# EDGAR Filing Document

**Accession Number:** 0001318342
**File Stem:** 0001193125-25-219665
**Filing Date:** 2025-9
**Character Count:** 44682
**Document Hash:** 464ff40a28df359341981d02682288c0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-219665.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0001193125-25-219665

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**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:** 251346902

**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 July 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **COMMON STOCKS — 99.1%** |  |
|  | **DIVERSIFIED EXPLORATION AND MINING — 2.9%** |  |
| 880000 | Carbon Neutral<sup>1,2,3</sup> | $2937355 |
| 3000000 | Errington Metals, Inc.<sup>1,2,3</sup> | 866051 |
| 846833 | Fuerte Metals Corp.<sup>\*,2</sup> | 733401 |
| 7500000 | Gold Hart Copper Corp.<sup>\*,1,2,3,4</sup> | 838987 |
| 8222220 | Nuvau Minerals, Inc.<sup>\*,2,4</sup> | 4094494 |
|  |  | **9470288** |
|  | **GOLD EXPLORATION — 12.4%** |  |
| 6407442 | Alpha Exploration Ltd.<sup>\*,2,4</sup> | 3005801 |
| 857142 | Alpha Exploration Ltd.<sup>\*,1,2,3,4</sup> | 402095 |
| 10638228 | Aurion Resources Ltd.<sup>\*,2,4</sup> | 6065387 |
| 1924658 | Dakota Gold Corp.<sup>\*</sup> | 6928769 |
| 6134500 | Dryden Gold Corp.<sup>\*,2,4</sup> | 863328 |
| 14591370 | Heliostar Metals Ltd.<sup>\*,2,4</sup> | 11741756 |
| 299503 | Ivanhoe Electric, Inc.<sup>\*</sup> | 2863249 |
| 9040000 | Mogotes Metals, Inc.<sup>\*,2</sup> | 1500577 |
| 8216000 | Newcore Gold Ltd.<sup>\*,2</sup> | 3290906 |
| 3300000 | Radius Gold, Inc.<sup>\*,2,4</sup> | 309613 |
| 6306500 | Revival Gold, Inc.<sup>\*,2,4</sup> | 2184700 |
| 7500000 | Scorpio Gold Corp<sup>\*,1,2,3,4</sup> | 1082564 |
| 1502333 | Scorpio Gold Corp.<sup>\*,2,4</sup> | 216849 |
| 741100 | Western Exploration, Inc.<sup>\*,2</sup> | 331612 |
|  |  | **40787206** |
|  | **GOLD MINING — 25.3%** |  |
| 224940 | Agnico Eagle Mines Ltd. | 27973538 |
| 26734 | AngloGold Ashanti Ltd. - ADR | 1236447 |
| 4089229 | B2Gold Corp. | 13780702 |
| 901000 | B2Gold Corp.<sup>2</sup> | 3030211 |
| 765392 | Barrick Mining Corp. | 16165079 |
| 977300 | Discovery Silver Corp.<sup>\*,2</sup> | 2278204 |
| 332452 | Equinox Gold Corp.<sup>\*,2</sup> | 2025040 |
| 550000 | Equinox Gold Corp.<sup>\*</sup> | 3355000 |
| 6359729 | i-80 Gold Corp.<sup>\*,2</sup> | 3488304 |
| 330000 | IAMGOLD Corp.<sup>\*</sup> | 2230800 |
| 130000 | Kinross Gold Corp. | 2080000 |
| 87749 | Newmont Corp. | 5449213 |
| 5000 | Polyus PJSC - GDR<sup>\*,1,2,3</sup> |  |
|  |  | **83092538** |
|  | **PRECIOUS METALS EXPLORATION — 4.9%** |  |
| 1643300 | G2 Goldfields, Inc.<sup>\*,2</sup> | 3178438 |
| 3765400 | Kenorland Minerals Ltd.<sup>\*,2,4</sup> | 5407871 |

