N-Q 1 fp0042653_nq.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21719

INVESTMENT MANAGERS SERIES TRUST

(Exact name of registrant as specified in charter)

235 W. Galena Street

Milwaukee, WI 53212

(Address of principal executive offices) (Zip code)

Constance Dye Shannon

UMB Fund Services, Inc.

235 W. Galena Street

Milwaukee, WI 53212

(Name and address of agent for service)

Registrant’s telephone number, including area code: (414) 299-2295

Date of fiscal year end: June 30

Date of reporting period: March 31, 2019

Item 1. Schedule of Investments.

AAM/Insight Select Income Fund

SCHEDULE OF INVESTMENTS

As of March 31, 2019 (Unaudited)

Principal Amount			Value
		ASSET-BACKED SECURITIES — 10.2%
$	156,946	Angel Oak Mortgage Trust I LLC Series 2019-2, Class A1, 3.628%, 3/25/2049^1,2,3	$	157,518
	270,000	Antares CLO Ltd. Series 2017-1A, Class C, 5.861% (LIBOR 3 Month+310 basis points), 7/20/2028^1,2,4		269,195
	240,000	Arbor Realty Collateralized Loan Obligation Ltd. Series 2017-FL3, Class A, 3.474% (LIBOR 1 Month+99 basis points), 12/15/2027^1,2,4		239,003
	164,000	Arbor Realty Commercial Real Estate Notes Ltd. Series 2017-FL2, Class A, 3.474% (LIBOR 1 Month+99 basis points), 8/15/2027^1,2,4		163,202
	180,000	Avis Budget Rental Car Funding AESOP LLC Series 2015-2A, Class A, 2.630%, 12/20/2021^1,2		179,042
	68,785	BCC Funding XIII LLC Series 2016-1, Class A2, 2.200%, 12/20/2021^1,2		68,671
	120,422	CLI Funding LLC Series 2018-1A, Class A, 4.030%, 4/18/2043^1,2		121,277
	229,369	CPS Auto Trust Series 2016-D, Class B, 2.110%, 3/15/2021^1,2		229,018
		DRB Prime Student Loan Trust
	67,308	Series 2016-B, Class A2, 2.890%, 6/25/2040^1,2		67,272
	511,978	Series 2017-A, Class A2B, 2.850%, 5/27/2042^1,2		505,325
		DT Auto Owner Trust
	312,000	Series 2018-2A, Class C, 3.670%, 3/15/2024^1,2		314,056
	448,841	Series 2019-1A, Class A, 3.080%, 9/15/2022^1,2		449,217
	1,250,000	Flatiron CLO Ltd. Series 2018-1A, Class C, 4.473% (LIBOR 3 Month+170 basis points), 4/17/2031^1,2,4		1,188,474
		Golub Capital Partners CLO Ltd.
	290,000	Series 2017-19RA, Class B, 5.314% (LIBOR 3 Month+255 basis points), 7/26/2029^1,2,4		290,024
	850,000	Series 2018-36A, Class C, 4.832% (LIBOR 3 Month+210 basis points), 2/5/2031^1,2,4		781,883
	188,000	Greystone Commercial Real Estate Notes Ltd. Series 2017-FL1A, Class A, 4.034% (LIBOR 1 Month+155 basis points), 3/15/2027^1,2,4		188,447
	273,000	Hunt CRE Ltd. Series 2017-FL1, Class A, 3.484% (LIBOR 1 Month+100 basis points), 8/15/2034^1,2,4		271,637
	250,000	IVY Hill Middle Market Credit Fund XII Ltd. Series 12A, Class B, 5.761% (LIBOR 3 Month+300 basis points), 7/20/2029^1,2,4		245,675
	249,000	Lanark Master Issuer PLC Series 2019-1A, Class 1A1, 3.467% (LIBOR 3 Month+77 basis points), 12/22/2069^1,2,4		249,708

AAM/Insight Select Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2019 (Unaudited)

