# EDGAR Filing Document

**Accession Number:** 0001318342
**File Stem:** 0001145549-23-012706
**Filing Date:** 2023-2
**Character Count:** 22546
**Document Hash:** 034022ce88d76ff97e3e70d0acd53538
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-012706.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001145549-23-012706

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230630

**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:** 23680482

**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 Merger Arbitrage Fund (Series ID: S000041406)

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

## 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:** SilverPepper Merger Arbitrage Fund

- **b. EDGAR series identifier (if any):** S000041406

- **c. LEI of Series:** 549300OOD5K68ZK65M25

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

- **a. Date of fiscal year-end:** 2023-06-30

- **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:** $19196463.31

**Total Liabilities:** $2745238.25

**Net Assets:** $16451225.06

**Cash Not Reported:** $2647817.28

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000128408 | 1.19%                | -0.00%               | 0.18%                |
| Class ID C000128409 | 1.16%                | 0.09%                | 0.18%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $173590.49               | $2487.43                                   |
| Month 2  | $41366.12                | $-38354.17                                 |
| Month 3  | $38462.33                | $-9282.89                                  |

**Designated Index Information**

- **Index Name:** Fund's Securities Portfolio

- **Index Identifier:** SPABX

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Peoples Bancorp Inc/OH                     | Peoples Bancorp, Inc.                      | CUSIP: 709789101<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -10526 | NS      | $-297359.50   | -1.81%            |  |  |  | No            |                  1 | On Loan: No      |
| Professional Holding Corp                  | Professional Holding Corp. - Class A       | CUSIP: 743139107<br>LEI: 549300MOIYR1NW3J2W56 | Long             | EC               | CORP              | US        |     28425 | NS      | $788509.50    | 4.79%             |  |  |  | No            |                  1 | On Loan: No      |
| QCR Holdings Inc                           | QCR Holdings, Inc.                         | CUSIP: 74727A104<br>LEI: 549300MWKWM7KWJVQO33 | Long             | EC               | CORP              | US        |         0 | NS      | $0.30         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC Bearings Inc                           | RBC Bearings, Inc.                         | CUSIP: 75524B104<br>LEI: N/A                  | Short            | EC               | CORP              | US        |      -133 | NS      | $-27843.55    | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Resolute Forest Products Inc               | Resolute Forest Products, Inc.             | CUSIP: 76117W109<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |       551 | NS      | $11896.09     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabre Corp                                 | Sabre Corp.                                | CUSIP: 78573M104<br>LEI: 529900VKCYZW8GZ4WW58 | Short            | EC               | CORP              | US        |    -58486 | NS      | $-361443.48   | -2.20%            |  |  |  | No            |                  1 | On Loan: No      |
| Salisbury Bancorp Inc                      | Salisbury Bancorp, Inc.                    | CUSIP: 795226109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       651 | NS      | $20441.40     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Seacoast Banking Corp of Flori             | Seacoast Banking Corp. of Florida          | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Short            | EC               | CORP              | US        |    -25328 | NS      | $-789980.32   | -4.80%            |  |  |  | No            |                  1 | On Loan: No      |
| SeaSpine Holdings Corp                     | SeaSpine Holdings Corp.                    | CUSIP: 81255T108<br>LEI: 5493006QNC6E00LJ7M10 | Long             | EC               | CORP              | US        |     19608 | NS      | $163726.80    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| STORE Capital Corp                         | STORE Capital Corp. - REIT                 | CUSIP: 862121100<br>LEI: 5493004EA6C9IHDZ7N66 | Long             |  | CORP              | US        |     46371 | NS      | $1486654.26   | 9.04%             |  |  |  | No            |                  1 | On Loan: No      |
| United Community Banks Inc/GA              | United Community Banks, Inc.               | CUSIP: 90984P303<br>LEI: 549300GVW0FV66X3U703 | Long             | EC               | CORP              | US        |         0 | NS      | $0.03         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UserTesting Inc                            | UserTesting, Inc.                          | CUSIP: 91734E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29618 | NS      | $222431.18    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| AES CORP/THE                               | AES Corp.                                  | CUSIP: 00130H204<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EP               | CORP              | US        |      3753 | NS      | $383331.42    | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA ADAMAS PHARM CONTINGENT RIGHTS   /  | CONTRA ADAMAS PHARM CONTINGENT RIGHTS   /  | CUSIP: 005CVR014<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     60475 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA ADAMAS PHARM CONTINGENT RIGHTS   /  | CONTRA ADAMAS PHARM CONTINGENT RIGHTS   /  | CUSIP: 005CVR022<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     60475 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA AKUS CVR CONTINGENT RIGHTS   /      | CONTRA AKUS CVR CONTINGENT RIGHTS   /      | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      4891 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BECTON DICKINSON AND CO                    | Becton, Dickinson and Co.                  | CUSIP: 075887406<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EP               | CORP              | US        |      3273 | NS      | $162569.91    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| BOSTON SCIENTIFIC CORP                     | Boston Scientific Corp.                    | CUSIP: 101137206<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EP               | CORP              | US        |       443 | NS      | $50794.38     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| COHERENT CORP                              | Coherent Corp.                             | CUSIP: 19247G206<br>LEI: 549300O5C25A0MMHHU33 | Long             | EP               | CORP              | US        |      5793 | NS      | $927430.34    | 5.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp.                    | Boston Scientific Corp.                    | CUSIP: 999999999<br>LEI: Y6ZDD9FP4P8JSSJMW954 | N/A              | DE               |  | US        |        -1 | NC      | $-205.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp.                    | Boston Scientific Corp.                    | CUSIP: 999999999<br>LEI: Y6ZDD9FP4P8JSSJMW954 | N/A              | DE               |  | US        |        -2 | NC      | $-330.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| HERBALIFE LTD                              | Herbalife Nutrition Ltd.                   | CUSIP: 42703MAD5<br>LEI: 549300BA7TYPBSZZIA41 | Long             | DBT              | CORP              | KY        |     99000 | PA      | $91525.50     | 0.56%             | 2024-03-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| KAMAN CORP                                 | Kaman Corp.                                | CUSIP: 483548AF0<br>LEI: 5493003YK076OLTEQF95 | Long             | DBT              | CORP              | US        |    115000 | PA      | $107467.50    | 0.65%             | 2024-05-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Sabre Corp.                                | Sabre Corp.                                | CUSIP: 999999999<br>LEI: 529900VKCYZW8GZ4WW58 | N/A              | DE               |  | US        |        -2 | NC      | $-18.00       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| RBC BEARINGS INC                           | RBC Bearings, Inc.                         | CUSIP: 75524B203<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       519 | NS      | $53360.99     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| SABRE CORP                                 | Sabre Corp.                                | CUSIP: 78573M203<br>LEI: 529900VKCYZW8GZ4WW58 | Long             | EP               | CORP              | US        |      6014 | NS      | $507461.32    | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ZOGENIX, Inc. OR SHS CONTINGENT RIGHTS   / | ZOGENIX, Inc. OR SHS CONTINGENT RIGHTS   / | CUSIP: 989CVR014<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     22500 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ABIOMED, Inc. CONTINGENT VALUE RHT   /     | ABIOMED, Inc. CONTINGENT VALUE RHT   /     | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      8448 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AES Corp/The                               | AES Corp.                                  | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Short            | EC               | CORP              | US        |     -5965 | NS      | $-171553.40   | -1.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Altra Industrial Motion Corp               | Altra Industrial Motion Corp.              | CUSIP: 02208R106<br>LEI: NQ0NIXPGW4YKG4MWM571 | Long             | EC               | CORP              | US        |       273 | NS      | $16311.75     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| AVEO Pharmaceuticals Inc                   | AVEO Pharmaceuticals, Inc.                 | CUSIP: 053588307<br>LEI: 529900PLC55DUQO4CR76 | Long             | EC               | CORP              | US        |      3530 | NS      | $52773.50     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson and Co                    | Becton, Dickinson and Co.                  | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Short            | EC               | CORP              | US        |      -244 | NS      | $-62049.20    | -0.38%            |  |  |  | No            |                  1 | On Loan: No      |
| Biohaven Ltd                               | Biohaven Ltd.                              | CUSIP: G1110E107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         0 | NS      | $6.25         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookline Bancorp Inc                      | Brookline Bancorp, Inc.                    | CUSIP: 11373M107<br>LEI: N/A                  | Short            | EC               | CORP              | US        |      -330 | NS      | $-4669.50     | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp                     | Boston Scientific Corp.                    | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Short            | EC               | CORP              | US        |      -331 | NS      | $-15315.37    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Clarivate PLC                              | Clarivate PLC                              | CUSIP: G21810109<br>LEI: 549300WDHIIODXFO0R55 | Short            | EC               | CORP              | GB        |    -13713 | NS      | $-114366.42   | -0.70%            |  |  |  | No            |                  1 | On Loan: No      |
