# EDGAR Filing Document

**Accession Number:** 0001318342
**File Stem:** 0001193125-26-067486
**Filing Date:** 2026-2
**Character Count:** 26073
**Document Hash:** ae556ee402ffc584b228ce3f5eb7e33c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-067486.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0001193125-26-067486

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260224

**DATE AS OF CHANGE**: 20260224

**PERIOD START**: 20260930

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21719
- **FILM NUMBER:** 26672897

**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

### Towle Value Fund (Series ID: S000034478)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000105973 | Towle Value Fund | TDVFX           |

## Nport-Ex

#### Towle Value Fund

#### SCHEDULE OF INVESTMENTS

#### As of December 31, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 98.9%** |  |
|  | **COMMUNICATIONS — 2.6%** |  |
| 116693 | Lyft, Inc. - Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$2260343** |
|  | **CONSUMER, CYCLICAL — 41.0%** |  |
| 93791 | Adient PLC\*<sup>,1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1797973 |
| 32920 | Alaska Air Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655876 |
| 10982 | AutoNation, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2267563 |
| 298317 | Bloomin' Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840616 |
| 37958 | BlueLinx Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2331760 |
| 49468 | BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2229028 |
| 119951 | Fox Factory Holding Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052362 |
| 74596 | Gold.com, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2539994 |
| 22325 | Hovnanian Enterprises, Inc. - Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2177580 |
| 20200 | Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2314920 |
| 218277 | Leggett & Platt, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2401047 |
| 46251 | Magna International, Inc.<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2465178 |
| 259628 | Methode Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1723930 |
| 31956 | Sonic Automotive, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976798 |
| 217531 | Titan International, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1703268 |
| 221735 | Wabash National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1918008 |
| 86597 | Zumiez, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2255852 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35651753** |
|  | **CONSUMER, NON-CYCLICAL — 7.3%** |  |
| 19114 | Bunge Global S.A.<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702675 |
| 105534 | Healthcare Services Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017810 |
| 77216 | United Natural Foods, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2599863 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6320348** |
|  | **ENERGY — 16.3%** |  |
| 13873 | Alpha Metallurgical Resources, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2772935 |
| 128395 | Liberty Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2370172 |
| 62229 | Par Pacific Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2186727 |
| 89096 | PBF Energy, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2416283 |
| 71256 | Peabody Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2116303 |
| 242658 | ProPetro Holding Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2307678 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14170098** |
|  | **FINANCIAL — 13.5%** |  |
| 47866 | Ally Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2167851 |
| 260361 | Anywhere Real Estate, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3686712 |
| 145676 | Cushman & Wakefield Ltd.\*<sup>,1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2358494 |
| 46020 | Eastern Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848149 |
| 36666 | First Busey Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872284 |
| 13086 | Prosperity Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904374 |

---

------

#### Towle Value Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of December 31, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **FINANCIAL (Continued)** |  |
| 14512 | Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$913385 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11751249** |
|  | **INDUSTRIAL — 18.2%** |  |
| 29119 | ArcBest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160338 |
| 78207 | Clearwater Paper Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360802 |
| 42898 | Fluor Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700048 |
| 126431 | Metallus, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2169556 |
| 16616 | Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2087468 |
| 90430 | Ryerson Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275219 |
| 13181 | Sanmina Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1978073 |
| 13819 | TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2076028 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15807532** |
|  | **Total Common Stocks** |  |
|  | (Cost $74,490,274) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**85961323** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **SHORT-TERM INVESTMENTS — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$872852 | UMB Bank, Institutional Banking Money Market II Deposit Investment, 3.06%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872852 |
|  | **Total Short-Term Investments** |  |
|  | (Cost $872,852) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**872852** |
|  | **TOTAL INVESTMENTS — 99.9%** |  |
|  | (Cost $75,363,126) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**86834175** |
|  | Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112474 |
|  | **TOTAL NET ASSETS — 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$86946649** |

---

---

| |
|:---|
| PLC – Public Limited Company |
| \*Non-income producing security. |
| <sup>1</sup>Foreign security denominated in U.S. Dollars. |
| <sup>2</sup>The rate is the annualized seven-day yield at period end. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** MILWAUKEE

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 532123948

  - **Telephone number:** 4142992000

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

- **a. Name of Series:** Towle Value Fund

- **b. EDGAR series identifier (if any):** S000034478

- **c. LEI of Series:** 549300EXKT1LTZE2ZC55

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

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $86896624.15

**Total Liabilities:** $176836.03

**Net Assets:** $86719788.12

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000105973 | 0.43%                | 2.78%                | -1.91%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1120477.13              | $-683606.48                                |
| Month 2  | $413441.50               | $1998740.85                                |
| Month 3  | $402057.75               | $-2125511.43                               |

