# EDGAR Filing Document

**Accession Number:** 0001318342
**File Stem:** 0001193125-25-330302
**Filing Date:** 2025-12
**Character Count:** 31578
**Document Hash:** 9417c06bc8f3500102ff385f737a4246
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-330302.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0001193125-25-330302

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**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:** 251596894

**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:** 2025-10-31

**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:** $472612517.72

**Total Liabilities:** $579787.30

**Net Assets:** $472032730.42

**Cash Not Reported:** $4297226.81

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000129046 | 20.12%               | 16.13%               | -6.68%               |
| Class ID C000206106 | 20.10%               | 16.13%               | -6.66%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $466704.72               | $64510199.89                               |
| Month 2  | $-840366.76              | $67259798.40                               |
| Month 3  | $671638.72               | $-33433861.35                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Heliostar Metals Ltd                          | Heliostar Metals Ltd.                                            | CUSIP: 42328Y102<br>LEI: 529900BF6RCFL9WNSB18 | Long             | EC               | CORP              | CA        |  14591370 | NS      | $19037649.44  | 4.03%             |  |  |  | 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      | $1042706.12   | 0.22%             |  |  |  | Yes           |                  2 | On Loan: No      |
| IAMGOLD Corp                                  | IAMGOLD Corp.                                                    | CUSIP: 450913108<br>LEI: 254900E7II30XAB9LA72 | Long             | EC               | CORP              | CA        |    330000 | NS      | $3821400.00   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| i-80 Gold Corp                                | i-80 Gold Corp.                                                  | CUSIP: 44955L106<br>LEI: 549300LFFIWIGUEXPK11 | Long             | EC               | CORP              | CA        |    208500 | NS      | $199194.35    | 0.04%             |  |  |  | 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        |    284503 | NS      | $4207799.37   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinross Gold Corp                             | Kinross Gold Corp.                                               | CUSIP: 496902404<br>LEI: 549300UEBMAQDN0K0R06 | Long             | EC               | CORP              | CA        |    120000 | NS      | $2788800.00   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenorland Minerals Ltd                        | Kenorland Minerals Ltd.                                          | CUSIP: 48978L100<br>LEI: 2549002HI5ATMIG9UD65 | Long             | EC               | CORP              | CA        |   3715400 | NS      | $4821066.59   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Lara Exploration Ltd                          | Lara Exploration Ltd.                                            | CUSIP: 516683109<br>LEI: 5299008LJPWOZHNEKD65 | Long             | EC               | CORP              | CA        |   2512100 | NS      | $4799962.93   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Midland Exploration Inc                       | Midland Exploration, Inc.                                        | CUSIP: 59751U100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   5873900 | NS      | $1989236.06   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Mogotes Metals Inc                            | Mogotes Metals, Inc.                                             | CUSIP: 608011102<br>LEI: 984500DB698F84ADCF60 | Long             | EC               | CORP              | CA        |   8690000 | NS      | $1703800.09   | 0.36%             |  |  |  | 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      |
| REVIVAL GOLD, Inc. RESTRICTED WARRANTS   /    | REVIVAL GOLD, Inc. RESTRICTED WARRANTS   /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               | CORP              | CA        |   2343750 | NC      | $334200.77    | 0.07%             |  |  |  | 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        |    187600 | NS      | $782446.88    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| SILVER CROWN ROYALTIES INC                    | Silver Crown Royalties, Inc.                                     | CUSIP: 999999999<br>LEI: 254900FEQ9DH6PZ51S07 | Long             | DE               | CORP              | CA        |    192400 | NC      | $27434.76     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Scorpio Gold Corp                             | Scorpio Gold Corp.                                               | CUSIP: 80918M302<br>LEI: 549300C382FMNEC9DO83 | Long             | EC               | CORP              | CA        |   8752333 | NS      | $2059225.65   | 0.44%             |  |  |  | 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      | $648795.09    | 0.14%             |  |  |  | Yes           |                  2 | On Loan: No      |
