<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
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          <ccc>XXXXXXXX</ccc>
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      <seriesClassInfo>
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        <classId>C000129046</classId>
        <classId>C000206106</classId>
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      <regFileNumber>811-21719</regFileNumber>
      <regCik>0001318342</regCik>
      <regLei>549300ESWU4ZNAH5Y054</regLei>
      <regStreet1>235 WEST GALENA STREET</regStreet1>
      <regCity>MILWAUKEE</regCity>
      <regStateConditional regCountry="US" regState="US-WI"/>
      <regZipOrPostalCode>532123948</regZipOrPostalCode>
      <regPhone>4142992000</regPhone>
      <seriesName>EuroPac Gold Fund</seriesName>
      <seriesId>S000041548</seriesId>
      <seriesLei>5493005JFZJ8VEDPRM06</seriesLei>
      <repPdEnd>2026-10-31</repPdEnd>
      <repPdDate>2026-04-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>608196.180000000000</totLiabs>
      <netAssets>592522076.510000000000</netAssets>
      <assetsAttrMiscSec>0.000000000000</assetsAttrMiscSec>
      <assetsInvested>0.000000000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.000000000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.000000000000</amtPayOneYrCtrldComp>
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      <standByCommit>0.000000000000</standByCommit>
      <liquidPref>0.000000000000</liquidPref>
      <cshNotRptdInCorD>474779.010000000000</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
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            <mon2 netRealizedGain="N/A" netUnrealizedAppr="-1889993.18"/>
            <mon3 netRealizedGain="N/A" netUnrealizedAppr="-111345.87"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>First Majestic Silver Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Heliostar Metals Ltd</name>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>IAMGOLD Corp</name>
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        <title>IAMGOLD Corp.</title>
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          <ticker value="IAG"/>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>I-80 GOLD Corp. RESTRICTED WARRANTS   /</name>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
            <counterparties>
              <counterpartyName>Manual</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>I-80 GOLD Corp. RESTRICTED WARRANTS   /</issuerName>
                <issueTitle>I-80 GOLD Corp. RESTRICTED WARRANTS   /</issueTitle>
                <identifiers>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1</shareNo>
            <exercisePrice>2.150000000000</exercisePrice>
            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2026-11-26</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>0</unrealizedAppr>
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      <invstOrSec>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Aurion Resources Ltd</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Barrick Mining Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>B2Gold Corp</name>
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        <title>B2Gold Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>KEY CARBON COM   /</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Dakota Gold Corp</name>
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        <title>Dakota Gold Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Dryden Gold Corp</name>
        <lei>N/A</lei>
        <title>Dryden Gold Corp.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Discovery Silver Corp</name>
        <lei>98450041CCB3E8QD3F53</lei>
        <title>Discovery Silver Corp.</title>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Elemental Royalty Corp</name>
        <lei>549300BQ0SXPY5XYOH89</lei>
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          <ticker value="ELE CN"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Errington Metals Corp</name>
        <lei>N/A</lei>
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          <ticker value="EM CN PP"/>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Equinox Gold Corp</name>
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          <ticker value="EQX"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Equinox Gold Corp</name>
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          <ticker value="EQX CN"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Fuerte Metals Corp</name>
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          <isin value="CA35958L1013"/>
          <ticker value="FMT CN"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Franco-Nevada Corp</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Fortuna Mining Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Gold Fields Ltd</name>
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        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Depositary Receipt"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GUANAJUATO SILVER RESTRICTED WARRANTS   /</name>
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        <cusip>999999999</cusip>
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          <ticker value="GS WARR"/>
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        <fairValLevel>2</fairValLevel>
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                <issuerName>GUANAJUATO SILVER RESTRICTED WARRANTS   /</issuerName>
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        <name>Alpha Exploration</name>
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          <ticker value="ALEX CN"/>
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        <invCountry>VG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ALPHA EXPLORATION RESTRICTED WARRANTS   /</name>
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        <title>ALPHA EXPLORATION RESTRICTED WARRANTS   /</title>
