# EDGAR Filing Document

**Accession Number:** 0001318342
**File Stem:** 0001398344-26-004699
**Filing Date:** 2026-3
**Character Count:** 178817
**Document Hash:** 5080412d00a35e5925bd328cebd7c771
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-004699.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001398344-26-004699

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**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:** 26730188

**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

### Robinson Tax Advantaged Income Fund (Series ID: S000046847)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000146391 | Class A Shares             | ROBAX           |
| C000146392 | Class C Shares             | ROBCX           |
| C000146393 | Institutional Class Shares | ROBNX           |

### Robinson Opportunistic Income Fund (Series ID: S000052274)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000164392 | Class A Shares             | RBNAX           |
| C000164393 | Class C Shares             | RBNCX           |
| C000164394 | Institutional Class Shares | RBNNX           |

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

#### 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:

#### December 31

#### Date of reporting period:

#### December 31, 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:

### Robinson Opportunistic Income Fund

#### Class A/RBNAX
![TSR RINCOPP Logo - Cover](images_409.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Robinson Opportunistic Income Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://libertystreetfunds.com/robinson-opportunistic-income-fund/. You can also request this information by contacting us at (800) 207-7108.

#### 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** |
| Robinson Opportunistic Income Fund<br>(Class A/RBNAX) | $167 | 1.61% |

---

#### Management's Discussion of Fund Performance

#### HOW DID THE FUND PERFORM LAST YEAR?
The Robinson Opportunistic Income Fund, as measured by the Fund's Class A (RBNAX) returned 2.60% in 2025 compared to the 10.46% return of its benchmark, the Bloomberg Global Aggregate Credit Index.

#### WHAT AFFECTED THE FUND'S PERFORMANCE?
Fund performance can be attributed to the following:

**Market**: the Net Asset Value (NAV) total return of the closed-end funds held by the Fund returned 9.41% for the year.

**Discounts**: discounts on taxable credit closed-end funds widened 2.62% in 2025.

**Credit and Interest Rate Risk Hedges**: the Fund utilizes short positions in various equity indices and U.S. Treasury futures contracts to mitigate some of the credit and interest rate risk. The hedges reduced the Fund's 2025 return by 1.40%.

**Security Selection:** the Fund's active management of closed-end funds in the various taxable credit sub-sectors allowed it to add 3.52% to the Fund's overall return.

#### 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_1062232.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Robinson Opportunistic Income Fund (Class A/RBNAX)<sup>1,2</sup>** | 2.60% | 6.60% | 5.60% |
| **Robinson Opportunistic Income Fund (Class A/RBNAX) - excluding sales load** | 7.18% | 7.53% | 6.23% |
| **Bloomberg Global Aggregate Credit Index** | 10.46% | -0.47% | 2.67% |

---

 *<sup>1</sup>* *Maximum sales charge (load) of 4.25% of offering price.* 

 *<sup>2</sup>* *A Contingent Deferred Sales Charge ("CDSC") of 1.00% may be imposed on certain purchases of $1 million or more that are redeemed in whole or in part within 12 months of purchase.* 

**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://libertystreetfunds.com/robinson-opportunistic-income-fund/ 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;$12400319 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;66% |

---

#### 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 exclude short-term holdings, if any.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Flaherty & Crumrine Preferred & Income Fund, Inc. | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Mortgage Real Estate ETF, 0.81% | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allspring Utilities and High Income Fund | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Asset Global High Income Fund, Inc. | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Asset High Income Fund II, Inc. | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;DoubleLine Yield Opportunities Fund | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock Multi-Sector Income Trust | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;KKR Income Opportunities Fund | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Asset Mortgage Opportunity Fund, Inc. | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Asset Inflation-Linked Opportunities & Income Fund | 4.8% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1062237.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://libertystreetfunds.com/robinson-opportunistic-income-fund/. You can also request this information by contacting us at (800) 207-7108.

#### 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 (800) 207-7108 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

Robinson Opportunistic Income Fund - Class A

### Robinson Opportunistic Income Fund

#### Class C/RBNCX
![TSR RINCOPP Logo - Cover](images_409.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Robinson Opportunistic Income Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://libertystreetfunds.com/robinson-opportunistic-income-fund/. You can also request this information by contacting us at (800) 207-7108.

#### 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** |
| Robinson Opportunistic Income Fund<br>(Class C/RBNCX) | $244 | 2.36% |

---

#### Management's Discussion of Fund Performance

#### HOW DID THE FUND PERFORM LAST YEAR?
The Robinson Opportunistic Income Fund, as measured by the Fund's Class C (RBNCX) returned 5.40% in 2025 compared to the 10.46% return of its benchmark, the Bloomberg Global Aggregate Credit Index.

#### WHAT AFFECTED THE FUND'S PERFORMANCE?
Fund performance can be attributed to the following:

**Market**: the Net Asset Value (NAV) total return of the closed-end funds held by the Fund returned 9.41% for the year.

**Discounts**: discounts on taxable credit closed-end funds widened 2.62% in 2025.

**Credit and Interest Rate Risk Hedges**: the Fund utilizes short positions in various equity indices and U.S. Treasury futures contracts to mitigate some of the credit and interest rate risk. The hedges reduced the Fund's 2025 return by 1.40%.

**Security Selection:** the Fund's active management of closed-end funds in the various taxable credit sub-sectors allowed it to add 3.52% to the Fund's overall return.

#### 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_1062196.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Robinson Opportunistic Income Fund (Class C/RBNCX)<sup>1</sup>** | 5.40% | 6.71% | 5.42% |
| **Robinson Opportunistic Income Fund (Class C/RBNCX) - excluding sales load** | 6.40% | 6.71% | 5.42% |
| **Bloomberg Global Aggregate Credit Index** | 10.46% | -0.47% | 2.67% |

---

 *<sup>1</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.* 

**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://libertystreetfunds.com/robinson-opportunistic-income-fund/ 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;$12400319 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;66% |

---

#### 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 exclude short-term holdings, if any.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Flaherty & Crumrine Preferred & Income Fund, Inc. | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Mortgage Real Estate ETF, 0.81% | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allspring Utilities and High Income Fund | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Asset Global High Income Fund, Inc. | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Asset High Income Fund II, Inc. | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;DoubleLine Yield Opportunities Fund | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock Multi-Sector Income Trust | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;KKR Income Opportunities Fund | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Asset Mortgage Opportunity Fund, Inc. | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Asset Inflation-Linked Opportunities & Income Fund | 4.8% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1062201.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://libertystreetfunds.com/robinson-opportunistic-income-fund/. You can also request this information by contacting us at (800) 207-7108.

#### 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 (800) 207-7108 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

Robinson Opportunistic Income Fund - Class C

### Robinson Opportunistic Income Fund

#### Institutional Class/RBNNX
![TSR RINCOPP Logo - Cover](images_409.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Robinson Opportunistic Income Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://libertystreetfunds.com/robinson-opportunistic-income-fund/. You can also request this information by contacting us at (800) 207-7108.

#### 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** |
| Robinson Opportunistic Income Fund<br> (Institutional Class/RBNNX) | $141 | 1.36% |

---

#### Management's Discussion of Fund Performance

#### HOW DID THE FUND PERFORM LAST YEAR?
The Robinson Opportunistic Income Fund, as measured by the Fund's Institutional Class (RBNNX) returned 7.56% in 2025 compared to the 10.46% return of its benchmark, the Bloomberg Global Aggregate Credit Index.

#### WHAT AFFECTED THE FUND'S PERFORMANCE?
Fund performance can be attributed to the following:

 **Market**: the Net Asset Value (NAV) total return of the closed-end funds held by the Fund returned 9.41% for the year.

 **Discounts**: discounts on taxable credit closed-end funds widened 2.62% in 2025.

 **Credit and Interest Rate Risk Hedges**: the Fund utilizes short positions in various equity indices and U.S. Treasury futures contracts to mitigate some of the credit and interest rate risk. The hedges reduced the Fund's 2025 return by 1.40%.

 **Security Selection:** the Fund's active management of closed-end funds in the various taxable credit sub-sectors allowed it to add 3.52% to the Fund's overall return.

#### 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 $1,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_1062268.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Robinson Opportunistic Income Fund (Institutional Class/RBNNX)** | 7.56% | 7.80% | 6.49% |
| **Bloomberg Global Aggregate Credit Index** | 10.46% | -0.47% | 2.67% |

---

 **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://libertystreetfunds.com/robinson-opportunistic-income-fund/ 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;$12400319 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;66% |

---

#### 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 exclude short-term holdings, if any.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Flaherty & Crumrine Preferred & Income Fund, Inc. | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Mortgage Real Estate ETF, 0.81% | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allspring Utilities and High Income Fund | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Asset Global High Income Fund, Inc. | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Asset High Income Fund II, Inc. | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;DoubleLine Yield Opportunities Fund | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock Multi-Sector Income Trust | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;KKR Income Opportunities Fund | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Asset Mortgage Opportunity Fund, Inc. | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Asset Inflation-Linked Opportunities & Income Fund | 4.8% |

---

 **Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1062273.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://libertystreetfunds.com/robinson-opportunistic-income-fund/. You can also request this information by contacting us at (800) 207-7108.

#### 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 (800) 207-7108 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

Robinson Opportunistic Income Fund - Institutional Class

### Robinson Tax Advantaged Income Fund

#### Class A/ROBAX
![TSR RTAXADV Logo - Cover](images_408.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Robinson Tax Advantaged Income Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://libertystreetfunds.com/robinson-tax-advantaged-income-fund/. You can also request this information by contacting us at (800) 207-7108.

#### 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** |
| Robinson Tax Advantaged Income Fund<br>(Class A/ROBAX) | $165 | 1.62% |

---

#### Management's Discussion of Fund Performance

#### HOW DID THE FUND PERFORM LAST YEAR?
The Robinson Tax-Advantaged Income Fund, as measured by the Fund's Class A (ROBAX) returned -0.24% in 2025 compared to the 5.01% return of its benchmark, the Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index, and 4.25% return of the Bloomberg Municipal Bond Index.

#### WHAT AFFECTED THE FUND'S PERFORMANCE?
Fund performance can be attributed to the following:

**Market**: the net asset value (NAV) total return of the closed-end funds held by the Fund returned 2.63% for the year.

**Discounts**: discounts on tax-exempt closed-end funds narrowed 4.87% in 2025.

**Interest Rate Risk Hedges:** the Fund utilizes short positions in various U.S. Treasury futures contracts to mitigate some of the interest rate risk. The hedges reduced the Fund's 2025 return by 1.21%.

