# EDGAR Filing Document

**Accession Number:** 0001318342
**File Stem:** 0001193125-25-287992
**Filing Date:** 2025-11
**Character Count:** 32529
**Document Hash:** c61af6b96b4a155bac348bdad4dfecb5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-287992.hdr.sgml**: 20251119

**ACCESSION NUMBER**: 0001193125-25-287992

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251119

**DATE AS OF CHANGE**: 20251119

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21719
- **FILM NUMBER:** 251498896

**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           |

## Nport-Ex

**Robinson Tax Advantaged Income Fund**

**SCHEDULE OF INVESTMENTS**

**As of September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **CLOSED-END FUNDS — 54.1%** |  |
| 113545 | BlackRock Investment Quality Municipal Trust, Inc. | $1287600 |
| 182634 | BlackRock MuniAssets Fund, Inc. | 2027237 |
| 310598 | BlackRock Municipal Income Quality Trust | 3401048 |
| 1117178 | BlackRock Municipal Income Trust | 11227639 |
| 718796 | BlackRock Municipal Income Trust II | 7511418 |
| 254034 | BlackRock MuniHoldings California Quality Fund, Inc. | 2756269 |
| 103765 | BlackRock MuniHoldings Fund, Inc. | 1219239 |
| 427670 | BlackRock MuniHoldings New Jersey Quality Fund, Inc. | 4956695 |
| 13264 | BlackRock MuniHoldings Quality Fund II, Inc. | 133436 |
| 380756 | BlackRock MuniVest Fund II, Inc. | 4047436 |
| 300537 | BlackRock MuniVest Fund, Inc. | 2061684 |
| 25485 | BlackRock MuniYield Fund, Inc. | 269122 |
| 549411 | BlackRock MuniYield Michigan Quality Fund, Inc. | 6197356 |
| 45013 | BlackRock MuniYield New York Quality Fund, Inc. | 446979 |
| 322046 | BlackRock MuniYield Quality Fund II, Inc. | 3230121 |
| 316793 | BlackRock MuniYield Quality Fund III, Inc. | 3510067 |
| 4400 | Eaton Vance Municipal Bond Fund | 43736 |
| 471934 | Invesco Advantage Municipal Income Trust II | 4138861 |
| 1108140 | Invesco Municipal Opportunity Trust | 10715714 |
| 632280 | Invesco Municipal Trust | 6101502 |
| 288378 | Invesco Pennsylvania Value Municipal Income Trust | 2978945 |
| 493877 | Invesco Quality Municipal Income Trust | 4864689 |
| 1166946 | Invesco Trust for Investment Grade Municipals | 11809494 |
| 267977 | Invesco Value Municipal Income Trust | 3363111 |
| 101488 | MFS Municipal Income Trust | 547020 |
| 87533 | Neuberger Berman Municipal Fund, Inc. | 903341 |
| 85384 | Nuveen Municipal Value Fund, Inc. | 766748 |
| 377239 | Nuveen New Jersey Quality Municipal Income Fund | 4681536 |
| 103541 | Nuveen New York AMT-Free Quality Municipal Income Fund | 1056118 |
| 57274 | Nuveen Pennsylvania Quality Municipal Income Fund | 687288 |
| 162673 | Nuveen Quality Municipal Income Fund | 1901647 |
| 160455 | Putnam Municipal Opportunities Trust | 1657500 |
| 169377 | RiverNorth Flexible Municipal Income Fund II, Inc. | 2210370 |
| 82194 | RiverNorth Flexible Municipal Income Fund, Inc. | 1188525 |
| 84981 | RiverNorth Managed Duration Municipal Income Fund II, Inc. - Class USD INC | 1274715 |
| 144312 | RiverNorth Managed Duration Municipal Income Fund, Inc. | 2040572 |
| 64881 | RiverNorth Opportunistic Municipal Income Fund, Inc. | 948560 |
| 194504 | Western Asset Intermediate Muni Fund, Inc. | 1538527 |
| 408162 | Western Asset Managed Municipals Fund, Inc. | 4220395 |
|  | **TOTAL CLOSED-END FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $117,071,993) | **123922260** |
|  | **EXCHANGE-TRADED FUNDS — 21.1%** |  |
| 550000 | Invesco National AMT-Free Municipal Bond ETF | 12699500 |

