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, 2025

Item 1. Report to Stockholders.

(a) The registrant’s annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Investment Act”), is as follows:

AAM/HIMCO Short Duration Fund

Class A/ASDAX

ANNUAL SHAREHOLDER REPORT | June 30, 2025

This annual shareholder report contains important information about the AAM/HIMCO Short Duration Fund (“Fund”) for the period of July 1, 2024 to June 30, 2025. 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)	$86	0.84%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

For the 12-month period ended June 30, 2025, the AAM/HIMCO Short Duration Fund Class A produced positive performance of 5.85%, before applicable sales charges.  The Bloomberg 1-3 Year U.S. Government/Credit Index ("Index") returned 5.94% 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 CMBS, ABS, CLOs, bank loans 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 sub-sector of investment grade corporates was a positive contributor

TOP PERFORMANCE DETRACTORS

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

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

- An underweight to investment grade corporates slightly detracted

- Security Selection within the Financial sub-sector of investment grade corporates detracted

- The Fund did not have any direct holdings in the emerging market sector which detracted from the positive performance 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	3.16%	2.38%	2.31%
AAM/HIMCO Short Duration Fund (Class A/ASDAX) — excluding sales load	5.85%	2.91%	2.56%
Bloomberg 1-3 Year US Government/Credit	5.94%	1.58%	1.84%
Bloomberg Aggregate Bond Index*	6.08%	-0.73%	1.76%

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	$349,109,017
Total number of portfolio holdings	266
Total advisory fees paid (net)	$1,010,632
Portfolio turnover rate as of the end of the reporting period	40%

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	2.9%
United States Treasury Note, 4.25%, 2/28/2029	2.9%
United States Treasury Note, 4.00%, 7/31/2029	2.9%
United States Treasury Note, 4.13%, 9/30/2027	2.9%
United States Treasury Note, 4.00%, 1/31/2029	2.9%
United States Treasury Note, 4.62%, 9/15/2026	2.9%
United States Treasury Note, 4.25%, 3/15/2027	2.9%
United States Treasury Note, 4.00%, 2/29/2028	2.9%
United States Treasury Note, 3.50%, 9/15/2025	2.9%
United States Treasury Note, 4.50%, 3/31/2026	1.4%

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-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, 2025

This annual shareholder report contains important information about the AAM/HIMCO Short Duration Fund (“Fund”) for the period of July 1, 2024 to June 30, 2025. 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 C/ASDCX)	$163	1.59%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

For the 12-month period ended June 30, 2025, the AAM/HIMCO Short Duration Fund Class C produced positive performance of 5.00%, before applicable sales charges.  The Bloomberg 1-3 Year U.S. Government/Credit Index ("Index") returned 5.94% 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 CMBS, ABS, CLOs, bank loans 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 sub-sector of investment grade corporates was a positive contributor

TOP PERFORMANCE DETRACTORS

- A shorter interest rate duration position relative to the index was a detractor given the rally in interest rates over the course of the 12-month period

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

-  An underweight to investment grade corporates slightly detracted

- Security selection within the Financial sub-sector of investment grade corporates detracted

- 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 C/ASDCX)1	4.00%	2.12%	1.80%
AAM/HIMCO Short Duration Fund (Class C/ASDCX) — excluding sales load	5.00%	2.12%	1.80%
Bloomberg 1-3 Year US Government/Credit	5.94%	1.58%	1.84%
Bloomberg Aggregate Bond Index*	6.08%	-0.73%	1.76%

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 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	$349,109,017
Total number of portfolio holdings	266
Total advisory fees paid (net)	$1,010,632
Portfolio turnover rate as of the end of the reporting period	40%

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	2.9%
United States Treasury Note, 4.25%, 2/28/2029	2.9%
United States Treasury Note, 4.00%, 7/31/2029	2.9%
United States Treasury Note, 4.13%, 9/30/2027	2.9%
United States Treasury Note, 4.00%, 1/31/2029	2.9%
United States Treasury Note, 4.62%, 9/15/2026	2.9%
United States Treasury Note, 4.25%, 3/15/2027	2.9%
United States Treasury Note, 4.00%, 2/29/2028	2.9%
United States Treasury Note, 3.50%, 9/15/2025	2.9%
United States Treasury Note, 4.50%, 3/31/2026	1.4%

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-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 C