**Security Selection:** as discounts continued to narrow, around the middle of the year the Fund began underweighting those closed-end funds that have been paying out distributions higher than the net income they are generating. That trade proved to be a bit early as those closed-end funds continued to outperform the broader tax-exempt closed-end fund market. As a result, security selection reduced the Fund's overall return by 1.10%.

#### 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_1062304.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Robinson Tax Advantaged Income Fund (Class A/ROBAX)<sup>1,2</sup>** | -0.24% | 2.12% | 2.08% |
| **Robinson Tax Advantaged Income Fund (Class A/ROBAX) - excluding sales load** | 3.61% | 2.91% | 2.69% |
| **Bloomberg Short-Intermediate 1-10 Year Muni Bond Index** | 5.01% | 1.22% | 1.98% |
| **Bloomberg U.S. Municipal Bond Index** | 4.25% | 0.80% | 2.34% |

---

 *<sup>1</sup>* *Maximum sales charge (load) of 3.75% of offering price.* 

 *<sup>2</sup>* *A Contingent Deferred Sales Charge ("CDSC") of 1.00% may be charged on certain purchases of $500,000 or more that are redeemed in whole or in part within 18 months of the date of purchase.* 

**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://libertystreetfunds.com/robinson-tax-advantaged-income-fund/ 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;$239142717 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;61 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$2411912 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;121% |

---

#### 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 exclude short-term holdings, if any.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Trust for Investment Grade Municipals | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Municipal Opportunity Trust | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock Municipal Income Trust | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock Municipal Income Trust II | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock MuniYield Michigan Quality Fund, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eaton Vance Municipal Bond Fund | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock MuniYield Quality Fund, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Asset Managed Municipals Fund, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock California Municipal Income Trust | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Quality Municipal Income Trust | 2.4% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1062309.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://libertystreetfunds.com/robinson-tax-advantaged-income-fund/. You can also request this information by contacting us at (800) 207-7108.

#### 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 (800) 207-7108 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

Robinson Tax Advantaged Income Fund - Class A

### Robinson Tax Advantaged Income Fund

#### Class C/ROBCX
![TSR RTAXADV Logo - Cover](images_408.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Robinson Tax Advantaged Income Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://libertystreetfunds.com/robinson-tax-advantaged-income-fund/. You can also request this information by contacting us at (800) 207-7108.

#### 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** |
| Robinson Tax Advantaged Income Fund<br>(Class C/ROBCX) | $240 | 2.37% |

---

#### Management's Discussion of Fund Performance

#### HOW DID THE FUND PERFORM LAST YEAR?
The Robinson Tax-Advantaged Income Fund, as measured by the Fund's Class C (ROBCX) returned 1.79% in 2025 compared to the 5.01% return of its benchmark, the Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index, and 4.25% return of the Bloomberg Municipal Bond Index.

#### WHAT AFFECTED THE FUND'S PERFORMANCE?
Fund performance can be attributed to the following:

**Market**: the net asset value (NAV) total return of the closed-end funds held by the Fund returned 2.63% for the year.

**Discounts**: discounts on tax-exempt closed-end funds narrowed 4.87% in 2025.

**Interest Rate Risk Hedges:** the Fund utilizes short positions in various U.S. Treasury futures contracts to mitigate some of the interest rate risk. The hedges reduced the Fund's 2025 return by 1.21%.

**Security Selection:** as discounts continued to narrow, around the middle of the year the Fund began underweighting those closed-end funds that have been paying out distributions higher than the net income they are generating. That trade proved to be a bit early as those closed-end funds continued to outperform the broader tax-exempt closed-end fund market. As a result, security selection reduced the Fund's overall return by 1.10%.

#### 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_1062340.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Robinson Tax Advantaged Income Fund (Class C/ROBCX)<sup>1</sup>** | 1.79% | 2.15% | 1.92% |
| **Robinson Tax Advantaged Income Fund (Class C/ROBCX) - excluding sales load** | 2.78% | 2.15% | 1.92% |
| **Bloomberg Short-Intermediate 1-10 Year Muni Bond Index** | 5.01% | 1.22% | 1.98% |
| **Bloomberg U.S. Municipal Bond Index** | 4.25% | 0.80% | 2.34% |

---

 *<sup>1</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.* 

**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://libertystreetfunds.com/robinson-tax-advantaged-income-fund/ 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;$239142717 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;61 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$2411912 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;121% |

---

#### 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 exclude short-term holdings, if any.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Trust for Investment Grade Municipals | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Municipal Opportunity Trust | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock Municipal Income Trust | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock Municipal Income Trust II | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock MuniYield Michigan Quality Fund, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eaton Vance Municipal Bond Fund | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock MuniYield Quality Fund, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Asset Managed Municipals Fund, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock California Municipal Income Trust | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Quality Municipal Income Trust | 2.4% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1062345.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://libertystreetfunds.com/robinson-tax-advantaged-income-fund/. You can also request this information by contacting us at (800) 207-7108.

#### 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 (800) 207-7108 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

Robinson Tax Advantaged Income Fund - Class C

### Robinson Tax Advantaged Income Fund

#### Institutional Class/ROBNX
![TSR RTAXADV Logo - Cover](images_408.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Robinson Tax Advantaged Income Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://libertystreetfunds.com/robinson-tax-advantaged-income-fund/. You can also request this information by contacting us at (800) 207-7108.

#### 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** |
| Robinson Tax Advantaged Income Fund<br> (Institutional Class/ROBNX) | $140 | 1.37% |

---

#### Management's Discussion of Fund Performance

#### HOW DID THE FUND PERFORM LAST YEAR?
The Robinson Tax-Advantaged Income Fund, as measured by the Fund's Institutional Class (ROBNX) returned 3.84% in 2025 compared to the 5.01% return of its benchmark, the Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index, and 4.25% return of the Bloomberg Municipal Bond Index.

#### WHAT AFFECTED THE FUND'S PERFORMANCE?
Fund performance can be attributed to the following:

 **Market**: the net asset value (NAV) total return of the closed-end funds held by the Fund returned 2.63% for the year.

 **Discounts**: discounts on tax-exempt closed-end funds narrowed 4.87% in 2025.

 **Interest Rate Risk Hedges:** the Fund utilizes short positions in various U.S. Treasury futures contracts to mitigate some of the interest rate risk. The hedges reduced the Fund's 2025 return by 1.21%.

 **Security Selection:** as discounts continued to narrow, around the middle of the year the Fund began underweighting those closed-end funds that have been paying out distributions higher than the net income they are generating. That trade proved to be a bit early as those closed-end funds continued to outperform the broader tax-exempt closed-end fund market. As a result, security selection reduced the Fund's overall return by 1.10%.

#### 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 $1,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_1062376.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Robinson Tax Advantaged Income Fund (Institutional Class/ROBNX)** | 3.84% | 3.19% | 2.94% |
| **Bloomberg Short-Intermediate 1-10 Year Muni Bond Index** | 5.01% | 1.22% | 1.98% |
| **Bloomberg U.S. Municipal Bond Index** | 4.25% | 0.80% | 2.34% |

---

 **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://libertystreetfunds.com/robinson-tax-advantaged-income-fund/ 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;$239142717 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;61 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$2411912 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;121% |

---

#### 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 exclude short-term holdings, if any.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Trust for Investment Grade Municipals | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Municipal Opportunity Trust | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock Municipal Income Trust | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock Municipal Income Trust II | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock MuniYield Michigan Quality Fund, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eaton Vance Municipal Bond Fund | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock MuniYield Quality Fund, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Asset Managed Municipals Fund, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock California Municipal Income Trust | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Quality Municipal Income Trust | 2.4% |

---

 **Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1062381.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://libertystreetfunds.com/robinson-tax-advantaged-income-fund/. You can also request this information by contacting us at (800) 207-7108.

#### 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 (800) 207-7108 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

Robinson Tax Advantaged Income Fund - Institutional Class

(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 1-888-447-4470.

**<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.

---

| | | | |
|:---|:---|:---|:---|
| | Robinson Tax Advantage Income Fund<br> Robinson Opportunistic Income Fund | <br>FYE 12/31/2025 | <br>FYE 12/30/2024 |
| (a) | Audit Fees | $40200 | $35900 |
| (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:

---

| | | |
|:---|:---|:---|
| Robinson Tax Advantage Income Fund<br> Robinson Opportunistic Income Fund | <br>FYE 12/31/2025 | <br>FYE 12/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

---

| | | | |
|:---|:---|:---|:---|
| | Robinson Tax Advantage Income Fund<br> Robinson Opportunistic Income Fund | <br>FYE 12/31/2025 | <br>FYE 12/31/2024 |
| (g) | Registrant Non-Audit Related Fees | N/A | N/A |
| (h) | Registrant's Investment Advisor | N/A | N/A |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

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

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

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

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

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

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

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

![](fp0097168-1_01.jpg)

**Robinson Tax Advantaged Income Fund**

**(Class A: ROBAX)**

**(Class C: ROBCX)**

**(Institutional Class: ROBNX)**

**Robinson Opportunistic Income Fund**

**(Class A: RBNAX)**

**(Class C: RBNCX)**

**(Institutional Class: RBNNX)**

**ANNUAL FINANCIALS AND OTHER INFORMATION**

**December 31, 2025**

**Robinson Tax Advantaged Income Fund**

**Robinson Opportunistic Income Fund**

*Each a series of Investment Managers Series Trust*

**Table of Contents**

Please note the Financials and Other Information only contains Items 7-11 required on 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;&nbsp;&nbsp;&nbsp;&nbsp;  **<u>Robinson Tax Advantage Income Fund</u>** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Asset and Liabilities 4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Operations 5 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets 6 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Highlights 7 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  **<u>Robinson Opportunistic Income Fund</u>** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedule of Investments 10 &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Operations 14 &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp; Financial Highlights 16 &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp; **Report of Independent Registered Public Accounting Firm** 33 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Supplemental Information** 34
*This report and the financial statements contained herein are provided for the general information of the shareholders of the Robinson Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective shareholder report and prospectus.*

 