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          <ticker value="ALEX WAR"/>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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            <putOrCall>Call</putOrCall>
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      <invstOrSec>
        <name>ALPHA EXPLORATION RESTRICTED WARRANTS   /</name>
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          <ticker value="ALEX WAT"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Altius Minerals Corp</name>
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        <fairValLevel>1</fairValLevel>
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          <ticker value="GSVR CN"/>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>NUVAU MINERALS RESTRICTED WARRANTS   /</name>
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        <title>NUVAU MINERALS RESTRICTED WARRANTS   /</title>
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          <ticker value="NVMP WRT"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Lara Exploration Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Minera Alamos Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Midland Exploration Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Mayfair Gold Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Mogotes Metals Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Metalla Royalty &amp; Streaming Lt</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Mundoro Capital Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Newcore Gold Ltd</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Newmont Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Nuvau Minerals Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>OR Royalties Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Orla Mining Ltd</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Pan American Silver Corp</name>
        <lei>549300MKTF5851TYIB83</lei>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PROBE METALS COM   /</name>
        <lei>N/A</lei>
        <title>PROBE METALS COM   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="PB-PP CN"/>
        </identifiers>
        <balance>4445000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3584"/>
        <valUSD>1472504.42</valUSD>
        <pctVal>0.2485146931</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Polyus PJSC</name>
        <lei>549300FUXVT7TF6ZKV71</lei>
        <title>Polyus PJSC - GDR</title>
        <cusip>73181M117</cusip>
        <identifiers>
          <isin value="US73181M1172"/>
          <ticker value="PLZL LI"/>
        </identifiers>
        <balance>5000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0</valUSD>
        <pctVal>0.0000000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Depositary Receipt"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Radius Gold Inc</name>
        <lei>N/A</lei>
        <title>Radius Gold, Inc.</title>
        <cusip>750468100</cusip>
        <identifiers>
          <isin value="CA7504681007"/>
          <ticker value="RDU CN"/>
        </identifiers>
        <balance>2900000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3584"/>
        <valUSD>288206.71</valUSD>
        <pctVal>0.0486406704</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Royal Gold Inc</name>
        <lei>5493001NGRU6SFL04184</lei>
        <title>Royal Gold, Inc.</title>
        <cusip>780287108</cusip>
        <identifiers>
          <isin value="US7802871084"/>
          <ticker value="RGLD"/>
        </identifiers>
        <balance>122680</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28631058.40</valUSD>
        <pctVal>4.8320661010</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Revival Gold Inc.</name>
        <lei>529900X2G2T7XSIDUH63</lei>
        <title>Revival Gold Inc.</title>
        <cusip>76151P101</cusip>
        <identifiers>
          <isin value="CA76151P1018"/>
          <ticker value="RVG CN"/>
        </identifiers>
        <balance>2877400</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3584"/>
        <valUSD>1694581.86</valUSD>
        <pctVal>0.2859947211</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REVIVAL GOLD, Inc. RESTRICTED WARRANTS   /</name>
        <lei>N/A</lei>
        <title>REVIVAL GOLD, Inc. RESTRICTED WARRANTS   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="RVG WARS"/>
        </identifiers>
        <balance>2343750</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3584"/>
        <valUSD>603881.40</valUSD>
        <pctVal>0.1019171140</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
            <counterparties>
              <counterpartyName>Manual</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>REVIVAL GOLD, Inc. RESTRICTED WARRANTS   /</issuerName>
                <issueTitle>REVIVAL GOLD, Inc. RESTRICTED WARRANTS   /</issueTitle>
                <identifiers>
                  <ticker value="RVG CN"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1</shareNo>
            <exercisePrice>0.450000000000</exercisePrice>
            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2027-09-16</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>603881.40</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Scorpio Gold Corp</name>
        <lei>549300C382FMNEC9DO83</lei>
        <title>Scorpio Gold Corp.</title>
        <cusip>80918M302</cusip>
        <identifiers>
          <isin value="CA80918M3021"/>
          <ticker value="SGN CN"/>
        </identifiers>
        <balance>16919833</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3584"/>
        <valUSD>4234940.53</valUSD>
        <pctVal>0.7147312645</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Summit Royalties Ltd</name>
        <lei>N/A</lei>
        <title>Summit Royalties Ltd.</title>
        <cusip>866251101</cusip>
        <identifiers>
          <isin value="CA8662511010"/>
          <ticker value="SUM CN"/>
        </identifiers>
        <balance>6588461</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3584"/>
        <valUSD>7323745.66</valUSD>
        <pctVal>1.2360291625</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Triple Flag Precious Metals Co</name>