---

**Robinson Tax Advantaged Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS (Continued)** |  |
| 109400 | iShares National Muni Bond ETF | $11650006 |
| 135464 | SPDR Nuveen ICE Municipal Bond ETF | 6173094 |
| 123142 | VanEck High Yield Muni ETF | 6267928 |
| 230000 | Vanguard Tax-Exempt Bond Index ETF | 11516100 |
|  | **TOTAL EXCHANGE-TRADED FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $47,198,756) | **48306628** |
|  | **MUTUAL FUNDS — 19.0%** |  |
| 1269300 | MFS Municipal Income Fund - Class I | 10319411 |
| 1075349 | Nuveen All-American Municipal Bond Fund - Class I | 10710477 |
| 1143912 | PIMCO Municipal Bond Fund - Class Institutional | 10729899 |
| 1094932 | Vanguard High-Yield Tax-Exempt Fund, Admiral Shares | 11573428 |
|  | **TOTAL MUTUAL FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $42,299,000) | **43333215** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **SHORT-TERM INVESTMENTS — 3.1%** |  |
| $7144371 | UMB Bank, Institutional Banking Money Market II Deposit Investment, 3.55%<sup>1</sup> | 7144371 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $7,144,371) | **7144371** |
|  | **TOTAL INVESTMENTS — 97.3%** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $213,714,120) | **222706474** |
|  | Other Assets in Excess of Liabilities — 2.7% | 6253223 |
|  | **TOTAL NET ASSETS — 100.0%** | $**228959697** |

---

ETF – Exchange-Traded Fund

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

**Robinson Tax Advantaged Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of September 30, 2025 (Unaudited)**

**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 | December 2025 | $(33750000) | $281250 |
| (300) | U.S. Treasury Long Bond | December 2025 | (34978125) | 375000 |
| (200) | Ultra Long Term U.S. Treasury Bond | December 2025 | (24012500) | 312500 |
| **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** |  | $**(92740625)** | $**968750** |

---

**Robinson Opportunistic Income Fund**

**SCHEDULE OF INVESTMENTS**

**As of September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **CLOSED-END FUNDS — 86.2%** |  |
| 54802 | Allspring Utilities and High Income Fund | $678449 |
| 39259 | BlackRock Multi-Sector Income Trust | 525678 |
| 45102 | Brookfield Real Assets Income Fund, Inc. | 602563 |
| 233 | ClearBridge Energy Midstream Opportunity Fund, Inc. | 10466 |
| 33299 | DoubleLine Yield Opportunities Fund | 502149 |
| 1982 | Eaton Vance Tax-Managed Buy-Write Income Fund | 29730 |
| 54708 | Flaherty & Crumrine Preferred & Income Fund, Inc. | 657590 |
| 147227 | Invesco Senior Income Trust | 509405 |
| 30108 | John Hancock Diversified Income Fund | 320650 |
| 10000 | John Hancock Premium Dividend Fund | 133400 |
| 51789 | KKR Income Opportunities Fund | 652541 |
| 60000 | Nuveen Floating Rate Income Fund | 490800 |
| 45758 | Principal Real Estate Income Fund | 478629 |
| 31161 | Virtus Convertible & Income Fund | 467415 |
| 35312 | Virtus Convertible & Income Fund II | 483068 |
| 24764 | Western Asset Emerging Markets Debt Fund, Inc. | 255565 |
| 95410 | Western Asset Global High Income Fund, Inc. | 629706 |
| 146800 | Western Asset High Income Fund II, Inc. | 638580 |
| 30961 | Western Asset Inflation-Linked Income Fund | 260692 |
| 68500 | Western Asset Inflation-Linked Opportunities & Income Fund | 608965 |
| 53392 | Western Asset Mortgage Opportunity Fund, Inc. | 625754 |
|  | **TOTAL CLOSED-END FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $8,831,888) | **9561795** |
|  | **COMMON STOCKS — 1.0%** |  |
|  | **SPECIFIED PURPOSE ACQUISITION COMPANIES – 1.0%** |  |
| 10000 | GP-Act III Acquisition Corp. - Class A\*<sup>,1</sup> | 106000 |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $101,704) | **106000** |
|  | **EXCHANGE-TRADED FUNDS — 5.8%** |  |
| 29250 | iShares Mortgage Real Estate ETF | 642623 |
|  | **TOTAL EXCHANGE-TRADED FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $646,852) | **642623** |
|  | **RIGHTS — 0.0%** |  |
| 5000 | Bowen Acquisition Corp., Expiration Date: November 26, 2026\*<sup>,1,2</sup> |  |
|  | **TOTAL RIGHTS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $0) | **0** |
|  | **UNIT TRUST FUNDS — 2.8%** |  |
| 10000 | Drugs Made In America Acquisition Corp.\*<sup>,1</sup> | 104500 |
| 10000 | Drugs Made In America Acquisition II Corp.\*<sup>,1</sup> | 99450 |
| 5000 | FutureCrest Acquisition Corp.\*<sup>,1</sup> | 53000 |