---

**EuroPac Gold Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of July 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **PRECIOUS METALS EXPLORATION (Continued)** |  |
| 5973900 | Midland Exploration, Inc.<sup>\*,2,4</sup> | $1508996 |
| 8829204 | Mundoro Capital, Inc.<sup>\*,2,4</sup> | 1433726 |
| 2930000 | Probe Gold, Inc.<sup>\*,2</sup> | 4504114 |
|  |  | **16033145** |
|  | **ROYALTY COMPANIES — 40.7%** |  |
| 208459 | Altius Minerals Corp.<sup>2</sup> | 4376496 |
| 7717300 | Elemental Altus Royalties Corp.<sup>\*,2</sup> | 10916504 |
| 293171 | EMX Royalty Corp.<sup>\*,2</sup> | 867495 |
| 105366 | Franco-Nevada Corp. | 16787965 |
| 2442100 | Lara Exploration Ltd.<sup>\*,2</sup> | 4494338 |
| 3155115 | Metalla Royalty & Streaming Ltd.<sup>\*,2</sup> | 11954643 |
| 1344416 | Metalla Royalty & Streaming Ltd.<sup>\*</sup> | 5323888 |
| 3081822 | Orogen Royalties, Inc.<sup>\*,2,4</sup> | 3825587 |
| 550265 | Osisko Gold Royalties Ltd. | 15247843 |
| 313120 | Osisko Gold Royalties Ltd.<sup>2</sup> | 8673171 |
| 108800 | Royal Gold, Inc. | 16474496 |
| 193600 | Silver Crown Royalties, Inc.<sup>\*,2,4</sup> | 1057702 |
| 5384615 | Summit Royalty Corp. Private Placement<sup>1,3</sup> | 3500000 |
| 70000 | Triple Flag Precious Metals Corp. | 1597400 |
| 357655 | Triple Flag Precious Metals Corp.<sup>2</sup> | 8161844 |
| 195200 | Wheaton Precious Metals Corp. | 17862752 |
| 25000 | Wheaton Precious Metals Corp.<sup>2</sup> | 2286374 |
|  |  | **133408498** |
|  | **SILVER: EXPLORATION AND MINING — 12.9%** |  |
| 3584980 | Fortuna Silver Mines, Inc.<sup>\*</sup> | 23123121 |
| 707761 | Pan American Silver Corp. | 19123702 |
|  |  | **42246823** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $209,154,951) | **325038498** |
|  | **WARRANTS — 0.2%** |  |
|  | **DIVERSIFIED EXPLORATION AND MINING — 0.0%** |  |
| 150000 | Canter Resources Corp., Strike Price: 0.70 CAD, Expiration Date: January 19, 2026<sup>\*,1,2</sup> |  |
| 3750000 | Gold Hart Copper Corp., Strike Price: 0.36 CAD, Expiration Date: March 18, 2027<sup>\*,1,2</sup> |  |
| 2000000 | Nuvau Minerals Corp., Strike Price: 0.75 CAD, Expiration Date: March 15, 2026<sup>\*,1,2</sup> |  |
| 1000000 | Nuvau Minerals Corp., Strike Price: 1.00 CAD, Expiration Date: November 13, 2026<sup>\*,1,2</sup> |  |

