# EDGAR Filing Document

**Accession Number:** 0001318342
**File Stem:** 0001145549-23-017645
**Filing Date:** 2023-3
**Character Count:** 48600
**Document Hash:** 29bfc61569d21763b59cd729d58ef1e7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-017645.hdr.sgml**: 20230323

**ACCESSION NUMBER**: 0001145549-23-017645

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230323

**DATE AS OF CHANGE**: 20230323

**PERIOD START**: 20231031

**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:** 23755264

**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

### Vaughan Nelson International Small Cap Fund (Series ID: S000026082)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000135917 | Institutional Class | ADVLX           |
| C000216361 | Investor Class      | ADVJX           |

## Nport-Ex

#### Vaughan Nelson International Small Cap Fund

#### SCHEDULE OF INVESTMENTS

#### As of January 31, 2023 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 96.4%** |  |
|  | **AUSTRALIA — 5.7%** |  |
| &nbsp;&nbsp;69598 | ALS Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$645743 |
| 102366 | Bapcor Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462956 |
| 212268 | Orora Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449153 |
| 126800 | Steadfast Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471094 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2028946** |
|  | **AUSTRIA — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;4400 | DO & Co. A.G. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**465981** |
|  | **BELGIUM — 2.3%** |  |
| &nbsp;&nbsp;&nbsp;1764 | Ackermans & van Haaren N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305281 |
| &nbsp;&nbsp;&nbsp;2744 | D'ieteren Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524441 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**829722** |
|  | **CHINA — 1.5%** |  |
| 312425 | Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**519749** |
|  | **DENMARK — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;7535 | Netcompany Group A/S \*<sup>,1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299870 |
| &nbsp;&nbsp;&nbsp;3255 | Pandora A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271047 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**570917** |
|  | **FINLAND — 3.1%** |  |
| &nbsp;&nbsp;40315 | Metso Outotec Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463355 |
| &nbsp;&nbsp;20528 | Valmet Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644664 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1108019** |
|  | **FRANCE — 5.9%** |  |
| &nbsp;&nbsp;&nbsp;3483 | Alten S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535206 |
| &nbsp;&nbsp;&nbsp;6545 | Eurazeo S.E. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459131 |
| &nbsp;&nbsp;&nbsp;2875 | Seche Environnement S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313193 |
| &nbsp;&nbsp;&nbsp;3055 | Sopra Steria Group SACA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508137 |
| &nbsp;&nbsp;&nbsp;9836 | Tikehau Capital SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280245 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2095912** |
|  | **GERMANY — 5.8%** |  |
| &nbsp;&nbsp;14027 | CANCOM S.E. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483595 |
| &nbsp;&nbsp;11780 | Hensoldt A.G. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341553 |
| &nbsp;&nbsp;14126 | Jenoptik A.G. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439027 |
| &nbsp;&nbsp;&nbsp;3270 | Nagarro S.E. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447986 |
| &nbsp;&nbsp;26681 | PATRIZIA S.E. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330423 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2042584** |
|  | **INDIA — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;5135 | WNS Holdings Ltd. - ADR \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**435088** |