---

**Robinson Opportunistic Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **UNIT TRUST FUNDS (Continued)** |  |
| 5000 | Origin Investment Corp. I\*<sup>,1</sup> | $50550 |
|  | **TOTAL UNIT TRUST FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $300,150) | **307500** |
|  | **WARRANTS — 0.0%** |  |
| 6000 | Alchemy Investments Acquisition Corp. 1, Expiration Date: June 26, 2028\*<sup>,1</sup> | 780 |
| 15310 | Electriq Power Holdings, Inc., Expiration Date: January 25, 2028\* |  |
| 11805 | Estrella Immunopharma, Inc., Expiration Date: July 18, 2028\* | 614 |
| 4557 | Getaround, Inc., Expiration Date: December 31, 2027\* |  |
| 2500 | Haymaker Acquisition Corp. 4, Expiration Date: September 12, 2028\*<sup>,1</sup> | 1117 |
| 5000 | QT Imaging Holdings, Inc., Expiration Date: December 31, 2028\* | 595 |
| 3333 | Stardust Power, Inc., Expiration Date: December 30, 2027\* | 251 |
|  | **TOTAL WARRANTS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $0) | **3357** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **SHORT-TERM INVESTMENTS — 2.1%** |  |
| $236434 | UMB Bank, Institutional Banking Money Market II Deposit Investment, 3.55%<sup>3</sup> | 236434 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $236,434) | **236434** |
|  | **TOTAL INVESTMENTS — 97.9%** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $10,117,028) | **10857709** |
|  | Other Assets in Excess of Liabilities — 2.1% | 237261 |
|  | **TOTAL NET ASSETS — 100.0%** | $**11094970** |

---

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.

**Robinson Opportunistic Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of September 30, 2025 (Unaudited)**

**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) | December 2025 | $(466890) | $(4330) |
| (4) | E-mini Russell 1000 | December 2025 | (403440) | (3380) |
| (7) | U.S. 10 Year Treasury Note | December 2025 | (787500) | 6563 |
| (5) | U.S. Treasury Long Bond | December 2025 | (582969) | 6250 |
| **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** |  | $**(2240799)** | $**5103** |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** MILWAUKEE

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 532123948

  - **Telephone number:** 4142992000

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

- **a. Name of Series:** Robinson Tax Advantaged Income Fund

- **b. EDGAR series identifier (if any):** S000046847

- **c. LEI of Series:** 549300OGHIULVNECLN58

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $230014193.83

**Total Liabilities:** $2549050.15

**Net Assets:** $227465143.68

**Cash Not Reported:** $4970134.02

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000146391 | -0.51%               | 1.03%                | 3.31%                |
| Class ID C000146392 | -0.70%               | 1.09%                | 3.25%                |
| Class ID C000146393 | -0.61%               | 1.17%                | 3.33%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-111650.66              | $-3349281.64                               |
| Month 2  | $-4875490.79             | $6911324.69                                |
| Month 3  | $-270234.27              | $8221457.94                                |