AAM/HIMCO Short Duration Fund

Class I/ASDIX

ANNUAL SHAREHOLDER REPORT | June 30, 2025

This annual shareholder report contains important information about the AAM/HIMCO Short Duration Fund (“Fund”) for the period of July 1, 2024 to June 30, 2025. 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 I/ASDIX)	$61	0.59%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

For the 12-month period ended June 30, 2025, the AAM/HIMCO Short Duration Fund Class I produced positive performance of 6.00%.  The Bloomberg U.S. Government/Credit Index ("Index") returned 5.94% over the same period.  The Fund was primarily invested in the 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 CMBS, ABS, CLOs, bank loans 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 sub-sector of investment grade corporates was a positive contributor

TOP PERFORMANCE DETRACTORS

- A shorter interest rate duration position relative to the index was a detractor given the rally in interest rates over the 12-month period

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

- An underweight to investment grade corporates slightly detracted

- Security selection within the Financial sub-sector of investment grade corporates detracted

- 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)	6.00%	3.16%	2.81%
Bloomberg 1-3 Year US Government/Credit	5.94%	1.58%	1.84%
Bloomberg Aggregate Bond Index*	6.08%	-0.73%	1.76%

* 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	$349,109,017
Total number of portfolio holdings	266
Total advisory fees paid (net)	$1,010,632
Portfolio turnover rate as of the end of the reporting period	40%

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	2.9%
United States Treasury Note, 4.25%, 2/28/2029	2.9%
United States Treasury Note, 4.00%, 7/31/2029	2.9%
United States Treasury Note, 4.13%, 9/30/2027	2.9%
United States Treasury Note, 4.00%, 1/31/2029	2.9%
United States Treasury Note, 4.62%, 9/15/2026	2.9%
United States Treasury Note, 4.25%, 3/15/2027	2.9%
United States Treasury Note, 4.00%, 2/29/2028	2.9%
United States Treasury Note, 3.50%, 9/15/2025	2.9%
United States Treasury Note, 4.50%, 3/31/2026	1.4%

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-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 I

AAM/Insight Select Income Fund

Class A/CPUAX

ANNUAL SHAREHOLDER REPORT | June 30, 2025

This annual shareholder report contains important information about the AAM/Insight Select Income Fund (“Fund”) for the period of July 1, 2024 to June 30, 2025. 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	0.84%

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 the 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 modestly contributed positively to the Fund's relative performance, as overweight high yield corporates, and non-US IG holdings outperformed as spreads compressed over the year

- Security selection contributed strongly to overall Fund performance as spreads compressed and subordinated bonds and hybrid structures outperformed.  CLO holdings, Intel, Farmers Insurance (hybrid) and Southern California Edison (hybrid) were the top contributors to performance while Lincoln Insurance, Braskem and Geopark underperformed

- Duration was a positive contributor as the Fund periodically positioned long earning a bit of additional carry from the steep yield curve and positioning for the expectation of Federal Reserve cuts pushing yields lower

TOP PERFORMANCE DETRACTORS

- Sector allocation overweight to Treasuries and overweight to Energy as well as CLOs detracted from performance as the high-quality sectors underperformed in the face of spread compression although security selection in CLOs contributed positively

- Yield curve positioning detracted as the overweight to the 5yr contributed positively as the curve steepened in anticipation of eventual Fed cuts but this was negatively offset by a small overweight in the long end of the curve

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/Insight Select Income Fund (Class A/CPUAX)1	3.42%	0.05%	2.61%
AAM/Insight Select Income Fund (Class A/CPUAX) — excluding sales load	6.61%	0.67%	2.92%
Bloomberg Credit Bond	6.83%	0.12%	2.80%
Bloomberg Aggregate Bond Index*	6.08%	-0.73%	1.76%

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	$207,112,668
Total number of portfolio holdings	450
Total advisory fees paid (net)	$297,247
Portfolio turnover rate as of the end of the reporting period	56%

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, 3.88%, 5/31/2027	1.9%
Goldman Sachs Group, Inc., 5.05%, 7/23/2030	0.9%
Bank of America Corp., 2.97%, 2/4/2033	0.8%
JPMorgan Chase & Co., 5.35%, 6/1/2034	0.8%
Morgan Stanley, 6.63%, 11/1/2034	0.8%
Mexico Government International Bond, 6.87%, 5/13/2037	0.8%
Fortress Credit Opportunities CLO Ltd., Series 2017-9A, Class A1TR, 6.07%, 10/15/2033	0.7%
MetLife, Inc., 9.25%, 4/8/2038	0.7%
Goldman Sachs Group, Inc., 1.99%, 1/27/2032	0.7%
General Motors Co., 5.63%, 4/15/2030	0.7%

