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        <fairValLevel>1</fairValLevel>
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        <name>Putnam Managed Municipal Incom</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Putnam Municipal Opportunities</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Federated Hermes Premier Munic</name>
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        <fairValLevel>1</fairValLevel>
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        <name>VanEck High Yield Muni ETF</name>
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        <fairValLevel>1</fairValLevel>
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        <name>UMB IB MONEY MARKET II   /</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BNY Mellon Strategic Municipal</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Aberdeen Municipal Income Fund</name>
        <lei>GV4WN51HRTKYT6CV5890</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>BlackRock MuniHoldings Fund In</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BlackRock MuniYield Michigan Q</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NYLI MacKay DefinedTerm Muni O</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Western Asset Managed Municipa</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BlackRock MuniYield Quality Fu</name>
        <lei>TFKEE3VA3GBE5LOK5U77</lei>
        <title>BlackRock MuniYield Quality Fund, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>BlackRock MuniAssets Fund Inc</name>
        <lei>UJYLDIG1NIEEIV3PO802</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>iShares National Muni Bond ETF</name>
        <lei>549300H21FUYFQW9N157</lei>
        <title>iShares National Muni Bond ETF</title>
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          <ticker value="MUB"/>
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        <fairValLevel>1</fairValLevel>
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        <name>BlackRock MuniHoldings Califor</name>
        <lei>NKJSRCJXMS5PZYPXY795</lei>
        <title>BlackRock MuniHoldings California Quality Fund, Inc.</title>
        <cusip>09254L107</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>BlackRock MuniHoldings New Jer</name>
        <lei>FDX8Y56FK6PN1WE5XX39</lei>
        <title>BlackRock MuniHoldings New Jersey Quality Fund, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>BlackRock MuniYield Quality Fu</name>
        <lei>UB5J2GS6Q51M6A2L8886</lei>
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          <ticker value="MYI"/>
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        <fairValLevel>1</fairValLevel>
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        <name>BlackRock MuniYield New York Q</name>
        <lei>158AYFGDRFUGVL3TD012</lei>
        <title>BlackRock MuniYield New York Quality Fund, Inc.</title>
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          <ticker value="MYN"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Neuberger Municipal Fund Inc</name>
        <lei>549300IIZWX8QVUHXO20</lei>
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          <ticker value="NBH"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Nuveen New York AMT-Free Quali</name>
        <lei>549300V4X2BF3UXSCQ58</lei>
        <title>Nuveen New York AMT-Free Quality Municipal Income Fund</title>
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        <fairValLevel>1</fairValLevel>
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        <name>PIMCO California Municipal Inc</name>
        <lei>M4DHYCROG6SFNO22X437</lei>
        <title>PIMCO California Municipal Income Fund</title>
        <cusip>72200N106</cusip>
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          <ticker value="PCQ"/>
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        <fairValLevel>1</fairValLevel>
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        <name>PIMCO Municipal Income Fund II</name>
        <lei>ZVT714KPY3QTZWRT1S41</lei>
        <title>PIMCO Municipal Income Fund II</title>
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          <ticker value="PML"/>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>PIMCO New York Municipal Incom</name>
        <lei>P1IBOVZHA4PI2PLT9Q65</lei>
        <title>PIMCO New York Municipal Income Fund II</title>
        <cusip>72200Y102</cusip>
        <identifiers>
          <isin value="US72200Y1029"/>
          <ticker value="PNI"/>
        </identifiers>
        <balance>389726</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2763157.34</valUSD>
        <pctVal>1.2397535694</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity Funds"/>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Invesco National AMT-Free Muni</name>
        <lei>549300WEUZO7LPK3WU38</lei>
        <title>Invesco National AMT-Free Municipal Bond ETF</title>
        <cusip>46138E537</cusip>
        <identifiers>
          <isin value="US46138E5371"/>
          <ticker value="PZA"/>
        </identifiers>
        <balance>244351</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5747135.52</valUSD>
        <pctVal>2.5785834457</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity Funds"/>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RiverNorth Flexible Municipal</name>
        <lei>549300O6XP1DQZGJLC78</lei>
        <title>RiverNorth Flexible Municipal Income Fund, Inc.</title>
        <cusip>76883H104</cusip>
        <identifiers>
          <isin value="US76883H1041"/>
          <ticker value="RFM"/>
        </identifiers>
        <balance>154999</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2290885.22</valUSD>
        <pctVal>1.0278579100</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity Funds"/>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RiverNorth Flexible Municipal</name>
        <lei>549300U301TLYWQNC025</lei>
        <title>RiverNorth Flexible Municipal Income Fund II, Inc.</title>
        <cusip>76883Y107</cusip>
        <identifiers>
          <isin value="US76883Y1073"/>
          <ticker value="RFMZ"/>
        </identifiers>
        <balance>643727</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8773999.01</valUSD>
        <pctVal>3.9366547946</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity Funds"/>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RiverNorth Opportunistic Munic</name>
        <lei>549300RXJKKPD5ZG2Y84</lei>
