Riverbridge Partners, LLC (Riverbridge) was founded in 1987 and is an investment manager for institutions, investment companies, pooled investment vehicles, individuals, and advisors. Since its inception, Riverbridge has remained an investment-centric firm. Our portfolios are managed by an investment team of dedicated professionals who desire to help our clients invest with endurance. As part of our long-term succession plan, Ross Johnson assumed the role and title of Chief Investment Officer on January 1, 2023. Mark Thompson continues to serve as Chief Manager of Riverbridge. Riverbridge’s investment advisory services are grounded in enduring fundamentals. Through our investment process, we seek to invest in high-quality companies that demonstrate the ability to grow in value over time. We build strategies or portfolios by identifying well-managed companies that are diversified in their sources of earnings and have a sustainable competitive differentiation. Each company demonstrates five building blocks of our investment philosophy. The quality of our defined, timeless investment process has been tested and proven in various types of market cycles. In December 2012, Northill US Holdings, Inc., part of the Northill Capital Group (“Northill”), acquired approximately 58% of Riverbridge. Northill provides equity capital to asset management firms. Certain indirect ownership associated with Northill rebranded with a change in name to B-FLEXION. Ultimate ownership of Northill/B-FLEXION rests with entities associated with Ernesto and Donata Bertarelli of Switzerland. The remaining interest in Riverbridge Partners, LLC is employee owned. The Board of Governors of Riverbridge and Management Team include the following individuals: Mark A. Thompson, Riverbridge/Chief Manager Rick D. Moulton, Riverbridge/Managing Director of Equities Emily K. Soltvedt, Riverbridge/Portfolio Manager Ross M. Johnson, Riverbridge/Chief Investment Officer Dominic M. Fry, Northill/B-Flexion Cyrus D. Jilla, Northill/B-FLEXION Employee-owners of Riverbridge Partners, LLC include Mark Thompson, Rick Moulton, Emily Soltvedt and Ross Johnson. Riverbridge’s Core Offering: Our core offering is to provide sound investment management to a diverse client base. Depending upon the type (i.e., institutional, endowment, governmental entity, pension plan, investment company, pooled investment vehicle, individual and/or family) and needs of the client, from a specific asset class to a total portfolio, our services can range from providing a specific equity investment strategy (i.e., Large Cap Growth, Mid Cap Growth, Small Cap Growth, and/or All Cap Growth) to complement a client’s existing investment portfolio, to providing a client with a diversified portfolio consistent with the client’s investment objective. The scope and type of the investment management service, including any corresponding investment restrictions or unique circumstances, shall generally be set forth in an Investment Policy Statement (“IPS”) to be executed by the client. The IPS will govern the investment management process. The IPS will be reviewed on a periodic basis to confirm that it remains consistent with the client’s investment objective. Riverbridge’s Value-Added Services: In addition to our core investment management offering, clients may call upon us to provide investment-related advisory services. Our advisory services can range from investment-consulting relative to the appropriateness of different types of investment alternatives for an institutional client to financial planning-related issues for an individual or family (i.e., insurance, estate, tax, and retirement planning). The majority of our advisory services focus on identifying opportunities for our clients and making recommendations to reach their goals. The client is never under any obligation to accept or implement any of our recommendations. Neither Riverbridge, nor any of its employees, serve a client as an attorney, accountant, or insurance agent. Correspondingly, we do not prepare estate planning documents or tax returns or sell insurance products. If engaged to do so, Riverbridge will work alongside the client’s existing team of professionals (i.e., attorney, accountant, insurance agent, etc.) or Riverbridge can make a recommendation. If the client engages any professional, recommended or otherwise, and a dispute arises thereafter relative to such engagement, the client agrees to seek recourse exclusively from the engaged professional. At all times, the engaged licensed professional(s) (i.e., attorney, accountant, insurance agent, etc.), and not Riverbridge, will be responsible for the quality and competency of the services provided. Riverbridge Mutual Fund-Effective December 31, 2012, Riverbridge launched and serves as investment adviser to the Riverbridge Growth Fund (the “Growth Fund”). The Fund is a series of the Investment Managers Series Trust. More information concerning the Riverbridge Growth Fund, including advisory fees and investment minimums, is available in the Fund’s prospectus. When we refer to “client” in this document, we are including the Riverbridge Mutual Fund. Riverbridge Collective Investment Trust-Riverbridge provides investment advisory services to the Riverbridge Collective Investment Trust (“CIT”). The CIT serves the collective investment of assets of participating tax-qualified pension and profit-sharing plans and related trusts, and government plans, as more fully described in the Declaration of Trust. The Riverbridge CIT is managed by SEI Trust Company, an independent corporate trustee. When we refer to “client” in this document, we are including the Riverbridge CIT. Sub-Advisory Engagements-Riverbridge serves as a sub-adviser to unaffiliated registered investment advisers pursuant to the terms and conditions of a written Sub-Advisory Agreement. With respect to its sub-advisory service, the unaffiliated investment advisers that engage Riverbridge’s sub-advisory services maintain both the initial and ongoing day-to-day relationship with the underlying client, including initial and ongoing determination of client suitability for Riverbridge’s designated investment strategies. If the custodian/broker-dealer is directed by the unaffiliated investment adviser and/or client, Riverbridge will be unable to negotiate commissions and/or transaction costs, and/or seek better execution. As a result, the client may pay higher commissions or other transactions costs or greater spreads, or receive less favorable net prices, on transactions for the account than would otherwise be the case through alternative clearing arrangements recommended by Riverbridge. Higher transactions costs adversely impact account performance. WRAP Fee Programs-Riverbridge provides portfolio management services under a so-called "wrap fee" arrangement offered by unaffiliated broker-dealer sponsors. We invest the WRAP fee program accounts using the same base model portfolios used for non-WRAP program accounts. The broker-dealer recommends

us as an investment adviser for a certain strategy or strategies, pays our management fee on behalf of the client, monitors and evaluates our performance, executes the client's portfolio transactions without commission charge, and provides custodial services for the client's assets. These services, or any combination of these or other services, are provided for a single fee paid by the client to the broker-dealer. Our investment advisory fee under such a "wrap fee" arrangement occasionally will differ from that offered to other clients. Transactions are effected "net", i.e., without commissions, and a portion of the wrap fee is generally considered as being in lieu of commissions. The program sponsor will determine the broker-dealer through which transactions must be effected and the amount of transaction fees and/or commissions to be charged to the participant investor accounts. Correspondingly, Riverbridge is unable to negotiate commissions and/or trading costs and to seek best price and better execution by placing trades with other brokers and dealers. While it has been our experience that broker-dealers with whom it presently deals under the clients' wrap fee arrangements generally can offer best price for transactions in listed equity securities, no assurance can be given that this will continue to be the case with those or other broker-dealers who offer wrap fee arrangements, nor with respect to transactions in other types of securities. Accordingly, the client may wish to satisfy him/herself that the broker-dealer offering the wrap fee arrangement can provide adequate price and execution of most or all transactions. The client might also consider that, depending upon the level of the wrap fee charges by the broker-dealer, the amount of portfolio activity in the client’s account, the value of custodial and other services which are provided under the arrangement, and other factors, the wrap fee may or may not exceed the aggregate cost of such services if they were to be provided separately, and if we were free to negotiate commissions and seek best price and execution of transactions for the client’s account. Higher transaction costs adversely impact account performance. Our account minimum size under the “wrap fee” arrangement will generally be lower than the minimum offered to other clients. Model-Based Programs-Riverbridge provides investment advisory services as part of certain unaffiliated Unified Managed Account (UMA) or Model-Based programs where the program Sponsor receives Riverbridge’s model securities for a particular investment strategy, and based on that model, the Sponsor or its designated representative (“Overlay Manager”) exercises investment discretion to execute each client’s portfolio transactions based on their individual needs. Riverbridge does not have any contact with the underlying client of these programs, and it is the responsibility of the Sponsor to determine if the model is suitable for their clients. Riverbridge will be unable to negotiate commissions and/or transactions costs with these programs. The program sponsor will determine the broker-dealer through which transactions must be effected, and the amount of transaction fees and/or commission to be charged to the participant investor accounts. As a result, the client may pay higher commissions or other transaction costs or greater spreads, or receive less favorable net prices, on transactions for the account than would otherwise be the case through alternative clearing arrangements recommended by Riverbridge. Higher transaction costs adversely impact account performance. Our account minimum size under the model-based program arrangement will generally be lower than the minimum offered to other clients. Retirement Plans and Retirement Assets: Riverbridge provides investment management services to various types of retirement plans including employee benefit plans subject to the Employee Retirement Income Security Act of 1974 (“ERISA”) and retirement accounts including individual retirement accounts. A client or prospective client leaving an employer typically has four options regarding an existing retirement plan and may engage in a combination of these options: (i) leave the money in the former employer’s plan, if permitted, (ii) roll over the assets to the new employer’s plan, if one is available and rollovers are permitted, (iii) roll over to an Individual Retirement Account (“IRA”), or (iv) cash out the account value which could, depending upon the client’s age, result in adverse tax consequences. If Riverbridge recommends that a client roll over their retirement plan assets into an account to be managed by Riverbridge, such a recommendation creates a conflict of interest if Riverbridge will earn an advisory fee on the assets. No client is under any obligation to roll over retirement plan assets to an account managed by Riverbridge. Portfolio Activity- Riverbridge has a fiduciary duty to provide services consistent with the client’s best interest. Riverbridge will review client portfolios on an ongoing basis to determine if any changes are necessary based upon various factors, including, but not limited to, portfolio model changes, account additions/withdrawals, style drift and changes in the client’s investment objectives. Based upon these factors, there may be extended periods of time when Riverbridge determines that changes to a client’s portfolio are neither necessary, nor prudent. Clients remain subject to the fees described in Item 5 below during periods of account inactivity. Client Obligations-In performing our services, we shall not be required to verify any information received from the client or from the client’s other professionals, and we are authorized to rely on this information. Moreover, it is the client’s responsibility to promptly notify us if there is ever any material change in their financial situation or investment objectives for the purpose of reviewing, evaluating and revising our previous recommendations and/or services. Disclosure Statement- A copy of Riverbridge’s Privacy Notice and written disclosure statements as set forth on Form ADV Part 2A, 2B and, if applicable, Form CRS (Client Relationship Summary) will be provided to each prospective client prior to, or contemporaneously with, the execution of the Investment Advisory Agreement. Any client who has not received a copy of Riverbridge’s written Brochure at least 48 hours prior to executing such agreement shall have five business days subsequent to executing the agreement to terminate Riverbridge’s services without penalty. Assets under Management-Our regulatory assets under management as of December 31, 2022 were approximately $6,279 million. Riverbridge managed these assets on a discretionary basis. In addition, we have model-based program assets. The assets managed under this non-discretionary basis as of December 31, 2022 were approximately $3,883 million, and these assets are not calculated by the firm as part of the regulatory assets under management.