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

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/Insight Select Income Fund - Class A

AAM/Insight Select Income Fund

Class C/CPUCX

ANNUAL SHAREHOLDER REPORT | June 30, 2025

This annual shareholder report contains important information about the AAM/Insight Select Income Fund (“Fund”) for the period of July 1, 2024 to June 30, 2025. 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 C/CPUCX)	$162	1.57%

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 the 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 modestly contributed positively to the Fund's relative performance, as overweight high yield corporates, and non-US IG holdings outperformed as spreads compressed over the year

- Security selection contributed strongly to overall Fund performance as spreads compressed and subordinated bonds and hybrid structures outperformed.  CLO holdings, Intel, Farmers Insurance (hybrid) and Southern California Edison (hybrid) were the top contributors to performance while Lincoln Insurance, Braskem and Geopark underperformed

- Duration was a positive contributor as the Fund periodically positioned long earning a bit of additional carry form the steep yield curve and positioning for the expectation of Federal Reserve cuts pushing yields lower

TOP PERFORMANCE DETRACTORS

- Sector allocation overweight to Treasuries and overweight to Energy as well as CLO's detracted from performance as the high-quality sectors underperformed in the face of spread compression although security selection in the CLOs contributed positively 

- Yield curve positioning detracted as the overweight to the 5yr contributed positively as the curve steepened in anticipation of eventual Fed cuts but this was negatively offset by a small overweight in the long end of the curve

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/Insight Select Income Fund (Class C/CPUCX)1	4.94%	-0.08%	2.17%
AAM/Insight Select Income Fund (Class C/CPUCX) — excluding sales load	5.94%	-0.08%	2.17%
Bloomberg Credit Bond	6.83%	0.12%	2.80%
Bloomberg Aggregate Bond Index*	6.08%	-0.73%	1.76%

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	$207,112,668
Total number of portfolio holdings	450
Total advisory fees paid (net)	$297,247
Portfolio turnover rate as of the end of the reporting period	56%

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, 3.88%, 5/31/2027	1.9%
Goldman Sachs Group, Inc., 5.05%, 7/23/2030	0.9%
Bank of America Corp., 2.97%, 2/4/2033	0.8%
JPMorgan Chase & Co., 5.35%, 6/1/2034	0.8%
Morgan Stanley, 6.63%, 11/1/2034	0.8%
Mexico Government International Bond, 6.87%, 5/13/2037	0.8%
Fortress Credit Opportunities CLO Ltd., Series 2017-9A, Class A1TR, 6.07%, 10/15/2033	0.7%
MetLife, Inc., 9.25%, 4/8/2038	0.7%
Goldman Sachs Group, Inc., 1.99%, 1/27/2032	0.7%
General Motors Co., 5.63%, 4/15/2030	0.7%

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

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/Insight Select Income Fund - Class C

AAM/Insight Select Income Fund

Class I/CPUIX

ANNUAL SHAREHOLDER REPORT | June 30, 2025

This annual shareholder report contains important information about the AAM/Insight Select Income Fund (“Fund”) for the period of July 1, 2024 to June 30, 2025. 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 I/CPUIX)	$61	0.59%

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 graded structured credit.

TOP PERFORMANCE CONTRIBUTORS

 - Sector allocation modestly contributed positively to the Fund's relative performance, as overweight high yield corporates, and non-US IG holdings outperformed as spreads compressed over the year

- Security selection contributed strongly to overall Fund performance as spreads compressed and subordinated bonds and hybrid structures outperformed.  CLO holdings, Intel, Farmers Insurance (hybrid) and Southern California Edison (hybrid) were the top contributors to performance while Lincoln Insurance, Braskem, and Geopark underperformed

 - Duration was a positive contributor as the Fund periodically positioned long earning a bit of additional carry from the steep yield curve and positioning for the expectation of Federal Reserve cuts pushing yields lower