---

**EuroPac Gold Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of July 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **WARRANTS (Continued)** |  |
|  | **DIVERSIFIED EXPLORATION AND MINING (Continued)** |  |
| 1111110 | Nuvau Minerals Corp., Strike Price: 1.35 CAD, Expiration Date: September 10, 2026<sup>\*,1,2</sup> | $— |
|  |  | **—** |
|  | **GOLD EXPLORATION — 0.2%** |  |
| 550000 | Alpha Exploration Ltd., Strike Price: 1.05 CAD, Expiration Date: December 11, 2025<sup>\*,1,2</sup> |  |
| 1428571 | Alpha Exploration Ltd., Strike Price: 1.05 CAD, Expiration Date: November 20, 2025<sup>\*,1,2</sup> |  |
| 535500 | Alpha Exploration Ltd., Strike Price: 1.05 CAD, Expiration Date: November 13, 2026<sup>\*,1,2</sup> |  |
| 428571 | Alpha Exploration Ltd., Strike Price: 1.05 CAD, Expiration Date: October 6, 2026<sup>\*,1,2</sup> |  |
| 7300000 | Dryden Gold Corp., Strike Price: 0.30 CAD, Expiration Date: January 15, 2026<sup>\*,1,2</sup> |  |
| 1022727 | Heliostar Metals Ltd., Strike Price: 0.40 CAD, Expiration Date: January 16, 2026<sup>\*,1,2</sup> | 527750 |
| 5000000 | Mogotes Metals, Inc., Strike Price: 0.30 CAD, Expiration Date: July 22, 2027<sup>\*,1,2</sup> |  |
| 7000000 | Scorpio Gold Corp., Strike Price: 0.20 CAD, Expiration Date: February 20, 2026 <sup>\*,1,2</sup> |  |
| 650000 | Western Exploration, Inc., Strike Price: 2.15 CAD, Expiration Date: June 20, 2026<sup>\*,1,2</sup> |  |
|  |  | **527750** |
|  | **GOLD MINING — 0.0%** |  |
| 50000 | I-80 GOLD Corp., Strike Price: 2.15 CAD, Expiration Date: November 27, 2026<sup>\*,1,2</sup> |  |
|  | **PRECIOUS METALS EXPLORATION — 0.0%** |  |
| 2343750 | Revival Gold, Inc., Strike Price: 0.45 CAD, Expiration Date: September 17, 2027<sup>\*,1,2</sup> | 50745 |
| 750000 | Revival Gold, Inc., Strike Price: 0.72 CAD, Expiration Date: July 18, 2026<sup>\*,1,2</sup> |  |
|  |  | **50745** |
|  | **ROYALTY COMPANIES — 0.0%** |  |
| 192400 | Silver Crown Royalties, Inc.<sup>\*,2</sup> | **694** |
|  | **TOTAL WARRANTS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $—) | **579189** |

---

**EuroPac Gold Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of July 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **SHORT-TERM INVESTMENTS — 0.7%** |  |
| 2276774 | Federated Hermes Treasury Obligations Fund - Institutional Class, 4.11%<sup>5</sup> | $2276774 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $2,276,774) | **2276774** |
|  | **TOTAL INVESTMENTS — 100.0%** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $211,431,725) | **327894461** |
|  | Liabilities in Excess of Other Assets — (0.0)% | (67837) |
|  | **TOTAL NET ASSETS — 100.0%** | $**327826624** |

---

ADR – American Depository Receipt

CAD – Canadian Dollar

GDR – Global Depository Receipt

PJSC – Public Joint Stock Company

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

<sup>1</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $10,205,547, which represents 3.11% of Net Assets.

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

<sup>3</sup> Level 3 securities fair valued under procedures established by the Board of Trustees, representing 2.94% of Net Assets. The total value of these securities is $9,627,051.

<sup>4</sup> Affiliated company.

<sup>5</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 July 31, 2025 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:

**Gold Fund**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Value**<br>**Beginning**<br>**of Period** |<br><br>**Additions** |<br><br>**Reductions** |<br>**Net**<br>**Realized**<br>**Gain (Loss)** | **Change in**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |<br>**Value End**<br>**of Period** |<br>**Dividend**<br>**Income\*** |
| **Common Stocks** |  |  |  |  |  |  |  |
| **Diversified Exploration and Mining - 0.3%** | **Diversified Exploration and Mining - 0.3%** | **Diversified Exploration and Mining - 0.3%** |  |  |  |  |  |
| Gold Hart Corp. <sup>(1)(3)</sup> | $- | $1057157 | $- | $- | $(218170) | $838987 | $- |
| Nuvau Minerals Corp. <sup>(1)(2)(3)(4)</sup> | 5314563 |  | (5314563) |  |  | - |  |
|  |  |  |  |  |  | 838987 |  |
| **Gold Exploration - 8.2%** |  |  |  |  |  |  |  |
| Alpha Exploration Ltd. <sup>(3)(4)</sup> | 3514492 | 413650 | (99883) | (5985) | (414378) | 3407896 |  |
| Angus Gold, Inc. <sup>(2)(3)</sup> | 1372630 | 80544 | (2078977) | 384184 | 241619 |  |  |
| Aurion Resources, Ltd. <sup>(3)</sup> | 5104986 | 17475 |  |  | 942926 | 6065387 |  |
| Dryden Gold Corp. <sup>(2)(3)</sup> | 915139 |  | (915240) | 32310 | (32209) |  |  |
| Heliostar Metals Ltd. <sup>(3)</sup> | 6607714 |  | (1056751) | 627066 | 5563727 | 11741756 |  |
| Radius Gold, Inc. <sup>(2)(3)</sup> | 287274 |  | (470721) | (45530) | 228977 |  |  |
| Revival Gold, Inc. <sup>(2)(3)</sup> | 2346962 |  | (2633872) | (207468) | 494378 |  |  |
| Scorpio Gold Corp. <sup>(2)(3)(4)</sup> | 1237400 | 415628 | (1612380) | (54316) | 13668 | - |  |
|  |  |  |  |  |  | 21215039 |  |
| **Precious Metals Exploration - 1.0%** |  |  |  |  |  |  |  |
| Kenorland Minerals Ltd. <sup>(2)(3)</sup> | 3245397 |  | (2401609) | 5292 | (849080) |  |  |
| Midland Exploration, Inc. <sup>(3)</sup> | 1354645 | 39417 | (26418) | (91862) | 233214 | 1508996 |  |
| Mundoro Capital, Inc. <sup>(3)</sup> | 1204790 |  |  |  | 228936 | 1433726 |  |
|  |  |  |  |  |  | 2942722 |  |
| **Royalty Companies - 5.1%** |  |  |  |  |  |  |  |
| Orogen Royalties, Inc. <sup>(1)(3)</sup> | 9201350 | 7457529 | (23842175) | 10673851 | 335032 | 3825587 |  |
| Silver Crown Royalties, Inc. <sup>(3)</sup> | 1136168 |  | (29309) | (17403) | (31754) | 1057702 |  |
|  |  |  |  |  |  | 4883289 |  |
| Total |  |  |  | $11300139 | $6736886 | $29880037 | $- |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Shares**<br>**Beginning**<br>**of Period** |<br>**Purchases** |<br>**Sales** |<br>**Stock**<br>**Split** | **Shares**<br>**End**<br>**of Period** |
| **Common Stocks** |  |  |  |  |  |
| **Diversified Exploration and Mining - 0.3%** |  |  |  |  |  |
| Gold Hart Corp. <sup>(1)(3)</sup> |  | 7500000 |  |  | 7500000 |
| Nuvau Minerals Corp. <sup>(1)(2)(3)(4)</sup> | 8222220 |  |  |  | 8222220 |
| **Gold Exploration - 8.2%** |  |  |  |  |  |
| Alpha Exploration Ltd. <sup>(3)(4)</sup> | 6612942 | 857142 | (205500) |  | 7264584 |
| Angus Gold, Inc. <sup>(2)(3)</sup> | 3822500 | 300000 | (4122500) |  |  |
| Aurion Resources, Ltd. <sup>(3)</sup> | 10609228 | 29000 |  |  | 10638228 |
| Dryden Gold Corp. <sup>(2)(3)</sup> | 7964000 |  | (1829500) |  | 6134500 |
| Heliostar Metals Ltd. <sup>(3)</sup> | 16141370 |  | (1550000) |  | 14591370 |
| Radius Gold, Inc. <sup>(2)(3)</sup> | 4000000 |  | (700000) |  | 3300000 |
| Revival Gold, Inc. <sup>(2)(3)</sup> | 9611500 |  | (3305000) |  | 6306500 |
| Scorpio Gold Corp. <sup>(2)(3)(4)</sup> | 12306833 | 7500000 | (10804500) |  | 9002333 |
| **Precious Metals Exploration - 1.0%** |  |  |  |  |  |
| Kenorland Minerals Ltd. <sup>(2)(3)</sup> | 3862300 |  | (96900) |  | 3765400 |
| Midland Exploration, Inc. <sup>(3)</sup> | 5894400 | 200000 | (120500) |  | 5973900 |
| Mundoro Capital, Inc. <sup>(3)</sup> | 8829204 |  |  |  | 8829204 |
| **Royalty Companies - 5.1%** |  |  |  |  |  |
| Orogen Royalties, Inc. <sup>(1)(3)</sup> | 8715619 | 6693492 | (12327289) |  | 3081822 |
| Silver Crown Royalties, Inc. <sup>(3)</sup> | 200000 |  | (6400) |  | 193600 |