---

------

#### Vaughan Nelson International Small Cap Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of January 31, 2023 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **IRELAND — 2.1%** |  |
| &nbsp;&nbsp;&nbsp;8196 | Smurfit Kappa Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$344119 |
| 113525 | Uniphar PLC \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415937 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**760056** |
|  | **ITALY — 0.9%** |  |
| &nbsp;&nbsp;58055 | Seco S.p.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**333952** |
|  | **JAPAN — 31.6%** |  |
| &nbsp;&nbsp;28310 | Ai Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478247 |
| &nbsp;&nbsp;79100 | Anicom Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376022 |
| &nbsp;&nbsp;34100 | ASKUL Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450750 |
| &nbsp;&nbsp;21360 | BML, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531144 |
| &nbsp;&nbsp;&nbsp;6619 | Fuji Electric Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267924 |
| &nbsp;&nbsp;16959 | FULLCAST Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368360 |
| &nbsp;&nbsp;30300 | Future Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394561 |
| &nbsp;&nbsp;43940 | G-7 Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544027 |
| &nbsp;&nbsp;31420 | Internet Initiative Japan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589621 |
| &nbsp;&nbsp;15600 | JCU Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386826 |
| &nbsp;&nbsp;&nbsp;8963 | JSB Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279855 |
| &nbsp;&nbsp;25120 | Kato Sangyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698079 |
| &nbsp;&nbsp;30170 | Nakanishi, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640074 |
| &nbsp;&nbsp;14639 | Noritsu Koki Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265147 |
| &nbsp;&nbsp;19820 | Okinawa Cellular Telephone Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479548 |
| 101680 | Prestige International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567211 |
| &nbsp;&nbsp;31880 | Raito Kogyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473124 |
| &nbsp;&nbsp;16410 | Roland DG Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367269 |
| &nbsp;&nbsp;39353 | Sanwa Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416607 |
| &nbsp;&nbsp;28046 | Ship Healthcare Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544576 |
| &nbsp;&nbsp;12367 | Takeuchi Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273712 |
| &nbsp;&nbsp;23470 | TKC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668758 |
| &nbsp;&nbsp;26730 | Usen-Next Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453992 |
| &nbsp;&nbsp;18947 | Zenkoku Hosho Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737943 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11253377** |
|  | **JERSEY — 1.0%** |  |
| &nbsp;&nbsp;38571 | JTC PLC <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**341913** |
|  | **LUXEMBOURG — 3.8%** |  |
| &nbsp;&nbsp;&nbsp;9143 | Befesa S.A. <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524474 |
| &nbsp;&nbsp;18970 | Majorel Group Luxembourg S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466104 |
| &nbsp;&nbsp;&nbsp;7636 | Shurgard Self Storage S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368483 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1359061** |
|  | **NORWAY — 5.0%** |  |
| &nbsp;&nbsp;&nbsp;7050 | Aker A.S.A. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509765 |

---

------

#### Vaughan Nelson International Small Cap Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of January 31, 2023 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **NORWAY (Continued)** |  |
| &nbsp;&nbsp;51703 | Atea A.S.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$583198 |
| &nbsp;&nbsp;41356 | Austevoll Seafood A.S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409699 |
| 114200 | Self Storage Group A.S.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268865 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1771527** |
|  | **SOUTH KOREA — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;3680 | Osstem Implant Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**559804** |
|  | **SPAIN — 2.6%** |  |
| &nbsp;&nbsp;28603 | Ebro Foods S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491391 |
| &nbsp;&nbsp;&nbsp;6661 | Viscofan S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429323 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**920714** |
|  | **SWEDEN — 1.7%** |  |
| &nbsp;&nbsp;37509 | Dometic Group A.B. <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236384 |
| &nbsp;&nbsp;44141 | Granges A.B. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369212 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**605596** |
|  | **UNITED KINGDOM — 16.9%** |  |
| &nbsp;&nbsp;54855 | Beazley PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451440 |
| &nbsp;&nbsp;15623 | Computacenter PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429374 |
| &nbsp;&nbsp;18305 | CVS Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455192 |
| 103020 | Essentra PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275325 |
| &nbsp;&nbsp;39283 | Inchcape PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442923 |
| 201945 | Kin & Carta PLC \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550139 |
| 248388 | Learning Technologies Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429343 |
| 113873 | Marlowe PLC \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704774 |
| 108223 | Pets at Home Group Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470812 |
| &nbsp;&nbsp;87080 | QinetiQ Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390620 |
| &nbsp;&nbsp;43032 | Renewi PLC \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348666 |
| &nbsp;&nbsp;80331 | Restore PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293940 |
| &nbsp;&nbsp;26144 | St. James's Place PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396453 |
| &nbsp;&nbsp;31265 | UNITE Group PLC - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385171 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6024172** |
|  | **UNITED STATES — 0.8%** |  |
| 216848 | Diversified Energy Co. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**296625** |
|  | **Total Common Stocks** |  |
|  | (Cost $34,306,171) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34323715** |

