# EDGAR Filing Document

**Accession Number:** 0001318342
**File Stem:** 0001398344-25-017825
**Filing Date:** 2025-9
**Character Count:** 305764
**Document Hash:** 21d742ad9f8bfdc40652bbb55ae22aae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-017825.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001398344-25-017825

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Investment Managers Series Trust
- **CENTRAL INDEX KEY:** 0001318342

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21719
- **FILM NUMBER:** 251299538

**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

### AAM/Insight Select Income Fund (Series ID: S000040061)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000124376 | Class A      | CPUAX           |
| C000124377 | Class C      | CPUCX           |
| C000124378 | Class I      | CPUIX           |

### AAM/HIMCO Short Duration Fund (Series ID: S000045893)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000142996 | Class A      | ASDAX           |
| C000142997 | Class C      | ASDCX           |
| C000142998 | Class I      | ASDIX           |

?xml version='1.0' encoding='ASCII'? EDGAR HTML

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### 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)

Diane J. Drake

Mutual Fund Administration, LLC

2220 E. Route 66, Suite 226

Glendora, CA 91740

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(626) 385-5777

#### Date of fiscal year end:

#### June 30

#### Date of reporting period:

#### June 30, 2025
 **Item 1. Report to Stockholders.**

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

AAM/HIMCO Short Duration Fund

Class A/ASDAX

![TSR Fund Logo - Cover - AAM](images_327.jpg)

ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This annual shareholder report contains important information about the AAM/HIMCO Short Duration Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.aamlive.com/publicsite/mutual-funds-detail-himco. You can also request this information by contacting us at (888) 966-9661.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| AAM/HIMCO Short Duration Fund<br>(Class A/ASDAX) | $86 | 0.84% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

For the 12-month period ended June 30, 2025, the AAM/HIMCO Short Duration Fund Class A produced positive performance of 5.85%, before applicable sales charges. The Bloomberg 1-3 Year U.S. Government/Credit Index ("Index") returned 5.94% over the same period. The Fund was primarily invested in U.S. Treasuries, investment grade corporates, high yield corporates, bank loans, securitized sectors and cash. The securitized sectors included asset-backed securities (ABS), commercial mortgage-backed securities (CMBS) and collateralized loan obligations (CLOs).

TOP PERFORMANCE CONTRIBUTORS

- Sector allocation was the primary source of positive performance, particularly the out-of-benchmark allocations to CMBS, ABS, CLOs, bank loans and high yield corporates due to spread tightening and the positive carry

- The underweight to U.S. Treasuries was also of benefit

- Security selection within the Industrial sub-sector of investment grade corporates was a positive contributor

TOP PERFORMANCE DETRACTORS

- A shorter interest rate duration position relative to the Index was a detractor given the rally in interest rates over the course of the 12-month period

- The portfolio's cash position was a drag on performance given the relative outperformance of the spread sectors

- An underweight to investment grade corporates slightly detracted

- Security Selection within the Financial sub-sector of investment grade corporates detracted

- The Fund did not have any direct holdings in the emerging market sector which detracted from the positive performance to the Index

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_982515.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| AAM/HIMCO Short Duration Fund (Class A/ASDAX)<sup>1</sup> | 3.16% | 2.38% | 2.31% |
| AAM/HIMCO Short Duration Fund (Class A/ASDAX) *— excluding sales load* | 5.85% | 2.91% | 2.56% |
| Bloomberg 1-3 Year US Government/Credit | 5.94% | 1.58% | 1.84% |
| Bloomberg Aggregate Bond Index\* | 6.08% | -0.73% | 1.76% |

---

 *<sup><sup>1</sup></sup> <sup>Maximum sales charge (load) of 2.50% of offering price.</sup>* 

\* SEC rules require that a broad-based securities market index be provided to compare the performance in annual shareholder reports and prospectuses. The fund also continues to compare its performance to the Bloomberg 1-3 Year US Government/Credit Index. There is no change in the fund's investment strategies as a result of the SEC rule.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.aamlive.com/publicsite/mutual-funds-performance-himco for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$349109017 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;266 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$1010632 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. Interest rate presented in the Top Ten Holdings are as of the reporting period end. The Sector Allocation chart represents Corporate Bonds held by the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Note, 4.37%, 11/30/2028 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Note, 4.25%, 2/28/2029 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Note, 4.00%, 7/31/2029 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Note, 4.13%, 9/30/2027 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Note, 4.00%, 1/31/2029 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Note, 4.62%, 9/15/2026 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Note, 4.25%, 3/15/2027 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Note, 4.00%, 2/29/2028 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Note, 3.50%, 9/15/2025 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Note, 4.50%, 3/31/2026 | 1.4% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_982520.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_982525.jpg)

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.aamlive.com/publicsite/mutual-funds-detail-himco. You can also request this information by contacting us at (888) 966-9661.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 966-9661 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

AAM/HIMCO Short Duration Fund - Class A

AAM/HIMCO Short Duration Fund

Class C/ASDCX

![TSR Fund Logo - Cover - AAM](images_327.jpg)

ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This annual shareholder report contains important information about the AAM/HIMCO Short Duration Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.aamlive.com/publicsite/mutual-funds-detail-himco. You can also request this information by contacting us at (888) 966-9661.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| AAM/HIMCO Short Duration Fund<br>(Class C/ASDCX) | $163 | 1.59% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

For the 12-month period ended June 30, 2025, the AAM/HIMCO Short Duration Fund Class C produced positive performance of 5.00%, before applicable sales charges. The Bloomberg 1-3 Year U.S. Government/Credit Index ("Index") returned 5.94% over the same period. The Fund was primarily invested in U.S. Treasuries, Investment grade corporates, high yield corporates, bank loans, securitized sectors and cash. The securitized sectors included asset-backed securities (ABS), commercial mortgage-backed securities (CMBS) and collateralized loan obligations (CLOs).

TOP PERFORMANCE CONTRIBUTORS

- Sector allocation was the primary source of positive performance, particularly the out-of-benchmark allocations to CMBS, ABS, CLOs, bank loans and high yield corporates due to spread tightening and the positive carry

- The underweight to U.S. Treasuries was also of benefit

- Security selection within the Industrial sub-sector of investment grade corporates was a positive contributor

TOP PERFORMANCE DETRACTORS

- A shorter interest rate duration position relative to the index was a detractor given the rally in interest rates over the course of the 12-month period

- The portfolio's cash position was a drag on the performance given the relative outperformance of the spread sectors

- An underweight to investment grade corporates slightly detracted

- Security selection within the Financial sub-sector of investment grade corporates detracted

- The Fund did not have any direct holdings in the emerging market sector which detracted from the positive performance relative to the index

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_982551.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| AAM/HIMCO Short Duration Fund (Class C/ASDCX)<sup>1</sup> | 4.00% | 2.12% | 1.80% |
| AAM/HIMCO Short Duration Fund (Class C/ASDCX) *— excluding sales load* | 5.00% | 2.12% | 1.80% |
| Bloomberg 1-3 Year US Government/Credit | 5.94% | 1.58% | 1.84% |
| Bloomberg Aggregate Bond Index\* | 6.08% | -0.73% | 1.76% |

---

 *<sup><sup>1</sup></sup> <sup>A Contingent Deferred Sales Charge ("CDSC") of 1.00% may be imposed on certain purchases that are redeemed in whole or in part within 12 months of purchase.</sup>* 

\* SEC rules require that a broad-based securities market index be provided to compare the performance in annual shareholder reports and prospectuses. The fund also continues to compare its performance to the Bloomberg 1-3 Year US Government/Credit Index. There is no change in the fund's investment strategies as a result of the SEC rule.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.aamlive.com/publicsite/mutual-funds-performance-himco for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$349109017 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;266 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$1010632 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. Interest rate presented in the Top Ten Holdings are as of the reporting period end. The Sector Allocation chart represents Corporate Bonds held by the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Note, 4.37%, 11/30/2028 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Note, 4.25%, 2/28/2029 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Note, 4.00%, 7/31/2029 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Note, 4.13%, 9/30/2027 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Note, 4.00%, 1/31/2029 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Note, 4.62%, 9/15/2026 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Note, 4.25%, 3/15/2027 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Note, 4.00%, 2/29/2028 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Note, 3.50%, 9/15/2025 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Note, 4.50%, 3/31/2026 | 1.4% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_982556.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_982561.jpg)

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.aamlive.com/publicsite/mutual-funds-detail-himco. You can also request this information by contacting us at (888) 966-9661.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 966-9661 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

AAM/HIMCO Short Duration Fund - Class C

AAM/HIMCO Short Duration Fund

Class I/ASDIX

![TSR Fund Logo - Cover - AAM](images_327.jpg)

ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This annual shareholder report contains important information about the AAM/HIMCO Short Duration Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.aamlive.com/publicsite/mutual-funds-detail-himco. You can also request this information by contacting us at (888) 966-9661.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| AAM/HIMCO Short Duration Fund<br>(Class I/ASDIX) | $61 | 0.59% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

For the 12-month period ended June 30, 2025, the AAM/HIMCO Short Duration Fund Class I produced positive performance of 6.00%. The Bloomberg U.S. Government/Credit Index ("Index") returned 5.94% over the same period. The Fund was primarily invested in the U.S. Treasuries, investment grade corporates, high yield corporates, bank loans, securitized sectors and cash. The securitized sectors included asset-backed securities (ABS), commercial mortgage-backed securities (CMBS) and collateralized loan obligations (CLOs).

TOP PERFORMANCE CONTRIBUTORS

- Sector allocation was the primary source of positive performance, particularly the out-of-benchmark allocations to CMBS, ABS, CLOs, bank loans and high yield corporates due to spread tightening and the positive carry

- The underweight to U.S. Treasuries was also of benefit

- Security selection within the industrial sub-sector of investment grade corporates was a positive contributor

TOP PERFORMANCE DETRACTORS

- A shorter interest rate duration position relative to the index was a detractor given the rally in interest rates over the 12-month period

- The portfolio's cash position was a drag on performance given the outperformance of the spread sectors

- An underweight to investment grade corporates slightly detracted

- Security selection within the Financial sub-sector of investment grade corporates detracted

- The Fund did not have any direct holdings in the emerging market sector which detracted from the positive performance relative to the index

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $25,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $25,000

![Fund Performance - Growth of 10K](chartimages_982587.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| AAM/HIMCO Short Duration Fund (Class I/ASDIX) | 6.00% | 3.16% | 2.81% |
| Bloomberg 1-3 Year US Government/Credit | 5.94% | 1.58% | 1.84% |
| Bloomberg Aggregate Bond Index\* | 6.08% | -0.73% | 1.76% |

---

\* SEC rules require that a broad-based securities market index be provided to compare the performance in annual shareholder reports and prospectuses. The fund also continues to compare its performance to the Bloomberg 1-3 Year US Government/Credit Index. There is no change in the fund's investment strategies as a result of the SEC rule.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.aamlive.com/publicsite/mutual-funds-performance-himco for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$349109017 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;266 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$1010632 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. Interest rate presented in the Top Ten Holdings are as of the reporting period end. The Sector Allocation chart represents Corporate Bonds held by the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Note, 4.37%, 11/30/2028 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Note, 4.25%, 2/28/2029 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Note, 4.00%, 7/31/2029 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Note, 4.13%, 9/30/2027 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Note, 4.00%, 1/31/2029 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Note, 4.62%, 9/15/2026 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Note, 4.25%, 3/15/2027 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Note, 4.00%, 2/29/2028 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Note, 3.50%, 9/15/2025 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Note, 4.50%, 3/31/2026 | 1.4% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_982592.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_982597.jpg)

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.aamlive.com/publicsite/mutual-funds-detail-himco. You can also request this information by contacting us at (888) 966-9661.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 966-9661 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

AAM/HIMCO Short Duration Fund - Class I

AAM/Insight Select Income Fund

Class A/CPUAX

![TSR Fund Logo - Cover - AAM](images_327.jpg)

ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This annual shareholder report contains important information about the AAM/Insight Select Income Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.aamlive.com/publicsite/mutual-funds-detail-selectincome. You can also request this information by contacting us at (888) 966-9661.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| AAM/Insight Select Income Fund<br>(Class A/CPUAX) | $87 | 0.84% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The following discussion compares the performance of the Fund to the Bloomberg US Credit Index to show how the Fund's performance compares to the returns of similar investments for the reporting period. The Fund seeks to provide current income and outperformed the stated benchmark by investing primarily in the US investment grade corporate bonds, high yield corporate bonds, taxable municipals, US dollar denominated sovereign and foreign agency bonds, Asset-backed securities, and other forms of investment grade structured credit.

TOP PERFORMANCE CONTRIBUTORS

- Sector allocation modestly contributed positively to the Fund's relative performance, as overweight high yield corporates, and non-US IG holdings outperformed as spreads compressed over the year

- Security selection contributed strongly to overall Fund performance as spreads compressed and subordinated bonds and hybrid structures outperformed. CLO holdings, Intel, Farmers Insurance (hybrid) and Southern California Edison (hybrid) were the top contributors to performance while Lincoln Insurance, Braskem and Geopark underperformed

- Duration was a positive contributor as the Fund periodically positioned long earning a bit of additional carry from the steep yield curve and positioning for the expectation of Federal Reserve cuts pushing yields lower

TOP PERFORMANCE DETRACTORS

- Sector allocation overweight to Treasuries and overweight to Energy as well as CLOs detracted from performance as the high-quality sectors underperformed in the face of spread compression although security selection in CLOs contributed positively

- Yield curve positioning detracted as the overweight to the 5yr contributed positively as the curve steepened in anticipation of eventual Fed cuts but this was negatively offset by a small overweight in the long end of the curve

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_982371.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| AAM/Insight Select Income Fund (Class A/CPUAX)<sup>1</sup> | 3.42% | 0.05% | 2.61% |
| AAM/Insight Select Income Fund (Class A/CPUAX) *— excluding sales load* | 6.61% | 0.67% | 2.92% |
| Bloomberg Credit Bond | 6.83% | 0.12% | 2.80% |
| Bloomberg Aggregate Bond Index\* | 6.08% | -0.73% | 1.76% |

---

 *<sup><sup>1</sup></sup> <sup>Maximum sales charge (load) of 3.00% of offering price.</sup>* 

\* SEC rules require that a broad-based securities market index be provided to compare the performance in annual shareholder reports and prospectuses. The fund also continues to compare its performance to the Bloomberg Credit Bond Index. There is no change in the fund's investment strategies as a result of the SEC rule.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.aamlive.com/publicsite/mutual-funds-performance-selectincome for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$207112668 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;450 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$297247 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;56% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. Interest rate presented in the Top Ten Holdings are as of the reporting period end. The Sector Allocation chart represents Corporate Bonds held by the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Note, 3.88%, 5/31/2027 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., 5.05%, 7/23/2030 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 2.97%, 2/4/2033 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 5.35%, 6/1/2034 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley, 6.63%, 11/1/2034 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexico Government International Bond, 6.87%, 5/13/2037 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fortress Credit Opportunities CLO Ltd., Series 2017-9A, Class A1TR, 6.07%, 10/15/2033 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;MetLife, Inc., 9.25%, 4/8/2038 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., 1.99%, 1/27/2032 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;General Motors Co., 5.63%, 4/15/2030 | 0.7% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_982376.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_982381.jpg)

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.aamlive.com/publicsite/mutual-funds-detail-selectincome. You can also request this information by contacting us at (888) 966-9661.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 966-9661 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

AAM/Insight Select Income Fund - Class A

AAM/Insight Select Income Fund

Class C/CPUCX

![TSR Fund Logo - Cover - AAM](images_327.jpg)

ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This annual shareholder report contains important information about the AAM/Insight Select Income Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.aamlive.com/publicsite/mutual-funds-detail-selectincome. You can also request this information by contacting us at (888) 966-9661.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| AAM/Insight Select Income Fund<br>(Class C/CPUCX) | $162 | 1.57% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The following discussion compares the performance of the Fund to the Bloomberg US Credit Index to show how the Fund's performance compares to the returns of similar investments for the reporting period. The Fund seeks to provide current income and outperformed the stated benchmark by investing primarily in the US investment grade corporate bonds, high yield corporate bonds, taxable municipals, US dollar denominated sovereign and foreign agency bonds, Asset-backed securities, and other forms of investment grade structured credit.

TOP PERFORMANCE CONTRIBUTORS

- Sector allocation modestly contributed positively to the Fund's relative performance, as overweight high yield corporates, and non-US IG holdings outperformed as spreads compressed over the year

- Security selection contributed strongly to overall Fund performance as spreads compressed and subordinated bonds and hybrid structures outperformed. CLO holdings, Intel, Farmers Insurance (hybrid) and Southern California Edison (hybrid) were the top contributors to performance while Lincoln Insurance, Braskem and Geopark underperformed

- Duration was a positive contributor as the Fund periodically positioned long earning a bit of additional carry form the steep yield curve and positioning for the expectation of Federal Reserve cuts pushing yields lower

TOP PERFORMANCE DETRACTORS

- Sector allocation overweight to Treasuries and overweight to Energy as well as CLO's detracted from performance as the high-quality sectors underperformed in the face of spread compression although security selection in the CLOs contributed positively

- Yield curve positioning detracted as the overweight to the 5yr contributed positively as the curve steepened in anticipation of eventual Fed cuts but this was negatively offset by a small overweight in the long end of the curve

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_982407.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| AAM/Insight Select Income Fund (Class C/CPUCX)<sup>1</sup> | 4.94% | -0.08% | 2.17% |
| AAM/Insight Select Income Fund (Class C/CPUCX) *— excluding sales load* | 5.94% | -0.08% | 2.17% |
| Bloomberg Credit Bond | 6.83% | 0.12% | 2.80% |
| Bloomberg Aggregate Bond Index\* | 6.08% | -0.73% | 1.76% |

---

 *<sup><sup>1</sup></sup> <sup>A Contingent Deferred Sales Charge ("CDSC") of 1.00% may be imposed on certain purchases that are redeemed in whole or in part within 12 months of purchase.</sup>* 

\* SEC rules require that a broad-based securities market index be provided to compare the performance in annual shareholder reports and prospectuses. The fund also continues to compare its performance to the Bloomberg Credit Bond Index. There is no change in the fund's investment strategies as a result of the SEC rule.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.aamlive.com/publicsite/mutual-funds-performance-selectincome for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$207112668 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;450 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$297247 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;56% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. Interest rate presented in the Top Ten Holdings are as of the reporting period end. The Sector Allocation chart represents Corporate Bonds held by the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Note, 3.88%, 5/31/2027 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., 5.05%, 7/23/2030 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 2.97%, 2/4/2033 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 5.35%, 6/1/2034 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley, 6.63%, 11/1/2034 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexico Government International Bond, 6.87%, 5/13/2037 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fortress Credit Opportunities CLO Ltd., Series 2017-9A, Class A1TR, 6.07%, 10/15/2033 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;MetLife, Inc., 9.25%, 4/8/2038 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., 1.99%, 1/27/2032 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;General Motors Co., 5.63%, 4/15/2030 | 0.7% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_982412.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_982417.jpg)

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.aamlive.com/publicsite/mutual-funds-detail-selectincome. You can also request this information by contacting us at (888) 966-9661.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 966-9661 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

AAM/Insight Select Income Fund - Class C

AAM/Insight Select Income Fund

Class I/CPUIX

![TSR Fund Logo - Cover - AAM](images_327.jpg)

ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This annual shareholder report contains important information about the AAM/Insight Select Income Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.aamlive.com/publicsite/mutual-funds-detail-selectincome. You can also request this information by contacting us at (888) 966-9661.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| AAM/Insight Select Income Fund<br>(Class I/CPUIX) | $61 | 0.59% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The following discussion compares the performance of the Fund to the Bloomberg US Credit Index to show how the Fund's performance compares to the returns of similar investments for the reporting period. The Fund seeks to provide current income and outperformed the stated benchmark by investing primarily in US investment grade corporate bonds, high yield corporate bonds, taxable municipals, US dollar denominated sovereign and foreign agency bonds, Asset-backed securities, and other forms of Investment graded structured credit.

TOP PERFORMANCE CONTRIBUTORS

- Sector allocation modestly contributed positively to the Fund's relative performance, as overweight high yield corporates, and non-US IG holdings outperformed as spreads compressed over the year

- Security selection contributed strongly to overall Fund performance as spreads compressed and subordinated bonds and hybrid structures outperformed. CLO holdings, Intel, Farmers Insurance (hybrid) and Southern California Edison (hybrid) were the top contributors to performance while Lincoln Insurance, Braskem, and Geopark underperformed

- Duration was a positive contributor as the Fund periodically positioned long earning a bit of additional carry from the steep yield curve and positioning for the expectation of Federal Reserve cuts pushing yields lower

TOP PERFORMANCE DETRACTORS

- Sector allocation overweight to Treasuries and overweight to Energy as well as CLO's detracted from performance as the high-quality sectors underperformed in the face of spread compression although security selection in CLOs contributed positively

- Yield curve positioning detracted as the overweight to the 5yr contributed positively as the curve steepened in anticipation of eventual Fed cuts but this was negatively offset by a small overweight in the long end of the curve\|

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $25,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $25,000

![Fund Performance - Growth of 10K](chartimages_982443.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| AAM/Insight Select Income Fund (Class I/CPUIX) | 7.00% | 0.92% | 3.20% |
| Bloomberg Credit Bond | 6.83% | 0.12% | 2.80% |
| Bloomberg Aggregate Bond Index\* | 6.08% | -0.73% | 1.76% |

---

\* SEC rules require that a broad-based securities market index be provided to compare the performance in annual shareholder reports and prospectuses. The fund also continues to compare its performance to the Bloomberg Credit Bond Index. There is no change in the fund's investment strategies as a result of the SEC rule.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.aamlive.com/publicsite/mutual-funds-performance-selectincome for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$207112668 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;450 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$297247 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;56% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. Interest rate presented in the Top Ten Holdings are as of the reporting period end. The Sector Allocation chart represents Corporate Bonds held by the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Note, 3.88%, 5/31/2027 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., 5.05%, 7/23/2030 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 2.97%, 2/4/2033 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 5.35%, 6/1/2034 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley, 6.63%, 11/1/2034 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexico Government International Bond, 6.87%, 5/13/2037 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fortress Credit Opportunities CLO Ltd., Series 2017-9A, Class A1TR, 6.07%, 10/15/2033 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;MetLife, Inc., 9.25%, 4/8/2038 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., 1.99%, 1/27/2032 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;General Motors Co., 5.63%, 4/15/2030 | 0.7% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_982448.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_982453.jpg)

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.aamlive.com/publicsite/mutual-funds-detail-selectincome. You can also request this information by contacting us at (888) 966-9661.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 966-9661 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

AAM/Insight Select Income Fund - Class I

(b) Not applicable.

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

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

The registrant undertakes to provide to any person without charge, upon request, a copy of its code of ethics by mail when they call the registrant at 1-888-966-9661.

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

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. William H. Young is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

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

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | | |
|:---|:---|:---|:---|
| | AAM Funds | <br>FYE 6/30/2025 | <br>FYE 6/30/2024 |
| (a) | Audit Fees | $42700 | $41650 |
| (b) | Audit-Related Fees | N/A | N/A |
| (c) | Tax Fees | $5800 | $5600 |
| (d) | All Other Fees | N/A | N/A |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Tait, Weller, & Weller LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| AAM Funds |  |  |
|  | FYE 6/30/2025 | FYE 6/30/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed
 by full-time permanent employees of the principal accountant.

The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment advisor (and any other controlling entity, etc.—not sub-advisor) for the last two years. The audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment advisor is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

---

| | | | |
|:---|:---|:---|:---|
| | AAM Funds | <br>FYE 6/30/2025 | <br>FYE 6/30/2024 |
| (g) | Registrant Non-Audit Related Fees | N/A | N/A |
| (h) | Registrant's Investment Advisor | N/A | N/A |

---

(i) Not applicable.

(j) Not applicable.

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

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

(b) Not applicable.

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

(a) Schedule of Investments is included as part of the report to shareholders filed under Item 7 of this Form.

(b) Not Applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.</u>**

![](fp0095289-1_01.jpg)

**AAM/HIMCO Short Duration Fund** 

**(Class A: ASDAX)**

**(Class C: ASDCX)**

**(Class I: ASDIX)**

**ANNUAL FINANCIALS AND OTHER INFORMATION**

**JUNE 30, 2025**

**AAM/HIMCO Short Duration Fund**

*A series of Investment Managers Series Trust*

**Table of Contents**

Please note the Financials and Other Information only contains Items 7-11 required in Form N-CSR. All other required items will be filed with the SEC.