**www.libertystreetfunds.com**

**Robinson Tax Advantaged Income Fund**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **CLOSED-END FUNDS — 93.2%** |  |
| 84467 | AllianceBernstein National Municipal Income Fund, Inc. | $913933 |
| 555262 | BlackRock California Municipal Income Trust | 5963514 |
| 159331 | BlackRock Investment Quality Municipal Trust, Inc. | 1784507 |
| 67182 | BlackRock Long-Term Municipal Advantage Trust | 623449 |
| 99160 | BlackRock MuniAssets Fund, Inc. | 1062004 |
| 486901 | BlackRock Municipal Income Quality Trust | 5326697 |
| 1038657 | BlackRock Municipal Income Trust | 10417730 |
| 823485 | BlackRock Municipal Income Trust II | 8597183 |
| 254034 | BlackRock MuniHoldings California Quality Fund, Inc. | 2692760 |
| 279885 | BlackRock MuniHoldings Fund, Inc. | 3285850 |
| 427670 | BlackRock MuniHoldings New Jersey Quality Fund, Inc. | 5089273 |
| 269543 | BlackRock MuniHoldings New York Quality Fund, Inc. | 2757425 |
| 84859 | BlackRock MuniHoldings Quality Fund II, Inc. | 851136 |
| 483656 | BlackRock MuniVest Fund II, Inc. | 5228321 |
| 550570 | BlackRock MuniVest Fund, Inc. | 3815450 |
| 350068 | BlackRock MuniYield Fund, Inc. | 3672213 |
| 565225 | BlackRock MuniYield Michigan Quality Fund, Inc. | 6635741 |
| 118020 | BlackRock MuniYield New York Quality Fund, Inc. | 1169578 |
| 490980 | BlackRock MuniYield Quality Fund II, Inc. | 4934349 |
| 524385 | BlackRock MuniYield Quality Fund III, Inc. | 5700065 |
| 568312 | BlackRock MuniYield Quality Fund, Inc. | 6421926 |
| 392164 | BlackRock New York Municipal Income Trust | 3976543 |
| 587374 | BNY Mellon Strategic Municipal Bond Fund, Inc. | 3624098 |
| 846916 | BNY Mellon Strategic Municipals, Inc. | 5386386 |
| 48933 | DWS Municipal Income Trust | 444801 |
| 676797 | Eaton Vance Municipal Bond Fund | 6585235 |
| 78454 | Eaton Vance National Municipal Opportunities Trust | 1326657 |
| 152782 | Federated Hermes Premier Municipal Income Fund | 1697408 |
| 453981 | Invesco Advantage Municipal Income Trust II | 4140307 |
| 1174056 | Invesco Municipal Opportunity Trust | 11235716 |
| 587866 | Invesco Municipal Trust | 5672907 |
| 288378 | Invesco Pennsylvania Value Municipal Income Trust | 3016434 |
| 573877 | Invesco Quality Municipal Income Trust | 5715815 |
| 1168261 | Invesco Trust for Investment Grade Municipals | 12114866 |
| 232777 | Invesco Value Municipal Income Trust | 2867813 |
| 580075 | MFS High Income Municipal Trust | 2146277 |
| 161488 | MFS Municipal Income Trust | 876880 |
| 243933 | Neuberger Municipal Fund, Inc. | 2468602 |
| 100000 | Nuveen AMT-Free Municipal Credit Income Fund | 1266000 |
| 233254 | Nuveen AMT-Free Quality Municipal Income Fund | 2712744 |
| 173434 | Nuveen Municipal Credit Income Fund | 2181800 |
| 103386 | Nuveen Municipal Credit Opportunities Fund | 1057639 |
| 85384 | Nuveen Municipal Value Fund, Inc. | 773579 |
| 371039 | Nuveen New Jersey Quality Municipal Income Fund | 4689933 |

---

**Robinson Tax Advantaged Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **CLOSED-END FUNDS (Continued)** |  |
| 275353 | Nuveen New York AMT-Free Quality Municipal Income Fund | $2778312 |
| 187255 | Nuveen Quality Municipal Income Fund | 2250805 |
| 379555 | NYLI MacKay DefinedTerm Municipal Opportunities Fund | 5643983 |
| 383833 | PIMCO California Municipal Income Fund | 3350862 |
| 292780 | PIMCO Municipal Income Fund II | 2207561 |
| 196533 | PIMCO New York Municipal Income Fund II | 1354112 |
| 230145 | Putnam Managed Municipal Income Trust | 1443009 |
| 493396 | Putnam Municipal Opportunities Trust | 5279337 |
| 443415 | RiverNorth Flexible Municipal Income Fund II, Inc. | 5613634 |
| 154999 | RiverNorth Flexible Municipal Income Fund, Inc. | 2165336 |
| 168539 | RiverNorth Managed Duration Municipal Income Fund II, Inc. - Class USD INC | 2447186 |
| 394857 | RiverNorth Managed Duration Municipal Income Fund, Inc. | 5374004 |
| 162647 | RiverNorth Opportunistic Municipal Income Fund, Inc. | 2327479 |
| 196578 | Western Asset Intermediate Muni Fund, Inc. | 1509719 |
| 592100 | Western Asset Managed Municipals Fund, Inc. | 6181524 |
|  | **TOTAL CLOSED-END FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $216,077,694) | **222848407** |
|  | **EXCHANGE-TRADED FUNDS — 2.1%** |  |
| 96212 | VanEck High Yield Muni ETF | 4918357 |
|  | **TOTAL EXCHANGE-TRADED FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,763,496) | **4918357** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **SHORT-TERM INVESTMENTS — 2.9%** |  |
| $7017384 | UMB Bank, Institutional Banking Money Market II Deposit Investment, 3.06%<sup>1</sup> | 7017384 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $7,017,384) | **7017384** |
|  | **TOTAL INVESTMENTS — 98.2%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $227,858,574) | **234784148** |
|  | Other Assets in Excess of Liabilities — 1.8% | 4358569 |
|  | **TOTAL NET ASSETS — 100.0%** | $**239142717** |

---

ETF – Exchange-Traded Fund

<sup>1</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

**Robinson Tax Advantaged Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025**

**FUTURES CONTRACTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number of**<br>**Contracts**<br>**Long (Short)** | <br>**Description** | <br>**Expiration**<br>**Date** |<br>**Notional**<br>**Value** | **Value/Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| (300) | U.S. 10 Year Treasury Note | March 2026 | $(33731250) | $196876 |
| (300) | U.S. Treasury Long Bond | March 2026 | (34678125) | 325782 |
| (200) | Ultra Long Term U.S. Treasury Bond | March 2026 | (23600000) | 390625 |
| **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** |  | $**(92009375)** | $**913283** |

---

*See accompanying Notes to Financial Statements.*

**Robinson Tax Advantaged Income Fund**

**STATEMENT OF ASSETS AND LIABILITIES**

**As of December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value (cost $227,858,574) | $234784148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash deposited with brokers for futures contracts | 4216065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 4183283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 913283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 488556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 136273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 22047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 244743655 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased | 4858117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed | 328704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 203854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 24099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees - Class A & Class C (Note 6) | 5874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund services fees | 89984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 31230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 22520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commitment fees payable (Note 12) | 17391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 4179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 2519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued other expenses | 12467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 5600938 |
| Commitments and contingencies (Note 3) |  |
| **Net Assets** | $239142717 |
| **Components of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $232582705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | 6560012 |
| **Net Assets** | $239142717 |
| **Maximum Offering Price per Share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Shares: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $24710530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 2831403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption price<sup>1</sup> | $8.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum sales charge (3.75% of offering price)<sup>2</sup> | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price to public | $9.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C Shares: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $1345446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 154347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption price<sup>3</sup> | $8.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $213086741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 24422226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption price | $8.73 |

---

<sup>1</sup> A Contingent Deferred Sales Charge ("CDSC") of 1.00% may be charged on certain purchases of $500,000 or more that are redeemed in whole or in part within 18 months of the date of purchase.

<sup>2</sup> No initial sales charge is applied to purchases of $500,000 or more.

<sup>3</sup> A CDSC of 1.00% may be charged on purchases that are redeemed in whole or in part within 12 months of the date of purchase.

*See accompanying Notes to Financial Statements.*

**Robinson Tax Advantaged Income Fund**

**STATEMENT OF OPERATIONS**

**For the Year Ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $9836008 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 211079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 10047087 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 2574364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 184180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees - Class A (Note 6) | 73675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees - Class C (Note 6) | 16950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund services fees | 372573 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 61639 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commitment fees (Note 12) | 37148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 25322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 24698 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 23484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 22939 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 15846 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 9353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 7499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 3449670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees recovered (waived) | (162452) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 3287218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 6759869 |
| **Realized and Unrealized Gain (Loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 3543404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | 285590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 3828994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (41932) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | (2222958) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (2264890) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1564104 |
| **Net Increase (Decrease) in Net Assets from Operations** | $8323973 |

---

*See accompanying Notes to Financial Statements.*

**Robinson Tax Advantaged Income Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> December 31, 2025** | **For the<br> Year Ended<br> December 31, 2024** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $6759869 | $8542747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and futures contracts | 3828994 | 8346235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and futures contracts | (2264890) | 4693869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 8323973 | 21582851 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (916820) | (1284183) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (43935) | (49378) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (6407617) | (7276998) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From return of capital: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (430183) | (278808) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (20614) | (10720) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (3006592) | (1579937) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (10825761) | (10480024) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 2843951 | 3998780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 270000 | 268357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 80828631 | 60195380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1083463 | 1497248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 59277 | 58712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 7894720 | 7689640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (14852359) | (11156244) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (887996) | (765532) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (72853008) | (88902164) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 4386679 | (27115823) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 1884891 | (16012996) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 237257826 | 253270822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $239142717 | $237257826 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 331838 | 448766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 31755 | 29608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 9406737 | 6803023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 125962 | 169631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 6887 | 6642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 919222 | 871377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (1732195) | (1257871) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (102797) | (87894) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (8511138) | (10091754) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 476271 | (3108472) |

---

*See accompanying Notes to Financial Statements.*

**Robinson Tax Advantaged Income Fund**

**FINANCIAL HIGHLIGHTS**

**Class A**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $8.81 | $8.44 | $8.35 | $9.48 | $9.38 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1,2</sup> | 0.23 | 0.28 | 0.19 | 0.21 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.07 | 0.43 | 0.11 | (1.07) | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase from payment by affiliates | - | - | - | - | -3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.30 | 0.71 | 0.30 | (0.86 | 0.82 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.26) | (0.28) | (0.19) | (0.24) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | (0.12) |  |  | (0.03) | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;From return of capital | - | (0.06) | (0.02) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.38) | (0.34) | (0.21) | (0.27 | (0.72) |
| **Net asset value, end of period** | $8.73 | $8.81 | $8.44 | $8.35 | $9.48 |
| **Total return<sup>4</sup>** | 3.61% | 8.51% | 3.67% | (9.02) | 8.86%<sup>5</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $24711 | $36185 | $40029 | $28361 | $24282 |
| Ratio of expenses to average net assets (including interest expense and commitment fees): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered<sup>6,7</sup> | 1.69% | 1.69% | 1.64% | 1.68 | 1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered<sup>6,7</sup> | 1.62% | 1.62% | 1.61% | 1.58 | 1.51% |
| Ratio of net investment income (loss) to average net assets (including interest expense and commitment fees): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered<sup>2</sup> | 2.61% | 3.06% | 2.23% | 2.42 | 2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered<sup>2</sup> | 2.68% | 3.13% | 2.26% | 2.52 | 2.50% |
| Portfolio turnover rate | 121% | 48% | 105% | 255 | 270% |

---

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

<sup>2</sup> Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the investment companies in which the Fund invests.