Principal Amount			Value
		ASSET-BACKED SECURITIES (Continued)
$	200,000	LoanCore Ltd. Series 2018-CRE1, Class A, 3.614% (LIBOR 1 Month+113 basis points), 5/15/2028^1,2,4	$	200,091
	713,000	Navient Private Education Loan Trust Series 2017-A, Class A2B, 3.384% (LIBOR 1 Month+90 basis points), 12/16/2058^1,2,4		711,754
		NextGear Floorplan Master Owner Trust
	360,000	Series 2017-1A, Class A2, 2.540%, 4/18/2022^1,2		358,803
	465,000	Series 2019-1A, Class A2, 3.210%, 2/15/2024^1,2		468,344
	115,552	SCF Equipment Leasing LLC Series 2017-2A, Class A, 3.410%, 12/20/2023^1,2		115,805
		SMB Private Education Loan Trust
	258,000	Series 2017-B, Class A2B, 3.234% (LIBOR 1 Month+75 basis points), 10/15/2035^1,2,4		258,050
	486,000	Series 2019-A, Class A1, 2.960% (LIBOR 1 Month+35 basis points), 2/16/2026^1,2,4		486,115
	201,536	Sofi Consumer Loan Program LLC Series 2017-3, Class A, 2.770%, 5/25/2026^1,2		200,875
	288,000	Sofi Consumer Loan Program Trust Series 2018-1, Class B, 3.650%, 2/25/2027^1,2		291,097
	138,590	Sofi Professional Loan Program LLC Series 2019-A, Class A1FX, 3.180%, 6/15/2048^1,2		139,053
	151,399	Spirit Master Funding LLC Series 2014-2A, Class A, 5.760%, 3/20/2041^1,2		156,429
	89,300	TAL Advantage V LLC Series 2013-1A, Class A, 2.830%, 2/22/2038^1,2		88,408
	144,706	Tesla Auto Lease Trust Series 2018-B, Class A, 3.710%, 8/20/2021^1,2		146,354
	142,981	Textainer Marine Containers V Ltd. Series 2017-1A, Class A, 3.720%, 5/20/2042^1,2		142,770
	260,267	Triton Container Finance IV LLC Series 2017-2A, Class A, 3.620%, 8/20/2042^1,2		258,526
	179,987	VSE VOI Mortgage LLC Series 2016-A, Class A, 2.540%, 7/20/2033^1,2		177,976
	519,025	Willis Engine Structured Trust IV Series 2018-A, Class A, 4.750%, 9/15/2043^1,2,5		529,828
		TOTAL ASSET-BACKED SECURITIES
		(Cost $10,834,854)		10,708,922
		COMMERCIAL MORTGAGE-BACKED SECURITIES — 3.3%
	47,406	Bancorp Commercial Mortgage Trust Series 2018-CRE4, Class A, 3.384% (LIBOR 1 Month+90 basis points), 9/15/2035^1,2,4		47,283

AAM/Insight Select Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2019 (Unaudited)

Principal Amount			Value
		COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
$	172,863	Bellemeade Re Ltd. Series 2018-2A, Class M1B, 3.835% (LIBOR 1 Month+135 basis points), 8/25/2028^1,2,4	$	172,914
	345,803	CGDBB Commercial Mortgage Trust Series 2017-BIOC, Class C, 3.534% (LIBOR 1 Month+105 basis points), 7/15/2032^2,4		344,718
	309,807	CGMS Commercial Mortgage Trust Series 2017-MDRB, Class A, 3.584% (LIBOR 1 Month+110 basis points), 7/15/2030^2,4		309,835
		Citigroup Commercial Mortgage Trust
	400,000	Series 2013-375P, Class D, 3.517%, 5/10/2035^2,3		398,297
	90,000	Series 2016-P6, Class C, 4.284%, 12/10/2049^1,3		88,961
	101,799	Freddie Mac Structured Agency Credit Risk Debt Notes Series 2018-SPI4, Class M1, 4.460%, 11/25/2048^1,2,3		102,125
		FREMF Mortgage Trust
	65,000	Series 2015-K44, Class B, 3.683%, 1/25/2048^1,2,3		65,625
	150,000	Series 2015-K45, Class B, 3.590%, 4/25/2048^1,2,3		150,350
		LMREC, Inc.
	271,385	Series 2015-CRE1, Class AR, 3.471% (LIBOR 1 Month+98 basis points), 2/22/2032^1,2,4		271,655
	197,992	Series 2016-CRE2, Class A, 4.190% (LIBOR 1 Month+170 basis points), 11/24/2031^1,2,4		197,992
		MSBAM Commercial Mortgage Securities Trust
	290,000	Series 2012-CKSV, Class C, 4.287%, 10/15/2030^2,3		288,483
	732,000	Series 2012-CKSV, Class D, 4.287%, 10/15/2030^2,3		659,781
	352,800	MSDB Trust Series 2017-712F, Class C, 3.628%, 7/11/2039^2,3		350,684
		TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
		(Cost $3,415,508)		3,448,703
		CORPORATE BONDS — 71.8%
		COMMUNICATIONS — 7.6%
		AT&T, Inc.
	750,000	4.750%, 5/15/2046¹		732,889
	250,000	5.150%, 2/15/2050¹		255,392
	473,000	Charter Communications Operating LLC / Charter Communications Operating Capital 5.750%, 4/1/2048¹		494,089
		Comcast Corp.
	620,000	3.700%, 4/15/2024¹		640,475
	92,000	4.150%, 10/15/2028¹		96,834
	107,000	4.700%, 10/15/2048¹		115,999
	505,000	4.950%, 10/15/2058¹		557,014
	600,000	Cox Enterprises, Inc. 7.375%, 7/15/2027²		727,796

