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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:

(626) 385-5777

Date of fiscal year end:

June 30

Date of reporting period:

June 30, 2026

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:

AAM/HIMCO Short Duration Fund

Class A/ASDAX

ANNUAL SHAREHOLDER REPORT | June 30, 2026

This annual shareholder report contains important information about the AAM/HIMCO Short Duration Fund (“Fund”) for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at https://www.aamlive.com/publicsite/mutual-funds-detail-himco. You can also request this information by contacting us at (888) 966-9661.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AAM/HIMCO Short Duration Fund (Class A/ASDAX)	$85	0.84%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

For the 12-month period ending June 30, 2026, the AAM/HIMCO Short Duration Fund Class A produced positive performance of 3.49%, before applicable sales charges. The Bloomberg 1-3 year U.S. Government/Credit Index (“Index”) returned 3.14% over the same period. The Fund was primarily invested in U.S. Treasuries, investment grade corporates, high yield corporates, bank loans, securitized sectors and cash. The securitized sectors included asset-backed securities (ABS), commercial mortgage-backed securities (CMBS) and collateralized loan obligations (CLOs).

TOP PERFORMANCE CONTRIBUTORS

- Sector allocation was the primary source of positive performance, particularly the out-of-benchmark allocations to ABS, CMBS, bank loans, CLOs and high yield corporates due to spread tightening and the positive carry

- The underweight to U.S. Treasuries was also of benefit

- Security selection within the Industrial and financial sub-sectors of investment grade corporates was a positive contributor

- A shorter interest rate duration position relative to the Index was a contributor given the increase in interest rates over the course of the 12-month period

TOP PERFORMANCE DETRACTORS

- The portfolio’s cash position was a drag on performance given the relative outperformance of the spread sectors

- The Fund did not have any direct holdings in the emerging market sector which detracted from the positive performance relative to the Index

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

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 Years	10 Years
AAM/HIMCO Short Duration Fund (Class A/ASDAX)¹	0.90%	2.64%	2.49%
AAM/HIMCO Short Duration Fund (Class A/ASDAX) — excluding sales load	3.49%	3.16%	2.74%
Bloomberg 1-3 Year US Government/Credit Index	3.14%	2.12%	2.00%
Bloomberg Aggregate Bond Index*	3.79%	0.08%	1.54%

¹	Maximum sales charge (load) of 2.50% of offering price.

* SEC rules require that a broad-based securities market index be provided to compare the performance in annual shareholder reports and prospectuses. The fund also continues to compare its performance to the Bloomberg 1-3 Year US Government/Credit Index. There is no change in the fund’s investment strategies as a result of the SEC rule.

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://www.aamlive.com/publicsite/mutual-funds-performance-himco for the most recent performance information.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$430,862,985
Total number of portfolio holdings	308
Total advisory fees paid (net)	$1,157,688
Portfolio turnover rate as of the end of the reporting period	30%

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 and Sector Allocation exclude short-term holdings, if any. Interest rate presented in the Top Ten Holdings are as of the reporting period end. The Sector Allocation chart represents Corporate Bonds held by the Fund.

Top Ten Holdings

United States Treasury Note, 4.37%, 11/30/2028	2.4%
United States Treasury Note, 4.25%, 2/28/2029	2.3%
United States Treasury Note, 4.62%, 9/15/2026	2.3%
United States Treasury Note, 4.25%, 3/15/2027	2.3%
United States Treasury Note, 4.13%, 9/30/2027	2.3%
United States Treasury Note, 4.00%, 2/29/2028	2.3%
United States Treasury Note, 4.00%, 1/31/2029	2.3%
United States Treasury Note, 4.00%, 7/31/2029	2.3%
United States Treasury Note, 3.88%, 11/30/2029	2.3%
United States Treasury Note, 3.50%, 9/30/2029	2.3%

Asset Allocation

Graphical Representation - Allocation 1 Chart

Sector Allocation

Graphical Representation - Allocation 2 Chart

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://www.aamlive.com/publicsite/mutual-funds-detail-himco. You can also request this information by contacting us at (888) 966-9661.

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 (888) 966-9661 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

AAM/HIMCO Short Duration Fund - Class A

AAM/HIMCO Short Duration Fund

Class C/ASDCX

ANNUAL SHAREHOLDER REPORT | June 30, 2026

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AAM/HIMCO Short Duration Fund (Class C/ASDCX)	$161	1.59%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

For the 12-month period ending June 30, 2026, the AAM/HIMCO Short Duration Fund Class C produced positive performance of 2.78%, before applicable sales charges. The Bloomberg 1-3 Year U.S. Government/Credit Index (“Index”) returned 3.14% over the same period. The Fund was primarily invested in U.S. Treasuries, investment grade corporates, high yield corporates, bank loans, securitized sectors and cash. The securitized sectors included asset-backed securities (ABS), commercial mortgage-backed securities (CMBS) and collateralized loan obligations (CLOs).

TOP PERFORMANCE CONTRIBUTORS

- The underweight to U.S. Treasuries was also of benefit

- Security selection within the Industrial and financial sub-sectors of investment grade corporates was a positive contributor

- A shorter interest rate duration position relative to the Index was a contributor given the increase in interest rates over the course of the 12-month period

TOP PERFORMANCE DETRACTORS

- The portfolio’s cash position was a drag on performance given the relative outperformance of the spread sectors

- The Fund did not have any direct holdings in the emerging market sector which detracted from the positive performance relative to the Index

Fund Performance

GROWTH OF $10,000

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 Years	10 Years
AAM/HIMCO Short Duration Fund (Class C/ASDCX)¹	1.78%	2.38%	1.98%
AAM/HIMCO Short Duration Fund (Class C/ASDCX) — excluding sales load	2.78%	2.38%	1.98%
Bloomberg 1-3 Year US Government/Credit Index	3.14%	2.12%	2.00%
Bloomberg Aggregate Bond Index*	3.79%	0.08%	1.54%

¹	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://www.aamlive.com/publicsite/mutual-funds-performance-himco for the most recent performance information.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$430,862,985
Total number of portfolio holdings	308
Total advisory fees paid (net)	$1,157,688
Portfolio turnover rate as of the end of the reporting period	30%

Graphical Representation of Holdings

Top Ten Holdings

United States Treasury Note, 4.37%, 11/30/2028	2.4%
United States Treasury Note, 4.25%, 2/28/2029	2.3%
United States Treasury Note, 4.62%, 9/15/2026	2.3%
United States Treasury Note, 4.25%, 3/15/2027	2.3%
United States Treasury Note, 4.13%, 9/30/2027	2.3%
United States Treasury Note, 4.00%, 2/29/2028	2.3%
United States Treasury Note, 4.00%, 1/31/2029	2.3%
United States Treasury Note, 4.00%, 7/31/2029	2.3%
United States Treasury Note, 3.88%, 11/30/2029	2.3%
United States Treasury Note, 3.50%, 9/30/2029	2.3%

Asset Allocation

Sector Allocation

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

Householding

AAM/HIMCO Short Duration Fund - Class C

AAM/HIMCO Short Duration Fund

Class I/ASDIX

ANNUAL SHAREHOLDER REPORT | June 30, 2026

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AAM/HIMCO Short Duration Fund (Class I/ASDIX)	$60	0.59%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

For the 12-month period ending June 30, 2026, the AAM/HIMCO Short Duration Fund Class I produced positive performance of 3.84%. The Bloomberg 1-3 Year U.S. Government/Credit Index (“Index”) returned 3.14% over the same period. The Fund was primarily invested in U.S. Treasuries, investment grade corporates, high yield corporates, bank loans, securitized sectors and cash. The securitized sectors included asset-backed securities (ABS), commercial mortgage-backed securities (CMBS) and collateralized loan obligations (CLOs).

TOP PERFORMANCE CONTRIBUTORS

- The underweight to U.S. Treasuries was also of benefit

- Security selection within the Industrial and financial sub-sectors of investment grade corporates was a positive contributor

- A shorter interest rate duration position relative to the Index was a contributor given the increase in interest rates over the course of the 12-month period

TOP PERFORMANCE DETRACTORS

- The portfolio’s cash position was a drag on performance given the relative outperformance of the spread sectors

- The Fund did not have any direct holdings in the emerging market sector which detracted from the positive performance relative to the Index

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 $25,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $25,000

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 Years	10 Years
AAM/HIMCO Short Duration Fund (Class I/ASDIX)	3.84%	3.44%	3.00%
Bloomberg 1-3 Year US Government/Credit Index	3.14%	2.12%	2.00%
Bloomberg Aggregate Bond Index*	3.79%	0.08%	1.54%

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://www.aamlive.com/publicsite/mutual-funds-performance-himco for the most recent performance information.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$430,862,985
Total number of portfolio holdings	308
Total advisory fees paid (net)	$1,157,688
Portfolio turnover rate as of the end of the reporting period	30%

Graphical Representation of Holdings

Top Ten Holdings

United States Treasury Note, 4.37%, 11/30/2028	2.4%
United States Treasury Note, 4.25%, 2/28/2029	2.3%
United States Treasury Note, 4.62%, 9/15/2026	2.3%
United States Treasury Note, 4.25%, 3/15/2027	2.3%
United States Treasury Note, 4.13%, 9/30/2027	2.3%
United States Treasury Note, 4.00%, 2/29/2028	2.3%
United States Treasury Note, 4.00%, 1/31/2029	2.3%
United States Treasury Note, 4.00%, 7/31/2029	2.3%
United States Treasury Note, 3.88%, 11/30/2029	2.3%
United States Treasury Note, 3.50%, 9/30/2029	2.3%

Asset Allocation

Sector Allocation

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

Householding

AAM/HIMCO Short Duration Fund - Class I

AAM/Insight Select Income Fund

Class A/CPUAX

ANNUAL SHAREHOLDER REPORT | June 30, 2026

This annual shareholder report contains important information about the AAM/Insight Select Income Fund (“Fund”) for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at https://www.aamlive.com/publicsite/mutual-funds-detail-selectincome. You can also request this information by contacting us at (888) 966-9661.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AAM/Insight Select Income Fund (Class A/CPUAX)	$87	0.85%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

The following discussion compares the performance of the Fund to the Bloomberg US Credit Index to show how the Fund’s performance compares to the returns of similar investments for the reporting period. The fund seeks to provide current income and outperformed the stated benchmark by investing primarily in US investment grade corporate bonds, high yield corporate bonds, taxable municipals, US dollar denominated sovereign and foreign agency bonds, Asset-backed securities, and other forms of investment grade structured credit.

TOP PERFORMANCE CONTRIBUTORS

- Sector allocation contributed positively with overweight to high yield and emerging markets corporates and underweight to US IG industrials contributing positively.

- Security selection contributed strongly to overall Fund performance as spreads compressed and subordinated bonds and hybrid structures outperformed. Selection was strongly positive particularly within IG financials and industrials. Corp Andina de Fomento, Bank of Nova Scotia, Avianca and Venture Global all contributed positively while Braskem, Eldorado and Argentina overweight and Panama underweight detracted somewhat from performance.

TOP PERFORMANCE DETRACTORS

- Duration and yield curve impacts were negative over the year as the portfolio periodically positioned overweight in the 5 yr part of the curve on the expectation of Fed cuts while the market priced in hikes based upon the tariffs and rising oil prices from the Iranian conflict. The treasury curve flattened as well with the long end rising 18bps while the 5yr rose 43.

Fund Performance

GROWTH OF $10,000

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 Years	10 Years
AAM/Insight Select Income Fund (Class A/CPUAX)¹	0.98%	-0.21%	2.41%
AAM/Insight Select Income Fund (Class A/CPUAX) — excluding sales load	4.13%	0.40%	2.72%
Bloomberg Credit Bond Index	4.34%	0.38%	2.49%
Bloomberg Aggregate Bond Index	3.79%	0.08%	1.54%

¹	Maximum sales charge (load) of 3.00% of offering price.

