# EDGAR Filing Document

**Accession Number:** 0001318342
**File Stem:** 0001145549-23-007377
**Filing Date:** 2023-2
**Character Count:** 17117
**Document Hash:** 37c00f66a83cda9c82dc98f3230903d0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-007377.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001145549-23-007377

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**PERIOD START**: 20230930

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21719
- **FILM NUMBER:** 23651028

**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

### Ironclad Managed Risk Fund (Series ID: S000030132)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000092548 | Ironclad Managed Risk Fund | IRONX           |

## Nport-Ex

#### Ironclad Managed Risk Fund

#### SCHEDULE OF INVESTMENTS

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

------

---

| | | |
|:---|:---|:---|
| Number<br> of Contracts |  | Value |
|  | **PURCHASED OPTIONS CONTRACTS – 111.2%** |  |
|  | **CALL OPTIONS – 14.3%** |  |
|  | S&P 500 Index |  |
| 355 | Exercise Price: $4,000.00, Notional Amount: $142,000,000, Expiration Date: January 20, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$644325 |
| 286 | Exercise Price: $3,825.00, Notional Amount: $109,395,000, Expiration Date: June 16, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7895030 |
| 406 | Exercise Price: $4,000.00, Notional Amount: $162,400,000, Expiration Date: March 17, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3587010 |
| 406 | Exercise Price: $4,000.00, Notional Amount: $162,400,000, Expiration Date: June 16, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7320180 |
|  | **TOTAL CALL OPTIONS** |  |
|  | (Cost $25,307,554) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19446545** |
|  | **PUT OPTIONS – 96.9%** |  |
|  | S&P 500 Index |  |
| 355 | Exercise Price: $5,000.00, Notional Amount: $177,500,000, Expiration Date: January 20, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40690100 |
| 406 | Exercise Price: $5,000.00, Notional Amount: $203,000,000, Expiration Date: March 17, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45541020 |
| 250 | Exercise Price: $3,700.00, Notional Amount: $92,500,000, Expiration Date: February 28, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830000 |
| 406 | Exercise Price: $5,000.00, Notional Amount: $203,000,000, Expiration Date: June 16, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43738380 |
|  | **TOTAL PUT OPTIONS** |  |
|  | (Cost $129,970,142) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**131799500** |
|  | **TOTAL PURCHASED OPTIONS CONTRACTS** |  |
|  | (Cost $155,277,696) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**151246045** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **SHORT-TERM INVESTMENTS–7.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10368291 | UMB Bank Demand Deposit, 0.01%<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10368291 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | (Cost $10,368,291) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10368291** |
|  | **TOTAL INVESTMENTS – 118.8%** |  |
|  | (Cost $165,645,987) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**161614336** |
|  | Liabilities in Excess of Other Assets – (18.8)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25569313) |
|  | **TOTAL NET ASSETS – 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$136045023** |

---

------

#### Ironclad Managed Risk Fund

#### SCHEDULE OF INVESTMENTS - Continued

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

------

---

| | | |
|:---|:---|:---|
| Number<br> of Contracts |  | Value |
|  | **WRITTEN OPTIONS CONTRACTS – (20.2)%** |  |
|  | **CALL OPTIONS – (0.1)%** |  |
|  | S&P 500 Index |  |
| (355) | Exercise Price: $5,000.00, Notional Amount: $(177500000), Expiration Date: January 20, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0 |
| (406) | Exercise Price: $5,000.00, Notional Amount: $(203000000), Expiration Date: March 17, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14210) |
| (406) | Exercise Price: $5,000.00, Notional Amount: $(203000000), Expiration Date: June 16, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115710) |
|  | **TOTAL CALL OPTIONS** |  |
|  | (Proceeds $215,470) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(129920)** |
|  | **PUT OPTIONS – (20.1)%** |  |
|  | S&P 500 Index |  |
| (355) | Exercise Price: $4,000.00, Notional Amount: $(142000000), Expiration Date: January 20, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5914300) |
| (406) | Exercise Price: $4,000.00, Notional Amount: $(162400000), Expiration Date: March 17, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8934030) |
| (16) | Exercise Price: $3,830.00, Notional Amount: $(6128000), Expiration Date: January 20, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104480) |
| (500) | Exercise Price: $3,300.00, Notional Amount: $(165000000), Expiration Date: February 28, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(602500) |
| (32) | Exercise Price: $3,845.00, Notional Amount: $(12304000), Expiration Date: January 20, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(229760) |
| (16) | Exercise Price: $3,840.00, Notional Amount: $(6144000), Expiration Date: January 13, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98640) |
| (16) | Exercise Price: $3,935.00, Notional Amount: $(6296000), Expiration Date: January 6, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155360) |
| (16) | Exercise Price: $3,835.00, Notional Amount: $(6136000), Expiration Date: January 27, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124560) |
| (406) | Exercise Price: $4,000.00, Notional Amount: $(162400000), Expiration Date: June 16, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11250260) |
|  | **TOTAL PUT OPTIONS** |  |
|  | (Proceeds $32,512,738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(27413890)** |
|  | **TOTAL WRITTEN OPTIONS CONTRACTS** |  |
|  | (Proceeds $32,728,208) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(27543810)** |