TOP PERFORMANCE DETRACTORS

- Sector allocation overweight to Treasuries and overweight to Energy as well as CLO's detracted from performance as the high-quality sectors underperformed in the face of spread compression although security selection in CLOs contributed positively

- Yield curve positioning detracted as the overweight to the 5yr contributed positively as the curve steepened in anticipation of eventual Fed cuts but this was negatively offset by a small overweight in the long end of the curve|

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)	7.00%	0.92%	3.20%
Bloomberg Credit Bond	6.83%	0.12%	2.80%
Bloomberg Aggregate Bond Index*	6.08%	-0.73%	1.76%

* 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	$207,112,668
Total number of portfolio holdings	450
Total advisory fees paid (net)	$297,247
Portfolio turnover rate as of the end of the reporting period	56%

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, 3.88%, 5/31/2027	1.9%
Goldman Sachs Group, Inc., 5.05%, 7/23/2030	0.9%
Bank of America Corp., 2.97%, 2/4/2033	0.8%
JPMorgan Chase & Co., 5.35%, 6/1/2034	0.8%
Morgan Stanley, 6.63%, 11/1/2034	0.8%
Mexico Government International Bond, 6.87%, 5/13/2037	0.8%
Fortress Credit Opportunities CLO Ltd., Series 2017-9A, Class A1TR, 6.07%, 10/15/2033	0.7%
MetLife, Inc., 9.25%, 4/8/2038	0.7%
Goldman Sachs Group, Inc., 1.99%, 1/27/2032	0.7%
General Motors Co., 5.63%, 4/15/2030	0.7%

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

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/Insight Select Income Fund - Class I

(b) Not applicable.

Item 2. Code of Ethics.

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.

Item 3. Audit Committee Financial Expert.

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.

Item 4. Principal Accountant Fees and Services.

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.

	AAM Funds
		FYE 6/30/2025	FYE 6/30/2024
(a)	Audit Fees	$42,700	$41,650
(b)	Audit-Related Fees	N/A	N/A
(c)	Tax Fees	$5,800	$5,600
(d)	All Other Fees	N/A	N/A

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Tait, Weller, & Weller LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

AAM Funds
	FYE 6/30/2025	FYE 6/30/2024
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

(f) All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment advisor (and any other controlling entity, etc.—not sub-advisor) for the last two years. The audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment advisor is compatible with maintaining the principal accountant’s independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.

	AAM Funds
		FYE 6/30/2025	FYE 6/30/2024
(g)	Registrant Non-Audit Related Fees	N/A	N/A
(h)	Registrant’s Investment Advisor	N/A	N/A

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants.

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

(b) Not applicable.

Item 6. Investments.

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

(b) Not Applicable.

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

AAM/HIMCO Short Duration Fund

(Class A: ASDAX)

(Class C: ASDCX)

(Class I: ASDIX)

ANNUAL FINANCIALS AND OTHER INFORMATION

JUNE 30, 2025

AAM/HIMCO Short Duration Fund

A series of Investment Managers Series Trust

Table of Contents

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.

Item 7. Financial Statements and Financial Highlights
Schedule of Investments	1
Statement of Assets and Liabilities	13
Statement of Operations	14
Statements of Changes in Net Assets	15
Financial Highlights	16
Class A	16
Class C	17
Class I	18
Notes to Financial Statements	19
Report of Independent Registered Public Accounting Firm	28

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.

www.aamlive.com/publicsite/mutual-funds 

AAM/HIMCO Short Duration Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2025