* SEC rules require that a broad-based securities market index be provided to compare the performance in annual shareholder reports and prospectuses. The fund also continues to compare its performance to the Bloomberg Credit Bond Index. There is no change in the fund’s investment strategies as a result of the SEC rule.

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://www.aamlive.com/publicsite/mutual-funds-performance-selectincome for the most recent performance information.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$222,132,616
Total number of portfolio holdings	491
Total advisory fees paid (net)	$481,925
Portfolio turnover rate as of the end of the reporting period	46%

Graphical Representation of Holdings

Top Ten Holdings

United States Treasury Bond, 4.62%, 2/15/2046	1.0%
NVIDIA Corp., 5.55%, 6/15/2046	1.0%
Bank of America Corp., 2.97%, 2/4/2033	0.8%
Mexico Government International Bond, 6.87%, 5/13/2037	0.7%
Morgan Stanley, 6.63%, 11/1/2034	0.7%
Goldman Sachs Group, Inc., 1.99%, 1/27/2032	0.6%
MetLife, Inc., 9.25%, 4/8/2038	0.6%
General Motors Co., 5.63%, 4/15/2030	0.6%
Bank of America Corp., 5.49%, 4/23/2037	0.6%
Bank of Nova Scotia, 7.35%, 4/27/2085	0.6%

Asset Allocation

Sector Allocation

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://www.aamlive.com/publicsite/mutual-funds-detail-selectincome. You can also request this information by contacting us at (888) 966-9661.

Householding

AAM/Insight Select Income Fund - Class A

AAM/Insight Select Income Fund

Class C/CPUCX

ANNUAL SHAREHOLDER REPORT | June 30, 2026

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AAM/Insight Select Income Fund (Class C/CPUCX)	$163	1.60%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

TOP PERFORMANCE CONTRIBUTORS

- Sector allocation contributed positively with overweight to high yield and emerging markets corporates and underweight to US IG industrials contributing positively.

TOP PERFORMANCE DETRACTORS

Fund Performance

GROWTH OF $10,000

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 Years	10 Years
AAM/Insight Select Income Fund (Class C/CPUCX)¹	2.26%	-0.37%	1.95%
AAM/Insight Select Income Fund (Class C/CPUCX) — excluding sales load	3.25%	-0.37%	1.95%
Bloomberg Credit Bond Index	4.34%	0.38%	2.49%
Bloomberg Aggregate Bond Index	3.79%	0.08%	1.54%

¹	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.

* SEC rules require that a broad-based securities market index be provided to compare the performance in annual shareholder reports and prospectuses. The fund also continues to compare its performance to the Bloomberg Credit Bond Index. There is no change in the fund’s investment strategies as a result of the SEC rule.

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://www.aamlive.com/publicsite/mutual-funds-performance-selectincome for the most recent performance information.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$222,132,616
Total number of portfolio holdings	491
Total advisory fees paid (net)	$481,925
Portfolio turnover rate as of the end of the reporting period	46%

Graphical Representation of Holdings

Top Ten Holdings

United States Treasury Bond, 4.62%, 2/15/2046	1.0%
NVIDIA Corp., 5.55%, 6/15/2046	1.0%
Bank of America Corp., 2.97%, 2/4/2033	0.8%
Mexico Government International Bond, 6.87%, 5/13/2037	0.7%
Morgan Stanley, 6.63%, 11/1/2034	0.7%
Goldman Sachs Group, Inc., 1.99%, 1/27/2032	0.6%
MetLife, Inc., 9.25%, 4/8/2038	0.6%
General Motors Co., 5.63%, 4/15/2030	0.6%
Bank of America Corp., 5.49%, 4/23/2037	0.6%
Bank of Nova Scotia, 7.35%, 4/27/2085	0.6%

Asset Allocation

Sector Allocation

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://www.aamlive.com/publicsite/mutual-funds-detail-selectincome. You can also request this information by contacting us at (888) 966-9661.

Householding

AAM/Insight Select Income Fund - Class C

AAM/Insight Select Income Fund

Class I/CPUIX

ANNUAL SHAREHOLDER REPORT | June 30, 2026

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AAM/Insight Select Income Fund (Class I/CPUIX)	$60	0.59%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

TOP PERFORMANCE CONTRIBUTORS

- Sector allocation contributed positively with overweight to high yield and emerging markets corporates and underweight to US IG industrials contributing positively.

TOP PERFORMANCE DETRACTORS

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 $25,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $25,000

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 Years	10 Years
AAM/Insight Select Income Fund (Class I/CPUIX)	4.29%	0.61%	2.97%
Bloomberg Credit Bond Index	4.34%	0.38%	2.49%
Bloomberg Aggregate Bond Index	3.79%	0.08%	1.54%

* SEC rules require that a broad-based securities market index be provided to compare the performance in annual shareholder reports and prospectuses. The fund also continues to compare its performance to the Bloomberg Credit Bond Index. There is no change in the fund’s investment strategies as a result of the SEC rule.

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://www.aamlive.com/publicsite/mutual-funds-performance-selectincome for the most recent performance information.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$222,132,616
Total number of portfolio holdings	491
Total advisory fees paid (net)	$481,925
Portfolio turnover rate as of the end of the reporting period	46%

Graphical Representation of Holdings

Top Ten Holdings

United States Treasury Bond, 4.62%, 2/15/2046	1.0%
NVIDIA Corp., 5.55%, 6/15/2046	1.0%
Bank of America Corp., 2.97%, 2/4/2033	0.8%
Mexico Government International Bond, 6.87%, 5/13/2037	0.7%
Morgan Stanley, 6.63%, 11/1/2034	0.7%
Goldman Sachs Group, Inc., 1.99%, 1/27/2032	0.6%
MetLife, Inc., 9.25%, 4/8/2038	0.6%
General Motors Co., 5.63%, 4/15/2030	0.6%
Bank of America Corp., 5.49%, 4/23/2037	0.6%
Bank of Nova Scotia, 7.35%, 4/27/2085	0.6%

Asset Allocation

Sector Allocation

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://www.aamlive.com/publicsite/mutual-funds-detail-selectincome. You can also request this information by contacting us at (888) 966-9661.

Householding

AAM/Insight Select Income Fund - Class I

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 1-888-966-9661.

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.

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.

(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:

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.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Please note the Financials and Other Information only contains Items 7-11 required in Form N-CSR. All other required items will be filed with the SEC.

This report and the financial statements contained herein are provided for the general information of the shareholders of the AAM/HIMCO Short Duration Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

AAM/HIMCO Short Duration Fund (the “Fund”) is organized as a 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 Fund’s primary investment objective is to seek to provide current income and long-term total return. The Fund’s inception date was June 30, 2014, but the Fund commenced investment operations on July 1, 2014. The Fund currently offers three classes of shares: Class A, Class C, and Class I.

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

The 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 Topic 946 “Financial Services — Investment Companies”.

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

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

The Fund values 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.

Corporate debt securities are fixed-income securities issued by businesses to finance their operations, although corporate debt instruments may also include bank loans to companies. Notes, bonds, bank loans, debentures and commercial paper are the most common types of corporate debt securities, with the primary difference being their maturities and secured or unsecured status. Commercial paper has the shortest term and is usually unsecured. The broad category of corporate debt securities includes debt issued by domestic or foreign companies of all kinds, including those with small-, mid- and large-capitalizations. Corporate debt may be rated investment grade or below investment grade and may carry variable or floating rates of interest.

Corporate debt securities carry credit risk, interest rate risk and prepayment risk. Credit risk is the risk that a fund could lose money if the issuer of a corporate debt security is unable to pay interest or repay principal when it is due. Some corporate debt securities that are rated below investment grade are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt securities. The credit risk of a particular issuer’s debt security may vary based on its priority for repayment.

Interest rate risk is the risk that the value of certain corporate debt securities will tend to fall when interest rates rise. In general, corporate debt securities with longer terms tend to fall more in value when interest rates rise than corporate debt securities with shorter terms. Prepayment risk occurs when issuers prepay fixed rate debt securities when interest rates fall, forcing the Fund to invest in securities with lower interest rates. Issuers of debt securities are also subject to the provisions of bankruptcy, insolvency and other laws affecting the rights and remedies of creditors that may restrict the ability of the issuer to pay, when due, the principal of and interest on its debt securities.

The Fund may purchase participations in commercial loans (bank loans). Such investments may be secured or unsecured. Loan participations typically represent direct participation, together with other parties, in a loan to a corporate borrower, and generally are offered by banks or other financial institutions or lending syndicates. The Fund may participate in such syndications, or can buy part of a loan, becoming a part lender. When purchasing indebtedness and loan participations, the Fund assumes the credit risk associated with the corporate borrower and may assume the credit risk associated with an interposed bank or other financial intermediary. The indebtedness and loan participations in which the Fund intend to invest may not be rated by any nationally recognized rating service.

Bank loans may be structured to include both term loans, which are generally fully funded at the time of investment and unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand, representing a potential financial obligation by the Fund in the future. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a senior floating rate interest. Commitment fees are processed as a reduction in cost.

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 Fund records 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 Fund are allocated on a pro rata basis to each class of shares in proportion to their 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.

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

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 Fund’s 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 Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations.

The Income Tax Statement requires management of the Fund 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 June 30, 2026, and during the prior three open tax years the Fund did not have a liability for any unrecognized tax benefits. The Fund has no examination in progress and is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The Fund will make distributions of net investment income monthly and net capital gains, if any, at least annually. 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.

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.

Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Fund limits its 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 the 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 Fund’s written LRMP.

The Trust, on behalf of the Fund, entered into an Investment Advisory Agreement (the “Agreement”) with Advisors Asset Management, Inc. (the “Advisor”). Under the terms of the Agreement, the Fund pays a monthly investment advisory fee to the Advisor at the annual rate of 0.38% of the Fund’s average daily net assets. The Advisor has engaged Hartford Investment Management Company (the “Sub-Advisor”) to manage the Fund 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 Fund to ensure that the total annual fund operating expenses (excluding any front-end or contingent deferred loads, 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, and extraordinary expenses such as litigation expenses) do not exceed 0.84%, 1.59% and 0.59% of the average daily net assets of the Fund’s Class A, Class C and Class I Shares, respectively. This agreement is in effect until October 31, 2035, and it may be terminated before that date only by the Trust’s Board of Trustees.

For the year ended June 30, 2026, the Advisor waived a portion of its advisory fees totaling $315,616. The 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. At June 30, 2026, the amount of these potentially recoverable expenses was $804,439. 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 June 30 of the years stated below:

UMB Fund Services, Inc. (“UMBFS”) serves as the Fund’s fund accountant, transfer agent and co-administrator; and Mutual Fund Administration, LLC (“MFAC”) serves as the Fund’s other co-administrator. UMB Bank, n.a., an affiliate of UMBFS, serves as the Fund’s custodian. The Fund’s allocated fees incurred for fund accounting, fund administration, transfer agency and custody services for the year ended June 30, 2026, are reported on the Statement of Operations.

IMST Distributors, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), serves as the Fund’s distributor (the “Distributor”). The Distributor does not receive compensation from the Fund 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 Fund does not compensate trustees and officers affiliated with the Fund’s co-administrators. For the year ended June 30, 2026, the Fund’s allocated fees incurred to Trustees who are not affiliated with the Fund’s co-administrators are reported on the Statement of Operations.

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

Dziura Compliance Consulting, LLC provides Chief Compliance Officer (“CCO”) services to the Trust. The Fund’s allocated fees incurred for CCO services for the year ended June 30, 2026, are reported on the Statement of Operations.

At June 30, 2026, gross unrealized appreciation/(depreciation) of investments, based on cost for federal income tax purposes were as follows:

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.

As of June 30, 2026, the components of accumulated earnings/(deficit) on a tax basis were as follows:

The tax character of the distributions paid during the fiscal years ended June 30, 2026 and June 30, 2025, were as follows:

At June 30, 2026, the Fund had an accumulated capital loss carry forward as follows:

The fund utilized $132,756 of its capital loss carryforwards during the year ended June 30, 2026. 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.