AAM/Insight Select Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2019 (Unaudited)

Principal Amount			Value
		CORPORATE BONDS (Continued)
		COMMUNICATIONS (Continued)
		CSC Holdings LLC
$	250,000	7.500%, 4/1/2028^1,2	$	267,888
	423,000	6.500%, 2/1/2029^1,2		450,495
	278,000	Grupo Televisa SAB 5.000%, 5/13/2045^1,6		271,978
	259,000	Millicom International Cellular S.A. 6.250%, 3/25/2029^1,2,6		263,483
	400,000	Orange S.A. 9.000%, 3/1/2031⁶		578,654
	384,000	Sirius XM Radio, Inc. 5.000%, 8/1/2027^1,2		384,230
	300,000	Sprint Communications, Inc. 7.000%, 3/1/2020²		307,875
	509,000	Tencent Holdings Ltd. 3.595%, 1/19/2028^1,2,6		502,193
	64,000	Time Warner Cable LLC 6.550%, 5/1/2037		70,703
		Verizon Communications, Inc.
	230,000	4.812%, 3/15/2039		246,378
	411,000	5.012%, 8/21/2054		439,600
	131,000	4.672%, 3/15/2055		133,465
	83,000	Viacom, Inc. 6.875%, 4/30/2036		97,389
	300,000	VTR Finance B.V. 6.875%, 1/15/2024^1,2,6		307,500
				7,942,319
		CONSUMER DISCRETIONARY — 5.6%
	90,873	American Airlines 2013-2 Class B Pass-Through Trust 5.600%, 1/15/2022²		92,236
	241,200	American Airlines 2017-1 Class AA Pass-Through Trust 3.650%, 8/15/2030		242,321
	405,715	American Airlines 2017-2 Class AA Pass-Through Trust 3.350%, 4/15/2031		396,314
	47,089	British Airways 2013-1 Class B Pass-Through Trust 5.625%, 12/20/2021²		47,796
	410,000	ERAC USA Finance LLC 4.500%, 2/15/2045^1,2		403,166
		Ford Motor Credit Co. LLC
	575,000	2.343%, 11/2/2020		562,228
	700,000	5.085%, 1/7/2021		712,684
	400,000	5.875%, 8/2/2021		414,173
	770,000	General Motors Financial Co., Inc. 3.838% (LIBOR 3 Month+110 basis points), 11/6/2021⁴		764,447

AAM/Insight Select Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2019 (Unaudited)