| SUMMIT ROYALTIES PRV PLCMT GOLD RYLTS   /     | SUMMIT ROYALTIES PRV PLCMT GOLD RYLTS   /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   6538461 | NS      | $4249999.65   | 0.90%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Triple Flag Precious Metals Co                | Triple Flag Precious Metals Corp.                                | CUSIP: 89679M104<br>LEI: 254900R7NJ1TEYIM4E61 | Long             | EC               | CORP              | CA        |     81038 | NS      | $2249614.88   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Triple Flag Precious Metals Co                | Triple Flag Precious Metals Corp.                                | CUSIP: 89679M104<br>LEI: 254900R7NJ1TEYIM4E61 | Long             | EC               | CORP              | CA        |    357655 | NS      | $9932027.84   | 2.10%             |  |  |  | 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        |  25201637 | PA      | $25201637.22  | 5.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Exploration Inc                       | Western Exploration, Inc.                                        | CUSIP: 95816A200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    541100 | NS      | $297053.33    | 0.06%             |  |  |  | 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      | $18840704.00  | 3.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp                  | Wheaton Precious Metals Corp.                                    | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |     25000 | NS      | $2414266.36   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| KEY CARBON COM   /                            | KEY CARBON COM   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    880000 | NS      | $2901753.89   | 0.61%             |  |  |  | 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        |   2524658 | NS      | $10300604.64  | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Dryden Gold Corp                              | Dryden Gold Corp.                                                | CUSIP: 26245V101<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   5850000 | NS      | $1230393.55   | 0.26%             |  |  |  | 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      |
| Elemental Altus Royalties Corp                | Elemental Altus Royalties Corp.                                  | CUSIP: 28619K208<br>LEI: 549300BQ0SXPY5XYOH89 | Long             | EC               | CORP              | CA        |    771730 | NS      | $11653530.16  | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| EMX Royalty Corp                              | EMX Royalty Corp.                                                | CUSIP: 26873J107<br>LEI: 5299009B3YOKQ9FW5S21 | Long             | EC               | CORP              | CA        |    293171 | NS      | $1197682.75   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinox Gold Corp                             | Equinox Gold Corp.                                               | CUSIP: 29446Y502<br>LEI: 5493005IN4V1SNP9PN75 | Long             | EC               | CORP              | CA        |    850000 | NS      | $9324500.00   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinox Gold Corp                             | Equinox Gold Corp.                                               | CUSIP: 29446Y502<br>LEI: 5493005IN4V1SNP9PN75 | Long             | EC               | CORP              | CA        |    332452 | NS      | $3652563.33   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| ERRINGTON METALS COM   /                      | ERRINGTON METALS COM   /                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   3600000 | NS      | $2566661.91   | 0.54%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Fuerte Metals Corp                            | Fuerte Metals Corp.                                              | CUSIP: 35958L101<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    767333 | NS      | $1712358.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corp                            | Franco-Nevada Corp.                                              | CUSIP: 351858105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    111506 | NS      | $20810364.78  | 4.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortuna Mining Corp                           | Fortuna Mining Corp.                                             | CUSIP: 349942102<br>LEI: 5493003Q88RVK7CW4735 | Long             | EC               | CORP              | CA        |   3584980 | NS      | $29647784.60  | 6.28%             |  |  |  | No            |                  1 | On Loan: No      |
| GUANAJUATO SILVER RESTRICTED WARRANTS   /     | GUANAJUATO SILVER RESTRICTED WARRANTS   /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               | CORP              | CA        |   1666500 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Guanajuato Silver Co Ltd                      | Guanajuato Silver Co., Ltd.                                      | CUSIP: 40066W106<br>LEI: 549300C1VGZKX7N1GH74 | Long             | EC               | CORP              | CA        |   7699000 | NS      | $1893736.63   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| GUANAJUATO SILVER Co. RESTRICTED WARRANTS   / | GUANAJUATO SILVER Co. RESTRICTED WARRANTS   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               | CORP              | CA        |   1750000 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| G2 Goldfields Inc                             | G2 Goldfields, Inc.                                              | CUSIP: 36256R105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   1253300 | NS      | $3690381.43   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Hart Copper Corp                         | Gold Hart Copper Corp.                                           | CUSIP: 38060B102<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   7600000 | NS      | $1354627.12   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLD HART MINING RESTRICTED WARRANTS   /      | GOLD HART MINING RESTRICTED WARRANTS   /                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               | CORP              | CA        |   3750000 | 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        |   1344416 | NS      | $9236137.92   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Metalla Royalty & Streaming Lt                | Metalla Royalty & Streaming Ltd.                                 | CUSIP: 59124U605<br>LEI: 549300RPR0O774QEKV20 | Long             | EC               | CORP              | CA        |   3155115 | NS      | $21504990.30  | 4.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Mundoro Capital Inc                           | Mundoro Capital, Inc.                                            | CUSIP: 626135107<br>LEI: 529900O9ODYZXQFQXM38 | Long             | EC               | CORP              | CA        |   8729204 | NS      | $1804840.41   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Newcore Gold Ltd                              | Newcore Gold Ltd.                                                | CUSIP: 65118M103<br>LEI: 894500A52BE2PYANBI95 | Long             | EC               | CORP              | CA        |   8216000 | NS      | $3895365.75   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                                  | Newmont Corp.                                                    | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     87749 | NS      | $7105036.53   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuvau Minerals Inc                            | Nuvau Minerals, Inc.                                             | CUSIP: 67120R104<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   8184720 | NS      | $4026420.08   | 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      |