The Fund may impose a redemption fee of 1.00% of the total redemption amount on all shares redeemed within 30 days of purchase. For the year ended June 30, 2026 and the year ended June 30, 2025, the Fund received $116 and $101, respectively.

For the year ended June 30, 2026, purchases and sales of investments, excluding short-term investments, forward contracts, futures contracts, options contracts and swap contracts were $166,381,407 and $104,372,302, respectively.

The Trust, on behalf of the Fund, has adopted a Shareholder Servicing Plan to pay a fee at an annual rate of up to 0.10% of the Fund’s average daily net assets of shares serviced by shareholder servicing agents who provide administrative and support services to their customers.

For the year ended June 30, 2026, shareholder servicing fees incurred are disclosed on the Statement of Operations.

The Trust, on behalf of the Fund, has adopted a Rule 12b-1 plan with respect to the Fund’s Class A Shares and Class C Shares. Under the plan, the Fund pays to the Distributor distribution fees for the sale and distribution of the Fund’s Class A and Class C Shares and/or shareholder liaison service fees in connection with the provision of personal services to shareholders of each such Class and the maintenance of their shareholder accounts.

For Class A Shares, the maximum annual fee payable to the Distributor for such distribution and/or administrative 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. Class I Shares are not subject to any distribution or service fees under the plan.

For the year ended June 30, 2026, the Fund’s distribution and service fees incurred are disclosed on the Statement of Operations.

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

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 Fair Value Measurements and Disclosures, various inputs are used in determining the value of the Fund’s investments. These inputs are summarized into three broad Levels as described below:

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.

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 June 30, 2026, in valuing the Fund’s assets carried at fair value:

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 June 30, 2026:

The Fund may enter into unfunded loan commitments. Unfunded loan commitments may be partially or wholly unfunded. During the contractual period, the Fund is obliged to provide funding to the borrower upon demand. Unfunded loan commitments are fair valued in accordance with the valuation policy described in Note 2(a) and unrealized appreciation or depreciation, if any, is recorded on the Statement of Assets and Liabilities. As of June 30, 2026, the Fund did not have any unfunded commitments outstanding.

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.

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 of 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.

The Fund has 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 the Fund’s related events and transactions that occurred through the date of issuance of the Fund’s financial statements. There were no events or transactions that occurred during this period that materially impacted the amounts or disclosures in the Fund’s financial statements.

We have audited the accompanying statement of assets and liabilities of the AAM/HIMCO Short Duration Fund (the “Fund”), a series of Investment Managers Series Trust, including the schedule of investments, as of June 30, 2026, the related statement 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, 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 present fairly, in all material respects, the financial position of the Fund as of June 30, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the 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.

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s 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 Fund 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 audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its 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 Fund’s 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 June 30, 2026 by correspondence with the custodian, brokers and agent banks, when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Please note the Financials and Other Information only contains Items 7-11 required in Form N-CSR. All other required items will be filed with the SEC.

This report and the financial statements contained herein are provided for the general information of the shareholders of the AAM/Insight Select Income Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

The Fund has recorded a liability of $2,998 as of June 30, 2026, related to the current day's variation margin related to these contracts.

The Fund has recorded a liability of $38,528 as of June 30, 2026, related to the current day's variation margin related to these contracts.

AAM/Insight Select Income Fund (the “Fund”) is organized as a 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 Fund’s primary investment objective is to seek current income. The Fund currently offers three classes of shares: Class A, Class C, and Class I. The Fund’s Class A, Class C and Class I shares commenced investment operations on April 19, 2013.

The Fund may enter into futures contracts (including contracts relating to foreign currencies, interest rates and other financial indexes), 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. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as cash deposited with broker. Securities deposited as initial margin are designated in the Schedule of Investments. During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by “marked to market” on a daily basis to reflect the market value of the contracts at the end of each day’s trading. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. Depending upon the agreement with the broker, the Fund may or may not settle variation margin daily. When the contracts are closed or expires, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract.

The Fund may utilize forward foreign currency exchange contracts (“forward contracts”) under which it is obligated to exchange currencies on specified future dates at specified rates, and is subject to the translations of foreign exchange rates fluctuations. All contracts are “marked-to-market” daily and any resulting unrealized gains or losses are recorded as unrealized appreciation or depreciation on foreign currency translations. The Fund records realized gains or losses at the time the forward contract is settled. Counter parties to these forward contracts are major U.S. financial institutions.

The Fund may enter into credit default swap agreements for investment purposes. A credit default swap agreement may have as reference obligations one or more securities that are not currently held by the Fund. The Fund may be either the buyer or seller in the transaction. Credit default swaps may also be structured based on the debt of a basket of issuers, rather than a single issuer, and may be customized with respect to the default event that triggers purchase or other factors. As a seller, the Fund would generally receive an upfront payment or a fixed rate of income throughout the term of the swap, which typically is between six months and three years, provided that there is no credit event. If a credit event occurs, generally the seller must pay the buyer the full face amount of deliverable obligations of the reference obligations that may have little or no value. The notional value will be used to segregate liquid assets for selling protection on credit default swaps. If the Fund were a buyer and no credit event occurs, the Fund would recover nothing if the swap is held through its termination date. However, if a credit event occurs, the buyer may elect to receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference obligation that may have little or no value. The use of swap agreements by the Fund entails certain risks, which may be different from, or possibly greater than, the risks associated with investing directly in the securities and other investments that are the referenced asset for the swap agreement. Swaps are highly specialized instruments that require investment techniques, risk analyses, and tax planning different from those associated with stocks, bonds, and other traditional investments. The use of a swap requires an understanding not only of the referenced asset, reference rate, or index, but also of the swap itself, without the benefit of observing the performance of the swap under all the possible market conditions. Because some swap agreements have a leverage component, adverse changes in the value or level of the underlying asset, reference rate, or index can result in a loss substantially greater than the amount invested in the swap itself. Certain swaps have the potential for unlimited loss, regardless of the size of the initial investment.

The Fund may also purchase credit default swap contracts in order to hedge against the risk of default of the debt of a particular issuer or basket of issuers, in which case the Fund would function as the counterparty referenced in the preceding paragraph. This would involve the risk that the investment may expire worthless and would only generate income in the event of an actual default by the issuer(s) of the underlying obligation(s) (or, as applicable, a credit downgrade or other indication of financial instability). It would also involve the risk that the seller may fail to satisfy its payment obligations to the Fund in the event of a default. The purchase of credit default swaps involves costs, which will reduce the Fund's return.

Asset-backed securities include pools of mortgages, loans, receivables or other assets. Payment of principal and interest may be largely dependent upon the cash flows generated by the assets backing the securities, and, in certain cases, supported by letters of credit, surety bonds, or other credit enhancements. The value of asset-backed securities may also be affected by the creditworthiness of the servicing agent for the pool, the originator of the loans or receivables, or the financial institution(s) providing the credit support. In addition, asset-backed securities are not backed by any governmental agency.

Collateralized Debt Obligations (“CDOs”) include Collateralized Bond Obligations (“CBOs”), Collateralized Loan Obligations (“CLOs”) and other similarly structured securities. CBOs and CLOs are types of asset backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. CDOs carry additional risks including, but not limited to, (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the collateral may decline in value or default, (iii) a Fund may invest in CDOs that are subordinate to other classes, and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Preferred stock represents an equity interest in a company that generally entitles the holder to receive, in preference to the holders of other stocks such as common stock, dividends and a fixed share of the proceeds resulting from a liquidation of the company. The market value of preferred stock is subject to company-specific and market risks applicable generally to equity securities and is also sensitive to changes in the company’s creditworthiness, the ability of the company to make payments on the preferred stock, and changes in interest rates, typically declining in value if interest rates rise.

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 Fund records 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. Income and expenses of the Fund 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.

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 Fund’s 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 Fund recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations.

The Income Tax Statement requires management of the Fund 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 June 30, 2026, and during the prior three open tax years the Fund did not have a liability for any unrecognized tax benefits. The Fund has no examinations in progress and is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The Trust, on behalf of the Fund, entered into an Investment Advisory Agreement (the “Agreement”) with Advisors Asset Management, Inc. (the “Advisor”). Under the terms of the Agreement, the Fund pays a monthly investment advisory fee to the Advisor at the annual rate of 0.38% of the Fund’s average daily net assets. The Advisor has engaged Insight North America LLC (the “Sub-Advisor”) to manage the Fund and pay the Sub-Advisor from its advisory fees.

The Advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding 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 0.85%, 1.60% and 0.60% of the average daily net assets of the Fund's Class A, Class C and Class I Shares, respectively. This agreement is in effect until October 31, 2035, and it may be terminated before that date only by the Trust’s Board of Trustees.

For the year ended June 30, 2026, the Advisor waived its fees totaling $335,626 for the Fund. The 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. At June 30, 2026, the amount of these potentially recoverable expenses was $1,014,395. 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 June 30 of the years stated below:

UMB Fund Services, Inc. (“UMBFS”) serves as the Fund’s fund accountant, transfer agent and co-administrator; and Mutual Fund Administration, LLC (“MFAC”) serves as the Fund’s other co-administrator. UMB Bank, N.A., an affiliate of UMBFS, serves as the Fund’s custodian. The Fund’s allocated fees incurred for fund accounting, fund administration, transfer agency and custody services for the year ended June 30, 2026, are reported on the Statement of Operations.

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

At June 30, 2026, gross unrealized appreciation and (depreciation) of investments, based on cost for federal income tax purposes were as follows:

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to wash sales.

U.S. GAAP requires that certain components of net assets 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 June 30, 2026, permanent differences in book and tax accounting have been reclassified to paid-in capital and total distributable earnings (accumulated deficit) as follows:

As of June 30, 2026, the components of accumulated earnings (deficit) on a tax basis were as follows:

The tax character of the distributions paid during the fiscal years ended June 30, 2026, and June 30, 2025 were as follows:

At June 30, 2026, the Fund had an accumulated capital loss carry forward as follows:

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.

The Fund may impose a redemption fee of 2.00% of the total redemption amount on all shares redeemed within 90 days of purchase. For the year ended June 30, 2026 and the year ended June 30, 2025, the Fund received $36 and $2,277, respectively, in redemption fees.

For the year ended June 30, 2026, purchases and sales of investments, excluding short-term investments, forward contracts and futures contracts, were $113,960,878 and $96,962,523, respectively.

The Trust, on behalf of the Fund, has adopted a Shareholder Servicing Plan to pay a fee at an annual rate of up to 0.10% of the average daily net assets attributable to Class A shares, Class C shares, and Class I shares serviced by shareholder servicing agents who provide administrative and support services to their customers. The Class Y shares do not participate in the Shareholder Servicing Plan.

For the year ended June 30, 2026, shareholder servicing fees incurred are disclosed on the Statement of Operations.

The Trust, on behalf of the Fund, has adopted a Rule 12b-1 plan with respect to its Class A and Class C Shares. Under the plan, the Fund pays to the Distributor distribution fees in connection with the sale and distribution of the Fund’s Class A and Class C Shares and/or administrative service fees in connection with the provision of ongoing services to shareholders and the maintenance of shareholder accounts.

For the year ended June 30, 2026, distribution and service fees incurred are disclosed on the Statement of Operations.

Under Fair Value Measurements and Disclosures, various inputs are used in determining the value of the Fund’s investments. These inputs are summarized into three broad Levels as described below:

Derivatives and Hedging requires enhanced disclosures about the Fund’s derivative and hedging activities, including how such activities are accounted for and their effects on the Fund’s financial position and performance. The Fund invested in futures contracts, forward contracts and credit default swap contracts during the year ended June 30, 2026.

The effects of these derivative instruments on the 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 June 30, 2026, by risk category are as follows:

The effects of derivative instruments on the Statement of Operations for the year ended June 30, 2026, are as follows:

The quarterly average volumes of derivative instruments as of June 30, 2026, are as follows:

We have audited the accompanying statement of assets and liabilities of the AAM/Insight Select Income Fund (the “Fund”), a series of Investment Managers Series Trust, including the schedule of investments, as of June 30, 2026, the related statement 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, 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 present fairly, in all material respects, the financial position of the Fund as of June 30, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the 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.

