0001318342 imst:C000092548Member 2025-10-01 2026-03-31 0001318342 2025-10-01 2026-03-31 0001318342 imst:C000092548Member 2026-03-31 0001318342 us-gaap:ExchangeTradedFundsMember imst:C000092548Member 2026-03-31 0001318342 imst:C000092548Member imst:ISharesCoreSAndP500ETFMember 2026-03-31 0001318342 imst:LiabilitiesInExcessOfOtherAssetsMember imst:C000092548Member 2026-03-31 0001318342 imst:PurchasedOptionsContractsMember imst:C000092548Member 2026-03-31 0001318342 imst:C000092548Member imst:SAndP500IndexOptionsExercisePrice510000ExpirationDate61826Member 2026-03-31 0001318342 imst:C000092548Member imst:SAndP500IndexOptionsExercisePrice550000ExpirationDate43026Member 2026-03-31 0001318342 imst:C000092548Member imst:SAndP500IndexOptionsExercisePrice600000ExpirationDate41726Member 2026-03-31 0001318342 imst:C000092548Member imst:SAndP500IndexOptionsExercisePrice600000ExpirationDate43026Member 2026-03-31 0001318342 imst:C000092548Member imst:SAndP500IndexOptionsExercisePrice650000ExpirationDate61826Member 2026-03-31 0001318342 imst:C000092548Member imst:SAndP500IndexOptionsExercisePrice670000ExpirationDate41726Member 2026-03-31 0001318342 imst:C000092548Member imst:SAndP500IndexOptionsExercisePrice670000ExpirationDate43026Member 2026-03-31 0001318342 us-gaap:ShortTermInvestmentsMember imst:C000092548Member 2026-03-31 0001318342 imst:C000092548Member imst:StateStreetSPDRSAndP500ETFTrustMember 2026-03-31 0001318342 imst:C000092548Member imst:VanguardSAndP500ETFMember 2026-03-31 iso4217:USD pure imst:Holding 0.057 0.949 -0.025 0.019 0001318342 false N-1A N-CSRS INVESTMENT MANAGERS SERIES TRUST 2026-03-31 Ironclad Managed Risk Fund Ironclad Managed Risk Fund IRONX This semi-annual shareholder report contains important information about the Ironclad Managed Risk Fund (“Fund”) for the period of October 1, 2025 to March 31, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'arial';">https://www.ironcladfunds.com/fund-literature</span>. You can also request this information by contacting us at (888) 979-IRON (4766). https://www.ironcladfunds.com/fund-literature (888) 979-IRON (4766) <div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; color: rgb(0, 0, 0); margin-bottom: 3pt;">Fund Expenses</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Ironclad Managed Risk Fund<br/>(IRONX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>62</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span><sup>1</sup></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; margin-top: 3px; width: 6pt; vertical-align: top; padding: 0;"> <div style="font-family: 'arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; margin-top: 3px; padding: 0px;">​<sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; margin-top: 3px; vertical-align: top; padding: 0;"> <div style="font-family: 'arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; margin-top: 3px; padding: 0px;">Annualized.</div> </td> </tr> </table> 62 0.0125 <div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; color: rgb(0, 0, 0); margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>214,874,092</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">19</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">0<span>%</span></td> </tr> </table> 214874092 19 0 <div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; color: rgb(0, 0, 0); margin-bottom: 3pt;">Graphical Representation of Holdings</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">iShares Core S&amp;P 500 ETF</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">47.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vanguard S&amp;P 500 ETF</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">45.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">State Street SPDR S&amp;P 500 ETF Trust</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">S&amp;P 500 Index Options, Exercise Price: $6,700.00, Expiration Date: 4/30/26</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">S&amp;P 500 Index Options, Exercise Price: $6,500.00, Expiration Date: 6/18/26</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">S&amp;P 500 Index Options, Exercise Price: $6,700.00, Expiration Date: 4/17/26</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">S&amp;P 500 Index Options, Exercise Price: $6,000.00, Expiration Date: 4/30/26</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">S&amp;P 500 Index Options, Exercise Price: $5,100.00, Expiration Date: 6/18/26</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">S&amp;P 500 Index Options, Exercise Price: $6,000.00, Expiration Date: 4/17/26</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">S&amp;P 500 Index Options, Exercise Price: $5,500.00, Expiration Date: 4/30/26</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.1<span>%</span></td> </tr> </table> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; margin: 5pt 0px 5pt 0px;"><b>Asset Allocation</b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1106273.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">iShares Core S&amp;P 500 ETF</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">47.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vanguard S&amp;P 500 ETF</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">45.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">State Street SPDR S&amp;P 500 ETF Trust</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">S&amp;P 500 Index Options, Exercise Price: $6,700.00, Expiration Date: 4/30/26</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">S&amp;P 500 Index Options, Exercise Price: $6,500.00, Expiration Date: 6/18/26</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">S&amp;P 500 Index Options, Exercise Price: $6,700.00, Expiration Date: 4/17/26</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">S&amp;P 500 Index Options, Exercise Price: $6,000.00, Expiration Date: 4/30/26</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">S&amp;P 500 Index Options, Exercise Price: $5,100.00, Expiration Date: 6/18/26</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">S&amp;P 500 Index Options, Exercise Price: $6,000.00, Expiration Date: 4/17/26</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">S&amp;P 500 Index Options, Exercise Price: $5,500.00, Expiration Date: 4/30/26</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.1<span>%</span></td> </tr> </table> 0.472 0.457 0.020 0.018 0.017 0.014 0.003 0.002 0.001 0.001 <div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; color: rgb(0, 0, 0); margin-bottom: 3pt; margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> Annualized.