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      <repPdEnd>2026-10-31</repPdEnd>
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      <totLiabs>331541.290000000000</totLiabs>
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        <name>Evolution AB</name>
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        <name>Franco-Nevada Corp</name>
        <lei>N/A</lei>
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        <name>Nippon Shinyaku Co Ltd</name>
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        <name>BayCurrent Inc</name>
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        <name>Tencent Holdings Ltd</name>
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        <name>Shoei Co Ltd</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Unicharm Corp</name>
        <lei>353800UQ4BZIJTAQEG85</lei>
        <title>Unicharm Corp.</title>
        <cusip>J94104114</cusip>
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          <isin value="JP3951600000"/>
          <ticker value="8113 JP"/>
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        <invCountry>JP</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Aalberts NV</name>
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        <name>Ambev SA</name>
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        <name>Accenture PLC</name>
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        <title>Accenture PLC - Class A</title>
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        <invCountry>IE</invCountry>

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        <name>Agnico Eagle Mines Ltd</name>
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        <title>Agnico Eagle Mines Ltd.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Carl Zeiss Meditec AG</name>
        <lei>529900GRL4MZ8NMOOK95</lei>
        <title>Carl Zeiss Meditec A.G.</title>
        <cusip>D14895102</cusip>
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          <ticker value="AFX GR"/>
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        <invCountry>DE</invCountry>
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        <name>Barrick Mining Corp</name>
        <lei>0O4KBQCJZX82UKGCBV73</lei>
        <title>Barrick Mining Corp.</title>
        <cusip>06849F108</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Societe BIC SA</name>
        <lei>969500UR00DF63I0VH67</lei>
        <title>Societe BIC S.A.</title>
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        <balance>35000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8672"/>
        <valUSD>2740428.97</valUSD>
        <pctVal>1.3893625898</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Beiersdorf AG</name>
        <lei>L47NHHI0Z9X22DV46U41</lei>
        <title>Beiersdorf A.G.</title>
        <cusip>D08792109</cusip>
        <identifiers>
          <isin value="DE0005200000"/>
          <ticker value="BEI GR"/>
        </identifiers>
        <balance>24000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8672"/>
        <valUSD>2233948.34</valUSD>
        <pctVal>1.1325833601</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank of Nova Scotia/The</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
        <title>Bank of Nova Scotia</title>
        <cusip>064149107</cusip>
        <identifiers>
          <isin value="CA0641491075"/>
          <ticker value="BNS CN"/>
        </identifiers>
        <balance>40000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.4019"/>
        <valUSD>3508666.81</valUSD>
        <pctVal>1.7788493915</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>BP PLC</name>
        <lei>213800LH1BZH3DI6G760</lei>
        <title>BP PLC - ADR</title>
        <cusip>055622104</cusip>
        <identifiers>
          <isin value="US0556221044"/>
          <ticker value="BP"/>
        </identifiers>
        <balance>85000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3843700</valUSD>
        <pctVal>1.9487069524</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Depositary Receipt"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>British American Tobacco PLC</name>
        <lei>213800FKA5MF17RJKT63</lei>
        <title>British American Tobacco PLC - ADR</title>
        <cusip>110448107</cusip>
        <identifiers>
          <isin value="US1104481072"/>
          <ticker value="BTI"/>
        </identifiers>
        <balance>200000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12130000</valUSD>
        <pctVal>6.1497555304</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Depositary Receipt"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dassault Systemes SE</name>
        <lei>96950065LBWY0APQIM86</lei>
        <title>Dassault Systemes S.E.</title>
        <cusip>F24571451</cusip>
        <identifiers>
          <isin value="FR0014003TT8"/>