<sup>3</sup> Amount represents less than $0.01 per share.

<sup>4</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 3.75% of offering price which is reduced on sales of $100,000 or more and no initial sales charge is applied to purchases of $500,000 or more. Returns shown do not include payment of a Contingent Deferred Sales Charge ("CDSC") of 1.00% on certain purchases of $500,000 or more that are redeemed in whole or in part within 18 months of purchase. If these sales charges were included total returns would be lower.

<sup>5</sup> The Advisor reimbursed the Tax Advantaged Income Fund $658 for losses from a trade error. This reimbursement had no impact to the total return.

<sup>6</sup> Does not include expenses of the investment companies in which the Fund invests.

<sup>7</sup> If interest expense and commitment fees had been excluded, the expense ratios would have been lowered by 0.02% for the year ended December 31, 2025. For the prior years ended December 31, 2024, 2023, 2022 and 2021, the ratios would have been lowered by 0.02%, 0.01% 0.02%, and 0.01%, respectively.

<sup>8</sup> Effective March 15, 2018 the Fund's advisor has voluntarily agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that the total annual fund operating expenses (excluding, as applicable, any 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 1.50% of the average daily net assets until April 30, 2022. Prior to March 15, 2018, the annual fund operating expense limitation was 1.60%. The voluntary waiver was terminated effective May 1, 2022, and the expense limitation is 1.60%.

*See accompanying Notes to Financial Statements.*

**Robinson Tax Advantaged Income Fund**

**FINANCIAL HIGHLIGHTS**

**Class C**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $8.81 | $8.44 | $8.35 | $9.48 | $9.37 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1,2</sup> | 0.17 | 0.21 | 0.12 | 0.15 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.06 | 0.44 | 0.11 | (1.08) | 0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase from payment by affiliates | - | - | - | - | -3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.23 | 0.65 | 0.23 | (0.93 | 0.76 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.22) | (0.23) | (0.13) | (0.17) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | (0.10) |  |  | (0.03) | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;From return of capital | - | (0.05) | (0.01) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.32) | (0.28) | (0.14) | (0.20 | (0.65) |
| **Net asset value, end of period** | $8.72 | $8.81 | $8.44 | $8.35 | $9.48 |
| **Total return<sup>4</sup>** | 2.78% | 7.74% | 2.87% | (9.73) | 8.17%<sup>5</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $1345 | $1925 | $2279 | $5460 | $9221 |
| Ratio of expenses to average net assets (including interest expense and commitment fees): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered<sup>6,7</sup> | 2.44% | 2.44% | 2.39% | 2.43 | 2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered<sup>6,7</sup> | 2.37% | 2.37% | 2.36% | 2.33 | 2.26% |
| Ratio of net investment income (loss) to average net assets (including interest expense and commitment fees): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered<sup>2</sup> | 1.86% | 2.31% | 1.48% | 1.67 | 1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered<sup>2</sup> | 1.93% | 2.38% | 1.51% | 1.77 | 1.75% |
| Portfolio turnover rate | 121% | 48% | 105% | 255 | 270% |

---

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

<sup>2</sup> Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the investment companies in which the Fund invests.

<sup>3</sup> Amount represents less than $0.01 per share.

<sup>4</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 a Contingent Deferred Sales Charge ("CDSC") of 1.00% on purchases that are redeemed in whole or in part within 12 months of purchase. If these sales charges were included total returns would be lower.

<sup>5</sup> The Advisor reimbursed the Tax Advantaged Income Fund $658 for losses from a trade error. This reimbursement had no impact to the total return.

<sup>6</sup> Does not include expenses of the investment companies in which the Fund invests.

<sup>7</sup> If interest expense and commitment fees had been excluded, the expense ratios would have been lowered by 0.02% for the year ended December 31, 2025. For the prior years ended December 31, 2024, 2023, 2022 and 2021, the ratios would have been lowered by 0.02%, 0.01% 0.02%, and 0.01%, respectively.

<sup>8</sup> Effective March 15, 2018 the Fund's advisor has voluntarily agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that the total annual fund operating expenses (excluding, as applicable, any 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 2.25% of the average daily net assets until April 30, 2022. Prior to March 15, 2018, the Fund's advisor had 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 taxes, leverage interest, brokerage commissions, 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) do not exceed 2.35% of average daily net assets of the Fund. The voluntary waiver was terminated effective May 1, 2022, and the expense limitation is 2.35%.

*See accompanying Notes to Financial Statements.*

**Robinson Tax Advantaged Income Fund**

**FINANCIAL HIGHLIGHTS**

**Institutional Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $8.81 | $8.43 | $8.35 | $9.48 | $9.37 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1,2</sup> | 0.25 | 0.30 | 0.21 | 0.24 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.07 | 0.44 | 0.10 | (1.08) | 0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase from payment by affiliates | - | - | - | - | -3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.32 | 0.74 | 0.31 | (0.84 | 0.86 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.27) | (0.30) | (0.21) | (0.26) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | (0.13) |  |  | (0.03) | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;From return of capital | - | (0.06) | (0.02) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.40) | (0.36) | (0.23) | (0.29 | (0.75) |
| **Net asset value, end of period** | $8.73 | $8.81 | $8.43 | $8.35 | $9.48 |
| **Total return<sup>4</sup>** | 3.84% | 8.89% | 3.81% | (8.79) | 9.26%<sup>5</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $213087 | $199148 | $210963 | $134755 | $97671 |
| Ratio of expenses to average net assets (including interest expense and commitment fees): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered<sup>6,7</sup> | 1.44% | 1.44% | 1.39% | 1.43 | 1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered<sup>6,7</sup> | 1.37% | 1.37% | 1.36% | 1.33 | 1.26% |
| Ratio of net investment income (loss) to average net assets (including interest expense and commitment fees): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered<sup>2</sup> | 2.86% | 3.31% | 2.48% | 2.67 | 2.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered<sup>2</sup> | 2.93% | 3.38% | 2.51% | 2.77 | 2.75% |
| Portfolio turnover rate | 121% | 48% | 105% | 255 | 270% |

---

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

<sup>2</sup> Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the investment companies in which the Fund invests.

<sup>3</sup> Amount represents less than $0.01 per share.

<sup>4</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>5</sup> The Advisor reimbursed the Tax Advantaged Income Fund $658 for losses from a trade error. This reimbursement had no impact to the total return.

<sup>6</sup> Does not include expenses of the investment companies in which the Fund invests.

<sup>7</sup> If interest expense and commitment fees had been excluded, the expense ratios would have been lowered by 0.02% for the year ended December 31, 2025. For the prior years ended December 31, 2024, 2023, 2022 and 2021, the ratios would have been lowered by 0.02%, 0.01% 0.02%, and 0.01%, respectively.

<sup>8</sup> Effective March 15, 2018 the Fund's advisor has voluntarily agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that the total annual fund operating expenses (excluding, as applicable, any 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 1.25% of the average daily net assets until April 30, 2022. Prior to March 15, 2018, the Fund's advisor had 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 taxes, leverage interest, brokerage commissions, 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) do not exceed 1.35% of average daily net assets of the Fund. The voluntary waiver was terminated effective May 1, 2022, and the expense limitation is 1.35%.

*See accompanying Notes to Financial Statements.*

**Robinson Opportunistic Income Fund**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **CLOSED-END FUNDS — 85.3%** |  |
| 54802 | Allspring Utilities and High Income Fund | $647760 |
| 46259 | BlackRock Multi-Sector Income Trust | 604143 |
| 45102 | Brookfield Real Assets Income Fund, Inc. | 584522 |
| 6000 | ClearBridge Energy Midstream Opportunity Fund, Inc. | 267900 |
| 41799 | DoubleLine Yield Opportunities Fund | 607757 |
| 54708 | Flaherty & Crumrine Preferred & Income Fund, Inc. | 649384 |
| 40000 | FS Credit Opportunities Corp. | 252000 |
| 20500 | FS Specialty Lending Fund | 289870 |
| 147227 | Invesco Senior Income Trust | 481432 |
| 33579 | John Hancock Diversified Income Fund | 360974 |
| 18107 | John Hancock Investors Trust | 247523 |
| 51789 | KKR Income Opportunities Fund | 600235 |
| 73415 | Nuveen Floating Rate Income Fund | 574839 |
| 50758 | Principal Real Estate Income Fund | 508088 |
| 31161 | Virtus Convertible & Income Fund | 472089 |
| 35312 | Virtus Convertible & Income Fund II | 486599 |
| 24764 | Western Asset Emerging Markets Debt Fund, Inc. | 263241 |
| 98410 | Western Asset Global High Income Fund, Inc. | 630808 |
| 146800 | Western Asset High Income Fund II, Inc. | 610688 |
| 30961 | Western Asset Inflation-Linked Income Fund | 256047 |
| 68500 | Western Asset Inflation-Linked Opportunities & Income Fund | 588415 |
| 53392 | Western Asset Mortgage Opportunity Fund, Inc. | 590516 |
|  | **TOTAL CLOSED-END FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $9,957,727) | **10574830** |
|  | **COMMON STOCKS — 1.8%** |  |
|  | **SPECIFIED PURPOSE ACQUISITION COMPANIES – 1.8%** |  |
| 10000 | GP-Act III Acquisition Corp. - Class A\*<sup>,1</sup> | 107000 |
| 12000 | McKinley Acquisition Corp. - Class A\*<sup>,1</sup> | 119640 |
|  |  | **226640** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $221,644) | **226640** |
|  | **EXCHANGE-TRADED FUNDS — 5.2%** |  |
| 29250 | iShares Mortgage Real Estate ETF | 648765 |
|  | **TOTAL EXCHANGE-TRADED FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $646,852) | **648765** |
|  | **RIGHTS — 0.0%** |  |
| 5000 | Bowen Acquisition Corp., Expiration Date: November 26, 2026\*<sup>,1,2</sup> |  |
|  | **TOTAL RIGHTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $0) | **0** |
|  | **UNIT TRUST FUNDS — 3.9%** |  |
| 12000 | Apex Treasury Corp.\*<sup>,1</sup> | 122160 |
| 10000 | Bitcoin Infrastructure Acquisition Corp. Ltd.\*<sup>,1</sup> | 99600 |