---

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

<sup>(2)</sup> Not an affiliate at the end of the period.

<sup>(3)</sup> Non Income Producing

<sup>(4)</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.

\* Net of foreign withholding taxes.

## 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:** 2025-07-31

**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:** $329212504.74

**Total Liabilities:** $1174698.41

**Net Assets:** $328037806.33

**Cash Not Reported:** $1372786.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000129046 | 2.56%                | 5.22%                | 0.15%                |
| Class ID C000206106 | 2.53%                | 5.24%                | 0.22%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $81396.56                | $7452415.50                                |
| Month 2  | $231518.54               | $16415946.68                               |
| Month 3  | $11216008.68             | $-10255034.27                              |

### 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      | $27973538.40  | 8.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpha Exploration                             | Alpha Exploration                                                | CUSIP: G3198S107<br>LEI: 254900LWGXN18OTF7397 | Long             | EC               | CORP              | VG        |   6407442 | NS      | $3005800.59   | 0.92%             |  |  |  | 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      | $4376495.60   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglogold Ashanti Plc                         | Anglogold Ashanti Plc                                            | CUSIP: G0378L100<br>LEI: 2138005YDSA7A82RNU96 | Long             | EC               | CORP              | GB        |     26734 | NS      | $1236447.50   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Aurion Resources Ltd                          | Aurion Resources Ltd.                                            | CUSIP: 05156F107<br>LEI: 529900TLK415XYT5YM22 | Long             | EC               | CORP              | CA        |  10638228 | NS      | $6065386.92   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Mining Corp                           | Barrick Mining Corp.                                             | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |    765392 | NS      | $16165079.04  | 4.93%             |  |  |  | No            |                  1 | On Loan: No      |
| B2Gold Corp                                   | B2Gold Corp.                                                     | CUSIP: 11777Q209<br>LEI: 549300F7OK456M5NLM05 | Long             | EC               | CORP              | CA        |   4089229 | NS      | $13780701.73  | 4.20%             |  |  |  | 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      | $527749.57    | 0.16%             |  |  |  | Yes           |                  2 | On Loan: No      |
| IAMGOLD Corp                                  | IAMGOLD Corp.                                                    | CUSIP: 450913108<br>LEI: 254900E7II30XAB9LA72 | Long             | EC               | CORP              | CA        |    330000 | NS      | $2230800.00   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| i-80 Gold Corp                                | i-80 Gold Corp.                                                  | CUSIP: 44955L106<br>LEI: 549300LFFIWIGUEXPK11 | Long             | EC               | CORP              | CA        |   6359729 | NS      | $3488304.01   | 1.06%             |  |  |  | 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        |    299503 | NS      | $2863248.68   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinross Gold Corp                             | Kinross Gold Corp.                                               | CUSIP: 496902404<br>LEI: 549300UEBMAQDN0K0R06 | Long             | EC               | CORP              | CA        |    130000 | NS      | $2080000.00   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenorland Minerals Ltd                        | Kenorland Minerals Ltd.                                          | CUSIP: 48978L100<br>LEI: 2549002HI5ATMIG9UD65 | Long             | EC               | CORP              | CA        |   3765400 | NS      | $5407870.96   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Lara Exploration Ltd                          | Lara Exploration Ltd.                                            | CUSIP: 516683109<br>LEI: 5299008LJPWOZHNEKD65 | Long             | EC               | CORP              | CA        |   2442100 | NS      | $4494338.19   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Midland Exploration Inc                       | Midland Exploration, Inc.                                        | CUSIP: 59751U100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   5973900 | NS      | $1508996.10   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Mogotes Metals Inc                            | Mogotes Metals, Inc.                                             | CUSIP: 608011102<br>LEI: 984500DB698F84ADCF60 | Long             | EC               | CORP              | CA        |   9040000 | NS      | $1500577.37   | 0.46%             |  |  |  | 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        |   1344416 | NS      | $5323887.36   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuvau Minerals Inc                            | Nuvau Minerals, Inc.                                             | CUSIP: 67120R104<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   8222220 | NS      | $4094494.66   | 1.25%             |  |  |  | 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      | $3825587.36   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| OR Royalties Inc                              | OR Royalties, Inc.                                               | CUSIP: 68390D106<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | CA        |    550265 | NS      | $15247843.15  | 4.65%             |  |  |  | No            |                  1 | On Loan: No      |