**Designated Index Information**

- **Index Name:** Unhedged Robinson Tax Advantaged Income Fund

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                  | Title                                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BlackRock Municipal Income Tru        | BlackRock Municipal Income Trust II                        | CUSIP: 09249N101<br>LEI: 17UVWS2OK706BUPLKK60 | Long             |  | RF                | US        |    718796 | NS      | $7511418.20   | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Municipal Income Qua        | BlackRock Municipal Income Quality Trust                   | CUSIP: 092479104<br>LEI: ZQ1Z8W71OQGQTC6ZJ410 | Long             |  | RF                | US        |    310598 | NS      | $3401048.10   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Vance Municipal Bond Fun        | Eaton Vance Municipal Bond Fund                            | CUSIP: 27827X101<br>LEI: 5493006Q4EBOXVQBQD12 | Long             |  | RF                | US        |      4400 | NS      | $43736.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen All-American Municipal         | Nuveen All-American Municipal Bond Fund - Class I          | CUSIP: 67065Q855<br>LEI: 549300WCOVL1P2WULW45 | Long             |  | RF                | US        |   1075349 | NS      | $10710477.26  | 4.71%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Municipal Income Tru        | BlackRock Municipal Income Trust                           | CUSIP: 09248F109<br>LEI: R3ITLLW1CUEQICP4XR90 | Long             |  | RF                | US        |   1117178 | NS      | $11227638.90  | 4.94%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Investment Quality M        | BlackRock Investment Quality Municipal Trust, Inc.         | CUSIP: 09247D105<br>LEI: HIQUII1IK2OOB2XHIJ72 | Long             |  | RF                | US        |    113545 | NS      | $1287600.30   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| VanEck High Yield Muni ETF            | VanEck High Yield Muni ETF                                 | CUSIP: 92189H409<br>LEI: 549300UT41BWOPGYSE94 | Long             |  | RF                | US        |    123142 | NS      | $6267927.80   | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Value Municipal Income        | Invesco Value Municipal Income Trust                       | CUSIP: 46132P108<br>LEI: X075VJ33QQP2G2NTOV20 | Long             |  | RF                | US        |    267977 | NS      | $3363111.35   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB IB MONEY MARKET II   /            | UMB IB MONEY MARKET II   /                                 | CUSIP: SF8888627<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   6657805 | PA      | $6657805.38   | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Quality Municipal Inco        | Invesco Quality Municipal Income Trust                     | CUSIP: 46133G107<br>LEI: WLEGDSEH0E242WVNUY02 | Long             |  | RF                | US        |    493877 | NS      | $4864688.45   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| MFS Municipal Income Trust            | MFS Municipal Income Trust                                 | CUSIP: 552738106<br>LEI: GV4WN51HRTKYT6CV5890 | Long             |  | RF                | US        |    101488 | NS      | $547020.32    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock MuniHoldings Fund In        | BlackRock MuniHoldings Fund, Inc.                          | CUSIP: 09253N104<br>LEI: MZBVMGS24JR92TGE6Z32 | Long             |  | RF                | US        |    103765 | NS      | $1219238.75   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| MFS Municipal Income Fund             | MFS Municipal Income Fund - Class I                        | CUSIP: 55273N434<br>LEI: EX1INFNFQVRO3N97PT04 | Long             |  | RF                | US        |   1269300 | NS      | $10319410.59  | 4.54%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock MuniYield Michigan Q        | BlackRock MuniYield Michigan Quality Fund, Inc.            | CUSIP: 09254V105<br>LEI: J3H1DOS8Q2FL9RVLS329 | Long             |  | RF                | US        |    549411 | NS      | $6197356.08   | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Asset Managed Municipa        | Western Asset Managed Municipals Fund, Inc.                | CUSIP: 95766M105<br>LEI: 549300HVO8EY2T8K4F73 | Long             |  | RF                | US        |    408162 | NS      | $4220395.08   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock MuniYield Quality Fu        | BlackRock MuniYield Quality Fund II, Inc.                  | CUSIP: 09254G108<br>LEI: PRQP520S3DVB025IWS24 | Long             |  | RF                | US        |    322046 | NS      | $3230121.38   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock MuniAssets Fund Inc         | BlackRock MuniAssets Fund, Inc.                            | CUSIP: 09254J102<br>LEI: UJYLDIG1NIEEIV3PO802 | Long             |  | RF                | US        |    182634 | NS      | $2027237.40   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares National Muni Bond ETF        | iShares National Muni Bond ETF                             | CUSIP: 464288414<br>LEI: 549300H21FUYFQW9N157 | Long             |  | RF                | US        |    109400 | NS      | $11650006.00  | 5.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock MuniHoldings Califor        | BlackRock MuniHoldings California Quality Fund, Inc.       | CUSIP: 09254L107<br>LEI: NKJSRCJXMS5PZYPXY795 | Long             |  | RF                | US        |    254034 | NS      | $2756268.90   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock MuniHoldings Quality        | BlackRock MuniHoldings Quality Fund II, Inc.               | CUSIP: 09254C107<br>LEI: V04K6JK5YHD4O5SHSC34 | Long             |  | RF                | US        |     13264 | NS      | $133435.84    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock MuniHoldings New Jer        | BlackRock MuniHoldings New Jersey Quality Fund, Inc.       | CUSIP: 09254X101<br>LEI: FDX8Y56FK6PN1WE5XX39 | Long             |  | RF                | US        |    427670 | NS      | $4956695.30   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock MuniVest Fund Inc           | BlackRock MuniVest Fund, Inc.                              | CUSIP: 09253R105<br>LEI: 68LQJ5NLUNQI2T9OLL41 | Long             |  | RF                | US        |    300537 | NS      | $2061683.82   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock MuniVest Fund II Inc        | BlackRock MuniVest Fund II, Inc.                           | CUSIP: 09253T101<br>LEI: TC1SINW7C50S8NN8GU32 | Long             |  | RF                | US        |    380756 | NS      | $4047436.28   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock MuniYield Fund Inc          | BlackRock MuniYield Fund, Inc.                             | CUSIP: 09253W104<br>LEI: AVXF9RZVI4EDWXACOH81 | Long             |  | RF                | US        |     25485 | NS      | $269121.60    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock MuniYield Quality Fu        | BlackRock MuniYield Quality Fund III, Inc.                 | CUSIP: 09254E103<br>LEI: UB5J2GS6Q51M6A2L8886 | Long             |  | RF                | US        |    316793 | NS      | $3510066.44   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock MuniYield New York Q        | BlackRock MuniYield New York Quality Fund, Inc.            | CUSIP: 09255E102<br>LEI: 158AYFGDRFUGVL3TD012 | Long             |  | RF                | US        |     45013 | NS      | $446979.09    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen Quality Municipal Incom        | Nuveen Quality Municipal Income Fund                       | CUSIP: 67066V101<br>LEI: 549300RDIO25ZNWCOA97 | Long             |  | RF                | US        |    162673 | NS      | $1901647.37   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Neuberger Berman Municipal Fun        | Neuberger Berman Municipal Fund, Inc.                      | CUSIP: 64124P101<br>LEI: 549300IIZWX8QVUHXO20 | Long             |  | RF                | US        |     87533 | NS      | $903340.56    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen Pennsylvania Quality Mu        | Nuveen Pennsylvania Quality Municipal Income Fund          | CUSIP: 670972108<br>LEI: 5493000C1CS4Q000GF67 | Long             |  | RF                | US        |     57274 | NS      | $687288.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen New York AMT-Free Quali        | Nuveen New York AMT-Free Quality Municipal Income Fund     | CUSIP: 670656107<br>LEI: 549300V4X2BF3UXSCQ58 | Long             |  | RF                | US        |    103541 | NS      | $1056118.20   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen Municipal Value Fund In        | Nuveen Municipal Value Fund, Inc.                          | CUSIP: 670928100<br>LEI: 549300TFLBQ7LJSP8B20 | Long             |  | RF                | US        |     85384 | NS      | $766748.32    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen New Jersey Quality Muni        | Nuveen New Jersey Quality Municipal Income Fund            | CUSIP: 67069Y102<br>LEI: 5493006CFPL75HL16F31 | Long             |  | RF                | US        |    377239 | NS      | $4681535.99   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| PIMCO Municipal Bond Fund             | PIMCO Municipal Bond Fund - Class Institutional            | CUSIP: 693391658<br>LEI: TGJV9OEXZFWK46C30K77 | Long             |  | RF                | US        |   1143912 | NS      | $10729898.83  | 4.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Putnam Municipal Opportunities        | Putnam Municipal Opportunities Trust                       | CUSIP: 746922103<br>LEI: 549300M74BR4G95PSL96 | Long             |  | RF                | US        |    160455 | NS      | $1657500.15   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco National AMT-Free Muni        | Invesco National AMT-Free Municipal Bond ETF               | CUSIP: 46138E537<br>LEI: 549300WEUZO7LPK3WU38 | Long             |  | RF                | US        |    550000 | NS      | $12699500.00  | 5.58%             |  |  |  | No            |                  1 | On Loan: No      |