Principal Amount			Value
		CORPORATE BONDS (Continued)
		CONSUMER DISCRETIONARY (Continued)
$	250,000	McDonald's Corp. 4.450%, 3/1/2047¹	$	254,824
	275,000	Newell Brands, Inc. 4.200%, 4/1/2026¹		262,467
	550,000	Royal Caribbean Cruises Ltd. 3.700%, 3/15/2028^1,6		530,065
	179,587	U.S. Airways 2013-1 Class A Pass-Through Trust 3.950%, 5/15/2027		182,072
	337,312	United Airlines 2018-1 Class B Pass-Through Trust 4.600%, 9/1/2027		342,494
	210,000	United Airlines 2019-1 Class AA Pass-Through Trust 4.150%, 2/25/2033		217,425
	515,000	Wyndham Destinations, Inc. 5.750%, 4/1/2027¹		510,828
				5,935,540
		CONSUMER STAPLES — 3.7%
		Altria Group, Inc.
	242,000	4.800%, 2/14/2029¹		249,479
	152,000	5.950%, 2/14/2049¹		163,104
	617,000	Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. 4.900%, 2/1/2046^1,2		619,706
	443,000	Campbell Soup Co. 4.150%, 3/15/2028¹		441,307
	935,000	Conagra Brands, Inc. 3.800%, 10/22/2021		952,520
	394,000	Grupo Bimbo S.A.B. de C.V. 5.950% (U.S. Treasury Yield Curve Rate T-Note Constant Maturity 5 Year+328 basis points), 4/17/2023^1,2,6,7,8,10		405,032
	750,000	Kroger Co. 4.500%, 1/15/2029¹		767,158
	241,000	Mars, Inc. 3.950%, 4/1/2049^1,2		243,573
				3,841,879
		ENERGY — 9.8%
	641,000	Andeavor Logistics LP / Tesoro Logistics Finance Corp. 4.250%, 12/1/2027¹		644,090
	309,000	Antero Midstream Partners LP / Antero Midstream Finance Corp. 5.750%, 3/1/2027^1,2		313,635
	1,642,000	CITGO Petroleum Corp. 6.250%, 8/15/2022^1,2		1,631,738
	200,000	Concho Resources, Inc. 4.875%, 10/1/2047¹		211,102

AAM/Insight Select Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2019 (Unaudited)

Principal Amount			Value
		CORPORATE BONDS (Continued)
		ENERGY (Continued)
		Enbridge, Inc.
$	1,013,000	5.500%, 12/1/2046^1,6	$	1,208,962
	180,000	6.000% (LIBOR 3 Month+389 basis points), 1/15/2077^1,6,11		178,650
	500,000	Energy Transfer Operating LP 6.250%, 4/15/2049¹		560,042
		Enterprise Products Operating LLC
	475,000	6.450%, 9/1/2040		588,121
	126,000	5.375% (LIBOR 3 Month+257 basis points), 2/15/2078^1,11		112,398
	250,000	Kinder Morgan, Inc. 8.050%, 10/15/2030		319,508
		Marathon Petroleum Corp.
	307,000	4.750%, 9/15/2044¹		305,633
	345,000	5.850%, 12/15/2045¹		369,590
		MPLX LP
	515,000	4.875%, 6/1/2025¹		548,175
	253,000	5.200%, 3/1/2047¹		256,716
	249,000	5.500%, 2/15/2049¹		265,598
	408,000	4.900%, 4/15/2058¹		383,813
	182,000	NGPL PipeCo LLC 7.768%, 12/15/2037²		218,400
	208,000	Patterson-UTI Energy, Inc. 3.950%, 2/1/2028¹		196,389
	250,000	Plains All American Pipeline LP / PAA Finance Corp. 4.500%, 12/15/2026¹		256,125
	455,000	Shell International Finance B.V. 4.000%, 5/10/2046⁶		473,075
	196,000	Spectra Energy Partners LP 3.375%, 10/15/2026¹		192,765
	275,000	Sunoco Logistics Partners Operations LP 5.400%, 10/1/2047¹		274,666
	247,000	Sunoco LP / Sunoco Finance Corp. 5.500%, 2/15/2026¹		244,530
	280,000	USA Compression Partners LP / USA Compression Finance Corp. 6.875%, 9/1/2027^1,2		284,550
	250,000	Williams Cos., Inc. 4.900%, 1/15/2045¹		249,618
				10,287,889
		FINANCIALS — 21.6%
	150,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.450%, 4/3/2026^1,6		150,254
	175,000	Allstate Corp. 6.500% (LIBOR 3 Month+212 basis points), 5/15/2057^1,11		192,500

AAM/Insight Select Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2019 (Unaudited)