### Item 7. Financial Statements and Financial Highlights &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedule of Investments 1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Assets and Liabilities 13 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Operations 14 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets 15 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Highlights 16 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A 16 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C 17 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I 18 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements 19 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Report of Independent Registered Public Accounting Firm 28
*This report and the financial statements contained herein are provided for the general information of the shareholders of the AAM/HIMCO Short Duration Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

 

**www.aamlive.com/publicsite/mutual-funds**

**AAM/HIMCO Short Duration Fund**

**SCHEDULE OF INVESTMENTS**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **ASSET-BACKED SECURITIES — 15.3%** |  |
| $2687000 | American Express Credit Account Master Trust<br> Series 2024-1, Class A, 5.23%, 4/15/2029<sup>1</sup> | $2740369 |
|  | Apidos CLO |  |
| 1052632 | &nbsp;&nbsp;&nbsp;Series 2012-11A, Class XR4, 5.28% (3-Month Term SOFR+100 basis points), 4/17/2034<sup>1,2,3</sup> | 1051802 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2020-34A, Class B1R, 6.18% (3-Month Term SOFR+191 basis points), 1/20/2035<sup>1,2,3</sup> | 1001128 |
| 2333000 | BA Credit Card Trust<br> Series 2024-A1, Class A, 4.93%, 5/15/2029<sup>1</sup> | 2367302 |
| 2000000 | Balboa Bay Loan Funding Ltd.<br> Series 2022-1A, Class XR, 5.32% (3-Month Term SOFR+105 basis points), 4/20/2037<sup>1,2,3</sup> | 1997870 |
| 1000000 | Carmax Auto Owner Trust<br> Series 2022-3, Class C, 4.98%, 2/15/2028<sup>1</sup> | 1002403 |
|  | Commonbond Student Loan Trust |  |
| 12290 | &nbsp;&nbsp;&nbsp;Series 2016-B, Class B, 4.00%, 10/25/2040<sup>1,3</sup> | 11581 |
| 239295 | &nbsp;&nbsp;&nbsp;Series 2018-CGS, Class A1, 3.87%, 2/25/2046<sup>1,3</sup> | 231868 |
|  | Credit Acceptance Auto Loan Trust |  |
| 663687 | &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A, 6.48%, 3/15/2033<sup>1,3</sup> | 666745 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2024-2A, Class A, 5.95%, 6/15/2034<sup>1,3</sup> | 1019714 |
|  | Crown City CLO |  |
| 666667 | &nbsp;&nbsp;&nbsp;Series 2022-4A, Class X, 5.37% (3-Month Term SOFR+110 basis points), 4/20/2037<sup>1,2,3</sup> | 665976 |
| 666667 | &nbsp;&nbsp;&nbsp;Series 2023-5A, Class X, 5.42% (3-Month Term SOFR+115 basis points), 4/20/2037<sup>1,2,3</sup> | 666643 |
| 1500000 | Dryden CLO Ltd.<br> Series 2023-105A, Class XR, 5.38% (3-Month Term SOFR+105 basis points), 4/15/2038<sup>1,2,3</sup> | 1496606 |
| 1500000 | Eaton Vance CLO Ltd.<br> Series 2019-1A, Class X, 5.31% (3-Month Term SOFR+105 basis points), 7/15/2037<sup>1,2,3</sup> | 1498589 |
|  | Evergreen Credit Card Trust |  |
| 1248000 | &nbsp;&nbsp;&nbsp;Series 2024-CRT4, Class B, 5.25%, 10/15/2028<sup>1,3</sup> | 1246738 |
| 893000 | &nbsp;&nbsp;&nbsp;Series 2024-CRT4, Class C, 5.64%, 10/15/2028<sup>1,3</sup> | 893170 |
| 314000 | &nbsp;&nbsp;&nbsp;Series 2025-CRT5, Class C, 5.53%, 5/15/2029<sup>1,3</sup> | 316832 |
|  | Exeter Automobile Receivables Trust |  |
| 783552 | &nbsp;&nbsp;&nbsp;Series 2022-1A, Class D, 3.02%, 6/15/2028<sup>1</sup> | 776339 |
| 909000 | &nbsp;&nbsp;&nbsp;Series 2022-2A, Class D, 4.56%, 7/17/2028<sup>1</sup> | 905879 |
|  | FirstKey Homes Trust |  |
| 875000 | &nbsp;&nbsp;&nbsp;Series 2020-SFR1, Class C, 1.94%, 8/17/2037<sup>3</sup> | 868229 |
| 1575000 | &nbsp;&nbsp;&nbsp;Series 2020-SFR1, Class F2, 4.28%, 8/17/2037<sup>3</sup> | 1566884 |
| 580000 | Ford Credit Auto Owner Trust<br> Series 2022-C, Class C, 5.22%, 3/15/2030<sup>1</sup> | 583495 |
| 1000000 | GM Financial Consumer Automobile Receivables Trust<br> Series 2023-2, Class B, 4.82%, 10/16/2028<sup>1</sup> | 1005093 |
|  | GreenSky Home Improvement Trust |  |
| 152046 | &nbsp;&nbsp;&nbsp;Series 2024-1, Class A2, 5.88%, 6/25/2059<sup>1,3</sup> | 152817 |

---

**AAM/HIMCO Short Duration Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
| $906827 | &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2, 5.12%, 3/25/2060<sup>1,3</sup> | $908425 |
| 179024 | HERO Funding Trust<br> Series 2015-2A, Class A, 3.99%, 9/20/2040<sup>1,3</sup> | 169267 |
| 1000000 | HPEFS Equipment Trust<br> Series 2023-2A, Class C, 6.48%, 1/21/2031<sup>1,3</sup> | 1008847 |
|  | JP Morgan Mortgage Trust |  |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2023-HE3, Class M2, 6.80% (30-Day SOFR Average+250 basis points), 5/20/2054<sup>1,2,3</sup> | 1516684 |
| 493333 | &nbsp;&nbsp;&nbsp;Series 2024-HE3, Class M2, 6.30% (30-Day SOFR Average+200 basis points), 2/25/2055<sup>1,2,3</sup> | 495317 |
| 907784 | &nbsp;&nbsp;&nbsp;Series 2025-HE1, Class M2, 6.05% (30-Day SOFR Average+175 basis points), 7/20/2055<sup>1,2,3</sup> | 906361 |
| 2000000 | Navient Private Education Refi Loan Trust<br> Series 2019-CA, Class B, 3.67%, 2/15/2068<sup>1,3</sup> | 1880836 |
| 2000000 | Neuberger Berman CLO Ltd.<br> Series 2017-16SA, Class XR2, 5.26% (3-Month Term SOFR+95 basis points), 4/15/2039<sup>1,2,3</sup> | 1994953 |
| 2000000 | Octagon Ltd.<br> Series 2023-2A, Class XR, 5.34% (3-Month Term SOFR+105 basis points), 4/20/2038<sup>1,2,3</sup> | 1997389 |
| 2000000 | Park Avenue Institutional Advisers CLO Ltd.<br> Series 2019-2A, Class A2R, 6.22% (3-Month Term SOFR+197 basis points), 10/15/2034<sup>1,2,3</sup> | 2000466 |
| 1500000 | Race Point CLO Ltd.<br> Series 2015-9A, Class A2R2, 5.97% (3-Month Term SOFR+171 basis points), 10/15/2030<sup>1,2,3</sup> | 1502734 |
| 750000 | Regatta VIII Funding Ltd.<br> Series 2017-1A, Class X, 5.38% (3-Month Term SOFR+110 basis points), 4/17/2037<sup>1,2,3</sup> | 749133 |
| 1000000 | Santander Drive Auto Receivables Trust<br> Series 2022-5, Class D, 5.67%, 12/16/2030<sup>1</sup> | 1009076 |
| 1833333 | Sixth Street CLO Ltd.<br> Series 2019-13A, Class XR, 5.22% (3-Month Term SOFR+95 basis points), 1/21/2038<sup>1,2,3</sup> | 1828579 |
|  | SoFi Professional Loan Program LLC |  |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2017-D, Class BFX, 3.61%, 9/25/2040<sup>1,3</sup> | 483645 |
| 550000 | &nbsp;&nbsp;&nbsp;Series 2018-A, Class B, 3.61%, 2/25/2042<sup>1,3</sup> | 531790 |
| 1140013 | Store Master Funding<br> Series 2018-1A, Class A2, 4.29%, 10/20/2048<sup>1,3</sup> | 1124267 |
| 266666 | TCW CLO Ltd.<br> Series 2017-1A, Class XR3, 5.23% (3-Month Term SOFR+95 basis points), 10/29/2034<sup>1,2,3</sup> | 266609 |
|  | Tricon American Homes Trust |  |
| 983237 | &nbsp;&nbsp;&nbsp;Series 2019-SFR1, Class A, 2.75%, 3/17/2038<sup>3</sup> | 970015 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2020-SFR1, Class C, 2.25%, 7/17/2038<sup>3</sup> | 969929 |
| 1500000 | Venture CLO Ltd.<br> Series 2019-36A, Class A2R, 5.93% (3-Month Term SOFR+166 basis points), 4/20/2032<sup>1,2,3</sup> | 1500776 |

---

**AAM/HIMCO Short Duration Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
| $2000000 | Vibrant CLO Ltd.<br> Series 2019-11A, Class A2R, 6.23% (3-Month Term SOFR+196 basis points), 7/20/2032<sup>1,2,3</sup> | $2000596 |
|  | Westlake Automobile Receivables Trust |  |
| 1274000 | &nbsp;&nbsp;&nbsp;Series 2021-2A, Class E, 2.38%, 3/15/2027<sup>1,3</sup> | 1267717 |
| 1830000 | &nbsp;&nbsp;&nbsp;Series 2021-3A, Class E, 3.42%, 4/15/2027<sup>1,3</sup> | 1818134 |
|  | **TOTAL ASSET-BACKED SECURITIES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $53,846,040) | **53635617** |
|  | **BANK LOANS — 3.9%** |  |
| 1589162 | 1011778 BC ULC<br> 6.08% (1-Month Term SOFR+175 basis points), 9/23/2030<sup>1,2,4,5</sup> | 1584363 |
| 698750 | AAdvantage Loyalty IP Ltd.<br> 6.54% (3-Month Term SOFR+225 basis points), 4/20/2028<sup>1,2,5</sup> | 695200 |
| 620466 | Aramark Services, Inc.<br> 6.33% (1-Month Term SOFR+250 basis points), 6/24/2030<sup>1,2,4</sup> | 623051 |
| 1322473 | Charter Communications Operating LLC<br> 7.33% (3-Month Term SOFR+200 basis points), 12/9/2030<sup>1,2,4</sup> | 1323299 |
| 1044361 | Genesee & Wyoming, Inc.<br> 6.29% (3-Month Term SOFR+200 basis points), 4/10/2031<sup>1,2,4</sup> | 1040142 |
| 267330 | Hilcorp Energy I LP<br> 6.31% (1-Month Term SOFR+200 basis points), 2/5/2030<sup>4,6</sup> | 268165 |
| 146530 | ICON Luxembourg Sarl PLC<br> 6.29% (3-Month Term SOFR+200 basis points), 7/3/2028<sup>1,2,4,5</sup> | 147651 |
| 994949 | Iron Mountain Information Management LLC<br> 6.33% (1-Month Term SOFR+225 basis points), 1/31/2031<sup>1,2,4</sup> | 995362 |
| 742390 | Medline Borrower LP<br> 6.58% (1-Month Term SOFR+225 basis points), 10/23/2028<sup>1,2,4</sup> | 744079 |
| 552863 | PetSmart LLC<br> 8.18% (1-Month Term SOFR+375 basis points), 2/14/2028<sup>1,2,4</sup> | 548371 |
| 36508 | PRA Health Sciences, Inc.<br> 6.29% (3-Month Term SOFR+200 basis points), 7/3/2028<sup>1,2,4</sup> | 36787 |
| 1054357 | Quikrete Holdings, Inc.<br> 6.56% (1-Month Term SOFR+225 basis points), 2/10/2032<sup>1,2,4</sup> | 1054226 |
| 405960 | Ryan Specialty LLC<br> 4.33% (1-Month Term SOFR+225 basis points), 9/15/2031<sup>1,2,4</sup> | 406467 |
| 1247210 | SBA Senior Finance LLC<br> 6.07% (1-Month Term SOFR+200 basis points), 1/27/2031<sup>1,2,4</sup> | 1250179 |
| 461762 | SkyMiles IP Ltd.<br> 8.56% (3-Month Term SOFR+375 basis points), 10/20/2027<sup>1,2,4,5</sup> | 465313 |
| 998000 | Virgin Media Bristol LLC<br> 6.94% (1-Month Term SOFR+250 basis points), 1/31/2028<sup>1,2,4</sup> | 986568 |
| 1134741 | Vistra Operations Co. LLC<br> 6.08% (1-Month Term SOFR+175 basis points), 12/31/2025<sup>1,2,4</sup> | 1138956 |

---

**AAM/HIMCO Short Duration Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **BANK LOANS (Continued)** |  |
| $263000 | XPO, Inc.<br> 6.08% (1-Month Term SOFR+200 basis points), 2/28/2031<sup>1,2,4</sup> | $263921 |
|  | **TOTAL BANK LOANS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $13,535,805) | **13572100** |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 6.9%** |  |
|  | Angel Oak Mortgage Trust |  |
| 133419 | &nbsp;&nbsp;&nbsp;Series 2019-5, Class A3, 2.92%, 10/25/2049<sup>1,3,6</sup> | 131621 |
| 2000000 | &nbsp;&nbsp;&nbsp;Series 2020-R1, Class B1, 3.67%, 4/25/2053<sup>1,3,6</sup> | 1789448 |
| 68158 | &nbsp;&nbsp;&nbsp;Series 2019-6, Class A3, 2.93%, 11/25/2059<sup>1,3,6</sup> | 66925 |
| 116901 | &nbsp;&nbsp;&nbsp;Series 2020-1, Class A3, 2.77%, 12/25/2059<sup>1,3,6</sup> | 113655 |
| 1332800 | &nbsp;&nbsp;&nbsp;Series 2020-3, Class B2, 5.32%, 4/25/2065<sup>1,3,6</sup> | 1244343 |
| 222544 | &nbsp;&nbsp;&nbsp;Series 2020-5, Class A3, 2.04%, 5/25/2065<sup>1,3,6</sup> | 214757 |
| 724446 | &nbsp;&nbsp;&nbsp;Series 2020-4, Class M1, 3.80%, 6/25/2065<sup>1,3,6</sup> | 688716 |
| 1290192 | Arroyo Mortgage Trust<br> Series 2019-2, Class M1, 4.76%, 4/25/2049<sup>1,3,6</sup> | 1200544 |
|  | BRAVO Residential Funding Trust |  |
| 140071 | &nbsp;&nbsp;&nbsp;Series 2021-NQM2, Class A2, 1.28%, 3/25/2060<sup>1,3,6</sup> | 135745 |
| 1286842 | &nbsp;&nbsp;&nbsp;Series 2021-NQM3, Class B1, 3.91%, 4/25/2060<sup>1,3,6</sup> | 1171582 |
|  | Citigroup Mortgage Loan Trust, Inc. |  |
| 519881 | &nbsp;&nbsp;&nbsp;Series 2015-RP2, Class B4, 4.25%, 1/25/2053<sup>1,3</sup> | 511273 |
| 43966 | &nbsp;&nbsp;&nbsp;Series 2018-RP1, Class A1, 3.00%, 9/25/2064<sup>1,3,6</sup> | 43137 |
| 1133335 | COLT Mortgage Loan Trust<br> Series 2021-4, Class A3, 1.65%, 10/25/2066<sup>1,3,6</sup> | 970229 |
| 995053 | Credit Suisse Mortgage Capital Trust<br> Series 2019-AFC1, Class M1, 3.06%, 7/25/2049<sup>1,3,6</sup> | 806748 |
|  | Deephaven Residential Mortgage Trust |  |
| 729158 | &nbsp;&nbsp;&nbsp;Series 2021-3, Class A1, 1.19%, 8/25/2066<sup>1,3,6</sup> | 640757 |
| 721489 | &nbsp;&nbsp;&nbsp;Series 2021-3, Class A3, 1.55%, 8/25/2066<sup>1,3,6</sup> | 635375 |
| 425219 | &nbsp;&nbsp;&nbsp;Series 2021-4, Class A3, 2.24%, 11/25/2066<sup>1,3,6</sup> | 372288 |
| 655946 | &nbsp;&nbsp;&nbsp;Series 2022-1, Class A1, 2.21%, 1/25/2067<sup>1,3,6</sup> | 600982 |
|  | Ellington Financial Mortgage Trust |  |
| 1918667 | &nbsp;&nbsp;&nbsp;Series 2020-1, Class A2, 3.15%, 5/25/2065<sup>1,3,6</sup> | 1880169 |
| 85282 | &nbsp;&nbsp;&nbsp;Series 2020-2, Class A2, 1.49%, 10/25/2065<sup>1,3,6</sup> | 80076 |
| 238784 | &nbsp;&nbsp;&nbsp;Series 2021-1, Class A3, 1.11%, 2/25/2066<sup>1,3,6</sup> | 205494 |
| 1275000 | Mill City Mortgage Trust<br> Series 2015-1, Class B1, 3.80%, 6/25/2056<sup>1,3,6</sup> | 1240977 |
|  | New Residential Mortgage Loan Trust |  |
| 81598 | &nbsp;&nbsp;&nbsp;Series 2020-NQM1, Class A2, 2.72%, 1/26/2060<sup>1,3,6</sup> | 77099 |
| 163196 | &nbsp;&nbsp;&nbsp;Series 2020-NQM1, Class A3, 2.77%, 1/26/2060<sup>1,3,6</sup> | 153922 |
| 1216574 | NLT Trust<br> Series 2021-INV2, Class A3, 1.52%, 8/25/2056<sup>1,3,6</sup> | 1065637 |
|  | Residential Mortgage Loan Trust |  |
| 2400615 | &nbsp;&nbsp;&nbsp;Series 2020-2, Class A3, 2.91%, 5/25/2060<sup>1,3,6</sup> | 2322271 |
| 833333 | &nbsp;&nbsp;&nbsp;Series 2020-2, Class M1, 3.56%, 5/25/2060<sup>1,3,6</sup> | 791541 |
| 72906 | &nbsp;&nbsp;&nbsp;Series 2021-1R, Class A3, 1.20%, 1/25/2065<sup>1,3,6</sup> | 69835 |
|  | SG Residential Mortgage Trust |  |
| 11403 | &nbsp;&nbsp;&nbsp;Series 2019-3, Class A2, 2.88%, 9/25/2059<sup>1,3,6</sup> | 11350 |

---

**AAM/HIMCO Short Duration Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)** |  |
| $11802 | &nbsp;&nbsp;&nbsp;Series 2019-3, Class A3, 3.08%, 9/25/2059<sup>1,3,6</sup> | $11747 |
| 919680 | &nbsp;&nbsp;&nbsp;Series 2021-1, Class A3, 1.56%, 7/25/2061<sup>1,3,6</sup> | 759827 |
| 1418858 | &nbsp;&nbsp;&nbsp;Series 2020-2, Class M1, 3.19%, 5/25/2065<sup>1,3,6</sup> | 1270465 |
| 1200000 | &nbsp;&nbsp;&nbsp;Series 2020-2, Class B1, 4.25%, 5/25/2065<sup>1,3,6</sup> | 1106010 |
|  | Starwood Mortgage Residential Trust |  |
| 642714 | &nbsp;&nbsp;&nbsp;Series 2021-4, Class A1, 1.16%, 8/25/2056<sup>1,3,6</sup> | 562518 |
| 336177 | &nbsp;&nbsp;&nbsp;Series 2021-4, Class A3, 1.58%, 8/25/2056<sup>1,3,6</sup> | 296688 |
| 327052 | &nbsp;&nbsp;&nbsp;Series 2021-1, Class A1, 1.22%, 5/25/2065<sup>1,3,6</sup> | 305959 |
| 561305 | TRK Trust<br> Series 2021-INV1, Class A3, 1.56%, 7/25/2056<sup>1,3,6</sup> | 497931 |
|  | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $26,589,544) | **24047641** |
|  | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 11.0%** |  |
| 502475 | Bank of America Merrill Lynch Commercial Mortgage Trust<br> Series 2017-BNK3, Class A3, 3.31%, 2/15/2050<sup>1</sup> | 494187 |
| 1000000 | Benchmark Mortgage Trust<br> Series 2019-B12, Class A4, 2.86%, 8/15/2052<sup>1</sup> | 935403 |
| 1500000 | BFLD Trust<br> Series 2020-EYP, Class D, 7.38% (1-Month Term SOFR+307 basis points), 10/15/2035<sup>2,3,7</sup> | 0 |
|  | BX Trust |  |
| 700000 | &nbsp;&nbsp;&nbsp;Series 2021-MFM1, Class D, 5.93% (1-Month Term SOFR+161 basis points), 1/15/2034<sup>2,3</sup> | 699782 |
| 1200000 | &nbsp;&nbsp;&nbsp;Series 2021-LBA, Class FJV, 6.83% (1-Month Term SOFR+252 basis points), 2/15/2036<sup>2,3</sup> | 1191750 |
| 948972 | &nbsp;&nbsp;&nbsp;Series 2021-LBA, Class FV, 6.83% (1-Month Term SOFR+252 basis points), 2/15/2036<sup>2,3</sup> | 942447 |
| 775063 | &nbsp;&nbsp;&nbsp;Series 2021-VOLT, Class F, 6.83% (1-Month Term SOFR+251 basis points), 9/15/2036<sup>2,3</sup> | 771430 |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2021-PAC, Class F, 6.82% (1-Month Term SOFR+251 basis points), 10/15/2036<sup>2,3</sup> | 1492500 |
| 980000 | &nbsp;&nbsp;&nbsp;Series 2021-VINO, Class E, 6.38% (1-Month Term SOFR+207 basis points), 5/15/2038<sup>2,3</sup> | 979694 |
| 1402780 | &nbsp;&nbsp;&nbsp;Series 2021-SOAR, Class F, 6.78% (1-Month Term SOFR+246 basis points), 6/15/2038<sup>2,3</sup> | 1403220 |
| 1050000 | &nbsp;&nbsp;&nbsp;Series 2021-XL2, Class F, 6.67% (1-Month Term SOFR+236 basis points), 10/15/2038<sup>2,3</sup> | 1050329 |
| 770000 | &nbsp;&nbsp;&nbsp;Series 2022-LP2, Class E, 6.92% (1-Month Term SOFR+261 basis points), 2/15/2039<sup>2,3</sup> | 767594 |
| 777081 | &nbsp;&nbsp;&nbsp;Series 2024-XL5, Class C, 6.25% (1-Month Term SOFR+194 basis points), 3/15/2041<sup>2,3</sup> | 778053 |
| 839244 | &nbsp;&nbsp;&nbsp;Series 2024-CNYN, Class C, 6.25% (1-Month Term SOFR+194 basis points), 4/15/2041<sup>2,3</sup> | 840555 |
| 1000000 | CD Mortgage Trust<br> Series 2017-CD6, Class A5, 3.46%, 11/13/2050<sup>1</sup> | 972109 |
| 1704380 | CFCRE Commercial Mortgage Trust<br> Series 2016-C3, Class XA, 1.10%, 1/10/2048<sup>1,6,8</sup> | 3755 |

---

**AAM/HIMCO Short Duration Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |
| $1000000 | DBJPM Mortgage Trust<br> Series 2016-C3, Class A5, 2.89%, 8/10/2049<sup>1</sup> | $979676 |
| 2144319 | Extended Stay America Trust<br> Series 2021-ESH, Class C, 6.13% (1-Month Term SOFR+181 basis points), 7/15/2038<sup>2,3</sup> | 2145660 |
|  | Freddie Mac Multifamily Structured Pass-Through Certificates |  |
| 109436 | &nbsp;&nbsp;&nbsp;Series K046, Class X3, 3.76%, 4/25/2043<sup>1,6,8</sup> | 9 |
| 900000 | &nbsp;&nbsp;&nbsp;Series K050, Class X3, 1.61%, 10/25/2043<sup>1,6,8</sup> | 2434 |
| 1100000 | &nbsp;&nbsp;&nbsp;Series K052, Class X3, 1.67%, 1/25/2044<sup>1,6,8</sup> | 7699 |
| 1721882 | &nbsp;&nbsp;&nbsp;Series K097, Class X3, 2.09%, 9/25/2046<sup>1,6,8</sup> | 124139 |
|  | Government National Mortgage Association |  |
| 2149993 | &nbsp;&nbsp;&nbsp;Series 2013-139, Class IO, 0.34%, 10/16/2054<sup>1,6,8</sup> | 49871 |
| 227058 | &nbsp;&nbsp;&nbsp;Series 2013-175, Class IO, 0.14%, 5/16/2055<sup>1,6,8</sup> | 357 |
| 138324 | &nbsp;&nbsp;&nbsp;Series 2014-120, Class IO, 0.42%, 4/16/2056<sup>1,6,8</sup> | 1280 |
| 2165945 | &nbsp;&nbsp;&nbsp;Series 2017-185, Class IO, 0.55%, 4/16/2059<sup>1,6,8</sup> | 76289 |
| 2819858 | &nbsp;&nbsp;&nbsp;Series 2017-169, Class IO, 0.52%, 1/16/2060<sup>1,6,8</sup> | 79306 |
| 1979095 | &nbsp;&nbsp;&nbsp;Series 2018-41, Class IO, 0.57%, 5/16/2060<sup>1,6,8</sup> | 65082 |
| 3321158 | &nbsp;&nbsp;&nbsp;Series 2018-52, Class IO, 0.59%, 7/16/2060<sup>1,6,8</sup> | 141963 |
| 1053130 | &nbsp;&nbsp;&nbsp;Series 2019-8, Class IO, 0.76%, 11/16/2060<sup>1,6,8</sup> | 56659 |
| 16693431 | &nbsp;&nbsp;&nbsp;Series 2020-8, Class IO, 0.53%, 1/16/2062<sup>1,6,8</sup> | 551815 |
|  | GS Mortgage Securities Trust |  |
| 1439000 | &nbsp;&nbsp;&nbsp;Series 2016-GS4, Class A4, 3.44%, 11/10/2049<sup>1,6</sup> | 1413717 |
| 1610000 | &nbsp;&nbsp;&nbsp;Series 2017-GS7, Class A4, 3.43%, 8/10/2050<sup>1</sup> | 1565364 |
| 1064938 | &nbsp;&nbsp;&nbsp;Series 2018-GS9, Class A3, 3.73%, 3/10/2051<sup>1</sup> | 1042126 |
| 644563 | GS Mortgage-Backed Securities Trust<br> Series 2024-HE2, Class A1, 5.81% (30-Day SOFR Average+150 basis points), 1/25/2055<sup>1,2,3</sup> | 645128 |
| 1675000 | LCCM Mortgage Trust<br> Series 2017-LC26, Class A4, 3.55%, 7/12/2050<sup>1,3</sup> | 1636534 |
| 1050000 | Life Mortgage Trust<br> Series 2021-BMR, Class F, 6.78% (1-Month Term SOFR+246 basis points), 3/15/2038<sup>2,3</sup> | 1036799 |
| 480000 | MHC Commercial Mortgage Trust<br> Series 2021-MHC, Class F, 7.03% (1-Month Term SOFR+272 basis points), 4/15/2038<sup>2,3</sup> | 480000 |
| 1000000 | Morgan Stanley Bank of America Merrill Lynch Trust<br> Series 2016-C32, Class A4, 3.72%, 12/15/2049<sup>1</sup> | 987302 |
| 1000000 | NYCT Trust<br> Series 2024-3ELV, Class A, 6.30% (1-Month Term SOFR+199 basis points), 8/15/2029<sup>2,3</sup> | 1005275 |
| 1500000 | SMRT<br> Series 2022-MINI, Class E, 7.01% (1-Month Term SOFR+270 basis points), 1/15/2039<sup>2,3</sup> | 1474687 |
| 1174378 | SREIT Trust<br> Series 2021-MFP, Class F, 7.05% (1-Month Term SOFR+274 basis points), 11/15/2038<sup>2,3</sup> | 1174378 |
|  | UBS Commercial Mortgage Trust |  |