---

------

#### Vaughan Nelson International Small Cap Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of January 31, 2023 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SHORT-TERM INVESTMENTS — 3.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1166143 | UMB Money Market Fiduciary, 0.01%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1166143 |
|  | **Total Short-Term Investments** |  |
|  | (Cost $1,166,143) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1166143** |
|  | **TOTAL INVESTMENTS — 99.7%** |  |
|  | (Cost $35,472,314) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35489858** |
|  | Other Assets in Excess of Liabilities — 0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103560 |
|  | **TOTAL NET ASSETS — 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$35593418** |

---

ADR – American Depository Receipt <br> PLC – Public Limited Company <br> REIT – Real Estate Investment Trust

---

| |
|:---|
| \*Non-income producing security. |
| <sup>1</sup>Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $1,402,641, which represents 3.94% of total net assets of the Fund. |
| <sup>2</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:** Vaughan Nelson International Small Cap Fund

- **b. EDGAR series identifier (if any):** S000026082

- **c. LEI of Series:** 549300EKJBK5LF5TVF74

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

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**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:** $36080842.66

**Total Liabilities:** $210631.06

**Net Assets:** $35870211.60

**Cash Not Reported:** $294807.54

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000135917 | 9.65%                | -0.85%               | 6.10%                |
| Class ID C000216361 | 9.60%                | -0.85%               | 6.12%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-884211.72              | $4076368.63                                |
| Month 2  | $-185115.51              | $-183848.07                                |
| Month 3  | $-403378.37              | $2563719.07                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ASKUL Corp                     | ASKUL Corp.                                                    | CUSIP: J03325107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     34100 | NS      | $450749.74    | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| JSB Co Ltd                     | JSB Co., Ltd.                                                  | CUSIP: J28553105<br>LEI: 35380022ZQMJUL3XRB84 | Long             | EC               | CORP              | JP        |      8963 | NS      | $279854.79    | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Prestige International Inc     | Prestige International, Inc.                                   | CUSIP: J6401L105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    101680 | NS      | $567211.53    | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| BML Inc                        | BML, Inc.                                                      | CUSIP: J0447V102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     21360 | NS      | $531143.98    | 1.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Future Corp                    | Future Corp.                                                   | CUSIP: J16832107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     30300 | NS      | $394561.31    | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| FULLCAST Holdings Co Ltd       | FULLCAST Holdings Co., Ltd.                                    | CUSIP: J16233108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     16959 | NS      | $368359.59    | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| JCU Corp                       | JCU Corp.                                                      | CUSIP: J2810V107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     15600 | NS      | $386826.06    | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Takeuchi Manufacturing Co Ltd  | Takeuchi Manufacturing Co., Ltd.                               | CUSIP: J8135G105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     12367 | NS      | $273712.15    | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Fuji Electric Co Ltd           | Fuji Electric Co., Ltd.                                        | CUSIP: J14112106<br>LEI: 5299000HVNGZZTYYM906 | Long             | EC               | CORP              | JP        |      6619 | NS      | $267923.81    | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Roland DG Corp                 | Roland DG Corp.                                                | CUSIP: J6547W106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     16410 | NS      | $367268.67    | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Nakanishi Inc                  | Nakanishi, Inc.                                                | CUSIP: J4800J102<br>LEI: 353800EXA7IQ42YKF224 | Long             | EC               | CORP              | JP        |     30170 | NS      | $640074.08    | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Noritsu Koki Co Ltd            | Noritsu Koki Co., Ltd.                                         | CUSIP: J59117101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     14639 | NS      | $265146.78    | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Anicom Holdings Inc            | Anicom Holdings, Inc.                                          | CUSIP: J0166U103<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     79100 | NS      | $376021.89    | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Usen-Next Holdings Co Ltd      | Usen-Next Holdings Co., Ltd.                                   | CUSIP: J94094109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     26730 | NS      | $453992.33    | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Okinawa Cellular Telephone Co  | Okinawa Cellular Telephone Co.                                 | CUSIP: J60805108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     19820 | NS      | $479547.75    | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| TKC Corp                       | TKC Corp.                                                      | CUSIP: J83560102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     23470 | NS      | $668757.91    | 1.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Kato Sangyo Co Ltd             | Kato Sangyo Co., Ltd.                                          | CUSIP: J3104N108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     25120 | NS      | $698079.17    | 1.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Ackermans & van Haaren NV      | Ackermans & van Haaren N.V.                                    | CUSIP: B01165156<br>LEI: 5493005E2GHATS0Z6J59 | Long             | EC               | CORP              | BE        |      1764 | NS      | $305280.55    | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Aker ASA                       | Aker A.S.A.                                                    | CUSIP: R0114P108<br>LEI: 5967007LIEEXZXJ10071 | Long             | EC               | CORP              | NO        |      7050 | NS      | $509765.09    | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| ALS Ltd                        | ALS Ltd.                                                       | CUSIP: Q0266A116<br>LEI: 549300RYCQ8DMIO2J661 | Long             | EC               | CORP              | AU        |     69598 | NS      | $645742.89    | 1.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Alten SA                       | Alten S.A.                                                     | CUSIP: F02626103<br>LEI: 969500Y7G9TY7Y24GN07 | Long             | EC               | CORP              | FR        |      3483 | NS      | $535205.47    | 1.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Atea ASA                       | Atea A.S.A.                                                    | CUSIP: R0728G106<br>LEI: 5967007LIEEXZXINVS13 | Long             | EC               | CORP              | NO        |     51703 | NS      | $583197.68    | 1.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Austevoll Seafood ASA          | Austevoll Seafood A.S.A.                                       | CUSIP: R0814U100<br>LEI: 5967007LIEEXZXFFDC03 | Long             | EC               | CORP              | NO        |     41356 | NS      | $409699.34    | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Bapcor Ltd                     | Bapcor Ltd.                                                    | CUSIP: Q1921R106<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    102366 | NS      | $462955.60    | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Beazley PLC                    | Beazley PLC                                                    | CUSIP: G0936K107<br>LEI: 213800VTOMUWD41GIT12 | Long             | EC               | CORP              | GB        |     54855 | NS      | $451439.54    | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Befesa SA                      | Befesa S.A.                                                    | CUSIP: L0R30V103<br>LEI: 222100VXGA8L6J4ZWG61 | Long             | EC               | CORP              | LU        |      9143 | NS      | $524474.01    | 1.46%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Computacenter PLC              | Computacenter PLC                                              | CUSIP: G23356150<br>LEI: 549300XSXUZ1I19DB105 | Long             | EC               | CORP              | GB        |     15623 | NS      | $429373.43    | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| CANCOM SE                      | CANCOM S.E.                                                    | CUSIP: D8238N102<br>LEI: 391200T4AUN1BPBXAO14 | Long             | EC               | CORP              | DE        |     14027 | NS      | $483594.47    | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| CVS Group PLC                  | CVS Group PLC                                                  | CUSIP: G27234106<br>LEI: 213800J41XDQ2NX48O05 | Long             | EC               | CORP              | GB        |     18305 | NS      | $455192.16    | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Diversified Energy Co PLC      | Diversified Energy Co. PLC                                     | CUSIP: G2891G105<br>LEI: 213800YR9TFRVHPGOS67 | Long             | EC               | CORP              | US        |    216848 | NS      | $296625.39    | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| DO & CO AG                     | DO & Co. A.G.                                                  | CUSIP: A1447E107<br>LEI: 5299002NFQKOBT1E8569 | Long             | EC               | CORP              | AT        |      4400 | NS      | $465980.95    | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Dometic Group AB               | Dometic Group A.B.                                             | CUSIP: W2R936106<br>LEI: 549300STIPMK5VSA7Y59 | Long             | EC               | CORP              | SE        |     37509 | NS      | $236384.25    | 0.66%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Ebro Foods SA                  | Ebro Foods S.A.                                                | CUSIP: E38028135<br>LEI: 959800NW6DLQT89M3240 | Long             | EC               | CORP              | ES        |     28603 | NS      | $491391.33    | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Essentra PLC                   | Essentra PLC                                                   | CUSIP: G3198T105<br>LEI: 5493007MOZNA03BVNE96 | Long             | EC               | CORP              | GB        |    103020 | NS      | $275325.43    | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Granges AB                     | Granges A.B.                                                   | CUSIP: W38254111<br>LEI: 5493006UG44TYSIXOB13 | Long             | EC               | CORP              | SE        |     44141 | NS      | $369211.51    | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Hensoldt AG                    | Hensoldt A.G.                                                  | CUSIP: D3R14P109<br>LEI: 894500686FYLLZD3M624 | Long             | EC               | CORP              | DE        |     11780 | NS      | $341553.40    | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Inchcape PLC                   | Inchcape PLC                                                   | CUSIP: G47320208<br>LEI: 213800RGEH1MPPNM2T57 | Long             | EC               | CORP              | GB        |     39283 | NS      | $442922.97    | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Seco SpA                       | Seco S.p.A.                                                    | CUSIP: T8T33S118<br>LEI: 8156008C44408AB6D716 | Long             | EC               | CORP              | IT        |     58055 | NS      | $333951.95    | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Jenoptik AG                    | Jenoptik A.G.                                                  | CUSIP: D3S19K104<br>LEI: 529900P34GDHGXK6VB37 | Long             | EC               | CORP              | DE        |     14126 | NS      | $439027.11    | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| JAPANESE YEN  /                | JAPANESE YEN  /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | STIV             |  | JP        |         1 | OU      | $0.01         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JTC PLC                        | JTC PLC                                                        | CUSIP: G5211H117<br>LEI: 213800DVUG4KLF2ASK33 | Long             | EC               | CORP              | JE        |     38571 | NS      | $341912.82    | 0.95%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Kin & Carta PLC                | Kin & Carta PLC                                                | CUSIP: G5S68Y106<br>LEI: 213800B32KQM8CENCR16 | Long             | EC               | CORP              | GB        |    201945 | NS      | $550138.91    | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Learning Technologies Group PL | Learning Technologies Group PLC                                | CUSIP: G5416A107<br>LEI: 21380039DW5LJ4FIC214 | Long             | EC               | CORP              | GB        |    248388 | NS      | $429342.84    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Majorel Group Luxembourg SA    | Majorel Group Luxembourg S.A.                                  | CUSIP: L622A3100<br>LEI: 529900M90DFPXG97IJ03 | Long             | EC               | CORP              | LU        |     18970 | NS      | $466103.50    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB MONEY MARKET FIDUCIARY   / | UMB MONEY MARKET FIDUCIARY   /                                 | CUSIP: SF8888528<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    871336 | PA      | $871336.38    | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Metso Outotec Oyj              | Metso Outotec Oyj                                              | CUSIP: X5404W104<br>LEI: 549300R0VN9C371W0E07 | Long             | EC               | CORP              | FI        |     40315 | NS      | $463355.14    | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Marlowe PLC                    | Marlowe PLC                                                    | CUSIP: G5840S104<br>LEI: 213800ZWSR4SBOM6B608 | Long             | EC               | CORP              | GB        |    113873 | NS      | $704774.33    | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Nagarro SE                     | Nagarro S.E.                                                   | CUSIP: D5S4HP103<br>LEI: 9845008396BA67DA9B37 | Long             | EC               | CORP              | DE        |      3270 | NS      | $447986.09    | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Netcompany Group A/S           | Netcompany Group A/S                                           | CUSIP: K7020C102<br>LEI: 5299006DEGAWX1Z1X779 | Long             | EC               | CORP              | DK        |      7535 | NS      | $299870.03    | 0.84%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Orora Ltd                      | Orora Ltd.                                                     | CUSIP: Q7142U117<br>LEI: 549300WFEQJK35VDF789 | Long             | EC               | CORP              | AU        |    212268 | NS      | $449153.51    | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| PATRIZIA SE                    | PATRIZIA S.E.                                                  | CUSIP: D5988D110<br>LEI: 5299002NZCMF1NIHZ018 | Long             | EC               | CORP              | DE        |     26681 | NS      | $330423.21    | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Pets at Home Group Plc         | Pets at Home Group Plc                                         | CUSIP: G7041J107<br>LEI: 2138003Y9ULD24PD3J93 | Long             | EC               | CORP              | GB        |    108223 | NS      | $470812.08    | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Pandora A/S                    | Pandora A/S                                                    | CUSIP: K7681L102<br>LEI: 5299007OWYZ6I1E46843 | Long             | EC               | CORP              | DK        |      3255 | NS      | $271046.83    | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| QinetiQ Group PLC              | QinetiQ Group PLC                                              | CUSIP: G7303P106<br>LEI: 213800S8OBDOZMCMUW34 | Long             | EC               | CORP              | GB        |     87080 | NS      | $390619.99    | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurazeo SE                     | Eurazeo S.E.                                                   | CUSIP: F3296A108<br>LEI: 969500C656AA39O94N60 | Long             | EC               | CORP              | FR        |      6545 | NS      | $459131.25    | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Restore PLC                    | Restore PLC                                                    | CUSIP: G59198112<br>LEI: 213800CE3EOGYML9AY08 | Long             | EC               | CORP              | GB        |     80331 | NS      | $293939.56    | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Renewi PLC                     | Renewi PLC                                                     | CUSIP: G7492H113<br>LEI: 213800CNEIDZBL17KU22 | Long             | EC               | CORP              | GB        |     43032 | NS      | $348666.03    | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Seche Environnement SA         | Seche Environnement S.A.                                       | CUSIP: F8211M103<br>LEI: 969500R9ENNIN33POO20 | Long             | EC               | CORP              | FR        |      2875 | NS      | $313193.09    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Steadfast Group Ltd            | Steadfast Group Ltd.                                           | CUSIP: Q8744R106<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    126800 | NS      | $471094.18    | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Shurgard Self Storage SA       | Shurgard Self Storage S.A.                                     | CUSIP: L8230B107<br>LEI: 549300J0UEIKU81XO336 | Long             | EC               | CORP              | LU        |      7636 | NS      | $368483.08    | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Smurfit Kappa Group PLC        | Smurfit Kappa Group PLC                                        | CUSIP: G8248F104<br>LEI: 635400CPLP8H5ITDVT56 | Long             | EC               | CORP              | IE        |      8196 | NS      | $344118.83    | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Sopra Steria Group SACA        | Sopra Steria Group SACA                                        | CUSIP: F20906115<br>LEI: 96950020QIOHAAK9V551 | Long             | EC               | CORP              | FR        |      3055 | NS      | $508137.04    | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Self Storage Group ASA         | Self Storage Group A.S.A.                                      | CUSIP: R6S49B106<br>LEI: 254900TSU8Q0HCFHLY03 | Long             | EC               | CORP              | NO        |    114200 | NS      | $268864.71    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| St James's Place PLC           | St (*** Please punctuate:  St. or State ***) James's Place PLC | CUSIP: G5005D124<br>LEI: 213800M993ICXOMBCP87 | Long             | EC               | CORP              | GB        |     26144 | NS      | $396453.41    | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Tikehau Capital SCA            | Tikehau Capital SCA                                            | CUSIP: F9T553127<br>LEI: 969500BY8TEU16U3SJ94 | Long             | EC               | CORP              | FR        |      9836 | NS      | $280244.73    | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Uniphar PLC                    | Uniphar PLC                                                    | CUSIP: G9300Z103<br>LEI: 21380028LJSQGRUAX965 | Long             | EC               | CORP              | IE        |    113525 | NS      | $415937.43    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITE Group PLC/The            | UNITE Group PLC - REIT                                         | CUSIP: G9283N101<br>LEI: 213800BBUUWVDH9YI827 | Long             |  | CORP              | GB        |     31265 | NS      | $385171.23    | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Valmet Oyj                     | Valmet Oyj                                                     | CUSIP: X96478114<br>LEI: 213800D9O7FUQDH83V62 | Long             | EC               | CORP              | FI        |     20528 | NS      | $644663.56    | 1.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Viscofan SA                    | Viscofan S.A.                                                  | CUSIP: E97579192<br>LEI: 95980020140005684765 | Long             | EC               | CORP              | ES        |      6661 | NS      | $429322.38    | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| WNS Holdings Ltd               | WNS Holdings Ltd. - ADR                                        | CUSIP: 92932M101<br>LEI: 529900RM7QHUD3W9DM42 | Long             |  | CORP              | IN        |      5135 | NS      | $435088.55    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Osstem Implant Co Ltd          | Osstem Implant Co., Ltd.                                       | CUSIP: Y6586N101<br>LEI: 9884004U916KOXY14B53 | Long             | EC               | CORP              | KR        |      3680 | NS      | $559803.78    | 1.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Raito Kogyo Co Ltd             | Raito Kogyo Co., Ltd.                                          | CUSIP: J64253107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     31880 | NS      | $473123.67    | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Ai Holdings Corp               | Ai Holdings Corp.                                              | CUSIP: J0060P101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     28310 | NS      | $478247.39    | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| TINGYI                         | Tingyi Cayman Islands Holding Corp.                            | CUSIP: G8878S103<br>LEI: 5299009MPI9B60VN4P25 | Long             | EC               | CORP              | CN        |    312425 | NS      | $519749.42    | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Ship Healthcare Holdings Inc   | Ship Healthcare Holdings, Inc.                                 | CUSIP: J7T445100<br>LEI: 353800BIFUE1L527TH13 | Long             | EC               | CORP              | JP        |     28046 | NS      | $544575.86    | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Internet Initiative Japan Inc  | Internet Initiative Japan, Inc.                                | CUSIP: J24210106<br>LEI: 529900EOCJNAPUHDFR78 | Long             | EC               | CORP              | JP        |     31420 | NS      | $589620.94    | 1.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanwa Holdings Corp            | Sanwa Holdings Corp.                                           | CUSIP: J6858G104<br>LEI: 5299003X6BCA4ROO5A70 | Long             | EC               | CORP              | JP        |     39353 | NS      | $416607.43    | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Zenkoku Hosho Co Ltd           | Zenkoku Hosho Co., Ltd.                                        | CUSIP: J98829104<br>LEI: 353800VOQEKTSCSL9O03 | Long             | EC               | CORP              | JP        |     18947 | NS      | $737943.10    | 2.06%             |  |  |  | No            |                  2 | On Loan: No      |
| G-7 Holdings Inc               | G-7 Holdings, Inc.                                             | CUSIP: J1886K102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     43940 | NS      | $544027.19    | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| D'ieteren Group                | D'ieteren Group                                                | CUSIP: B49343187<br>LEI: 549300DV5KJ23OKVTW34 | Long             | EC               | CORP              | BE        |      2744 | NS      | $524441.41    | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-06

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

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

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

**Title:** Assistant Vice President