        <lei>254900R7NJ1TEYIM4E61</lei>
        <title>Triple Flag Precious Metals Corp.</title>
        <cusip>89679M104</cusip>
        <identifiers>
          <isin value="CA89679M1041"/>
          <ticker value="TFPM"/>
        </identifiers>
        <balance>68038</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2171092.58</valUSD>
        <pctVal>0.3664154748</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Triple Flag Precious Metals Co</name>
        <lei>254900R7NJ1TEYIM4E61</lei>
        <title>Triple Flag Precious Metals Corp.</title>
        <cusip>89679M104</cusip>
        <identifiers>
          <isin value="CA89679M1041"/>
          <ticker value="TFPM CN"/>
        </identifiers>
        <balance>357655</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3584"/>
        <valUSD>11416313.90</valUSD>
        <pctVal>1.9267322438</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WESTERN EXPLORATION RESTRICTED WARRANTS   /</name>
        <lei>N/A</lei>
        <title>WESTERN EXPLORATION RESTRICTED WARRANTS   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="WEX WARR"/>
        </identifiers>
        <balance>650000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3584"/>
        <valUSD>0</valUSD>
        <pctVal>0.0000000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
            <counterparties>
              <counterpartyName>Manual</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>WESTERN EXPLORATION RESTRICTED WARRANTS   /</issuerName>
                <issueTitle>WESTERN EXPLORATION RESTRICTED WARRANTS   /</issueTitle>
                <identifiers>
                  <ticker value="WEX CN"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1</shareNo>
            <exercisePrice>2.150000000000</exercisePrice>
            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2026-06-19</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>0</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wheaton Precious Metals Corp</name>
        <lei>549300XSFG5ZCGVYD886</lei>
        <title>Wheaton Precious Metals Corp.</title>
        <cusip>962879102</cusip>
        <identifiers>
          <isin value="CA9628791027"/>
          <ticker value="WPM"/>
        </identifiers>
        <balance>201200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25443752</valUSD>
        <pctVal>4.2941441355</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wheaton Precious Metals Corp</name>
        <lei>549300XSFG5ZCGVYD886</lei>
        <title>Wheaton Precious Metals Corp.</title>
        <cusip>962879102</cusip>
        <identifiers>
          <isin value="CA9628791027"/>
          <ticker value="WPM CN"/>
        </identifiers>
        <balance>25000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3584"/>
        <valUSD>3157759.13</valUSD>
        <pctVal>0.5329352703</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Western Copper &amp; Gold Corp</name>
        <lei>529900DF4NXAM6X99014</lei>
        <title>Western Copper &amp; Gold Corp.</title>
        <cusip>95805V108</cusip>
        <identifiers>
          <isin value="CA95805V1085"/>
          <ticker value="WRN"/>
        </identifiers>
        <balance>1300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3627000</valUSD>
        <pctVal>0.6121290908</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Western Copper &amp; Gold Corp</name>
        <lei>529900DF4NXAM6X99014</lei>
        <title>Western Copper &amp; Gold Corp.</title>
        <cusip>95805V108</cusip>
        <identifiers>
          <isin value="CA95805V1085"/>
          <ticker value="WRN CN"/>
        </identifiers>
        <balance>500000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3584"/>
        <valUSD>1391342.76</valUSD>
        <pctVal>0.2348170330</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alpha Exploration</name>
        <lei>N/A</lei>
        <title>Alpha Exploration</title>
        <cusip>G3198S107</cusip>
        <identifiers>
          <isin value="VGG3198S1074"/>
          <ticker value="ALEX CN PP"/>
        </identifiers>
        <balance>3333334</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="0"/>
        <valUSD>1521398.03</valUSD>
        <pctVal>0.2567664717</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mogotes Metals Inc.</name>
        <lei>N/A</lei>
        <title>Mogotes Metals Inc.</title>
        <cusip>608011102</cusip>
        <identifiers>
          <isin value="CA6080111025"/>
          <ticker value="MOG CN PP"/>
        </identifiers>
        <balance>377385</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="0"/>
        <valUSD>69453.95</valUSD>
        <pctVal>0.0117217489</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lara Exploration Ltd.</name>
        <lei>N/A</lei>
        <title>Lara Exploration Ltd.</title>
        <cusip>516683109</cusip>
        <identifiers>
          <isin value="CA5166831092"/>
          <ticker value="LRA CN PP"/>
        </identifiers>
        <balance>1925000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="0"/>
        <valUSD>5625920.2</valUSD>
        <pctVal>0.9494870188</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Revival Gold Inc.</name>
        <lei>N/A</lei>
        <title>Revival Gold Inc.</title>
        <cusip>76151P101</cusip>
        <identifiers>
          <isin value="CA76151P1018"/>
          <ticker value="RVG CN PP"/>
        </identifiers>
        <balance>750000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="0"/>
        <valUSD>441696.11</valUSD>
        <pctVal>0.0745450891</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="The fund is reporting returns without deducting sales loads and redemption fees, if applicable." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-05-06</ncom:dateSigned>
      <ncom:nameOfApplicant>INVESTMENT MANAGERS SERIES TRUST</ncom:nameOfApplicant>
      <ncom:signature>/s/ Maureen Quill</ncom:signature>
      <ncom:signerName>Maureen Quill</ncom:signerName>
      <ncom:title>President</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