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 June 30, 2026 by correspondence with the custodian and brokers; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

At an in-person meeting held on March 18, 2026, the Board of Trustees (the “Board”) of Investment Managers Series Trust (the “Trust”), including the trustees who are not “interested persons” of the Trust (the “Independent Trustees”) as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), reviewed and unanimously approved the renewal of the investment advisory agreement (the “Advisory Agreement”) between the Trust and Advisors Asset Management, Inc. (the “Advisor”), and the sub-advisory agreement (the “Sub-Advisory Agreement”) between the Advisor and Hartford Investment Management Company (the “Sub-Advisor”), with respect to the AAM/HIMCO Short Duration Fund series of the Trust (the “Fund”) for additional one-year terms from when they otherwise would expire. The Advisory Agreement and the Sub-Advisory Agreement are referred to below as the “Fund Advisory Agreements.” In approving the renewal of each Fund Advisory Agreement, the Board, including the Independent Trustees, determined that such renewal was in the best interests of the Fund and its shareholders.

In advance of the meeting, the Board received information about the Fund and the Fund Advisory Agreements from the Advisor, the Sub-Advisor, and Mutual Fund Administration, LLC and UMB Fund Services, Inc., the Trust’s co-administrators, certain portions of which are discussed below. The materials, among other things, included information about the organization and financial condition of the Advisor and the Sub-Advisor; information regarding the background, experience, and compensation structure of relevant personnel providing services to the Fund; information about the Advisor’s and the Sub-Advisor’s compliance policies and procedures, cybersecurity, disaster recovery and contingency planning, and policies with respect to portfolio execution and trading; information regarding the profitability of the Advisor’s overall relationship with the Fund; reports comparing the performance of the Fund with returns of the Bloomberg U.S. Aggregate Bond Total Return Index (the “U.S. Aggregate Bond Index”), the Bloomberg U.S. Government/Credit 1-3 Year Total Return Index (the “U.S. Government/Credit Index”), and a group of comparable funds (the “Peer Group”) selected by Broadridge Financial Solutions, Inc. (“Broadridge”) from Morningstar, Inc.’s Ultrashort Bond category (the “Fund Universe”) for the one-, three-, five-, and ten-year periods ended December 31, 2025; reports comparing the investment advisory fee and total expenses of the Fund with those of the Peer Group and Fund Universe; and the advisory and sub-advisory fees paid pursuant to the Advisory Agreement and Sub-Advisory Agreement, respectively. The Board also received a memorandum from legal counsel to the Trust discussing the legal standards under the 1940 Act and other applicable law for their consideration of the proposed renewal of the Fund Advisory Agreements. In addition, the Board considered information reviewed by the Board during the year at other Board and Board committee meetings. No representatives of the Advisor or Sub-Advisor were present during the Board’s consideration of the Fund Advisory Agreements, and the Independent Trustees were represented by their legal counsel with respect to the matters considered.

Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) - Continued

In renewing each Fund Advisory Agreement, the Board and the Independent Trustees considered a variety of factors, including those discussed below. In their deliberations, the Board and the Independent Trustees did not identify any particular factor that was controlling, and each Trustee may have attributed different weights to the various factors.

With respect to the performance results of the Fund, the meeting materials indicated that the Fund’s annualized total return for the ten-year period was above the Peer Group and Fund Universe median returns, the U.S. Government/Credit Index return, and the U.S. Aggregate Bond Index return. The Fund’s annualized total return for the three-year period was above the Fund Universe median return, the U.S. Government/Credit Index return, and the U.S. Aggregate Bond Index return, and was the same as the Peer Group median return. The Fund’s total return for the one-year period was above the U.S. Government/Credit Index return and the Peer Group and Fund Universe median returns, but below the U.S. Aggregate Bond Index return by 1.61%. For the five-year period, the Fund’s annualized total return was above the U.S. Government/Credit Index and U.S. Aggregate Bond Index returns, but below the Fund Universe and Peer Group median returns by 0.02% and 0.17%, respectively. The Trustees considered the Advisor’s assertion that during periods when short-term interest rates increase, the Fund is generally expected to underperform relative to the funds in the Peer Group and Fund Universe, due to its longer duration. The Trustees also considered the Advisor’s belief that given the Fund’s longer duration, it should be included in the Short-Term Bond category rather than the Fund Universe, which has a duration ceiling of one year.

The Board considered the overall quality of services provided by the Advisor to the Fund. In doing so, the Board considered the Advisor’s specific responsibilities in day-to-day management and oversight of the Fund, as well as the qualifications, experience, and responsibilities of the personnel involved in the activities of the Fund. The Board also considered the overall quality of the organization and operations of the Advisor, as well as its compliance structure and compliance procedures. In addition, the Board considered the respective roles of the Advisor and the Sub-Advisor, noting that the Advisor provides overall supervision of the general investment management and investment operations of the Fund and oversees the Sub-Advisor with respect to the Fund’s operations, including monitoring the investment and trading activities of the Sub-Advisor, monitoring the Fund’s compliance with its investment policies, and providing general administrative services related to the Advisor’s overall supervision of the Fund; and that the Sub-Advisor’s responsibilities include day-to-day portfolio management. The Board and the Independent Trustees concluded that based on the various factors they had reviewed, the nature, overall quality, and extent of the management and oversight services provided by the Advisor to the Fund were satisfactory.

With respect to the advisory fee paid by the Fund, the meeting materials indicated that the annual investment advisory fee (gross of fee waivers) was higher than the Peer Group and Fund Universe medians by 0.12% and 0.13%, respectively. The Trustees considered the Advisor’s belief that the Fund utilizes more sophisticated asset classes than some of the funds in the Peer Group and Fund Universe, and that the Fund’s value-added investment process is evidenced by the Fund’s strong performance relative to its benchmark. The Trustees noted that the Advisor does not manage any other accounts with the same objectives and policies as the Fund, and therefore they did not have a good basis for comparing the Fund’s advisory fee with those of other similar client accounts of the Advisor. The Trustees also considered that the Fund’s advisory fee was the same as the advisory fee paid by the other series of the Trust managed by the Advisor.

The annual total expenses paid by the Fund (net of fee waivers) for the Fund’s most recent fiscal year were higher than the Peer Group and Fund Universe medians by 0.24% and 0.25%, respectively. The Trustees observed, however, that the average net assets of the Fund’s class considered by Broadridge were lower than the average net assets of corresponding classes of funds in the Peer Group, and significantly lower than the average net assets of corresponding classes of funds in the Fund Universe, and that certain of those other funds also had significant assets in other classes.

Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) - Continued

The Board and the Independent Trustees concluded that based on the factors they had reviewed, the compensation payable to the Advisor under the Advisory Agreement was fair and reasonable in light of the nature and quality of the services the Advisor provides to the Fund.

The Board next considered information prepared by the Advisor relating to its costs and profits with respect to the Fund for the year ended December 31, 2025, noting that the Advisor had waived a portion of its advisory fee for the Fund, and that the Advisor did not realize a profit with respect to the Fund.

The Board also considered the benefits received by the Advisor as a result of the Advisor’s relationship with the Fund, other than the receipt of its investment advisory fee, including the beneficial effects from the review by the Trust’s Chief Compliance Officer of the Advisor’s compliance program, the intangible benefits of the Advisor’s association with the Fund generally, and any favorable publicity arising in connection with the Fund’s performance. The Trustees noted that although there were no advisory fee breakpoints, the asset level of the Fund was not currently likely to lead to significant economies of scale, and that any such economies would be considered in the future as the assets of the Fund grow.

The Board considered the overall quality of services provided by the Sub-Advisor to the Fund. In doing so, the Board considered the Sub-Advisor’s specific responsibilities in day-to-day portfolio management of the Fund, as well as the qualifications, experience, and responsibilities of the personnel involved in the activities of the Fund. The Board also considered the overall quality of the organization and operations of the Sub-Advisor, as well as its compliance structure and compliance procedures. The Board’s observations regarding the performance of the Fund are described above. The Board and the Independent Trustees concluded that based on the various factors they had reviewed, the nature, overall quality, and extent of the management services provided by the Sub-Advisor to the Fund were satisfactory.

The Board reviewed information regarding the sub-advisory fee charged by the Sub-Advisor with respect to the Fund and noted that for as long as the Advisor has agreed to waive investment advisory fees payable to it by the Fund and/or absorb expenses pursuant to an operating expense limitation agreement, the Sub-Advisor has agreed to contribute to such waiver and/or reimbursement. The Trustees also noted that the sub-advisory fee charged by the Sub-Advisor with respect to the Fund (at its current asset level) was lower than the Sub-Advisor’s standard fee schedule for institutional client accounts managed using its short duration strategy up to the $75 million asset level, but higher than its standard fee schedule above that level. The Board noted, however, that management of mutual fund assets requires compliance with certain requirements under the 1940 Act that do not apply to the Sub-Advisor’s institutional clients. The Board also noted that the Advisor pays the Sub-Advisor’s sub-advisory fee out of the Advisor’s advisory fee.

The Board and the Independent Trustees concluded that based on the factors they had reviewed, the compensation payable to the Sub-Advisor under the Sub-Advisory Agreement was fair and reasonable in light of the nature and quality of the services the Sub-Advisor provides to the Fund.

Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) - Continued

The Board considered the benefits received by the Sub-Advisor as a result of its relationship with the Fund, other than the receipt of its sub-advisory fee, including any research received from broker-dealers providing execution services to the Fund, the beneficial effects from the review by the Trust’s Chief Compliance Officer of the Sub-Advisor’s compliance program, the intangible benefits of the Sub-Advisor’s association with the Fund generally, and any favorable publicity arising in connection with the Fund’s performance.

Based on these and other factors, the Board and the Independent Trustees concluded that renewal of the Fund Advisory Agreements was in the best interests of the Fund and its shareholders and, accordingly, renewed each Fund Advisory Agreement.

At an in-person meeting held on March 18, 2026, the Board of Trustees (the “Board”) of Investment Managers Series Trust (the “Trust”), including the trustees who are not “interested persons” of the Trust (the “Independent Trustees”) as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), reviewed and unanimously approved the renewal of the investment advisory agreement (the “Advisory Agreement”) between the Trust and Advisors Asset Management, Inc. (the “Advisor”), and the sub-advisory agreement (the “Sub-Advisory Agreement”) between the Advisor and Insight North America LLC (the “Sub-Advisor”), with respect to the AAM/Insight Select Income Fund series of the Trust (the “Fund”) for additional one-year terms from when they otherwise would expire. The Advisory Agreement and the Sub-Advisory Agreement are referred to below as the “Fund Advisory Agreements.” In approving the renewal of each Fund Advisory Agreement, the Board, including the Independent Trustees, determined that such renewal was in the best interests of the Fund and its shareholders.

In advance of the meeting, the Board received information about the Fund and the Fund Advisory Agreements from the Advisor, the Sub-Advisor, and Mutual Fund Administration, LLC and UMB Fund Services, Inc., the Trust’s co-administrators, certain portions of which are discussed below. The materials, among other things, included information about the organization and financial condition of the Advisor and the Sub-Advisor; information regarding the background, experience, and compensation structure of relevant personnel providing services to the Fund; information about the Advisor’s and the Sub-Advisor’s compliance policies and procedures, cybersecurity, disaster recovery and contingency planning, and policies with respect to portfolio execution and trading; information regarding the profitability of the Advisor’s overall relationship with the Fund; reports comparing the performance of the Fund with returns of the Bloomberg U.S. Credit Total Return Index (the “U.S. Credit Index”), the Bloomberg U.S. Aggregate Bond Total Return Index (the “U.S. Aggregate Bond Index”), and a group of comparable funds (the “Peer Group”) selected by Broadridge Financial Solutions, Inc. (“Broadridge”) from Morningstar, Inc.’s Corporate Bond category (the “Fund Universe”) for the one-, three-, five-, and ten-year periods ended December 31, 2025; reports comparing the investment advisory fee and total expenses of the Fund with those of the Peer Group and Fund Universe; and the advisory and sub-advisory fees paid pursuant to the Advisory Agreement and Sub-Advisory Agreement, respectively. The Board also received a memorandum from legal counsel to the Trust discussing the legal standards under the 1940 Act and other applicable law for their consideration of the proposed renewal of the Fund Advisory Agreements. In addition, the Board considered information reviewed by the Board during the year at other Board and Board committee meetings. No representatives of the Advisor or Sub-Advisor were present during the Board’s consideration of the Fund Advisory Agreements, and the Independent Trustees were represented by their legal counsel with respect to the matters considered.

Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) - Continued

With respect to the performance results of the Fund, the meeting materials indicated that the Fund’s annualized total returns for the three-, five-, and ten-year periods were above the Peer Group and Fund Universe median returns, the U.S. Aggregate Bond Index returns, and the U.S. Credit Index returns. For the one-year period, the Fund’s total return was above the Fund Universe median return and U.S. Aggregate Bond Index return, but below the Peer Group median return and the U.S. Credit Index return by 0.04% and 0.12%, respectively. The Trustees observed that the Fund’s volatility of returns, as measured by its standard deviation; its risk-adjusted returns, as measured by its Sharpe ratio; its downside volatility, as measured by its Morningstar risk score; and its risk-adjusted returns relative to the benchmark, as measured by its information ratio, ranked it in the first or second quartile of the funds (which are the most favorable) in the Peer Group for the three-, five-, and ten-year periods.

With respect to the advisory fee paid by the Fund, the meeting materials indicated that the annual investment advisory fee (gross of fee waivers) was lower than the Fund Universe median and the same as the Peer Group median. The Trustees noted that the Advisor does not manage any other accounts with the same objectives and policies as the Fund, and therefore they did not have a good basis for comparing the Fund’s advisory fee with those of other similar client accounts of the Advisor. The Trustees also considered that the Fund’s advisory fee was the same as the advisory fee paid by the other series of the Trust managed by the Advisor.

The annual total expenses paid by the Fund (net of fee waivers) for the Fund’s most recent fiscal year were higher than the Peer Group and Fund Universe medians by 0.04% and 0.08%, respectively. The Trustees noted, however, that the average net assets of the Fund’s class considered by Broadridge were significantly lower than the average net assets of corresponding classes of funds in the Peer Group and Fund Universe, and that certain of those other funds also had significant assets in other classes. The Trustees also considered that the Fund’s total expenses were not in the highest quartile of those funds in the Peer Group or Fund Universe.

Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) - Continued

The Board next considered information prepared by the Advisor relating to its costs and profits with respect to the Fund for the year ended December 31, 2025, noting that the Advisor had waived a significant portion of its advisory fee for the Fund, and that the Advisor did not realize a profit with respect to the Fund.

The Board reviewed information regarding the sub-advisory fee charged by the Sub-Advisor with respect to the Fund, and noted that it was lower than the advisory fee that the Sub-Advisor charges to manage a separate account, and lower than the sub-advisory fee that the Sub-Advisor charges to sub-advise an open-end fund, each of which have the same or similar strategies as the Fund. The Board observed that the Advisor pays the Sub-Advisor’s sub-advisory fee out of the Advisor’s advisory fee.

Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) - Continued

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

The registrant has not made any material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(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.

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.

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.

	AAM/HIMCO Short Duration Fund and AAM Insight Select Income Fund	FYE 6/30/2026	FYE 6/30/2025
(a)	Audit Fees	$43,900	$42,700
(b)	Audit-Related Fees	N/A	N/A
(c)	Tax Fees	$5,800	$5,800
(d)	All Other Fees	N/A	N/A

Principal Amount			Value
		ASSET-BACKED SECURITIES — 15.7%
$	2,687,000	American Express Credit Account Master Trust Series 2024-1, Class A, 5.23%, 4/15/2029¹	$	2,709,412
	1	Apidos CLO Series 2012-11A, Class XR4, 4.68% (3-Month Term SOFR+100 basis points), 4/17/2034^1,2,3		1
	2,333,000	BA Credit Card Trust Series 2024-A1, Class A, 4.93%, 5/15/2029¹		2,348,286
	1,200,000	Balboa Bay Loan Funding Ltd. Series 2022-1A, Class XR, 4.73% (3-Month Term SOFR+105 basis points), 4/20/2037^1,2,3		1,200,210
	1,618,766	Capital One Prime Auto Receivables Trust Series 2025-1, Class A2A, 3.88%, 1/16/2029¹		1,616,583
	1,000,000	Carmax Auto Owner Trust Series 2022-3, Class C, 4.98%, 2/15/2028¹		1,001,605
	571,000	CarMax Auto Owner Trust Series 2026-1, Class A2B, 3.96% (30-Day SOFR Average+37 basis points), 4/16/2029^1,2		571,280
		Commonbond Student Loan Trust
	12,290	Series 2016-B, Class B, 4.00%, 10/25/2040^1,3		11,605
	175,474	Series 2018-CGS, Class A1, 3.87%, 2/25/2046^1,3		170,090
	1,081,750	Consumer Portfolio Services Auto Trust Series 2025-D, Class A, 4.46%, 7/16/2029^1,3		1,082,241
	1,000,000	Credit Acceptance Auto Loan Trust Series 2024-2A, Class A, 5.95%, 6/15/2034^1,3		1,006,396
	744,131	Cross Mortgage Trust Series 2024-H2, Class A2, 6.42%, 4/25/2069^1,3,4		746,518
	333,333	Crown City CLO Series 2022-4A, Class X, 4.78% (3-Month Term SOFR+110 basis points), 4/20/2037^1,2,3		333,382
		Dryden CLO Ltd.
	750,000	Series 2023-105A, Class XR, 4.72% (3-Month Term SOFR+105 basis points), 4/15/2038^1,2,3		750,028
	3,600,000	Series 2024-119A, Class XR, 4.53% (3-Month Term SOFR+90 basis points), 7/15/2039^1,2,3		3,599,991
	1,865,000	ELM Trust Series 2024-ELM, Class A10, 5.99%, 6/10/2039^3,5		1,867,106
	2,000,000	Elmwood CLO 20 Ltd. Series 2022-7A, Class XR2, 4.53% (3-Month Term SOFR+90 basis points), 1/20/2039^1,2,3		1,999,625
	2,000,000	Elmwood CLO 23 Ltd. Series 2023-2A, Class XR2, 4.53% (3-Month Term SOFR+85 basis points), 7/16/2039^1,2,3		1,999,932
		Evergreen Credit Card Trust
	1,248,000	Series 2024-CRT4, Class B, 5.25%, 10/15/2028^1,3		1,251,045
	893,000	Series 2024-CRT4, Class C, 5.64%, 10/15/2028^1,3		894,790
	314,000	Series 2025-CRT5, Class C, 5.53%, 5/15/2029^1,3		314,976
		Exeter Automobile Receivables Trust
	123,352	Series 2022-1A, Class D, 3.02%, 6/15/2028¹		123,196

Principal Amount			Value
		ASSET-BACKED SECURITIES (Continued)
$	344,005	Series 2022-2A, Class D, 4.56%, 7/17/2028¹	$	344,158
		GM Financial Securitized Term
	1,000,000	Series 2023-2, Class B, 4.82%, 10/16/2028¹		1,003,074
	1,532,494	Series 2025-4, Class A2A, 3.88%, 12/18/2028¹		1,529,903
	2,000,000	Series 2026-1, Class A2A, 3.77%, 3/16/2029¹		1,994,608
		GreenSky Home Improvement Trust
	1,166	Series 2024-1, Class A2, 5.88%, 6/25/2059^1,3		1,168
	120,804	Series 2025-1A, Class A2, 5.12%, 3/25/2060^1,3		121,127
	149,302	HERO Funding Trust Series 2015-2A, Class A, 3.99%, 9/20/2040^1,3		144,353
	1,000,000	Honda Auto Receivables Owner Trust Series 2026-2, Class A2B, 3.97% (30-Day SOFR Average+38 basis points), 12/15/2028^1,2		1,000,722
		HPEFS Equipment Trust
	1,000,000	Series 2025-2A, Class A2, 4.07%, 11/22/2032^1,3		999,081
	807,000	Series 2025-2A, Class C, 4.41%, 11/22/2032^1,3		797,198
	2,000,000	John Deere Owner Trust Series 2026-A, Class A2A, 3.85%, 12/15/2028¹		1,993,002
		JP Morgan Mortgage Trust
	464,151	Series 2023-HE2, Class A1, 5.31% (30-Day SOFR Average+170 basis points), 3/20/2054^1,2,3		465,114
	738,756	Series 2023-HE3, Class A1, 5.21% (30-Day SOFR Average+160 basis points), 5/20/2054^1,2,3		740,408
	1,128,804	Series 2023-HE3, Class M2, 6.11% (30-Day SOFR Average+250 basis points), 5/20/2054^1,2,3		1,134,246
	1,323,333	Series 2024-CES1, Class A1A, 5.92%, 6/25/2054^1,3,4		1,326,224
	453,149	Series 2024-HE3, Class M2, 5.61% (30-Day SOFR Average+200 basis points), 2/25/2055^1,2,3		455,707
	907,784	Series 2025-HE1, Class M2, 5.36% (30-Day SOFR Average+175 basis points), 7/20/2055^1,2,3		909,552
	1,250,000	Magnetite XXXVII Ltd. Series 2023-37A, Class XR, 4.47% (3-Month Term SOFR+80 basis points), 10/25/2038^1,2,3		1,249,824
	1,000,000	Mercedes-Benz Auto Receivables Trust Series 2026-1, Class A2B, 3.95% (30-Day SOFR Average+36 basis points), 1/16/2029^1,2		1,000,823
	2,000,000	Navient Private Education Refi Loan Trust Series 2019-CA, Class B, 3.67%, 2/15/2068^1,3		1,913,272
	1,200,000	Neuberger Berman CLO Ltd. Series 2017-16SA, Class XR2, 4.62% (3-Month Term SOFR+95 basis points), 4/15/2039^1,2,3		1,200,054
	4,000,000	OCP CLO Ltd. Series 2024-32A, Class XR, 4.53% (3-Month Term SOFR+90 basis points), 7/23/2039^1,2,3		3,995,166
	1,000,000	Octagon Ltd. Series 2023-2A, Class XR, 4.73% (3-Month Term SOFR+105 basis points), 4/20/2038^1,2,3		1,000,060

Principal Amount			Value
		ASSET-BACKED SECURITIES (Continued)
$	2,000,000	Palmer Square CLO Ltd. Series 2018-2A, Class XR, 4.48% (3-Month Term SOFR+85 basis points), 4/16/2037^1,2,3	$	2,000,111
	790,410	RCKT Mortgage Trust Series 2025-CES1, Class A1A, 5.65%, 1/25/2045^1,3,4		793,264
	2,000,000	Regatta XVI Funding Ltd. Series 2019-2A, Class XR2, 4.52% (3-Month Term SOFR+85 basis points), 4/15/2039^1,2,3		1,999,503
	1,800,000	Regatta XXIII Funding Ltd. Series 2021-4A, Class XR, 4.52% (3-Month Term SOFR+85 basis points), 10/15/2038^1,2,3		1,799,600
	2,025,000	Regatta XXVI Funding Ltd. Series 2023-2A, Class XR, 4.52% (3-Month Term SOFR+85 basis points), 1/25/2039^1,2,3		2,025,958
	831,115	Santander Drive Auto Receivables Trust Series 2022-5, Class D, 5.67%, 12/16/2030¹		834,786
	1,166,667	Sixth Street CLO Ltd. Series 2019-13A, Class XR, 4.62% (3-Month Term SOFR+95 basis points), 1/21/2038^1,2,3		1,166,729
	1,127,513	Store Master Funding Series 2018-1A, Class A2, 4.29%, 10/20/2048^1,3		1,115,182
	1,000,000	Symphony CLO 43 Ltd. Series 2024-43A, Class X, 4.48% (3-Month Term SOFR+85 basis points), 4/15/2037^1,2,3		999,995
	1,552,405	Toyota Auto Receivables Owner Trust Series 2025-D, Class A2A, 3.89%, 8/15/2028¹		1,550,470
	1,500,000	Venture CLO Ltd. Series 2019-36A, Class A2R, 5.34% (3-Month Term SOFR+166 basis points), 4/20/2032^1,2,3		1,500,090
	1,000,000	World Omni Auto Receivables Trust Series 2026-A, Class A2A, 3.71%, 4/16/2029¹		995,595
		TOTAL ASSET-BACKED SECURITIES
		(Cost $67,990,617)		67,698,425