Principal Amount			Value
		ASSET-BACKED SECURITIES — 15.3%
$	2,687,000	American Express Credit Account Master Trust Series 2024-1, Class A, 5.23%, 4/15/20291	$	2,740,369
		Apidos CLO
	1,052,632	Series 2012-11A, Class XR4, 5.28% (3-Month Term SOFR+100 basis points), 4/17/20341,2,3		1,051,802
	1,000,000	Series 2020-34A, Class B1R, 6.18% (3-Month Term SOFR+191 basis points), 1/20/20351,2,3		1,001,128
	2,333,000	BA Credit Card Trust Series 2024-A1, Class A, 4.93%, 5/15/20291		2,367,302
	2,000,000	Balboa Bay Loan Funding Ltd. Series 2022-1A, Class XR, 5.32% (3-Month Term SOFR+105 basis points), 4/20/20371,2,3		1,997,870
	1,000,000	Carmax Auto Owner Trust Series 2022-3, Class C, 4.98%, 2/15/20281		1,002,403
		Commonbond Student Loan Trust
	12,290	Series 2016-B, Class B, 4.00%, 10/25/20401,3		11,581
	239,295	Series 2018-CGS, Class A1, 3.87%, 2/25/20461,3		231,868
		Credit Acceptance Auto Loan Trust
	663,687	Series 2023-1A, Class A, 6.48%, 3/15/20331,3		666,745
	1,000,000	Series 2024-2A, Class A, 5.95%, 6/15/20341,3		1,019,714
		Crown City CLO
	666,667	Series 2022-4A, Class X, 5.37% (3-Month Term SOFR+110 basis points), 4/20/20371,2,3		665,976
	666,667	Series 2023-5A, Class X, 5.42% (3-Month Term SOFR+115 basis points), 4/20/20371,2,3		666,643
	1,500,000	Dryden CLO Ltd. Series 2023-105A, Class XR, 5.38% (3-Month Term SOFR+105 basis points), 4/15/20381,2,3		1,496,606
	1,500,000	Eaton Vance CLO Ltd. Series 2019-1A, Class X, 5.31% (3-Month Term SOFR+105 basis points), 7/15/20371,2,3		1,498,589
		Evergreen Credit Card Trust
	1,248,000	Series 2024-CRT4, Class B, 5.25%, 10/15/20281,3		1,246,738
	893,000	Series 2024-CRT4, Class C, 5.64%, 10/15/20281,3		893,170
	314,000	Series 2025-CRT5, Class C, 5.53%, 5/15/20291,3		316,832
		Exeter Automobile Receivables Trust
	783,552	Series 2022-1A, Class D, 3.02%, 6/15/20281		776,339
	909,000	Series 2022-2A, Class D, 4.56%, 7/17/20281		905,879
		FirstKey Homes Trust
	875,000	Series 2020-SFR1, Class C, 1.94%, 8/17/20373		868,229
	1,575,000	Series 2020-SFR1, Class F2, 4.28%, 8/17/20373		1,566,884
	580,000	Ford Credit Auto Owner Trust Series 2022-C, Class C, 5.22%, 3/15/20301		583,495
	1,000,000	GM Financial Consumer Automobile Receivables Trust Series 2023-2, Class B, 4.82%, 10/16/20281		1,005,093
		GreenSky Home Improvement Trust
	152,046	Series 2024-1, Class A2, 5.88%, 6/25/20591,3		152,817

1

AAM/HIMCO Short Duration Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2025

Principal Amount			Value
		ASSET-BACKED SECURITIES (Continued)
$	906,827	Series 2025-1A, Class A2, 5.12%, 3/25/20601,3	$	908,425
	179,024	HERO Funding Trust Series 2015-2A, Class A, 3.99%, 9/20/20401,3		169,267
	1,000,000	HPEFS Equipment Trust Series 2023-2A, Class C, 6.48%, 1/21/20311,3		1,008,847
		JP Morgan Mortgage Trust
	1,500,000	Series 2023-HE3, Class M2, 6.80% (30-Day SOFR Average+250 basis points), 5/20/20541,2,3		1,516,684
	493,333	Series 2024-HE3, Class M2, 6.30% (30-Day SOFR Average+200 basis points), 2/25/20551,2,3		495,317
	907,784	Series 2025-HE1, Class M2, 6.05% (30-Day SOFR Average+175 basis points), 7/20/20551,2,3		906,361
	2,000,000	Navient Private Education Refi Loan Trust Series 2019-CA, Class B, 3.67%, 2/15/20681,3		1,880,836
	2,000,000	Neuberger Berman CLO Ltd. Series 2017-16SA, Class XR2, 5.26% (3-Month Term SOFR+95 basis points), 4/15/20391,2,3		1,994,953
	2,000,000	Octagon Ltd. Series 2023-2A, Class XR, 5.34% (3-Month Term SOFR+105 basis points), 4/20/20381,2,3		1,997,389
	2,000,000	Park Avenue Institutional Advisers CLO Ltd. Series 2019-2A, Class A2R, 6.22% (3-Month Term SOFR+197 basis points), 10/15/20341,2,3		2,000,466
	1,500,000	Race Point CLO Ltd. Series 2015-9A, Class A2R2, 5.97% (3-Month Term SOFR+171 basis points), 10/15/20301,2,3		1,502,734
	750,000	Regatta VIII Funding Ltd. Series 2017-1A, Class X, 5.38% (3-Month Term SOFR+110 basis points), 4/17/20371,2,3		749,133
	1,000,000	Santander Drive Auto Receivables Trust Series 2022-5, Class D, 5.67%, 12/16/20301		1,009,076
	1,833,333	Sixth Street CLO Ltd. Series 2019-13A, Class XR, 5.22% (3-Month Term SOFR+95 basis points), 1/21/20381,2,3		1,828,579
		SoFi Professional Loan Program LLC
	500,000	Series 2017-D, Class BFX, 3.61%, 9/25/20401,3		483,645
	550,000	Series 2018-A, Class B, 3.61%, 2/25/20421,3		531,790
	1,140,013	Store Master Funding Series 2018-1A, Class A2, 4.29%, 10/20/20481,3		1,124,267
	266,666	TCW CLO Ltd. Series 2017-1A, Class XR3, 5.23% (3-Month Term SOFR+95 basis points), 10/29/20341,2,3		266,609
		Tricon American Homes Trust
	983,237	Series 2019-SFR1, Class A, 2.75%, 3/17/20383		970,015
	1,000,000	Series 2020-SFR1, Class C, 2.25%, 7/17/20383		969,929
	1,500,000	Venture CLO Ltd. Series 2019-36A, Class A2R, 5.93% (3-Month Term SOFR+166 basis points), 4/20/20321,2,3		1,500,776