---

**AAM/HIMCO Short Duration Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |
| $1400000 | &nbsp;&nbsp;&nbsp;Series 2017-C5, Class A5, 3.47%, 11/15/2050<sup>1</sup> | $1349190 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2018-C10, Class A4, 4.31%, 5/15/2051<sup>1</sup> | 981569 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2019-C16, Class A4, 3.60%, 4/15/2052<sup>1</sup> | 958906 |
| 11451827 | &nbsp;&nbsp;&nbsp;Series 2019-C18, Class XA, 1.11%, 12/15/2052<sup>1,6,8</sup> | 358797 |
|  | Wells Fargo Commercial Mortgage Trust |  |
| 1169986 | &nbsp;&nbsp;&nbsp;Series 2016-LC24, Class A4, 2.94%, 10/15/2049<sup>1</sup> | 1148127 |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2016-NXS6, Class A4, 2.92%, 11/15/2049<sup>1</sup> | 1467903 |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2019-C50, Class A5, 3.73%, 5/15/2052<sup>1</sup> | 479762 |
| 1152610 | &nbsp;&nbsp;&nbsp;Series 2015-LC22, Class XA, 0.75%, 9/15/2058<sup>1,6,8</sup> | 17 |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2016-LC25, Class A4, 3.64%, 12/15/2059<sup>1</sup> | 1475394 |
|  | WFRBS Commercial Mortgage Trust |  |
| 2842323 | &nbsp;&nbsp;&nbsp;Series 2014-C21, Class XB, 0.60%, 8/15/2047<sup>1,6,8</sup> | 6185 |
| 6400000 | &nbsp;&nbsp;&nbsp;Series 2014-C22, Class XB, 0.45%, 9/15/2057<sup>1,6,8</sup> | 24352 |
|  | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $39,144,347) | **38316559** |
|  | **CORPORATE BONDS — 28.3%** |  |
|  | **COMMUNICATIONS — 0.8%** |  |
| 1000000 | NBN Co., Ltd.<br> 4.00%, 10/1/2027<sup>1,3,5</sup> | 993593 |
| 500000 | Netflix, Inc.<br> 4.37%, 11/15/2026 | 502495 |
| 1505000 | T-Mobile USA, Inc.<br> 2.25%, 2/15/2026<sup>1</sup> | 1481698 |
|  |  | **2977786** |
|  | **CONSUMER DISCRETIONARY — 3.2%** |  |
| 750000 | American Builders & Contractors Supply Co., Inc.<br> 4.00%, 1/15/2028<sup>1,3</sup> | 733774 |
| 1200000 | Ford Motor Credit Co. LLC<br> 3.38%, 11/13/2025<sup>1</sup> | 1191984 |
|  | General Motors Financial Co., Inc. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.40%, 5/8/2027 | 1014388 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.35%, 7/15/2027 | 1014941 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.52% (SOFR Index+117 basis points), 4/4/2028<sup>2</sup> | 992803 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.35%, 1/7/2030<sup>1</sup> | 1011858 |
|  | Hyundai Capital America |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.38% (SOFR+99 basis points), 3/25/2027<sup>2,3</sup> | 998394 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.30%, 9/24/2027<sup>3</sup> | 991839 |
| 1488000 | International Game Technology PLC<br> 4.13%, 4/15/2026<sup>1,3,5</sup> | 1487098 |
| 150000 | Taylor Morrison Communities, Inc.<br> 5.75%, 1/15/2028<sup>1,3</sup> | 152219 |
| 480000 | United Airlines, Inc.<br> 4.37%, 4/15/2026<sup>1,3</sup> | 476832 |

---

**AAM/HIMCO Short Duration Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **CORPORATE BONDS (Continued)** |  |
|  | **CONSUMER DISCRETIONARY (Continued)** |  |
| $1000000 | Volkswagen Group of America Finance LLC<br> 4.90%, 8/14/2026<sup>3</sup> | $1001970 |
|  |  | **11068100** |
|  | **CONSUMER STAPLES — 0.4%** |  |
| 400000 | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC<br> 3.25%, 3/15/2026<sup>1,3</sup> | 394487 |
| 1000000 | Philip Morris International, Inc.<br> 4.38%, 11/1/2027 | 1004398 |
|  |  | **1398885** |
|  | **ENERGY — 1.4%** |  |
| 529000 | Buckeye Partners LP<br> 3.95%, 12/1/2026<sup>1</sup> | 522676 |
| 1000000 | Chevron USA, Inc.<br> 4.78% (SOFR Index+47 basis points), 2/26/2028<sup>2</sup> | 1004282 |
| 149000 | DCP Midstream Operating LP<br> 5.62%, 7/15/2027<sup>1</sup> | 152293 |
| 303000 | EnerSys<br> 4.37%, 12/15/2027<sup>1,3</sup> | 298694 |
| 777000 | EQT Corp.<br> 3.13%, 5/15/2026<sup>1,3</sup> | 765128 |
| 1000000 | Kinder Morgan, Inc.<br> 5.15%, 6/1/2030<sup>1</sup> | 1020833 |
| 1000000 | ONEOK, Inc.<br> 4.25%, 9/24/2027<sup>1</sup> | 998164 |
|  |  | **4762070** |
|  | **FINANCIALS — 14.5%** |  |
| 1000000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust<br> 4.88%, 4/1/2028<sup>1,5</sup> | 1009864 |
| 1000000 | Avolon Holdings Funding Ltd.<br> 4.95%, 1/15/2028<sup>1,3,5</sup> | 1005593 |
|  | Bank of America Corp. |  |
| 1500000 | &nbsp;&nbsp;&nbsp;1.73% (SOFR+96 basis points), 7/22/2027<sup>1,6</sup> | 1457853 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.98% (SOFR+83 basis points), 1/24/2029<sup>1,6</sup> | 1013853 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.22% (SOFR+83 basis points), 1/24/2029<sup>1,2</sup> | 998640 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.82% (SOFR+157 basis points), 9/15/2029<sup>1,6</sup> | 1562421 |
| 1000000 | Bank of New York Mellon<br> 4.73% (SOFR+113 basis points), 4/20/2029<sup>1,6</sup> | 1013945 |
|  | Barclays PLC |  |
| 1000000 | &nbsp;&nbsp;&nbsp;7.32% (USD 1 Year Tsy+305 basis points), 11/2/2026<sup>1,5,6</sup> | 1008301 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.09% (SOFR+96 basis points), 2/25/2029<sup>1,5,6</sup> | 1012905 |
| 1000000 | Capital One Financial Corp.<br> 5.70% (SOFR+190 basis points), 2/1/2030<sup>1,6</sup> | 1034261 |
|  | Citigroup, Inc. |  |
| 2000000 | &nbsp;&nbsp;&nbsp;5.61% (SOFR+155 basis points), 9/29/2026<sup>1,6</sup> | 2004474 |

---

**AAM/HIMCO Short Duration Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **CORPORATE BONDS (Continued)** |  |
|  | **FINANCIALS (Continued)** |  |
| $1000000 | &nbsp;&nbsp;&nbsp;4.79% (SOFR+87 basis points), 3/4/2029<sup>1,6</sup> | $1007077 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.85% (SOFR+146 basis points), 5/7/2031<sup>1,2</sup> | 1005368 |
| 914000 | Danske Bank A/S<br> 5.02% (USD 1 Year Tsy+93 basis points), 3/4/2031<sup>1,3,5,6</sup> | 923935 |
|  | Deutsche Bank A.G. |  |
| 835000 | &nbsp;&nbsp;&nbsp;5.71% (SOFR+159 basis points), 2/8/2028<sup>1,5,6</sup> | 848649 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.37% (SOFR+121 basis points), 1/10/2029<sup>1,5,6</sup> | 1017399 |
|  | Goldman Sachs Group, Inc. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.41% (SOFR+75 basis points), 5/21/2027<sup>1,6</sup> | 1008204 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.94% (SOFR+132 basis points), 4/23/2028<sup>1,6</sup> | 1007719 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.73% (SOFR+126 basis points), 4/25/2030<sup>1,6</sup> | 1040741 |
|  | HSBC Holdings PLC |  |
| 2000000 | &nbsp;&nbsp;&nbsp;4.90% (SOFR+103 basis points), 3/3/2029<sup>1,5,6</sup> | 2016856 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.68% (SOFR+129 basis points), 3/3/2031<sup>1,2,5</sup> | 997004 |
|  | ING Groep N.V. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.86% (SOFR+101 basis points), 3/25/2029<sup>1,5,6</sup> | 1010065 |
| 1800000 | &nbsp;&nbsp;&nbsp;5.35% (SOFR Index+101 basis points), 3/25/2029<sup>1,2,5</sup> | 1801177 |
| 2000000 | JPMorgan Chase & Co.<br> 5.25% (SOFR+86 basis points), 10/22/2028<sup>1,2</sup> | 2006022 |
|  | MassMutual Global Funding II |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.10%, 4/9/2027<sup>3</sup> | 1016178 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.45%, 3/27/2028<sup>3</sup> | 1005895 |
|  | Morgan Stanley Bank N.A. |  |
| 2000000 | &nbsp;&nbsp;&nbsp;5.07% (SOFR+69 basis points), 10/15/2027<sup>1,2</sup> | 2001084 |
| 665000 | &nbsp;&nbsp;&nbsp;4.97% (SOFR+93 basis points), 7/14/2028<sup>1,6</sup> | 672942 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.02% (SOFR+91 basis points), 1/12/2029<sup>1,6</sup> | 1015463 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.17% (SOFR+145 basis points), 1/16/2030<sup>1,6</sup> | 1020944 |
| 2000000 | National Bank of Canada<br> 4.70% (SOFR+56 basis points), 3/5/2027<sup>1,5,6</sup> | 2000298 |
| 1000000 | Northwestern Mutual Global Funding<br> 4.49%, 3/21/2028<sup>3</sup> | 1008754 |
| 371000 | OneMain Finance Corp.<br> 3.50%, 1/15/2027<sup>1</sup> | 363040 |
| 1266000 | Penske Truck Leasing Co. Lp / PTL Finance Corp.<br> 6.05%, 8/1/2028<sup>1,3</sup> | 1318707 |
| 940000 | Penske Truck Leasing Co. LP / PTL Finance Corp.<br> 5.75%, 5/24/2026<sup>1,3</sup> | 947832 |
| 1000000 | PNC Bank N.A.<br> 4.89% (SOFR+50 basis points), 1/15/2027<sup>1,2</sup> | 1000269 |
| 1000000 | Pricoa Global Funding<br> 4.40%, 8/27/2027<sup>3</sup> | 1004300 |
| 500000 | Principal Life Global Funding<br> 4.60%, 8/19/2027<sup>3</sup> | 502694 |
| 703000 | RLJ Lodging Trust LP<br> 3.75%, 7/1/2026<sup>1,3</sup> | 695929 |

---

**AAM/HIMCO Short Duration Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **CORPORATE BONDS (Continued)** |  |
|  | **FINANCIALS (Continued)** |  |
| $1000000 | State Street Corp.<br> 5.34% (SOFR+95 basis points), 4/24/2028<sup>1,2</sup> | $1004654 |
|  | UBS A.G. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.86% (SOFR+72 basis points), 1/10/2028<sup>1,5,6</sup> | 1008067 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.62% (USISSO01+134 basis points), 9/13/2030<sup>1,3,5,6</sup> | 1557306 |
| 800000 | VICI Properties LP / VICI Note Co., Inc.<br> 4.25%, 12/1/2026<sup>1,3</sup> | 795019 |
|  | Wells Fargo & Co. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.97% (SOFR+137 basis points), 4/23/2029<sup>1,6</sup> | 1013993 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.24% (SOFR+111 basis points), 1/24/2031<sup>1,6</sup> | 1025630 |
|  |  | **50791324** |
|  | **HEALTH CARE — 1.7%** |  |
| 1165000 | CVS Health Corp.<br> 4.30%, 3/25/2028<sup>1</sup> | 1160070 |
| 1000000 | GlaxoSmithKline Capital PLC<br> 4.89% (SOFR+50 basis points), 3/12/2027<sup>2,5</sup> | 1001688 |
|  | HCA, Inc. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.37%, 9/1/2026<sup>1</sup> | 1004946 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.26% (SOFR+87 basis points), 3/1/2028<sup>1,2</sup> | 1005748 |
|  | IQVIA, Inc. |  |
| 510000 | &nbsp;&nbsp;&nbsp;5.00%, 10/15/2026<sup>1,3</sup> | 509474 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.00%, 5/15/2027<sup>1,3</sup> | 996416 |
| 192000 | Tenet Healthcare Corp.<br> 4.38%, 1/15/2030<sup>1</sup> | 186047 |
|  |  | **5864389** |
|  | **INDUSTRIALS — 0.6%** |  |
| 1000000 | BAE Systems PLC<br> 5.12%, 3/26/2029<sup>1,3,5</sup> | 1024752 |
| 542000 | Herc Holdings, Inc.<br> 5.50%, 7/15/2027<sup>1,3</sup> | 542048 |
| 250000 | Vertiv Group Corp.<br> 4.13%, 11/15/2028<sup>1,3</sup> | 243680 |
| 400000 | XPO, Inc.<br> 6.25%, 6/1/2028<sup>1,3</sup> | 405893 |
|  |  | **2216373** |
|  | **MATERIALS — 2.5%** |  |
| 1000000 | Amrize Finance US LLC<br> 4.60%, 4/7/2027<sup>3</sup> | 1003955 |
|  | Glencore Funding LLC |  |
| 2575000 | &nbsp;&nbsp;&nbsp;1.63%, 9/1/2025<sup>1,3</sup> | 2561610 |
| 1500000 | &nbsp;&nbsp;&nbsp;5.09% (SOFR Index+75 basis points), 10/1/2026<sup>2,3</sup> | 1499854 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.34%, 4/4/2027<sup>3</sup> | 1013511 |
|  | Rio Tinto Finance USA PLC |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.37%, 3/12/2027<sup>5</sup> | 1005149 |

---

**AAM/HIMCO Short Duration Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **CORPORATE BONDS (Continued)** |  |
|  | **MATERIALS (Continued)** |  |
| $1000000 | &nbsp;&nbsp;&nbsp;5.15% (SOFR Index+84 basis points), 3/14/2028<sup>2,5</sup> | $1005704 |
| 536000 | SNF Group SACA<br> 3.12%, 3/15/2027<sup>1,3,5</sup> | 521829 |
|  |  | **8611612** |
|  | **TECHNOLOGY — 2.1%** |  |
| 1500000 | Dell International LLC / EMC Corp.<br> 4.75%, 4/1/2028<sup>1</sup> | 1517359 |
|  | Hewlett Packard Enterprise Co. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.45%, 9/25/2026 | 1001514 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.55%, 10/15/2029<sup>1</sup> | 994392 |
| 1000000 | Oracle Corp.<br> 3.25%, 11/15/2027<sup>1</sup> | 977374 |
|  | Synopsys, Inc. |  |
| 1500000 | &nbsp;&nbsp;&nbsp;4.55%, 4/1/2027 | 1507245 |
| 1500000 | &nbsp;&nbsp;&nbsp;4.65%, 4/1/2028<sup>1</sup> | 1514867 |
|  |  | **7512751** |
|  | **UTILITIES — 1.1%** |  |
| 800000 | Consolidated Edison Co. of New York, Inc.<br> 4.83% (SOFR Index+52 basis points), 11/18/2027<sup>2</sup> | 800134 |
| 1000000 | Georgia Power Co.<br> 4.58% (SOFR Index+28 basis points), 9/15/2026<sup>2</sup> | 998620 |
| 1000000 | NextEra Energy Capital Holdings, Inc.<br> 4.85%, 2/4/2028 | 1013628 |
| 903000 | Public Service Enterprise Group, Inc.<br> 4.90%, 3/15/2030<sup>1</sup> | 918372 |
|  |  | **3730754** |
|  | **TOTAL CORPORATE BONDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $98,217,422) | **98934044** |
|  | **MUNICIPAL BONDS — 0.3%** |  |
| 1000000 | New Jersey Transportation Trust Fund Authority<br> 4.61%, 6/15/2026 | 1002336 |
|  | **TOTAL MUNICIPAL BONDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,000,000) | **1002336** |
|  | **U.S. GOVERNMENT AND AGENCIES — 28.9%** |  |
|  | United States Treasury Note |  |
| 10000000 | &nbsp;&nbsp;&nbsp;3.50%, 9/15/2025 | 9985940 |
| 5000000 | &nbsp;&nbsp;&nbsp;4.50%, 3/31/2026 | 5013720 |
| 5000000 | &nbsp;&nbsp;&nbsp;4.13%, 6/15/2026 | 5005990 |
| 10000000 | &nbsp;&nbsp;&nbsp;4.62%, 9/15/2026 | 10080470 |
| 10000000 | &nbsp;&nbsp;&nbsp;4.25%, 3/15/2027 | 10075390 |
| 10000000 | &nbsp;&nbsp;&nbsp;4.13%, 9/30/2027 | 10089840 |
| 10000000 | &nbsp;&nbsp;&nbsp;4.00%, 2/29/2028 | 10074610 |

---

**AAM/HIMCO Short Duration Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **U.S. GOVERNMENT AND AGENCIES (Continued)** |  |
| $10000000 | &nbsp;&nbsp;&nbsp;4.37%, 11/30/2028 | $10207030 |
| 10000000 | &nbsp;&nbsp;&nbsp;4.00%, 1/31/2029 | 10088670 |
| 10000000 | &nbsp;&nbsp;&nbsp;4.25%, 2/28/2029 | 10174610 |
| 10000000 | &nbsp;&nbsp;&nbsp;4.00%, 7/31/2029 | 10092190 |
|  | **TOTAL U.S. GOVERNMENT AND AGENCIES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $99,692,787) | **100888460** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  |  |
|  | **SHORT-TERM INVESTMENTS — 4.4%** |  |
| 15305081 | Goldman Sachs Financial Square Government Fund - Institutional Class 4.11%<sup>9</sup> | 15305081 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $15,305,081) | **15305081** |
|  | **TOTAL INVESTMENTS — 99.0%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $347,331,026) | **345701838** |
|  | Other Assets in Excess of Liabilities — 1.0% | 3407179 |
|  | **TOTAL NET ASSETS — 100.0%** | $**349109017** |

---

LLC – Limited Liability Company

ULC – Unlimited Liability Corporation

LP – Limited Partnership

PLC – Public Limited Company

IO – Interest Only

<sup>1</sup> Callable.

<sup>2</sup> Floating rate security.

<sup>3</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 $118,208,309, which represents 33.9% of total net assets of the Fund.

<sup>4</sup> Bank loans generally pay interest at rates which are periodically determined by reference to a base lending rate plus a premium. All loans carry a variable rate of interest. These base lending rates are generally (i) the Prime Rate offered by one or more major United States banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate ("LIBOR"), (iii) the Certificate of Deposit rate, or (iv) Secured Overnight Financing Rate ("SOFR"). Bank Loans, while exempt from registration, under the Securities Act of 1933, contain certain restrictions on resale and cannot be sold publicly. Floating rate bank loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy.

<sup>5</sup> Foreign security denominated in U.S. Dollars.

<sup>6</sup> Variable rate security. Rate shown is the rate in effect as of June 30, 2025.

<sup>7</sup> The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy.

<sup>8</sup> Interest-only security.

<sup>9</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

**AAM/HIMCO Short Duration Fund**

**STATEMENT OF ASSETS AND LIABILITIES**

**As of June 30, 2025**

---

| | |
|:---|:---|
| **Assets:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at value (cost $347,331,026) | $345701838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 198164 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 526611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 3109580 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 36627 |
| Total assets | 349572820 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased | 658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed | 172543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 69079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 62597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees - Class A & C (Note 8) | 8166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting and administration fees | 52498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 14163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 7225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 32501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 25602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 4141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued other expenses | 14312 |
| Total liabilities | 463803 |
| Commitments and contingencies (Note 3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Assets** | $**349109017** |
| **Components of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $353834085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | (4725068) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Assets** | $349109017 |
| **Maximum Offering Price Per Share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A Shares: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $32358328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of shares issued and outstanding | 3198101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share<sup>1</sup> | $10.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum sales charge (2.50% of offering price)<sup>2</sup> | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price to public | $10.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C Shares: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $1671202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of shares issued and outstanding | 165732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share<sup>3</sup> | $10.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I Shares: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $315079487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of shares issued and outstanding | 31094024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | $10.13 |

---

---

| | |
|:---|:---|
| 1 | A Contingent Deferred Sales Charge ("CDSC") of 1.00% will be imposed to the extent a finder's fee was paid on certain redemptions of such shares within 18 months of purchase. |

---

<sup>2</sup> No initial sales charge is applied to purchases of $1 million or more. On sales of $100,000 or more, the sales charge will be reduced.

<sup>3</sup> A CDSC of 1.00% may be charged on purchases that are redeemed within 12 months of purchase.

 

*See accompanying Notes to Financial Statements.*

**AAM/HIMCO Short Duration Fund**

**STATEMENT OF OPERATIONS**

**For the Year Ended June 30, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | $16350011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 16350011 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 1326333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 320553 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees - Class A (Note 8) | 83267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees - Class C (Note 8) | 19220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting and administration fees | 397664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 76762 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 34089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 93712 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 26464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 24426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 23265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 20395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 17080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 8978 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 5286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 2477970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees recovered (waived) | (315701) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 2162269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 14187742 |
| **Realized and Unrealized Gain (Loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (171255) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net realized gain (loss) on: | (171255) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 6581319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 6581319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss)** | 6410064 |
| **Net Increase (Decrease) in Net Assets from Operations** | $**20597806** |

---

*See accompanying Notes to Financial Statements.*

**AAM/HIMCO Short Duration Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> June 30, 2025** | **For the<br> Year Ended<br> June 30, 2024** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $14187742 | $17268341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (171255) | (774728) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 6581319 | 7190973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 20597806 | 23684586 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (1335880) | (1674376) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (63476) | (98838) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (13240274) | (15967165) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (14639630) | (17740379) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 10173316 | 6297580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 20000 | 12200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 154709361 | 121866732 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1137982 | 1510045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 58394 | 92723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 13196203 | 15943911 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<sup>1</sup> | (13015886) | (20511939) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<sup>2</sup> | (483086) | (1358208) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<sup>3</sup> | (176900884) | (227695514) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (11104600) | (103842470) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (5146424) | (97898263) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 354255441 | 452153704 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $349109017 | $354255441 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1015746 | 637628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 1998 | 1239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 15421877 | 12332313 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 113755 | 153518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 5853 | 9447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 1317607 | 1618235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (1297286) | (2080321) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (48317) | (137790) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (17620137) | (23047199) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | (1088904) | (10512930) |

---

<sup>1</sup> Net of redemption fee proceeds of $(10) and $1,792, respectively.

<sup>2</sup> Net of redemption fee proceeds of $0 and $60, respectively.

<sup>3</sup> Net of redemption fee proceeds of $111 and $366, respectively.

*See accompanying Notes to Financial Statements.*

**AAM/HIMCO Short Duration Fund**

**FINANCIAL HIGHLIGHTS**

**Class A**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $9.95 | $9.81 | $9.76 | $10.10 | $9.98 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1</sup> | 0.39 | 0.41 | 0.30 | 0.08 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.18 | 0.15 | 0.04 | (0.35) | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.57 | 0.56 | 0.34 | (0.27) | 0.22 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.40) | (0.42) | (0.29) | (0.07) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.40) | (0.42) | (0.29) | (0.07) | (0.10) |
| **Redemption fee proceeds<sup>1</sup>** | -<sup>2</sup> | -<sup>2</sup> | -<sup>2</sup> | -<sup>2</sup> | -<sup>2</sup> |
| **Net asset value, end of period** | $10.12 | $9.95 | $9.81 | $9.76 | $10.10 |
| **Total return<sup>3</sup>** | 5.85% | 5.83% | 3.52% | (2.65)% | 2.24% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $32358 | $33504 | $45645 | $97925 | $126051 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 0.93%<sup>4</sup> | 0.88% | 0.84% | 0.81% | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 0.84%<sup>4</sup> | 0.84% | 0.84% | 0.84% | 0.84% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 3.75% | 4.12% | 3.06% | 0.79% | 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 3.84% | 4.16% | 3.06% | 0.76% | 0.94% |
| Portfolio turnover rate | 40% | 33% | 12% | 37% | 38% |

---

<sup>1</sup> Based on average shares outstanding for the year.

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

<sup>3</sup> Total returns would have been lower/higher had expenses not been waived or absorbed/recovered by the Advisor. Returns shown include Rule 12b-1 fees of up to 0.25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown do not include payment of sales load of 2.50% of offering price which is reduced on sales of $100,000 or more. Returns do not include payment of Contingent Deferred Sales Charge ("CDSC") of 1.00% will be imposed to the extent a finder's fee was paid on certain redemptions of Class A shares made within 18 months of the date of purchase. If the sales charge was included, total returns would be lower.

<sup>4</sup> If interest expense had been excluded, the expense ratios would have remained unchanged for the year ended June 30, 2025.

*See accompanying Notes to Financial Statements.*

**AAM/HIMCO Short Duration Fund**

**FINANCIAL HIGHLIGHTS**

**Class C**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $9.92 | $9.78 | $9.73 | $10.08 | $9.96 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1</sup> | 0.31 | 0.34 | 0.22 | -<sup>2</sup> | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.18 | 0.14 | 0.04 | (0.34) | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.49 | 0.48 | 0.26 | (0.34) | 0.15 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.33) | (0.34) | (0.21) | (0.01) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.33) | (0.34) | (0.21) | (0.01) | (0.03) |
| **Redemption fee proceeds<sup>1</sup>** | - | -<sup>2</sup> | -<sup>2</sup> | - | - |
| **Net asset value, end of period** | $10.08 | $9.92 | $9.78 | $9.73 | $10.08 |
| **Total return<sup>3</sup>** | 5.00% | 5.04% | 2.75% | (3.42)% | 1.47% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $1671 | $2046 | $3258 | $4514 | $5875 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.68%<sup>4</sup> | 1.63% | 1.59% | 1.56% | 1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.59%<sup>4</sup> | 1.59% | 1.59% | 1.59% | 1.59% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 3.00% | 3.37% | 2.31% | 0.04% | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 3.09% | 3.41% | 2.31% | 0.01% | 0.19% |
| Portfolio turnover rate | 40% | 33% | 12% | 37% | 38% |

---

<sup>1</sup> Based on average shares outstanding for the year.

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

<sup>3</sup> Total returns would have been lower/higher had expenses not been waived or absorbed/recovered by the Advisor. Returns shown include Rule 12b-1 fees of up to 1.00% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns do not include payment of Contingent Deferred Sales Charge ("CDSC") of 1.00% on certain redemptions of Class C shares made within 12 months of purchase. If the sales charge was included, total returns would be lower.

<sup>4</sup> If interest expense had been excluded, the expense ratios would have remained unchanged for the year ended June 30, 2025.