---

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** INVESTMENT MANAGERS SERIES TRUST

- **b. Investment Company Act file number:** 811-21719

- **c. CIK number of Registrant:** 0001318342

- **d. LEI of Registrant:** 549300ESWU4ZNAH5Y054

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 235 WEST GALENA STREET

  - **City:** MILWAUKEE

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 532123948

  - **Telephone number:** 4142992000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Ironclad Managed Risk Fund

- **b. EDGAR series identifier (if any):** S000030132

- **c. LEI of Series:** 549300BTO328LME8TL55

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $172595371.69

**Total Liabilities:** $36571231.72

**Net Assets:** $136024139.97

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000092548 | 7.42%                | 2.88%                | -2.71%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $0.00                    | $0.00                                      |
| Month 3  | $0.00                    | $0.00                                      |

**Designated Index Information**

- **Index Name:** S&P 500

- **Index Identifier:** SPX

### Schedule of Portfolio Investments

| Name                                        | Title                                       | Identifiers                  | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SPXW 02/28/23 P3300 02/28/23 3300.0 PUT   / | SPXW 02/28/23 P3300 02/28/23 3300.0 PUT   / | CUSIP: 999999999<br>LEI: N/A | Short            | DE               |  | US        |      -500 | NC      | $-602500.00   | -0.44%            |  |  |  | No            |                  1 | On Loan: No      |
| SPX 03/17/23 C4000 03/17/23 4000.0 CAL   /  | SPX 03/17/23 C4000 03/17/23 4000.0 CAL   /  | CUSIP: 999999999<br>LEI: N/A | Long             | DE               |  | US        |       406 | NC      | $3587010.00   | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| SPXW 02/28/23 P3700 02/28/23 3700.0 PUT   / | SPXW 02/28/23 P3700 02/28/23 3700.0 PUT   / | CUSIP: 999999999<br>LEI: N/A | Long             | DE               |  | US        |       250 | NC      | $1830000.00   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX 01/20/23 P3845 01/20/23 3845.0 PUT   /  | SPX 01/20/23 P3845 01/20/23 3845.0 PUT   /  | CUSIP: 999999999<br>LEI: N/A | Short            | DE               |  | US        |       -32 | NC      | $-229760.00   | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| SPX 03/17/23 C5000 03/17/23 5000.0 CAL   /  | SPX 03/17/23 C5000 03/17/23 5000.0 CAL   /  | CUSIP: 999999999<br>LEI: N/A | Short            | DE               |  | US        |      -406 | NC      | $-14210.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| SPX 03/17/23 P5000 03/17/23 5000.0 PUT   /  | SPX 03/17/23 P5000 03/17/23 5000.0 PUT   /  | CUSIP: 999999999<br>LEI: N/A | Long             | DE               |  | US        |       406 | NC      | $45541020.00  | 33.48%            |  |  |  | No            |                  1 | On Loan: No      |
| SPX 01/13/23 P3840 01/13/23 3840.0 PUT   /  | SPX 01/13/23 P3840 01/13/23 3840.0 PUT   /  | CUSIP: 999999999<br>LEI: N/A | Short            | DE               |  | US        |       -16 | NC      | $-98640.00    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| SPXW 01/06/23 P3935 01/06/23 3935.0 PUT   / | SPXW 01/06/23 P3935 01/06/23 3935.0 PUT   / | CUSIP: 999999999<br>LEI: N/A | Short            | DE               |  | US        |       -16 | NC      | $-155360.00   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| SPXW 01/27/23 P3835 01/27/23 3835.0 PUT   / | SPXW 01/27/23 P3835 01/27/23 3835.0 PUT   / | CUSIP: 999999999<br>LEI: N/A | Short            | DE               |  | US        |       -16 | NC      | $-124560.00   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| SPX 06/16/23 P4000 06/16/23 4000.0 PUT   /  | SPX 06/16/23 P4000 06/16/23 4000.0 PUT   /  | CUSIP: 999999999<br>LEI: N/A | Short            | DE               |  | US        |      -406 | NC      | $-11250260.00 | -8.27%            |  |  |  | No            |                  1 | On Loan: No      |