		BANK LOANS — 2.7%
	937,101	1011778 BC ULC 5.39% (1-Month Term SOFR+175 basis points), 9/23/2030^1,2,6,7		936,712
	498,750	Advanced Drainage 5.29%, 2/12/2033		503,737
	508,135	Azorra Soar 6.17%, 10/18/2029		509,616
	638,000	BioMarin Pharmaceutical, Inc. 5.43% (1-Month Term SOFR+175 basis points), 4/27/2033^1,2		638,638
	715,098	CACI International, Inc. 5.42% (1-Month Term SOFR+175 basis points), 3/9/2033^1,2		714,354
	1,312,403	Charter Communications Operating LLC 7.33% (3-Month Term SOFR+200 basis points), 12/9/2030^1,2,6		1,299,200

Principal Amount			Value
		BANK LOANS (Continued)
$	216,458	Chobani LLC 5.90% (1-Month Term SOFR+225 basis points), 10/28/2032^1,2	$	217,134
	1,033,839	Genesee & Wyoming, Inc. 5.48% (3-Month Term SOFR+200 basis points), 4/10/2031^1,2,6		1,030,737
	984,848	Iron Mountain Information Management LLC 5.64% (1-Month Term SOFR+225 basis points), 1/31/2031^1,2,6		984,602
	736,822	Medline Borrower LP 5.64% (1-Month Term SOFR+175 basis points), 10/23/2030^1,2		733,013
	527,000	Oak Eagle 7.18%, 3/23/2033		528,892
	160,598	Primo Brands Corp. 7.18%, 3/18/2031		161,515
	1,043,787	Quikrete Holdings, Inc. 6.56% (1-Month Term SOFR+225 basis points), 2/10/2032^1,2,6		1,044,221
	490,770	Raising Cane’s Restaurants LLC 5.62% (1-Month Term SOFR+200 basis points), 11/3/2032^1,2		489,288
	401,880	Ryan Specialty LLC 5.64% (1-Month Term SOFR+225 basis points), 9/15/2031^1,2,6		401,629
	1,234,580	SBA Senior Finance LLC 6.07% (1-Month Term SOFR+200 basis points), 1/27/2031^1,2,6		1,237,519
		TOTAL BANK LOANS
		(Cost $11,414,859)		11,430,807

		COLLATERALIZED MORTGAGE OBLIGATIONS — 5.0%
		Angel Oak Mortgage Trust
	48,058	Series 2019-5, Class A3, 2.92%, 10/25/2049^1,3,5		47,747
	2,000,000	Series 2020-R1, Class B1, 3.67%, 4/25/2053^1,3,5		1,822,876
	20,858	Series 2019-6, Class A3, 2.93%, 11/25/2059^1,3,5		20,726
	78,099	Series 2020-1, Class A3, 2.77%, 12/25/2059^1,3,5		76,631
	1,332,800	Series 2020-3, Class B2, 5.32%, 4/25/2065^1,3,5		1,285,376
	154,940	Series 2020-5, Class A3, 2.04%, 5/25/2065^1,3,5		150,719
	724,446	Series 2020-4, Class M1, 3.80%, 6/25/2065^1,3,5		697,904
	1,290,192	Arroyo Mortgage Trust Series 2019-2, Class M1, 4.76%, 4/25/2049^1,3,5		1,245,326
		BRAVO Residential Funding Trust
	23,882	Series 2021-NQM2, Class A2, 1.28%, 3/25/2060^1,3,5		23,678
	1,286,842	Series 2021-NQM3, Class B1, 3.91%, 4/25/2060^1,3,5		1,132,909
		Citigroup Mortgage Loan Trust, Inc.
	423,606	Series 2015-RP2, Class B4, 4.25%, 1/25/2053^1,3		414,537
	24,833	Series 2018-RP1, Class A1, 3.00%, 9/25/2064^1,3,5		24,562
	1,002,519	COLT Mortgage Loan Trust Series 2021-4, Class A3, 1.65%, 10/25/2066^1,3,5		854,821
	995,053	CSMC Trust Series 2019-AFC1, Class M1, 3.06%, 7/25/2049^1,3,5		882,585
		Deephaven Residential Mortgage Trust
	575,507	Series 2021-3, Class A1, 1.19%, 8/25/2066^1,3,5		508,839
	569,894	Series 2021-3, Class A3, 1.55%, 8/25/2066^1,3,5		505,245

Item 7. Financial Statements and Financial Highlights
Schedule of Investments	1
Statement of Assets and Liabilities	15
Statement of Operations	16
Statements of Changes in Net Assets	17
Financial Highlights
Class A	18
Class C	19
Class I	20
Notes to Financial Statements	21
Report of Independent Registered Public Accounting Firm	30

Principal Amount			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
$	356,417	Series 2021-4, Class A3, 2.24%, 11/25/2066^1,3,5	$	315,117
	552,034	Series 2022-1, Class A1, 2.21%, 1/25/2067^1,3,5		508,114
		Ellington Financial Mortgage Trust
	1,238,124	Series 2020-1, Class A2, 3.15%, 5/25/2065^1,3,5		1,226,822
	52,760	Series 2020-2, Class A2, 1.49%, 10/25/2065^1,3,5		50,353
	214,688	Series 2021-1, Class A3, 1.11%, 2/25/2066^1,3,5		185,845
	1,275,000	Mill City Mortgage Trust Series 2015-1, Class B1, 3.75%, 6/25/2056^1,3,5		1,237,488
		New Residential Mortgage Loan Trust
	66,794	Series 2020-NQM1, Class A2, 2.72%, 1/26/2060^1,3,5		62,943
	133,589	Series 2020-NQM1, Class A3, 2.77%, 1/26/2060^1,3,5		125,655
	1,058,976	NLT Trust Series 2021-INV2, Class A3, 1.52%, 8/25/2056^1,3,5		931,382
		Residential Mortgage Loan Trust
	2,073,864	Series 2020-2, Class A3, 2.91%, 5/25/2060^1,3,5		2,045,369
	833,333	Series 2020-2, Class M1, 3.56%, 5/25/2060^1,3,5		803,675
	45,143	Series 2021-1R, Class A3, 1.20%, 1/25/2065^1,3,5		43,922
		SG Residential Mortgage Trust
	850,248	Series 2021-1, Class A3, 1.56%, 7/25/2061^1,3,5		713,190
	1,418,858	Series 2020-2, Class M1, 3.19%, 5/25/2065^1,3,5		1,302,639
	1,200,000	Series 2020-2, Class B1, 4.25%, 5/25/2065^1,3,5		1,113,746
		Starwood Mortgage Residential Trust
	538,595	Series 2021-4, Class A1, 1.16%, 8/25/2056^1,3,5		479,106
	281,717	Series 2021-4, Class A3, 1.58%, 8/25/2056^1,3,5		252,469
	255,552	Series 2021-1, Class A1, 1.22%, 5/25/2065^1,3,5		240,042
	434,117	TRK Trust Series 2021-INV1, Class A3, 1.56%, 7/25/2056^1,3,5		391,263
		TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
		(Cost $23,717,246)		21,723,621

		COMMERCIAL MORTGAGE-BACKED SECURITIES — 10.7%
	408,237	Bank of America Merrill Lynch Commercial Mortgage Trust Series 2017-BNK3, Class A3, 3.31%, 2/15/2050¹		406,089
		Benchmark Mortgage Trust
	1,500,000	Series 2018-B5, Class A4, 4.21%, 7/15/2051¹		1,479,180
	1,000,000	Series 2019-B12, Class A4, 2.86%, 8/15/2052¹		950,693
	1,500,000	BFLD Trust Series 2020-EYP, Class D, 6.69% (1-Month Term SOFR+307 basis points), 10/15/2035*^,2,3,8		0
		BX Trust
	840,000	Series 2021-LBA, Class FV, 6.39% (1-Month Term SOFR+276 basis points), 2/15/2036^2,3		838,950
	1,500,000	Series 2021-PAC, Class F, 6.14% (1-Month Term SOFR+251 basis points), 10/15/2036^2,3		1,493,290
	986,507	Series 2026-CIP, Class A, 4.83% (1-Month Term SOFR+120 basis points), 5/15/2038^1,2,3		988,977

Principal Amount			Value
		COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
$	700,000	Series 2024-XL5, Class C, 5.57% (1-Month Term SOFR+194 basis points), 3/15/2041^2,3	$	701,313
	700,000	Series 2024-CNYN, Class C, 5.57% (1-Month Term SOFR+194 basis points), 4/15/2041^2,3		700,875
	891,550	Series 2026-LP3, Class A, 5.00% (1-Month Term SOFR+138 basis points), 4/15/2043^2,3		894,336
	1,000,000	Series 2026-PNDA, Class A, 4.92% (1-Month Term SOFR+130 basis points), 5/15/2043^2,3		1,002,188
	1,922,000	Series 2025-VOLT, Class C, 5.97% (1-Month Term SOFR+235 basis points), 12/15/2044^2,3		1,923,803
	1,000,000	Series 2026-VLT9, Class A, 5.32% (1-Month Term SOFR+170 basis points), 3/15/2045^2,3		999,375
		CD Mortgage Trust
	826,941	Series 2017-CD5, Class A3, 3.17%, 8/15/2050¹		814,614
	1,000,000	Series 2017-CD5, Class A4, 3.43%, 8/15/2050¹		985,024
	1,000,000	Series 2017-CD6, Class A5, 3.46%, 11/13/2050¹		986,428
	1,550,000	CFCRE Commercial Mortgage Trust Series 2016-C7, Class A3, 3.84%, 12/10/2054¹		1,543,442
	2,000,000	Citigroup Commercial Mortgage Trust Series 2016-P6, Class A5, 3.72%, 12/10/2049^1,5		1,984,410
	813,690	CSAIL Commercial Mortgage Trust Series 2018-CX11, Class A4, 3.77%, 4/15/2051¹		805,877
	481,565	DBJPM Mortgage Trust Series 2016-C3, Class A5, 2.89%, 8/10/2049¹		480,617
		DC Commercial Mortgage Trust
	1,415,000	Series 2023-DC, Class A, 6.31%, 9/12/2040³		1,437,531
	605,000	Series 2023-DC, Class B, 6.80%, 9/12/2040³		610,869
		Freddie Mac Multifamily Structured Pass-Through Certificates
	109,437	Series K046, Class X3, 3.51%, 4/25/2043^1,5,9		9
	1,721,882	Series K097, Class X3, 2.09%, 9/25/2046^1,5,9		97,505
		Government National Mortgage Association
	1,955,580	Series 2013-139, Class IO, 0.37%, 10/16/2054^1,5,9		48,309
	196,038	Series 2013-175, Class IO, 0.11%, 5/16/2055^1,5,9		155
	126,905	Series 2014-120, Class IO, 0.37%, 4/16/2056^1,5,9		987
	2,113,097	Series 2017-185, Class IO, 0.55%, 4/16/2059^1,5,9		71,683
	2,620,860	Series 2017-169, Class IO, 0.52%, 1/16/2060^1,5,9		81,690
	1,902,813	Series 2018-41, Class IO, 0.56%, 5/16/2060^1,5,9		58,894
	3,242,386	Series 2018-52, Class IO, 0.59%, 7/16/2060^1,5,9		133,836
	1,036,521	Series 2019-8, Class IO, 0.76%, 11/16/2060^1,5,9		54,275
	15,494,125	Series 2020-8, Class IO, 0.53%, 1/16/2062^1,5,9		444,827
		GS Mortgage Securities Trust
	57,902	Series 2016-GS4, Class A3, 3.18%, 11/10/2049¹		57,827
	1,439,000	Series 2016-GS4, Class A4, 3.44%, 11/10/2049^1,5		1,433,725
	1,610,000	Series 2017-GS7, Class A4, 3.43%, 8/10/2050¹		1,588,989
	1,064,938	Series 2018-GS9, Class A3, 3.73%, 3/10/2051¹		1,052,595