Principal Amount			Value
		CORPORATE BONDS (Continued)
		FINANCIALS (Continued)
$	990,000	American Express Co. 3.400%, 2/22/2024¹	$	1,005,933
	802,000	American International Group, Inc. 8.175% (LIBOR 3 Month+419 basis points), 5/15/2058^1,11		964,405
	500,000	American Tower Corp. 3.600%, 1/15/2028¹		492,780
		Bank of America Corp.
	225,000	4.100%, 7/24/2023		235,252
	1,174,000	3.366% (LIBOR 3 Month+81 basis points), 1/23/2026^1,11		1,174,823
	200,000	4.183%, 11/25/2027¹		203,098
	1,000,000	3.974% (LIBOR 3 Month+121 basis points), 2/7/2030^1,11		1,019,238
	200,000	5.875%, 2/7/2042		249,704
	329,000	Barclays Bank PLC 3.259% (LIBOR 3 Month+46 basis points), 1/11/2021^1,4,6		326,842
	210,000	Barclays PLC 4.836%, 5/9/2028^1,6		207,735
	380,000	Berkshire Hathaway Finance Corp. 4.200%, 8/15/2048¹		393,708
		Citigroup, Inc.
	685,000	3.500%, 5/15/2023		694,529
	515,000	4.056% (LIBOR 3 Month+143 basis points), 9/1/2023^1,4		523,561
	309,000	5.300%, 5/6/2044		340,467
	451,000	Credit Agricole S.A. 4.000% (USD SWAP SEMI 30/360 5Y+164 basis points), 1/10/2033^1,2,6,10		435,270
	351,000	Danske Bank A/S 5.000%, 1/12/2022^2,6		359,964
	1,050,000	Farmers Insurance Exchange 4.747% (LIBOR 3 Month+323 basis points), 11/1/2057^1,2,11		908,544
		Goldman Sachs Group, Inc.
	209,000	5.950%, 1/15/2027		233,607
	790,000	4.515% (LIBOR 3 Month+175 basis points), 10/28/2027^1,4		797,848
	250,000	6.750%, 10/1/2037		304,769
	502,000	Harborwalk Funding Trust 5.077% (LIBOR 3 Month+319 basis points), 2/15/2069^1,2,11		527,120
	232,000	High Street Funding Trust II 4.682%, 2/15/2048^1,2		236,176
	395,000	HSBC Capital Funding Dollar 1 LP 10.176% (LIBOR 3 Month+498 basis points), 6/30/2030^1,2,6,7,8,11		580,571
		JPMorgan Chase & Co.
	184,000	4.950%, 3/25/2020		187,946
	880,000	4.625% (LIBOR 3 Month+258 basis points), 11/1/2022^1,7,8,11		818,400
	500,000	3.960% (LIBOR 3 Month+125 basis points), 1/29/2027^1,11		516,343

AAM/Insight Select Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2019 (Unaudited)

Principal Amount			Value
		CORPORATE BONDS (Continued)
		FINANCIALS (Continued)
		Liberty Mutual Group, Inc.
$	392,000	7.800%, 3/7/2037²		448,840
	862,000	5.516% (LIBOR 3 Month+291 basis points), 3/7/2037^1,2,11	$	816,745
	487,000	Lincoln National Corp. 3.800%, 3/1/2028¹		493,538
	236,000	Massachusetts Mutual Life Insurance Co. 4.900%, 4/1/2077²		249,640
		MetLife, Inc.
	1,150,000	6.400%, 12/15/2066¹		1,233,375
	200,000	10.750%, 8/1/2069¹		302,000
	635,000	Mitsubishi UFJ Financial Group, Inc. 2.665%, 7/25/2022⁶		629,644
		Morgan Stanley
	850,000	4.875%, 11/1/2022		897,095
	100,000	4.179% (LIBOR 3 Month+140 basis points), 10/24/2023^1,4		101,555
	150,000	5.000%, 11/24/2025		160,781
	300,000	4.350%, 9/8/2026		307,783
	500,000	3.950%, 4/23/2027		499,848
	231,000	Nuveen LLC 4.000%, 11/1/2028^1,2		246,421
	379,000	PNC Financial Services Group, Inc. 5.000% (LIBOR 3 Month+330 basis points), 11/1/2026^1,7,8,11		373,315
		Prudential Financial, Inc.
	300,000	5.625% (LIBOR 3 Month+392 basis points), 6/15/2043^1,11		312,000
	447,000	5.700% (LIBOR 3 Month+267 basis points), 9/15/2048^1,11		452,386
	100,000	SAFG Retirement Services, Inc. 8.125%, 4/28/2023		114,214
	250,000	UBS A.G./Stamford CT 7.625%, 8/17/2022⁶		275,295
		Wells Fargo & Co.
	350,000	4.480%, 1/16/2024		368,397
	250,000	5.875% (LIBOR 3 Month+399 basis points), 6/15/2025^1,7,8,11		267,125
				22,631,384
		GOVERNMENTS — 1.8%
	226,000	Colombia Government International Bond 5.200%, 5/15/2049^1,6		243,131
	200,000	Perusahaan Penerbit SBSN Indonesia III 4.450%, 2/20/2029^2,6		205,766
	397,000	Qatar Government International Bond 4.000%, 3/14/2029^2,6		409,153
	1,000,000	Saudi Government International Bond 5.250%, 1/16/2050^2,6		1,066,480
				1,924,530