*See accompanying Notes to Financial Statements.*

**AAM/HIMCO Short Duration Fund**

**FINANCIAL HIGHLIGHTS**

**Class I**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $9.97 | $9.82 | $9.78 | $10.11 | $9.99 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1</sup> | 0.41 | 0.44 | 0.32 | 0.10 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.17 | 0.15 | 0.03 | (0.33) | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.58 | 0.59 | 0.35 | (0.23) | 0.25 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.42) | (0.44) | (0.31) | (0.10) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.42) | (0.44) | (0.31) | (0.10) | (0.13) |
| **Redemption fee proceeds<sup>1</sup>** | -<sup>2</sup> | -<sup>2</sup> | -<sup>2</sup> | -<sup>2</sup> | -<sup>2</sup> |
| **Net asset value, end of period** | $10.13 | $9.97 | $9.82 | $9.78 | $10.11 |
| **Total return<sup>3</sup>** | 6.00% | 6.20% | 3.67% | (2.30)% | 2.48% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $315079 | $318705 | $403251 | $444545 | $400417 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 0.68%<sup>4</sup> | 0.63% | 0.59% | 0.56% | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 0.59%<sup>4</sup> | 0.59% | 0.59% | 0.59% | 0.59% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 4.00% | 4.37% | 3.31% | 1.04% | 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 4.09% | 4.41% | 3.31% | 1.01% | 1.19% |
| Portfolio turnover rate | 40% | 33% | 12% | 37% | 38% |

---

<sup>1</sup> Based on average shares outstanding for the year.

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

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

<sup>4</sup> If interest expense had been excluded, the expense ratios would have remained unchanged for the year ended June 30, 2025.

*See accompanying Notes to Financial Statements.*

**AAM/HIMCO Short Duration Fund**

**NOTES TO FINANCIAL STATEMENTS**

**June 30, 2025**

**Note 1 – Organization**

AAM/HIMCO Short Duration 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 to provide current income and long-term total return. The Fund's inception date was June 30, 2014, but the Fund commenced investment operations on July 1, 2014. The Fund currently offers three classes of shares: Class A, Class C, and Class I.

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

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".

The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by the Advisor to make investment decisions, and the results of the operations, as shown on the Statements of Operations and the financial highlights for the Fund is the information utilized for the day-to-day management of the Fund. The Fund is party to the expense agreements as disclosed in the Notes to the Financial Statements and there are no resources allocated to a Fund based on performance measurements. The management of the Fund's Advisor is deemed to be the Chief Operating Decision Maker with respect to the Fund's investment decisions.

**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). The Board of Trustees has designated the Advisor as the Fund's valuation designee (the "Valuation Designee") to make all fair value determinations with respect to the Fund's portfolio investments, subject to the Board's oversight. As the Valuation Designee, the Advisor has adopted and implemented policies and procedures to be followed when the Fund must utilize fair value pricing.

**AAM/HIMCO Short Duration Fund**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025**

**(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.

**(c) Bank Loans**

The Fund may purchase participations in commercial loans (bank loans). Such investments may be secured or unsecured. Loan participations typically represent direct participation, together with other parties, in a loan to a corporate borrower, and generally are offered by banks or other financial institutions or lending syndicates. The Fund may participate in such syndications, or can buy part of a loan, becoming a part lender. When purchasing indebtedness and loan participations, the Fund assumes the credit risk associated with the corporate borrower and may assume the credit risk associated with an interposed bank or other financial intermediary. The indebtedness and loan participations in which the Fund intend to invest may not be rated by any nationally recognized rating service.

Bank loans may be structured to include both term loans, which are generally fully funded at the time of investment and unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand, representing a potential financial obligation by the Fund in the future. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a senior floating rate interest. Commitment fees are processed as a reduction in cost.

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

Investment transactions are accounted for on the trade date. Realized gains and losses on investments are determined on the identified cost basis. Dividend income is recorded net of applicable withholding taxes on the ex-dividend date and interest income is recorded on an accrual basis. Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country's tax rules and rates and are disclosed in the Statement of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Fund records a reclaim receivable based on a number of factors, including a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention. Discounts on debt securities are accreted or amortized to interest income over the lives of the respective securities using the effective interest method. Premiums for callable debt securities are amortized to the earliest call date, if the call price was less than the purchase price. If the call price was not at par and the security was not called, the security is amortized to the next call price and date. Income and expenses of the Fund are allocated on a pro rata basis to each class of shares in proportion to their relative net assets, except for distribution and service fees which are unique to each class of shares. Expenses incurred by the Trust with respect to more than one fund are allocated in proportion to the net assets of each fund except where allocation of direct expenses to each fund or an alternative allocation method can be more appropriately made.

**AAM/HIMCO Short Duration Fund**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025**

**(e) Federal Income Taxes**

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

 

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

The Income Tax Statement requires management of the Fund to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Fund's current tax year, as defined by the IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of June 30, 2025, and during the prior three open tax years the Fund did not have a liability for any unrecognized tax benefits. The Fund has no examination in progress and is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**(f) Distributions to Shareholders**

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

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

**(g) Illiquid Securities**

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

**AAM/HIMCO Short Duration Fund**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025**

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

The Trust, on behalf of the Fund, entered into an Investment Advisory Agreement (the "Agreement") with Advisors Asset Management, Inc. (the "Advisor"). Under the terms of the Agreement, the Fund pays a monthly investment advisory fee to the Advisor at the annual rate of 0.38% of the Fund's average daily net assets. The Advisor has engaged Hartford Investment Management Company (the "Sub-Advisor") to manage the Fund and pays the Sub-Advisor from its advisory fees.

The Advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that the total annual fund operating expenses (excluding any front-end or contingent deferred loads, taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with Form N-1A), expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 0.84%, 1.59% and 0.59% of the average daily net assets of the Fund's Class A, Class C and Class I Shares, respectively. This agreement is in effect until October 31, 2034, and it may be terminated before that date only by the Trust's Board of Trustees.

For the year ended June 30, 2025, the Advisor waived a portion of its advisory fees totaling $315,701. The Advisor is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived or payments made to the Fund for a period ending three full fiscal years after the date of the waiver or payment. This reimbursement may be requested from the Fund if the reimbursement will not cause the Fund's annual expense ratio to exceed the lesser of (a) the expense limitation in effect at the time such fees were waived or payments made, or (b) the expense limitation in effect at the time of the reimbursement. At June 30, 2025, the amount of these potentially recoverable expenses was $490,859. The potential recoverable amount is noted as "Commitments and contingencies" as reported on the Statement of Assets and Liabilities. The Advisor may recapture all or a portion of this amount no later than June 30 of the years stated below:

---

| | |
|:---|:---|
| 2026 | $2036 |
| 2027 | 173122 |
| 2028 | 315701 |
| Total | $490859 |

---

UMB Fund Services, Inc. ("UMBFS") serves as the Fund's fund accountant, transfer agent and co-administrator; and Mutual Fund Administration, LLC ("MFAC") serves as the Fund's other co-administrator. UMB Bank, n.a., an affiliate of UMBFS, serves as the Fund's custodian. The Fund's allocated fees incurred for fund accounting, fund administration, transfer agency and custody services for the year ended June 30, 2025, are reported on the Statement of Operations.

IMST Distributors, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), serves as the Fund's distributor (the "Distributor"). The Distributor does not receive compensation from the Fund for its distribution services; the Advisor pays the Distributor a fee for its distribution-related services.

Certain trustees and officers of the Trust are employees of UMBFS or MFAC. The Fund does not compensate trustees and officers affiliated with the Fund's co-administrators. For the year ended June 30, 2025, the Fund's allocated fees incurred to Trustees who are not affiliated with the Fund's co-administrators are reported on the Statement of Operations.

**AAM/HIMCO Short Duration Fund**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025**

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

Dziura Compliance Consulting, LLC provides Chief Compliance Officer ("CCO") services to the Trust. The Fund's allocated fees incurred for CCO services for the year ended June 30, 2025, are reported on the Statement of Operations.

**Note 4 – Federal Income Taxes**

At June 30, 2025, gross unrealized appreciation/(depreciation) of investments, based on cost for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of investments | $347331026 |
| Gross unrealized appreciation | 3327035 |
| Gross unrealized depreciation | (4956223) |
| Net unrealized appreciation/(depreciation) | $(1629188) |

---

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.

As of June 30, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $1248509 |
| Undistributed long-term capital gains | - |
| Tax accumulated earnings | 1248509 |
| Accumulated capital and other losses | (4311888) |
| Unrealized appreciation/(depreciation) on investments | (1629188) |
| Unrealized Trustees' deferred compensation | (32501) |
| Total accumulated earnings/(deficit) | $(4725068) |

---

**AAM/HIMCO Short Duration Fund**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025**

The tax character of the distributions paid during the fiscal years ended June 30, 2025 and June 30, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| Distributions paid from: | 2025 | 2024 |
| &nbsp;&nbsp;&nbsp;Ordinary income | $14639630 | $17740379 |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | - | - |
| Total distributions paid | $14639630 | $17740379 |

---

At June 30, 2025, the Fund had an accumulated capital loss carry forward as follows:

---

| | |
|:---|:---|
|  | Not Subject to Expiration: |
| Short-term | $1401138 |
| Long-term | 2910750 |
| Total | $4311888 |

---

The fund utilized $0 of its capital loss carryforwards during the year ended June 30, 2025. To the extent that a fund may realize future net capital gains, those gains will be offset by any of its unused capital loss carryforward. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.

**Note 5 – Redemption Fee**

The Fund may impose a redemption fee of 1.00% of the total redemption amount on all shares redeemed within 30 days of purchase. For the year ended June 30, 2025 and the year ended June 30, 2024, the Fund received $101 and $2,218, respectively.

**Note 6 – Investment Transactions**

For the year ended June 30, 2025, purchases and sales of investments, excluding short-term investments, forward contracts, futures contracts, options contracts and swap contracts were $128,637,574 and $140,655,856, respectively.

**Note 7 – Shareholder Servicing Plan**

The Trust, on behalf of the Fund, has adopted a Shareholder Servicing Plan to pay a fee at an annual rate of up to 0.10% of the Fund's average daily net assets of shares serviced by shareholder servicing agents who provide administrative and support services to their customers.

For the year ended June 30, 2025, shareholder servicing fees incurred are disclosed on the Statement of Operations.

**Note 8 – Distribution Plan**

The Trust, on behalf of the Fund, has adopted a Rule 12b-1 plan with respect to the Fund's Class A Shares and Class C Shares. Under the plan, the Fund pays to the Distributor distribution fees for the sale and distribution of the Fund's Class A and Class C Shares and/or shareholder liaison service fees in connection with the provision of personal services to shareholders of each such Class and the maintenance of their shareholder accounts.

For Class A Shares, the maximum annual fee payable to the Distributor for such distribution and/or administrative services is 0.25% of the average daily net assets of such shares. For Class C shares, the maximum annual fees payable to the Distributor for distribution services and administrative services are 0.75% and 0.25%, respectively, of the average daily net assets of such shares. Class I Shares are not subject to any distribution or service fees under the plan.

**AAM/HIMCO Short Duration Fund**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025**

For the year ended June 30, 2025, the Fund's distribution and service fees incurred are disclosed on the Statement of Operations.

**Note 9 – Indemnifications**

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

**Note 10 – Fair Value Measurements and Disclosure**

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

Under *Fair Value Measurements and Disclosures*, various inputs are used in determining the value of 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.

**AAM/HIMCO Short Duration Fund**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025**

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 June 30, 2025, in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | $- | $53635617 | $- | $53635617 |
| &nbsp;&nbsp;&nbsp;Bank Loans |  | 13572100 |  | 13572100 |
| &nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations |  | 24047641 |  | 24047641 |
| &nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities<sup>2</sup> |  | 38316559 | 0 | 38316559 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds<sup>1</sup> |  | 98934044 |  | 98934044 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds |  | 1002336 |  | 1002336 |
| &nbsp;&nbsp;&nbsp;U.S. Government and Agencies |  | 100888460 |  | 100888460 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 15305081 | - | - | 15305081 |
| Total Investments | $15305081 | $330396757 | $0 | $345701838 |

---

 

<sup>1</sup> For a detailed break-out of corporate bonds by major industry classification, please refer to the Schedule of Investments.

<sup>2</sup> The Fund held Commercial Mortgage-Backed Securities with $0 market value at the beginning and ending of period with no activity during the year.

The following table presents additional quantitative information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Asset Class | Fair Value at<br> June 30, 2025 | Valuation<br> Technique(s) | Unobservable<br> Input | Range of<br> Input | Weighted<br> Average of Input | Impact to Valuation from<br> an Increase in Input<sup>(1)</sup> |
| Commercial Mortgage Backed Securities | $0 | Asset Approach | Estimated Recovery Proceeds | $0 | N/A | Increase |

---

<sup>(1)</sup> This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect.

**Note 11 – Unfunded Commitments**

The Fund may enter into unfunded loan commitments. Unfunded loan commitments may be partially or wholly unfunded. During the contractual period, the Fund is obliged to provide funding to the borrower upon demand. Unfunded loan commitments are fair valued in accordance with the valuation policy described in Note 2(a) and unrealized appreciation or depreciation, if any, is recorded on the Statement of Assets and Liabilities. As of June 30, 2025, the Fund did not have any unfunded commitments outstanding.

**AAM/HIMCO Short Duration Fund**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025**

**Note 12 – Market Disruption and Geopolitical Risks**

Certain local, regional or global events such as war, acts of terrorism, the spread of infectious illnesses and/or other public health issues, financial institution instability or other events may have a significant impact on a security or instrument. These types of events and other like them are collectively referred to as "Market Disruptions and Geopolitical Risks" and they may have adverse impacts on the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. Some of the impacts noted in recent times include but are not limited to embargos, political actions, supply chain disruptions, tariffs, bank failures, restrictions to investment and/or monetary movement including the forced selling of securities or the inability to participate impacted markets. The duration of these events could adversely affect the Fund's performance, the performance of the securities in which the Fund invests and may lead to losses on your investment. The ultimate impact of "Market Disruptions and Geopolitical Risks" on the financial performance of the Fund's investments is not reasonably estimable at this time. Management is actively monitoring these events.

**Note 13 – New Accounting Pronouncements and Regulatory Updates**

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07")," which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the "CODM"). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by Topic 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management has evaluated the impact of applying ASU 2023-07, and the Fund has adopted the ASU during the reporting period. The adoption of the ASU does not have a material impact on the financial statements. Required disclosure is included in Note 1.

**Note 14 – Events Subsequent to the Fiscal Period End**

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

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Board of Trustees of**

**Investment Managers Series Trust** 

**and the Shareholders of the AAM/HIMCO Short Duration Fund**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of the AAM/HIMCO Short Duration Fund (the "Fund"), a series of Investment Managers Series Trust, including the schedule of investments, as of June 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2007.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025 by correspondence with the custodian and agent banks, when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

**TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania**

**August 29, 2025**

![](fp0095289-1_01.jpg)

**AAM/Insight Select Income Fund** 

**(Class A: CPUAX)**

**(Class C: CPUCX)**

**(Class I: CPUIX)**

**ANNUAL FINANCIALS AND OTHER INFORMATION**

**JUNE 30, 2025**

**AAM/Insight Select Income Fund**

*A series of Investment Managers Series Trust*

 

**Table of Contents**

Please note the Financials and Other Information only contains Items 7-11 required in Form N-CSR. All other required items will be filed with the SEC.

### Item 7. Financial Statements and Financial Highlights &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedule of Investments 1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Assets and Liabilities 23 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Operations 25 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets 26 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Highlights 28 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A 28 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C 29 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I 30 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements 31 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Report of Independent Registered Public Accounting Firm 43 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supplemental Information 44
*This report and the financial statements contained herein are provided for the general information of the shareholders of the AAM/Insight Select Income Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

 

**www.aamlive.com/publicsite/mutual-funds**

**AAM/Insight Select Income Fund**

**SCHEDULE OF INVESTMENTS**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **ASSET-BACKED SECURITIES — 11.8%** |  |
| 243877 | AASET 2025-1<br> Series 2025-1A, Class A, 5.94%, 2/16/2050<sup>2</sup> | $249429 |
| 22175 | Amur Equipment Finance Receivables LLC<br> Series 2022-2A, Class A2, 5.30%, 6/21/2028<sup>2,3</sup> | 22220 |
| 47144 | Auxilior Term Funding LLC<br> Series 2023-1A, Class A2, 6.18%, 12/15/2028<sup>2,3</sup> | 47523 |
|  | Avis Budget Rental Car Funding AESOP LLC |  |
| 50000 | &nbsp;&nbsp;&nbsp;Series 2020-1A, Class A, 2.33%, 8/20/2026<sup>2,3</sup> | 49876 |
| 282000 | &nbsp;&nbsp;&nbsp;Series 2025-2A, Class A, 5.12%, 8/20/2031<sup>2,3</sup> | 286831 |
| 1000000 | Bain Capital Credit CLO 2020-3 Ltd.<br> Series 2020-3A, Class A1RR, 5.49% (3-Month Term SOFR+121 basis points), 10/23/2034<sup>2,3,4</sup> | 1000245 |
| 241884 | Blackbird Capital Aircraft<br> Series 2021-1A, Class B, 3.45%, 7/15/2046<sup>2,3</sup> | 226804 |
| 665000 | BlackRock Shasta CLO XIII LLC<br> Series 2024-1A, Class A1, 6.11% (3-Month Term SOFR+185 basis points), 7/15/2036<sup>2,3,4</sup> | 665894 |
| 450000 | Centersquare Issuer LLC<br> Series 2025-1A, Class A2, 5.50%, 3/26/2055<sup>2,3</sup> | 442701 |
| 850000 | Cerberus Loan Funding XLIX LLC<br> Series 2024-5A, Class A, 5.61% (3-Month Term SOFR+135 basis points), 1/15/2034<sup>2,3,4</sup> | 847378 |
| 500815 | CF Hippolyta Issuer LLC<br> Series 2020-1, Class A1, 1.69%, 7/15/2060<sup>2,3</sup> | 495455 |
| 50702 | Chesapeake Funding II LLC<br> Series 2023-2A, Class A1, 6.16%, 10/15/2035<sup>2,3</sup> | 51375 |
| 1000000 | Churchill MMSLF CLO-IV Ltd.<br> Series 2024-3A, Class A, 5.87% (3-Month Term SOFR+160 basis points), 10/22/2035<sup>2,3,4</sup> | 993691 |
| 325000 | CLI Funding IX LLC<br> Series 2025-1A, Class A, 5.35%, 6/20/2050<sup>2,3</sup> | 327425 |
| 109000 | COMM Mortgage Trust<br> Series 2020-CX, Class D, 2.77%, 11/10/2046<sup>2,3,5</sup> | 88794 |
| 257899 | Commonbond Student Loan Trust<br> Series 2019-AGS, Class A1, 2.54%, 1/25/2047<sup>2,3</sup> | 235974 |
| 185076 | Cross Mortgage Trust<br> Series 2024-H2, Class A2, 6.42%, 4/25/2069<sup>2,3,6</sup> | 186821 |
| 503000 | CyrusOne Data Centers Issuer I LLC<br> Series 2025-1A, Class A2, 5.91%, 2/20/2050<sup>2,3</sup> | 512213 |
| 178700 | Daimler Trucks Retail Trust<br> Series 2023-1, Class A3, 5.90%, 3/15/2027<sup>3</sup> | 179790 |
| 598000 | DataBank Issuer<br> Series 2021-2A, Class A2, 2.40%, 10/25/2051<sup>2,3</sup> | 574819 |
| 600230 | DB Master Finance LLC<br> Series 2021-1A, Class A2I, 2.04%, 11/20/2051<sup>2,3</sup> | 578049 |
| 525150 | Domino's Pizza Master Issuer LLC<br> Series 2021-1A, Class A2I, 2.66%, 4/25/2051<sup>2,3</sup> | 489856 |

---

**AAM/Insight Select Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
| 204743 | EnFin Residential Solar Receivables Trust<br> Series 2024-2A, Class A, 5.98%, 9/20/2055<sup>2,3</sup> | $197107 |
| 151341 | ENFIN Residential Solar Receivables Trust<br> Series 2024-1A, Class A, 6.65%, 2/20/2055<sup>2,3</sup> | 151179 |
| 545000 | Flexential Issuer<br> Series 2021-1A, Class A2, 3.25%, 11/27/2051<sup>2,3</sup> | 527364 |
|  | Ford Credit Auto Owner Trust |  |
| 370000 | &nbsp;&nbsp;&nbsp;Series 2022-C, Class B, 5.03%, 2/15/2028<sup>3</sup> | 371711 |
| 194000 | &nbsp;&nbsp;&nbsp;Series 2024-1, Class A, 4.87%, 8/15/2036<sup>2,3,6</sup> | 197463 |
| 1500000 | Fortress Credit Opportunities CLO Ltd.<br> Series 2017-9A, Class A1TR, 6.07% (3-Month Term SOFR+181 basis points), 10/15/2033<sup>2,3,4</sup> | 1501496 |
| 250000 | Golub Capital Partners CLO Ltd.<br> Series 2020-47A, Class CR, 6.66% (3-Month Term SOFR+240 basis points), 8/5/2037<sup>2,3,4</sup> | 250891 |
| 45552 | Hilton Grand Vacations Trust<br> Series 2023-1A, Class A, 5.72%, 1/25/2038<sup>2,3</sup> | 46370 |
|  | Huntington Bank Auto Credit-Linked Notes |  |
| 183812 | &nbsp;&nbsp;&nbsp;Series 2024-2, Class B1, 5.44%, 10/20/2032<sup>2,3</sup> | 185509 |
| 255673 | &nbsp;&nbsp;&nbsp;Series 2025-1, Class B, 4.96%, 3/21/2033<sup>2,3</sup> | 256658 |
| 177410 | ITE Rail Fund Levered LP<br> Series 2021-1A, Class A, 2.25%, 2/28/2051<sup>2,3</sup> | 166836 |
| 473000 | IVY Hill Middle Market Credit Fund XII Ltd.<br> Series 12A, Class BRR, 6.30% (3-Month Term SOFR+200 basis points), 4/20/2037<sup>2,3,5</sup> | 471226 |
| 158602 | Jersey Mike's Funding LLC<br> Series 2024-1A, Class A2, 5.63%, 2/15/2055<sup>2,3</sup> | 161069 |
| 155773 | JP Morgan Mortgage Trust Series<br> Series 2024-CES1, Class A2, 6.15%, 6/25/2054<sup>2,3,6</sup> | 156970 |
| 1000000 | LCM 37 Ltd.<br> Series 37A, Class A1R, 5.32% (3-Month Term SOFR+106 basis points), 4/15/2034<sup>2,3,4</sup> | 997966 |
| 600000 | MCF CLO IX Ltd.<br> Series 2019-1A, Class A1RR, 6.28% (3-Month Term SOFR+200 basis points), 4/17/2036<sup>2,3,4</sup> | 601217 |
|  | MF1 Ltd. |  |
| 910500 | &nbsp;&nbsp;&nbsp;Series 2021-FL7, Class AS, 5.88% (1-Month Term SOFR+157 basis points), 10/16/2036<sup>2,3,4</sup> | 905974 |
| 448000 | &nbsp;&nbsp;&nbsp;Series 2022-FL8, Class C, 6.52% (1-Month Term SOFR+220 basis points), 2/19/2037<sup>2,3,4</sup> | 445376 |
| 65492 | Navient Private Education Refi Loan Trust<br> Series 2021-A, Class A, 0.84%, 5/15/2069<sup>2,3</sup> | 59680 |
| 1058000 | New Economy Assets Phase 1 Sponsor LLC<br> Series 2021-1, Class A1, 1.91%, 10/20/2061<sup>2,3</sup> | 998263 |
| 95671 | New Residential Mortgage Loan Trust<br> Series 2021-NQ2R, Class A1, 0.94%, 10/25/2058<sup>2,3,5</sup> | 93159 |
| 147000 | Oscar U.S. Funding XVI LLC<br> Series 2024-1A, Class A3, 5.54%, 2/10/2028<sup>2,3</sup> | 148223 |

---

**AAM/Insight Select Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
| 117710 | RCKT Mortgage Trust<br> Series 2024-CES2, Class A2, 6.39%, 4/25/2044<sup>2,3,5</sup> | $118981 |
| 1000000 | Regatta XXII Funding Ltd.<br> Series 2022-2A, Class AR, 5.52% (3-Month Term SOFR+125 basis points), 7/20/2035<sup>2,3,4</sup> | 999755 |
| 582000 | Retained Vantage Data Centers Issuer LLC<br> Series 2024-1A, Class A2, 4.99%, 9/15/2049<sup>2,3</sup> | 576461 |
| 250000 | Santander Bank Auto Credit-Linked Notes Series<br> Series 2024-B, Class C, 5.14%, 1/18/2033<sup>2,3</sup> | 250592 |
| 175114 | Santander Drive Auto Receivables Trust<br> Series 2022-5, Class C, 4.74%, 10/16/2028<sup>3</sup> | 175058 |
| 984000 | Slam Ltd.<br> Series 2021-1A, Class A, 2.43%, 6/15/2046<sup>2,3</sup> | 931591 |
| 250000 | SLAM 2025-1 Ltd.<br> Series 2025-1A, Class A, 5.81%, 5/15/2050<sup>2</sup> | 258462 |
|  | SMB Private Education Loan Trust |  |
| 18219 | &nbsp;&nbsp;&nbsp;Series 2017-B, Class A2B, 5.18% (1-Month Term SOFR+86 basis points), 10/15/2035<sup>2,3,4</sup> | 18189 |
| 258489 | &nbsp;&nbsp;&nbsp;Series 2019-B, Class A2B, 5.43% (1-Month Term SOFR+111 basis points), 6/15/2037<sup>2,3,4</sup> | 258611 |
| 132378 | Tesla Auto Lease Trust<br> Series 2023-B, Class A3, 6.13%, 9/21/2026<sup>2,3</sup> | 132797 |
| 373214 | TIF Funding II LLC<br> Series 2021-1A, Class A, 1.65%, 2/20/2046<sup>2,3</sup> | 335237 |
| 301781 | TIF Funding III LLC<br> Series 2024-1A, Class A, 5.48%, 4/20/2049<sup>2,3</sup> | 306050 |
| 950000 | Voya CLO Ltd.<br> Series 2019-1A, Class A1RR, 5.63% (3-Month Term SOFR+137 basis points), 10/15/2037<sup>2,3,4</sup> | 953078 |
|  | Willis Engine Structured Trust |  |
| 448467 | &nbsp;&nbsp;&nbsp;Series 2018-A, Class A, 4.75%, 9/15/2043<sup>2,3,6</sup> | 445385 |
| 548058 | &nbsp;&nbsp;&nbsp;Series 2021-A, Class A, 3.10%, 5/15/2046<sup>2,3</sup> | 509369 |
| 704980 | Zayo Issuer LLC<br> Series 2025-2A, Class A2, 5.95%, 6/20/2055<sup>2,3</sup> | 725768 |
|  | **TOTAL ASSET-BACKED SECURITIES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $24,730,453) | **24440254** |
|  | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.1%** |  |
| 960000 | BANK5<br> Series 2024-5YR12, Class A2, 5.42%, 12/15/2057<sup>3</sup> | 986641 |
| 361611 | BX Commercial Mortgage Trust<br> Series 2024-AIR2, Class A, 5.81% (1-Month Term SOFR+149 basis points), 10/15/2041<sup>2,4</sup> | 362287 |
| 162000 | BXHPP Trust FILM<br> Series 2021-FILM, Class C, 5.53% (1-Month Term SOFR+121 basis points), 8/15/2036<sup>2,4</sup> | 148394 |
| 105860 | COLT Mortgage Loan Trust<br> Series 2023-3, Class A2, 7.43%, 9/25/2068<sup>2,3,6</sup> | 107385 |