Principal Amount			Value
		CORPORATE BONDS (Continued)
		COMMUNICATIONS (Continued)
$	500,000	Netflix, Inc. 4.38%, 11/15/2026	$	500,380
		NTT Finance Corp.
	1,000,000	4.74%, 3/31/2028^3,7		1,000,691
	1,000,000	4.62%, 7/16/2028^3,7		997,754
				4,498,581
		CONSUMER DISCRETIONARY — 2.4%
	1,000,000	Amazon.com, Inc. 4.06% (SOFR+44 basis points), 3/13/2028²		1,001,241
	750,000	American Builders & Contractors Supply Co., Inc. 4.00%, 1/15/2028^1,3		737,138
		General Motors Financial Co., Inc.
	1,000,000	5.40%, 5/8/2027		1,007,713
	1,000,000	5.35%, 7/15/2027		1,008,539
	1,000,000	4.80% (SOFR Index+117 basis points), 4/4/2028²		1,004,698
	1,000,000	5.35%, 1/7/2030¹		1,016,368
		Hyundai Capital America
	1,000,000	4.61% (SOFR+99 basis points), 3/25/2027^2,3		1,003,030
	1,000,000	4.30%, 9/24/2027³		996,486
	1,000,000	4.25%, 1/8/2029³		986,936
	121,000	United Airlines Holdings, Inc. 4.87%, 3/1/2029¹		119,527
	650,000	United Airlines, Inc. 4.63%, 4/15/2029^1,3		640,930
	1,000,000	Volkswagen Group of America Finance LLC 4.90%, 8/14/2026³		1,000,454
				10,523,060
		CONSUMER STAPLES — 0.5%
	185,000	Chobani LLC 4.62%, 11/15/2028^1,3		183,207
		Philip Morris International, Inc.
	1,000,000	4.38%, 11/1/2027		999,531
	1,000,000	4.28% (SOFR+66 basis points), 10/27/2028²		1,001,332
				2,184,070
		ENERGY — 0.9%
	529,000	Buckeye Partners LP 3.95%, 12/1/2026¹		525,664
	1,000,000	Chevron USA, Inc. 4.09% (SOFR Index+47 basis points), 2/26/2028²		1,002,575
	149,000	DCP Midstream Operating LP 5.62%, 7/15/2027¹		150,383
	303,000	EnerSys 4.38%, 12/15/2027^1,3		300,638

Number of Shares			Value
		SHORT-TERM INVESTMENTS — 9.6%
	41,316,717	Goldman Sachs Financial Square Government Fund - Institutional Class 3.47%¹⁰	$	41,316,717
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $41,316,717)		41,316,717
		TOTAL INVESTMENTS — 99.8%
		(Cost $433,068,112)		430,039,311
		Other Assets in Excess of Liabilities — 0.2%		823,674
		TOTAL NET ASSETS — 100.0%	$	430,862,985

Assets:
Investments, at value (cost $433,068,112)	$	430,039,311
Cash		3,356
Receivables:
Investment securities sold		8,073
Fund shares sold		84,377
Dividends and interest		3,421,877
Prepaid expenses		36,031
Total assets		433,593,025

Liabilities:
Payables:
Investment securities purchased		1,878,045
Fund shares redeemed		447,509
Advisory fees		115,184
Shareholder servicing fees (Note 7)		81,827
Distribution fees - Class A & C (Note 8)		14,769
Fund accounting and administration fees		74,157
Transfer agent fees and expenses		19,518
Custody fees		6,775
Trustees’ deferred compensation (Note 3)		38,766
Auditing fees		26,075
Trustees’ fees and expenses		6,340
Chief Compliance Officer fees		4,314
Accrued other expenses		16,761
Total liabilities		2,730,040
Commitments and contingencies (Note 3)
Net Assets	$	430,862,985

Components of Net Assets:
Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized)	$	436,690,147
Total distributable earnings (accumulated deficit)		(5,827,162	)
Net Assets	$	430,862,985

Maximum Offering Price Per Share:
Class A Shares:
Net assets applicable to shares outstanding	$	68,199,103
Number of shares issued and outstanding		6,758,762
Net asset value per share¹	$	10.09
Maximum sales charge (2.50% of offering price)²		0.26
Maximum offering price to public	$	10.35

Class C Shares:
Net assets applicable to shares outstanding	$	951,281
Number of shares issued and outstanding		94,546
Net asset value per share³	$	10.06

Class I Shares:
Net assets applicable to shares outstanding	$	361,712,601
Number of shares issued and outstanding		35,786,017
Net asset value per share	$	10.11

Investment income:
Interest	$	17,857,404
Total investment income		17,857,404

Expenses:
Advisory fees		1,473,304
Shareholder servicing fees (Note 7)		369,369
Distribution fees - Class A (Note 8)		124,982
Distribution fees - Class C (Note 8)		13,137
Fund accounting and administration fees		405,235
Transfer agent fees and expenses		75,269
Custody fees		44,429
Registration fees		60,372
Shareholder reporting fees		41,453
Legal fees		36,767
Trustees’ fees and expenses		28,920
Auditing fees		26,472
Chief Compliance Officer fees		24,822
Miscellaneous		8,784
Insurance fees		8,333
Total expenses		2,741,648
Advisory fees recovered (waived)		(315,616	)
Net expenses		2,426,032
Net investment income (loss)		15,431,372

Realized and Unrealized Gain (Loss) on:
Net realized gain (loss) on:
Investments		(123,452	)
Total net realized gain (loss) on:		(123,452	)
Net change in unrealized appreciation (depreciation) on:
Investments		(1,399,613	)
Net change in unrealized appreciation (depreciation)		(1,399,613	)
Net realized and unrealized gain (loss)		(1,523,065	)

Net Increase (Decrease) in Net Assets from Operations	$	13,908,307

	For the Year Ended June 30, 2026			For the Year Ended June 30, 2025
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	15,431,372		$	14,187,742
Net realized gain (loss) on investments		(123,452	)		(171,255	)
Net change in unrealized appreciation (depreciation) on investments		(1,399,613	)		6,581,319
Net increase (decrease) in net assets resulting from operations		13,908,307			20,597,806

Distributions to Shareholders:
Distributions:
Class A		(1,778,628	)		(1,335,880	)
Class C		(39,548	)		(63,476	)
Class I		(13,192,225	)		(13,240,274	)
Total distributions to shareholders		(15,010,401	)		(14,639,630	)

Capital Transactions:
Net proceeds from shares sold:
Class A		47,500,986			10,173,316
Class C		20,009			20,000
Class I		143,470,728			154,709,361
Reinvestment of distributions:
Class A		1,660,386			1,137,982
Class C		36,736			58,394
Class I		13,142,361			13,196,203
Cost of shares redeemed:
Class A¹		(13,057,676	)		(13,015,886	)
Class C		(774,676	)		(483,086	)
Class I²		(109,142,792	)		(176,900,884	)
Net increase (decrease) in net assets from capital transactions		82,856,062			(11,104,600	)
Total increase (decrease) in net assets		81,753,968			(5,146,424	)

Net Assets:
Beginning of period		349,109,017			354,255,441
End of period	$	430,862,985		$	349,109,017
Capital Share Transactions:
Shares sold:
Class A		4,687,686			1,015,746
Class C		1,987			1,998
Class I		14,166,875			15,421,877
Shares reinvested:
Class A		164,486			113,755
Class C		3,647			5,853
Class I		1,299,881			1,317,607
Shares redeemed:
Class A		(1,291,511	)		(1,297,286	)
Class C		(76,820	)		(48,317	)
Class I		(10,774,763	)		(17,620,137	)
Net increase (decrease) in capital share transactions		8,181,468			(1,088,904	)

	For the Year Ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of period	$	10.12		$	9.95		$	9.81		$	9.76		$	10.10
Income from Investment Operations:
Net investment income (loss) ¹		0.38			0.39			0.41			0.30			0.08
Net realized and unrealized gain (loss)		(0.03	)		0.18			0.15			0.04			(0.35	)
Total from investment operations		0.35			0.57			0.56			0.34			(0.27	)

Less Distributions:
From net investment income		(0.38	)		(0.40	)		(0.42	)		(0.29	)		(0.07	)
Total distributions		(0.38	)		(0.40	)		(0.42	)		(0.29	)		(0.07	)

Redemption fee proceeds¹		-	²		-	²		-	²		-	²		-	²

Net asset value, end of period	$	10.09		$	10.12		$	9.95		$	9.81		$	9.76

Total return³		3.49	%		5.85	%		5.83	%		3.52	%		(2.65	)%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	68,199		$	32,358		$	33,504		$	45,645		$	97,925

Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recovered		0.92	%		0.93	%⁴		0.88	%		0.84	%		0.81	%
After fees waived and expenses absorbed/recovered		0.84	%		0.84	%⁴		0.84	%		0.84	%		0.84	%
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed/recovered		3.68	%		3.75	%		4.12	%		3.06	%		0.79	%
After fees waived and expenses absorbed/recovered		3.76	%		3.84	%		4.16	%		3.06	%		0.76	%

Portfolio turnover rate		30	%		40	%		33	%		12	%		37	%

Cost of investments	$	433,068,112

Gross unrealized appreciation		1,937,601
Gross unrealized depreciation		(4,966,402	)

Net unrealized appreciation/(depreciation)	$	(3,028,801	)

Undistributed ordinary income	$	1,419,537
Undistributed long-term capital gains		-
Tax accumulated earnings		1,419,537

Accumulated capital and other losses		(4,179,132	)
Unrealized appreciation/(depreciation) on investments		(3,028,801	)
Unrealized Trustees’ deferred compensation		(38,766	)
Total accumulated earnings/(deficit)	$	(5,827,162	)

Distributions paid from:	2026		2025
Ordinary income	$	15,010,401	$	14,639,630
Net long-term capital gains		-		-
Total distributions paid	$	15,010,401	$	14,639,630

	Not Subject to Expiration:
Short-term	$	1,377,329
Long-term		2,801,803
Total	$	4,179,132

	Level 1		Level 2		Level 3		Total
Investments
Asset-Backed Securities	$	-	$	67,698,425	$	-	$	67,698,425
Bank Loans		-		11,430,807		-		11,430,807
Collateralized Mortgage Obligations		-		21,723,621		-		21,723,621
Commercial Mortgage-Backed Securities²		-		46,255,766		0		46,255,766
Corporate Bonds¹		-		131,423,603		-		131,423,603
Municipal Bonds		-		735,902		-		735,902
U.S. Government and Agencies		-		109,454,470		-		109,454,470
Short-Term Investments		41,316,717		-		-		41,316,717
Total Investments	$	41,316,717	$	388,722,594	$	0	$	430,039,311