| OR Royalties Inc                              | OR Royalties, Inc.                                               | CUSIP: 68390D106<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | CA        |    313120 | NS      | $8673170.90   | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan American Silver Corp                      | Pan American Silver Corp.                                        | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |    707761 | NS      | $19123702.22  | 5.83%             |  |  |  | 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        |   2930000 | NS      | $4504113.74   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Radius Gold Inc                               | Radius Gold, Inc.                                                | CUSIP: 750468100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   3300000 | NS      | $309613.16    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold Inc                                | Royal Gold, Inc.                                                 | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |    108800 | NS      | $16474496.00  | 5.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Revival Gold Inc                              | Revival Gold, Inc.                                               | CUSIP: 76151P101<br>LEI: 529900X2G2T7XSIDUH63 | Long             | EC               | CORP              | CA        |   6306500 | NS      | $2184699.77   | 0.67%             |  |  |  | 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      | $50745.16     | 0.02%             |  |  |  | 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        |    193600 | NS      | $1057702.08   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| SILVER CROWN ROYALTIES INC                    | Silver Crown Royalties, Inc.                                     | CUSIP: 999999999<br>LEI: 254900FEQ9DH6PZ51S07 | Long             | DE               | CORP              | CA        |    192400 | NC      | $694.28       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Scorpio Gold Corp                             | Scorpio Gold Corp                                                | CUSIP: 80918M302<br>LEI: 549300C382FMNEC9DO83 | Long             | EC               | CORP              | CA        |   1502333 | NS      | $216849.45    | 0.07%             |  |  |  | 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      |
| SUMMIT ROYALTIES PRV PLCMT GOLD RYLTS   /     | SUMMIT ROYALTIES PRV PLCMT GOLD RYLTS   /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5384615 | NS      | $3499999.75   | 1.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Triple Flag Precious Metals Co                | Triple Flag Precious Metals Corp.                                | CUSIP: 89679M104<br>LEI: 254900R7NJ1TEYIM4E61 | Long             | EC               | CORP              | CA        |     70000 | NS      | $1597400.00   | 0.49%             |  |  |  | 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      | $8161844.04   | 2.49%             |  |  |  | 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        |   2183985 | PA      | $2183984.86   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| B2Gold Corp                                   | B2Gold Corp.                                                     | CUSIP: 11777Q209<br>LEI: 549300F7OK456M5NLM05 | Long             | EC               | CORP              | CA        |    901000 | NS      | $3030210.74   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| KEY CARBON COM   /                            | KEY CARBON COM   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    880000 | NS      | $2937355.66   | 0.90%             |  |  |  | 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      | $6928768.80   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Dryden Gold Corp                              | Dryden Gold Corp.                                                | CUSIP: 26245V101<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   6134500 | NS      | $863328.16    | 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      |