---

**Robinson Opportunistic Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **UNIT TRUST FUNDS (Continued)** |  |
| 10000 | Drugs Made In America Acquisition Corp.\*<sup>,1</sup> | $105100 |
| 10000 | Drugs Made In America Acquisition II Corp.\*<sup>,1</sup> | 100000 |
| 5000 | Origin Investment Corp. I\*<sup>,1</sup> | 51425 |
|  | **TOTAL UNIT TRUST FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $471,231) | **478285** |
|  | **WARRANTS — 0.0%** |  |
| 6000 | Alchemy Investments Acquisition Corp. 1, Expiration Date: June 26, 2028\*<sup>,1</sup> | 1260 |
| 15310 | Electriq Power Holdings, Inc., Expiration Date: July 31, 2028\* |  |
| 11805 | Estrella Immunopharma, Inc., Expiration Date: July 19, 2028\* | 871 |
| 4557 | Getaround, Inc., Expiration Date: March 09, 2026\* |  |
| 2500 | Haymaker Acquisition Corp. 4, Expiration Date: September 12, 2028\*<sup>,1</sup> | 3875 |
| 5000 | QT Imaging Holdings, Inc., Expiration Date: December 31, 2028\* | 578 |
| 3333 | Stardust Power, Inc., Expiration Date: June 21, 2029\* | 283 |
|  | **TOTAL WARRANTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $0) | **6867** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **SHORT-TERM INVESTMENTS — 3.2%** |  |
| $393789 | UMB Bank, Institutional Banking Money Market II Deposit Investment, 3.06%<sup>3</sup> | 393789 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $393,789) | **393789** |
|  | **TOTAL INVESTMENTS — 99.4%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $11,691,243) | **12329176** |
|  | Other Assets in Excess of Liabilities — 0.6% | 71143 |
|  | **TOTAL NET ASSETS — 100.0%** | $**12400319** |

---

ETF – Exchange-Traded Fund

\* Non-income producing security.

<sup>1</sup> Foreign security denominated in U.S. Dollars.

<sup>2</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>3</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

**Robinson Opportunistic Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025**

**FUTURES CONTRACTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number of**<br>**Contracts**<br>**Long (Short)** | <br>**Description** | <br>**Expiration**<br>**Date** |<br>**Notional**<br>**Value** | **Value/Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| (2) | E-mini Dow ($5) | March 2026 | $(483360) | $1341 |
| (4) | E-mini Russell 1000 | March 2026 | $(416300) | (1159) |
| (7) | U.S. 10 Year Treasury Note | March 2026 | $(787063) | 4595 |
| (5) | U.S. Treasury Long Bond | March 2026 | $(577969) | 5426 |
| **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** |  | $**(2264692)** | $**10203** |

---

*See accompanying Notes to Financial Statements.*

**Robinson Opportunistic Income Fund**

**STATEMENT OF ASSETS AND LIABILITIES**

**As of December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value (cost $11,691,243) | $12329176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash deposited with brokers for futures contracts | 103486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 10203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 10150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 5435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Advisor | 15139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 23897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 12497486 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 1690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees - Class A & Class C (Note 6) | 991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund services fees | 23781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 26122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 22424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 5882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 2745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commitment fees payable (Note 12) | 2305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued other expenses | 11227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 97167 |
| Commitments and contingencies (Note 3) |  |
| **Net Assets** | $12400319 |
| **Components of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $16768224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | (4367905) |
| **Net Assets** | $12400319 |
| **Maximum Offering Price per Share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Shares: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $635339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 60093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption price<sup>1</sup> | $10.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum sales charge (4.25% of offering price)<sup>2</sup> | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price to public | $11.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C Shares: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $842383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 79971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption price<sup>3</sup> | $10.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $10922597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 1033579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption price | $10.57 |

---

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

<sup>2</sup> No initial sales charge is applied to purchases of $1 million or more.

<sup>3</sup> A CDSC of 1.00% may be charged on purchases that are redeemed in whole or in part within 12 months of the date of purchase.

 

*See accompanying Notes to Financial Statements.*

**Robinson Opportunistic Income Fund**

**STATEMENT OF OPERATIONS**

**For the Year Ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $835108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 12880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 847988 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 127091 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 10535 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees - Class A (Note 6) | 1378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees - Class C (Note 6) | 10305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund services fees | 93735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 55654 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 28097 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 25332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 21245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 20283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 15417 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 7678 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 5496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax expense | 842 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commitment fees (Note 12) | 829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 423917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees recovered (waived) | (127091) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses (absorbed) | (127488) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 169338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 678650 |
| **Realized and Unrealized Gain (Loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 239859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | (99246) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 140613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (29885) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | (20383) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (50268) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 90345 |
| **Net Increase (Decrease) in Net Assets from Operations** | $768995 |

---

*See accompanying Notes to Financial Statements.*

**Robinson Opportunistic Income Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> December 31, 2025** | **For the<br> Year Ended<br> December 31, 2024** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $678650 | $436421 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and futures contracts | 140613 | 523279 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and futures contracts | (50268) | 658456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 768995 | 1618156 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (34574) | (25060) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (57673) | (39575) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (661010) | (440619) |
| &nbsp;&nbsp;&nbsp;From return of capital: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (1136) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (1894) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (21699) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (777986) | (505254) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 229983 | 179485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 30000 | 113167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 3641049 | 2605217 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 28574 | 19131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 57984 | 38254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 486233 | 278353 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (209194) | (287419) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (394426) | (222325) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (3284944) | (3740917) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 585259 | (1017054) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 576268 | 95848 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 11824051 | 11728203 |
| &nbsp;&nbsp;&nbsp;End of period | $12400319 | $11824051 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 21474 | 17360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 2800 | 10659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 342213 | 255038 |
| &nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 2696 | 1888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 5488 | 3769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 45899 | 27356 |
| &nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (19566) | (28183) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (37276) | (21852) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (313851) | (374012) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 49877 | (107977) |

---

*See accompanying Notes to Financial Statements.*

**Robinson Opportunistic Income Fund**

**FINANCIAL HIGHLIGHTS**

**Class A**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $10.53 | $9.53 | $8.80 | $9.73 | $9.00 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1,2</sup> | 0.61 | 0.38 | 0.28 | 0.21 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.13 | 1.06 | 0.78 | (0.94) | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.74 | 1.44 | 1.06 | (0.73) | 1.07 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.68) | (0.44) | (0.33) | (0.20) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;From return of capital | (0.02) | - | - | - | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.70) | (0.44) | (0.33) | (0.20) | (0.34) |
| **Net asset value, end of period** | $10.57 | $10.53 | $9.53 | $8.80 | $9.73 |
| **Total return<sup>3</sup>** | 7.18% | 15.32% | 12.20% | (7.51)% | 12.08% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $635 | $584 | $614 | $979 | $1463 |
| Ratio of expenses to average net assets (including interest expense and commitment fees): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered<sup>4,5</sup> | 3.81% | 3.37% | 3.05% | 2.99% | 2.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered<sup>4,5</sup> | 1.61% | 1.61% | 1.61% | 1.63% | 1.62% |
| Ratio of net investment income (loss) to average net assets (including interest expense and commitment fees): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered<sup>2</sup> | 3.53% | 1.93% | 1.64% | 0.98% | 2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered<sup>2</sup> | 5.73% | 3.69% | 3.08% | 2.34% | 3.00% |
| Portfolio turnover rate | 66% | 70% | 120% | 38% | 112% |

---

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

<sup>2</sup> Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the investment companies in which the Fund invests.

<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 5.75% of offering price which is reduced on sales of $50,000 or more and no initial sales charge is applied to purchases of $1 million or more. Effective February 15, 2017, the Fund has lowered the maximum sales charge imposed on purchases of Class A Shares from 5.75% to 4.25%. Returns shown do not include payment of a Contingent Deferred Sales Charge ("CDSC") of 1.00% on certain purchases of $1 million or more that are redeemed in whole or in part within 12 months of purchase. If these sales charges were included total returns would be lower.

<sup>4</sup> Does not include expenses of the investment companies in which the Fund invests.

<sup>5</sup> If interest expense and commitment fees had been excluded, the expense ratios would have been lowered by 0.01% for the year ended December 31, 2025. For the prior years ended December 31, 2024, 2023, 2022 and 2021, the ratios would have been lowered by 0.01%, 0.01% 0.03%, and 0.02%, respectively.

*See accompanying Notes to Financial Statements.*

**Robinson Opportunistic Income Fund**

**FINANCIAL HIGHLIGHTS**

**Class C**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $10.49 | $9.50 | $8.77 | $9.70 | $8.97 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1,2</sup> | 0.53 | 0.30 | 0.21 | 0.14 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.13 | 1.05 | 0.78 | (0.93) | 0.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.66 | 1.35 | 0.99 | (0.79) | 0.99 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.60) | (0.36) | (0.26) | (0.14) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;From return of capital | (0.02) | - | - | - | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.62) | (0.36) | (0.26) | (0.14) | (0.26) |
| **Net asset value, end of period** | $10.53 | $10.49 | $9.50 | $8.77 | $9.70 |
| **Total return<sup>3</sup>** | 6.40% | 14.40% | 11.41% | (8.19)% | 11.15% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $842 | $1143 | $1105 | $1265 | $2900 |
| Ratio of expenses to average net assets (including interest expense and commitment fees): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered<sup>4,5</sup> | 4.56% | 4.12% | 3.80% | 3.74% | 3.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered<sup>4,5</sup> | 2.36% | 2.36% | 2.36% | 2.38% | 2.37% |
| Ratio of net investment income (loss) to average net assets (including interest expense and commitment fees): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered<sup>2</sup> | 2.78% | 1.18% | 0.89% | 0.23% | 1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered<sup>2</sup> | 4.98% | 2.94% | 2.33% | 1.59% | 2.25% |
| Portfolio turnover rate | 66% | 70% | 120% | 38% | 112% |

---

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

<sup>2</sup> Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the investment companies in which the Fund invests.