2

AAM/HIMCO Short Duration Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2025

Principal Amount			Value
		ASSET-BACKED SECURITIES (Continued)
$	2,000,000	Vibrant CLO Ltd. Series 2019-11A, Class A2R, 6.23% (3-Month Term SOFR+196 basis points), 7/20/20321,2,3	$	2,000,596
		Westlake Automobile Receivables Trust
	1,274,000	Series 2021-2A, Class E, 2.38%, 3/15/20271,3		1,267,717
	1,830,000	Series 2021-3A, Class E, 3.42%, 4/15/20271,3		1,818,134
		TOTAL ASSET-BACKED SECURITIES
		(Cost $53,846,040)		53,635,617
		BANK LOANS — 3.9%
	1,589,162	1011778 BC ULC 6.08% (1-Month Term SOFR+175 basis points), 9/23/20301,2,4,5		1,584,363
	698,750	AAdvantage Loyalty IP Ltd. 6.54% (3-Month Term SOFR+225 basis points), 4/20/20281,2,5		695,200
	620,466	Aramark Services, Inc. 6.33% (1-Month Term SOFR+250 basis points), 6/24/20301,2,4		623,051
	1,322,473	Charter Communications Operating LLC 7.33% (3-Month Term SOFR+200 basis points), 12/9/20301,2,4		1,323,299
	1,044,361	Genesee & Wyoming, Inc. 6.29% (3-Month Term SOFR+200 basis points), 4/10/20311,2,4		1,040,142
	267,330	Hilcorp Energy I LP 6.31% (1-Month Term SOFR+200 basis points), 2/5/20304,6		268,165
	146,530	ICON Luxembourg Sarl PLC 6.29% (3-Month Term SOFR+200 basis points), 7/3/20281,2,4,5		147,651
	994,949	Iron Mountain Information Management LLC 6.33% (1-Month Term SOFR+225 basis points), 1/31/20311,2,4		995,362
	742,390	Medline Borrower LP 6.58% (1-Month Term SOFR+225 basis points), 10/23/20281,2,4		744,079
	552,863	PetSmart LLC 8.18% (1-Month Term SOFR+375 basis points), 2/14/20281,2,4		548,371
	36,508	PRA Health Sciences, Inc. 6.29% (3-Month Term SOFR+200 basis points), 7/3/20281,2,4		36,787
	1,054,357	Quikrete Holdings, Inc. 6.56% (1-Month Term SOFR+225 basis points), 2/10/20321,2,4		1,054,226
	405,960	Ryan Specialty LLC 4.33% (1-Month Term SOFR+225 basis points), 9/15/20311,2,4		406,467
	1,247,210	SBA Senior Finance LLC 6.07% (1-Month Term SOFR+200 basis points), 1/27/20311,2,4		1,250,179
	461,762	SkyMiles IP Ltd. 8.56% (3-Month Term SOFR+375 basis points), 10/20/20271,2,4,5		465,313
	998,000	Virgin Media Bristol LLC 6.94% (1-Month Term SOFR+250 basis points), 1/31/20281,2,4		986,568
	1,134,741	Vistra Operations Co. LLC 6.08% (1-Month Term SOFR+175 basis points), 12/31/20251,2,4		1,138,956