AAM/Insight Select Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2019 (Unaudited)

Principal Amount			Value
		CORPORATE BONDS (Continued)
		HEALTH CARE — 3.4%
$	548,000	Elanco Animal Health, Inc. 4.272%, 8/28/2023^1,2	$	564,788
	995,000	Eli Lilly & Co. 3.375%, 3/15/2029¹		1,020,734
	1,017,000	Merck & Co., Inc. 3.400%, 3/7/2029¹		1,043,341
	310,000	Mylan N.V. 3.950%, 6/15/2026^1,6		295,749
	614,000	Stryker Corp. 3.375%, 11/1/2025¹		623,907
				3,548,519
		INDUSTRIALS — 3.3%
		General Electric Co.
	84,000	5.300%, 2/11/2021		86,938
	744,000	4.125%, 10/9/2042		645,657
	100,000	Heathrow Funding Ltd. 4.875%, 7/15/2023^2,6		102,663
	231,000	JSL Europe S.A. 7.750%, 7/26/2024^1,2,6		228,159
	294,000	Penske Truck Leasing Co. Lp / PTL Finance Corp. 3.650%, 7/29/2021^1,2		297,973
		Ryder System, Inc.
	336,000	3.500%, 6/1/2021		339,101
	1,005,000	3.650%, 3/18/2024¹		1,025,103
	50,000	Sydney Airport Finance Co. Pty Ltd. 3.375%, 4/30/2025^1,2,6		49,165
	285,000	TransDigm, Inc. 6.250%, 3/15/2026^1,2		296,827
	200,000	Union Pacific Corp. 4.500%, 9/10/2048¹		212,274
	150,000	United Technologies Corp. 2.800%, 5/4/2024¹		148,112
				3,431,972
		MATERIALS — 3.8%
	782,000	3M Co. 4.000%, 9/14/2048¹		818,081
	1,792,000	BHP Billiton Finance USA Ltd. 6.750% (USD SWAP SEMI 30/360 5Y+509 basis points), 10/19/2075^1,2,6,10		1,983,834
	500,000	Glencore Funding LLC 4.125%, 5/30/2023²		509,275
		Nutrien Ltd.
	500,000	3.625%, 3/15/2024^1,6		505,822

AAM/Insight Select Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2019 (Unaudited)

Principal Amount			Value
		CORPORATE BONDS (Continued)
		MATERIALS (Continued)
$	148,000	4.200%, 4/1/2029^1,6	$	152,399
				3,969,411
		TECHNOLOGY — 3.1%
		Broadcom, Inc.
	1,030,000	4.250%, 4/15/2026²		1,022,388
	1,030,000	4.750%, 4/15/2029²		1,025,108
	137,000	Microsoft Corp. 4.500%, 2/6/2057¹		156,831
	525,000	NXP B.V. / NXP Funding LLC 3.875%, 9/1/2022^2,6		532,418
	500,000	Oracle Corp. 3.850%, 7/15/2036¹		501,390
				3,238,135
		UTILITIES — 8.1%
	235,000	AES Gener S.A. 7.125% (USD SWAP SEMI 30/360 5Y+465 basis points), 3/26/2079^1,2,6,10		240,288
	789,000	Arizona Public Service Co. 4.250%, 3/1/2049¹		818,558
	170,000	Black Hills Corp. 3.950%, 1/15/2026¹		172,691
	675,000	Cleveland Electric Illuminating Co. 3.500%, 4/1/2028^1,2		662,791
	429,000	Duke Energy Carolinas LLC 3.950%, 11/15/2028¹		456,785
	262,000	Duquesne Light Holdings, Inc. 6.400%, 9/15/2020²		273,475
	508,000	Edison International 2.400%, 9/15/2022¹		469,386
		Enel Finance International N.V.
	317,000	2.750%, 4/6/2023^2,6		306,868
	526,000	4.625%, 9/14/2025^2,6		544,015
	248,000	Exelon Corp. 3.400%, 4/15/2026¹		247,945
		FirstEnergy Corp.
	200,000	7.375%, 11/15/2031		264,592
	210,000	4.850%, 7/15/2047¹		225,203
	664,000	Florida Power & Light Co. 3.990%, 3/1/2049¹		696,450
	230,000	Kansas City Power & Light Co. 4.200%, 6/15/2047¹		239,408
	354,000	Metropolitan Edison Co. 4.300%, 1/15/2029^1,2		370,502