<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 a Contingent Deferred Sales Charge ("CDSC") of 1.00% on purchases that are redeemed in whole or in part within 12 months of purchase. If these sales charges were included total returns would be lower.

<sup>4</sup> Does not include expenses of the investment companies in which the Fund invests.

<sup>5</sup> If interest expense and commitment fees had been excluded, the expense ratios would have been lowered by 0.01% for the year ended December 31, 2025. For the prior years ended December 31, 2024, 2023, 2022 and 2021, the ratios would have been lowered by 0.01%, 0.01% 0.03%, and 0.02%, respectively.

*See accompanying Notes to Financial Statements.*

**Robinson Opportunistic Income Fund**

**FINANCIAL HIGHLIGHTS**

**Institutional Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $10.52 | $9.52 | $8.80 | $9.73 | $8.99 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1,2</sup> | 0.63 | 0.40 | 0.31 | 0.24 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.14 | 1.06 | 0.76 | (0.95) | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.77 | 1.46 | 1.07 | (0.71) | 1.10 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.70) | (0.46) | (0.35) | (0.22) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;From return of capital | (0.02) | - | - | - | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.72) | (0.46) | (0.35) | (0.22) | (0.36) |
| **Net asset value, end of period** | $10.57 | $10.52 | $9.52 | $8.80 | $9.73 |
| **Total return<sup>3</sup>** | 7.56% | 15.62% | 12.38% | (7.29)% | 12.37% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $10923 | $10097 | $10009 | $9197 | $14346 |
| Ratio of expenses to average net assets (including interest expense and commitment fees): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered<sup>4,5</sup> | 3.56% | 3.12% | 2.80% | 2.74% | 2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered<sup>4,5</sup> | 1.36% | 1.36% | 1.36% | 1.38% | 1.37% |
| Ratio of net investment income (loss) to average net assets (including interest expense and commitment fees): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered<sup>2</sup> | 3.78% | 2.18% | 1.89% | 1.23% | 2.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered<sup>2</sup> | 5.98% | 3.94% | 3.33% | 2.59% | 3.25% |
| Portfolio turnover rate | 66% | 70% | 120% | 38% | 112% |

---

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

<sup>2</sup> Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the investment companies in which the Fund invests.

<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> Does not include expenses of the investment companies in which the Fund invests.

<sup>5</sup> If interest expense and commitment fees had been excluded, the expense ratios would have been lowered by 0.01% for the year ended December 31, 2025. For the prior years ended December 31, 2024, 2023, 2022 and 2021, the ratios would have been lowered by 0.01%, 0.01% 0.03%, and 0.02%, respectively.

*See accompanying Notes to Financial Statements.*

**Robinson Funds**

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025**

**Note 1 – Organization**

Robinson Tax Advantaged Income Fund ("Tax Advantaged Income" or "Tax Advantaged Income Fund") and Robinson Opportunistic Income Fund ("Opportunistic Income" or "Opportunistic Income Fund") (collectively referred to as the "Funds") are organized as 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 Tax Advantaged Income Fund seeks total return with an emphasis on providing current income, a substantial portion of which will be exempt from federal income taxes. The Fund commenced investment operations on September 30, 2014. The Fund currently offers three classes of shares: A shares, C shares, and Institutional shares.

The Opportunistic Income Fund seeks total return with an emphasis on providing current income. The Fund commenced operations on December 31, 2015, prior to which its only activity was the receipt of a $10,000 investment from principals of the Fund's advisor and a $36,879,274 transfer of shares of the Fund in exchange for the net assets of the Robinson Income and Principal Preservation Fund I, LP, a Delaware limited partnership (the "Company"). This exchange was nontaxable, whereby the Fund's Institutional Class issued 3,687,927 shares for the net assets of the Company on December 31, 2015. Assets with a fair market value of $36,879,274 consisting of cash, interest receivable and securities of the Company with a fair value of $33,516,116 (identified costs of investments transferred were $35,067,906) and cash were the primary assets received by the Fund on January 1, 2016. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Partnership was carried forward to align ongoing reporting of the Fund's realized and unrealized gains and losses with amount distributable to shareholders for tax purposes. The Fund currently offers three classes of shares: A shares, C shares, and Institutional shares.

The shares of each class represent an interest in the same portfolio of investments of the Funds and have equal rights as to voting, redemptions, dividends, liquidation, income and expenses, except class specific expenses, 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.

Each 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, "Financial Services – Investment Companies", Topic 946 (ASC 946).

Each Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each 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 each Fund is the information utilized for the day-to-day management of the Funds. Each 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 Funds' Advisor is deemed to be the Chief Operating Decision Maker with respect to the Funds' investment decisions.

**Note 2 – Accounting Policies**

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

**Robinson Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

 ****

**(a) Valuation of Investments**

The Funds value 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.

Trading in securities on many foreign securities exchanges and OTC markets is normally completed before the close of business on each U.S. business day. In addition, securities trading in a particular country or countries may not take place on all U.S. business days or may take place on days which are not U.S. business days. Changes in valuations on certain securities may occur at times or on days on which the Fund's net asset values ("NAV") are not calculated and on which the Fund does not effect sales and redemptions of its shares.

**(b) 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 Funds record 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 Funds 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.

**(c) Closed-End Funds**

The Funds invest in shares of closed-end funds ("CEFs"). Investments in closed-end funds are subject to various risks, including reliance on management's ability to meet the closed-end fund's investment objective and to manage the closed-end fund portfolio; fluctuation in the net asset value of closed-end fund shares compared to the changes in the value of the underlying securities that the closed-end fund owns; and bearing a pro rata share of the management fees and expenses of each underlying closed-end fund resulting in Fund's shareholders being subject to higher expenses than if he or she invested directly in the closed-end fund(s). The closed-end funds in which the Funds will invest may be leveraged. As a result, the Funds may be exposed indirectly to leverage through investment in a closed-end fund. An investment in securities of a closed-end fund that uses leverage may expose the Fund to higher volatility in the market value of such securities and the possibility that the Fund's long-term returns on such securities (and, indirectly, the long-term returns of the shares) will be diminished.

**Robinson Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

**(d) Municipal Bonds Risk** 

The underlying closed-end funds, in which the Tax Advantaged Fund invests in, primarily invest in municipal bonds. Litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on the ability of an issuer of municipal bonds to make payments of principal and/or interest. Political changes and uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders can significantly affect municipal bonds. If the Internal Revenue Service (the "IRS") determines that an issuer of a municipal security has not complied with applicable tax requirements, interest from the security could become taxable and the security could significantly decline in value.

**(e) Futures Contracts**

The Funds may enter into futures contracts (including contracts relating to foreign currencies, interest rates, commodities securities and other financial indexes and other commodities), 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. The Funds intend primarily to invest in short positions on U.S. Treasury Futures contracts. A futures contract provides for the future sale by one party and purchase by another party of a specified quantity of the security or other financial instrument at a specified price and time. A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the index at the close of the last trading day of the contract and the price at which the index contract originally was written. The clearing house of the exchange on which a futures contract is entered into becomes the counterparty to each purchaser and seller of the futures contract.

A futures contract held by a Fund is valued daily at the official settlement price on the exchange on which it is traded. Each day a futures contract is held, the Fund pays or receives cash, called "variation margin," equal to the daily change in value of the futures contract. Variation margin does not represent borrowing or a loan by the Fund but is instead a settlement between the Fund and the broker of the amount one would owe the other if the futures contract expired. The Fund also is required to deposit and to maintain margin with respect to put and call options on futures contracts written by it. Such margin deposits will vary depending on the nature of the underlying futures contract (and the related initial margin requirements), the current market value of the option and other futures positions held by the Fund. Although some futures contracts call for making or taking delivery of the underlying assets, generally these obligations are closed out prior to delivery by offsetting purchases or sales of matching futures contracts (involving the same exchange, underlying security or index and delivery month). If an offsetting purchase price is less than the original sale price, a Fund realizes a capital gain, or if it is more, the Fund realizes a capital loss. Conversely, if an offsetting sale price is more than the original purchase price, a Fund realizes a capital gain, or if it is less, the Fund realizes a capital loss. The transaction costs also must be included in these calculations. As discussed below, however, the Funds may not always be able to make an offsetting purchase or sale. In the case of a physically settled futures contract, this could result in the Funds being required to deliver, or receive, the underlying physical commodity, which could be adverse to the Funds.

At any time prior to the expiration of a futures contract, a Fund may seek to close the position by seeking to take an opposite position, which would operate to terminate the Fund's existing position in the contract. Positions in futures contracts and options on futures contracts may be closed out only on the exchange on which they were entered into (or through a linked exchange). No secondary market for such contracts exists. Although the Funds may enter into futures contracts only if there is an active market for such contracts, there is no assurance that an active market will exist at any particular time. Most futures exchanges limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified periods during the day. It is possible that futures contract prices could move to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions at an advantageous price and subjecting the Fund to substantial losses. In such event, and in the event of adverse price movements, the Fund would be required to make daily cash payments of variation margin. In such situations, if the Fund had insufficient cash, it might have to sell assets to meet daily variation margin requirements at a time when it would be disadvantageous to do so. In addition, if the transaction is entered into for hedging purposes, in such circumstances the Fund may realize a loss on a futures contract or option that is not offset by an increase in the value of the hedged position. Losses incurred in futures transactions and the costs of these transactions will affect the Fund's performance.