        <title>RiverNorth Opportunistic Municipal Income Fund, Inc.</title>
        <cusip>76883F108</cusip>
        <identifiers>
          <isin value="US76883F1084"/>
          <ticker value="RMI"/>
        </identifiers>
        <balance>143791</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2227322.59</valUSD>
        <pctVal>0.9993390862</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity Funds"/>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RiverNorth Managed Duration Mu</name>
        <lei>549300Y5L3V48O754353</lei>
        <title>RiverNorth Managed Duration Municipal Income Fund, Inc.</title>
        <cusip>76882H105</cusip>
        <identifiers>
          <isin value="US76882H1059"/>
          <ticker value="RMM"/>
        </identifiers>
        <balance>409360</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6051978.24</valUSD>
        <pctVal>2.7153580856</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity Funds"/>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RiverNorth Managed Duration Mu</name>
        <lei>N/A</lei>
        <title>RiverNorth Managed Duration Municipal Income Fund II, Inc.</title>
        <cusip>76882M104</cusip>
        <identifiers>
          <isin value="US76882M1045"/>
          <ticker value="RMMZ"/>
        </identifiers>
        <balance>195309</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2937447.36</valUSD>
        <pctVal>1.3179527625</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity Funds"/>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Western Asset Intermediate Mun</name>
        <lei>5493000MG5MROBD48K57</lei>
        <title>Western Asset Intermediate Muni Fund, Inc.</title>
        <cusip>958435109</cusip>
        <identifiers>
          <isin value="US9584351095"/>
          <ticker value="SBI"/>
        </identifiers>
        <balance>227014</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1786600.18</valUSD>
        <pctVal>0.8015989239</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity Funds"/>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>10 YR T-NOTE FUTURE SEPTEMBER 2026   /</name>
        <lei>N/A</lei>
        <title>10 YR T-NOTE FUTURE SEPTEMBER 2026   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="TYU6"/>
        </identifiers>
        <balance>-300</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-61987.5</valUSD>
        <pctVal>-0.0278121058</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Other-Exchange" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Chicago Board of Trade</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>10 YR T-NOTE FUTURE SEPTEMBER 2026   /</issuerName>
                <issueTitle>10 YR T-NOTE FUTURE SEPTEMBER 2026   /</issueTitle>
                <identifiers>
                  <other otherDesc="Bloomberg BPIPE identifier" value="575532669108"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-09-22</expDate>
            <notionalAmt>-32905200</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-61987.5</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>U.S. T-BOND 30YR SEPTEMBER 2026   /</name>
        <lei>N/A</lei>
        <title>U.S. T-BOND 30YR SEPTEMBER 2026   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="USU6"/>
        </identifiers>
        <balance>-300</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-295020</valUSD>
        <pctVal>-0.1323674525</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Other-Exchange" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Chicago Board of Trade</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>U.S. T-BOND 30YR SEPTEMBER 2026   /</issuerName>
                <issueTitle>U.S. T-BOND 30YR SEPTEMBER 2026   /</issueTitle>
                <identifiers>
                  <other otherDesc="Bloomberg BPIPE identifier" value="575532669106"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-09-22</expDate>
            <notionalAmt>-33754980</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-295020</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>abrdn National Municipal Incom</name>
        <lei>NIC7ULNUGCUI836YP119</lei>
        <title>abrdn National Municipal Income Fund</title>
        <cusip>24610T108</cusip>
        <identifiers>
          <isin value="US24610T1088"/>
          <ticker value="VFL"/>
        </identifiers>
        <balance>122991</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1275416.67</valUSD>
        <pctVal>0.5722447818</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity Funds"/>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Invesco Municipal Opportunity</name>
        <lei>WERC5RXCUSU16MOTZ848</lei>
        <title>Invesco Municipal Opportunity Trust</title>
        <cusip>46132C107</cusip>
        <identifiers>
          <isin value="US46132C1071"/>
          <ticker value="VMO"/>
        </identifiers>
        <balance>76465</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>754709.55</valUSD>
        <pctVal>0.3386176549</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity Funds"/>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ULTRA LONG T-BOND SEPTEMBER 2026   /</name>
        <lei>N/A</lei>
        <title>ULTRA LONG T-BOND SEPTEMBER 2026   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="WNU6"/>
        </identifiers>
        <balance>-200</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-258512.5</valUSD>
        <pctVal>-0.1159875299</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Other-Exchange" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Chicago Board of Trade</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>ULTRA LONG T-BOND SEPTEMBER 2026   /</issuerName>
                <issueTitle>ULTRA LONG T-BOND SEPTEMBER 2026   /</issueTitle>
                <identifiers>
                  <other otherDesc="Bloomberg BPIPE identifier" value="575539238323"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-09-22</expDate>
            <notionalAmt>-22972737.5</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-258512.5</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="The fund is reporting returns without deducting sales loads and redemption fees, if applicable." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-07-08</ncom:dateSigned>
      <ncom:nameOfApplicant>INVESTMENT MANAGERS SERIES TRUST</ncom:nameOfApplicant>
      <ncom:signature>/s/ Maureen Quill</ncom:signature>
      <ncom:signerName>Maureen Quill</ncom:signerName>
      <ncom:title>President</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