---

**AAM/Insight Select Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |
| 138000 | Hudson Yards Mortgage Trust<br> Series 2025-SPRL, Class C, 6.15%, 1/13/2040<sup>2,5</sup> | $142070 |
| 554000 | PMT Issuer Trust - FMSR<br> Series 2021-FT1, Class A, 7.43% (1-Month Term SOFR+312 basis points), 3/25/2026<sup>2,3,4</sup> | 556912 |
|  | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,290,078) | **2303689** |
|  | **CORPORATE BONDS — 81.0%** |  |
|  | **COMMUNICATIONS — 5.2%** |  |
| 105000 | Alphabet, Inc.<br> 5.25%, 5/15/2055<sup>3</sup> | 103563 |
|  | AT&T, Inc. |  |
| 750000 | &nbsp;&nbsp;&nbsp;4.75%, 5/15/2046<sup>3</sup> | 655240 |
| 1500000 | &nbsp;&nbsp;&nbsp;3.55%, 9/15/2055<sup>3</sup> | 1014127 |
| 775000 | Charter Communications Operating LLC / Charter Communications Operating Capital<br> 6.83%, 10/23/2055<sup>3</sup> | 794246 |
| 500000 | Clear Channel Outdoor Holdings, Inc.<br> 5.13%, 8/15/2027<sup>2,3</sup> | 494369 |
| 1045000 | Comcast Corp.<br> 3.45%, 2/1/2050<sup>3</sup> | 717404 |
| 600000 | Cox Enterprises, Inc.<br> 7.37%, 7/15/2027<sup>2</sup> | 632301 |
| 200000 | Iliad Holding SASU<br> 8.50%, 4/15/2031<sup>2,3,7</sup> | 213941 |
|  | Meta Platforms, Inc. |  |
| 335000 | &nbsp;&nbsp;&nbsp;4.45%, 8/15/2052<sup>3</sup> | 282702 |
| 556000 | &nbsp;&nbsp;&nbsp;5.40%, 8/15/2054<sup>3</sup> | 542943 |
| 595000 | NBN Co., Ltd.<br> 4.25%, 10/1/2029<sup>2,3,7</sup> | 592714 |
|  | Paramount Global |  |
| 419000 | &nbsp;&nbsp;&nbsp;4.20%, 5/19/2032<sup>3</sup> | 382553 |
| 83000 | &nbsp;&nbsp;&nbsp;6.87%, 4/30/2036 | 85028 |
| 640000 | &nbsp;&nbsp;&nbsp;5.85%, 9/1/2043<sup>3</sup> | 557831 |
| 530000 | Prosus N.V.<br> 4.99%, 1/19/2052<sup>2,3,7</sup> | 409321 |
| 725000 | Rogers Communications, Inc.<br> 7.12% (USD 5 Year Tsy+262 basis points), 4/15/2055<sup>3,7,8</sup> | 734865 |
| 503000 | Snap, Inc.<br> 6.88%, 3/1/2033<sup>2,3</sup> | 515913 |
| 489000 | Time Warner Cable LLC<br> 6.55%, 5/1/2037 | 505247 |
| 48000 | T-Mobile USA, Inc.<br> 4.95%, 3/15/2028<sup>3</sup> | 48803 |
|  | Verizon Communications, Inc. |  |
| 615000 | &nbsp;&nbsp;&nbsp;4.02%, 12/3/2029<sup>3</sup> | 606650 |

---

**AAM/Insight Select Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **CORPORATE BONDS (Continued)** |  |
|  | **COMMUNICATIONS (Continued)** |  |
| 664000 | &nbsp;&nbsp;&nbsp;3.55%, 3/22/2051<sup>3</sup> | $475512 |
| 477000 | Vmed O2 UK Financing I PLC<br> 4.75%, 7/15/2031<sup>2,3,7</sup> | 441288 |
| 70000 | Warnermedia Holdings, Inc.<br> 5.14%, 3/15/2052<sup>3</sup> | 43754 |
|  |  | **10850315** |
|  | **CONSUMER DISCRETIONARY — 8.6%** |  |
| 155000 | Air Canada<br> 3.88%, 8/15/2026<sup>2,3,7</sup> | 153431 |
| 118008 | Air Canada Class A Pass-Through Trust<br> 5.25%, 10/1/2030<sup>2,7</sup> | 119051 |
|  | American Airlines Class AA Pass-Through Trust |  |
| 164820 | &nbsp;&nbsp;&nbsp;3.65%, 8/15/2030 | 159302 |
| 259017 | &nbsp;&nbsp;&nbsp;3.35%, 4/15/2031 | 246368 |
| 323548 | &nbsp;&nbsp;&nbsp;3.15%, 8/15/2033 | 297067 |
|  | American Airlines, Inc./AAdvantage Loyalty IP Ltd. |  |
| 116333 | &nbsp;&nbsp;&nbsp;5.50%, 4/20/2026<sup>2,7</sup> | 116068 |
| 161000 | &nbsp;&nbsp;&nbsp;5.75%, 4/20/2029<sup>2,7</sup> | 161220 |
| 425000 | Asbury Automotive Group, Inc.<br> 5.00%, 2/15/2032<sup>2,3</sup> | 404342 |
| 650000 | Avianca Midco 2 PLC<br> 9.62%, 2/14/2030<sup>2,3,7</sup> | 599495 |
| 400000 | Benteler International A.G.<br> 10.50%, 5/15/2028<sup>2,3,7</sup> | 420972 |
| 84500 | British Airways Class A Pass-Through Trust<br> 4.25%, 11/15/2032<sup>2</sup> | 81005 |
| 418000 | Builders FirstSource, Inc.<br> 6.37%, 3/1/2034<sup>2,3</sup> | 425934 |
| 37000 | Caesars Entertainment, Inc.<br> 8.12%, 7/1/2027<sup>2,3</sup> | 37148 |
|  | Carnival Corp. |  |
| 300000 | &nbsp;&nbsp;&nbsp;6.00%, 5/1/2029<sup>2,3,7</sup> | 303128 |
| 121000 | &nbsp;&nbsp;&nbsp;6.12%, 2/15/2033<sup>2,3,7</sup> | 123803 |
|  | Delta Air Lines, Inc. / SkyMiles IP Ltd. |  |
| 20500 | &nbsp;&nbsp;&nbsp;4.50%, 10/20/2025<sup>2,7</sup> | 20450 |
| 623000 | &nbsp;&nbsp;&nbsp;4.75%, 10/20/2028<sup>2,7</sup> | 624369 |
|  | ERAC USA Finance LLC |  |
| 377000 | &nbsp;&nbsp;&nbsp;5.20%, 10/30/2034<sup>2,3</sup> | 384134 |
| 750000 | &nbsp;&nbsp;&nbsp;7.00%, 10/15/2037<sup>2</sup> | 860693 |
|  | Ford Motor Credit Co. LLC |  |
| 204000 | &nbsp;&nbsp;&nbsp;5.80%, 3/5/2027<sup>3</sup> | 205613 |
| 550000 | &nbsp;&nbsp;&nbsp;7.12%, 11/7/2033<sup>3</sup> | 570896 |
| 1360000 | General Motors Co.<br> 5.63%, 4/15/2030<sup>3</sup> | 1389976 |
|  | General Motors Financial Co., Inc. |  |

---

**AAM/Insight Select Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **CORPORATE BONDS (Continued)** |  |
|  | **CONSUMER DISCRETIONARY (Continued)** |  |
| 797000 | &nbsp;&nbsp;&nbsp;3.60%, 6/21/2030<sup>3</sup> | $745396 |
| 1213000 | &nbsp;&nbsp;&nbsp;2.35%, 1/8/2031<sup>3</sup> | 1050245 |
| 500000 | Goodyear Tire & Rubber Co.<br> 6.62%, 7/15/2030<sup>3</sup> | 509087 |
| 805000 | Home Depot, Inc.<br> 5.30%, 6/25/2054<sup>3</sup> | 773699 |
| 930000 | International Game Technology PLC<br> 5.25%, 1/15/2029<sup>2,3,7</sup> | 922038 |
| 687000 | Las Vegas Sands Corp.<br> 6.20%, 8/15/2034<sup>3</sup> | 702218 |
| 151000 | Latam Airlines Group S.A.<br> 7.62%, 1/7/2031<sup>2,3,7</sup> | 151302 |
| 845000 | Marriott International, Inc.<br> 5.50%, 4/15/2037<sup>3</sup> | 845837 |
| 555000 | Melco Resorts Finance Ltd.<br> 5.38%, 12/4/2029<sup>2,3,7</sup> | 518785 |
| 585000 | Meritage Homes Corp.<br> 5.65%, 3/15/2035<sup>3</sup> | 586720 |
| 584000 | NCL Corp. Ltd.<br> 6.25%, 3/1/2030<sup>2,3,7</sup> | 588631 |
| 152000 | Paychex, Inc.<br> 5.60%, 4/15/2035<sup>3</sup> | 157153 |
| 500000 | Prime Security Services Borrower LLC / Prime Finance, Inc.<br> 3.38%, 8/31/2027<sup>2,3</sup> | 483666 |
| 93014 | United Airlines Class A Pass-Through Trust<br> 5.87%, 4/15/2029 | 94902 |
| 148074 | United Airlines Class A Pass-Through Trust<br> 5.80%, 7/15/2037 | 151047 |
|  | United Airlines Class AA Pass-Through Trust |  |
| 138092 | &nbsp;&nbsp;&nbsp;4.15%, 2/25/2033 | 132233 |
| 460946 | &nbsp;&nbsp;&nbsp;2.70%, 11/1/2033 | 411811 |
| 137637 | United Airlines Class B Pass-Through Trust<br> 4.60%, 9/1/2027 | 135928 |
|  | United Airlines, Inc. |  |
| 64000 | &nbsp;&nbsp;&nbsp;4.38%, 4/15/2026<sup>2,3</sup> | 63578 |
| 273000 | &nbsp;&nbsp;&nbsp;4.63%, 4/15/2029<sup>2,3</sup> | 264992 |
| 355000 | Volkswagen Group of America Finance LLC<br> 6.45%, 11/16/2030<sup>2,3</sup> | 377711 |
| 400000 | Wynn Macau Ltd.<br> 5.63%, 8/26/2028<sup>2,3,7</sup> | 393236 |
|  |  | **17764680** |
|  | **CONSUMER STAPLES — 3.8%** |  |
| 152000 | Altria Group, Inc.<br> 5.95%, 2/14/2049<sup>3</sup> | 151297 |
| 635000 | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc.<br> 4.70%, 2/1/2036<sup>3</sup> | 619775 |

---

**AAM/Insight Select Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **CORPORATE BONDS (Continued)** |  |
|  | **CONSUMER STAPLES (Continued)** |  |
|  | BAT Capital Corp. |  |
| 119000 | &nbsp;&nbsp;&nbsp;6.34%, 8/2/2030<sup>3</sup> | $128224 |
| 400000 | &nbsp;&nbsp;&nbsp;7.08%, 8/2/2043<sup>3</sup> | 440921 |
| 306000 | &nbsp;&nbsp;&nbsp;5.65%, 3/16/2052<sup>3</sup> | 285513 |
|  | Bimbo Bakeries USA, Inc. |  |
| 376000 | &nbsp;&nbsp;&nbsp;6.40%, 1/15/2034<sup>2,3</sup> | 400996 |
| 352000 | &nbsp;&nbsp;&nbsp;4.00%, 5/17/2051<sup>2,3</sup> | 259075 |
| 200000 | Diageo Investment Corp.<br> 5.63%, 4/15/2035<sup>3</sup> | 209249 |
| 179000 | HCA, Inc.<br> 5.60%, 4/1/2034<sup>3</sup> | 183189 |
| 574000 | J M Smucker Co.<br> 6.50%, 11/15/2053<sup>3</sup> | 614015 |
| 815000 | JBS USA Holding Lux Sarl / JBS USA Foods Group Holdings, Inc. / JBS USA Food Co.<br> 5.50%, 1/15/2036<sup>2,3</sup> | 817799 |
| 206000 | JBS USA LUX S.A. / JBS USA Food Co. / JBS USA Finance, Inc.<br> 3.63%, 1/15/2032<sup>3,7</sup> | 188314 |
| 251000 | Keurig Dr Pepper, Inc.<br> 4.50%, 11/15/2045<sup>3</sup> | 209982 |
| 151000 | Kroger Co.<br> 5.50%, 9/15/2054<sup>3</sup> | 143452 |
| 229000 | MARB BondCo PLC<br> 3.95%, 1/29/2031<sup>2,3,7</sup> | 202927 |
|  | Mars, Inc. |  |
| 855000 | &nbsp;&nbsp;&nbsp;5.20%, 3/1/2035<sup>2,3</sup> | 864702 |
| 557000 | &nbsp;&nbsp;&nbsp;5.65%, 5/1/2045<sup>2,3</sup> | 558683 |
| 600000 | NBM U.S. Holdings, Inc.<br> 6.62%, 8/6/2029<sup>2,3</sup> | 603473 |
| 730000 | Philip Morris International, Inc.<br> 4.25%, 11/10/2044 | 620523 |
| 383000 | Viking Baked Goods Acquisition Corp.<br> 8.62%, 11/1/2031<sup>2,3</sup> | 374659 |
|  |  | **7876768** |
|  | **ENERGY — 10.0%** |  |
| 414000 | Aker BP ASA<br> 3.10%, 7/15/2031<sup>2,3,7</sup> | 369565 |
|  | BP Capital Markets PLC |  |
| 81000 | &nbsp;&nbsp;&nbsp;4.38% (USD 5 Year Tsy+404 basis points)<sup>3,7,8,9</sup> | 80767 |
| 884000 | &nbsp;&nbsp;&nbsp;6.13% (USD 5 Year Tsy+192 basis points)<sup>3,7,8,9</sup> | 882238 |
| 235000 | Cheniere Energy Partners LP<br> 5.55%, 10/30/2035<sup>2,3</sup> | 236952 |
| 1162000 | CITGO Petroleum Corp.<br> 8.37%, 1/15/2029<sup>2,3</sup> | 1208611 |

---

**AAM/Insight Select Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **CORPORATE BONDS (Continued)** |  |
|  | **ENERGY (Continued)** |  |
| 92000 | Columbia Pipelines Operating Co. LLC<br> 6.54%, 11/15/2053<sup>2,3</sup> | $95197 |
| 604000 | Coterra Energy, Inc.<br> 5.40%, 2/15/2035<sup>3</sup> | 597797 |
| 668000 | CVR Energy, Inc.<br> 5.75%, 2/15/2028<sup>2,3</sup> | 639448 |
| 310000 | Diamondback Energy, Inc.<br> 5.40%, 4/18/2034<sup>3</sup> | 310971 |
|  | DT Midstream, Inc. |  |
| 358000 | &nbsp;&nbsp;&nbsp;4.30%, 4/15/2032<sup>2,3</sup> | 334901 |
| 245000 | &nbsp;&nbsp;&nbsp;5.80%, 12/15/2034<sup>2,3</sup> | 249357 |
| 200000 | Empresa Nacional del Petroleo<br> 5.95%, 7/30/2034<sup>2,3,7</sup> | 202346 |
|  | Enbridge, Inc. |  |
| 150000 | &nbsp;&nbsp;&nbsp;6.70%, 11/15/2053<sup>3,7</sup> | 162441 |
| 480000 | &nbsp;&nbsp;&nbsp;7.37% (USD 5 Year Tsy+312 basis points), 3/15/2055<sup>3,7,8</sup> | 497729 |
| 180000 | &nbsp;&nbsp;&nbsp;6.00% (3-Month Term SOFR+415 basis points), 1/15/2077<sup>3,7,10</sup> | 179890 |
|  | Energy Transfer LP |  |
| 275000 | &nbsp;&nbsp;&nbsp;5.40%, 10/1/2047<sup>3</sup> | 245074 |
| 500000 | &nbsp;&nbsp;&nbsp;6.25%, 4/15/2049<sup>3</sup> | 493868 |
| 108000 | &nbsp;&nbsp;&nbsp;5.95%, 5/15/2054<sup>3</sup> | 102772 |
| 241000 | Eni S.p.A.<br> 5.95%, 5/15/2054<sup>2,3,7</sup> | 233312 |
|  | Enterprise Products Operating LLC |  |
| 475000 | &nbsp;&nbsp;&nbsp;6.45%, 9/1/2040 | 521277 |
| 366000 | &nbsp;&nbsp;&nbsp;3.30%, 2/15/2053<sup>3</sup> | 242292 |
| 126000 | &nbsp;&nbsp;&nbsp;5.38% (3-Month Term SOFR+283 basis points), 2/15/2078<sup>3,10</sup> | 123908 |
| 129000 | EQT Corp.<br> 6.38%, 4/1/2029<sup>2,3</sup> | 133041 |
| 1000000 | Exxon Mobil Corp<br> 1.41%, 6/26/2039<sup>3</sup> | 854186 |
|  | Global Partners LP / GLP Finance Corp. |  |
| 68000 | &nbsp;&nbsp;&nbsp;6.87%, 1/15/2029<sup>3</sup> | 69050 |
| 518000 | &nbsp;&nbsp;&nbsp;8.25%, 1/15/2032<sup>2,3</sup> | 544636 |
| 170000 | &nbsp;&nbsp;&nbsp;7.12%, 7/1/2033<sup>2,3</sup> | 172549 |
| 303000 | Harbour Energy PLC<br> 6.33%, 4/1/2035<sup>2,3,7</sup> | 301061 |
| 130000 | Hess Midstream Operations LP<br> 5.13%, 6/15/2028<sup>2,3</sup> | 129092 |
| 59000 | Howard Midstream Energy Partners LLC<br> 7.37%, 7/15/2032<sup>2,3</sup> | 62035 |
| 540000 | Ithaca Energy North Sea PLC<br> 8.12%, 10/15/2029<sup>2,3,7</sup> | 556120 |
| 420000 | Medco Cypress Tree Pte Ltd.<br> 8.62%, 5/19/2030<sup>2,3,7</sup> | 430096 |

---

**AAM/Insight Select Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **CORPORATE BONDS (Continued)** |  |
|  | **ENERGY (Continued)** |  |
| 983000 | MPLX LP<br> 4.90%, 4/15/2058<sup>3</sup> | $789575 |
|  | NGPL PipeCo LLC |  |
| 820000 | &nbsp;&nbsp;&nbsp;4.88%, 8/15/2027<sup>2,3</sup> | 815809 |
| 737000 | &nbsp;&nbsp;&nbsp;7.77%, 12/15/2037<sup>2</sup> | 841165 |
| 1165000 | ONEOK, Inc.<br> 6.05%, 9/1/2033<sup>3</sup> | 1221012 |
| 400000 | Petroleos del Peru S.A.<br> 4.75%, 6/19/2032<sup>2,7</sup> | 308972 |
| 485000 | Petroleos Mexicanos<br> 6.50%, 3/13/2027<sup>7</sup> | 481653 |
| 238000 | Phillips 66<br> 4.88%, 11/15/2044<sup>3</sup> | 206677 |
| 250000 | Plains All American Pipeline LP / PAA Finance Corp.<br> 4.50%, 12/15/2026<sup>3</sup> | 250347 |
| 250000 | Saudi Arabian Oil Co.<br> 5.75%, 7/17/2054<sup>2,3,7</sup> | 233725 |
| 234000 | South Bow USA Infrastructure Holdings LLC<br> 5.58%, 10/1/2034<sup>2,3</sup> | 231566 |
| 462000 | Targa Resources Corp.<br> 4.90%, 9/15/2030<sup>3</sup> | 465826 |
| 809000 | Targa Resources Partners LP / Targa Resources Partners Finance Corp.<br> 5.50%, 3/1/2030<sup>3</sup> | 820909 |
|  | TotalEnergies Capital S.A. |  |
| 277000 | &nbsp;&nbsp;&nbsp;5.49%, 4/5/2054<sup>3,7</sup> | 266598 |
| 635000 | &nbsp;&nbsp;&nbsp;5.43%, 9/10/2064<sup>3,7</sup> | 595102 |
| 736000 | TransCanada PipeLines Ltd.<br> 7.00% (USD 5 Year Tsy+262 basis points), 6/1/2065<sup>3,7,8</sup> | 735781 |
| 561000 | Venture Global Plaquemines LNG, LLC<br> 7.00%, 1/31/2036<sup>2,3</sup> | 561000 |
| 800000 | Williams Cos., Inc.<br> 4.90%, 1/15/2045<sup>3</sup> | 703546 |
|  |  | **20791842** |
|  | **FINANCIALS — 25.7%** |  |
|  | AerCap Ireland Capital DAC / AerCap Global Aviation Trust |  |
| 669000 | &nbsp;&nbsp;&nbsp;3.30%, 1/30/2032<sup>3,7</sup> | 605633 |
| 150000 | &nbsp;&nbsp;&nbsp;6.95% (USD 5 Year Tsy+272 basis points), 3/10/2055<sup>3,7,8</sup> | 155977 |
| 175000 | &nbsp;&nbsp;&nbsp;6.50% (USD 5 Year Tsy+244 basis points), 1/31/2056<sup>3,7,8</sup> | 174151 |
| 156000 | Aircastle Ltd. / Aircastle Ireland DAC<br> 5.75%, 10/1/2031<sup>2,3,7</sup> | 160233 |
|  | Allianz S.E. |  |
| 600000 | &nbsp;&nbsp;&nbsp;3.50% (USD 5 Year Tsy+297 basis points)<sup>2,3,7,8,9,11</sup> | 589688 |
| 200000 | &nbsp;&nbsp;&nbsp;3.20% (USD 5 Year Tsy+216 basis points)<sup>2,3,7,8,9,11</sup> | 175155 |
| 175000 | Allstate Corp.<br> 6.50% (3-Month USD Libor+212 basis points), 5/15/2067<sup>3,10</sup> | 179495 |

---

**AAM/Insight Select Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **CORPORATE BONDS (Continued)** |  |
|  | **FINANCIALS (Continued)** |  |
| 747000 | American Homes 4 Rent LP<br> 5.50%, 2/1/2034<sup>3</sup> | $759585 |
| 287000 | Arthur J. Gallagher & Co.<br> 5.55%, 2/15/2055<sup>3</sup> | 275672 |
| 400000 | Banco Santander S.A.<br> 5.59%, 8/8/2028<sup>7</sup> | 413113 |
|  | Bank of America Corp. |  |
| 200000 | &nbsp;&nbsp;&nbsp;4.18%, 11/25/2027<sup>3</sup> | 199202 |
| 1895000 | &nbsp;&nbsp;&nbsp;2.97% (SOFR+133 basis points), 2/4/2033<sup>3,10</sup> | 1697295 |
| 965000 | &nbsp;&nbsp;&nbsp;5.87% (SOFR+184 basis points), 9/15/2034<sup>3,10</sup> | 1018498 |
| 384000 | &nbsp;&nbsp;&nbsp;5.47% (SOFR+165 basis points), 1/23/2035<sup>3,10</sup> | 394565 |
| 1055000 | &nbsp;&nbsp;&nbsp;5.51% (SOFR+131 basis points), 1/24/2036<sup>3,10</sup> | 1085143 |
| 799000 | &nbsp;&nbsp;&nbsp;5.74% (SOFR+170 basis points), 2/12/2036<sup>3,10</sup> | 812011 |
| 200000 | &nbsp;&nbsp;&nbsp;5.88%, 2/7/2042 | 209215 |
| 599000 | Bank of Montreal<br> 7.30% (USD 5 Year Tsy+301 basis points), 11/26/2084<sup>3,7,8</sup> | 610105 |
| 1250000 | Bank of Nova Scotia<br> 7.35% (USD 5 Year Tsy+290 basis points), 4/27/2085<sup>3,7,8</sup> | 1259627 |
| 200000 | Barclays PLC<br> 6.04% (SOFR+242 basis points), 3/12/2055<sup>3,7,10</sup> | 205232 |
| 603000 | Boston Properties LP<br> 2.55%, 4/1/2032<sup>3</sup> | 508825 |
| 115000 | Brown & Brown, Inc.<br> 5.55%, 6/23/2035<sup>3</sup> | 117234 |
| 600000 | Capital One Financial Corp.<br> 7.62% (SOFR+307 basis points), 10/30/2031<sup>3,10</sup> | 677656 |
|  | Citigroup, Inc. |  |
| 779000 | &nbsp;&nbsp;&nbsp;5.45% (SOFR+145 basis points), 6/11/2035<sup>3,10</sup> | 795910 |
| 658000 | &nbsp;&nbsp;&nbsp;6.02% (SOFR+183 basis points), 1/24/2036<sup>3,10</sup> | 675218 |
| 672000 | &nbsp;&nbsp;&nbsp;6.75% (USD 5 Year Tsy+257 basis points)<sup>3,8,9</sup> | 676980 |
|  | Citizens Financial Group, Inc. |  |
| 103000 | &nbsp;&nbsp;&nbsp;5.84% (SOFR+201 basis points), 1/23/2030<sup>3,10</sup> | 106596 |
| 798000 | &nbsp;&nbsp;&nbsp;6.64% (SOFR+232 basis points), 4/25/2035<sup>3,10</sup> | 859993 |
|  | Corebridge Financial, Inc. |  |
| 31000 | &nbsp;&nbsp;&nbsp;5.75%, 1/15/2034<sup>3</sup> | 32208 |
| 328000 | &nbsp;&nbsp;&nbsp;6.38% (USD 5 Year Tsy+265 basis points), 9/15/2054<sup>3,8</sup> | 326818 |
| 694000 | Cousins Properties LP<br> 5.38%, 2/15/2032<sup>3</sup> | 701284 |
| 265000 | Extra Space Storage LP<br> 2.35%, 3/15/2032<sup>3</sup> | 224902 |
| 1050000 | Farmers Insurance Exchange<br> 4.75% (3-Month USD Libor+323 basis points), 11/1/2057<sup>2,3,10</sup> | 857258 |
| 407000 | First Industrial LP<br> 5.25%, 1/15/2031<sup>3</sup> | 411738 |
| 450000 | Global Payments, Inc.<br> 5.40%, 8/15/2032<sup>3</sup> | 459060 |