| SPX 03/17/23 P4000 03/17/23 4000.0 PUT   /  | SPX 03/17/23 P4000 03/17/23 4000.0 PUT   /  | CUSIP: 999999999<br>LEI: N/A | Short            | DE               |  | US        |      -406 | NC      | $-8934030.00  | -6.57%            |  |  |  | No            |                  1 | On Loan: No      |
| SPX 06/16/23 P5000 06/16/23 5000.0 PUT   /  | SPX 06/16/23 P5000 06/16/23 5000.0 PUT   /  | CUSIP: 999999999<br>LEI: N/A | Long             | DE               |  | US        |       406 | NC      | $43738380.00  | 32.15%            |  |  |  | No            |                  1 | On Loan: No      |
| SPX 01/20/23 C4000 01/20/23 4000.0 CALL   / | SPX 01/20/23 C4000 01/20/23 4000.0 CALL   / | CUSIP: 999999999<br>LEI: N/A | Long             | DE               |  | US        |       355 | NC      | $644325.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX 01/20/23 P3830 01/20/23 3830.0 PUT   /  | SPX 01/20/23 P3830 01/20/23 3830.0 PUT   /  | CUSIP: 999999999<br>LEI: N/A | Short            | DE               |  | US        |       -16 | NC      | $-104480.00   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| SPX 01/20/23 C5000 01/20/23 5000.0 CALL   / | SPX 01/20/23 C5000 01/20/23 5000.0 CALL   / | CUSIP: 999999999<br>LEI: N/A | Short            | DE               |  | US        |      -355 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX 06/16/23 C3825 06/16/23 3825.0 CAL   /  | SPX 06/16/23 C3825 06/16/23 3825.0 CAL   /  | CUSIP: 999999999<br>LEI: N/A | Long             | DE               |  | US        |       286 | NC      | $7895030.00   | 5.80%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX 06/16/23 C4000 06/16/23 4000.0 CAL   /  | SPX 06/16/23 C4000 06/16/23 4000.0 CAL   /  | CUSIP: 999999999<br>LEI: N/A | Long             | DE               |  | US        |       406 | NC      | $7320180.00   | 5.38%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX 06/16/23 C5000 06/16/23 5000.0 CAL   /  | SPX 06/16/23 C5000 06/16/23 5000.0 CAL   /  | CUSIP: 999999999<br>LEI: N/A | Short            | DE               |  | US        |      -406 | NC      | $-115710.00   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| SPX 01/20/23 P4000 01/20/23 4000.0 PUT   /  | SPX 01/20/23 P4000 01/20/23 4000.0 PUT   /  | CUSIP: 999999999<br>LEI: N/A | Short            | DE               |  | US        |      -355 | NC      | $-5914300.00  | -4.35%            |  |  |  | No            |                  1 | On Loan: No      |
| SPX 01/20/23 P5000 01/20/23 5000.0 PUT   /  | SPX 01/20/23 P5000 01/20/23 5000.0 PUT   /  | CUSIP: 999999999<br>LEI: N/A | Long             | DE               |  | US        |       355 | NC      | $40690100.00  | 29.91%            |  |  |  | No            |                  1 | On Loan: No      |
| UMB MONEY MARKET FIDUCIARY   /              | UMB MONEY MARKET FIDUCIARY   /              | CUSIP: SF8888528<br>LEI: N/A | Long             | STIV             | CORP              | US        |  10459467 | PA      | $10459466.91  | 7.69%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-05

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

**Signature:** /s/ Terrance P. Gallagher

**Name of Signer:** Terrance P. Gallagher

**Title:** Assistant Vice President