3

AAM/HIMCO Short Duration Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2025

Principal Amount			Value
		BANK LOANS (Continued)
$	263,000	XPO, Inc. 6.08% (1-Month Term SOFR+200 basis points), 2/28/20311,2,4	$	263,921
		TOTAL BANK LOANS
		(Cost $13,535,805)		13,572,100
		COLLATERALIZED MORTGAGE OBLIGATIONS — 6.9%
		Angel Oak Mortgage Trust
	133,419	Series 2019-5, Class A3, 2.92%, 10/25/20491,3,6		131,621
	2,000,000	Series 2020-R1, Class B1, 3.67%, 4/25/20531,3,6		1,789,448
	68,158	Series 2019-6, Class A3, 2.93%, 11/25/20591,3,6		66,925
	116,901	Series 2020-1, Class A3, 2.77%, 12/25/20591,3,6		113,655
	1,332,800	Series 2020-3, Class B2, 5.32%, 4/25/20651,3,6		1,244,343
	222,544	Series 2020-5, Class A3, 2.04%, 5/25/20651,3,6		214,757
	724,446	Series 2020-4, Class M1, 3.80%, 6/25/20651,3,6		688,716
	1,290,192	Arroyo Mortgage Trust Series 2019-2, Class M1, 4.76%, 4/25/20491,3,6		1,200,544
		BRAVO Residential Funding Trust
	140,071	Series 2021-NQM2, Class A2, 1.28%, 3/25/20601,3,6		135,745
	1,286,842	Series 2021-NQM3, Class B1, 3.91%, 4/25/20601,3,6		1,171,582
		Citigroup Mortgage Loan Trust, Inc.
	519,881	Series 2015-RP2, Class B4, 4.25%, 1/25/20531,3		511,273
	43,966	Series 2018-RP1, Class A1, 3.00%, 9/25/20641,3,6		43,137
	1,133,335	COLT Mortgage Loan Trust Series 2021-4, Class A3, 1.65%, 10/25/20661,3,6		970,229
	995,053	Credit Suisse Mortgage Capital Trust Series 2019-AFC1, Class M1, 3.06%, 7/25/20491,3,6		806,748
		Deephaven Residential Mortgage Trust
	729,158	Series 2021-3, Class A1, 1.19%, 8/25/20661,3,6		640,757
	721,489	Series 2021-3, Class A3, 1.55%, 8/25/20661,3,6		635,375
	425,219	Series 2021-4, Class A3, 2.24%, 11/25/20661,3,6		372,288
	655,946	Series 2022-1, Class A1, 2.21%, 1/25/20671,3,6		600,982
		Ellington Financial Mortgage Trust
	1,918,667	Series 2020-1, Class A2, 3.15%, 5/25/20651,3,6		1,880,169
	85,282	Series 2020-2, Class A2, 1.49%, 10/25/20651,3,6		80,076
	238,784	Series 2021-1, Class A3, 1.11%, 2/25/20661,3,6		205,494
	1,275,000	Mill City Mortgage Trust Series 2015-1, Class B1, 3.80%, 6/25/20561,3,6		1,240,977
		New Residential Mortgage Loan Trust
	81,598	Series 2020-NQM1, Class A2, 2.72%, 1/26/20601,3,6		77,099
	163,196	Series 2020-NQM1, Class A3, 2.77%, 1/26/20601,3,6		153,922
	1,216,574	NLT Trust Series 2021-INV2, Class A3, 1.52%, 8/25/20561,3,6		1,065,637
		Residential Mortgage Loan Trust
	2,400,615	Series 2020-2, Class A3, 2.91%, 5/25/20601,3,6		2,322,271
	833,333	Series 2020-2, Class M1, 3.56%, 5/25/20601,3,6		791,541
	72,906	Series 2021-1R, Class A3, 1.20%, 1/25/20651,3,6		69,835
		SG Residential Mortgage Trust
	11,403	Series 2019-3, Class A2, 2.88%, 9/25/20591,3,6		11,350