| Discovery Silver Corp                         | Discovery Silver Corp.                                           | CUSIP: 254677107<br>LEI: 98450041CCB3E8QD3F53 | Long             | EC               | CORP              | CA        |    977300 | NS      | $2278203.67   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Elemental Altus Royalties Corp                | Elemental Altus Royalties Corp.                                  | CUSIP: 28619K109<br>LEI: 549300BQ0SXPY5XYOH89 | Long             | EC               | CORP              | CA        |   7717300 | NS      | $10916504.04  | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| EMX Royalty Corp                              | EMX Royalty Corp.                                                | CUSIP: 26873J107<br>LEI: 5299009B3YOKQ9FW5S21 | Long             | EC               | CORP              | CA        |    293171 | NS      | $867495.02    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinox Gold Corp                             | Equinox Gold Corp.                                               | CUSIP: 29446Y502<br>LEI: 5493005IN4V1SNP9PN75 | Long             | EC               | CORP              | CA        |    550000 | NS      | $3355000.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinox Gold Corp                             | Equinox Gold Corp.                                               | CUSIP: 29446Y502<br>LEI: 5493005IN4V1SNP9PN75 | Long             | EC               | CORP              | CA        |    332452 | NS      | $2025039.61   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| ERRINGTON METALS COM   /                      | ERRINGTON METALS COM   /                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   3000000 | NS      | $866050.81    | 0.26%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Fuerte Metals Corp                            | Fuerte Metals Corp.                                              | CUSIP: 35958L101<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    846833 | NS      | $733400.69    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corp                            | Franco-Nevada Corp.                                              | CUSIP: 351858105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    105366 | NS      | $16787964.78  | 5.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortuna Mining Corp                           | Fortuna Mining Corp.                                             | CUSIP: 349942102<br>LEI: 5493003Q88RVK7CW4735 | Long             | EC               | CORP              | CA        |   3584980 | NS      | $23123121.00  | 7.05%             |  |  |  | No            |                  1 | On Loan: No      |
| G2 Goldfields Inc                             | G2 Goldfields, Inc.                                              | CUSIP: 36256R105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   1643300 | NS      | $3178438.22   | 0.97%             |  |  |  | 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      | $838986.72    | 0.26%             |  |  |  | Yes           |                  3 | 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      |
| Heliostar Metals Ltd                          | Heliostar Metals Ltd.                                            | CUSIP: 42328Y102<br>LEI: 529900BF6RCFL9WNSB18 | Long             | EC               | CORP              | CA        |  14591370 | NS      | $11741756.31  | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Metalla Royalty & Streaming Lt                | Metalla Royalty & Streaming Ltd.                                 | CUSIP: 59124U605<br>LEI: 549300RPR0O774QEKV20 | Long             | EC               | CORP              | CA        |   3155115 | NS      | $11954643.30  | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Mundoro Capital Inc                           | Mundoro Capital, Inc.                                            | CUSIP: 626135107<br>LEI: 529900O9ODYZXQFQXM38 | Long             | EC               | CORP              | CA        |   8829204 | NS      | $1433726.11   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Newcore Gold Ltd                              | Newcore Gold Ltd.                                                | CUSIP: 65118M103<br>LEI: 894500A52BE2PYANBI95 | Long             | EC               | CORP              | CA        |   8216000 | NS      | $3290906.47   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                                  | Newmont Corp.                                                    | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     87749 | NS      | $5449212.90   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Exploration Inc                       | Western Exploration, Inc.                                        | CUSIP: 95816A200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    741100 | NS      | $331612.30    | 0.10%             |  |  |  | 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      | $17862752.00  | 5.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp                  | Wheaton Precious Metals Corp.                                    | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |     25000 | NS      | $2286374.13   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpha Exploration                             | Alpha Exploration                                                | CUSIP: G3198S107<br>LEI: N/A                  | Long             | EC               | NUSS              | CA        |    857142 | NS      | $402094.62    | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Scorpio Gold Corp                             | Scorpio Gold Corp                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | NUSS              | CA        |   7500000 | NS      | $1082563.51   | 0.33%             |  |  |  | Yes           |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-06

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

**Signature:** /s/ Maureen Quill

**Name of Signer:** Maureen Quill

**Title:** President