AAM/Insight Select Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2019 (Unaudited)

Principal Amount			Value
		CORPORATE BONDS (Continued)
		UTILITIES (Continued)
$	1,000,000	MidAmerican Energy Co. 4.250%, 7/15/2049¹	$	1,063,830
	277,000	NiSource, Inc. 5.650% (U.S. Treasury Yield Curve Rate T-Note Constant Maturity 5 Year+284 basis points), 6/15/2023^1,7,8,10		270,075
	221,000	South Carolina Electric & Gas Co. 4.250%, 8/15/2028¹		238,597
		Southern Co. Gas Capital Corp.
	426,000	5.875%, 3/15/2041¹		506,128
	121,000	3.950%, 10/1/2046¹		113,486
	282,000	4.400%, 5/30/2047¹		283,424
				8,464,497
		TOTAL CORPORATE BONDS
		(Cost $74,338,026)		75,216,075
		MUNICIPAL BONDS — 0.4%
	260,000	State of California 7.550%, 4/1/2039		394,867
		TOTAL MUNICIPAL BONDS
		(Cost $361,758)		394,867
		U.S. GOVERNMENT AND AGENCIES — 11.6%
	36,430	Fannie Mae Pool 6.000%, 7/1/2040		41,211
		United States Treasury Bond
	3,104,300	3.500%, 2/15/2039		3,517,439
	650,500	3.000%, 2/15/2049		673,979
	1,015,000	United States Treasury Floating Rate Note 2.468% (U.S. Treasury 3 Month Bill Money Market Yield), 7/31/2020⁴		1,014,060
		United States Treasury Note
	395,000	3.125%, 11/15/2028		418,993
	1,334,900	2.625%, 12/31/2023		1,357,583
	183,900	2.500%, 1/31/2024		186,041
	92,000	2.500%, 2/28/2026		93,046
	4,847,100	2.375%, 2/29/2024		4,878,718
		TOTAL U.S. GOVERNMENT AND AGENCIES
		(Cost $11,861,095)		12,181,070

AAM/Insight Select Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2019 (Unaudited)

Number of Shares			Value
		PREFERRED STOCKS — 0.3%
		FINANCIALS — 0.3%
	2,800	CoBank ACB 6.250% (LIBOR 3 Month+456 basis points), 10/1/2022^1,7,8,11	$	287,000
		TOTAL PREFERRED STOCKS
		(Cost $299,688)		287,000

		SHORT-TERM INVESTMENTS — 0.7%
	807,950	Federated Treasury Obligations Fund - Institutional Class 2.256%, 4/3/2019⁹		807,950
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $807,950)		807,950
		TOTAL INVESTMENTS — 98.3%
		(Cost $101,918,879)		103,044,587
		Other Assets in Excess of Liabilities — 1.7%		1,731,490
		TOTAL NET ASSETS — 100.0%	$	104,776,077

LLC – Limited Liability Company

PLC – Public Limited Company

LP – Limited Partnership

¹	Callable.
²	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 $37,041,183, which represents 35.4% of total net assets of the Fund.
³	Variable rate security.
⁴	Floating rate security.
⁵	Step rate security.
⁶	Foreign security denominated in U.S. Dollars.
⁷	Interest-only security.
⁸	Perpetual security. Date shown is next call date.
⁹	The rate is the annualized seven-day yield at period end.
¹⁰	Fixed to variable security. Fixed rate indicated is the rate effective at March 31, 2019. Security may convert at a future date to variable rate of referenced rate and spread.
¹¹	Fixed to float security. Fixed rate indicated is the rate effective at March 31, 2019. Security may convert at a future date to floating rate of referenced rate and spread.

See accompanying Notes to Schedule of Investments.