Principal Amount¹			Value
		ASSET-BACKED SECURITIES — 11.5%
	224,508	AASET Series 2025-1A, Class A, 5.94%, 2/16/2050^2,3	$	227,010
		Ally Bank Auto Credit-Linked Notes
	162,439	Series 2025-A, Class C, 4.84%, 6/15/2033^3,4		162,299
	235,536	Series 2025-B, Class C, 4.70%, 9/15/2033^3,4		235,592
	675,000	Antares CLO Ltd. Series 2026-1A, Class A, 5.03% (3-Month Term SOFR+135 basis points), 4/20/2039^2,3,4		669,042
	123,979	Aqua Finance Issuer Trust Series 2025-B, Class A, 4.79%, 5/17/2051^3,4		123,000
	282,000	Avis Budget Rental Car Funding AESOP LLC Series 2025-2A, Class A, 5.12%, 8/20/2031^3,4		284,945
	217,905	Blackbird Capital Aircraft Series 2021-1A, Class B, 3.45%, 7/15/2046^3,4		208,473
	665,000	BlackRock Shasta CLO XIII LLC Series 2024-1A, Class A1, 5.52% (3-Month Term SOFR+185 basis points), 7/15/2036^2,3,4		665,784
	450,000	Centersquare Issuer LLC Series 2025-1A, Class A2, 5.50%, 3/26/2055^3,4		441,806
	791,664	Cerberus Loan Funding XLIX LLC Series 2024-5A, Class A, 5.02% (3-Month Term SOFR+135 basis points), 1/15/2034^2,3,4		791,334
	19,502	Chesapeake Funding II LLC Series 2023-2A, Class A1, 6.16%, 10/15/2035^3,4		19,546
	1,000,000	Churchill MMSLF CLO-IV Ltd. Series 2024-3A, Class A, 5.26% (3-Month Term SOFR+160 basis points), 10/22/2035^2,3,4		997,860
	294,260	CLI Funding IX LLC Series 2025-1A, Class A, 5.35%, 6/20/2050^3,4		295,169
	109,000	COMM Mortgage Trust Series 2020-CX, Class D, 2.77%, 11/10/2046^3,4,5		84,584
	213,840	Commonbond Student Loan Trust Series 2019-AGS, Class A1, 2.54%, 1/25/2047^3,4		196,241
		Cross Mortgage Trust
	125,470	Series 2024-H2, Class A2, 6.42%, 4/25/2069^3,4,6		125,873
	229,880	Series 2025-H8, Class A1, 5.00%, 11/25/2070^3,4,5		228,298
	503,000	CyrusOne Data Centers Issuer I LLC Series 2025-1A, Class A2, 5.91%, 2/20/2050^3,4		506,738
	10,315	Daimler Trucks Retail Trust Series 2023-1, Class A3, 5.90%, 3/15/2027⁴		10,323
		DataBank Issuer
	598,000	Series 2021-2A, Class A2, 2.40%, 10/25/2051^3,4		593,301
	161,000	Series 2026-1A, Class A2, 5.81%, 2/25/2056^3,4		160,236
	647,000	DataBank Issuer II LLC Series 2025-1A, Class A2, 5.18%, 9/27/2055^3,4		635,895
	180,095	DB Master Finance LLC Series 2025-1A, Class A2II, 5.17%, 8/20/2055^3,4		176,332
		Domino's Pizza Master Issuer LLC

Principal Amount¹			Value
		U.S. GOVERNMENT AND AGENCIES — 1.5%
	2,276,700	United States Treasury Bond 4.62%, 2/15/2046	$	2,193,814
	1,120,000	United States Treasury Note 3.88%, 3/31/2031		1,104,906
		TOTAL U.S. GOVERNMENT AND AGENCIES
		(Cost $3,282,829)		3,298,720

Number of Shares
		SHORT-TERM INVESTMENTS — 1.5%
	3,342,575	Goldman Sachs Financial Square Government Fund - Institutional Class 3.47%¹²		3,342,575
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $3,342,575)		3,342,575
		TOTAL INVESTMENTS — 99.4%
		(Cost $225,489,922)		220,826,816
		Other Assets in Excess of Liabilities — 0.6%		1,305,800
		TOTAL NET ASSETS — 100.0%	$	222,132,616

Counterparty/ Reference Entity	Rating^(a)(Moody's/ S&P)	Pay/^(b)Receive Fixed Rate	Fixed/Rate Frequency	Expiration Date	Notional Amount		Premium Paid (Received)			Unrealized Appreciation/ (Depreciation)			Value
Goldman Sachs International
Markit iTraxx Europe Crossover Series 45 Version 1 Index		Receive	5%/Quarterly	6/20/31	€	2,460,000	$	(181,306	)	$	(130,349	)	$	(311,655	)
TOTAL CREDIT DEFAULT SWAP CONTRACTS							$	(181,306	)	$	(130,349	)	$	(311,655	)

Sale Contracts	Counterparty	Currency Exchange	Settlement Date	Currency Amount Sold		Value At Settlement Date			Value At June 30, 2026			Unrealized Appreciation (Depreciation)
Euro	Citigroup	EUR per USD	7/8/2026		58,000		(66,643	)		(66,294	)		349
Euro	JP Morgan	EUR per USD	7/8/2026		1,082,000		(1,261,499	)		(1,236,718	)		24,781
							(1,328,142	)		(1,303,012	)		25,130

TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS						$	(1,328,142	)	$	(1,303,012	)	$	25,130

Number of Contracts Long (Short)	Description	Expiration Date	Notional Value			Value/Unrealized Appreciation (Depreciation)
Interest Rate Futures
124	2-Year U.S. Treasury Note	September 2026	$	25,560,469		$	(16,412	)
127	5-Year U.S. Treasury Note	September 2026		13,594,953			14,230
(26)	10-Year U.S. Treasury Note	September 2026		(2,857,156	)		(12,813	)
(11)	Euro Bund	September 2026		(1,601,466	)		(13,738	)
77	U.S. Treasury Long Bond	September 2026		8,739,500			212,797
(56)	Ultra 10-Year U.S. Treasury Note	September 2026		(6,298,250	)		(56,833	)
(20)	Ultra Long-Term U.S. Treasury Bond	September 2026		(2,323,125	)		(29,098	)

TOTAL FUTURES CONTRACTS			$	34,814,925		$	98,133

Assets:
Investments, at value (cost $225,489,922)	$	220,826,816
Foreign currency, at value (cost $85,497)		82,588
Cash deposited with broker for futures contracts		468,516
Cash deposited with broker for swap contracts		117,300
Receivables:
Investment securities sold		780,302
Fund shares sold		201,080
Unrealized appreciation on forward foreign currency exchange contracts		25,130
Dividends and interest		2,872,569
Prepaid expenses		35,689
Total assets		225,409,990

Liabilities:
Payables:
Investment securities purchased		2,903,324
Fund shares redeemed		78,751
Variation margin on futures contracts		38,528
Variation margin on open swap contracts		2,998
Advisory fees		46,908
Shareholder servicing fees (Note 7)		52,730
Distribution fees - Class A & C (Note 8)		3,139
Fund accounting and administration fees		57,725
Transfer agent fees and expenses		16,533
Custody fees		7,021
Trustees' deferred compensation (Note 3)		31,201
Auditing fees		22,510
Chief Compliance Officer fees		4,073
Trustees' fees and expenses		1,338
Accrued other expenses		10,595
Total liabilities		3,277,374
Commitments and contingencies (Note 3)
Net Assets	$	222,132,616

Components of Net Assets:
Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized)	$	243,261,997
Total distributable earnings (accumulated deficit)		(21,129,381	)
Net Assets	$	222,132,616

Maximum Offering Price Per Share:
Class A Shares:
Net assets applicable to shares outstanding	$	6,495,689
Number of shares issued and outstanding		703,578
Net asset value per share¹	$	9.23
Maximum sales charge (3.00% of offering price)²		0.29
Maximum offering price to public	$	9.52

Class C Shares:
Net assets applicable to shares outstanding	$	2,160,915
Number of shares issued and outstanding		234,017
Net asset value per share³	$	9.23

Class I Shares:
Net assets applicable to shares outstanding	$	213,476,012
Number of shares issued and outstanding		23,115,987
Net asset value per share	$	9.23

²	No initial sales charge is applied to purchases of $1 million or more. On sales of $100,000 or more, the sales charge will be reduced.
³	A CDSC of 1.00% may be charged on purchases that are redeemed within 12 months of purchase.

Investment income:
Interest (net of foreign withholding taxes of $17,812)	$	11,531,074
Total investment income		11,531,074

Expenses:
Advisory fees		817,551
Shareholder servicing fees - Class A (Note 7)		7,232
Shareholder servicing fees - Class C (Note 7)		2,155
Shareholder servicing fees - Class I (Note 7)		193,385
Distribution fees - Class A (Note 8)		18,161
Distribution fees - Class C (Note 8)		22,357
Fund accounting and administration fees		290,172
Transfer agent fees and expenses		61,354
Custody fees		38,674
Registration fees		61,484
Shareholder reporting fees		31,634
Legal fees		30,035
Chief Compliance Officer fees		24,807
Auditing fees		22,550
Trustees' fees and expenses		19,499
Insurance fees		7,948
Miscellaneous		5,644
Interest expense		1,076
Total expenses		1,655,718
Advisory fees recovered (waived)		(335,626	)
Net expenses		1,320,092
Net investment income (loss)		10,210,982

Realized and Unrealized Gain (Loss) on:
Net realized gain (loss) on:
Investments		(525,221	)
Forward contracts		5,491
Futures contracts		11,605
Swap contracts		(91,962	)
Foreign currency transactions		(10,659	)
Total net realized gain (loss) on:		(610,746	)
Net change in unrealized appreciation (depreciation) on:
Investments		171,438
Forward contracts		68,842
Futures contracts		(673,848	)
Swap contracts		(100,976	)
Foreign currency translations		(4,234	)
Net change in unrealized appreciation (depreciation)		(538,778	)
Net realized and unrealized gain (loss)		(1,149,524	)

Net Increase (Decrease) in Net Assets from Operations	$	9,061,458

¹	Class Y shares were liquidated on April 30, 2025.
²	Net of redemption fee proceeds of $31 and $356, respectively.
³	Net of redemption fee proceeds of $5 and $1,921, respectively.

Cost of investments	$	225,493,705

Gross unrealized appreciation		2,274,360
Gross unrealized depreciation		(6,941,249	)

Net unrealized appreciation (depreciation)	$	(4,666,889	)

Increase (Decrease)
Paid in Capital		Total Distributable Earnings (Accumulated Deficit)
$	337	$	(337	)

Undistributed ordinary income	$	752,686
Undistributed long-term capital gains		-
Tax accumulated earnings		752,686

Accumulated capital and other losses		(17,050,581	)
Unrealized appreciation (depreciation) on investments		(4,666,889	)
Unrealized appreciation (depreciation) on swap contracts		(130,349	)
Unrealized appreciation (depreciation) deferred compensation		(31,201	)
Gross unrealized appreciation on foreign currency transactions		(3,047	)
Total accumulated earnings (deficit)	$	(21,129,381	)

Not Subject to Expiration:
Short-term	$	2,316,020
Long-term		14,734,561
Total	$	17,050,581

	Level 1		Level 2		Level 3*		Total
Assets
Investments
Asset-Backed Securities	$	-	$	25,565,794	$	-	$	25,565,794
Commercial Mortgage-Backed Securities		-		3,209,107		-		3,209,107
Corporate Bonds¹		-		184,347,974		-		184,347,974
Municipal Bonds		-		1,062,646		-		1,062,646
U.S. Government and Agencies		-		3,298,720		-		3,298,720
Short-Term Investments		3,342,575		-		-		3,342,575
Total Investments		3,342,575		217,484,241		-		220,826,816
Other Financial Instruments**
Forward Contracts		-		25,130		-		25,130
Futures Contracts		227,027		-		-		227,027
Total Assets	$	3,569,602	$	217,509,371	$	-	$	221,078,973

Liabilities
Other Financial Instruments**
Credit Default Swap Contracts	$	-	$	130,349	$	-	$	130,349
Futures Contracts		128,894		-		-		128,894
Total Liabilities	$	128,894	$	130,349	$	-	$	259,243

		Asset Derivatives		Liability Derivatives
Derivatives not designated as hedging instruments	Statement of Asset and Liabilities Location	Value		Value
Credit Default Swap Contracts	Variation margin on open swap contracts*	$	-	$	2,998
Foreign Exchange Contract	Unrealized appreciation/depreciation on forward foreign currency exchange contracts		25,130		-
Interest Rate Contracts	Variation margin on futures contracts*		-		38,528