**Robinson Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

**(f) Short Sales**

The Funds and the CEFs held by the Funds may sell securities short. Short sales are transactions under which the Funds sell a security they do not own in anticipation of a decline in the value of that security. To complete such a transaction, the Funds must borrow the security to make delivery to the buyer. The Funds then are obligated to replace the security borrowed by purchasing the security at market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold by the Funds. When a security is sold short a decrease in the value of the security will be recognized as a gain and an increase in the value of the security will be recognized as a loss, which is potentially limitless. Until the security is replaced, the Funds are required to pay the lender amounts equal to dividend or interest that accrue during the period of the loan which is recorded as an expense. To borrow the security, the Funds also may be required to pay a premium or an interest fee, which are recorded as interest expense. Cash or securities are segregated for the broker to meet the necessary margin requirements. The Funds are subject to the risk that it may not always be able to close out a short position at a particular time or at an acceptable price.

**(g) Exchange Traded Funds ("ETFs")** 

ETFs typically trade on securities exchanges and their shares may, at times, trade at a premium or discount to their net asset values. In addition, an ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held. Investing in ETFs, which are investment companies, may involve duplication of advisory fees and certain other expenses. As a result, Fund shareholders indirectly bear their proportionate share of these acquired expenses. Therefore, the cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in securities.

Each ETF in which the Fund invests is subject to specific risks, depending on the nature of the ETF. Each ETF is subject to the risks associated with direct ownership of the securities comprising the index on which the ETF is based. These risks could include liquidity risk, sector risk as well as risks associated with fixed-income securities.

**(h) Distributions to Shareholders**

The Funds will make dividend distributions of net investment income, if any, monthly and net capital gains distributions, if any, at least annually, typically in December. Each Fund may make an additional payment of dividends or distributions if it deems it desirable at any other time during the year. 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.

**Robinson Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

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.

**(i) Illiquid Securities**

Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Liquidity Risk Management Program ("LRMP") that requires, among other things, that the Funds limit their 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 a 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 Funds' written LRMP.

**(j) Federal Income Taxes**

The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized gains to its 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 Funds.

*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 Funds' 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 Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations.

The Income Tax Statement requires management of the Funds 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 December 31, 2025, and during the prior three open tax years, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examination in progress and are not aware of any tax positions for which they are reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

The Trust, on behalf of the Funds, entered into an Investment Advisory Agreement (the "Agreement") with Liberty Street Advisors, Inc. (the "Advisor"). Under the terms of the Agreement, the Funds pay a monthly investment advisory fee to the Advisor at the annual rate of 1.10% of the Funds' average daily net assets. The Advisor engages Robinson Capital Management, LLC (the "Sub-Advisor") to manage the Funds 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 Funds to ensure that total annual operating expenses (excluding taxes, interest, portfolio transaction expenses, 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 1.60%, 2.35% and 1.35% of the Funds' average daily net assets for Class A, Class C, and Institutional Class, respectively. This agreement is in effect until April 30, 2026 for the Funds, and it may be terminated before that date only by the Trust's Board of Trustees.

**Robinson Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

For the year ended December 31, 2025, the Advisor waived its advisory fees and absorbed expenses totaling $162,452, and $254,579 for the Tax Advantaged Income Fund and Opportunistic Income Fund, respectively. The Fund's 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. 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 December 31, of the years stated below:

---

| | | |
|:---|:---|:---|
|  | Tax Advantaged Income Fund | Opportunistic Income Fund |
| 2026 | $44710 | $172782 |
| 2027 | 167343 | 200816 |
| 2028 | 162452 | 254579 |
| Total | $374505 | $628177 |

---

UMB Fund Services, Inc. ("UMBFS"), serves as the Funds' fund accountant, transfer agent and co-administrator; and Mutual Fund Administration, LLC ("MFAC") serves as the Funds' other co-administrator. UMB Bank, n.a., an affiliate of UMBFS, serves as the Funds' custodian. The Funds' allocated fees incurred for fund accounting, fund administration, transfer agency and custody services for the year ended December 31, 2025 are reported on the Statement of Operations as Fund services fees.

Foreside Fund Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (dba ACA Group), serves as the Funds' distributor (the "Distributor"). The Distributor does not receive compensation from the Funds 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 Funds do not compensate trustees and officers affiliated with the Funds' co-administrators. For the year ended December 31, 2025, the Funds' allocated fees incurred to Trustees who are not affiliated with the Funds' co-administrators are reported on the Statement of Operations.

The Funds' 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 Funds' liability for these amounts is adjusted for market value changes in the invested fund(s) and remains a liability to the Funds until distributed in accordance with the Plan. The Trustees Deferred compensation liability under the Plan constitutes a general unsecured obligation of each 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.

**Robinson Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

Dziura Compliance Consulting, LLC provides Chief Compliance Officer ("CCO") services to the Trust. The Funds' allocated fees incurred for CCO services for the year ended December 31, 2025, are reported on the Statement of Operations.

**Note 4 – Federal Income Taxes**

At December 31, 2025, gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes were as follows:

---

| | | |
|:---|:---|:---|
|  | Tax Advantaged Income Fund | Opportunistic Income Fund |
| Cost of investments | $228192906 | $11706129 |
| Gross unrealized appreciation | $8153700 | $796206 |
| Gross unrealized depreciation | (1562458) | (173159) |
| Net unrealized appreciation (depreciation) on investments | $6591242 | $623047 |

---

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.

GAAP requires certain components of net assets to 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 December 31, 2025, permanent differences in book and tax accounting have been reclassified to Capital and Total accumulated deficit as follows:

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| | | |
|:---|:---|:---|
|  | Increase (Decrease) | Increase (Decrease) |
|  |<br>Paid-In Capital | Total<br>Accumulated Deficit |
| Tax Advantaged Income Fund | $(378078) | $378078 |
| Opportunistic Income Fund | 310 | (310) |

---

As of December 31, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | Tax Advantaged Income Fund | Opportunistic Income Fund |
| Undistributed ordinary income | $- | $- |
| Undistributed long-term gains | - | - |
| Tax accumulated earnings |  |  |
| Accumulated capital and other losses |  | (4964830) |
| Unrealized appreciation on investments | 6591242 | 623047 |
| Unrealized deferred compensation | (31230) | (26122) |
| Total accumulated deficit | $6560012 | $(4367905) |

---

**Robinson Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

The tax character of distribution paid during the fiscal years ended December 31, 2025 and December 31, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Tax Advantaged Income Fund | Tax Advantaged Income Fund | Opportunistic Income Fund | Opportunistic Income Fund |
| Distribution paid from: | 2025 | 2024 | 2025 | 2024 |
| &nbsp;&nbsp;&nbsp;Tax exempt income | $7082296 | $8537393 | $- | $- |
| &nbsp;&nbsp;&nbsp;Ordinary income | 63550 | 73166 | 753257 | 505254 |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | 222526 |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital | 3457389 | 1869465 | 24729 | - |
| Total distributions paid | $10825761 | $10480024 | $777986 | $505254 |

---

As of December 31, 2025, The Funds had net capital loss carryovers as follows:

---

| | | |
|:---|:---|:---|
| Not subject to expiration: | Tax Advantaged Income Fund | Opportunistic Income Fund |
| Short Term | $- | $1646957 |
| Long Term | - | 3317873 |
| Total | $- | $4964830 |

---

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.

Capital loss carryovers are available to offset future realized capital gains and thereby reduce further taxable gain distributions. During the year ended December 31, 2025, the Tax Advantaged Income Fund utilized $819,780 of long-term non-expiring capital loss carryovers. During the year ended December 31, 2025, the Opportunistic Income Fund utilized $124,848 of long-term capital loss carryovers.

**Note 5 – Investment Transactions**

For the year ended December 31, 2025, purchases and sales of investments, excluding short-term investments, were as follows:

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| Tax Advantaged Income Fund | $270462882 | $270043313 |
| Opportunistic Income Fund | 8208136 | 7324180 |

---

**Note 6 – Distribution Plan**

The Trust, on behalf of the Funds, has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act, that allows the Funds to pay distribution fees for the sale and distribution of their Class A and Class C shares. For Class A shares, the maximum annual fee payable to the Distributor for such distribution and/or shareholder liaison 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. The Institutional Class does not pay any distribution fees.

For the year ended December 31, 2025, distribution fees incurred are disclosed on the Statement of Operations.

**Robinson Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

The Advisor's affiliated broker-dealer, HRC Fund Associates, LLC ("HRC"), Member FINRA/SIPC, markets the Fund shares to financial intermediaries pursuant to a marketing agreement with the Advisor. The marketing agreement between the Advisor and HRC is not part of the Plan. The Advisor pays HRC out of its own resources and without additional cost to the Fund or its shareholders.

**Note 7 – Shareholder Servicing Plan**

The Trust, on behalf of the Funds, has adopted a Shareholder Servicing Plan to pay a fee at an annual rate of up to 0.15% of average daily net assets of shares serviced by shareholder servicing agents who provide administrative and support services to their customers.

For the year ended December 31, 2025, shareholder servicing fees incurred are disclosed on the Statement of Operations.

**Note 8 – Indemnifications**

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

**Note 9 – Fair Value Measurements and Disclosure**

FASB Accounting Standard Codification, "Fair Value Measurement and Disclosures", Topic 820 (ASC 820) 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 ASC 820, various inputs are used in determining the value of the Funds' 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.

**Robinson Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 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 December 31, 2025, in valuing the Funds' assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Tax Advantaged Income Fund** | **Level 1** | **Level 2\*\*** | **Level 3\*\*\*** | **Total** |
| **Assets** |  |  |  |  |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Closed-End Funds | $222848407 | $- | $- | $222848407 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 4918357 |  |  | 4918357 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 7017384 | - | - | 7017384 |
| Total Investments | $234784148 | $- | $- | $234784148 |
| Other Financial Instruments\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $913283 | $- | $- | $913283 |
| Total Assets | $235697431 | $- | $- | $235697431 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Opportunistic Income Fund** | **Level 1** | **Level 2\*\*** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Closed-End Funds | $10574830 | $- | $- | $10574830 |
| &nbsp;&nbsp;&nbsp;Common Stocks | 226640 |  |  | 226640 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 648765 |  |  | 648765 |
| &nbsp;&nbsp;&nbsp;Rights |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Unit Trust Funds | 478285 |  |  | 478285 |
| &nbsp;&nbsp;&nbsp;Warrants | 6867 |  |  | 6867 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 393789 | - | - | 393789 |
| Total Investments | $12329176 | $- | $0 | $12329176 |
| Other Financial Instruments\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $10203 | $- | $- | $10203 |
| Total Assets | $12339379 | $- | $0 | $12339379 |

---

\* Other financial instruments are derivative instruments such as futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

\*\* The Fund did not hold any Level 2 securities at period end.

