Exploration Inc                        | Harfang Exploration, Inc.                                        | CUSIP: 412379208<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    234527 | NS      | $41420.30     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Heliostar Metals Ltd.                          | Heliostar Metals Ltd.                                            | CUSIP: 42328Y102<br>LEI: 529900BF6RCFL9WNSB18 | Long             | EC               | CORP              | CA        |     78000 | NS      | $14068.84     | 0.01%             |  |  |  | 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        |   3068182 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| i-80 Gold Corp                                 | i-80 Gold Corp.                                                  | CUSIP: 44955L106<br>LEI: 549300LFFIWIGUEXPK11 | Long             | EC               | CORP              | CA        |   2910560 | NS      | $7809032.92   | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Irving Resources, Inc.                         | Irving Resources, Inc.                                           | CUSIP: 463773101<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    577800 | NS      | $429897.79    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinross Gold Corp                              | Kinross Gold Corp.                                               | CUSIP: 496902404<br>LEI: 549300UEBMAQDN0K0R06 | Long             | EC               | CORP              | CA        |    150005 | NS      | $696023.20    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| SilverCrest Metals Inc                         | SilverCrest Metals, Inc.                                         | CUSIP: 828363101<br>LEI: 549300M4CUMXUHSXYQ10 | Long             | EC               | CORP              | CA        |    100000 | NS      | $653000.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Star Royalties Ltd                             | Star Royalties Ltd.                                              | CUSIP: 855169108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   3100000 | NS      | $943559.30    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Triple Flag Precious Metals Co                 | Triple Flag Precious Metals Corp.                                | CUSIP: 89679M104<br>LEI: 254900R7NJ1TEYIM4E61 | Long             | EC               | CORP              | CA        |    312120 | NS      | $4213624.86   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Thomson Resources Ltd                          | Thomson Resources Ltd.                                           | CUSIP: Q9034T109<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |  10500000 | NS      | $133408.63    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| THOMSON RESOURCES RESTRICTED WARRANTS   /      | THOMSON RESOURCES RESTRICTED WARRANTS   /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               | CORP              | AU        |   2500000 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| THOMSON RESOURCES RESTRICTED WARRANTS   /      | THOMSON RESOURCES RESTRICTED WARRANTS   /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               | CORP              | AU        |   6750000 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Federated Hermes Treasury Obli                 | Federated Hermes Treasury Obligations Fund - Class Institutional | CUSIP: 60934N500<br>LEI: 254900WUIGYHOH89FC60 | Long             | STIV             | RF                | US        |   5006841 | PA      | $5006840.97   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Vista Gold Corp                                | Vista Gold Corp.                                                 | CUSIP: 927926303<br>LEI: 5493002WCFTLKVBI8D48 | Long             | EC               | CORP              | US        |   4680597 | NS      | $2901502.08   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Vista Gold Corp                                | Vista Gold Corp.                                                 | CUSIP: 927926303<br>LEI: 5493002WCFTLKVBI8D48 | Long             | EC               | CORP              | US        |      8200 | NS      | $4930.11      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Besra Gold Inc.                                | Besra Gold Inc.                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | NUSS              | CA        |   3000000 | NS      | $99527.07     | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Elemental Altus Royalties                      | Elemental Altus Royalties                                        | CUSIP: 28619L107<br>LEI: N/A                  | Long             | EC               | NUSS              | CA        |    900000 | NS      | $859010.97    | 0.41%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Heliostar Metals Ltd.                          | Heliostar Metals Ltd.                                            | CUSIP: 42328Y102<br>LEI: N/A                  | Long             | EC               | NUSS              | CA        |   6136364 | NS      | $1106814.49   | 0.52%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Irving Resources, Inc.                         | Irving Resources, Inc.                                           | CUSIP: 463773101<br>LEI: N/A                  | Long             | EC               | NUSS              | CA        |    270000 | NS      | $200886.82    | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Kenorland Minerals                             | Kenorland Minerals                                               | CUSIP: 48978L100<br>LEI: N/A                  | Long             | EC               | NUSS              | CA        |   1850000 | NS      | $1140087.18   | 0.54%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Orogen Royalties, Inc.                         | Orogen Royalties, Inc.                                           | CUSIP: 68707R103<br>LEI: N/A                  | Long             | EC               | NUSS              | CA        |    750000 | NS      | $287464.30    | 0.14%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Revival Gold, Inc.                             | Revival Gold, Inc.                                               | CUSIP: 76151P101<br>LEI: N/A                  | Long             | EC               | NUSS              | CA        |   2520000 | NS      | $1306778.90   | 0.62%             |  |  |  | Yes           |                  3 | 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