| RiverNorth Flexible Municipal         | RiverNorth Flexible Municipal Income Fund, Inc.            | CUSIP: 76883H104<br>LEI: 549300O6XP1DQZGJLC78 | Long             |  | RF                | US        |     82194 | NS      | $1188525.24   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| RiverNorth Flexible Municipal         | RiverNorth Flexible Municipal Income Fund II, Inc.         | CUSIP: 76883Y107<br>LEI: 549300U301TLYWQNC025 | Long             |  | RF                | US        |    169377 | NS      | $2210369.85   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| RiverNorth Opportunistic Munic        | RiverNorth Opportunistic Municipal Income Fund, Inc.       | CUSIP: 76883F108<br>LEI: 549300RXJKKPD5ZG2Y84 | Long             |  | RF                | US        |     64881 | NS      | $948560.22    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| RiverNorth Managed Duration Mu        | RiverNorth Managed Duration Municipal Income Fund, Inc.    | CUSIP: 76882H105<br>LEI: 549300Y5L3V48O754353 | Long             |  | RF                | US        |    144312 | NS      | $2040571.68   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| RiverNorth Managed Duration Mu        | RiverNorth Managed Duration Municipal Income Fund II, Inc. | CUSIP: 76882M104<br>LEI: N/A                  | Long             |  | RF                | US        |     84981 | NS      | $1274715.00   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Asset Intermediate Mun        | Western Asset Intermediate Muni Fund, Inc.                 | CUSIP: 958435109<br>LEI: 5493000MG5MROBD48K57 | Long             |  | RF                | US        |    194504 | NS      | $1538526.64   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Nuveen ICE Municipal Bond        | SPDR Nuveen ICE Municipal Bond ETF                         | CUSIP: 78468R721<br>LEI: 54930090LRDSZWQ4P385 | Long             |  | RF                | US        |    135464 | NS      | $6173094.48   | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| 10 YR T-NOTE FUTURE DEC 2025   /      | 10 YR T-NOTE FUTURE DEC 2025   /                           | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DIR              |  | US        |      -300 | NC      | $280200.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. LONG BOND FUT DEC 2025   /       | U.S. LONG BOND FUT DEC 2025   /                            | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DIR              |  | US        |      -300 | NC      | $373950.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Trust for Investment G        | Invesco Trust for Investment Grade Municipals              | CUSIP: 46131M106<br>LEI: V0VF67S6NRLBDK357F71 | Long             |  | RF                | US        |   1166946 | NS      | $11809493.52  | 5.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Advantage Municipal In        | Invesco Advantage Municipal Income Trust II                | CUSIP: 46132E103<br>LEI: DA89O2CSN0WUDR74HM71 | Long             |  | RF                | US        |    471934 | NS      | $4138861.18   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Municipal Trust               | Invesco Municipal Trust                                    | CUSIP: 46131J103<br>LEI: GKS5Y4B1VKHV66WSPK53 | Long             |  | RF                | US        |    632280 | NS      | $6101502.00   | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Municipal Opportunity         | Invesco Municipal Opportunity Trust                        | CUSIP: 46132C107<br>LEI: WERC5RXCUSU16MOTZ848 | Long             |  | RF                | US        |   1108140 | NS      | $10715713.80  | 4.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Pennsylvania Value Mun        | Invesco Pennsylvania Value Municipal Income Trust          | CUSIP: 46132K109<br>LEI: 549300S5KHBL3XISY922 | Long             |  | RF                | US        |    288378 | NS      | $2978944.74   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Tax-Exempt Bond Index        | Vanguard Tax-Exempt Bond Index ETF                         | CUSIP: 922907746<br>LEI: N/A                  | Long             |  | RF                | US        |    230000 | NS      | $11516100.00  | 5.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard High-Yield Tax-Exempt        | Vanguard High-Yield Tax-Exempt Fund, Admiral Shares        | CUSIP: 922907845<br>LEI: P61EJIZGFVD0II25TX76 | Long             |  | RF                | US        |   1094932 | NS      | $11573428.49  | 5.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ULTRA LONG T-BOND FUTURE DEC 2025   / | ULTRA LONG T-BOND FUTURE DEC 2025   /                      | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DIR              |  | US        |      -200 | NC      | $311800.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-01

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

**Signature:** /s/ Maureen Quill

**Name of Signer:** Maureen Quill

**Title:** President