          <ticker value="DSY FP"/>
        </identifiers>
        <balance>400000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8672"/>
        <valUSD>9248154.98</valUSD>
        <pctVal>4.6886968041</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GSK PLC</name>
        <lei>5493000HZTVUYLO1D793</lei>
        <title>GSK PLC - ADR</title>
        <cusip>37733W204</cusip>
        <identifiers>
          <isin value="US37733W2044"/>
          <ticker value="GSK"/>
        </identifiers>
        <balance>55760</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2882234.40</valUSD>
        <pctVal>1.4612561370</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Depositary Receipt"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IAMGOLD Corp</name>
        <lei>254900E7II30XAB9LA72</lei>
        <title>IAMGOLD Corp.</title>
        <cusip>450913108</cusip>
        <identifiers>
          <isin value="CA4509131088"/>
          <ticker value="IAG"/>
        </identifiers>
        <balance>600000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8514000</valUSD>
        <pctVal>4.3164895784</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>Kinross Gold Corp</name>
        <lei>549300UEBMAQDN0K0R06</lei>
        <title>Kinross Gold Corp.</title>
        <cusip>496902404</cusip>
        <identifiers>
          <isin value="CA4969024047"/>
          <ticker value="KGC"/>
        </identifiers>
        <balance>300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6930000</valUSD>
        <pctVal>3.5134217498</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>Kimberly-Clark de Mexico SAB d</name>
        <lei>549300JGHL56QT00KT54</lei>
        <title>Kimberly-Clark de Mexico S.A.B. de C.V. - Class A</title>
        <cusip>P60694117</cusip>
        <identifiers>
          <isin value="MXP606941179"/>
          <ticker value="KIMBERAM"/>
        </identifiers>
        <balance>2500000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.3195"/>
        <valUSD>5802707.93</valUSD>
        <pctVal>2.9418990259</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kaspi.KZ JSC</name>
        <lei>2549003YU6FARG8OAZ13</lei>
        <title>Kaspi.KZ JSC - ADR</title>
        <cusip>48581R205</cusip>
        <identifiers>
          <isin value="US48581R2058"/>
          <ticker value="KSPI"/>
        </identifiers>
        <balance>35000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3107300</valUSD>
        <pctVal>1.5753615301</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Depositary Receipt"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>KZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Newmont Corp</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>Newmont Corp.</title>
        <cusip>651639106</cusip>
        <identifiers>
          <isin value="US6516391066"/>
          <ticker value="NEM"/>
        </identifiers>
        <balance>50000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4685500</valUSD>
        <pctVal>2.3754888324</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>Newmont Corp</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>Newmont Corp.</title>
        <cusip>U65163187</cusip>
        <identifiers>
          <isin value="AU0000297962"/>
          <ticker value="NEM AU"/>
        </identifiers>
        <balance>73200</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4212"/>
        <valUSD>6951733.75</valUSD>
        <pctVal>3.5244404843</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Depositary Receipt"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Novonesis Novozymes B</name>
        <lei>529900T6WNZXD2R3JW38</lei>
        <title>Novonesis Novozymes B</title>
        <cusip>K7317J133</cusip>
        <identifiers>
          <isin value="DK0060336014"/>
          <ticker value="NSISB DC"/>
        </identifiers>
        <balance>30000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.4820"/>
        <valUSD>1953100.89</valUSD>
        <pctVal>0.9901972794</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nutrien Ltd</name>
        <lei>5493002QQ7GD21OWF963</lei>
        <title>Nutrien Ltd.</title>
        <cusip>67077M108</cusip>
        <identifiers>
          <isin value="CA67077M1086"/>
          <ticker value="NTR"/>
        </identifiers>
        <balance>30000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2072100</valUSD>
        <pctVal>1.0505283128</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>Novo Nordisk A/S</name>
        <lei>549300DAQ1CVT6CXN342</lei>
        <title>Novo Nordisk A/S - ADR</title>
        <cusip>670100205</cusip>
        <identifiers>
          <isin value="US6701002056"/>
          <ticker value="NVO"/>
        </identifiers>
        <balance>260000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12240800</valUSD>
        <pctVal>6.2059297194</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Depositary Receipt"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pan American Silver Corp</name>
        <lei>549300MKTF5851TYIB83</lei>
        <title>Pan American Silver Corp.</title>
        <cusip>697900108</cusip>
        <identifiers>
          <isin value="CA6979001089"/>
          <ticker value="PAAS"/>
        </identifiers>
        <balance>84694</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3651158.34</valUSD>
        <pctVal>1.8510907827</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>Pluxee NV</name>
        <lei>213800RQNIQT48SEEO85</lei>
        <title>Pluxee N.V.</title>
        <cusip>N8000Y103</cusip>
        <identifiers>
          <isin value="NL0015001W49"/>
          <ticker value="PLX FP"/>
        </identifiers>
        <balance>25000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8672"/>
        <valUSD>408786.90</valUSD>
        <pctVal>0.2072497526</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Philip Morris International In</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
        <title>Philip Morris International, Inc.</title>
        <cusip>718172109</cusip>
        <identifiers>
          <isin value="US7181721090"/>
          <ticker value="PM"/>
        </identifiers>
        <balance>8500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1621970</valUSD>
        <pctVal>0.8223181350</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>Royal Unibrew A/S</name>
        <lei>529900D69KFL8IAP8Q63</lei>
        <title>Royal Unibrew A/S</title>
        <cusip>K8390X122</cusip>
        <identifiers>
          <isin value="DK0060634707"/>
          <ticker value="RBREW DC"/>
        </identifiers>
        <balance>35000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.4820"/>
        <valUSD>2631749.46</valUSD>
        <pctVal>1.3342634622</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Roche Holding AG</name>
        <lei>549300U41AUUVOAAOB37</lei>
        <title>Roche Holding A.G.</title>
        <cusip>H69293266</cusip>
        <identifiers>
          <isin value="CH1499059983"/>
          <ticker value="ROP SW"/>
        </identifiers>
        <balance>10000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.8085"/>
        <valUSD>4373531.23</valUSD>
        <pctVal>2.2173246388</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Singapore Exchange Ltd</name>
        <lei>549300IQ650PPXM76X03</lei>
        <title>Singapore Exchange Ltd.</title>
        <cusip>Y79946102</cusip>
        <identifiers>
          <isin value="SG1J26887955"/>
          <ticker value="SGX SP"/>
        </identifiers>
        <balance>80000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2825"/>
        <valUSD>1525769.98</valUSD>
        <pctVal>0.7735459499</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shell PLC</name>
        <lei>21380068P1DRHMJ8KU70</lei>
        <title>Shell PLC</title>
        <cusip>G80827101</cusip>
        <identifiers>
          <isin value="GB00BP6MXD84"/>
          <ticker value="SHELL NA"/>
        </identifiers>
        <balance>100000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8672"/>
        <valUSD>4580258.30</valUSD>
        <pctVal>2.3221326307</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sonic Healthcare Ltd</name>
        <lei>549300NQQ5L2NONWR862</lei>
        <title>Sonic Healthcare Ltd.</title>
        <cusip>Q8563C107</cusip>
        <identifiers>
          <isin value="AU000000SHL7"/>
          <ticker value="SHL AU"/>
        </identifiers>
        <balance>200000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4212"/>
        <valUSD>3076273.57</valUSD>
        <pctVal>1.5596315251</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Federated Hermes Treasury Obli</name>
        <lei>254900WUIGYHOH89FC60</lei>
        <title>Federated Hermes Treasury Obligations Fund - Class Institutional</title>
        <cusip>60934N500</cusip>
        <identifiers>
          <isin value="US60934N5005"/>
          <ticker value="TOIXX"/>
        </identifiers>
        <balance>5074275.43</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5074275.43</valUSD>
        <pctVal>2.5725930246</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wolters Kluwer NV</name>
        <lei>724500TEM53I0U077B74</lei>
        <title>Wolters Kluwer N.V.</title>
        <cusip>N9643A197</cusip>
        <identifiers>
          <isin value="NL0000395903"/>
          <ticker value="WKL NA"/>
        </identifiers>
        <balance>30656</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8672"/>
        <valUSD>2399595.57</valUSD>
        <pctVal>1.2165643963</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</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>2026-09-14</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>
  <documents>XXXX</documents>
</edgarSubmission>