AAM/Insight Select Income Fund

NOTES TO SCHEDULES OF INVESTMENTS

March 31, 2019 (Unaudited)

Note 1 – Organization

AAM/Insight Select Income Fund (formerly known as the AAM Select Income Fund) (the “Fund”) is organized as a diversified 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 Fund’s primary investment objective is to seek current income. The Fund currently offers four classes of shares: Class A, Class C, Class I and Class Y. The Fund’s Class A, Class C and Class I shares commenced investment operations on April 19, 2013. The Fund’s Class Y shares commenced investment operations on October 31, 2017.

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 shares outstanding. 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.

The 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”.

Note 2 – Accounting Policies

The following is a summary of the significant accounting policies consistently followed by the Fund in the preparation of its 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.

(a) Valuation of Investments

The 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) 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 are subsequently reviewed by the Board at its next regularly scheduled board meeting. The Valuation Committee meets as needed. The Valuation Committee is comprised of all the Trustees, but action may be taken by any one of the Trustees.

AAM/Insight Select Income Fund

NOTES TO SCHEDULES OF INVESTMENTS - Continued

March 31, 2019 (Unaudited)

(b) Corporate Debt Securities

Corporate debt securities are fixed-income securities issued by businesses to finance their operations, although corporate debt instruments may also include bank loans to companies. Notes, bonds, bank loans, debentures and commercial paper are the most common types of corporate debt securities, with the primary difference being their maturities and secured or unsecured status. Commercial paper has the shortest term and is usually unsecured. The broad category of corporate debt securities includes debt issued by domestic or foreign companies of all kinds, including those with small-, mid- and large-capitalizations. Corporate debt may be rated investment grade or below investment grade and may carry variable or floating rates of interest.

Corporate debt securities carry credit risk, interest rate risk and prepayment risk. Credit risk is the risk that a fund could lose money if the issuer of a corporate debt security is unable to pay interest or repay principal when it is due. Some corporate debt securities that are rated below investment grade are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt securities. The credit risk of a particular issuer’s debt security may vary based on its priority for repayment.

Interest rate risk is the risk that the value of certain corporate debt securities will tend to fall when interest rates rise. In general, corporate debt securities with longer terms tend to fall more in value when interest rates rise than corporate debt securities with shorter terms. Prepayment risk occurs when issuers prepay fixed rate debt securities when interest rates fall, forcing the Fund to invest in securities with lower interest rates. Issuers of debt securities are also subject to the provisions of bankruptcy, insolvency and other laws affecting the rights and remedies of creditors that may restrict the ability of the issuer to pay, when due, the principal of and interest on its debt securities.

Note 3 – Federal Income Taxes

At March 31, 2019, gross unrealized appreciation (depreciation) of investments, based on cost for federal income tax purposes were as follows:

Cost of investments	$	101,919,538

Gross unrealized appreciation		2,223,185
Gross unrealized depreciation		(1,098,136	)

Net unrealized appreciation	$	1,125,049

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in security transactions.

Note 4 – 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.

AAM/Insight Select Income Fund

NOTES TO SCHEDULES OF INVESTMENTS - Continued

March 31, 2019 (Unaudited)

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

•

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

•

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.

•

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.

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 March 31, 2019, in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3*		Total
Investments
Asset-Backed Securities	$	-	$	10,708,922	$	-	$	10,708,922
Commercial Mortgage-Backed Securities		-		3,448,703		-		3,448,703
Corporate Bonds¹		-		75,216,075		-		75,216,075
Municipal Bonds		-		394,867		-		394,867
U.S. Government and Agencies		-		12,181,070		-		12,181,070
Preferred Stocks		287,000		-		-		287,000
Short-Term Investments		807,950		-		-		807,950
Total Investments	$	1,094,950	$	101,949,637	$	-	$	103,044,587

¹	For a detailed break-out of corporate bonds by major industry classification, please refer to the Schedules of Investments.
*	The Fund did not hold any Level 3 securities at period end.

Item 2. Controls and Procedures.

(a)

The Registrant’s President/Chief Executive Officer and Treasurer/Chief Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(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 Registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3. Exhibits.

Separate certifications for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)). Filed herewith.

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:		/s/ Maureen Quill
Title:		Maureen Quill, President

Date:		05/29/19

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:		/s/ Maureen Quill
(Signature and Title)		Maureen Quill, President

Date:		05/29/19

By:		/s/ Rita Dam
(Signature and Title)		Rita Dam, Treasurer

Date:		05/29/19