4

AAM/HIMCO Short Duration Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2025

Principal Amount			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
$	11,802	Series 2019-3, Class A3, 3.08%, 9/25/20591,3,6	$	11,747
	919,680	Series 2021-1, Class A3, 1.56%, 7/25/20611,3,6		759,827
	1,418,858	Series 2020-2, Class M1, 3.19%, 5/25/20651,3,6		1,270,465
	1,200,000	Series 2020-2, Class B1, 4.25%, 5/25/20651,3,6		1,106,010
		Starwood Mortgage Residential Trust
	642,714	Series 2021-4, Class A1, 1.16%, 8/25/20561,3,6		562,518
	336,177	Series 2021-4, Class A3, 1.58%, 8/25/20561,3,6		296,688
	327,052	Series 2021-1, Class A1, 1.22%, 5/25/20651,3,6		305,959
	561,305	TRK Trust Series 2021-INV1, Class A3, 1.56%, 7/25/20561,3,6		497,931
		TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
		(Cost $26,589,544)		24,047,641
		COMMERCIAL MORTGAGE-BACKED SECURITIES — 11.0%
	502,475	Bank of America Merrill Lynch Commercial Mortgage Trust Series 2017-BNK3, Class A3, 3.31%, 2/15/20501		494,187
	1,000,000	Benchmark Mortgage Trust Series 2019-B12, Class A4, 2.86%, 8/15/20521		935,403
	1,500,000	BFLD Trust Series 2020-EYP, Class D, 7.38% (1-Month Term SOFR+307 basis points), 10/15/20352,3,7		0
		BX Trust
	700,000	Series 2021-MFM1, Class D, 5.93% (1-Month Term SOFR+161 basis points), 1/15/20342,3		699,782
	1,200,000	Series 2021-LBA, Class FJV, 6.83% (1-Month Term SOFR+252 basis points), 2/15/20362,3		1,191,750
	948,972	Series 2021-LBA, Class FV, 6.83% (1-Month Term SOFR+252 basis points), 2/15/20362,3		942,447
	775,063	Series 2021-VOLT, Class F, 6.83% (1-Month Term SOFR+251 basis points), 9/15/20362,3		771,430
	1,500,000	Series 2021-PAC, Class F, 6.82% (1-Month Term SOFR+251 basis points), 10/15/20362,3		1,492,500
	980,000	Series 2021-VINO, Class E, 6.38% (1-Month Term SOFR+207 basis points), 5/15/20382,3		979,694
	1,402,780	Series 2021-SOAR, Class F, 6.78% (1-Month Term SOFR+246 basis points), 6/15/20382,3		1,403,220
	1,050,000	Series 2021-XL2, Class F, 6.67% (1-Month Term SOFR+236 basis points), 10/15/20382,3		1,050,329
	770,000	Series 2022-LP2, Class E, 6.92% (1-Month Term SOFR+261 basis points), 2/15/20392,3		767,594
	777,081	Series 2024-XL5, Class C, 6.25% (1-Month Term SOFR+194 basis points), 3/15/20412,3		778,053
	839,244	Series 2024-CNYN, Class C, 6.25% (1-Month Term SOFR+194 basis points), 4/15/20412,3		840,555
	1,000,000	CD Mortgage Trust Series 2017-CD6, Class A5, 3.46%, 11/13/20501		972,109
	1,704,380	CFCRE Commercial Mortgage Trust Series 2016-C3, Class XA, 1.10%, 1/10/20481,6,8		3,755

5

AAM/HIMCO Short Duration Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2025

Principal Amount			Value
		COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
$	1,000,000	DBJPM Mortgage Trust Series 2016-C3, Class A5, 2.89%, 8/10/20491	$	979,676
	2,144,319	Extended Stay America Trust Series 2021-ESH, Class C, 6.13% (1-Month Term SOFR+181 basis points), 7/15/20382,3		2,145,660
		Freddie Mac Multifamily Structured Pass-Through Certificates
	109,436	Series K046, Class X3, 3.76%, 4/25/20431,6,8		9
	900,000	Series K050, Class X3, 1.61%, 10/25/20431,6,8		2,434
	1,100,000	Series K052, Class X3, 1.67%, 1/25/20441,6,8		7,699
	1,721,882	Series K097, