# EDGAR Filing Document

**Accession Number:** 0001318342
**File Stem:** 0001398344-23-005959
**Filing Date:** 2023-3
**Character Count:** 198189
**Document Hash:** 58b83056a79efecf39497f1e1f095b03
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-005959.hdr.sgml**: 20230310

**ACCESSION NUMBER**: 0001398344-23-005959

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230310

**DATE AS OF CHANGE**: 20230310

**EFFECTIVENESS DATE**: 20230310

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Investment Managers Series Trust
- **CENTRAL INDEX KEY:** 0001318342
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21719
- **FILM NUMBER:** 23722113

**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

### SilverPepper Commodity Strategies Global Macro Fund (Series ID: S000041405)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000128406 | Advisor Class       | SPCAX           |
| C000128407 | Institutional Class | SPCIX           |

### SilverPepper Merger Arbitrage Fund (Series ID: S000041406)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000128408 | Advisor Class       | SPABX           |
| C000128409 | Institutional Class | SPAIX           |

### SilverPepper Long/Short Emerging Markets Currency Fund (Series ID: S000074829)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000233047 | Institutional Class | SPEFX           |

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-21719</u>**

**<u>INVESTMENT MANAGERS SERIES TRUST</u>**<br> (Exact name of registrant as specified in charter)

**235 W. Galena Street**

**<u>Milwaukee, WI 53212</u>**<br> (Address of principal executive offices) (Zip code)

**Diane J. Drake**

**Mutual Fund Administration, LLC**

**2220 E. Route 66, Suite 226**

**<u>Glendora, CA 91740</u>**

(Name and address of agent for service)

**<u>(626) 385-5777</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>June 30</u>**

Date of reporting period: **<u>December 31, 2022</u>**

**<u>Item 1. Report to Stockholders.</u>**

The registrant's semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"), is as follows:

![](fp0082265-1_01.jpg)

SilverPepper Funds

*Each a series of Investment Managers Series Trust*

**Table of Contents**

---

| | |
|:---|:---|
| SilverPepper Commodity Strategies Global Macro Fund |  |
| &nbsp;&nbsp;&nbsp;Consolidated Schedule of Investments. | 1 |
| &nbsp;&nbsp;&nbsp;Consolidated Statement of Assets and Liabilities | 8 |
| &nbsp;&nbsp;&nbsp;Consolidated Statement of Operations | 9 |
| &nbsp;&nbsp;&nbsp;Consolidated Statements of Changes in Net Assets | 10 |
| &nbsp;&nbsp;&nbsp;Consolidated Financial Highlights | 11 |
| SilverPepper Merger Arbitrage Fund |  |
| &nbsp;&nbsp;&nbsp;Schedule of Investments | 13 |
| &nbsp;&nbsp;&nbsp;Statement of Assets and Liabilities | 18 |
| &nbsp;&nbsp;&nbsp;Statement of Operations | 19 |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 20 |
| &nbsp;&nbsp;&nbsp;Statement of Cash Flows | 21 |
| &nbsp;&nbsp;&nbsp;Financial Highlights | 22 |
| SilverPepper Long/Short Emerging Markets Currency Fund |  |
| &nbsp;&nbsp;&nbsp;Schedule of Investments. | 24 |
| &nbsp;&nbsp;&nbsp;Statement of Assets and Liabilities | 26 |
| &nbsp;&nbsp;&nbsp;Statement of Operations | 27 |
| &nbsp;&nbsp;&nbsp;Statement of Changes in Net Assets | 28 |
| &nbsp;&nbsp;&nbsp;Financial Highlights | 29 |
| Notes to Financial Statements | 30 |
| Supplemental Information | 48 |
| Expense Examples | 54 |

---

*This report and the financial statements contained herein are provided for the general information of the shareholders of the SilverPepper Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.*

 

www.silverpepperfunds.com

**SilverPepper Commodity Strategies Global Macro Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2022 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| Principal Amount |  | Value |
|  | **U.S. GOVERNMENT AND AGENCIES - 78.6%** |  |
|  | United States Treasury Bill |  |
| $123000000 | &nbsp;&nbsp;&nbsp;4.085%, 2/16/23<sup>1</sup> | $122389059 |
|  | **TOTAL U.S. GOVERNMENT AND AGENCIES** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $122,357,974) | **122389059** |

---

---

| | | |
|:---|:---|:---|
| Number of Contracts |  |  |
|  | **PURCHASED OPTIONS CONTRACTS — 1.8%** |  |
|  | **CALL OPTIONS — 0.6%** |  |
|  | CME Live Cattle |  |
| 40 | &nbsp;&nbsp;&nbsp;Exercise Price: $1.55, Notional Amount: $2,480,000, Expiration Date: January 7, 2023 | 48400 |
| 50 | &nbsp;&nbsp;&nbsp;Exercise Price: $1.58, Notional Amount: $3,160,000, Expiration Date: January 7, 2023 | 14500 |
|  | CME S&P 500 Emini |  |
| 30 | &nbsp;&nbsp;&nbsp;Exercise Price: $3,840.00, Notional Amount: $5,760,000, Expiration Date: December 31, 2022 | 31605 |
|  | CMX Gold Weekly Futures |  |
| 20 | &nbsp;&nbsp;&nbsp;Exercise Price: $1,820.00, Notional Amount: $3,640,000, Expiration Date: December 31, 2022 | 12400 |
|  | NYBOT Coffee 'C' Futures |  |
| 50 | &nbsp;&nbsp;&nbsp;Exercise Price: $1.625, Notional Amount: $3,046,875, Expiration Date: January 14, 2023 | 131437 |
| 50 | &nbsp;&nbsp;&nbsp;Exercise Price: $1.850, Notional Amount: $3,468,750, Expiration Date: January 14, 2023 | 9750 |
| 50 | &nbsp;&nbsp;&nbsp;Exercise Price: $1.925, Notional Amount: $3,609,375, Expiration Date: January 14, 2023 | 3750 |
| 50 | &nbsp;&nbsp;&nbsp;Exercise Price: $2.200, Notional Amount: $4,125,000, Expiration Date: January 14, 2023 | 187 |
| 75 | &nbsp;&nbsp;&nbsp;Exercise Price: $1.800, Notional Amount: $5,062,500, Expiration Date: January 14, 2023 | 27281 |
| 80 | &nbsp;&nbsp;&nbsp;Exercise Price: $1.875, Notional Amount: $5,625,000, Expiration Date: January 14, 2023 | 11400 |
| 100 | &nbsp;&nbsp;&nbsp;Exercise Price: $1.775, Notional Amount: $6,656,250, Expiration Date: January 14, 2023 | 49500 |
| 50 | &nbsp;&nbsp;&nbsp;Exercise Price: $2.900, Notional Amount: $5,437,500, Expiration Date: February 11, 2023 | 188 |
| 50 | &nbsp;&nbsp;&nbsp;Exercise Price: $3.000, Notional Amount: $5,625,000, Expiration Date: February 11, 2023 | 188 |
| 80 | &nbsp;&nbsp;&nbsp;Exercise Price: $2.400, Notional Amount: $7,200,000, Expiration Date: February 11, 2023 | 3000 |
| 100 | &nbsp;&nbsp;&nbsp;Exercise Price: $2.500, Notional Amount: $9,375,000, Expiration Date: February 11, 2023 | 2250 |
|  | NYMEX Natural Gas Futures |  |
| 100 | &nbsp;&nbsp;&nbsp;Exercise Price: $5.80, Notional Amount: $5,800,000, Expiration Date: January 27, 2023 | 105000 |
|  | NYMEX WTI Crude Oil Weekly Futures |  |
| 100 | &nbsp;&nbsp;&nbsp;Exercise Price: $75.50, Notional Amount: $7,550,000, Expiration Date: December 31, 2022 | 476000 |
|  | **TOTAL CALL OPTIONS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $1,495,434) | **926836** |
|  | **PUT OPTIONS - 1.2%** |  |
|  | CBOT Corn Futures |  |
| 100 | &nbsp;&nbsp;&nbsp;Exercise Price: $6.75, Notional Amount: $3,375,000, Expiration Date: January 28, 2023 | 58125 |
| 450 | &nbsp;&nbsp;&nbsp;Exercise Price: $6.50, Notional Amount: $14,625,000, Expiration Date: January 28, 2023 | 84375 |
|  | CBOT KC Wheat Futures |  |
| 50 | &nbsp;&nbsp;&nbsp;Exercise Price: $8.10, Notional Amount: $2,025,000, Expiration Date: January 28, 2023 | 8438 |
| 50 | &nbsp;&nbsp;&nbsp;Exercise Price: $8.30, Notional Amount: $2,075,000, Expiration Date: January 28, 2023 | 15937 |
| 50 | &nbsp;&nbsp;&nbsp;Exercise Price: $8.45, Notional Amount: $2,112,500, Expiration Date: January 28, 2023 | 25000 |
| 100 | &nbsp;&nbsp;&nbsp;Exercise Price: $8.55, Notional Amount: $4,275,000, Expiration Date: January 28, 2023 | 65625 |
|  | CBOT Soybean Futures |  |
| 100 | &nbsp;&nbsp;&nbsp;Exercise Price: $14.90, Notional Amount: $7,450,000, Expiration Date: January 28, 2023 | 86250 |
| 150 | &nbsp;&nbsp;&nbsp;Exercise Price: $14.40, Notional Amount: $10,800,000, Expiration Date: January 28, 2023 | 45937 |
|  | CBOT Soybean Oil Futures |  |
| 50 | &nbsp;&nbsp;&nbsp;Exercise Price: $0.58, Notional Amount: $1,755,000, Expiration Date: January 28, 2023 | 11250 |
| 50 | &nbsp;&nbsp;&nbsp;Exercise Price: $0.63, Notional Amount: $1,890,000, Expiration Date: January 28, 2023 | 46800 |
| 100 | &nbsp;&nbsp;&nbsp;Exercise Price: $0.60, Notional Amount: $3,600,000, Expiration Date: January 28, 2023 | 37500 |
|  | CBOT Wheat Futures |  |
| 100 | &nbsp;&nbsp;&nbsp;Exercise Price: $7.00, Notional Amount: $3,500,000, Expiration Date: January 28, 2023 | 9375 |

---

**SilverPepper Commodity Strategies Global Macro Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| Number of Contracts |  | Value |
|  | **PURCHASED OPTIONS CONTRACTS — Continued** |  |
|  | **PUT OPTIONS — Continued** |  |
|  | CME Live Cattle |  |
| 75 | &nbsp;&nbsp;&nbsp;Exercise Price: $1.53, Notional Amount: $4,590,000, Expiration Date: January 7, 2023 | $1500 |
| 80 | &nbsp;&nbsp;&nbsp;Exercise Price: $1.57, Notional Amount: $5,024,000, Expiration Date: January 7, 2023 | 14400 |
|  | CME S&P Emini |  |
| 50 | &nbsp;&nbsp;&nbsp;Exercise Price: $3,800.00, Notional Amount: $9,500,000, Expiration Date: January 7, 2023 | 47500 |
| 50 | &nbsp;&nbsp;&nbsp;Exercise Price: $3,835.00, Notional Amount: $9,587,500, Expiration Date: January 7, 2023 | 76875 |
|  | CME S&P 500 Emini |  |
| 30 | &nbsp;&nbsp;&nbsp;Exercise Price: $3,900.00, Notional Amount: $5,850,000, Expiration Date: December 31, 2022 | 58395 |
|  | CMX Gold Weekly Futures |  |
| 50 | &nbsp;&nbsp;&nbsp;Exercise Price: $1,790.00, Notional Amount: $8,950,000, Expiration Date: January 7, 2023 | 13000 |
| 50 | &nbsp;&nbsp;&nbsp;Exercise Price: $1,810.00, Notional Amount: $9,050,000, Expiration Date: January 7, 2023 | 35000 |
|  | CMX HG Copper Futures |  |
| 30 | &nbsp;&nbsp;&nbsp;Exercise Price: $3.54, Notional Amount: $2,655,000, Expiration Date: January 27, 2023 | 21750 |
| 30 | &nbsp;&nbsp;&nbsp;Exercise Price: $3.75, Notional Amount: $2,812,500, Expiration Date: January 27, 2023 | 66000 |
| 35 | &nbsp;&nbsp;&nbsp;Exercise Price: $3.70, Notional Amount: $3,237,500, Expiration Date: January 27, 2023 | 60375 |
| 50 | &nbsp;&nbsp;&nbsp;Exercise Price: $3.86, Notional Amount: $4,825,000, Expiration Date: January 27, 2023 | 178125 |
|  | LME Nickel Futures |  |
| 15 | &nbsp;&nbsp;&nbsp;Exercise Price: $28,000.00, Notional Amount: $2,520,000, Expiration Date: January 5, 2023 | 14146 |
|  | LME Primary Aluminum |  |
| 80 | &nbsp;&nbsp;&nbsp;Exercise Price: $2,400.00, Notional Amount: $4,800,000, Expiration Date: January 5, 2023 | 114680 |
|  | NYBOT Cocoa Futures |  |
| 150 | &nbsp;&nbsp;&nbsp;Exercise Price: $2,550.00, Notional Amount: $3,825,000, Expiration Date: January 7, 2023 | 24000 |
| 160 | &nbsp;&nbsp;&nbsp;Exercise Price: $2,400.00, Notional Amount: $3,840,000, Expiration Date: January 7, 2023 | 3200 |
| 200 | &nbsp;&nbsp;&nbsp;Exercise Price: $2,450.00, Notional Amount: $4,900,000, Expiration Date: January 7, 2023 | 6000 |
|  | NYBOT Coffee 'C' Futures |  |
| 80 | &nbsp;&nbsp;&nbsp;Exercise Price: $1.500, Notional Amount: $4,500,000, Expiration Date: January 14, 2023 | 5700 |
| 100 | &nbsp;&nbsp;&nbsp;Exercise Price: $1.450, Notional Amount: $5,437,500, Expiration Date: January 14, 2023 | 2625 |
| 100 | &nbsp;&nbsp;&nbsp;Exercise Price: $1.525, Notional Amount: $5,718,750, Expiration Date: January 14, 2023 | 12000 |
|  | NYBOT Cotton Futures |  |
| 50 | &nbsp;&nbsp;&nbsp;Exercise Price: $0.76, Notional Amount: $1,900,000, Expiration Date: February 11, 2023 | 36500 |
| 50 | &nbsp;&nbsp;&nbsp;Exercise Price: $0.78, Notional Amount: $1,950,000, Expiration Date: February 11, 2023 | 50250 |
|  | NYBOT Sugar Futures |  |
| 100 | &nbsp;&nbsp;&nbsp;Exercise Price: $0.1875, Notional Amount: $2,100,000, Expiration Date: January 18, 2023 | 5600 |
| 100 | &nbsp;&nbsp;&nbsp;Exercise Price: $0.1900, Notional Amount: $2,128,000, Expiration Date: January 18, 2023 | 8960 |
| 100 | &nbsp;&nbsp;&nbsp;Exercise Price: $0.1925, Notional Amount: $2,156,000, Expiration Date: January 18, 2023 | 13440 |
| 100 | &nbsp;&nbsp;&nbsp;Exercise Price: $0.1975, Notional Amount: $2,212,000, Expiration Date: January 18, 2023 | 30240 |
|  | NYMEX Crude Oil Futures |  |
| 100 | &nbsp;&nbsp;&nbsp;Exercise Price: $73.50, Notional Amount: $7,350,000, Expiration Date: January 18, 2023 | 71000 |
| 100 | &nbsp;&nbsp;&nbsp;Exercise Price: $75.50, Notional Amount: $7,550,000, Expiration Date: January 18, 2023 | 112000 |
| 100 | &nbsp;&nbsp;&nbsp;Exercise Price: $78.00, Notional Amount: $7,800,000, Expiration Date: January 18, 2023 | 188000 |
|  | NYMEX NY Harbor ULSD |  |
| 5 | &nbsp;&nbsp;&nbsp;Exercise Price: $3.10, Notional Amount: $651,000, Expiration Date: January 27, 2023 | 19488 |
| 5 | &nbsp;&nbsp;&nbsp;Exercise Price: $3.15, Notional Amount: $661,500, Expiration Date: January 27, 2023 | 23562 |
| 10 | &nbsp;&nbsp;&nbsp;Exercise Price: $2.70, Notional Amount: $1,134,000, Expiration Date: January 27, 2023 | 6384 |
|  | OTC EUR versus USD |  |
| 50 | &nbsp;&nbsp;&nbsp;Exercise Price: $1.030, Notional Amount: $6,437,500, Expiration Date: January 7, 2023 | 313 |
| 100 | &nbsp;&nbsp;&nbsp;Exercise Price: $1.058, Notional Amount: $13,218,750, Expiration Date: January 7, 2023 | 7500 |
|  | **TOTAL PUT OPTIONS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $3,489,863) | **1823120** |
|  | **TOTAL PURCHASED OPTIONS CONTRACTS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $4,985,297) | **2749956** |

---

 

*See accompanying Notes to Financial Statements.*

**SilverPepper Commodity Strategies Global Macro Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal Amount |  | Value |
|  | **SHORT-TERM INVESTMENTS - 0.6%** |  |
| $943071 | UMB Bank demand deposit, 0.01%<sup>2</sup> | $943071 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $943,071) | **943071** |
|  | **TOTAL INVESTMENTS - 81.0%** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $128,286,342) | **126082086** |
|  | Other Assets in Excess of Liabilities - 19.0% | 29552953 |
|  | **TOTAL NET ASSETS - 100.0%** | $**155635039** |
| Number of Contracts |  |  |
|  | **WRITTEN OPTIONS CONTRACTS - (0.1)%** |  |
|  | **CALL OPTIONS - (0.1)%** |  |
|  | NYBOT Coffee 'C' Futures |  |
| (50) | &nbsp;&nbsp;&nbsp;Exercise Price: $1.725, Notional Amount: $3,234,375, Expiration Date: January 14, 2023 | (45375) |
|  | NYMEX Natural Gas Futures |  |
| (25) | &nbsp;&nbsp;&nbsp;Exercise Price: $6.30, Notional Amount: $1,575,000, Expiration Date: January 27, 2023 | (17000) |
|  | **TOTAL CALL OPTIONS** |  |
|  | &nbsp;&nbsp;&nbsp;(Proceeds $116,799) | **(62375)** |
|  | **PUT OPTIONS - (0.0)%** |  |
|  | CME S&P Emini |  |
| (50) | &nbsp;&nbsp;&nbsp;Exercise Price: $3,795.00, Notional Amount: $9,487,500, Expiration Date: January 7, 2023 | (43750) |
|  | CME S&P 500 Emini |  |
| (30) | &nbsp;&nbsp;&nbsp;Exercise Price: $3,870.00, Notional Amount: $5,805,000, Expiration Date: December 31, 2022 | (13395) |
|  | **TOTAL PUT OPTIONS** |  |
|  | &nbsp;&nbsp;&nbsp;(Proceeds $111,951) | **(57145)** |
|  | **TOTAL WRITTEN OPTIONS CONTRACTS** |  |
|  | &nbsp;&nbsp;&nbsp;(Proceeds $228,750) | $**(119520)** |

---

EUR - Euro

<sup>1</sup> All or a portion of this security is segregated as collateral for securities sold short. The market value of the securites pledged as collateral was $4,975,165, which represents 3.2% of total net assets of the Fund.

<sup>2</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

**SilverPepper Commodity Strategies Global Macro Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

**FUTURES CONTRACTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Long Contracts** | **Expiration <br> Date**  | **Number of<br> Contracts** | **Notional<br> Value** | **Value at <br> December 31, 2022** | **Unrealized Appreciation (Depreciation)** |
| **Commodity Futures** | **Commodity Futures** | **Commodity Futures** | **Commodity Futures** | **Commodity Futures** | **Commodity Futures** |
| CBOT Corn | March 2023 | 329 | $10888107 | $11161325 | $273218 |
| CBOT Corn | December 2023 | 50 | 1416346 | 1526875 | 110529 |
| CBOT Corn | December 2024 | 50 | 1285183 | 1405000 | 119817 |
| CBOT Soybean | March 2023 | 158 | 11729947 | 12039600 | 309653 |
| CBOT Soybean Meal | June 2023 | 85 | 3842227 | 4003500 | 161273 |
| CBOT Soybean Oil | March 2023 | 165 | 6346605 | 6342930 | (3675) |
| CBOT Wheat | March 2023 | 50 | 1989284 | 1980000 | (9284) |
| CME Lean Hogs | March 2023 | 85 | 2854430 | 2981800 | 127370 |
| CME Live Cattle | February 2023 | 240 | 14956318 | 15158400 | 202082 |
| CMX Copper | February 2023 | 83 | 7493721 | 7906788 | 413067 |
| CMX Copper | July 2023 | 20 | 1670088 | 1908000 | 237912 |
| CMX Gold | February 2023 | 150 | 26966240 | 27393000 | 426760 |
| CMX Silver | March 2023 | 73 | 7728781 | 8774600 | 1045819 |
| ICE Brent Crude Oil | March 2023 | 302 | 25045421 | 25944820 | 899399 |
| ICE Low Sulphur Gas | January 2023 | 60 | 5717545 | 5526000 | (191545) |
| ICE Robusta Coffee | March 2023 | 145 | 2855530 | 2608550 | (246980) |
| KCBT Hard Red Winter Wheat | March 2023 | 225 | 9920451 | 9990000 | 69549 |
| LME Primary Aluminum | January 2023 | 103 | 5995631 | 6049988 | 54357 |
| LME Primary Nickel | January 2023 | 64 | 8778958 | 11481984 | 2703026 |
| LME Zinc | January 2023 | 55 | 3985301 | 4111594 | 126293 |
| LME Zinc | November 2023 | 10 | 805913 | 744125 | (61788) |
| MGE Red Wheat | March 2023 | 3 | 141870 | 140813 | (1057) |
| NYB Orange Juice | March 2023 | 4 | 122955 | 122520 | (435) |
| NYBOT Cocoa | March 2023 | 215 | 5363379 | 5590000 | 226621 |
| NYBOT Cocoa | May 2023 | 30 | 762432 | 780300 | 17868 |
| NYBOT Coffee 'C' | March 2023 | 49 | 3000863 | 3074138 | 73275 |
| NYBOT Coffee 'C' | May 2023 | 25 | 1896658 | 1565156 | (331502) |
| NYBOT Coffee 'C' | September 2023 | 25 | 1972671 | 1558594 | (414077) |
| NYBOT Coffee 'C' | December 2023 | 25 | 1840746 | 1555313 | (285433) |
| NYBOT Coffee 'C' | March 2024 | 25 | 1827283 | 1552969 | (274314) |
| NYBOT Coffee 'C' | May 2025 | 21 | 1554923 | 1315125 | (239798) |
| NYBOT Cotton #2 | March 2023 | 90 | 3807506 | 3751650 | (55856) |
| NYBOT Sugar #11 | March 2023 | 360 | 7463633 | 8080128 | 616495 |
| NYMEX Natural Gas | February 2023 | 25 | 2250458 | 1118750 | (1131708) |
| NYMEX Natural Gas | March 2023 | 100 | 6141482 | 4104000 | (2037482) |
| NYMEX Natural Gas | April 2023 | 5 | 125916 | 195850 | 69934 |
| NYMEX Natural Gas | May 2023 | 35 | 1603000 | 1375850 | (227150) |
| NYMEX Natural Gas | June 2023 | 85 | 4090706 | 3439950 | (650756) |
| NYMEX Natural Gas | July 2023 | 175 | 7412726 | 7274750 | (137976) |
| NYMEX Natural Gas | August 2023 | 55 | 2702052 | 2289650 | (412402) |
| NYMEX Natural Gas | September 2023 | 5 | 125916 | 205500 | 79584 |
| NYMEX Natural Gas | October 2023 | 60 | 2138408 | 2504400 | 365992 |
| NYMEX Natural Gas | November 2023 | 5 | 125916 | 224200 | 98284 |
| NYMEX Natural Gas | December 2023 | 5 | 125916 | 243850 | 117934 |
| NYMEX Natural Gas | January 2024 | 5 | 143266 | 255650 | 112384 |
| NYMEX Natural Gas | February 2024 | 5 | 143266 | 247100 | 103834 |
| NYMEX Natural Gas | March 2024 | 5 | 143266 | 219900 | 76634 |
| NYMEX Natural Gas | April 2024 | 20 | 713263 | 768000 | 54737 |
| NYMEX Natural Gas | May 2024 | 65 | 2665723 | 2469350 | (196373) |
| NYMEX Natural Gas | June 2024 | 15 | 618497 | 583650 | (34847) |
| NYMEX Natural Gas | July 2024 | 5 | 143266 | 199200 | 55934 |
| NYMEX Natural Gas | August 2024 | 5 | 143266 | 200500 | 57234 |

---

*See accompanying Notes to Financial Statements.*

**SilverPepper Commodity Strategies Global Macro Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

**FUTURES CONTRACTS - Continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Long Contracts** | **Expiration <br> Date**  | **Number of Contracts** | **Notional<br> Value** | **Value at <br> December 31, 2022** | **Unrealized Appreciation (Depreciation)** |
| **Commodity Futures - Continued** | **Commodity Futures - Continued** | **Commodity Futures - Continued** | **Commodity Futures - Continued** | **Commodity Futures - Continued** | **Commodity Futures - Continued** |
| NYMEX Natural Gas | September 2024 | 5 | $143266 | $198450 | $55184 |
| NYMEX Natural Gas | October 2024 | 5 | 143266 | 202750 | 59484 |
| NYMEX Natural Gas | November 2024 | 5 | 143266 | 219000 | 75734 |
| NYMEX Natural Gas | December 2024 | 5 | 143266 | 243800 | 100534 |
| NYMEX NY Harbor ULSD | February 2023 | 25 | 3422167 | 3459750 | 37583 |
| NYMEX NY Harbor ULSD | March 2023 | 5 | 669601 | 667632 | (1969) |
| NYMEX NY Harbor ULSD | October 2023 | 5 | 584866 | 602259 | 17393 |
| NYMEX RBOB Gasoline | March 2023 | 40 | 3877166 | 4163544 | 286378 |
| NYMEX WTI Crude Oil | February 2023 | 305 | 22856817 | 24479300 | 1622483 |
| **Foreign Exchange Futures** |  |  |  |  |  |
| CME Euro | March 2023 | 50 | 6695536 | 6721250 | 25714 |
| CME Japanese Yen | March 2023 | 10 | 936457 | 963375 | 26918 |
| CME New Zealand Dollar | March 2023 | 30 | 1950247 | 1903200 | (47047) |
| **Total Long Contracts** |  |  | $**265149176** | $**269869995** | $**4720819** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short Contracts** | **Expiration<br> Date**  | **Number of<br> Contracts** | **Number of<br> Contracts** | **Notional<br> Value** | **Value at <br> December 31, 2022** | **Unrealized Appreciation (Depreciation)** |
| **Commodity Futures** | **Commodity Futures** | **Commodity Futures** | **Commodity Futures** | **Commodity Futures** | **Commodity Futures** | |
| CME Live Cattle | April 2023 |  | (175) | $(10742711) | $(11326000) | $(583289) |
| KCBT Hard Red Winter Wheat | July 2023 |  | (150) | (7029762) | (6573750) | 456012 |
| LME Primary Aluminum | January 2023 |  | (25) | (1555560) | (1468444) | 87116 |
| LME Primary Nickel | January 2023 |  | (30) | (5123191) | (5382180) | (258989) |
| NYMEX WTI Crude Oil | March 2023 |  | (125) | (9670980) | (10056250) | (385270) |
| NYMEX WTI Crude Oil | April 2023 |  | (75) | (5820056) | (6039750) | (219694) |
| NYMEX WTI Crude Oil | May 2023 |  | (75) | (5826686) | (6033750) | (207064) |
| **Equity Futures** |  |  |  |  |  |  |
| CBT Bloomberg Commodity Index | March 2023 |  | (50) | (576769) | (564050) | 12719 |
| **Total Short Contracts** |  |  |  | **(46345715)** | **(47444174)** | **(1098459)** |
| **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** |  | $**218803461** | $**222425821** | $**3622360** |

---

*See accompanying Notes to Financial Statements.*

**SilverPepper Commodity Strategies Global Macro Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)** 

**FORWARD FOREIGN CURRENCY CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase Contracts** | **Counterparty** | **Currency<br> Exchange**  | **Settlement<br> Date**  | **Currency<br> Amount<br> Sold** | **Currency<br> Amount<br> Sold** | **Notional<br> Value** | **Value at December 31, 2022** | **Unrealized Appreciation (Depreciation)** |
| Australian Dollar | Societe Generale | AUD per USD | February 13, 2023 |  | 2000000 | $1356200 | $1364178 | $7978 |
| Chilean Peso | Societe Generale | CLP per USD | January 17, 2023 |  | 7040900 | 975167 | 1018883 | 43716 |
| Japanese Yen | Societe Generale | JPY per USD | January 17, 2023 |  | 219928000 | 1515898 | 1679972 | 164074 |
|  |  |  |  |  |  | $**3847265** | $**4063033** | $**215768** |
| **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** |  | $**3847265** | $**4063033** | $**215768** |

---

AUD - Australian Dollar

CLP - Chilean Peso

JPY - Japanese Yen

USD - United States Dollar

 

*See accompanying Notes to Financial Statements.*

**SilverPepper Commodity Strategies Global Macro Fund**

**CONSOLIDATED SUMMARY OF INVESTMENTS**

**As of December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| Security Type/Industry | Percent of Total Net Assets |
| U.S. Government and Agencies | 78.6% |
| Purchased Options Contracts | 1.8% |
| Short-Term Investments | 0.6% |
| **Total Investments** | **81.0%** |
| Other Assets in Excess of Liabilities | 19.0% |
| **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Financial Statements.*

**SilverPepper Commodity Strategies Global Macro Fund**

**CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES**

**As of December 31, 2022 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets:** | |
| &nbsp;&nbsp;&nbsp;Investments, at value (cost $123,301,045) | $123332130 |
| &nbsp;&nbsp;&nbsp;Purchased options contracts, at value (cost $4,985,297) | 2749956 |
| &nbsp;&nbsp;&nbsp;Cash held by broker for futures contracts | 27858257 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | 215768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 410298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 3622360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin | 101625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and Interest | 1 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 21648 |
| &nbsp;&nbsp;&nbsp;Other assets | 14875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 158326918 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Written options contracts, at value (proceeds $228,750) | 119520 |
| &nbsp;&nbsp;&nbsp;Foreign currency due to custodian, at value (proceeds $5,215) | 4874 |
| &nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed | 2179171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest on securities sold short | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 205058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 19235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 21447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses (Note 2) | 100940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 5507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 10564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 9772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 596 |
| &nbsp;&nbsp;&nbsp;Accrued other expenses | 13112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 2691879 |
| **Net Assets** | $155635039 |
| **Components of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $113397611 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | 42237428 |
| **Net Assets** | $155635039 |
| **Maximum Offering Price per Share:** |  |
| &nbsp;&nbsp;&nbsp;Advisor Class Shares: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $2945410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 439214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption price per share | $6.71 |
| &nbsp;&nbsp;&nbsp;Institutional Class Shares: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $152689629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 22570340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption price per share | $6.77 |

---

*See accompanying Notes to Financial Statements.*

**SilverPepper Commodity Strategies Global Macro Fund**

**CONSOLIDATED STATEMENT OF OPERATIONS**

**For the Six Months Ended December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| **Investment Income:** | |
| &nbsp;&nbsp;&nbsp;Interest | $2178989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 2178989 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 1466671 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees - Advisor Class (Note 6) | 2847 |
| &nbsp;&nbsp;&nbsp;Fund administration fees | 104372 |
| &nbsp;&nbsp;&nbsp;Fund accounting fees | 48822 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses - Institutional Class | 169130 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 20449 |
| &nbsp;&nbsp;&nbsp;Custody fees | 10931 |
| &nbsp;&nbsp;&nbsp;Registration fees | 18926 |
| &nbsp;&nbsp;&nbsp;Legal fees | 15824 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 10971 |
| &nbsp;&nbsp;&nbsp;Auditing fees | 10564 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting fees | 12566 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 9250 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 4158 |
| &nbsp;&nbsp;&nbsp;Insurance fees | 1906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 1907387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 271602 |
| **Realized and Unrealized Gain (Loss):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased options contracts | (77678548) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | 40619213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options contracts | 20244594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | (395304) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (17208913) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 31575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased options contracts | (2397717) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | 2817685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options contracts | 639651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | 414859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 1506035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss)** | (15702878) |
| **Net Increase (Decrease) in Net Assets from Operations** | $(15431276) |

---

*See accompanying Notes to Financial Statements.*

**SilverPepper Commodity Strategies Global Macro Fund**

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> December 31, 2022<br> (Unaudited)** | **For the Year Ended <br> June 30, 2022** |
| **Increase (Decrease) in Net Assets from:** | | |
| **Operations:** | | |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $271602 | $(3871818) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, purchased options contracts, futures contracts, securities sold short, written options contracts, forward contracts and foreign currency | (17208913) | 38722977 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments, purchased options contracts, futures contracts, securities sold short, written options contracts, forward contracts and foreign currency | 1506035 | (4825161) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (15431276) | 30025998 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Advisor Class | (738176) | (657901) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (36513778) | (31284417) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (37251954) | (31942318) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | 634164 | 1168772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 23182877 | 63787589 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | 737884 | 657901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 36513778 | 31214423 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | (1352288) | (935496) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (58751374) | (53006920) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 965041 | 42886269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (51718189) | 40969949 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 207353228 | 166383279 |
| &nbsp;&nbsp;&nbsp;End of period | $155635039 | $207353228 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | 67225 | 119066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 2648531 | 6620064 |
| &nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | 106018 | 81625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 5201393 | 3844141 |
| &nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | (162165) | (99781) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (7052748) | (5413759) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 808254 | 5151356 |

---

*See accompanying Notes to Financial Statements.*

**SilverPepper Commodity Strategies Global Macro Fund**

**CONSOLIDATED FINANCIAL HIGHLIGHTS**

**Advisor Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $9.28 | $9.71 | $7.03 | $8.01 | $8.70 | $8.45 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.02 | (0.19) | (0.18) | (0.07) | -<sup>2</sup> | (0.11) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.69) | 1.72 | 2.86 | (0.91)<sup>6</sup> | (0.25) | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.67) | 1.53 | 2.68 | (0.98) | (0.25) | 0.24 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.90) | (1.96) | - | -<sup>2</sup> | (0.44) | - |
| **Redemption fee proceeds<sup>1</sup>** | - | - | - | - | - | 0.01 |
| **Net asset value, end of period** | $6.71 | $9.28 | $9.71 | $7.03 | $8.01 | $8.70 |
| **Total return<sup>3</sup>** | (7.92)%<sup>8</sup> | 18.84% | 38.12% | (12.18)% | (3.06)% | 3.08% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $2945 | $3971 | $3176 | $3655 | $4713 | $5160 |
| Ratio of expenses to average net assets (including dividends on securities sold short and interest expense): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived/recovered | 1.94%<sup>4,7</sup> | 1.99%<sup>4</sup> | 2.15%<sup>4</sup> | 2.02%<sup>4</sup> | 2.00%<sup>4</sup> | 2.15%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived/recovered | 1.94%<sup>4,7</sup> | 1.99%<sup>4</sup> | 2.15%<sup>4</sup> | 2.01%<sup>4</sup> | 2.01%<sup>4</sup> | 2.03%<sup>4</sup> |
| Ratio of net investment income (loss) to average net assets (including dividends on securities sold short and interest expense): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees waived/recovered | 0.31%<sup>7</sup> | (1.98)% | (2.14)% | (0.96)% | 0.01% | (1.38)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees waived/recovered | 0.31%<sup>7</sup> | (1.98)% | (2.14)% | (0.95)% | 0.00% | (1.26)% |
| Portfolio turnover rate | 0%<sup>5,8</sup> | 0%<sup>5</sup> | 244%<sup>5</sup> | 4249%<sup>5</sup> | 5463%<sup>5</sup> | 1040%<sup>5</sup> |

---

<sup>1</sup> Based on average shares outstanding for the period. Effective November 1, 2017, the Fund no longer imposes a Redemption fee.

<sup>2</sup> Amount represents less than $0.01 per share.

<sup>3</sup> Total returns would have been higher/lower had expenses not been recovered/waived or absorbed by the Advisor. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>4</sup> If interest expense and dividends on securities sold short had been excluded, the expenses ratios would have been lowered by 0.00% for the six months ended December 31, 2022. For the prior periods, the ratios would have been lowered by 0.08%, 0.10%, 0.01%, 0.01%, and 0.00%, respectively.

<sup>5</sup> The portfolio turnover ratio was calculated in accordance with Item 13 of Form N-1A, which excludes the notional value of certain derivatives, including futures contracts, from the calculation.

<sup>6</sup> An affiliate reimbursed the Fund $27,939 for losses from a trade error during the fiscal year ended June 30, 2020. This reimbursement had no impact to the Fund's total return.

<sup>7</sup> Not annualized.

<sup>8</sup> Annualized.

*See accompanying Notes to Financial Statements.*

**SilverPepper Commodity Strategies Global Macro Fund**

**CONSOLIDATED FINANCIAL HIGHLIGHTS**

**Institutional Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $9.34 | $9.76 | $7.07 | $8.05 | $8.74 | $8.51 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.01 | (0.20) | (0.18) | (0.07) | -<sup>2</sup> | (0.11) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.67) | 1.74 | 2.87 | (0.90)<sup>6</sup> | (0.26) | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.66) | 1.54 | 2.69 | (0.97) | (0.26) | 0.25 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.91) | (1.96) | - | (0.01) | (0.43) | (0.02) |
| **Redemption fee proceeds<sup>1</sup>** | - | - | - | - | - | -<sup>2</sup> |
| **Net asset value, end of period** | $6.77 | $9.34 | $9.76 | $7.07 | $8.05 | $8.74 |
| **Total return<sup>3</sup>** | (7.84)%<sup>8</sup> | 18.78% | 38.05% | (12.10)% | (3.04)% | 3.00% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $152690 | $203382 | $163207 | $121066 | $116312 | $125566 |
| Ratio of expenses to average net assets (including dividends on securities sold short and interest expense): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived/recovered | 1.97%<sup>4,7</sup> | 1.99%<sup>4</sup> | 2.12%<sup>4</sup> | 2.01%<sup>4</sup> | 2.02%<sup>4</sup> | 2.17%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived/recovered | 1.97%<sup>4,7</sup> | 2.02%<sup>4</sup> | 2.09%<sup>4</sup> | 2.00%<sup>4</sup> | 2.00%<sup>4</sup> | 1.99%<sup>4</sup> |
| Ratio of net investment income (loss) to average net assets (including dividends on securities sold short and interest expense): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived/recovered | 0.28%<sup>7</sup> | (1.98)% | (2.11)% | (0.94)% | (0.01)% | (1.40)% |
| &nbsp;&nbsp;&nbsp;After fees waived/recovered | 0.28%<sup>7</sup> | (2.01)% | (2.08)% | (0.93)% | 0.01% | (1.22)% |
| Portfolio turnover rate | 0%<sup>5,8</sup> | 0%<sup>5</sup> | 244%<sup>5</sup> | 4249%<sup>5</sup> | 5463%<sup>5</sup> | 1040%<sup>5</sup> |

---

<sup>1</sup> Based on average shares outstanding for the period. Effective November 1, 2017, the Fund no longer imposes a Redemption fee.

<sup>2</sup> Amount represents less than $0.01 per share.

<sup>3</sup> Total returns would have been higher/lower had expenses not been recovered/waived or absorbed by the Advisor. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>4</sup> If interest expense and dividends on securities sold short had been excluded, the expenses ratios would have been lowered by 0.00% for the six months ended December 31, 2022. For the prior periods, the ratios would have been lowered by 0.08%, 0.10%, 0.01%, 0.01%, and 0.00%, respectively.

<sup>5</sup> The portfolio turnover ratio was calculated in accordance with Item 13 of Form N-1A, which excludes the notional value of certain derivatives, including futures contracts, from the calculation.

<sup>6</sup> An affiliate reimbursed the Fund $27,939 for losses from a trade error during the fiscal year ended June 30, 2020. This reimbursement had no impact to the Fund's total return.

<sup>7</sup> Not annualized.

<sup>8</sup> Annualized.

 

*See accompanying Notes to Financial Statements.*

**SilverPepper Merger Arbitrage Fund**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **COMMON STOCKS — 49.2%** |  |
|  | **CONSUMER DISCRETIONARY — 2.2%** |  |
| 7667 | iRobot Corp.\*<sup>,1</sup> | $**369013** |
|  | **FINANCIALS — 7.9%** |  |
| 303 | Brookline Bancorp, Inc. | 4288 |
| 7362 | First Horizon Corp.<sup>1</sup> | 180369 |
| —<sup>2</sup> | First Merchants Corp. |  |
| 11771 | Limestone Bancorp, Inc. | 287448 |
| 269 | Malvern Bancorp, Inc.\* | 4775 |
| 414 | PCSB Financial Corp. | 7883 |
| 28425 | Professional Holding Corp. - Class A\* | 788509 |
| —<sup>2</sup> | QCR Holdings, Inc. |  |
| 651 | Salisbury Bancorp, Inc. | 20441 |
| —<sup>2</sup> | United Community Banks, Inc. |  |
|  |  | **1293713** |
|  | **HEALTH CARE — 12.1%** |  |
| 3530 | AVEO Pharmaceuticals, Inc.\* | 52773 |
| —<sup>2</sup> | Biohaven Pharmaceutical Holding Co., Ltd.<sup>\*,3</sup> | 6 |
| 4607 | Horizon Therapeutics Plc<sup>\*,3</sup> | 524277 |
| 27512 | Imago Biosciences, Inc.\* | 989056 |
| 24022 | Oyster Point Pharma, Inc.\* | 268326 |
| 19608 | SeaSpine Holdings Corp.\* | 163727 |
|  |  | **1998165** |
|  | **INDUSTRIALS — 0.1%** |  |
| 273 | Altra Industrial Motion Corp. | **16312** |
|  | **MATERIALS — 0.1%** |  |
| 551 | Resolute Forest Products, Inc.\* | **11896** |
|  | **REAL ESTATE — 9.0%** |  |
| 46371 | STORE Capital Corp. - REIT | **1486654** |
|  | **TECHNOLOGY — 17.8%** |  |
| 25600 | 1Life Healthcare, Inc.\*<sup>,1</sup> | 427776 |
| 21973 | Coupa Software, Inc.\* | 1739602 |
| 16538 | KnowBe4, Inc. - Class A\* | 409812 |
| 2375 | Maxar Technologies, Inc. | 122883 |
| 29618 | UserTesting, Inc.\* | 222431 |
|  |  | **2922504** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $8,143,236) | **8098257** |

---

**SilverPepper Merger Arbitrage Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **CORPORATE BONDS — 1.2%** |  |
|  | **HEALTH CARE — 0.6%** |  |
| $99000 | Herbalife Nutrition Ltd.<br> 2.625%, 3/15/2024<sup>3,4</sup> | $91526 |
|  | **INDUSTRIALS — 0.6%** |  |
| 115000 | Kaman Corp.<br> 3.250%, 5/1/20244 | 107467 |
|  | **TOTAL CORPORATE BONDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $201,389) | 198993 |

---

---

| | | |
|:---|:---|:---|
| Number of Shares |  |  |
|  | **PREFERRED STOCKS — 13.7%** |  |
|  | **HEALTH CARE — 1.3%** |  |
| 3273 | Becton, Dickinson and Co., 6.000%<sup>4</sup> | 162570 |
| 443 | Boston Scientific Corp., 5.500%<sup>4</sup> | 50794 |
|  |  | **213364** |
|  | **INDUSTRIALS — 0.3%** |  |
| 519 | RBC Bearings, Inc., 5.000%<sup>4</sup> | **53361** |
|  | **TECHNOLOGY — 9.8%** |  |
| 4587 | Clarivate PLC, 5.250%<sup>3,4</sup> | 174834 |
| 5793 | Coherent Corp., 6.000%<sup>4</sup> | 927430 |
| 6014 | Sabre Corp., 6.500%<sup>4</sup> | 507461 |
|  |  | **1609725** |
|  | **UTILITIES — 2.3%** |  |
| 3753 | AES Corp., 6.875%<sup>4</sup> | **383332** |
|  | **TOTAL PREFERRED STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,509,402) | **2259782** |
|  | **RIGHTS — 0.0%** |  |
|  | **HEALTH CARE — 0.0%** |  |
| 8448 | ABIOMED, Inc., Expiration Date: March 14, 2023<sup>\*,5</sup> | **—** |
|  | **TOTAL RIGHTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $0) | **—** |
|  | **WARRANTS — 0.0%** |  |
|  | **HEALTH CARE — 0.0%** |  |
| 60475 | Supernus Pharmaceuticals, Inc., Expiration Date: December 31, 2025\*<sup>,5</sup> |  |
| 60475 | Supernus Pharmaceuticals, Inc., Expiration Date: December 31, 2025\*<sup>,5</sup> |  |
| 4891 | Akouos, Inc., Expiration Date: December 5, 2024\*<sup>,5</sup> |  |
| 22500 | Zogenix, Inc., Expiration Date: December 31, 2025\*<sup>,5</sup> |  |
|  |  | **—** |
|  | **TOTAL WARRANTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $0) | **—** |

---

**SilverPepper Merger Arbitrage Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SHORT-TERM INVESTMENTS — 34.8%** |  |
| $5718068 | UMB Bank demand deposit, 0.01%<sup>6</sup> | $**5718068** |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,718,068) | **5718068** |
|  | **TOTAL INVESTMENTS — 98.9%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $16,572,095) | **16275100** |
|  | Other Assets in Excess of Liabilities — 1.1% | 177630 |
|  | **TOTAL NET ASSETS — 100.0%** | $**16452730** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  |  |
|  | **SECURITIES SOLD SHORT — (14.8)%** |  |
|  | **COMMON STOCKS — (14.8)%** |  |
|  | **FINANCIALS — (6.8)%** |  |
| (330) | Brookline Bancorp, Inc. | (4670) |
| (207) | First Bank/Hamilton NJ | (2848) |
| (485) | NBT Bancorp, Inc. | (21059) |
| (10526) | Peoples Bancorp, Inc. | (297359) |
| (25328) | Seacoast Banking Corp. of Florida | (789980) |
|  |  | **(1115916)** |
|  | **HEALTH CARE — (1.5)%** |  |
| (244) | Becton, Dickinson and Co. | (62049) |
| (331) | Boston Scientific Corp.\* | (15315) |
| (8162) | Orthofix Medical, Inc.\* | (167566) |
|  |  | **(244930)** |
|  | **INDUSTRIALS — (0.2)%** |  |
| (133) | RBC Bearings, Inc.\* | **(27844)** |
|  | **TECHNOLOGY — (5.3)%** |  |
| (13713) | Clarivate PLC\*,3 | (114366) |
| (11586) | Coherent Corp.\* | (406669) |
| (58486) | Sabre Corp.\* | (361444) |
|  |  | **(882479)** |
|  | **UTILITIES — (1.0)%** |  |
| (5965) | AES Corp. | **(171553)** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $2,662,136) | **(2442722)** |
|  | **TOTAL SECURITIES SOLD SHORT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $2,662,136) | $**(2442722)** |

---

**SilverPepper Merger Arbitrage Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Contracts |  | Value |
|  | **WRITTEN OPTIONS CONTRACTS — (0.0)%** |  |
|  | **CALL OPTIONS — (0.0)%** |  |
|  | Boston Scientific Corp. |  |
| (1) | &nbsp;&nbsp;&nbsp;Exercise Price: $49.00, Notional Amount: $4,900,<br> Expiration Date: May 19, 2023 | $(205) |
| (2) | &nbsp;&nbsp;&nbsp;Exercise Price: $50.00, Notional Amount: $10,000,<br> Expiration Date: May 19, 2023 | (330) |
| (2) | Sabre Corp.<br> Exercise Price: $7.00, Notional Amount: $1,400,<br> Expiration Date: January 19, 2023 | **(18)** |
|  | **TOTAL CALL OPTIONS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $548) | **(553)** |
|  | **TOTAL WRITTEN OPTIONS CONTRACTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $548) | $**(553)** |

---

REIT – Real Estate Investment Trusts <br> PLC – Public Limited Company

\* Non-income producing security.

<sup>1</sup> All or a portion of this security is segregated as collateral for securities sold short. The market value of the securities pledged as collateral was $939,771, which represents 5.7% of total net assets of the Fund.

<sup>2</sup> Amount represents less than 0.5 shares.

<sup>3</sup> Foreign security denominated in U.S. Dollars.

<sup>4</sup> Convertible security.

<sup>5</sup> Level 3 securities fair valued under procedures established by the Board of Trustees, represents 0.00% of Net Assets. The total value of these securities is $0.

<sup>6</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

**SilverPepper Merger Arbitrage Fund**

**SUMMARY OF INVESTMENTS**

**As of December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| Security Type/Industry | Percent of Total<br> Net Assets |
| Common Stocks |  |
| &nbsp;&nbsp;Technology | 17.8% |
| &nbsp;&nbsp;Health Care | 12.1% |
| &nbsp;&nbsp;Real Estate | 9.0% |
| &nbsp;&nbsp;Financials | 7.9% |
| &nbsp;&nbsp;Consumer Discretionary | 2.2% |
| &nbsp;&nbsp;Industrials | 0.1% |
| &nbsp;&nbsp;Materials | 0.1% |
| **Total Common Stocks** | **49.2%** |
| Preferred Stocks |  |
| &nbsp;&nbsp;Technology | 9.8% |
| &nbsp;&nbsp;Utilities | 2.3% |
| &nbsp;&nbsp;Health Care | 1.3% |
| &nbsp;&nbsp;Industrials | 0.3% |
| **Total Preferred Stocks** | **13.7%** |
| Corporate Bonds |  |
| &nbsp;&nbsp;Industrials | 0.6% |
| &nbsp;&nbsp;Health Care | 0.6% |
| **Total Corporate Bonds** | **1.2%** |
| Warrants |  |
| &nbsp;&nbsp;Health Care | 0.0% |
| **Total Warrants** | **0.0%** |
| Rights |  |
| &nbsp;&nbsp;Health Care | 0.0% |
| **Total Rights** | **0.0%** |
| Short-Term Investments | 34.8% |
| **Total Investments** | **98.9%** |
| Other Assets in Excess of Liabilities | 1.1% |
| **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Financial Statements.*

**SilverPepper Merger Arbitrage Fund**

**STATEMENT OF ASSETS AND LIABILITIES**

**As of December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| **Assets:** | |
| &nbsp;&nbsp;&nbsp;Investments, at value (cost $16,572,095) | $16275100 |
| &nbsp;&nbsp;&nbsp;Cash deposited with brokers for securities sold short | 2660054 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 5152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 1563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 20406 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 16578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 18978853 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Securities sold short, at value (proceeds $2,662,136) | 2442722 |
| &nbsp;&nbsp;&nbsp;Written options contracts, at value (proceeds $548) | 553 |
| &nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased | 15450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory Fees | 4786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) | 1648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 15720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses (Note 2) | 12663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 4931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 8808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 8790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 1613 |
| &nbsp;&nbsp;&nbsp;Accrued other expenses | 7185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 2526123 |
| **Net Assets** | $16452730 |
| **Components of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $17378502 |
| &nbsp;&nbsp;&nbsp;Total accumulated deficit | (925772) |
| **Net Assets** | $16452730 |
| **Maximum Offering Price per Share:** |  |
| &nbsp;&nbsp;&nbsp;Advisor Class Shares: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $293552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 26498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption price per share | $11.08 |
| &nbsp;&nbsp;&nbsp;Institutional Class Shares: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $16159178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 1425287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption price per share | $11.34 |

---

*See accompanying Notes to Financial Statements.*

**SilverPepper Merger Arbitrage Fund**

**STATEMENT OF OPERATIONS**

**For the Six Months Ended December 31, 2022 (Unaudited)**

 

---

| | |
|:---|:---|
| **Investment Income:** | |
| &nbsp;&nbsp;&nbsp;Dividends | $77540 |
| &nbsp;&nbsp;&nbsp;Interest | 32618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 110158 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 99366 |
| &nbsp;&nbsp;&nbsp;Fund accounting fees | 30520 |
| &nbsp;&nbsp;&nbsp;Interest and dividends on securities sold short | 18447 |
| &nbsp;&nbsp;&nbsp;Registration fees | 17243 |
| &nbsp;&nbsp;&nbsp;Fund administration fees | 15633 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 13826 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 11067 |
| &nbsp;&nbsp;&nbsp;Auditing fees | 8809 |
| &nbsp;&nbsp;&nbsp;Custody fees | 6912 |
| &nbsp;&nbsp;&nbsp;Legal fees | 5804 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting fees | 3878 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 3605 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 2923 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses - Institutional Class | 2022 |
| &nbsp;&nbsp;&nbsp;Insurance fees | 1720 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees - Advisor Class (Note 6) | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 242240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Fees waived | (86921) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses - Institutional Class waived | (2022) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 153297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | (43139) |
| **Realized and Unrealized Gain (Loss):** |  |
| &nbsp;&nbsp;&nbsp;**and Foreign Currency:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 135222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold short | 238410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options contracts | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 373712 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (187196) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold short | 94146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options contracts | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (93055) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss) and foreign currency** | 280657 |
| **Net Increase (Decrease) in Net Assets from Operations** | $237518 |

---

*See accompanying Notes to Financial Statements.*

**SilverPepper Merger Arbitrage Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the Six<br> Months Ended<br> December 31, 2022<br> (Unaudited)** | **For the<br> Year Ended<br> June 30, 2022** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(43139) | $(211566) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, securities sold short and written options | 373712 | 797745 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments, securities sold short and written options | (93055) | (133091) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 237518 | 453088 |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class |  | 182798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 6462333 | 1111812 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | (262302) | (47515) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (588216) | (4632721) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 5611815 | (3385626) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 5849333 | (2932538) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 10603397 | 13535935 |
| &nbsp;&nbsp;&nbsp;End of period | $16452730 | $10603397 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class |  | 16848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 574468 | 101187 |
| &nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | (23960) | (4406) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (52226) | (423640) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 498282 | (310011) |

---

*See accompanying Notes to Financial Statements.*

**SilverPepper Merger Arbitrage Fund**

**STATEMENT OF CASH FLOWS**

**For the Six Months Ended December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| **Increase (Decrease) in Cash:** | |
| Cash flows provided by (used for) operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | $237518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net increase in net assets from operations to<br> net cash provided by (used for) operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of long-term investments | (27061793) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales of long-term investments | 25320347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from securities sold short | 3392753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cover short securities | (1352770) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from written options | 628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of short-term investment securities, net | (4488861) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in receivables for securities sold | (912) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in dividends and interest receivables | (19294) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in other assets | (6683) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in payables for securities purchased | (3929) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in dividends on securities sold short payable and interest expense | (3705) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in accrued expenses | (10587) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | (357294) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 93055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net accreation/amortization | (1630) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used for operating activities | (4263157) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash flows provided by (used for) financing activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 6461050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption of shares, net of redemption fees | (850518) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 5610532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in cash | 1347375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning cash balance |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning cash held at broker | 1312679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total beginning cash and cash equivalents | 1312679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ending cash balance |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ending cash held at broker | 2660054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash and cash equivalents | $2660054 |

---

*See accompanying Notes to Financial Statements.*

**SilverPepper Merger Arbitrage Fund**

**FINANCIAL HIGHLIGHTS**

**Advisor Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $10.89 | $10.52 | $10.17 | $10.99 | $11.05 | $11.07 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.05) | (0.23) | (0.12) | (0.14) | (0.14) | (0.23) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.24 | 0.60 | 0.47 | (0.30) | 0.29 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.19 | 0.37 | 0.35 | (0.44) | 0.15 | 0.08 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | (0.38) | (0.21) | (0.10) |
| **Redemption fee proceeds**<sup>1</sup>** | - | - | - | - | - | -<sup>2</sup> |
| **Net asset value, end of period** | $11.08 | $10.89 | $10.52 | $10.17 | $10.99 | $11.05 |
| **Total return<sup>3</sup>** | 1.74%<sup>5</sup> | 3.52% | 3.44% | (4.21)% | 1.38% | 0.76% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $294 | $550 | $400 | $1499 | $3135 | $9360 |
| Ratio of expenses to average net assets (including dividends on securities sold short, interest expense, and broker fees): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 3.63%<sup>4,6</sup> | 6.53%<sup>4</sup> | 3.43%<sup>4</sup> | 3.20%<sup>4</sup> | 3.00%<sup>4</sup> | 2.96%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 2.40%<sup>4,6</sup> | 4.99%<sup>4</sup> | 2.80%<sup>4</sup> | 3.23%<sup>4</sup> | 3.06%<sup>4</sup> | 2.93%<sup>4</sup> |
| Ratio of net investment income (loss) to average net assets (including dividends on securities sold short, interest expense, and broker fees): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (2.08)%<sup>6</sup> | (3.70)% | (1.82)% | (1.24)% | (1.23)% | (2.12)% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.85)%<sup>6</sup> | (2.16)% | (1.19)% | (1.27)% | (1.29)% | (2.09)% |
| Portfolio turnover rate | 436%<sup>5</sup> | 291% | 428% | 342% | 419% | 385% |

---

<sup>1</sup> Based on average shares outstanding for the period. Effective November 1, 2017, the Fund no longer imposes a Redemption fee.

<sup>2</sup> Amount represents less than $0.01 per share.

<sup>3</sup> Total returns would have been higher/lower had expenses not been recovered/waived or absorbed by the Advisor. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>4</sup> If interest expense, dividends on securities sold short, and broker fees had been excluded, the expense ratios would have been lowered by 0.26% for the six months ended December 31, 2022. For the prior periods, the ratios would have been lowered by 2.75%, 0.56%, 0.99%, 0.82%, and 0.69%, respectively.

<sup>5</sup> Not annualized.

<sup>6</sup> Annualized.

*See accompanying Notes to Financial Statements.*

**SilverPepper Merger Arbitrage Fund**

**FINANCIAL HIGHLIGHTS**

**Institutional Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $11.13 | $10.72 | $10.35 | $11.15 | $11.17 | $11.16 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.03) | (0.21) | (0.10) | (0.11) | (0.12) | (0.21) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.24 | 0.62 | 0.47 | (0.31) | 0.31 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.21 | 0.41 | 0.37 | (0.42) | 0.19 | 0.11 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | (0.38) | (0.21) | (0.10) |
| **Redemption fee proceeds**<sup>1</sup>** | - | - | - | - | - | -<sup>2</sup> |
| **Net asset value, end of period** | $11.34 | $11.13 | $10.72 | $10.35 | $11.15 | $11.17 |
| **Total return**<sup>3</sup>** | 1.89%<sup>5</sup> | 3.82% | 3.57% | (3.96)% | 1.73% | 1.02% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $16159 | $10054 | $13136 | $47905 | $59821 | $63457 |
| Ratio of expenses to average net assets (including dividends on securities sold short, interest expense, and broker fees): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 3.40%<sup>4,6</sup> | 6.33%<sup>4</sup> | 3.28%<sup>4</sup> | 3.04%<sup>4</sup> | 2.84%<sup>4</sup> | 2.81%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 2.15%<sup>4,6</sup> | 4.74%<sup>4</sup> | 2.55%<sup>4</sup> | 2.98%<sup>4</sup> | 2.81%<sup>4</sup> | 2.68%<sup>4</sup> |
| Ratio of net investment income (loss) to average net assets (including dividends on securities sold short, interest expense, and broker fees): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (1.85)%<sup>6</sup> | (3.50)% | (1.67)% | (1.08)% | (1.07)% | (1.97)% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.60)%<sup>6</sup> | (1.91)% | (0.94)% | (1.02)% | (1.04)% | (1.84)% |
| Portfolio turnover rate | 436%<sup>5</sup> | 291% | 428% | 342% | 419% | 385% |

---

<sup>1</sup> Based on average shares outstanding for the period. Effective November 1, 2017, the Fund no longer imposes a Redemption fee.

<sup>2</sup> Amount represents less than $0.01 per share.

<sup>3</sup> Total returns would have been higher/lower had expenses not been recovered/waived or absorbed by the Advisor. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>4</sup> If interest expense, dividends on securities sold short, and broker fees had been excluded, the expense ratios would have been lowered by 0.26% for the six months ended December 31, 2022. For the prior periods, the ratios would have been lowered by 2.75%, 0.56%, 0.99%, 0.82%, and 0.69%, respectively.

<sup>5</sup> Not annualized.

<sup>6</sup> Annualized.

*See accompanying Notes to Financial Statements.*

**SilverPepper Long/Short Emerging Markets Currency Fund**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SHORT-TERM INVESTMENTS — 83.3%** |  |
| $833000 | UMB Bank demand deposit, 0.01%<sup>1</sup> | $**833000** |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $833,000) | **833000** |
|  | **TOTAL INVESTMENTS — 83.3%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $833,00) | **833000** |
|  | Other Assets in Excess of Liabilities — 16.7% | 166798 |
|  | **TOTAL NET ASSETS — 100.0%** | $**999798** |

---

<sup>1</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

**SilverPepper Long/Short Emerging Markets Currency Fund**

**SUMMARY OF INVESTMENTS**

**As of December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| Security Type/Industry | Percent of Total<br> Net Assets |
| Short-Term Investments | 83.3% |
| **Total Investments** | **83.3%** |
| Other Assets in Excess of Liabilities | 16.7% |
| **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Financial Statements.*

**SilverPepper Long/Short Emerging Markets Currency Fund**

**STATEMENT OF ASSETS AND LIABILITIES**

**As of December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| **Assets:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value (cost $833,000) | $833000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash deposited with brokers for securities sold short | 167000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Advisor | 2439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 1002440 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses (Note 2) | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering costs | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 88 |
| &nbsp;&nbsp;&nbsp;Accrued other expenses | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 2642 |
| **Net Assets** | $999798 |
| **Components of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | (202) |
| **Net Assets** | $999798 |
| **Maximum Offering Price per Share:** |  |
| &nbsp;&nbsp;&nbsp;Institutional Class Shares: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $999798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption price per share | $10.00 |

---

*See accompanying Notes to Financial Statements.*

**SilverPepper Long/Short Emerging Markets Currency Fund**

**STATEMENT OF OPERATIONS**

**For the Period December 28, 2022\* through December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| **Investment Income:** | |
| &nbsp;&nbsp;&nbsp;Interest | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 1 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Fund accounting fees | 431 |
| &nbsp;&nbsp;&nbsp;Auditing fees | 324 |
| &nbsp;&nbsp;&nbsp;Registration fees | 290 |
| &nbsp;&nbsp;&nbsp;Offering Cost | 274 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses - Institutional Class | 274 |
| &nbsp;&nbsp;&nbsp;Fund administration fees | 212 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 197 |
| &nbsp;&nbsp;&nbsp;Legal fees | 192 |
| &nbsp;&nbsp;&nbsp;Advisory fees | 132 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 129 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 88 |
| &nbsp;&nbsp;&nbsp;Custody fees | 82 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting fees | 65 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 50 |
| &nbsp;&nbsp;&nbsp;Insurance fees | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 2773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Fees waived | (132) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses absorbed | (2164) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses - Institutional Class waived | (274) |
| &nbsp;&nbsp;&nbsp;Net expenses | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | $(202) |

---

*\** *Commencement of operations.*

*See accompanying Notes to Financial Statements.*

**SilverPepper Long/Short Emerging Markets Currency Fund**

**STATEMENT OF CHANGES IN NET ASSETS**

---

| | |
|:---|:---|
|  | **For the <br> Period December 28, 2022\* <br> through <br> December 31, 2022 <br> (Unaudited)** |
| **Increase (Decrease) in Net Assets from:** | |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(202) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (202) |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 999798 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $999798 |
| **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Shares sold: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 100000 |

---

*\** *Commencement of operations.*

*See accompanying Notes to Financial Statements.*

**SilverPepper Long/Short Emerging Markets Currency Fund**

**FINANCIAL HIGHLIGHTS**

**Institutional Class**

*Per share operating performance.*

*For a capital share outstanding throughout the period.*

---

| | |
|:---|:---|
|  | **For the<br> Period December 28, 2022\* through<br> December 31, 2022 (Unaudited)** |
| **Net asset value, beginning of period** | $10.00 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | -<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | - |
| **Net asset value, end of period** | $10.00 |
| **Total return<sup>2</sup>** | 0.00% <sup>3</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $1000 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 25.31% <sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.85% <sup>4</sup> |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (25.30)% <sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (1.84)% <sup>4</sup> |
| Portfolio turnover rate | 0% <sup>3</sup> |

---

*\** Commencement of operations.

<sup>1</sup> Amount represents less than $0.01 per share.

<sup>2</sup> Total returns would have been higher/lower had expenses not been recovered/waived or absorbed by the Advisor. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

*See accompanying Notes to Financial Statements.*

**SilverPepper Funds**

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2022 (Unaudited)**

**Note 1 – Organization**

SilverPepper Commodity Strategies Global Macro Fund (''Commodity Strategies Global Macro Fund''), and SilverPepper Merger Arbitrage Fund ("Merger Arbitrage Fund"), and the SilverPepper Long/Short Emerging Markets Currency Fund ("Long/Short Emerging Markets Currency Fund"), (each a "Fund" and collectively the "Funds") are organized as a series of Investment Managers Series Trust, a Delaware statutory trust (the "Trust") which is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Commodity Strategies Global Macro Fund and Long/Short Emerging Markets Currency Fund are classified as diversified Funds and Merger Arbitrage Fund is classified as a non-diversified Fund.

The Commodity Strategies Global Macro Fund's primary investment objective is to create returns that are largely uncorrelated with the returns of the general stock and bond markets. The Fund commenced investment operations on October 31, 2013, with two classes of shares, Advisor Class and Institutional Class.

The Merger Arbitrage Fund's primary investment objective is to create returns that are largely uncorrelated with the returns of the general stock market. The Fund commenced investment operations on October 31, 2013, with two classes of shares, Advisor Class and Institutional Class.

The Long/Short Emerging Markets Currency Fund's primary investment objective is to create returns that are largely uncorrelated with the returns of the general stock and bond markets. The Fund commenced investment operations on December 28, 2022, with one class of shares, Institutional Class.

The shares of each class represent an interest in the same portfolio of investments of the Fund and have equal rights as to voting, redemptions, dividends and liquidation, subject to the approval of the Trustees. Income, expenses (other than expenses attributable to a specific class) and realized and unrealized gains and losses on investments are allocated to each class of shares in proportion to their relative net assets. Shareholders of a class that bears distribution and service expenses under the terms of a distribution plan have exclusive voting rights to that distribution plan.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services—Investment Companies".

**(a) Consolidation of Subsidiary** 

The Commodity Strategies Global Macro Fund may invest up to 25% of its total assets in the subsidiary, SilverPepper Commodity Holdings, a wholly-owned and controlled subsidiary formed under the laws of the Cayman Islands (the "Subsidiary"). The consolidated Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets and Financial Highlights of the Fund include the accounts of the SilverPepper Commodity Strategies Global Macro Fund and SilverPepper Commodity Holdings. All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. The Subsidiary is advised by SilverPepper LLC and acts as an investment vehicle in order to effect certain investments consistent with the Fund's investment objectives and policies specified in the Fund's prospectus and statement of additional information. The Subsidiary will generally invest in derivatives, including swaps, commodity interests and other investments intended to serve as margin or collateral for swap positions. The inception date of the Subsidiary was October 31, 2013. The Funds' advisor is registered with the Commodity Futures Trading Commission ("CFTC") as a commodity pool operator with respect to the Commodities Strategies Global Macro Fund (Pool ID P094777) and the SilverPepper Commodity Holdings (Pool ID P094865). As of December 31, 2022, total assets of the Fund were $158,326,918, of which $31,741,654, or approximately 20.0%, represented the Fund's ownership of the shares of the Subsidiary.

**Note 2 – Accounting Policies**

The following is a summary of the significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates.

**SilverPepper Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022 (Unaudited)**

**(a) Valuation of Investments**

Each Fund values equity securities at the last reported sale price on the principal exchange or in the principal over the counter ("OTC") market in which such securities are traded, as of the close of regular trading on the NYSE on the day the securities are being valued or, if the last-quoted sales price is not readily available, the securities will be valued at the last bid or the mean between the last available bid and ask price. Securities traded on the NASDAQ are valued at the NASDAQ Official Closing Price ("NOCP"). Investments in open-end investment companies are valued at the daily closing net asset value of the respective investment company. Debt securities are valued by utilizing a price supplied by independent pricing service providers. The independent pricing service providers may use various valuation methodologies including matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. These models generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions. If a price is not readily available for a portfolio security, the security will be valued at fair value (the amount which the Fund might reasonably expect to receive for the security upon its current sale). The Board of Trustees has designated the Advisor as the Fund's valuation designee (the "Valuation Designee") to make all fair value determinations with respect to the Fund's portfolio investments, subject to the Board's oversight. As the Valuation Designee, the Advisor has adopted and implemented policies and procedures to be followed when the Fund must use fair value pricing. Prior to September 8, 2022, securities were valued at fair value as determined in good faith by the Fund's advisor, subject to review and approval by the Valuation Committee, pursuant to procedures adopted by the Board of Trustees. The actions of the Valuation Committee were subsequently reviewed by the Board at its next regularly scheduled board meeting. The Valuation Committee met as needed. The Valuation Committee was comprised of all the Trustees, but action may had been taken by any one of the Trustees.

**(b) Foreign Currency Translation**

The Funds' records are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the reporting period. The currencies are translated into U.S. dollars by using the exchange rates quoted at the close of the London Stock Exchange prior to when the Funds' NAV is next determined. Purchases and sales of investment securities, income and expenses are translated on the respective dates of such transactions.

The Funds do not isolate that portion of its net realized and unrealized gains and losses on investments resulting from changes in foreign exchange rates from the impact arising from changes in market prices. Such fluctuations are included with net realized and unrealized gain or loss from investments and foreign currency.

Net realized foreign currency transaction gains and losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the differences between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency translation gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rates.

**(c) Forward Foreign Currency Exchange Contracts**

The Funds may utilize forward foreign currency exchange contracts ("forward contracts") under which they are obligated to exchange currencies on specified future dates at specified rates, and are subject to the translations of foreign exchange rates fluctuations. All contracts are "marked-to-market" daily and any resulting unrealized gains or losses are recorded as unrealized appreciation or depreciation on foreign currency translations. The Funds record realized gains or losses at the time the forward contract is settled. Counter parties to these forward contracts are major U.S. financial institutions.

**SilverPepper Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022 (Unaudited)**

**(d) Options Contracts**

The Funds may write or purchase options contracts primarily to enhance the Funds' returns or reduce volatility. In addition, the Funds may utilize options in an attempt to generate gains from options premiums or to reduce overall portfolio risk. When the Fund writes or purchases an option, an amount equal to the premium received or paid by the Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from writing or purchasing options which expire unexercised are treated by the Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or a loss on investment transactions. The Fund, as a writer of an option, may have no control over whether the underlying securities may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the security underlying the written option.

**(e) Futures Contracts**

The Commodity Strategies Global Macro Fund may enter into futures contracts (including contracts relating to foreign currencies, interest rates, commodities securities and other financial indexes and other commodities), and purchase and write (sell) related options traded on exchanges designated by the Commodity Futures Trading Commission ("CFTC") or, consistent with CFTC regulations, on foreign exchanges. The Commodity Strategies Global Macro Fund intends primarily to invest in futures contracts and options on them through the Subsidiary. The Merger Arbitrage Fund may use index and other futures contracts and may use options on futures contracts. A futures contract provides for the future sale by one party and the purchase by the other party of a specified amount of a commodity, such as an energy, financial, agricultural or metal commodity, at a specified price, date, time and place. For example, a foreign currency futures contract provides for the future sale by one party and the purchase by the other party of a certain amount of a specified non-U.S. currency at a specified price, date, time and place. Similarly, an interest rate futures contract provides for the future sale by one party and the purchase by the other party of a certain amount of a specific interest rate sensitive financial instrument (e.g., a debt security) at a specified price, date, time and place. Securities, commodities and other financial indexes are capitalization weighted indexes that reflect the market value of the securities, commodities or other financial instruments respectively, represented in the indexes. A futures contract on an index is an agreement to be settled by delivery of an amount of cash equal to a specified multiplier times the difference between the value of the index at the close of the last trading day on the contract and the price at which the agreement is made. The clearing house of the exchange on which a futures contract is entered into becomes the counterparty to each purchaser and seller of the futures contract.

A futures contract held by a Fund is valued daily at the official settlement price on the exchange on which it is traded. Variation margin does not represent borrowing or a loan by the Fund but is instead a settlement between the Fund and the broker of the amount one would owe the other if the futures contract expired. The Fund also is required to deposit and to maintain margin with respect to put and call options on futures contracts written by it. Such margin deposits will vary depending on the nature of the underlying futures contract (and the related initial margin requirements), the current market value of the option and other futures positions held by the Fund. Although some futures contracts call for making or taking delivery of the underlying assets, generally these obligations are closed out prior to delivery by offsetting purchases or sales of matching futures contracts (involving the same exchange, underlying security or index and delivery month). If an offsetting purchase price is less than the original sale price, a Fund realizes a capital gain, or if it is more, the Fund realizes a capital loss. Conversely, if an offsetting sale price is more than the original purchase price, a Fund realizes a capital gain, or if it is less, the Fund realizes a capital loss. The transaction costs also must be included in these calculations. As discussed below, however, the Fund may not always be able to make an offsetting purchase or sale. In the case of a physically settled futures contract, this could result in the Fund being required to deliver, or receive, the underlying physical commodity, which could be adverse to the Fund. The Subsidiary may enter into agreements with certain parties which may lower margin deposits and mitigate some of the risks of being required to deliver, or receive, the physical commodity.

**SilverPepper Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022 (Unaudited)**

At any time prior to the expiration of a futures contract, a Fund may seek to close the position by seeking to take an opposite position, which would terminate the Fund's existing position in the contract. Positions in futures contracts and options on futures contracts may be closed out only on the exchange on which they were entered into (or through a linked exchange). No secondary market for such contracts exists. Although the Fund may enter into futures contracts only if there is an active market for such contracts, there is no assurance that an active market will exist at any particular time. Most futures exchanges limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified periods during the day. It is possible that futures contract prices could move to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions at an advantageous price and subjecting the Fund to substantial losses. In such event, and in the event of adverse price movements, the Fund would be required to make daily cash payments of variation margin. In such situations, if the Fund had insufficient cash, it might have to sell assets to meet daily variation margin requirements at a time when it would be disadvantageous to do so. In addition, if the transaction is entered into for hedging purposes, in such circumstances the Fund may realize a loss on a futures contract or option that is not offset by an increase in the value of the hedged position. Losses incurred in futures transactions and the costs of these transactions will affect the Fund's performance.

Exposure to the commodities markets (including financial futures markets) through investments in futures may subject the Commodity Strategies Global Macro Fund to greater volatility than cash market investments in securities. Prices of commodities and related contracts may fluctuate significantly and unpredictably over short periods for a variety of reasons, including changes in interest rates, overall market movements, supply and demand relationships and balances of payments and trade; weather and natural disasters; and governmental, agricultural, trade, fiscal, monetary and exchange control programs and policies. The commodity markets are subject to temporary distortions and other disruptions. U.S. futures exchanges and some foreign exchanges have regulations that limit the amount of fluctuation in futures contract prices which may occur during a single business day and the size of contract positions taken. Limit prices have the effect of precluding trading in a particular contract or forcing the liquidation of contracts at disadvantageous times or prices.

**(f) Futures Options**

The Funds may purchase and write call and put futures options. Futures options possess many of the same characteristics as options on securities and indexes. A futures option gives the holder the right, in return for the premium paid or received, to assume a long position (purchase) or short position (write) in a futures contract at a specified exercise price upon expiration of, or at any time during the period of, the option. When the Funds purchase or write an option, an amount equal to the premium paid or received by the Funds is recorded as an asset or a liability and is subsequently adjusted to the current market value of the option purchased or written. Premiums paid or received from purchasing or writing options which expire unexercised are treated by the Funds on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Funds have realized a gain or a loss on investment transactions. The Funds, as a purchaser of an option, bear the risk that the counterparties to the option may not have the ability to meet the terms of the option contract. The Funds, as a writer of an option, may have no control over whether the underlying futures contracts may be sold (call) or purchased (put) and as a result, bears the market risk of an unfavorable change in the valuation of the futures contracts underlying the written option.

**(g) Short Sales**

Short sales are transactions under which the Fund sells a security it does not own in anticipation of a decline in the value of that security. To complete such a transaction, the Fund must borrow the security to make delivery to the buyer. The Fund then is obligated to replace the security borrowed by purchasing the security at market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold by the Fund. When a security is sold short a decrease in the value of the security will be recognized as a gain and an increase in the value of the security will be recognized as a loss, which is potentially limitless. Until the security is replaced, the Fund is required to pay the lender amounts equal to dividend or interest that accrue during the period of the loan which is recorded as an expense. To borrow the security, the Fund also may be required to pay a premium or an interest fee, which are recorded as interest expense. Cash or securities are segregated for the broker to meet the necessary margin requirements. The Fund is subject to the risk that it may not always be able to close out a short position at a particular time or at an acceptable price.

**SilverPepper Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022 (Unaudited)**

**(h) Short-Term Investments**

The Merger Arbitrage Fund and Long/Short Emerging Markets Currency Fund may invest a significant amount (34.8% and 83.3%, respectively as of December 31, 2022) in the UMB Bank demand deposit. The UMB Bank demand deposit acts as a bank deposit for the Fund, providing an interest-bearing account for short-term investment purposes. This investment vehicle is not publicly traded on open markets. Accounting Standards Codification Topic 825, *Financial Instruments* identifies this situation as a concentration of credit risk requiring disclosure, regardless of degree of risk. The risk is managed by monitoring the financial institution in which the deposits are made.

**(i) Investment Transactions, Investment Income and Expenses**

Investment transactions are accounted for on the trade date. Realized gains and losses on investments are determined on the identified cost basis. Dividend income is recorded net of applicable withholding taxes on the ex-dividend date and interest income is recorded on an accrual basis. Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country's tax rules and rates and are disclosed in the Statement of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Funds record a reclaim receivable based on a number of factors, including a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention. Discounts or premiums on debt securities are accreted or amortized to interest income over the lives of the respective securities using the effective interest method. Income and expenses of a Fund are allocated on a pro rata basis to each class of shares relative net assets, except for distribution and service fees and certain transfer agent fees and expenses discussed below, which are unique to each class of shares. Expenses incurred by the Trust with respect to more than one fund are allocated in proportion to the net assets of each fund except where allocation of direct expenses to each fund or an alternative allocation method can be more appropriately made.

The Long/Short Emerging Markets Currency Fund incurred offering costs of approximately $274, which are being amortized over a one-year period from December 28, 2022 (commencement of operations).

In conjunction with the use of short sales, written options contracts and futures contracts, the Funds may be required to maintain collateral in various forms. At December 31, 2022, such collateral is denoted in the Funds' Schedule of Investments and Statement of Assets and Liabilities. Also in conjunction with the use of written options contracts, futures contracts or short sales, the Funds, when appropriate, utilize a segregated margin deposit account with the counterparty. At December 31, 2022, these segregated margin deposit accounts are denoted in each Fund's Statement of Assets and Liabilities.

**(j) Federal Income Taxes**

The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of their net investment income and any net realized gains to its shareholders. Therefore, no provision is made for federal income or excise taxes. Due to the timing of dividend distributions and the differences in accounting for income and realized gains and losses for financial statement and federal income tax purposes, the fiscal year in which amounts are distributed may differ from the year in which the income and realized gains and losses are recorded by the Funds.

*Accounting for Uncertainty in Income Taxes* (the "Income Tax Statement") requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing a Funds' tax returns to determine whether these positions meet a "more-likely-than-not" standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the "more-likely-than-not" recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations.

**SilverPepper Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022 (Unaudited)**

The Income Tax Statement requires management of the Funds to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Funds' current tax year, as defined by the IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of and during the years ended June 30, 2019-22 and as of and during the six months ended December 31, 2022, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examination in progress and are not aware of any tax positions for which they are reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**(k) Distributions to Shareholders**

The Funds will make distributions of net investment income and net capital gains, if any, at least annually. Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

The character of distributions made during the year from net investment income or net realized gains may differ from the characterization for federal income tax purposes due to differences in the recognition of income, expense and gain (loss) items for financial statement and tax purposes.

**(l) Illiquid Securities**

Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Liquidity Risk Management Program ("LRMP") that requires, among other things, that the Funds limit their illiquid investments that are assets to no more than 15% of net assets. An illiquid investment is any security which may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If the Advisor, at any time determines that the value of illiquid securities held by the Fund exceeds 15% of its net asset value, the Advisor will take such steps as it considers appropriate to reduce them as soon as reasonably practicable in accordance with the Funds' written LRMP.

**Note 3 – Investment Advisory and Other Agreements**

The Trust, on behalf of the Funds, entered into an Investment Advisory Agreement (the "Agreement") with SilverPepper LLC (the "Advisor"). Under the terms of the Agreement, each Fund pays a monthly investment advisory fee to the Advisor. For the Commodities Strategies Global Macro Fund, the Merger Arbitrage Fund, and the Long/Short Emerging Markets Currency Fund, the Fund pays the Advisor at the annual rate of 1.50%, 1.25% and 1.20%, respectively, of each Fund's respective average daily net assets. Prior to November 1, 2022, the Merger Arbitrage Fund paid the Advisor at the annual rate of 1.50% of the Fund's average daily net assets. The Advisor has engaged Galtere Inc. ("Galtere Sub-Advisor") to manage the Commodity Strategies Global Macro Fund and pays the Galtere Sub-Advisor from its advisory fees. The Advisor has engaged Chicago Capital Management, LLC ("Chicago Capital Sub-Advisor") to manage the Merger Arbitrage Fund and pays the Chicago Capital Sub-Advisor from its advisory fees. The Advisor has engaged Absolute Return Strategies Ltd. ("Absolute Return Sub-Advisor") to manage the Long/Short Emerging Markets Currency Fund and pays Absolute Return Sub-Advisor from its advisory fees. The Advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Commodity Strategies Global Macro Fund to ensure that total annual operating expenses (including Subsidiary expenses (except as noted below), but excluding taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with Form N-1A), expenses incurred in connection with any merger or reorganization and extraordinary expenses such as litigation expenses) do not exceed 2.24% and 1.99% of the average daily net assets of the Commodity Strategies Global Macro Fund's Advisor Class and Institutional Class shares, respectively. The Merger Arbitrage Fund's advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Merger Arbitrage Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with Form N-1A), expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 2.00% and 1.75% of the average daily net assets of the Merger Arbitrage Fund's Advisor Class and Institutional Class shares, respectively. These agreements are effective until October 31, 2031, and they may be terminated or amended prior to the end of the term with the approval of the Trust's Board of Trustees. Prior to November 1, 2022, the Adviser had agreed to limit the total expenses of the Fund to an annual rate of 2.24% and 1.99% of the average net assets of the Merger Arbitrage Fund's Advisor Class and Institutional Class shares, respectively. The Long/Short Emerging Markets Currency Fund's advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Long/Short Emerging Markets Currency Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with Form N-1A), expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 1.85% of the average daily net assets of the Long/Short Emerging Markets Currency Fund's Institutional Class shares. This agreement is effective until October 31, 2032, and they may be terminated or amended prior to the end of the term with the approval of the Trust's Board of Trustees.

**SilverPepper Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022 (Unaudited)**

The Advisor also is the investment advisor for the Subsidiary. Effective November 1, 2017, the Commodity Strategies Global Macro Fund's Board of Trustees amended this undertaking to remove the management fee paid at the annual rate of 1.50% of the subsidiary's average daily net assets. Prior to November 1, 2017, the Subsidiary agreed to pay the Advisor a management fee at the annual rate of 1.50% of the Subsidiary's average daily net assets. Also, prior to November 1, 2017, the Advisor contractually agreed, for so long as the Commodity Strategies Global Macro Fund invests in the Subsidiary, to waive the management fee it received from the Fund in an amount equal to the management fee paid to the Advisor by the Subsidiary.

For the periods ended December 31, 2022, there are no amounts of previously waived advisory fees and/or other expenses absorbed for the Commodity Strategies Global Macro Fund available for recapture by the Advisor. For the Merger Arbitrage Fund, the Advisor waived fees of $2,275 from the Advisor Class shares, $86,668 from the Institutional Class shares, and $2,022 attributable to the Institutional Class shares' sub-transfer agency expenses. For the Long/Short Emerging Markets Currency Fund, the Advisor waived fees of $2,570 from the Institutional Class shares, of which, $274 is attributable to the Institutional Class shares' sub-transfer agency expenses. The Fund's advisor is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived or payments made to the Fund for a period ending three full fiscal years after the date of the waiver or payment. This reimbursement may be requested from the Fund if the reimbursement will not cause the Fund's annual expense ratio to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived or payments made, or (b) the expense limitation amount in effect at the time of the reimbursement. The Advisor may recapture all or a portion of the following amounts no later than June 30, of the years stated below:

---

| | | | |
|:---|:---|:---|:---|
|  | Merger Arbitrage Fund | Merger Arbitrage Fund | Merger Arbitrage Fund |
|  | Advisor | Institutional | Total |
| 2023 | $- | $31131 | $31131 |
| 2024 | 6845 | 152850 | 159695 |
| 2025 | 6021 | 168635 | 174656 |
| 2026 | 2275 | 86668 | 88943 |
| Total | $15141 | $439284 | $454425 |

---

---

| | | |
|:---|:---|:---|
|  | Long/Short Emerging Markets Currency Fund | Long/Short Emerging Markets Currency Fund |
|  | Institutional | Total |
| 2026 | $2570 | $2570 |
| Total | $2570 | $2570 |

---

UMB Fund Services, Inc. ("UMBFS") serves as the Funds' fund accountant, transfer agent and co-administrator; and Mutual Fund Administration, LLC ("MFAC") serves as the Funds' other co-administrator. UMB Bank, n.a., an affiliate of UMBFS, serves as the Funds' custodian. The Funds' allocated fees incurred for fund accounting, fund administration, transfer agency and custody services for the periods ended December 31, 2022, are reported on the Statement of Operations.

**SilverPepper Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022 (Unaudited)**

The Commodity Strategies Global Macro Fund and Merger Arbitrage Fund each have a fee arrangement with its custodian, UMB Bank, n.a., which provides for custody fees to be reduced by earning credits based on cash balances left on deposit with the custodian. For the periods ended December 31, 2022, the total fees reduced by earning credits were $0 and $0, for the Commodity Strategies Global Macro Fund and Merger Arbitrage Fund, respectively.

IMST Distributors, LLC serves as the Funds' distributor (the "Distributor"). The Distributor does not receive compensation from the Funds for its distribution services; the Advisor pays the Distributor a fee for its distribution-related services.

For the periods ended December 31, 2022, UMBFS received transfer agent fees as follows:

---

| | |
|:---|:---|
|  | Transfer agent fees paid to UMBFS |
| Commodity Strategies Global Macro Fund | $20449 |
| Merger Arbitrage Fund | 13826 |
| Long/Short Emerging Markets Currency Fund | 129 |

---

Certain trustees and officers of the Trust are employees of UMBFS or MFAC. The Funds do not compensate trustees and officers affiliated with the Funds' co-administrators. For the periods ended December 31, 2022, the Funds' allocated fees incurred for Trustees who are not affiliated with the Funds' co-administrators are reported on the Statement of Operations.

The Funds' Board of Trustees has adopted a Deferred Compensation Plan (the "Plan") for the Independent Trustees that enables Trustees to elect to receive payment in cash or the option to select various fund(s) in the Trust in which their deferred accounts shall be deemed to be invested. If a trustee elects to defer payment, the Plan provides for the creation of a deferred payment account. The Funds' liability for these amounts is adjusted for market value changes in the invested fund(s) and remains a liability to the Funds until distributed in accordance with the Plan. The Trustees Deferred compensation liability under the Plan constitutes a general unsecured obligation of each Fund and is disclosed in the Statement of Assets and Liabilities. Contributions made under the plan and the change in unrealized appreciation/depreciation and income are included in the Trustees' fees and expenses in the Statement of Operations.

Dziura Compliance Consulting, LLC provides Chief Compliance Officer ("CCO") services to the Trust. The Funds' allocated fees incurred for CCO services for the periods ended December 31, 2022, are reported on the Statement of Operations.

**Note 4 – Federal Income Taxes**

At December 31, 2022, gross unrealized appreciation and depreciation on investments owned by the Funds and securities sold short, based on cost for federal income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Commodity Strategies<br> Global Macro Fund | Merger Arbitrage Fund | Long/Short Emerging Markets Currency Fund |
| Cost of investments | $123514148 | $13909959 | $833000 |
| Gross unrealized appreciation | $357162 | $431129 | $- |
| Gross unrealized depreciation | (374138) | (508710) | - |
| Net unrealized appreciation on investments | $(16976) | $(77581) | $- |

---

**SilverPepper Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022 (Unaudited)**

As of June 30, 2022, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | Commodity Strategies Global <br>Macro Fund | Merger Arbitrage Fund |
| Undistributed ordinary income | $42946444 | $- |
| Undistributed long-term capital gains | - | - |
| Tax accumulated earnings | 42946444 |  |
| Accumulated capital and other losses | (3670473) | (1196786) |
| Unrealized appreciation (depreciation) on investments | (11362) | 40668 |
| Other differences | 55663795 |  |
| Unrealized Deferred Compensation | (7746) | (7172) |
| Total accumulated earnings (deficit) | $94920658 | $(1163290) |

---

"Other differences" in the above table are primarily attributable to non-deductible expenses, net operating losses, unrealized appreciation/(depreciation) on short positions and other adjustments at the Subsidiary level. These differences may or may not be utilized in future tax years.

As of June 30, 2022, the Merger Arbitrage Fund had qualified Late-Year Losses of $128,614 which are deferred until fiscal year 2022 for tax purposes. Net late-year losses that are deferred, are deemed to arise on the first day of the Merger Arbitrage Fund's next taxable year.

At June 30, 2022, the Funds had accumulated capital loss carryforwards as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Not Subject to Expiration: | Not Subject to Expiration: |  |
| Fund | Short-Term | Long-Term | Total |
| Commodity Strategies Global Macro Fund | $- | $3670473 | $3670473 |
| Merger Arbitrage Fund | 1068172 |  | 1068172 |

---

To the extent that a fund may realize future net capital gains, those gains will be offset by any of its unused capital loss carryforward. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.

The tax character of distributions paid during the fiscal years ended June 30, 2022 and June 30, 2021 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Commodity Strategies<br> Global Macro Fund | Commodity Strategies<br> Global Macro Fund | Merger Arbitrage Fund | Merger Arbitrage Fund |
|  | 2022 | 2021 | 2022 | 2021 |
| Distributions paid from: |  |  |  |  |
| &nbsp;&nbsp;Ordinary income | $31942318 | $- | $- | $- |
| &nbsp;&nbsp;Net long-term capital gains | - | - | - | - |
| Total taxable distributions | 31942318 | - | - | - |
| Total distributions paid | $31942318 | $- | $- | $- |

---

For U.S. federal income tax purposes, the Subsidiary will be treated as a corporation. If the Subsidiary were treated as engaged in the conduct of a trade or business in the United States, the Subsidiary would be subject to U.S. federal income tax, at the rates applicable to U.S. corporations, on its net income that is treated as "effectively connected" with the conduct of such trade or business ("effectively connected income"). In addition, the Subsidiary would be subject to a 30% U.S. branch profits tax in respect of its "dividend equivalent amount," as defined in Section 884 of the Code, attributable to effectively connected income. The Commodity Strategies Global Macro Fund expects that, in general, the activities of the Subsidiary will be conducted in a manner such that the Subsidiary will not be treated as engaged in the conduct of a U.S. trade or business. In this regard, Section 864(b) of the Code provides that trading in commodities for one's own account does not constitute the conduct of a trade or business in the United States by a non-U.S. person, provided that the commodities are of a kind customarily dealt in on an organized commodity exchange and the transaction is of a kind customarily consummated at such place. Similarly, proposed regulations provide that trading in commodity swaps generally does not constitute the conduct of a U.S. trade or business. There can be no assurance, however, that the Subsidiary will not recognize any effectively connected income. The imposition of U.S. federal income tax on the Subsidiary's effectively connected income could significantly reduce the Commodity Strategies Global Macro Fund's returns.

**SilverPepper Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022 (Unaudited)**

**Note 5 – Investment Transactions**

The Commodity Strategies Global Macro Fund's primary strategy consists of investing in both long and short positions in an array of asset classes and investment instruments located anywhere in the world. For the periods ended December 31, 2022, there were no purchases and sales of investments, excluding short-term investments, forward contracts, futures contracts and options contracts. There were also no securities sold short and short securities covered for the same period.

The Merger Arbitrage Fund's primary strategy consists of buying the publicly-traded common stock or preferred stock of a company that is involved in a significant corporate event, such as a merger or acquisition. For the periods ended December 31, 2022, purchases and sales of investments, excluding short-term investments, were $27,061,793 and $25,320,347, respectively. Securities sold short and short securities covered were $3,393,753 and $1,352,770, respectively, for the same period.

The Long/Short Emerging Markets Currency Fund's primary strategy consists of investing in both long and short positions in a select number of currencies of emerging market countries. For the periods ended December 31, 2022, purchases and sales of investments, excluding short-term investments, forward contracts, futures contracts and options contracts, were $0 and $0, respectively.

**Note 6 – Shareholder Servicing Plan**

The Trust, on behalf of each Fund, has adopted a Shareholder Servicing Plan to pay a fee at an annual rate of up to 0.25% of each Fund's average daily net assets of the Advisor Class shares serviced by shareholder servicing agents who provide administrative and support services to their customers.

For the periods ended December 31, 2022, shareholder servicing fees incurred by the Funds are disclosed on the Statement of Operations.

**Note 7 – Indemnifications**

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds expect the risk of loss to be remote.

**Note 8 – Fair Value Measurements and Disclosure**

*Fair Value Measurements and Disclosures* defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or a liability, when a transaction is not orderly, and how that information must be incorporated into a fair value measurement.

Under *Fair Value Measurements and Disclosures*, various inputs are used in determining the value of each Fund's investments. These inputs are summarized into three broad Levels as described below:

**SilverPepper Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Level 1 – Unadjusted quoted prices in active
markets for identical assets or liabilities that the Fund has the ability to access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Level 2 – Observable inputs other than
quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include
quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit
risk, yield curves, default rates and similar data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Level 3 – Unobservable inputs for the asset
or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions
a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest Level input that is significant to the fair value measurement in its entirety.

**SilverPepper Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022 (Unaudited)**

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of December 31, 2022, in valuing the Funds' assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Commodity Strategies Global Macro Fund** | **Level 1** | **Level 2** | **Level 3\*\*** | **Total** |
| **Assets** | | | | |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government and Agencies | $- | $122389059 | $- | $122389059 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 943071 | - | - | 943071 |
| Total Investments | 943071 | 122389059 |  | 123332130 |
| &nbsp;&nbsp;&nbsp;Purchased Options Contracts | 1537442 | 1212514 | - | 2749956 |
| &nbsp;&nbsp;&nbsp;Total Investments and Options | 2480513 | 123601573 | - | 126082086 |
| Other Financial Instruments\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 12270120 |  |  | 12270120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts | - | 215768 | - | 215768 |
| Total Assets | $14750633 | $123817341 | $- | $138567974 |
| **Liabilities** |  |  |  |  |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options Contracts | $102520 | $17000 | $- | $119520 |
| Total Investments | 102520 | 17000 | - | 119520 |
| Other Financial Instruments\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 8647760 | - | - | 8647760 |
| Total Liabilities | $8750280 | $17000 | $- | $8767280 |

---

<sup>\*</sup> Other financial instruments are derivative instruments such as futures contracts and forward contracts. Futures contracts and forward contracts are valued at the unrealized appreciation (depreciation) on the instrument.

<sup>\*\*</sup> The Fund did not hold any Level 3 securities at period end.

**SilverPepper Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Merger Arbitrage Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Investments |  |  |  |  |
| &nbsp;&nbsp;Common Stocks<sup>1</sup> | $8098257 | $- | $- | $8098257 |
| &nbsp;&nbsp;Corporate Bonds<sup>1</sup> |  | 198993 |  | 198993 |
| &nbsp;&nbsp;Preferred Stocks<sup>1</sup> | 2259782 |  |  | 2259782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rights<sup>1</sup> |  |  |  |  |
| &nbsp;&nbsp;Warrants<sup>1</sup> |  |  |  |  |
| &nbsp;&nbsp;Short-Term Investments | 5718068 | - | - | 5718068 |
| Total Assets | $16076107 | $198993 | $- | $16275100 |
| **Liabilities** |  |  |  |  |
| Investments |  |  |  |  |
| Securities Sold Short |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks<sup>1</sup> | $2442722 | $- | $- | $2442722 |
| &nbsp;&nbsp;&nbsp;Written Options Contracts | 553 | - | - | 553 |
| Total Liabilities | $2443275 | $- | $- | $2443275 |

---

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Long/Short Emerging Markets Currency Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Investments |  |  |  |  |
| &nbsp;&nbsp;Short-Term Investments | $833000 | $- | $- | $833000 |
| Total Assets | $833000 | $- | $- | $833000 |

---

 

<sup>1</sup> For a detailed break-out of common stocks, preferred stocks and warrants, please refer to the Schedule of Investments.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

**Note 9 – Derivatives and Hedging Disclosures**

*Derivatives and Hedging* requires enhanced disclosures about the Funds' derivative and hedging activities, including how such activities are accounted for and their effects on the Funds' financial position, performance and cash flows. The Commodity Strategies Global Macro Fund invested in options contracts, futures contracts and forward contracts during the periods ended December 31, 2022.

**SilverPepper Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022 (Unaudited)**

The effects of these derivative instruments on the Funds' financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations are presented in the tables below. The fair values of derivative instruments, as of December 31, 2022, by risk category are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Commodity Strategies Global Macro Fund** | **Commodity Strategies Global Macro Fund** | **Commodity Strategies Global Macro Fund** | **Commodity Strategies Global Macro Fund** |
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| Derivatives not designated as hedging instruments | Statement of Asset and Liabilities Location | Value | Statement of Asset and Liabilities Location | Value |
| Commodity contracts | Purchased options contracts, at value | $2527768 | Written options contracts, at value | $62375 |
|  | Variation margin | 12204769 | Variation margin | 8600713 |
| Equity contracts | Purchased options contracts, at value | 214375 | Written options contracts, at value | 57145 |
|  | Variation margin | 12719 | Variation margin | - |
| Foreign exchange contracts | Purchased options contracts, at value | 7813 | Written options contracts, at value |  |
|  | Variation margin | 52632 | Variation margin | 47047 |
|  | Unrealized appreciation on forward foreign currency exchange contracts | 215768 | Unrealized depreciation on forward foreign currency exchange contracts | - |
| Total |  | $15235844 |  | $8767280 |

---

**SilverPepper Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Merger Arbitrage Fund** | **Merger Arbitrage Fund** | **Merger Arbitrage Fund** | **Merger Arbitrage Fund** |
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| Derivatives not designated as hedging instruments | Statement of Asset and Liabilities Location | Value | Statement of Asset and Liabilities Location | Value |
| Equity contracts | Purchased options contracts, at value | $- | Written options contracts, at value | $553 |
| Total |  | $- |  | $553 |

---

The effects of the derivative instruments on the Statement of Operations for the periods ended December 31, 2022 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Commodity Strategies Global Macro Fund** | **Commodity Strategies Global Macro Fund** | **Commodity Strategies Global Macro Fund** | **Commodity Strategies Global Macro Fund** | **Commodity Strategies Global Macro Fund** | **Commodity Strategies Global Macro Fund** |
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| Derivatives not designated as hedging instruments | Purchased Options Contracts | Futures Contracts | Written Options Contracts | Forward Foreign Currency Exchange Contracts | Total |
| Commodity contracts | $(69840106) | $34710049 | $18221356 | $- | $(16908701) |
| Equity contracts | (6955854) | 5180953 | 1999660 |  | 224759 |
| Foreign exchange contracts | (882588) | 728211 | 23578 | (395304) | (526103) |
| Total | $(77678548) | $40619213 | $20244594 | $(395304) | $(17210045) |

---

**Merger Arbitrage Fund**

---

| | |
|:---|:---|
| Derivatives not designated as hedging instruments | Written Options Contracts |
| Equity contracts | $80 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Commodity Strategies Global Macro Fund** | **Commodity Strategies Global Macro Fund** | **Commodity Strategies Global Macro Fund** | **Commodity Strategies Global Macro Fund** | **Commodity Strategies Global Macro Fund** | **Commodity Strategies Global Macro Fund** |
| **Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in Income** |
| Derivatives not designated as hedging instruments | Purchased Options Contracts | Futures Contracts | Written Options Contracts | Forward Foreign Currency Exchange Contracts | Total |
| Commodity contracts | $(2305721) | $2750181 | $584845 | $- | $1029305 |
| Equity contracts | (37776) | (81388) | 54806 |  | (64358) |
| Foreign exchange contracts | (54220) | 148892 | - | 414859 | 509531 |
| Total | $(2397717) | $2817685 | $639651 | $414859 | $1474478 |

---

**SilverPepper Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022 (Unaudited)**

**Merger Arbitrage Fund**

---

| | |
|:---|:---|
| Derivatives not designated as hedging instruments | Written Options Contracts |
| &nbsp;&nbsp;Equity contracts | $(5) |

---

The quarterly average volumes of derivative instruments held by the Funds as of December 31, 2022, are as follows:

---

| | | |
|:---|:---|:---|
| **Commodity Strategies Global Macro Fund** | **Commodity Strategies Global Macro Fund** | **Commodity Strategies Global Macro Fund** |
| Derivatives not designated as hedging instruments |  | Notional Value |
| Commodity contracts | Purchased options contracts | $339474542 |
|  | Long futures contracts | 251246949 |
|  | Short futures contracts | (54202378) |
|  | Written options contracts | (46314917) |
| Equity contracts | Purchased options contracts | 15537500 |
|  | Long futures contracts | 187265 |
|  | Short futures contracts | (499753) |
|  | Written options contracts | (9351667) |
| Foreign exchange contracts | Purchased options contracts | 19787500 |
|  | Long futures contracts | 7534591 |
|  | Long forward foreign currency exchange contracts | 4286277 |
|  | Short forward foreign currency exchange contracts | (264867) |
|  | Written options contracts | (2443333) |

---

---

| | | |
|:---|:---|:---|
| **Merger Arbitrage Fund** | **Merger Arbitrage Fund** | **Merger Arbitrage Fund** |
| Derivatives not designated as hedging instruments |  | Notional Value |
| Equity contracts | Written options contracts | $(8150) |

---

**Note 10 - Disclosures about Offsetting Assets and Liabilities**

*Disclosures about Offsetting Assets and Liabilities* require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The guidance requires retrospective application for all comparative periods presented for Commodity Strategies Global Macro Fund.

A Fund mitigates credit risk with respect to OTC derivative counterparties through credit support annexes included with International Swaps and Derivatives Association, Inc. ("ISDA") which are the standard contracts governing most derivative transactions between the Fund and each of its counterparties. These agreements allow the Fund and each counterparty to offset certain derivative financial instruments' payables and/or receivables against each other and/or with collateral, which is generally held by the Fund's custodian. The amount of collateral moved to/from applicable counterparties is based upon minimum transfer amounts specified in the agreement. To the extent amounts due to the Fund from its counterparties are not fully collateralized contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance.

The Commodity Strategies Global Macro Fund's Statement of Assets and Liabilities presents financial instruments on a gross basis, therefore there are no net amounts and no offset amounts within the Statement of Assets and Liabilities to present below. Gross amounts of the financial instruments, amounts related to financial instruments/cash collateral not offset in the Statement of Assets and Liabilities and net amounts are presented below:

**SilverPepper Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Amounts Not Offset in Statement of Assets and Liabilities** | **Amounts Not Offset in Statement of Assets and Liabilities** | |
| <br>**Description/Financial Instrument/Statement of Assets and Liabilities Category** | <br>**Counterparty** |<br>**Gross Amounts Recognized in Statement of**<br> **Assets and Liabilities** | **Financial Instruments\*** | **Cash Collateral\*\*** |<br>**Net Amount** |
| Unrealized appreciation on forward foreign currency exchange contracts – liability payable | Societe Generale | $215768 | $- | $- | $215768 |

---

\*Amounts relate to master netting agreements and collateral agreements (for example, ISDA) which have been determined by the Advisor to be legally enforceable in the event of default and where certain other criteria are met in accordance with applicable offsetting accounting guidance.

\*\*Amounts relate to master netting agreements and collateral agreements which have been determined by the Advisor to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance. The collateral amounts may exceed the related net amounts of financial assets and liabilities presented in the Statement of Assets and Liabilities. Where this is the case, the total amount reported is limited to the net amounts of financial assets and liabilities with that counterparty.

**Note 11 – Market Disruption and Geopolitical Risks**

Certain local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, or other events could have a significant impact on a security or instrument. Since 2020, the novel strain of coronavirus (COVID-19) has negatively affected the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. Following Russia's large-scale invasion of Ukraine, the President of the United States signed an Executive Order in February 2022 prohibiting U.S. persons from entering transactions with the Central Bank of Russia and Executive Orders in March 2022 prohibiting U.S. persons from importing oil and gas from Russia as well as other popular Russian exports, such as diamonds, seafood and vodka. There may also be restrictions on investments in Chinese companies. For example, the President of the United States of America signed an Executive Order in June 2021 affirming and expanding the U.S. policy prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. Government as "Chinese Military-Industrial Complex Companies." The list of such companies can change from time to time, and as a result of forced selling or an inability to participate in an investment the Advisor otherwise believes is attractive, the Funds may incur losses. The duration of the coronavirus outbreak and the Russian-Ukraine conflict could adversely affect the Funds' performance, the performance of the securities in which the Funds invest and may lead to losses on your investment. The ultimate impact of COVID-19 and Russia Invasion on the financial performance of the Funds' investments is not reasonably estimable at this time. Management is actively monitoring these events.

**Note 12 – New Accounting Pronouncement**

In October 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies ("Rule 18f-4"). Rule 18f-4 imposes limits on the amount of derivatives a Fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and require funds whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Funds have adopted procedures in accordance with Rule 18f-4.

In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices ("Rule 2a-5"). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Funds will be required to comply with the rules by September 8, 2022. Management is currently assessing the potential impact of the new rules on the Funds' financial statements.

**SilverPepper Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022 (Unaudited)**

In March 2020, FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit London Interbank Offered Rate ("LIBOR") quotes by the UK Financial Conduct Authority. The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. In addition, derivative contracts that qualified for hedge accounting prior to modification, will be allowed to continue to receive such treatment, even if critical terms change due to a change in the benchmark interest rate. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management is currently assessing the impact of the ASU's adoption to the Funds' financial statements and various filings.

**Note 13 – Events Subsequent to the Fiscal Period End**

The Funds have adopted financial reporting rules regarding subsequent events which require an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. Management has evaluated the Funds' related events and transactions that occurred through the date of issuance of the Funds' financial statements. There were no events or transactions that occurred during this period that materially impacted the amounts or disclosures in the Funds' financial statements.

**SilverPepper Commodity Strategies Global Macro Fund and** 

**SilverPepper Merger Arbitrage Fund**

**SUPPLEMENTAL INFORMATION (Unaudited)** 

 ****

***Board Consideration of Investment Advisory and Sub-Advisory Agreements***

At an in-person meeting held on September 13-14, 2022, the Board of Trustees (the "*Board*") of Investment Managers Series Trust (the "*Trust*"), including the trustees who are not "interested persons" of the Trust (the "*Independent Trustees*") as defined in the Investment Company Act of 1940, as amended (the "*1940 Act*"), reviewed and unanimously approved the renewal of the investment advisory agreement (the "*Advisory Agreement*") between the Trust and SilverPepper, LLC (the "*Investment Advisor*") with respect to the SilverPepper Commodity Strategies Global Macro Fund (the *"Commodity Fund")* and the SilverPepper Merger Arbitrage Fund (the *"Merger Arbitrage Fund"* and together with the Commodity Fund, the *"Funds"*) series of the Trust for an additional one-year term from when it otherwise would expire.

At the same meeting, the Board and the Independent Trustees also reviewed and unanimously approved the renewal of the following agreements for an additional one-year term from when they otherwise would expire:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the sub-advisory agreement (the "*Galtere Agreement*") between the Investment Advisor and Galtere, Inc. ()"*Galtere* "), with respect to the Commodity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the sub-advisory agreement (the "*Chicago Capital Agreement*") between the Investment Advisor and Chicago Capital Management, LLC ()"*Chicago Capital* "
and together with Galtere, the *"Sub-Advisors"*), with respect to the Merger Arbitrage Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the investment advisory agreement between the
Investment Advisor and SilverPepper Commodity Holdings (the *"Subsidiary"*), a wholly owned subsidiary of the Commodity
Fund organized in the Cayman Islands; and the sub-advisory agreement between the Investment Advisor and Galtere with respect to the Subsidiary
(together the "*Subsidiary Agreements* ").

The Advisory Agreement, the Galtere Agreement, the Chicago Capital Agreement, and the Subsidiary Agreements are collectively referred to below as the "*Fund Advisory Agreements*." In approving the renewal of each Fund Advisory Agreement, the Board, including the Independent Trustees, determined that such renewal was in the best interests of the Funds, the Subsidiary, and the shareholders of the Funds and the Subsidiary, as applicable.

***Background***

In advance of the meeting, the Board received information about each Fund, the Subsidiary, and the Fund Advisory Agreements from the Investment Advisor, Galtere, Chicago Capital, and Mutual Fund Administration, LLC and UMB Fund Services, Inc., the Trust's co-administrators, certain portions of which are discussed below. The materials, among other things, included information about the organization and financial condition of the Investment Advisor and the Sub-Advisors; information regarding the background, experience, and compensation structure of relevant personnel providing services to each Fund and the Subsidiary; information about the Investment Advisor's and the Sub-Advisors' compliance policies and procedures, disaster recovery and contingency planning, and policies with respect to portfolio execution and trading; information regarding the profitability of the Investment Advisor's overall relationship with the Funds; reports comparing the performance of each Fund with returns of its benchmark index and a group of comparable funds (each a "*Peer Group*") selected by Broadridge Financial Solutions, Inc. ("*Broadridge*") from Morningstar, Inc.'s relevant fund universe (each a "*Fund Universe*") for various periods ended June 30, 2022; reports comparing the investment advisory fee and total expenses of each Fund with those of its respective Peer Group and Fund Universe; and the advisory and sub-advisory fees paid pursuant to each Fund Advisory Agreement. The Board also received a memorandum from legal counsel to the Trust discussing the legal standards under the 1940 Act and other applicable law for their consideration of the proposed renewal of the Fund Advisory Agreements. In addition, the Board considered information reviewed by the Board during the year at other Board and Board committee meetings. No representatives of the Investment Advisor or the Sub-Advisors were present during the Board's consideration of the Fund Advisory Agreements, and the Independent Trustees were represented by their legal counsel with respect to the matters considered.

**SilverPepper Commodity Strategies Global Macro Fund and** 

**SilverPepper Merger Arbitrage Fund**

**SUPPLEMENTAL INFORMATION (Unaudited) - Continued**

In renewing each Fund Advisory Agreement, the Board and the Independent Trustees considered a variety of factors, including those discussed below. In their deliberations, the Board and the Independent Trustees did not identify any particular factor that was controlling, and each Trustee may have attributed different weights to the various factors.

***SilverPepper, LLC***

<u>Nature, Extent and Quality of Services</u>

The Board considered information included in the meeting materials regarding the performance of each Fund. The materials they reviewed indicated the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Commodity Fund's annualized total return
for the five-year period was above the Peer Group median return, but below the Bloomberg Commodity Total Return Index return and the Commodities
Broad Basket Fund Universe median return by 0.69% and 1.48%, respectively. The Fund's annualized total return for the three-year
period was above the Peer Group median return, but below the Bloomberg Index return by 1.14% and the Fund Universe median return by 2.63%.
For the one-year period, the Fund's total return was above the Peer Group median return, but below both the Bloomberg Index return
and the Fund Universe median return by 4.72%. The Trustees considered the Investment Advisor's observations that the Fund has outperformed
the Bloomberg Index, on an annualized basis, by 250 basis points for the period since inception; that the Fund differs from other funds
in the category because the Investment Advisor is an active manager and may invest the Fund's assets in different asset classes,
such as currencies, equities and bonds; and that the Fund differs from the Bloomberg Index because the Fund can short sell and invest
more broadly than the Index. The Trustees observed that the Fund's volatility of returns, as measured by its standard deviation,
and its downside volatility, as measured by its Morningstar risk score, ranked it in the first quartile of the funds (which is the most
favorable) in the Fund Universe for the one-, three-, and five-year periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Merger Arbitrage Fund's total return
for the one-year period was above the Peer Group and Event Driven Fund Universe median returns and the S&P 500 Index return. The Fund's
annualized total return for the three-year period was below the Fund Universe and Peer Group median returns and the S&P 500 Index
return by 1.07%, 1.34%, and 9.52%, respectively. The Fund's annualized total return for the five-year period was below the Fund
Universe median return by 0.93%, the Peer Group median return by 2.02%, and the S&P 500 Index return by 10.11%. The Board considered
the Investment Advisor's assertion that the Fund's performance was negatively impacted by the circumstances caused by the
COVID-19 pandemic; that the Fund's net asset value declined 10.7% on March 16, 2020, when merger arbitrage spreads widened dramatically
with respect to almost every merger transaction in the Fund's portfolio; that certain merger transactions were not consummated,
which contributed further to the Fund's underperformance; and that certain funds in the Peer Group invested portions of their portfolios
in special purpose acquisition companies, in addition to companies directly involved in mergers, which provided those funds with better
relative performance in 2021. The Board also considered the Investment Advisor's explanation that the Fund's underperformance
compared to the S&P 500 Index was expected given the Fund's fundamentally different investment strategy and risk profile, and
the Investment Advisor's belief that the Fund will produce lower volatility and more consistent returns than the S&P 500 Index
over time, but with potentially lower returns.

The Board noted its familiarity with the Investment Advisor and considered the overall quality of services provided by the Investment Advisor to the Funds and the Subsidiary. In doing so, the Board considered the Investment Advisor's specific responsibilities in day-to-day management and oversight of the Funds and the Subsidiary, as well as the qualifications, experience, and responsibilities of the personnel involved in the activities of the Funds and the Subsidiary. The Board also considered the overall quality of the organization and operations of the Investment Advisor, as well as its compliance structure. In addition, the Board considered the respective roles of the Investment Advisor and the Sub-Advisors, noting that the Investment Advisor provides overall supervision of the general investment management and investment operations of each Fund and the Subsidiary, and oversees the Sub-Advisors with respect to the relevant Fund's and the Subsidiary's operations, including monitoring the investment and trading activities of the Sub-Advisors, monitoring each Fund's and the Subsidiary's compliance with its investment policies, and providing general administrative services related to the Investment Advisor's overall supervision of each Fund and the Subsidiary; and that the Sub-Advisors' responsibilities include day-to-day portfolio management. The Board and the Independent Trustees concluded that based on the various factors they had reviewed, the nature, overall quality, and extent of the management and oversight services provided by the Investment Advisor to each Fund and the Subsidiary were satisfactory.

**SilverPepper Commodity Strategies Global Macro Fund and** 

**SilverPepper Merger Arbitrage Fund**

**SUPPLEMENTAL INFORMATION (Unaudited) - Continued**

<u>Advisory Fees and Expense Ratios</u> 

With respect to the advisory fees and expenses paid by the Funds, the meeting materials indicated the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Commodity Fund's annual investment
advisory fee (gross of fee waivers) was higher than the Peer Group and Commodities Broad Basket Fund Universe medians by 0.35% and 0.975%,
respectively. The Trustees considered that the Fund's advisory fee was not in the highest quartile of those funds in the Peer Group.
The Trustees noted that two-thirds of the Fund's 1.50% investment advisory fee is paid to Galtere, which currently offers management
services for separate accounts for a 2% asset-based fee and 20% performance fee. The Trustees considered that the Investment Advisor does
not manage any other accounts with the same objectives and policies as the Fund, and therefore they did not have a good basis for comparing
the Fund's advisory fee with those of other similar client accounts of the Investment Advisor. The Trustees also considered that
the Fund's advisory fee was within the range of advisory fees paid by other series of the Trust managed by the Investment Advisor.

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were higher than the Peer Group and Fund Universe medians by 0.66% and 1.21%, respectively. The Trustees considered that the Fund's annual total expenses were not in the highest quartile of those funds in the Peer Group. The Trustees also noted that the average net assets of the Fund's class considered by Broadridge were significantly lower than the average net assets of corresponding classes of funds in the Fund Universe, and that certain of those other funds also had significant assets in other classes. The Trustees also considered the Investment Advisor's observation that unlike many of the funds in the Peer Group, the Fund belongs to a smaller fund family and is not able to take advantage of economies of scale like other funds in the Peer Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Merger Arbitrage Fund's annual investment
advisory fee (gross of fee waivers) was higher than the Peer Group and Event Driven Fund Universe medians by 0.25% and 0.425%, respectively.
The Trustees noted that the Investment Advisor was proposing to reduce the Fund's advisory fee from 1.50% to 1.25%, effective as
of November 1, 2022; that two-thirds of the Fund's investment advisory fee is paid to Chicago Capital, which typically receives
a 1% asset-based fee and 20% performance fee, or 0% and 40%, respectively, from its hedge fund clients; and that the Investment Advisor
intends to constrain the capacity of the Fund in an effort to maintain the integrity of the strategy. The Trustees also considered the
Investment Advisor's assertion that the Fund's advisory fee reflects the cost of high-quality management, and that since March
2020, the Fund has been the best-performing fund specializing in merger-arbitrage investing. In addition, the Trustees considered that
the Investment Advisor does not manage any other accounts with the same objectives and policies as the Fund, and therefore they did not
have a good basis for comparing the Fund's advisory fee with those of other similar client accounts of the Investment Advisor.

The Trustees also noted that the Fund's advisory fee was within the range of advisory fees paid by other series of the Trust managed by the Investment Advisor.

**SilverPepper Commodity Strategies Global Macro Fund and** 

**SilverPepper Merger Arbitrage Fund**

**SUPPLEMENTAL INFORMATION (Unaudited) - Continued**

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were higher than the Fund Universe and Peer Group medians by 0.52% and 0.55%, respectively. The Trustees noted, however, that the Investment Advisor was proposing to reduce the Fund's expense cap by 0.25%, effective as of November 1, 2022; and that the average net assets of the Fund's class considered by Broadridge were significantly lower than the average net assets of corresponding classes of funds in the Peer Group and Fund Universe, and that certain of those other funds also had significant assets in other classes. Finally, the Trustees considered the Investment Advisor's observation that unlike many of the funds in the Peer Group, the Fund belongs to a smaller fund family and is not able to take advantage of economies of scale like other funds in the Peer Group.

The Board and the Independent Trustees concluded that based on the factors they had reviewed, the compensation payable to the Investment Advisor under the Advisory Agreement was fair and reasonable in light of the nature and quality of the services the Investment Advisor provides to the Funds and the Subsidiary.

<u>Profitability, Benefits to the Investment Advisor and Economies of Scale</u> 

The Board next considered information prepared by the Investment Advisor relating to its costs and profits with respect to each Fund for the year ended June 30, 2022, noting that the Investment Advisor had waived its entire advisory fee and subsidized certain of the operating expenses for the Merger Arbitrage Fund, had recouped fees it previously waived for the Commodity Fund, and had not realized a profit with respect to the Merger Arbitrage Fund. The Board and the Independent Trustees determined that the profit of the Investment Advisor from its relationship with the Commodity Fund was reasonable.

The Board also considered the benefits received by the Investment Advisor as a result of the Investment Advisor's relationship with the Funds, other than the receipt of its investment advisory fees, including the beneficial effects from the review by the Trust's Chief Compliance Officer of the Investment Advisor's compliance program, the intangible benefits of the Investment Advisor's association with the Funds generally, and any favorable publicity arising in connection with the Funds' performance. The Board noted that although there were no advisory fee breakpoints, the asset levels of the Funds were not currently likely to lead to significant economies of scale, and that any such economies would be considered in the future as the Funds' assets grow.

***Galtere, Inc.***

<u>Nature, Extent and Quality of Services</u>

The Board considered the overall quality of services provided by Galtere to the Commodity Fund and the Subsidiary. In doing so, the Board considered Galtere's specific responsibilities in day-to-day portfolio management of the Commodity Fund and the Subsidiary, as well as the qualifications, experience, and responsibilities of the personnel involved in the activities of the Fund and the Subsidiary. The Board also considered the overall quality of the organization and operations of Galtere, as well as its compliance structure. The Board's observations regarding the performance of the Commodity Fund are described above. The Board and the Independent Trustees concluded that based on the various factors they had reviewed, the nature, overall quality, and extent of the management services provided by Galtere to the Commodity Fund and the Subsidiary were satisfactory.

<u>Sub-Advisory Fee</u>

The Board reviewed information regarding the sub-advisory fee charged by Galtere with respect to the Commodity Fund and the Subsidiary, which they noted was significantly lower than Galtere's current fee schedule for managing

separate accounts, which includes both asset-based and performance-based fees, and they considered the relative levels and types of services provided by the Investment Advisor and Galtere. The Board also noted that the Investment Advisor's services included supervision and monitoring of the investment and trading activities of Galtere, analysis of the Fund's and the Subsidiary's investment operations, and general administrative

services related to the Investment Advisor's overall supervision of the Fund and the Subsidiary, and that Galtere's responsibilities included day-to-day portfolio management for the Fund and the Subsidiary. The Board also noted that the Investment Advisor pays Galtere's sub-advisory fee out of the Investment Advisor's advisory fee.

**SilverPepper Commodity Strategies Global Macro Fund and** 

**SilverPepper Merger Arbitrage Fund**

**SUPPLEMENTAL INFORMATION (Unaudited) - Continued**

The Board and the Independent Trustees concluded that based on the factors they had reviewed, the compensation payable to Galtere under the Galtere Agreement was fair and reasonable in light of the nature and quality of the services Galtere provides to the Commodity Fund and the Subsidiary.

<u>Benefits to the Sub-Advisor</u>

The Board also considered the benefits received by Galtere as a result of its relationship with the Commodity Fund and the Subsidiary, other than the receipt of its sub-advisory fee, including any research received from broker-dealers providing execution services to the Fund, the beneficial effects from the review by the Trust's Chief Compliance Officer of Galtere's compliance program, the intangible benefits of Galtere's association with the Commodity Fund and the Subsidiary generally, and any favorable publicity arising in connection with the Fund's performance.

***Chicago Capital Management, LLC***

<u>Nature, Extent and Quality of Services</u>

The Board considered the overall quality of services provided by Chicago Capital to the Merger Arbitrage Fund. In doing so, the Board considered Chicago Capital's specific responsibilities in day-to-day portfolio management of the Merger Arbitrage Fund, as well as the qualifications, experience, and responsibilities of the personnel involved in the activities of the Fund. The Board also considered the overall quality of the organization and operations of Chicago Capital, as well as its compliance structure. The Board's observations regarding the performance of the Merger Arbitrage Fund are described above. The Board and the Independent Trustees concluded that based on the various factors they had reviewed, the nature, overall quality, and extent of the management services provided by Chicago Capital to the Merger Arbitrage Fund were satisfactory.

<u>Sub-Advisory Fee</u>

The Board reviewed information regarding the sub-advisory fee charged by Chicago Capital with respect to the Merger Arbitrage Fund, which they noted was significantly lower than the advisory fees that Chicago Capital charges to manage private funds, which include both asset-based and performance-based fees, and they considered the relative levels and types of services provided by the Investment Advisor and Chicago Capital. The Board considered that the Investment Advisor supervises and monitors the investment and trading activities of Chicago Capital, analyzes the Merger Arbitrage Fund's investment operations, and provides general administrative services related to the overall supervision of the Fund, and that Chicago Capital's responsibilities included day-to-day portfolio management for the Fund. The Board also noted that the Investment Advisor pays Chicago Capital's sub-advisory fee out of the Investment Advisor's advisory fee.

The Board and the Independent Trustees concluded that based on the factors they had reviewed, the compensation payable to Chicago Capital under the Chicago Capital Agreement was fair and reasonable in light of the nature and quality of the services Chicago Capital provides to the Merger Arbitrage Fund.

<u>Benefits to the Sub-Advisor</u>

The Board also considered the benefits received by Chicago Capital as a result of its relationship with the Merger Arbitrage Fund, other than the receipt of its sub-advisory fee, including any research received from broker-dealers providing execution services to the Fund, the beneficial effects from the review by the Trust's Chief Compliance Officer of Chicago Capital's compliance program, the intangible benefits of Chicago Capital's association with the Fund generally, and any favorable publicity arising in connection with the Fund's performance.

***Conclusion***

Based on these and other factors, the Board and the Independent Trustees concluded that renewal of each Fund Advisory Agreement was in the best interests of each Fund, the Subsidiary, and the shareholders of the Funds and the Subsidiary and, accordingly, approved renewal of each Fund Advisory Agreement with respect to the Funds and the Subsidiary, as applicable.

**SilverPepper Commodity Strategies Global Macro Fund and**

**SilverPepper Merger Arbitrage Fund**

**SUPPLEMENTAL INFORMATION (Unaudited) - Continued**

**Statement Regarding Liquidity Risk Management Program** 

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Board of Trustees (the "Board") of Investment Managers Series Trust (the "Trust") met on September 13-14, 2022 (the "Meeting"), to review the liquidity risk management program (the "Fund Program") applicable to the following series of the Trust (each, a "Fund" and together, the "Funds") pursuant to the Liquidity Rule:

**SilverPepper Commodity Strategies Global Macro Fund** 

**SilverPepper Merger Arbitrage Fund** 

The Board has appointed SilverPepper LLC, the investment adviser to the Funds, as the program administrator ("Program Administrator") for the Fund Program. Under the Trust's liquidity risk management program (the "Trust Program"), the Board has delegated oversight of the Trust Program to the Liquidity Oversight Committee (the "Oversight Committee"). At the Meeting, the Oversight Committee, on behalf of Program Administrator and the Funds, provided the Board with a written report (the "Report") that addressed the operation, adequacy, and effectiveness of implementation of the Fund Program, and any material changes to it for the period from July 1, 2021 through June 30, 2022 (the "Program Reporting Period").

In assessing the adequacy and effectiveness of implementation of the Fund Program, the Report discussed the following, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund Program's liquidity classification methodology for categorizing each Fund's investments (including derivative
transactions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An overview of market liquidity for each Fund during the Program Reporting Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Fund's ability to meet redemption requests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Fund's cash management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Fund's borrowing activity, if any, in order to meet redemption requests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Fund's compliance with the 15% limit of illiquid investments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Fund's status as a primarily highly liquid fund ("PHLF"), the effectiveness of the implementation of the PHLF
standard, and whether it would be appropriate for each Fund to adopt a highly liquid investment minimum ("HLIM").

The Report stated that the Funds primarily hold assets that are defined under the Liquidity Rule as "highly liquid investments," and therefore each Fund is not required to establish an HLIM. Highly liquid investments are defined as cash and any investment reasonably expected to be convertible to cash in current market conditions in three business days or less without the conversion to cash significantly changing the market value of the investment. The Report also stated that there were no material changes made to the Fund Program during the Program Reporting Period.

In the Report, the Program Administrator concluded that (i) the Fund Program, as adopted and implemented, remains reasonably designed to assess and manage each Fund's liquidity risk; (ii) each Fund continues to qualify as a PHLF and therefore is not required to adopt an HLIM; (iii) during the Program Reporting Period, each Fund was able to meet redemption requests without significant dilution of remaining investors' interests; and (iv) there were no weaknesses in the design or implementation of the Fund Program during the Program Reporting Period.

There can be no assurance that the Fund Program will achieve its objectives in the future. Please refer to the Funds' prospectus for more information regarding each Fund's exposure to liquidity risk and other principal risks to which an investment in the Funds may be subject.

**SilverPepper Funds**

**EXPENSE EXAMPLES** 

**For the Periods Ended December 31, 2022 (Unaudited)**

**Expense Examples**

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees; shareholder servicing fees (Advisor Class shares only) and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022.

The Actual Performance example of the Fund is based on an investment of $1,000 invested at the beginning of the period and held for the entire period since inception from December 28, 2022 (commencement of operations) to December 31, 2022.

The Hypothetical (5% annual return before expenses) example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six month period from July 1, 2022 to December 31, 2022.

**Actual Expenses**

The information in the row titled "Actual Performance" of the table below provides actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate row under the column titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

The information in the row titled "Hypothetical (5% annual return before expenses)" of the table below provides hypothetical account values and hypothetical expenses based on the Funds' actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (load) or contingent deferred sales charges. Therefore, the information in the row titled "Hypothetical (5% annual return before expenses)" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | Beginning Account Value | Ending Account Value | Expenses Paid During Period\* |
| **SilverPepper Commodity Strategies Global Macro Fund** | **SilverPepper Commodity Strategies Global Macro Fund** | 7/1/2022 | 12/31/2022 | 7/1/2022 - 12/31/2022 |
| Advisor Class | Actual Performance | $1000.00 | $920.80 | $9.40 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1015.42 | 9.86 |
| Institutional Class | Actual Performance | 1000.00 | 921.60 | 9.52 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1015.29 | 9.99 |

---

\* Expenses are equal to the Fund's annualized expense ratios of 1.94% and 1.97% for the Advisor Class and the Institutional Class, respectively, multiplied by the average account values over the period, multiplied by 184/365 (to reflect the six-month period). Assumes all dividends and distributions were reinvested.

**SilverPepper Funds**

**EXPENSE EXAMPLES - Continued**

**For the Periods Ended December 31, 2022 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | Beginning Account Value | Ending Account Value | Expenses Paid During Period\* |
| **SilverPepper Merger Arbitrage Fund** | **SilverPepper Merger Arbitrage Fund** | 7/1/2022 | 12/31/2022 | 7/1/2022 - <br>12/31/2022 |
| Advisor Class | Actual Performance | $1000.00 | $1017.40 | $12.18 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1013.13 | 12.16 |
| Institutional Class | Actual Performance | 1000.00 | 1018.90 | 10.95 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1014.36 | 10.92 |

---

\* Expenses are equal to the Fund's annualized expense ratios of 2.40% and 2.15% for the Advisor Class and the Institutional Class, respectively, multiplied by the average account values over the period, multiplied by 184/365 (to reflect the six month period). The expense ratios reflect an expense waiver. Assumes all dividends and distributions were reinvested.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | Beginning Account Value | Ending Account Value | Expenses Paid During Period |
| **SilverPepper Long/Short Emerging Markets Currency Fund** | **SilverPepper Long/Short Emerging Markets Currency Fund** | 12/28/2022\* | 12/31/2022 | 12/28/2022\*-12/31/2022 |
| Institutional Class | Actual Performance\*\* | $1000.00 | $1000.00 | $0.20 |
|  | Hypothetical (5% annual return before expenses)\*\*\* | 1000.00 | 1015.88 | 9.40 |

---

\* Commencement of operations.

\*\* Expenses are equal to the Fund's annualized expense ratios of 0.94% for the Institutional Class, respectively, multiplied by the average account values over the period, multiplied by 4/365 (to reflect the since inception period). The expense ratios reflect an expense waiver and expenses absorbed. Assumes all dividends and distributions were reinvested.

\*\*\* Expenses are equal to the Fund's annualized expense ratios of 1.85% for the Institutional Class, respectively, multiplied by the average account values over the period, multiplied by 184/365 (to reflect the per). The expense ratios reflect an expense waiver and expenses absorbed. Assumes all dividends and distributions were reinvested.

**This page is intentionally left blank.**

**SilverPepper Funds**

*Each a series of Investment Managers Series Trust*

 ****

***Investment Advisor***<br> SilverPepper LLC<br> 332 Skokie Valley Road, Suite 224<br> Highland Park, Illinois 60035

 

***Sub-Advisor to the Commodity Strategies Global Macro Fund***<br> Galtere Inc.<br> 25887 County Road 12

Preston, Minnesota 55965

***Sub-Advisor to the Merger Arbitrage Fund***<br> Chicago Capital Management, LLC

311 South Wacker Drive, Suite 6025

Chicago, Illinois 60606

***Sub-Advisor to the Long Short Emerging Markets Currency Fund***<br> Absolute Return Strategies Ltd.

2 Carbury, 16 Fairfield Road

Eastbourne, East Sussex BN20 7LK

***Custodian***<br> UMB Bank, n.a.<br> 928 Grand Boulevard, 5th Floor<br> Kansas City, Missouri 64106

***Fund Co-Administrator***<br> Mutual Fund Administration, LLC<br> 2220 East Route 66, Suite 226<br> Glendora, California 91740

***Fund Co-Administrator, Transfer Agent and Fund Accountant***<br> UMB Fund Services, Inc.<br> 235 West Galena Street<br> Milwaukee, Wisconsin 53212

 ****

***Distributor***

IMST Distributors, LLC

Three Canal Plaza, Suite 100

Portland, Maine 04101

www.acaglobal.com

Fund Information

---

| | | |
|:---|:---|:---|
|  | **TICKER** | **<u>CUSIP</u>** |
| SilverPepper Commodity Strategies Global Macro Fund - Advisor Class | SPCAX | 46141P 768 |
| SilverPepper Commodity Strategies Global Macro Fund - Institutional Class | SPCIX | 46141P 750 |
| SilverPepper Merger Arbitrage Fund - Advisor Class | SPABX | 46141P 743 |
| SilverPepper Merger Arbitrage Fund - Institutional Class | SPAIX | 46141P 735 |
| SilverPepper Long/Short Emerging Markets Currency Fund | SPEFX | 46143U 674 |

---

**Privacy Principles of the SilverPepper Funds for Shareholders**

The Funds are committed to maintaining the privacy of their shareholders and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information the Funds collect, how we protect that information and why, in certain cases, we may share information with select other parties.

Generally, the Funds do not receive any non-public personal information relating to their shareholders, although certain non-public personal information of their shareholders may become available to the Funds. The Funds do not disclose any non-public personal information about their shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example, to a transfer agent or third party administrator).

This report is sent to shareholders of the SilverPepper Funds for their information. It is not a Prospectus, circular or representation intended for use in the purchase or sale of shares of the Funds or of any securities mentioned in this report.

**Proxy Voting** 

The Funds' proxy voting policies and procedures, as well as information regarding how the Funds voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, are available, without charge and upon request by calling (855) 554-5540 or on the SEC's website at <u>www.sec.gov</u>.

**Fund Portfolio Holdings**

The Funds file their complete schedule of their portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT within 60 days of the end of such fiscal quarter. Shareholders may obtain the Funds' Form N-PORT on the SEC's website at <u>www.sec.gov</u>.

Prior to their use of Form N-PORT, the Funds filed their complete schedule of portfolio holdings with the SEC on Form N-Q, which is available online at <u>www.sec.gov</u>.

**Householding** 

The Funds will mail only one copy of shareholder documents, including prospectuses and notice of annual and semi-annual reports availability and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (855) 554-5540.

**SilverPepper Funds**

P.O. Box 2175

Milwaukee, WI 53201

Toll Free: (855) 554-5540

**<u>Item 1. Report to Stockholders (Continued).</u>**

(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 8. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

**<u>Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 10. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 11. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's President/Chief Executive Officer and Treasurer/Chief Financial Officer have reviewed the Registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date
within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b)
under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures
are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and
reported and made known to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's
internal control over financial reporting.

**<u>Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) *Any code of ethics or amendment thereto, that is subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* [Filed herewith.](fp0082265-1_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Change in the registrant's independent public accountant. There was no change in the registrant's independent public accountant for the period covered by this report.* 

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* [Filed herewith.](fp0082265-1_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | Investment Managers Series Trust |
| By (Signature and Title) | /s/ Maureen Quill |
|  | Maureen Quill, President/Chief Executive Officer |
| Date | 3/10/23 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Maureen Quill |
|  | Maureen Quill, President/Chief Executive Officer |
| Date | 3/10/23 |

---

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Rita Dam |
|  | Rita Dam, Treasurer/Chief Financial Officer |
| Date<u> </u> | 3/10/23 |

---

## Ex-99.Cert

EX.99.CERT

**<u>CERTIFICATIONS</u>**

I, Maureen Quill, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the  **<u>SilverPepper Commodity Strategies Global Macro Fund, SilverPepper Merger Arbitrage Fund and SilverPepper Long/Short Emerging Markets Currency Fund</u>** , each a series of Investment
Managers Series Trust (the "Trust");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 3/10/23 | /s/ Maureen Quill |
|  |  | Maureen Quill |
|  |  | President/Chief Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Rita Dam, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the  **<u>SilverPepper Commodity Strategies Global Macro Fund, SilverPepper Merger Arbitrage Fund and SilverPepper Long/Short Emerging Markets Currency Fund</u>** , each a series of Investment
Managers Series Trust (the "Trust");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 3/10/23 | /s/ Rita Dam |
|  |  | Rita Dam |
|  |  | Treasurer/Chief Financial Officer |

---

## Exhibit 99.906

EX.99.906CERT

**Certification of CEO and CFO Pursuant to** 

**18 U.S.C. Section 1350,** 

**as Adopted Pursuant to** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

In connection with the report on Form N-CSR of the **<u>SilverPepper Commodity Strategies Global Macro Fund, SilverPepper Merger Arbitrage Fund and SilverPepper Long/Short Emerging Markets Currency Fund</u>**, each a series of Investment Managers Series Trust (the "Trust"), for the period ended December 31, 2022 (the "Report"), Maureen Quill, as President/Chief Executive Officer of the Trust, and Rita Dam, as Treasurer/Chief Financial Officer of the Trust, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his or her knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully complies with the requirements of Section 13 (a) or 15 (d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date <u>3/10/23</u>

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| |
|:---|
| /s/ Maureen Quill |
| Maureen Quill |
| President/Chief Executive Officer |

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| |
|:---|
| /s/ Rita Dam |
| Rita Dam |
| Treasurer/Chief Financial Officer |

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This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Investment Managers Series Trust for purposes of Section 18 of the Exchange Act of 1934.