| Coherent Corp                              | Coherent Corp.                             | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Short            | EC               | CORP              | US        |    -11586 | NS      | $-406668.60   | -2.47%            |  |  |  | No            |                  1 | On Loan: No      |
| Coupa Software Inc                         | Coupa Software, Inc.                       | CUSIP: 22266L106<br>LEI: 549300Q95ICR2GFL2K37 | Long             | EC               | CORP              | US        |     21973 | NS      | $1739602.41   | 10.57%            |  |  |  | No            |                  1 | On Loan: No      |
| CLARIVATE PLC                              | Clarivate PLC                              | CUSIP: G21810208<br>LEI: 549300WDHIIODXFO0R55 | Long             | EP               | CORP              | JE        |      4587 | NS      | $174833.51    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| First Horizon Corp                         | First Horizon Corp.                        | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |      7362 | NS      | $180369.00    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| First Bank/Hamilton NJ                     | First Bank/Hamilton NJ                     | CUSIP: 31931U102<br>LEI: 549300YS4CB1171BRJ08 | Short            | EC               | CORP              | US        |      -207 | NS      | $-2848.32     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| First Merchants Corp                       | First Merchants Corp.                      | CUSIP: 320817109<br>LEI: TZTBT0OTGQ2FEK6XMX94 | Long             | EC               | CORP              | US        |         0 | NS      | $0.08         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Horizon Therapeutics Plc                   | Horizon Therapeutics Plc                   | CUSIP: G46188101<br>LEI: 529900P0GSQ79OOZEV53 | Long             | EC               | CORP              | US        |      4607 | NS      | $524276.60    | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Imago Biosciences Inc                      | Imago Biosciences, Inc.                    | CUSIP: 45250K107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27512 | NS      | $989056.40    | 6.01%             |  |  |  | No            |                  1 | On Loan: No      |
| iRobot Corp                                | iRobot Corp.                               | CUSIP: 462726100<br>LEI: 5493009PRNKOUKBAT390 | Long             | EC               | CORP              | US        |      7667 | NS      | $369012.71    | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| KnowBe4 Inc                                | KnowBe4, Inc. - Class A                    | CUSIP: 49926T104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16538 | NS      | $409811.64    | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Limestone Bancorp Inc                      | Limestone Bancorp, Inc.                    | CUSIP: 53262L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11771 | NS      | $287447.82    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Maxar Technologies Inc                     | Maxar Technologies, Inc.                   | CUSIP: 57778K105<br>LEI: 549300OEN2G821MIJ922 | Long             | EC               | CORP              | US        |      2375 | NS      | $122882.50    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Malvern Bancorp Inc                        | Malvern Bancorp, Inc.                      | CUSIP: 561409103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       269 | NS      | $4774.75      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB MONEY MARKET FIDUCIARY   /             | UMB MONEY MARKET FIDUCIARY   /             | CUSIP: SF8888528<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   5721670 | PA      | $5721669.98   | 34.78%            |  |  |  | No            |                  1 | On Loan: No      |
| NBT Bancorp Inc                            | NBT Bancorp, Inc.                          | CUSIP: 628778102<br>LEI: N/A                  | Short            | EC               | CORP              | US        |      -485 | NS      | $-21058.70    | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Orthofix Medical Inc                       | Orthofix Medical, Inc.                     | CUSIP: 68752M108<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -8162 | NS      | $-167565.86   | -1.02%            |  |  |  | No            |                  1 | On Loan: No      |
| 1Life Healthcare Inc                       | 1Life Healthcare, Inc.                     | CUSIP: 68269G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25600 | NS      | $427776.00    | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Oyster Point Pharma Inc                    | Oyster Point Pharma, Inc.                  | CUSIP: 69242L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24022 | NS      | $268325.74    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| PCSB Financial Corp                        | PCSB Financial Corp.                       | CUSIP: 69324R104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       414 | NS      | $7882.56      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-23

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

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

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

**Title:** Assistant Vice President