---

**AAM/Insight Select Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **CORPORATE BONDS (Continued)** |  |
|  | **FINANCIALS (Continued)** |  |
|  | Goldman Sachs Group, Inc. |  |
| 209000 | &nbsp;&nbsp;&nbsp;5.95%, 1/15/2027 | $214652 |
| 790000 | &nbsp;&nbsp;&nbsp;6.29% (3-Month Term SOFR+201 basis points), 10/28/2027<sup>3,4</sup> | 803057 |
| 1787000 | &nbsp;&nbsp;&nbsp;5.05% (SOFR+121 basis points), 7/23/2030<sup>3,10</sup> | 1816139 |
| 1640000 | &nbsp;&nbsp;&nbsp;1.99% (SOFR+109 basis points), 1/27/2032<sup>3,10</sup> | 1419860 |
| 250000 | &nbsp;&nbsp;&nbsp;6.75%, 10/1/2037 | 274709 |
| 391000 | &nbsp;&nbsp;&nbsp;5.56% (SOFR+158 basis points), 11/19/2045<sup>3,10</sup> | 385437 |
| 519000 | &nbsp;&nbsp;&nbsp;5.73% (SOFR+170 basis points), 1/28/2056<sup>3,10</sup> | 519684 |
| 232000 | High Street Funding Trust II<br> 4.68%, 2/15/2048<sup>2,3</sup> | 197938 |
| 224000 | HSBC Holdings PLC<br> 4.95%, 3/31/2030<sup>7</sup> | 227786 |
|  | JPMorgan Chase & Co. |  |
| 287000 | &nbsp;&nbsp;&nbsp;5.30% (SOFR+145 basis points), 7/24/2029<sup>3,10</sup> | 294620 |
| 1280000 | &nbsp;&nbsp;&nbsp;2.58% (3-Month Term SOFR+125 basis points), 4/22/2032<sup>3,10</sup> | 1142689 |
| 1551000 | &nbsp;&nbsp;&nbsp;5.35% (SOFR+184 basis points), 6/1/2034<sup>3,10</sup> | 1596714 |
| 1009000 | &nbsp;&nbsp;&nbsp;5.34% (SOFR+162 basis points), 1/23/2035<sup>3,10</sup> | 1032896 |
| 307000 | &nbsp;&nbsp;&nbsp;5.50% (SOFR+132 basis points), 1/24/2036<sup>3,10</sup> | 315991 |
| 482000 | &nbsp;&nbsp;&nbsp;5.53% (SOFR+155 basis points), 11/29/2045<sup>3,10</sup> | 483697 |
| 930000 | Liberty Mutual Group, Inc.<br> 3.95%, 10/15/2050<sup>2,3</sup> | 680982 |
| 341000 | Lincoln National Corp.<br> 5.85%, 3/15/2034<sup>3</sup> | 350915 |
| 452000 | Lloyds Banking Group PLC<br> 5.59% (USD 1 Year Tsy+120 basis points), 11/26/2035<sup>3,7,10</sup> | 459801 |
| 401000 | M&T Bank Corp.<br> 5.18% (SOFR+140 basis points), 7/8/2031<sup>3,10</sup> | 407515 |
|  | Macquarie Airfinance Holdings Ltd. |  |
| 848000 | &nbsp;&nbsp;&nbsp;5.15%, 3/17/2030<sup>2,3,7</sup> | 847334 |
| 59000 | &nbsp;&nbsp;&nbsp;6.50%, 3/26/2031<sup>2,3,7</sup> | 62433 |
| 236000 | Massachusetts Mutual Life Insurance Co.<br> 4.90%, 4/1/2077<sup>2</sup> | 194396 |
|  | MetLife, Inc. |  |
| 1219000 | &nbsp;&nbsp;&nbsp;9.25%, 4/8/2038<sup>2,3</sup> | 1446196 |
| 333000 | &nbsp;&nbsp;&nbsp;10.75%, 8/1/2039<sup>3</sup> | 445779 |
| 1150000 | &nbsp;&nbsp;&nbsp;6.40%, 12/15/2066<sup>3</sup> | 1201011 |
|  | Morgan Stanley |  |
| 1250000 | &nbsp;&nbsp;&nbsp;5.04% (SOFR+122 basis points), 7/19/2030<sup>3,10</sup> | 1270832 |
| 575000 | &nbsp;&nbsp;&nbsp;4.89% (SOFR+208 basis points), 7/20/2033<sup>3,10</sup> | 575715 |
| 1415000 | &nbsp;&nbsp;&nbsp;6.63% (SOFR+205 basis points), 11/1/2034<sup>3,10</sup> | 1559910 |
| 78000 | Nasdaq, Inc.<br> 5.35%, 6/28/2028<sup>3</sup> | 80323 |
| 260000 | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer<br> 7.00%, 2/1/2030<sup>2,3</sup> | 267295 |
|  | Phillips Edison Grocery Center Operating Partnership I LP |  |

---

**AAM/Insight Select Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **CORPORATE BONDS (Continued)** |  |
|  | **FINANCIALS (Continued)** |  |
| 490000 | &nbsp;&nbsp;&nbsp;5.25%, 8/15/2032<sup>3</sup> | $494562 |
| 80000 | &nbsp;&nbsp;&nbsp;5.75%, 7/15/2034<sup>3</sup> | 82229 |
| 244000 | &nbsp;&nbsp;&nbsp;4.95%, 1/15/2035<sup>3</sup> | 236259 |
| 281000 | Pine Street Trust III<br> 6.22%, 5/15/2054<sup>2,3</sup> | 277268 |
|  | PNC Financial Services Group, Inc. |  |
| 166000 | &nbsp;&nbsp;&nbsp;6.62% (SOFR Index+173 basis points), 10/20/2027<sup>3,10</sup> | 170640 |
| 379000 | &nbsp;&nbsp;&nbsp;5.00% (3-Month Term SOFR+356 basis points)<sup>3,9,10,11</sup> | 378771 |
| 227000 | Prologis LP<br> 5.25%, 3/15/2054<sup>3</sup> | 213336 |
| 447000 | Prudential Financial, Inc.<br> 5.70% (3-Month USD Libor+266 basis points), 9/15/2048<sup>3,10</sup> | 452776 |
| 215000 | Rexford Industrial Realty LP<br> 2.15%, 9/1/2031<sup>3</sup> | 184286 |
| 900000 | Royal Bank of Canada<br> 7.50% (USD 5 Year Tsy+289 basis points), 5/2/2084<sup>3,7,8</sup> | 929903 |
| 572000 | Sabra Health Care LP<br> 3.20%, 12/1/2031<sup>3</sup> | 509479 |
| 78000 | Santander Holdings USA, Inc.<br> 6.50% (SOFR+236 basis points), 3/9/2029<sup>3,10</sup> | 81316 |
| 462000 | SBA Tower Trust<br> 2.59%, 10/15/2031<sup>2,3</sup> | 402842 |
| 159000 | Simon Property Group LP<br> 5.85%, 3/8/2053<sup>3</sup> | 159305 |
| 278000 | State Street Corp.<br> 6.70% (USD 5 Year Tsy+261 basis points)<sup>3,8,9</sup> | 289669 |
| 564000 | Store Capital LLC<br> 5.40%, 4/30/2030<sup>2,3</sup> | 571351 |
|  | Toronto-Dominion Bank |  |
| 382000 | &nbsp;&nbsp;&nbsp;5.53%, 7/17/2026<sup>7</sup> | 386679 |
| 350000 | &nbsp;&nbsp;&nbsp;7.25% (USD 5 Year Tsy+298 basis points), 7/31/2084<sup>3,7,8</sup> | 359180 |
|  | Truist Financial Corp. |  |
| 96000 | &nbsp;&nbsp;&nbsp;7.16% (SOFR+245 basis points), 10/30/2029<sup>3,10</sup> | 103826 |
| 66000 | &nbsp;&nbsp;&nbsp;5.87% (SOFR+236 basis points), 6/8/2034<sup>3,10</sup> | 68941 |
| 70000 | &nbsp;&nbsp;&nbsp;5.71% (SOFR+192 basis points), 1/24/2035<sup>3,10</sup> | 72559 |
| 1232000 | &nbsp;&nbsp;&nbsp;6.67% (USD 5 Year Tsy+300 basis points)<sup>3,8,9,11</sup> | 1234433 |
|  | U.S. Bancorp |  |
| 94000 | &nbsp;&nbsp;&nbsp;5.84% (SOFR+226 basis points), 6/12/2034<sup>3,10</sup> | 98756 |
| 265000 | &nbsp;&nbsp;&nbsp;5.68% (SOFR+186 basis points), 1/23/2035<sup>3,10</sup> | 275189 |
|  | UBS Group A.G. |  |
| 250000 | &nbsp;&nbsp;&nbsp;3.09% (SOFR+173 basis points), 5/14/2032<sup>2,3,7,10</sup> | 226878 |
| 200000 | &nbsp;&nbsp;&nbsp;5.70% (USD 1 Year Tsy+177 basis points), 2/8/2035<sup>2,3,7,8</sup> | 207740 |
| 325000 | &nbsp;&nbsp;&nbsp;5.58% (SOFR+176 basis points), 5/9/2036<sup>2,3,7,10</sup> | 332389 |
| 475000 | Vornado Realty LP<br> 2.15%, 6/1/2026<sup>3</sup> | 461567 |
|  | Wells Fargo & Co. |  |

---

**AAM/Insight Select Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **CORPORATE BONDS (Continued)** |  |
|  | **FINANCIALS (Continued)** |  |
| 290000 | &nbsp;&nbsp;&nbsp;5.57% (SOFR+174 basis points), 7/25/2029<sup>3,10</sup> | $299399 |
| 366000 | &nbsp;&nbsp;&nbsp;5.20% (SOFR+150 basis points), 1/23/2030<sup>3,10</sup> | 374790 |
| 535000 | &nbsp;&nbsp;&nbsp;6.49% (SOFR+206 basis points), 10/23/2034<sup>3,10</sup> | 584849 |
| 1200000 | &nbsp;&nbsp;&nbsp;5.50% (SOFR+178 basis points), 1/23/2035<sup>3,10</sup> | 1230817 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.75%, 12/7/2046 | 857450 |
| 719000 | &nbsp;&nbsp;&nbsp;3.90% (USD 5 Year Tsy+345 basis points)<sup>3,8,9,11</sup> | 712325 |
| 1010000 | Westpac Banking Corp.<br> 2.67% (USD 5 Year Tsy+175 basis points), 11/15/2035<sup>3,7,8</sup> | 890747 |
|  |  | **53200087** |
|  | **GOVERNMENTS — 3.5%** |  |
| 325000 | Argentine Republic Government International Bond<br> 3.50%, 7/9/2041<sup>3,6,7</sup> | 200229 |
| 458000 | Brazilian Government International Bond<br> 5.50%, 11/6/2030<sup>7</sup> | 458779 |
| 301000 | Chile Government International Bond<br> 4.85%, 1/22/2029<sup>3,7</sup> | 305289 |
| 950000 | Colombia Government International Bond<br> 7.75%, 11/7/2036<sup>3,7</sup> | 927628 |
| 290000 | Corp Andina de Fomento<br> 6.75% (USISSO05+312 basis points)<sup>2,3,7,8,9</sup> | 295198 |
| 954000 | Israel Government International Bond<br> 5.75%, 3/12/2054<sup>7</sup> | 873482 |
|  | Mexico Government International Bond |  |
| 1494000 | &nbsp;&nbsp;&nbsp;6.87%, 5/13/2037<sup>3,7</sup> | 1556643 |
| 360000 | &nbsp;&nbsp;&nbsp;6.62%, 1/29/2038<sup>3,7</sup> | 365400 |
|  | Peruvian Government International Bond |  |
| 309000 | &nbsp;&nbsp;&nbsp;5.88%, 8/8/2054<sup>3,7</sup> | 298117 |
| 618000 | &nbsp;&nbsp;&nbsp;6.20%, 6/30/2055<sup>3,7</sup> | 620163 |
| 690000 | Republic of Poland Government International Bond<br> 4.88%, 2/12/2030<sup>7</sup> | 703426 |
| 730000 | Romanian Government International Bond<br> 5.75%, 3/24/2035<sup>2,7</sup> | 674097 |
|  |  | **7278451** |
|  | **HEALTH CARE — 3.6%** |  |
|  | Amgen, Inc. |  |
| 61000 | &nbsp;&nbsp;&nbsp;5.25%, 3/2/2030<sup>3</sup> | 62831 |
| 146000 | &nbsp;&nbsp;&nbsp;5.65%, 3/2/2053<sup>3</sup> | 142870 |
| 1000000 | Bayer U.S. Finance II LLC<br> 4.63%, 6/25/2038<sup>2,3</sup> | 886600 |
| 247000 | Bayer U.S. Finance LLC<br> 6.50%, 11/21/2033<sup>2,3</sup> | 264742 |
| 864000 | Bristol-Myers Squibb Co.<br> 5.55%, 2/22/2054<sup>3</sup> | 843813 |

---

**AAM/Insight Select Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **CORPORATE BONDS (Continued)** |  |
|  | **HEALTH CARE (Continued)** |  |
| 322000 | CVS Health Corp.<br> 6.00%, 6/1/2044<sup>3</sup> | $318565 |
| 625000 | Eli Lilly & Co.<br> 5.50%, 2/12/2055<sup>3</sup> | 630187 |
|  | HCA, Inc. |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.87%, 2/1/2029<sup>3</sup> | 518678 |
| 595000 | &nbsp;&nbsp;&nbsp;6.20%, 3/1/2055<sup>3</sup> | 599421 |
| 206000 | Novartis Capital Corp.<br> 4.70%, 9/18/2054<sup>3</sup> | 184732 |
|  | Royalty Pharma PLC |  |
| 829000 | &nbsp;&nbsp;&nbsp;2.20%, 9/2/2030<sup>3,7</sup> | 734627 |
| 320000 | &nbsp;&nbsp;&nbsp;2.15%, 9/2/2031<sup>3,7</sup> | 274315 |
| 323000 | STERIS Irish FinCo UnLtd Co.<br> 2.70%, 3/15/2031<sup>3,7</sup> | 290023 |
|  | Takeda Pharmaceutical Co., Ltd. |  |
| 651000 | &nbsp;&nbsp;&nbsp;5.30%, 7/5/2034<sup>3,7</sup> | 661389 |
| 545000 | &nbsp;&nbsp;&nbsp;3.18%, 7/9/2050<sup>3,7</sup> | 357437 |
|  | UnitedHealth Group, Inc. |  |
| 397000 | &nbsp;&nbsp;&nbsp;3.05%, 5/15/2041<sup>3</sup> | 292158 |
| 253000 | &nbsp;&nbsp;&nbsp;5.95%, 6/15/2055<sup>3</sup> | 257437 |
| 204000 | Zimmer Biomet Holdings, Inc.<br> 5.35%, 12/1/2028<sup>3</sup> | 210299 |
|  |  | **7530124** |
|  | **INDUSTRIALS — 3.1%** |  |
| 119000 | AGCO Corp.<br> 5.80%, 3/21/2034<sup>3</sup> | 120787 |
| 270000 | Albion Financing 1 SARL / Aggreko Holdings, Inc.<br> 7.00%, 5/21/2030<sup>2,3,7</sup> | 275464 |
| 189000 | Amphenol Corp.<br> 5.38%, 11/15/2054<sup>3</sup> | 185009 |
|  | Ashtead Capital, Inc. |  |
| 422000 | &nbsp;&nbsp;&nbsp;4.00%, 5/1/2028<sup>2,3</sup> | 415556 |
| 201000 | &nbsp;&nbsp;&nbsp;5.95%, 10/15/2033<sup>2,3</sup> | 208182 |
| 200000 | BAE Systems PLC<br> 5.50%, 3/26/2054<sup>2,3,7</sup> | 197530 |
|  | Boeing Co. |  |
| 556000 | &nbsp;&nbsp;&nbsp;5.80%, 5/1/2050<sup>3</sup> | 534401 |
| 193000 | &nbsp;&nbsp;&nbsp;6.86%, 5/1/2054<sup>3</sup> | 211558 |
| 136000 | Bombardier, Inc.<br> 6.75%, 6/15/2033<sup>2,3,7</sup> | 140926 |
| 1040000 | CSX Corp.<br> 4.90%, 3/15/2055<sup>3</sup> | 934447 |
| 336000 | Herc Holdings, Inc.<br> 5.50%, 7/15/2027<sup>2,3</sup> | 336030 |

---

**AAM/Insight Select Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **CORPORATE BONDS (Continued)** |  |
|  | **INDUSTRIALS (Continued)** |  |
| 136000 | Norfolk Southern Corp.<br> 5.55%, 3/15/2034<sup>3</sup> | $142128 |
| 414000 | Rolls-Royce PLC<br> 5.75%, 10/15/2027<sup>2,3,7</sup> | 424919 |
| 367000 | Ryder System, Inc.<br> 6.60%, 12/1/2033<sup>3</sup> | 403449 |
| 200000 | Siemens Funding B.V.<br> 5.80%, 5/28/2055<sup>2,3,7</sup> | 205701 |
| 175000 | Terex Corp.<br> 6.25%, 10/15/2032<sup>2,3</sup> | 175353 |
| 400000 | TK Elevator U.S. Newco, Inc.<br> 5.25%, 7/15/2027<sup>2,3</sup> | 399613 |
| 52000 | TransDigm, Inc.<br> 6.75%, 8/15/2028<sup>2,3</sup> | 53103 |
| 160000 | Triton Container International Ltd.<br> 3.15%, 6/15/2031<sup>2,3,7</sup> | 138819 |
| 200000 | Union Pacific Corp.<br> 3.84%, 3/20/2060<sup>3</sup> | 144155 |
|  | United Parcel Service, Inc. |  |
| 390000 | &nbsp;&nbsp;&nbsp;5.95%, 5/14/2055<sup>3</sup> | 400798 |
| 277000 | &nbsp;&nbsp;&nbsp;6.05%, 5/14/2065<sup>3</sup> | 283874 |
|  |  | **6331802** |
|  | **MATERIALS — 4.0%** |  |
| 200000 | Alcoa Nederland Holding B.V.<br> 7.12%, 3/15/2031<sup>2,3,7</sup> | 209831 |
| 323000 | Alumina Pty Ltd.<br> 6.38%, 9/15/2032<sup>2,3,7</sup> | 328236 |
| 525000 | Anglo American Capital PLC<br> 5.75%, 4/5/2034<sup>2,3,7</sup> | 542208 |
| 516000 | AngloGold Ashanti Holdings PLC<br> 3.75%, 10/1/2030<sup>3,7</sup> | 481560 |
| 553000 | Ball Corp.<br> 6.00%, 6/15/2029<sup>3</sup> | 566250 |
|  | Braskem Netherlands Finance B.V. |  |
| 460000 | &nbsp;&nbsp;&nbsp;8.00%, 10/15/2034<sup>2,3,7</sup> | 368414 |
| 349000 | &nbsp;&nbsp;&nbsp;5.88%, 1/31/2050<sup>2,7</sup> | 219253 |
| 505000 | Celanese US Holdings LLC<br> 5.59%, 1/19/2029<sup>3</sup> | 625844 |
| 200000 | Cemex S.A.B. de C.V.<br> 7.20% (USD 5 Year Tsy+352 basis points)<sup>2,3,7,8,9</sup> | 202050 |
| 323000 | Cleveland-Cliffs, Inc.<br> 6.87%, 11/1/2029<sup>2,3</sup> | 317911 |
| 487000 | Corp Nacional del Cobre de Chile<br> 6.33%, 1/13/2035<sup>2,3,7</sup> | 505282 |
| 220000 | Glencore Funding LLC<br> 5.89%, 4/4/2054<sup>2,3</sup> | 215823 |

---

**AAM/Insight Select Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **CORPORATE BONDS (Continued)** |  |
|  | **MATERIALS (Continued)** |  |
| 240000 | LD Celulose International GmbH<br> 7.95%, 1/26/2032<sup>2,3,7</sup> | $252600 |
| 271000 | Olin Corp.<br> 6.62%, 4/1/2033<sup>2,3</sup> | 266377 |
|  | Rio Tinto Finance USA PLC |  |
| 617000 | &nbsp;&nbsp;&nbsp;5.75%, 3/14/2055<sup>3,7</sup> | 618749 |
| 214000 | &nbsp;&nbsp;&nbsp;5.88%, 3/14/2065<sup>3,7</sup> | 215269 |
| 761000 | Sherwin-Williams Co.<br> 2.90%, 3/15/2052<sup>3</sup> | 465813 |
| 200000 | Smurfit Kappa Treasury ULC<br> 5.44%, 4/3/2034<sup>3,7</sup> | 202808 |
| 430000 | Smyrna Ready Mix Concrete LLC<br> 8.87%, 11/15/2031<sup>2,3</sup> | 450880 |
| 400000 | Solvay Finance America LLC<br> 5.85%, 6/4/2034<sup>2,3</sup> | 414507 |
| 295000 | Steel Dynamics, Inc.<br> 5.25%, 5/15/2035<sup>3</sup> | 295241 |
| 313000 | Suzano Austria GmbH<br> 3.75%, 1/15/2031<sup>3,7</sup> | 292973 |
| 146000 | Vale Overseas Ltd.<br> 6.40%, 6/28/2054<sup>3,7</sup> | 143433 |
|  |  | **8201312** |
|  | **TECHNOLOGY — 5.5%** |  |
| 575000 | Autodesk, Inc.<br> 5.30%, 6/15/2035<sup>3</sup> | 584788 |
|  | Broadcom, Inc. |  |
| 1125000 | &nbsp;&nbsp;&nbsp;3.47%, 4/15/2034<sup>2,3</sup> | 1005249 |
| 1030000 | &nbsp;&nbsp;&nbsp;3.19%, 11/15/2036<sup>2,3</sup> | 853871 |
| 98000 | Dell International LLC / EMC Corp.<br> 8.35%, 7/15/2046<sup>3</sup> | 125127 |
| 500000 | Foundry JV Holdco LLC<br> 6.30%, 1/25/2039<sup>2,3</sup> | 523025 |
| 804000 | Hewlett Packard Enterprise Co.<br> 5.00%, 10/15/2034<sup>3</sup> | 780340 |
| 839000 | HP, Inc.<br> 5.40%, 4/25/2030<sup>3</sup> | 861663 |
| 313000 | IBM International Capital Pte Ltd.<br> 5.30%, 2/5/2054<sup>3,7</sup> | 293235 |
|  | Intel Corp. |  |
| 1122000 | &nbsp;&nbsp;&nbsp;5.15%, 2/21/2034<sup>3</sup> | 1119547 |
| 234000 | &nbsp;&nbsp;&nbsp;5.70%, 2/10/2053<sup>3</sup> | 218083 |
|  | Micron Technology, Inc. |  |
| 109000 | &nbsp;&nbsp;&nbsp;5.30%, 1/15/2031<sup>3</sup> | 111612 |
| 166000 | &nbsp;&nbsp;&nbsp;2.70%, 4/15/2032<sup>3</sup> | 144413 |

---

**AAM/Insight Select Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **CORPORATE BONDS (Continued)** |  |
|  | **TECHNOLOGY (Continued)** |  |
| 151000 | Microsoft Corp.<br> 2.68%, 6/1/2060<sup>3</sup> | $89426 |
| 526000 | NXP B.V. / NXP Funding LLC / NXP USA, Inc.<br> 4.30%, 6/18/2029<sup>3,7</sup> | 521109 |
|  | Oracle Corp. |  |
| 924000 | &nbsp;&nbsp;&nbsp;4.20%, 9/27/2029<sup>3</sup> | 917318 |
| 500000 | &nbsp;&nbsp;&nbsp;3.85%, 7/15/2036<sup>3</sup> | 440298 |
| 458000 | &nbsp;&nbsp;&nbsp;3.60%, 4/1/2040<sup>3</sup> | 366516 |
| 780000 | &nbsp;&nbsp;&nbsp;4.00%, 7/15/2046<sup>3</sup> | 602237 |
| 940000 | &nbsp;&nbsp;&nbsp;5.37%, 9/27/2054<sup>3</sup> | 860669 |
|  | Synopsys, Inc. |  |
| 194000 | &nbsp;&nbsp;&nbsp;5.15%, 4/1/2035<sup>3</sup> | 195904 |
| 117000 | &nbsp;&nbsp;&nbsp;5.70%, 4/1/2055<sup>3</sup> | 116545 |
| 768000 | VMware, Inc.<br> 2.20%, 8/15/2031<sup>3</sup> | 666135 |
|  |  | **11397110** |
|  | **UTILITIES — 8.0%** |  |
| 446898 | AES Panama Generation Holdings SRL<br> 4.38%, 5/31/2030<sup>2,3,7</sup> | 408018 |
| 789000 | Arizona Public Service Co.<br> 4.25%, 3/1/2049<sup>3</sup> | 621363 |
| 1025000 | Baltimore Gas and Electric Co.<br> 5.65%, 6/1/2054<sup>3</sup> | 1017122 |
| 700000 | Black Hills Corp.<br> 6.15%, 5/15/2034<sup>3</sup> | 734624 |
| 229000 | CMS Energy Corp.<br> 3.75% (USD 5 Year Tsy+290 basis points), 12/1/2050<sup>3,8</sup> | 205969 |
|  | Consolidated Edison Co. of New York, Inc. |  |
| 140000 | &nbsp;&nbsp;&nbsp;5.90%, 11/15/2053<sup>3</sup> | 143050 |
| 1000000 | &nbsp;&nbsp;&nbsp;5.70%, 5/15/2054<sup>3</sup> | 998960 |
|  | Constellation Energy Generation LLC |  |
| 1000000 | &nbsp;&nbsp;&nbsp;6.13%, 1/15/2034<sup>3</sup> | 1077280 |
| 493000 | &nbsp;&nbsp;&nbsp;5.75%, 3/15/2054<sup>3</sup> | 483632 |
|  | Duke Energy Corp. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.45%, 6/15/2034<sup>3</sup> | 1027223 |
| 800000 | &nbsp;&nbsp;&nbsp;5.00%, 8/15/2052<sup>3</sup> | 701876 |
| 870000 | Duke Energy Indiana LLC<br> 5.40%, 4/1/2053<sup>3</sup> | 829717 |
| 200000 | Electricite de France S.A.<br> 9.12% (USD 5 Year Tsy+541 basis points)<sup>2,3,7,8,9</sup> | 225631 |
| 300000 | Enel Finance International N.V.<br> 7.50%, 10/14/2032<sup>2,3,7</sup> | 342049 |
| 433000 | Entergy Corp.<br> 7.12% (USD 5 Year Tsy+267 basis points), 12/1/2054<sup>3,8</sup> | 448112 |