| 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: 687080101<br>LEI: 529900D7N5WQ55E2DA45 | Long             | EC               | CORP              | CA        |   3081822 | NS      | $4724024.88   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| OR Royalties Inc                              | OR Royalties, Inc.                                               | CUSIP: 68390D106<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | CA        |    547265 | NS      | $17501534.70  | 3.71%             |  |  |  | No            |                  1 | On Loan: No      |
| OR Royalties Inc                              | OR Royalties, Inc.                                               | CUSIP: 68390D106<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | CA        |    313120 | NS      | $10045914.73  | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Orla Mining Ltd                               | Orla Mining Ltd.                                                 | CUSIP: 68634K106<br>LEI: 529900DU63EUQ1UZKL30 | Long             | EC               | CORP              | CA        |    617123 | NS      | $6368709.36   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan American Silver Corp                      | Pan American Silver Corp.                                        | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |    707761 | NS      | $24920264.81  | 5.28%             |  |  |  | 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        |   2960000 | NS      | $7723941.25   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Radius Gold Inc                               | Radius Gold, Inc.                                                | CUSIP: 750468100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   3300000 | NS      | $329388.28    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold Inc                                | Royal Gold, Inc.                                                 | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |    123680 | NS      | $21618027.20  | 4.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Revival Gold Inc                              | Revival Gold, Inc.                                               | CUSIP: 76151P101<br>LEI: 529900X2G2T7XSIDUH63 | Long             | EC               | CORP              | CA        |   5073000 | NS      | $2350955.37   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd                        | Agnico Eagle Mines Ltd.                                          | CUSIP: 008474108<br>LEI: YGE0EUBRF7IJOB3QRX76 | Long             | EC               | CORP              | CA        |    224940 | NS      | $36172601.40  | 7.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpha Exploration Ltd                         | Alpha Exploration Ltd.                                           | CUSIP: G3198S107<br>LEI: 254900LWGXN18OTF7397 | Long             | EC               | CORP              | VG        |   7219084 | NS      | $2676403.59   | 0.57%             |  |  |  | No            |                  1 | 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      |
| 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        |    208459 | NS      | $5641739.37   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglogold Ashanti Plc                         | Anglogold Ashanti Plc                                            | CUSIP: G0378L100<br>LEI: 2138005YDSA7A82RNU96 | Long             | EC               | CORP              | GB        |     95868 | NS      | $6519024.00   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Aurion Resources Ltd                          | Aurion Resources Ltd.                                            | CUSIP: 05156F107<br>LEI: 529900TLK415XYT5YM22 | Long             | EC               | CORP              | CA        |  10638228 | NS      | $7888034.45   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Mining Corp                           | Barrick Mining Corp.                                             | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |    765392 | NS      | $25104857.60  | 5.32%             |  |  |  | No            |                  1 | On Loan: No      |
| B2Gold Corp                                   | B2Gold Corp.                                                     | CUSIP: 11777Q209<br>LEI: 549300F7OK456M5NLM05 | Long             | EC               | CORP              | CA        |   4225229 | NS      | $18548755.31  | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| B2Gold Corp                                   | B2Gold Corp.                                                     | CUSIP: 11777Q209<br>LEI: 549300F7OK456M5NLM05 | Long             | EC               | CORP              | CA        |    901000 | NS      | $3944203.62   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN DOLLARS  /                           | CANADIAN DOLLARS  /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | STIV             |  | CA        |    452740 | OU      | $322786.33    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-06

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

**Signature:** /s/ Maureen Quill

**Name of Signer:** Maureen Quill

**Title:** President