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

The Opportunistic Income Fund held Level 3 Warrants at $0 market value that were sold for $0, and Level 3 Rights that transferred in at $0 with a market value of $0 at December 31, 2025.

**Robinson Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

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 December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund | Asset Class | Fair Value at <br>December 31, 2025 | Valuation Technique(s) | Unobservable Input | Range of Input | Weighted Average of Input | Impact to Valuation from an Increase in Input<sup>(1)</sup> |
| Opportunistic Income Fund | Right | $- | Asset Approach | Estimated Recovery Proceeds | $0.00 | 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 10 – Derivatives and Hedging Disclosures**

FASB Accounting Standard Codification, "Derivative and Hedging", Topic 815 (ASC 815) requires enhanced disclosures about each Fund's derivative and hedging activities, including how such activities are accounted for and their effects on each Fund's financial position, performance and cash flows. The Funds invested in futures contracts during the year ended December 31, 2025.

The effects of these derivative instruments on each 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 December 31, 2025, by risk category are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Asset Derivatives** | **Liability Derivatives** |
| | Statement of Asset and<br>Liabilities Location | Derivatives not designated as<br>hedging instruments | Value | Value |
| **Tax Advantaged Income Fund** | Unrealized appreciation/ depreciation on open futures contracts\* | Interest rate contracts | $913283 | $- |
| **Opportunistic Income Fund** | Unrealized appreciation/ depreciation on open futures contracts\* | Equity contracts | 1341 | 1159 |
|  | Unrealized appreciation/ depreciation on open futures contracts\* | Interest rate contracts | 10021 |  |

---

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

**Robinson Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025, are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Amount of Realized Gain or (Loss) on Derivatives** <br> **Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives** <br> **Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives** <br> **Recognized in Income** |
|  | Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments |
| | Equity <br> Contracts | Interest Rate <br> Contracts | Total |
| **Tax Advantaged Income Fund** |  |  |  |
| Futures contracts | $- | $285590 | $285590 |
| **Opportunistic Income Fund** |  |  |  |
| Futures contracts | (83716) | (15530) | (99246) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/Depreciation on Derivatives**<br> **Recognized in Income** | **Change in Unrealized Appreciation/Depreciation on Derivatives**<br> **Recognized in Income** | **Change in Unrealized Appreciation/Depreciation on Derivatives**<br> **Recognized in Income** |
|  | Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments |
| | Equity <br> Contracts | Interest Rate <br> Contracts | Total |
| **Tax Advantaged Income Fund** |  |  |  |
| Futures contracts | $- | $(2222958) | $(2222958) |
| **Opportunistic Income Fund** |  |  |  |
| Futures contracts | 3652 | (24035) | (20383) |

---

The number of contracts are included on the Schedule of Investments. The quarterly average volumes of derivative instruments as of December 31, 2025, are as follows:

---

| | | |
|:---|:---|:---|
| | Derivatives not designated<br> as hedging instruments | Notional Value |
| **Tax Advantaged Income Fund** |  |  |
| Futures contracts | Interest rate contracts | $(88988125) |
| **Opportunistic Income Fund** |  |  |
| Futures contracts | Equity contracts | (838156) |
| Futures contracts | Interest rate contracts | (1311875) |

---

**Note 11 – ReFlow Liquidity Program**

The Funds may participate in the ReFlow Fund, LLC ("ReFlow") liquidity program, which is designed to provide an alternative liquidity source for mutual funds experiencing redemptions of their shares. In order to pay cash to shareholders who redeem their shares on a given day, a mutual fund typically must hold cash in its portfolio, liquidate portfolio securities, or borrow money, all of which impose certain costs on a fund. ReFlow provides participating mutual funds with another source of cash by standing ready to purchase shares from a fund equal to the amount of each fund's net redemptions on a given day. ReFlow will purchase Institutional Class Shares of a Fund at net asset value and will not be subject to any investment minimum applicable to such shares. ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of each Fund. ReFlow will periodically redeem its entire share position in a Fund. For use of the ReFlow service, each Fund will pay a fee to ReFlow at a rate determined by a daily auction with other participating mutual funds. During the year ended December 31, 2025, ReFlow was not utilized by the Funds.

**Robinson Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

**Note 12 – Line of Credit**

The Funds together with Bramshill Multi-Strategy Income Fund managed by the Advisor (together "Liberty Street Funds") have entered into a Senior Secured Revolving Credit Facility ("Facility") of $25,000,000 (committed) and $25,000,000 (uncommitted) with UMB Bank, n.a. Each Fund is permitted to borrow up to the lesser of 20.00% of its adjusted net assets with the cap limit of $25,000,000, or the maximum amount permitted subject to the Fund's investment limitations. The purpose of the Facility is to finance temporarily the repurchase or redemption of shares of each Fund. Borrowings under this agreement bear interest at the Secured Overnight Financing Rate plus 275 basis points, subject to daily floor rate of 6.00%. As compensation for holding the lending commitment available, the Liberty Street Funds are charged a commitment fee on the average daily unused balance of the Facility at the rate of 0.20% per annum. Commitment fees and interest expense for the year ended December 31, 2025, are disclosed in each Fund's Statement of Operations. The Funds did not borrow under the line of credit agreement during the year ended December 31, 2025.

**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.

**Note 14- New Accounting Pronouncements and Regulatory Updates**

In December 2023, the FASB issued Accounting Standards Updated 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted.

In the reporting period, the Fund adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure income taxes paid disaggregated by jurisdiction. Adoption of the new standard did not materially impact financial statement disclosures and did not affect the Fund's financial position or the results of its operations.

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

The Funds have 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 each Fund's related events and transactions that occurred through the date of issuance of each Fund's financial statements.

There were no events or transactions that occurred during this period that materially impacted the amounts or disclosures in each Fund's financial statements.

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Board of Trustees of Investment Managers Series Trust and**

**Shareholders of Robinson Funds**

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of the Robinson Tax Advantaged Income Fund and Robinson Opportunistic Income Fund (the "Funds"), each a series of Investment Managers Series Trust (the "Trust"), including the schedules of investments, as of December 31, 2025, the related statements 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, the 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 and financial highlights referred to above present fairly, in all material respects, the financial position of the Robinson Tax Advantaged Income Fund and the Robinson Opportunistic Income Fund as of December 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their 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 Funds' management. Our responsibility is to express an opinion on the Funds' 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 Funds 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 audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds' 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 Funds' 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 December 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

---

| |
|:---|
| ![](fp0097168-1_02.jpg) |
| **TAIT, WELLER & BAKER LLP** |

---

**Philadelphia, Pennsylvania**

**February 27, 2026**

**Robinson Funds** 

**SUPPLEMENTAL INFORMATION (Unaudited)**

**<u>Tax Information</u>**

***Long- Term Capital Gain Designation***

For the fiscal year ended December 31, 2025, the Tax Advantaged Income Fund designates $222,526 as a 20% rate gain distribution for purposes of the dividends paid deduction.

***Qualified Dividend Income***

For the year ended December 31, 2025, 14.58% of the dividends paid from net investment income, including short- term capital gains (if any), for the Opportunistic Income Fund is designated as qualified dividend income.

**<u>Shareholder Meeting Results</u>**

Shareholders were asked to participate in a special meeting of shareholders on September 12, 2025 (the "Shareholder Meeting") for the purpose of electing trustees. Each Nominee was approved by the affirmative vote of a plurality of the shares voting at the Shareholder Meeting. The final results of the Shareholder Meeting are reported in the following table.

Proposal : To elect the following as Trustees of the Trust:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Voted For** | **Voted For** | **Total Shares** <br> **Outstanding** | **Voted Withheld** | **Voted Withheld** | **Total Shares** <br> **Outstanding** |
| **Trustee Nominee Name** | **Shares** | **%** | **%** | **Shares** | **%** | **%** |
| Ashley Toomey Rabun | 827129737.221 | 93.884% | 64.642% | 53885229.201 | 6.116% | 4.211% |
| William H. Young | 829469192.220 | 94.150% | 64.825% | 51545774.202 | 5.850% | 4.028% |
| James E. Ross | 872416952.851 | 99.025% | 68.182% | 8598013.571 | 0.975% | 0.671% |
| Jill I. Mavro | 872376298.228 | 99.020% | 68.178% | 8638668.194 | 0.980% | 0.675% |
| Maureen Quill | 873652842.444 | 99.165% | 68.278% | 7362123.978 | 0.835% | 0.575% |

---

Note: Record date Shares 1,279,552,379.149

Shares voted: 881,014,966.422

% Total Shares Voted: 68.853%

**<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>.**

Proxy Disclosures for Open-End Management Investment Companies are included in Item 7, as part of the financial statements

**<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>**

[Not applicable.]

**<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>**

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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>**

(a) Not Applicable.

(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)

&nbsp;&nbsp;&nbsp;&nbsp;(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)](fp0097168-1_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](fp0097168-1_ex99cert.htm)

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

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

[*(b)*](fp0097168-1_ex99906cert.htm) [*Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](fp0097168-1_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 | 3/6/2026 |

---

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 | 3/6/2026 |
| By (Signature and Title) | /s/ Rita Dam |
|  | Rita Dam, Treasurer and Principal Financial Officer |
| Date | 3/6/2026 |

---

## Ex-99.Cert

EX.99.CERT

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

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

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of  **<u>Robinson Tax Advantage Income Fund and Robinson Opportunistic Income Fund,</u>** a series of Investment Managers Series Trust (the "Trust");

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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;&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;&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

&nbsp;&nbsp;&nbsp;&nbsp;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: | 3/6/2026 | /s/ Maureen Quill |
|  |  | Maureen Quill<br> President and Principal Executive Officer |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of  **<u>Robinson Tax Advantage Income Fund and Robinson Opportunistic Income Fund,</u>** a series of Investment Managers Series Trust (the "Trust");

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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;&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;&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

&nbsp;&nbsp;&nbsp;&nbsp;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: | 3/6/2026 | /s/ Rita Dam |
|  |  | Rita Dam<br> 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>Robinson Tax Advantage Income Fund and Robinson Opportunistic Income Fund,</u>** a series of Investment Managers Series Trust (the "Trust"), for the year ended **December 31, 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 | 3/6/2026 |
| /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.