---

**AAM/Insight Select Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **CORPORATE BONDS (Continued)** |  |
|  | **UTILITIES (Continued)** |  |
| 97000 | Eversource Energy<br> 5.50%, 1/1/2034<sup>3</sup> | $98794 |
|  | Exelon Corp. |  |
| 905000 | &nbsp;&nbsp;&nbsp;4.05%, 4/15/2030<sup>3</sup> | 890163 |
| 212000 | &nbsp;&nbsp;&nbsp;6.50% (USD 5 Year Tsy+198 basis points), 3/15/2055<sup>3,8</sup> | 215672 |
| 354000 | FirstEnergy Pennsylvania Electric Co<br> 4.30%, 1/15/2029<sup>2,3</sup> | 350674 |
| 307000 | IPALCO Enterprises, Inc.<br> 4.25%, 5/1/2030<sup>3</sup> | 294754 |
| 314000 | Jersey Central Power & Light Co.<br> 2.75%, 3/1/2032<sup>2,3</sup> | 275222 |
| 327000 | NextEra Energy Capital Holdings, Inc.<br> 6.50% (USD 5 Year Tsy+198 basis points), 8/15/2055<sup>3,8</sup> | 334259 |
|  | NiSource, Inc. |  |
| 218000 | &nbsp;&nbsp;&nbsp;3.60%, 5/1/2030<sup>3</sup> | 209062 |
| 112000 | &nbsp;&nbsp;&nbsp;5.40%, 6/30/2033<sup>3</sup> | 114546 |
| 481000 | Pacific Gas and Electric Co.<br> 3.50%, 8/1/2050<sup>3</sup> | 308897 |
| 187000 | Pinnacle West Capital Corp.<br> 5.15%, 5/15/2030<sup>3</sup> | 191386 |
| 253000 | PPL Capital Funding, Inc.<br> 5.25%, 9/1/2034<sup>3</sup> | 255074 |
| 111000 | Public Service Enterprise Group, Inc.<br> 6.12%, 10/15/2033<sup>3</sup> | 117903 |
| 239000 | Puget Energy, Inc.<br> 2.38%, 6/15/2028<sup>3</sup> | 225676 |
| 1033000 | San Diego Gas & Electric Co.<br> 5.40%, 4/15/2035<sup>3</sup> | 1054931 |
|  | Southern California Edison Co. |  |
| 139000 | &nbsp;&nbsp;&nbsp;5.25%, 3/15/2030<sup>3</sup> | 140416 |
| 249000 | &nbsp;&nbsp;&nbsp;6.20%, 9/15/2055<sup>3</sup> | 238777 |
|  | Southern Co. Gas Capital Corp. |  |
| 926000 | &nbsp;&nbsp;&nbsp;5.88%, 3/15/2041<sup>3</sup> | 948509 |
| 121000 | &nbsp;&nbsp;&nbsp;3.95%, 10/1/2046<sup>3</sup> | 93100 |
| 822000 | &nbsp;&nbsp;&nbsp;4.40%, 5/30/2047<sup>3</sup> | 668765 |
| 157000 | Xcel Energy, Inc.<br> 5.60%, 4/15/2035<sup>3</sup> | 160325 |
|  |  | **16451531** |
|  | **TOTAL CORPORATE BONDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $172,176,938) | **167674022** |
|  | **MUNICIPAL BONDS — 0.2%** |  |
| 250000 | City of New York NY<br> 6.38%, 2/1/2055<sup>3</sup> | 259975 |

---

**AAM/Insight Select Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **MUNICIPAL BONDS (Continued)** |  |
| 294000 | University of Michigan<br> 3.60%, 4/1/2047 | $242842 |
|  | **TOTAL MUNICIPAL BONDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $544,000) | **502817** |
|  | **U.S. GOVERNMENT AND AGENCIES — 2.9%** |  |
| 1288000 | United States Treasury Bond<br> 4.75%, 2/15/2045 | 1282566 |
|  | United States Treasury Note |  |
| 3900000 | &nbsp;&nbsp;&nbsp;3.88%, 5/31/2027 | 3908837 |
| 700000 | &nbsp;&nbsp;&nbsp;4.62%, 2/15/2035 | 722422 |
|  | **TOTAL U.S. GOVERNMENT AND AGENCIES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,927,682) | **5913825** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  |  |
|  | **SHORT-TERM INVESTMENTS — 2.3%** |  |
| 4742266 | Goldman Sachs Financial Square Government Fund - Institutional Class 4.11%<sup>12</sup> | 4742266 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,742,266) | **4742266** |
|  | **TOTAL INVESTMENTS — 99.3%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $210,411,417) | **205576873** |
|  | Other Assets in Excess of Liabilities — 0.7% | 1535795 |
|  | **TOTAL NET ASSETS — 100.0%** | $**207112668** |

---

LLC – Limited Liability Company

LP – Limited Partnership

PLC – Public Limited Company

ULC – Unlimited Liability Corporation

<sup>1</sup> Local currency.

<sup>2</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 $70,768,962, which represents 34.2% of total net assets of the Fund.

<sup>3</sup> Callable.

<sup>4</sup> Floating rate security.

<sup>5</sup> Variable rate security. Rate shown is the rate in effect as of June 30, 2025.

<sup>6</sup> Step rate security.

<sup>7</sup> Foreign security denominated in U.S. Dollars.

<sup>8</sup> Fixed to variable security. Fixed rate indicated is the rate effective at June 30, 2025. Security may convert at a future date to a variable rate of referenced rate and spread.

<sup>9</sup> Perpetual security. Date shown is next call date.

<sup>10</sup> Fixed to float security. Fixed rate indicated is the rate effective at June 30, 2025. Security may convert at a future date to a floating rate or referenced rate and spread.

<sup>11</sup> Interest-only security.

<sup>12</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

**AAM/Insight Select Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

**SWAP CONTRACTS**

**CREDIT DEFAULT SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty/<br> Reference Entity | Rating<sup>(a)</sup> (Moody's/<br> S&P) | Pay/<sup>(b)</sup> Receive<br> Fixed<br> Rate | Fixed/Rate<br> Frequency | Expiration<br> Date | Notional<br> Amount | Premium<br> Paid<br> (Received) | Unrealized<br> Appreciation/<br> (Depreciation) | Value |
| **Goldman Sachs International** |  |  |  |  |  |  |  |  |
| Markit CDX NA High Yield CDSI Series 44 Index |  | Receive | 5%/Quarterly | 6/20/30 | $2500000 | $(159719) | $(29373) | $(189092) |
| **TOTAL CREDIT DEFAULT SWAP CONTRACTS** | **TOTAL CREDIT DEFAULT SWAP CONTRACTS** | **TOTAL CREDIT DEFAULT SWAP CONTRACTS** | **TOTAL CREDIT DEFAULT SWAP CONTRACTS** | **TOTAL CREDIT DEFAULT SWAP CONTRACTS** |  | $(159719) | $(29373) | $(189092) |

---

<sup>(a)</sup> Ratings are presented for credit default contracts in which the fund has sold protection on the underlying referenced debt. Ratings for an underlying index represent the average of the ratings of all the securities included in that index. The Moody's and Standard & Poor's (S&P) ratings are believed to be the most recent ratings available at June 30, 2025.

<sup>(b)</sup> If AAM/Insight Select Income Fund is paying a fixed rate, the counterparty acts as guarantor of the variable instrument. If AAM/Insight Select Income Fund is receiving a fixed rate, AAM/Insight Select Income Fund acts as guarantor of the variable instrument.

*See accompanying Notes to Financial Statements.*

**AAM/Insight Select Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale Contracts** | **Counterparty** | **Currency<br> Exchange** | **Settlement<br> Date** | **Currency<br> Amount<br> Sold** | **Value At<br> Settlement<br> Date** | **Value At<br> June 30, 2025** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| Euro | JP Morgan | EUR per USD | 7/11/2025 | 1232000 | $(1408720) | $(1452432) | $(43712) |
|  |  |  |  |  | (1408720) | (1452432) | (43712) |
| **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | $(1408720) | $(1452432) | $(43712) |

---

EUR – Euro

*See accompanying Notes to Financial Statements.*

**AAM/Insight Select Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025**

**FUTURES CONTRACTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number of<br> Contracts<br> Long (Short)** | **Description** | **Expiration<br> Date** | **Notional<br> Value** | **Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Interest Rate Futures** | **Interest Rate Futures** |  |  |  |
| 55 | 2-Year U.S. Treasury Note | September 2025 | $11441289 | $43000 |
| 144 | 5-Year U.S. Treasury Note | September 2025 | 15696000 | 205948 |
| (4) | Euro BOBL | September 2025 | (552555) | 1831 |
| (8) | Euro Bund | September 2025 | (1222213) | 7234 |
| 122 | U.S. Treasury Long Bond | September 2025 | 14087188 | 616694 |
| (63) | Ultra 10-Year U.S. Treasury Note | September 2025 | (7198734) | (185304) |
| 14 | Ultra Long-Term U.S. Treasury Bond | September 2025 | 1667750 | 82578 |
| **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** |  | $**33918725** | $**771981** |

---

*See accompanying Notes to Financial Statements.*

**AAM/Insight Select Income Fund**

**STATEMENT OF ASSETS AND LIABILITIES**

**As of June 30, 2025**

---

| | |
|:---|:---|
| **Assets:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at value (cost $210,411,417) | $205576873 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value (cost $11,272) | 11531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 48288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash deposited with broker for futures contracts | 127470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash deposited with broker for swap contracts | 328685 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 320070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 153289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 771981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 2584485 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 40464 |
| Total assets | 209963136 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased | 2226059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed | 195246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | 43712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums received on open swap contracts | 159719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on open swap contracts | 29373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 29939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 29340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees - Class A & C (Note 8) | 3646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting and administration fees | 39958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 14987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 8539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 25762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 22460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 3864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 2891 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued other expenses | 14973 |
| Total liabilities | 2850468 |
| Commitments and contingencies (Note 3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Assets** | $**207112668** |
| **Components of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $227207856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | (20095188) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Assets** | $207112668 |
| **Maximum Offering Price Per Share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A Shares: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $8572362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of shares issued and outstanding | 924400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share<sup>1</sup> | $9.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum sales charge (3.00% of offering price)<sup>2</sup> | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price to public | $9.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C Shares: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $2299556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of shares issued and outstanding | 247891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share<sup>3</sup> | $9.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I Shares: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $196240750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of shares issued and outstanding | 21154789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | $9.28 |

---

 

*See accompanying Notes to Financial Statements.*

**AAM/Insight Select Income Fund**

**STATEMENT OF ASSETS AND LIABILITIES - Continued**

**As of June 30, 2025**

<sup>1</sup> A Contingent Deferred Sales Charge ("CDSC") of 1.00% will be imposed to the extent a finder's fee was paid on certain redemptions of such shares within 18 months of purchase.

<sup>2</sup> No initial sales charge is applied to purchases of $1 million or more. On sales of $100,000 or more, the sales charge will be reduced.

<sup>3</sup> A CDSC of 1.00% may be charged on purchases that are redeemed within 12 months of purchase.

*See accompanying Notes to Financial Statements.*

**AAM/Insight Select Income Fund**

**STATEMENT OF OPERATIONS**

**For the Year Ended June 30, 2025**

---

| | |
|:---|:---|
| **Investment income:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest (net of foreign withholding taxes of $13,076) | $10073587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 10073587 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 719112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees - Class A (Note 7) | 8524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees - Class C (Note 7) | 1862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees - Class I (Note 7) | 161825 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees - Class A (Note 8) | 23583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees - Class C (Note 8) | 26770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting and administration fees | 310005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 83938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 42940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 66687 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 33858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 28397 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 24144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 23889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 23188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 6557 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 5426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 1278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 1591983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees recovered (waived) | (421865) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 1170118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 8903469 |
| **Realized and Unrealized Gain (Loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (2270226) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward contracts | 45007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | 313445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (190038) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 6130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net realized gain (loss) on: | (2095682) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 4423458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward contracts | (136528) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | 551802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (29373) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 2245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 4811604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss)** | 2715922 |
| **Net Increase (Decrease) in Net Assets from Operations** | $**11619391** |

---

 

*See accompanying Notes to Financial Statements.*

**AAM/Insight Select Income Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> June 30, 2025** | **For the<br> Year Ended<br> June 30, 2024** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $8903469 | $6155527 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, forward contracts, futures contracts, swap contracts, and foreign currency transactions | (2095682) | (4677935) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments, forward contracts, futures contracts, swap contracts, and foreign currency transactions | 4811604 | 7809707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 11619391 | 9287299 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (423547) | (375965) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (99797) | (88044) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (8204423) | (5529506) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y<sup>1</sup> | (30) | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (8727797) | (5993545) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 3436836 | 2668849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 543540 | 764054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 116003720 | 72563641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 400749 | 347401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 97894 | 84861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 8148906 | 5475343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y<sup>1</sup> | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<sup>2</sup> | (4339474) | (2634051) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (899384) | (915101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<sup>3</sup> | (76245261) | (34657169) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y<sup>1</sup> | (710) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 47146846 | 43697858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 50038440 | 46991612 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 157074228 | 110082616 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $207112668 | $157074228 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 373870 | 300758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 58004 | 85585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 12572336 | 8209332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 43716 | 39105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 10666 | 9552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 888796 | 615566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y<sup>1</sup> | 4 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (474241) | (294777) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (98520) | (102703) |

---

 

*See accompanying Notes to Financial Statements.*

**AAM/Insight Select Income Fund**

**STATEMENTS OF CHANGES IN NET ASSETS - Continued**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> June 30, 2025** | **For the<br> Year Ended<br> June 30, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (8322182) | (3893656) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y<sup>1</sup> | (78) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 5052371 | 4968765 |

---

<sup>1</sup> Class Y shares were liquidated on April 30, 2025.

<sup>2</sup> Net of redemption fee proceeds of $356 and $2,799, respectively.

<sup>3</sup> Net of redemption fee proceeds of $1,921 and $450, respectively.

 

*See accompanying Notes to Financial Statements.*

**AAM/Insight Select Income Fund**

**FINANCIAL HIGHLIGHTS**

**Class A**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $9.09 | $8.94 | $9.09 | $11.07 | $10.87 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1</sup> | 0.41 | 0.39 | 0.36 | 0.29 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.18 | 0.15 | (0.17) | (1.94) | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.59 | 0.54 | 0.19 | (1.65) | 0.60 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.41) | (0.39) | (0.34) | (0.30) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | (0.03) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.41) | (0.39) | (0.34) | (0.33) | (0.40) |
| **Redemption fee proceeds<sup>1</sup>** | - | -<sup>2</sup> | -<sup>2</sup> | -<sup>2</sup> | -<sup>2</sup> |
| **Net asset value, end of period** | $9.27 | $9.09 | $8.94 | $9.09 | $11.07 |
| **Total return<sup>3</sup>** | 6.61% | 6.20% | 2.12% | (15.28)% | 5.55% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period | $8572362 | $8916975 | $8367657 | $8969207 | $12070502 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.06%<sup>4</sup> | 1.00% | 1.00% | 0.92% | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 0.84%<sup>4</sup> | 0.81% | 0.79% | 0.78% | 0.79% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 4.26% | 4.21% | 3.79% | 2.60% | 2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 4.48% | 4.40% | 4.00% | 2.74% | 2.60% |
| Portfolio turnover rate | 56% | 51% | 40% | 59% | 104% |

---

<sup>1</sup> Based on average shares outstanding for the year.

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

<sup>3</sup> Total returns would have been lower/higher had expenses not been waived or absorbed/recovered by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown do not include payment of sales load of 3.00% of offering price which is reduced on sales of $100,000 or more. Returns do not include payment of Contingent Deferred Sales Charge ("CDSC") of 1.00% that will be imposed to the extent a finder's fee was paid on certain redemptions of Class A shares made within 18 months of purchase. If the sales charge was included, total returns would be lower.

<sup>4</sup> If interest expense had been excluded, the expense ratios would have remained unchanged for the year ended June 30, 2025.

*See accompanying Notes to Financial Statements.*

**AAM/Insight Select Income Fund**

**FINANCIAL HIGHLIGHTS**

**Class C**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $9.09 | $8.94 | $9.09 | $11.06 | $10.86 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1</sup> | 0.35 | 0.33 | 0.29 | 0.21 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.18 | 0.14 | (0.17) | (1.95) | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.53 | 0.47 | 0.12 | (1.74) | 0.51 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.34) | (0.32) | (0.27) | (0.20) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | (0.03) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.34) | (0.32) | (0.27) | (0.23) | (0.31) |
| **Redemption fee proceeds<sup>1</sup>** | - | -<sup>2</sup> | -<sup>2</sup> | -<sup>2</sup> | -<sup>2</sup> |
| **Net asset value, end of period** | $9.28 | $9.09 | $8.94 | $9.09 | $11.06 |
| **Total return<sup>3</sup>** | 5.94% | 5.41% | 1.32% | (15.97)% | 4.74% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period | $2299556 | $2524640 | $2550145 | $3234680 | $4454691 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.79%<sup>4</sup> | 1.75% | 1.77% | 1.70% | 1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.57%<sup>4</sup> | 1.56% | 1.56% | 1.56% | 1.56% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 3.53% | 3.47% | 3.02% | 1.82% | 1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 3.75% | 3.66% | 3.23% | 1.96% | 1.83% |
| Portfolio turnover rate | 56% | 51% | 40% | 59% | 104% |

---

<sup>1</sup> Based on average shares outstanding for the year.

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

<sup>3</sup> Total returns would have been lower/higher had expenses not been waived or absorbed/recovered by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns do not include payment of Contingent Deferred Sales Charge ("CDSC") of 1.00% on certain redemptions of Class C shares made within 12 months of purchase. If the sales charge was included, total returns would be lower.

<sup>4</sup> If interest expense had been excluded, the expense ratios would have remained unchanged for the year ended June 30, 2025.

*See accompanying Notes to Financial Statements.*

**AAM/Insight Select Income Fund**

**FINANCIAL HIGHLIGHTS**

**Class I**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $9.09 | $8.95 | $9.10 | $11.09 | $10.88 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1</sup> | 0.43 | 0.42 | 0.38 | 0.31 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.19 | 0.13 | (0.17) | (1.95) | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.62 | 0.55 | 0.21 | (1.64) | 0.63 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.43) | (0.41) | (0.36) | (0.32) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | (0.03) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.43) | (0.41) | (0.36) | (0.35) | (0.42) |
| **Redemption fee proceeds<sup>1</sup>** | - | -<sup>2</sup> | -<sup>2</sup> | -<sup>2</sup> | -<sup>2</sup> |
| **Net asset value, end of period** | $9.28 | $9.09 | $8.95 | $9.10 | $11.09 |
| **Total return<sup>3</sup>** | 7.00% | 6.36% | 2.35% | (15.14)% | 5.88% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period | $196240750 | $145631936 | $99164178 | $123385419 | $216050597 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 0.81%<sup>4</sup> | 0.73% | 0.77% | 0.71% | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 0.59%<sup>4</sup> | 0.54% | 0.56% | 0.57% | 0.56% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 4.51% | 4.49% | 4.02% | 2.81% | 2.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 4.73% | 4.68% | 4.23% | 2.95% | 2.83% |
| Portfolio turnover rate | 56% | 51% | 40% | 59% | 104% |

---

<sup>1</sup> Based on average shares outstanding for the year.

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

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

<sup>4</sup> If interest expense had been excluded, the expense ratios would have remained unchanged for the year ended June 30, 2025.

*See accompanying Notes to Financial Statements.*

**AAM/Insight Select Income Fund**

**NOTES TO FINANCIAL STATEMENTS**

**June 30, 2025**

**Note 1 – Organization**

AAM/Insight 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 three classes of shares: Class A, Class C, and Class I. 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. Effective April 30, 2025 the Fund's Class Y shares were terminated.

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

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".

The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by the Advisor to make investment decisions, and the results of the operations, as shown on the Statements of Operations and the financial highlights for the Fund is the information utilized for the day-to-day management of the Fund. The Fund is party to the expense agreements as disclosed in the Notes to the Financial Statements and there are no resources allocated to a Fund based on performance measurements. The management of the Fund's Advisor is deemed to be the Chief Operating Decision Maker with respect to the Fund's investment decisions.

**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). The Board of Trustees has designated the Advisor as the Fund's valuation designee (the "Valuation Designee") to make all fair value determinations with respect to the Fund's portfolio investments, subject to the Board's oversight. As the Valuation Designee, the Advisor has adopted and implemented policies and procedures to be followed when the Fund must utilize fair value pricing.

**AAM/Insight Select Income Fund**

**NOTES TO FINANCIAL STATEMENTS – Continued**

**June 30, 2025**

**(b) Futures Contracts**

The Fund may enter into futures contracts (including contracts relating to foreign currencies, interest rates and other financial indexes), and purchase and write (sell) related options traded on exchanges designated by the Commodity Futures Trading Commission ("CFTC") or, consistent with CFTC regulations, on foreign exchanges. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as cash deposited with broker. Securities deposited as initial margin are designated in the Schedule of Investments. During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by "marked to market" on a daily basis to reflect the market value of the contracts at the end of each day's trading. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. Depending upon the agreement with the broker, the Fund may or may not settle variation margin daily. When the contracts are closed or expires, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract.

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

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

**(d) Swap Agreements** 

The Fund may enter into credit default swap agreements for investment purposes. A credit default swap agreement may have as reference obligations one or more securities that are not currently held by the Fund. The Fund may be either the buyer or seller in the transaction. Credit default swaps may also be structured based on the debt of a basket of issuers, rather than a single issuer, and may be customized with respect to the default event that triggers purchase or other factors. As a seller, the Fund would generally receive an upfront payment or a fixed rate of income throughout the term of the swap, which typically is between six months and three years, provided that there is no credit event. If a credit event occurs, generally the seller must pay the buyer the full face amount of deliverable obligations of the reference obligations that may have little or no value. The notional value will be used to segregate liquid assets for selling protection on credit default swaps. If the Fund were a buyer and no credit event occurs, the Fund would recover nothing if the swap is held through its termination date. However, if a credit event occurs, the buyer may elect to receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference obligation that may have little or no value. The use of swap agreements by the Fund entails certain risks, which may be different from, or possibly greater than, the risks associated with investing directly in the securities and other investments that are the referenced asset for the swap agreement. Swaps are highly specialized instruments that require investment techniques, risk analyses, and tax planning different from those associated with stocks, bonds, and other traditional investments. The use of a swap requires an understanding not only of the referenced asset, reference rate, or index, but also of the swap itself, without the benefit of observing the performance of the swap under all the possible market conditions. Because some swap agreements have a leverage component, adverse changes in the value or level of the underlying asset, reference rate, or index can result in a loss substantially greater than the amount invested in the swap itself. Certain swaps have the potential for unlimited loss, regardless of the size of the initial investment.

**AAM/Insight Select Income Fund**

**NOTES TO FINANCIAL STATEMENTS – Continued**

**June 30, 2025**

The Fund may also purchase credit default swap contracts in order to hedge against the risk of default of the debt of a particular issuer or basket of issuers, in which case the Fund would function as the counterparty referenced in the preceding paragraph. This would involve the risk that the investment may expire worthless and would only generate income in the event of an actual default by the issuer(s) of the underlying obligation(s) (or, as applicable, a credit downgrade or other indication of financial instability). It would also involve the risk that the seller may fail to satisfy its payment obligations to the Fund in the event of a default. The purchase of credit default swaps involves costs, which will reduce the Fund's return.

**(e) Asset-Backed Securities**

Asset-backed securities include pools of mortgages, loans, receivables or other assets. Payment of principal and interest may be largely dependent upon the cash flows generated by the assets backing the securities, and, in certain cases, supported by letters of credit, surety bonds, or other credit enhancements. The value of asset-backed securities may also be affected by the creditworthiness of the servicing agent for the pool, the originator of the loans or receivables, or the financial institution(s) providing the credit support. In addition, asset-backed securities are not backed by any governmental agency.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs and CLOs are types of asset backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. CDOs carry additional risks including, but not limited to, (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the collateral may decline in value or default, (iii) a Fund may invest in CDOs that are subordinate to other classes, and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

**(f) Preferred Stock Risk** 

Preferred stock represents an equity interest in a company that generally entitles the holder to receive, in preference to the holders of other stocks such as common stock, dividends and a fixed share of the proceeds resulting from a liquidation of the company. The market value of preferred stock is subject to company-specific and market risks applicable generally to equity securities and is also sensitive to changes in the company's creditworthiness, the ability of the company to make payments on the preferred stock, and changes in interest rates, typically declining in value if interest rates rise.

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

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

**AAM/Insight Select Income Fund**

**NOTES TO FINANCIAL STATEMENTS – Continued**

**June 30, 2025**

**(h) Federal Income Taxes**

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

 

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

The Income Tax Statement requires management of the Fund to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Fund's current tax year, as defined by the IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of June 30, 2025, and during the prior three open tax years the Fund did not have a liability for any unrecognized tax benefits. The Fund has no examinations in progress and is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**(i) Distributions to Shareholders**

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

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

**(j) Illiquid Securities**

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

**AAM/Insight Select Income Fund**

**NOTES TO FINANCIAL STATEMENTS – Continued**

**June 30, 2025**

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

The Trust, on behalf of the Fund, entered into an Investment Advisory Agreement (the "Agreement") with Advisors Asset Management, Inc. (the "Advisor"). Under the terms of the Agreement, the Fund pays a monthly investment advisory fee to the Advisor at the annual rate of 0.38% of the Fund's average daily net assets. The Advisor has engaged Insight North America LLC (the "Sub-Advisor") to manage the Fund and pay the Sub-Advisor from its advisory fees.

The Advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with Form N-1A), expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation expenses) do not exceed 0.85%, 1.60%, 0.60% and 0.50% of the average daily net assets of the Fund's Class A, Class C, Class I and Class Y Shares, respectively. This agreement is in effect until October 31, 2034, and it may be terminated before that date only by the Trust's Board of Trustees.

For the year ended June 30, 2025, the Advisor waived its fees totaling $421,865 for the Fund. The Advisor is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived or payments made to the Fund for a period ending three full fiscal years after the date of the waiver or payment. This reimbursement may be requested from the Fund if the reimbursement will not cause the Fund's annual expense ratio to exceed the lesser of (a) the expense limitation in effect at the time such fees were waived or payments made, or (b) the expense limitation in effect at the time of the reimbursement. At June 30, 2025, the amount of these potentially recoverable expenses was $912,807. The potential recoverable amount is noted as "Commitments and contingencies" as reported on the Statement of Assets and Liabilities. The Advisor may recapture all or a portion of this amount no later than June 30 of the years stated below:

---

| | |
|:---|:---|
| 2026 | $234038 |
| 2027 | 256904 |
| 2028 | 421865 |
| Total | $912807 |

---

UMB Fund Services, Inc. ("UMBFS") serves as the Fund's fund accountant, transfer agent and co-administrator; and Mutual Fund Administration, LLC ("MFAC") serves as the Fund's other co-administrator. UMB Bank, N.A., an affiliate of UMBFS, serves as the Fund's custodian. The Fund's allocated fees incurred for fund accounting, fund administration, transfer agency and custody services for the year ended June 30, 2025, are reported on the Statement of Operations.

IMST Distributors, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), serves as the Fund's distributor (the "Distributor"). The Distributor does not receive compensation from the Fund for its distribution services; the Advisor pays the Distributor a fee for its distribution-related services.