### Schedule of Portfolio Investments

| Name                          | Title                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Adient PLC                    | Adient PLC                            | CUSIP: G0084W101<br>LEI: 5493002QLDY8O75RTR78 | Long             | EC               | CORP              | US        |     93791 | NS      | $1797973.47   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Alaska Air Group Inc          | Alaska Air Group, Inc.                | CUSIP: 011659109<br>LEI: 529900G48RT4KWLC6C27 | Long             | EC               | CORP              | US        |     32920 | NS      | $1655876.00   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Lyft Inc                      | Lyft, Inc. - Class A                  | CUSIP: 55087P104<br>LEI: 549300H7I5VN334XVZ52 | Long             | EC               | CORP              | US        |    116693 | NS      | $2260343.41   | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Oshkosh Corp                  | Oshkosh Corp.                         | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Long             | EC               | CORP              | US        |     16616 | NS      | $2087468.08   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Par Pacific Holdings Inc      | Par Pacific Holdings, Inc.            | CUSIP: 69888T207<br>LEI: 549300BTNS7MHSHRLR55 | Long             | EC               | CORP              | US        |     62229 | NS      | $2186727.06   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosperity Bancshares Inc     | Prosperity Bancshares, Inc.           | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13086 | NS      | $904373.46    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Methode Electronics Inc       | Methode Electronics, Inc.             | CUSIP: 591520200<br>LEI: 529900VM413LGLUS3F07 | Long             | EC               | CORP              | US        |    259628 | NS      | $1723929.92   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Magna International Inc       | Magna International, Inc.             | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | CA        |     46251 | NS      | $2465178.30   | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| PBF Energy Inc                | PBF Energy, Inc. - Class A            | CUSIP: 69318G106<br>LEI: 2549003PBEDCSZMZIY02 | Long             | EC               | CORP              | US        |     89096 | NS      | $2416283.52   | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| ProPetro Holding Corp         | ProPetro Holding Corp.                | CUSIP: 74347M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    242658 | NS      | $2307677.58   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryerson Holding Corp          | Ryerson Holding Corp.                 | CUSIP: 783754104<br>LEI: 549300JMA41B3ZHOVE45 | Long             | EC               | CORP              | US        |     90430 | NS      | $2275218.80   | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonic Automotive Inc          | Sonic Automotive, Inc. - Class A      | CUSIP: 83545G102<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | EC               | CORP              | US        |     31956 | NS      | $1976798.16   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Metallus Inc                  | Metallus, Inc.                        | CUSIP: 887399103<br>LEI: 549300QZTZWHDE9HJL14 | Long             | EC               | CORP              | US        |    126431 | NS      | $2169555.96   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanmina Corp                  | Sanmina Corp.                         | CUSIP: 801056102<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | EC               | CORP              | US        |     13181 | NS      | $1978072.67   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX Corp                | TD SYNNEX Corp.                       | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |     13819 | NS      | $2076028.37   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan International Inc       | Titan International, Inc.             | CUSIP: 88830M102<br>LEI: 254900CXRGBE7C4B5A06 | Long             | EC               | CORP              | US        |    217531 | NS      | $1703267.73   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| United Natural Foods Inc      | United Natural Foods, Inc.            | CUSIP: 911163103<br>LEI: 549300GKGW6WPZ282D40 | Long             | EC               | CORP              | US        |     77216 | NS      | $2599862.72   | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Webster Financial Corp        | Webster Financial Corp.               | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               | CORP              | US        |     14512 | NS      | $913385.28    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Wabash National Corp          | Wabash National Corp.                 | CUSIP: 929566107<br>LEI: 5299004ZAWHQZI5XO485 | Long             | EC               | CORP              | US        |    221735 | NS      | $1918007.75   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Zumiez Inc                    | Zumiez, Inc.                          | CUSIP: 989817101<br>LEI: 549300J0PDF58P6HZD25 | Long             | EC               | CORP              | US        |     86597 | NS      | $2255851.85   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Ally Financial Inc            | Ally Financial, Inc.                  | CUSIP: 02005N100<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EC               | CORP              | US        |     47866 | NS      | $2167851.14   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpha Metallurgical Resources | Alpha Metallurgical Resources, Inc.   | CUSIP: 020764106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13873 | NS      | $2772935.24   | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoNation Inc                | AutoNation, Inc.                      | CUSIP: 05329W102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10982 | NS      | $2267563.36   | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ArcBest Corp                  | ArcBest Corp.                         | CUSIP: 03937C105<br>LEI: 5493006S3KBNE8ZS3J23 | Long             | EC               | CORP              | US        |     29119 | NS      | $2160338.61   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Bunge Global SA               | Bunge Global S.A.                     | CUSIP: H11356104<br>LEI: 254900IVXSV9K0B7PO26 | Long             | EC               | CORP              | US        |     19114 | NS      | $1702675.12   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Bloomin' Brands Inc           | Bloomin' Brands, Inc.                 | CUSIP: 094235108<br>LEI: E1UJ2GO305B5FXGV7N04 | Long             | EC               | CORP              | US        |    298317 | NS      | $1840615.89   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Peabody Energy Corp           | Peabody Energy Corp.                  | CUSIP: 704551100<br>LEI: EJCO258LNNVSKAR2JX59 | Long             | EC               | CORP              | US        |     71256 | NS      | $2116303.20   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| First Busey Corp              | First Busey Corp.                     | CUSIP: 319383204<br>LEI: 549300X4ZNLYSX7GUY60 | Long             | EC               | CORP              | US        |     36666 | NS      | $872284.14    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BorgWarner Inc                | BorgWarner, Inc.                      | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |     49468 | NS      | $2229028.08   | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| BlueLinx Holdings Inc         | BlueLinx Holdings, Inc.               | CUSIP: 09624H208<br>LEI: 549300YSX7GU28F5I540 | Long             | EC               | CORP              | US        |     37958 | NS      | $2331759.94   | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Paper Corp         | Clearwater Paper Corp.                | CUSIP: 18538R103<br>LEI: 549300HCVV19GXN4P292 | Long             | EC               | CORP              | US        |     78207 | NS      | $1360801.80   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Cushman & Wakefield Ltd       | Cushman & Wakefield Ltd.              | CUSIP: G2717C106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    145676 | NS      | $2358494.44   | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastern Bankshares Inc        | Eastern Bankshares, Inc.              | CUSIP: 27627N105<br>LEI: 549300J245MBQU3DO403 | Long             | EC               | CORP              | US        |     46020 | NS      | $848148.60    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Fluor Corp                    | Fluor Corp.                           | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               | CORP              | US        |     42898 | NS      | $1700047.74   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Factory Holding Corp      | Fox Factory Holding Corp.             | CUSIP: 35138V102<br>LEI: 529900GE1HSV0617R721 | Long             | EC               | CORP              | US        |    119951 | NS      | $2052361.61   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold.com Inc                  | Gold.com, Inc.                        | CUSIP: 00181T107<br>LEI: XP6XYFDZQGKLUMOFGT37 | Long             | EC               | CORP              | US        |     74596 | NS      | $2539993.80   | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Services Group Inc | Healthcare Services Group, Inc.       | CUSIP: 421906108<br>LEI: 529900GVZ1D2FBYMS719 | Long             | EC               | CORP              | US        |    105534 | NS      | $2017810.08   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Anywhere Real Estate Inc      | Anywhere Real Estate, Inc.            | CUSIP: 75605Y106<br>LEI: 5493004HBTOTE9DI9P12 | Long             | EC               | CORP              | US        |    260361 | NS      | $3686711.76   | 4.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Hovnanian Enterprises Inc     | Hovnanian Enterprises, Inc. - Class A | CUSIP: 442487401<br>LEI: 549300805N4EF0ROBT53 | Long             | EC               | CORP              | US        |     22325 | NS      | $2177580.50   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB IB MONEY MARKET II   /    | UMB IB MONEY MARKET II   /            | CUSIP: SF8888627<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   1134450 | PA      | $1134450.42   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Energy Inc            | Liberty Energy, Inc.                  | CUSIP: 53115L104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    128395 | NS      | $2370171.70   | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Lear Corp                     | Lear Corp.                            | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |     20200 | NS      | $2314920.00   | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Leggett & Platt Inc           | Leggett & Platt, Inc.                 | CUSIP: 524660107<br>LEI: DKOVQUCDW4ZLYCUD4T55 | Long             | EC               | CORP              | US        |    218277 | NS      | $2401047.00   | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

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

**Signature:** /s/ Maureen A. Quill

**Name of Signer:** Maureen A. Quill

**Title:** Executive Vice President