Certain trustees and officers of the Trust are employees of UMBFS or MFAC. The Fund does not compensate trustees and officers affiliated with the Fund's co-administrators. For the year ended June 30, 2025, the Fund's allocated fees incurred to Trustees who are not affiliated with the Fund's co-administrators are reported on the Statement of Operations.

**AAM/Insight Select Income Fund**

**NOTES TO FINANCIAL STATEMENTS – Continued**

**June 30, 2025**

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

Dziura Compliance Consulting, LLC provides Chief Compliance Officer ("CCO") services to the Trust. The Fund's allocated fees incurred for CCO services for the year ended June 30, 2025, are reported on the Statement of Operations.

**Note 4 – Federal Income Taxes**

At June 30, 2025, gross unrealized appreciation and (depreciation) of investments, based on cost for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of investments | $210494281 |
| Gross unrealized appreciation | 2853292 |
| Gross unrealized depreciation | (7770700) |
| Net unrealized appreciation (depreciation) | $(4917408) |

---

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to wash sales.

U.S. GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended June 30, 2025, permanent differences in book and tax accounting have been reclassified to paid-in capital and total distributable earnings (accumulated deficit) as follows:

---

| | |
|:---|:---|
| Increase (Decrease) | Increase (Decrease) |
| Paid in Capital | Total Distributable<br> Earnings<br> (Accumulated Deficit) |
| $337 | $(337) |

---

**AAM/Insight Select Income Fund**

**NOTES TO FINANCIAL STATEMENTS – Continued**

**June 30, 2025**

As of June 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $770217 |
| Undistributed long-term capital gains | - |
| Tax accumulated earnings | 770217 |
| Accumulated capital and other losses | (15.894048) |
| Unrealized appreciation (depreciation) on investments | (4917408) |
| Unrealized appreciation (depreciation) on swap contracts | (29373) |
| Unrealized appreciation (depreciation) deferred compensation | (25763) |
| Gross unrealized appreciation on foreign currency transactions | 1187 |
| Total accumulated earnings (deficit) | $(20095188) |

---

The tax character of the distributions paid during the fiscal years ended June 30, 2025, and June 30, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income | $8727797 | $5993545 |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | - | - |
| Total distributions paid | $8727797 | $5993545 |

---

At June 30, 2025, the Fund had an accumulated capital loss carry forward as follows:

---

| | |
|:---|:---|
| Not Subject to Expiration: |  |
| Short-term | $2423586 |
| Long-term | 13470462 |
| Total | $15894048 |

---

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

**Note 5 – Redemption Fee**

The Fund may impose a redemption fee of 2.00% of the total redemption amount on all shares redeemed within 90 days of purchase. For the year ended June 30, 2025 and the year ended June 30, 2024, the Fund received $2,277 and $3,249, respectively, in redemption fees.

**Note 6 – Investment Transactions**

For the year ended June 30, 2025, purchases and sales of investments, excluding short-term investments, forward contracts and futures contracts, were $147,780,766 and $102,241,665, respectively.

**Note 7 – Shareholder Servicing Plan**

The Trust, on behalf of the Fund, has adopted a Shareholder Servicing Plan to pay a fee at an annual rate of up to 0.10% of the average daily net assets attributable to Class A shares, Class C shares, and Class I shares serviced by shareholder servicing agents who provide administrative and support services to their customers. The Class Y shares do not participate in the Shareholder Servicing Plan.

For the year ended June 30, 2025, shareholder servicing fees incurred are disclosed on the Statement of Operations.

**AAM/Insight Select Income Fund**

**NOTES TO FINANCIAL STATEMENTS – Continued**

**June 30, 2025**

**Note 8 – Distribution Plan**

The Trust, on behalf of the Fund, has adopted a Rule 12b-1 plan with respect to its Class A and Class C Shares. Under the plan, the Fund pays to the Distributor distribution fees in connection with the sale and distribution of the Fund's Class A and Class C Shares and/or administrative service fees in connection with the provision of ongoing services to shareholders and the maintenance of shareholder accounts.

For Class A Shares, the maximum annual fee payable to the Distributor for such distribution and/or administrative services is 0.25% of the average daily net assets of such shares. For Class C shares, the maximum annual fees payable to the Distributor for distribution services and administrative services are 0.75% and 0.25%, respectively, of the average daily net assets of such shares. Class I Shares are not subject to any distribution or service fees under the Plan.

For the year ended June 30, 2025, distribution and service fees incurred are disclosed on the Statement of Operations.

**Note 9 – Indemnifications**

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

**Note 10 – Fair Value Measurements and Disclosure**

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

Under *Fair Value Measurements and Disclosures*, various inputs are used in determining the value of 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.

**AAM/Insight Select Income Fund**

**NOTES TO FINANCIAL STATEMENTS – Continued**

**June 30, 2025**

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 June 30, 2025, in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3\*** | **Total** |
| **Assets** |  |  |  |  |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | $- | $24440254 | $- | $24440254 |
| &nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities |  | 2303689 |  | 2303689 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds<sup>1</sup> |  | 167674022 |  | 167674022 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds |  | 502817 |  | 502817 |
| &nbsp;&nbsp;&nbsp;U.S. Government and Agencies |  | 5913825 |  | 5913825 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 4742266 | - | - | 4742266 |
| Total Investments | 4742266 | 200834607 | - | 205576873 |
| Other Financial Instruments\*\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 957285 | - | - | 957285 |
| Total Assets | $5699551 | $200834607 | $- | $206534158 |
| **Liabilities** |  |  |  |  |
| Other Financial Instruments\*\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts | $- | $29373 | $- | $29373 |
| &nbsp;&nbsp;&nbsp;Forward Contracts |  | 43712 |  | 43712 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 185304 | - | - | 185304 |
| Total Liabilities | $185304 | $73085 | $- | $258389 |

---

 

<sup>1</sup> For a detailed break-out of corporate bonds by major sector classification, please refer to the Schedules of Investments.

\* The Fund did not hold any Level 3 securities at period end.

\*\* Other financial instruments are derivative instruments such as swap contracts, forward contracts and futures contracts. Swap contracts, forwards contracts and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

**Note 11 – Derivatives and Hedging Disclosures**

*Derivatives and Hedging* requires enhanced disclosures about the Fund's derivative and hedging activities, including how such activities are accounted for and their effects on the Fund's financial position and performance. The Fund invested in futures contracts and forward contracts during the year ended June 30, 2025.

**AAM/Insight Select Income Fund**

**NOTES TO FINANCIAL STATEMENTS – Continued**

**June 30, 2025**

The effects of these derivative instruments on the Fund's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations are presented in the tables below. The fair values of derivative instruments, as of June 30, 2025, by risk category are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Asset<br> Derivatives** | **Liability<br> Derivatives** |
| Derivatives not designated as hedging instruments | Statement of Asset and <br>Liabilities Location | Value | Value |
| Credit Default Swap Contracts | Unrealized appreciation on open swap contracts | $- | $29373 |
| Foreign Exchange Contract | Unrealized appreciation on forward foreign currency exchange contracts |  | 43712 |
| Interest Rate Contracts | Unrealized appreciation/depreciation on open futures contracts\* | 957285 | 185304 |

---

\* Includes cumulative appreciation/depreciation on futures contracts as reported in the Schedule of Investments. Net unrealized appreciation/depreciation is shown as variation margin as presented on the Statements of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the year ended June 30, 2025, are as follows:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| Derivatives not designated as hedging instruments |  | Total |
| Credit Default Swap Contracts | Swap Contracts | $(190038) |
| Foreign Exchange Contracts | Forward Contracts | 45007 |
| Interest Rate Contracts | Futures Contracts | 313445 |

---

---

| | | |
|:---|:---|:---|
| **Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in Income** |
| Derivatives not designated as hedging instruments |  | Total |
| Credit Default Swap Contracts | Swap Contracts | $(29373) |
| Foreign Exchange Contracts | Forward Contracts | (136528) |
| Interest Rate Contracts | Futures Contracts | 551802 |

---

The quarterly average volumes of derivative instruments as of June 30, 2025, are as follows:

---

| | | | |
|:---|:---|:---|:---|
| Derivatives not designated as hedging instruments |  |  | Total |
| Swap Contracts | Credit Default Swap Contracts | Notional Amount | $500000 |
| Foreign Exchange Contracts | Long Forward Contracts | Notional Amount | 124431 |
| Foreign Exchange Contracts | Short Forward Contracts | Notional Amount | (3171742) |
| Interest Rate Contracts | Long Futures Contracts | Notional Amount | 38039633 |
| Interest Rate Contracts | Short Futures Contracts | Notional Amount | (12292308) |

---

**AAM/Insight Select Income Fund**

**NOTES TO FINANCIAL STATEMENTS – Continued**

**June 30, 2025**

**Note 12 - Disclosures about Offsetting Assets and Liabilities**

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Amounts Not Offset in<br> Consolidated Statement of<br> Assets and Liabilities** | **Amounts Not Offset in<br> Consolidated Statement of<br> Assets and Liabilities** | |
| <br>**Description/Financial**<br> **Instrument/Statement of<br> Assets and Liabilities<br> Category** | <br>**Counterparty** |<br>**Gross Amounts <br> Presented in<br> Consolidated<br> Statement of<br> Assets and<br> Liabilities** | **Financial<br> Instruments\*** | **Cash<br> Collateral\*\*** |<br>**Net Amount** |
| Unrealized depreciation on open swap contracts – liability payable | J.P. Morgan | $29373 | $- | (29373) |  |

---

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

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

**Note 13 – Market Disruption and Geopolitical Risks** 

Certain local, regional or global events such as war, acts of terrorism, the spread of infectious illnesses and/or other public health issues, financial institution instability or other events may have a significant impact on a security or instrument. These types of events and other like them are collectively referred to as "Market Disruptions and Geopolitical Risks" and they may have adverse impacts on the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. Some of the impacts noted in recent times include but are not limited to embargos, political actions, supply chain disruptions, tariffs, bank failures, restrictions to investment and/or monetary movement including the forced selling of securities or the inability to participate impacted markets. The duration of these events could adversely affect the Fund's performance, the performance of the securities in which the Fund invests and may lead to losses on your investment. The ultimate impact of "Market Disruptions and Geopolitical Risks" on the financial performance of the Fund's investments is not reasonably estimable at this time. Management is actively monitoring these events.

**AAM/Insight Select Income Fund**

**NOTES TO FINANCIAL STATEMENTS – Continued**

**June 30, 2025**

**Note 14 - Recently Issued Accounting Pronouncements**

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07")," which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the "CODM"). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by Topic 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management has evaluated the impact of applying ASU 2023-07, and the Fund has adopted the ASU during the reporting period. The adoption of the ASU does not have a material impact on the financial statements. Required disclosure is included in Note 1.

**Note 15 – Events Subsequent to the Fiscal Period End**

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

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Board of Trustees of**

**Investment Managers Series Trust** 

**and the Shareholders of the AAM/Insight Select Income Fund**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of the AAM/Insight Select Income Fund (the "Fund"), a series of Investment Managers Series Trust, including the schedule of investments, as of June 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2007.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025 by correspondence with the custodian and brokers; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

**TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania**

**August 29, 2025**

**AAM/Insight Select Income Fund**

**SUPPLEMENTAL INFORMATION (Unaudited)**

 ****

***Long-Term Capital Gain***

The Fund designates $0.00 as long term capital gain distribution.

**Form N-CSR Items 8 - 11 (Unaudited)**

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</u>**

Not Applicable.

**<u>Item 9. Proxy Disclosures for Open-End Management Investment Companies</u>.**

Not Applicable.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.</u>**

This information is included in Item 7, as part of the financial statements.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

***Board Consideration of Investment Advisory Agreements (Unaudited)***

At an in-person meeting held on March 19-20, 2025, the Board of Trustees (the "*Board*") of Investment Managers Series Trust (the "*Trust*"), including the trustees who are not "interested persons" of the Trust (the "*Independent Trustees*") as defined in the Investment Company Act of 1940, as amended (the "*1940 Act*"), reviewed and unanimously approved the renewal of the investment advisory agreement (the "*Advisory Agreement*") between the Trust and Advisors Asset Management, Inc. (the "*Advisor*"), and the sub-advisory agreement (the "*Sub-Advisory Agreement*") between the Advisor and Hartford Investment Management Company (the "*Sub-Advisor*"), with respect to the AAM/HIMCO Short Duration Fund series of the Trust (the "*Fund*") for additional one-year terms from when they otherwise would expire. The Advisory Agreement and the Sub-Advisory Agreement are referred to below as the "*Fund Advisory Agreements*." In approving the renewal of each Fund Advisory Agreement, the Board, including the Independent Trustees, determined that such renewal was in the best interests of the Fund and its shareholders.

***Background***

In advance of the meeting, the Board received information about the Fund and the Fund Advisory Agreements from the Advisor, the Sub-Advisor, and Mutual Fund Administration, LLC and UMB Fund Services, Inc., the Trust's co-administrators, certain portions of which are discussed below. The materials, among other things, included information about the organization and financial condition of the Advisor and the Sub-Advisor; information regarding the background, experience, and compensation structure of relevant personnel providing services to the Fund; information about the Advisor's and the Sub-Advisor's compliance policies and procedures, disaster recovery and contingency planning, and policies with respect to portfolio execution and trading; information regarding the profitability of the Advisor's overall relationship with the Fund; reports comparing the performance of the Fund with returns of the Bloomberg U.S. Aggregate Bond Index (the "*U.S. Aggregate Bond Index*"), the Bloomberg U.S. Government/Credit 1-3 Year Index (the "*U.S. Government/Credit Index*"), and a group of comparable funds (the "*Peer Group*") selected by Broadridge Financial Solutions, Inc. ("*Broadridge*") from Morningstar, Inc.'s Ultrashort Bond category (the "*Fund Universe*") for the one-, three-, five-, and ten-year periods ended December 31, 2024; reports comparing the investment advisory fee and total expenses of the Fund with those of the Peer Group and Fund Universe; and the advisory and sub-advisory fees paid pursuant to the Advisory Agreement and Sub-Advisory Agreement, respectively. The Board also received a memorandum from legal counsel to the Trust discussing the legal standards under the 1940 Act and other applicable law for their consideration of the proposed renewal of the Fund Advisory Agreements. In addition, the Board considered information reviewed by the Board during the year at other Board and Board committee meetings. No representatives of the Advisor or Sub-Advisor were present during the Board's consideration of the Fund Advisory Agreements, and the Independent Trustees were represented by their legal counsel with respect to the matters considered.

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

**Form N-CSR Items 8 - 11 (Unaudited) - Continued**

***Advisors Asset Management, Inc.***

 ****

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

With respect to the performance results of the Fund, the meeting materials indicated that the Fund's annualized total return for the ten-year period was above the Peer Group and Fund Universe median returns, the U.S. Government/Credit Index return, and the U.S. Aggregate Bond Index return. The Fund's annualized total return for the five-year period was above the U.S. Government/Credit Index and U.S. Aggregate Bond Index returns, but below the Fund Universe and Peer Group median returns by 0.06% and 0.10%, respectively. For the one-year period, the Fund's total return was above the U.S. Government/Credit Index and U.S. Aggregate Bond Index returns, but below the Fund Universe and Peer Group median returns by 0.18% and 0.26%, respectively. The Fund's annualized total return for the three-year period was above the U.S. Government/Credit Index and U.S. Aggregate Bond Index returns, but below the Peer Group and Fund Universe median returns by 0.36% and 0.44%, respectively. The Trustees considered the Advisor's assertion that during periods when short-term interest rates increase, the Fund is generally expected to underperform relative to the funds in the Peer Group and Fund Universe, due to its longer duration. The Trustees also considered Advisor's belief that given the Fund's longer duration, it should be included in the Short-Term Bond category rather than the Fund Universe, which has a duration ceiling of one year.

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

<u>Advisory Fee and Expense Ratio</u> 

With respect to the advisory fee paid by the Fund, the meeting materials indicated that the annual investment advisory fee (gross of fee waivers) was higher than the Peer Group and Fund Universe medians by 0.125% and 0.13%, respectively. The Trustees considered the Advisor's belief that the Fund utilizes more sophisticated asset classes than some of the funds in the Peer Group and Fund Universe, and that the Fund's value-added investment process is evidenced by the Fund's strong performance relative to its benchmark. The Trustees noted that the Advisor does not manage any other accounts with the same objectives and policies as the Fund, and therefore they did not have a good basis for comparing the Fund's advisory fee with those of other similar client accounts of the Advisor. The Trustees also considered that the Fund's advisory fee was the same as the advisory fee paid by the other series of the Trust managed by the Advisor.

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were higher than both the Peer Group and Fund Universe medians by 0.24%. The Trustees considered the Advisor's observation that some of the funds in the Peer Group are part of larger fund complexes and therefore could have lower expenses or support lower expense caps.

**Form N-CSR Items 8 - 11 (Unaudited) - Continued**

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

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

The Board next considered information prepared by the Advisor relating to its costs and profits with respect to the Fund for the year ended December 31, 2024, noting that the Advisor had waived a portion of its advisory fee for the Fund, and that the Advisor did not realize a profit with respect to the Fund.

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

 ****

***Hartford Investment Management Company***

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

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

<u>Sub-Advisory Fee</u>

The Board reviewed information regarding the sub-advisory fee charged by the Sub-Advisor with respect to the Fund and noted that for as long as the Advisor has agreed to waive investment advisory fees payable to it by the Fund and/or absorb expenses pursuant to an operating expense limitation agreement, the Sub-Advisor has agreed to contribute to such waiver and/or reimbursement. The Trustees also noted that the sub-advisory fee charged by the Sub-Advisor with respect to the Fund was lower than the Sub-Advisor's standard fee schedule for institutional client accounts managed using its short duration strategy up to the $75 million asset level, but higher than its standard fee schedule above that level. The Board noted, however, that management of mutual fund assets requires compliance with certain requirements under the 1940 Act that do not apply to the Sub-Advisor's institutional clients. The Board noted that the Advisor pays the Sub-Advisor's sub-advisory fee out of the Advisor's advisory fee.

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

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

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

**Form N-CSR Items 8 - 11 (Unaudited) - Continued**

 ****

***Conclusion***

Based on these and other factors, the Board and the Independent Trustees concluded that renewal of the Fund Advisory Agreements was in the best interests of the Fund and its shareholders and, accordingly, renewed each Fund Advisory Agreement.

**Form N-CSR Items 8 - 11 (Unaudited) - Continued**

***Board Consideration of Investment Advisory Agreements (Unaudited)***

At an in-person meeting held on March 19-20, 2025, the Board of Trustees (the "*Board*") of Investment Managers Series Trust (the "*Trust*"), including the trustees who are not "interested persons" of the Trust (the "*Independent Trustees*") as defined in the Investment Company Act of 1940, as amended (the "*1940 Act*"), reviewed and unanimously approved the renewal of the investment advisory agreement (the "*Advisory Agreement*") between the Trust and Advisors Asset Management, Inc. (the "*Advisor*"), and the sub-advisory agreement (the "*Sub-Advisory Agreement*") between the Advisor and Insight North America LLC (the "*Sub-Advisor*"), with respect to the AAM/Insight Select Income Fund series of the Trust (the "*Fund*") for additional one-year terms from when they otherwise would expire. The Advisory Agreement and the Sub-Advisory Agreement are referred to below as the "*Fund Advisory Agreements*." In approving the renewal of each Fund Advisory Agreement, the Board, including the Independent Trustees, determined that such renewal was in the best interests of the Fund and its shareholders.

***Background***

In advance of the meeting, the Board received information about the Fund and the Fund Advisory Agreements from the Advisor, the Sub-Advisor, and Mutual Fund Administration, LLC and UMB Fund Services, Inc., the Trust's co-administrators, certain portions of which are discussed below. The materials, among other things, included information about the organization and financial condition of the Advisor and the Sub-Advisor; information regarding the background, experience, and compensation structure of relevant personnel providing services to the Fund; information about the Advisor's and the Sub-Advisor's compliance policies and procedures, disaster recovery and contingency planning, and policies with respect to portfolio execution and trading; information regarding the profitability of the Advisor's overall relationship with the Fund; reports comparing the performance of the Fund with returns of the Bloomberg U.S. Credit Index (the "*U.S. Credit Index*"), the Bloomberg U.S. Aggregate Bond Index (the "*U.S. Aggregate Bond Index*"), and a group of comparable funds (the "*Peer Group*") selected by Broadridge Financial Solutions, Inc. ("*Broadridge*") from Morningstar, Inc.'s Corporate Bond category (the "*Fund Universe*") for the one-, three-, five-, and ten-year periods ended December 31, 2024; reports comparing the investment advisory fee and total expenses of the Fund with those of the Peer Group and Fund Universe; and the advisory and sub-advisory fees paid pursuant to the Advisory Agreement and Sub-Advisory Agreement, respectively. The Board also received a memorandum from legal counsel to the Trust discussing the legal standards under the 1940 Act and other applicable law for their consideration of the proposed renewal of the Fund Advisory Agreements. In addition, the Board considered information reviewed by the Board during the year at other Board and Board committee meetings. No representatives of the Advisor or Sub-Advisor were present during the Board's consideration of the Fund Advisory Agreements, and the Independent Trustees were represented by their legal counsel with respect to the matters considered.

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

**Form N-CSR Items 8 - 11 (Unaudited) - Continued**

***Advisors Asset Management, Inc.***

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

With respect to the performance results of the Fund, the meeting materials indicated that the Fund's annualized total returns for the one-, three-, five-, and ten-year periods were above the Peer Group and Fund Universe median returns, the U.S. Aggregate Bond Index returns, and the U.S. Credit Index returns.

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

<u>Advisory Fee and Expense Ratio</u> 

With respect to the advisory fee paid by the Fund, the meeting materials indicated that the annual investment advisory fee (gross of fee waivers) was lower than the Peer Group median and the same as the Fund Universe median. The Trustees noted that the Advisor does not manage any other accounts with the same objectives and policies as the Fund, and therefore they did not have a good basis for comparing the Fund's advisory fee with those of other similar client accounts of the Advisor. The Trustees also considered that the Fund's advisory fee was the same as the advisory fee paid by the other series of the Trust managed by the Advisor.

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were higher than the Peer Group and Fund Universe medians by 0.03% and 0.04%, respectively. The Trustees noted, however, that the average net assets of the Fund's class considered by Broadridge were significantly lower than the average net assets of corresponding classes of funds in the Peer Group and Fund Universe, and that certain of those other funds also had significant assets in other classes. The Trustees also considered that the Fund's total expenses were not in the highest quartile of those funds in the Peer Group or Fund Universe.

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

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

The Board next considered information prepared by the Advisor relating to its costs and profits with respect to the Fund for the year ended December 31, 2024, noting that the Advisor had waived a significant portion of its advisory fee for the Fund, and that the Advisor did not realize a profit with respect to the Fund.

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

**Form N-CSR Items 8 - 11 (Unaudited) - Continued**

 ****

***Insight North America LLC***

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

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

<u>Sub-Advisory Fee</u>

The Board reviewed information regarding the sub-advisory fee charged by the Sub-Advisor with respect to the Fund, and noted that it was lower than the advisory fee that the Sub-Advisor charges to manage a closed-end fund, and lower than the sub-advisory fee that the Sub-Advisor charges to sub-advise an open-end fund, each of which have the same or similar strategies as the Fund. The Board observed that the Advisor pays the Sub-Advisor's sub-advisory fee out of the Advisor's advisory fee.

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

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

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

 ****

***Conclusion***

Based on these and other factors, the Board and the Independent Trustees concluded that renewal of the Fund Advisory Agreements was in the best interests of the Fund and its shareholders and, accordingly, renewed each Fund Advisory Agreement.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

The registrant has not made any material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees.

**<u>Item 16. Controls and Procedures.</u>**

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

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

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not Applicable.

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

**<u>Item 19. Exhibits.</u>**

[(a)](https://www.sec.gov/Archives/edgar/data/1318342/000139834418008810/fp0033774_ex99code.htm) [(1) *Any code of ethics or amendment thereto, that is subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Incorporated by reference to the Registrant's Form N-CSR filed June 8, 2018.](https://www.sec.gov/Archives/edgar/data/1318342/000139834418008810/fp0033774_ex99code.htm)

(a) (2) *Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Instruction to paragraph (a)(2).* Not Applicable.

[(a)](fp0095289-1_ex99cert.htm) [(3) A separate certification for each principal executive 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](fp0095289-1_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(a) (4) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;(a) (5) Not Applicable

[*(b)*](fp0095289-1_ex99906cert.htm) [*Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](fp0095289-1_ex99906cert.htm)

**SIGNATURES**

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

---

| | |
|:---|:---|
| (Registrant) | Investment Managers Series Trust |
| By (Signature and Title) | /s/ Maureen Quill |
|  | Maureen Quill, President and Principal Executive Officer |
| Date | 9/8/2025 |

---

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

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Maureen Quill |
|  | Maureen Quill, President and Principal Executive Officer |
| Date | 9/8/2025 |
| By (Signature and Title) | /s/ Rita Dam |
|  | Rita Dam, Treasurer and Principal Financial Officer |
| Date | 9/8/2025 |

---

## Ex-99.Cert

EX.99.CERT

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

I, **Maureen Quill**, certify that:

1. I have reviewed this report on Form N-CSR of  **<u>AAM Funds,</u>** each a series of Investment Managers Series Trust (the "Trust");

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

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

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

1940) for the registrant and have:

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 9/8/2025 | /s/ Maureen Quill |
|  |  | Maureen Quill |
|  |  | President and Principal Executive Officer |

---

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

I, **Rita Dam**, certify that:

1. I have reviewed this report on Form N-CSR of  **<u>AAM Funds,</u>** each a series of Investment Managers Series Trust (the "Trust");

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

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

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

1940) for the registrant and have:

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 9/8/2025 | /s/ Rita Dam |
|  |  | Rita Dam |
|  |  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

EX.99.906CERT

**Certification of CEO and CFO Pursuant to**

**18 U.S.C. Section 1350, as Adopted Pursuant to**

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

In connection with the report on Form N-CSR of **<u>AAM Funds,</u>** each a series of Investment Managers Series Trust (the "Trust"), for the year ended **June 30, 2025** (the "Report"), Maureen Quill, as President and Principal Executive Officer of the Trust, and Rita Dam, as Treasurer and Principal Financial Officer of the Trust, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his or her knowledge:

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

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

---

| | |
|:---|:---|
| Date | 9/8/2025 |
| /s/ Maureen Quill | /s/ Maureen Quill |
| Maureen Quill | Maureen Quill |
| President and Principal Executive Officer | President and Principal Executive Officer |
| /s/ Rita Dam | /s/ Rita Dam |
| Rita Dam | Rita Dam |
| Treasurer and Principal Financial Officer | Treasurer and Principal Financial Officer |

---

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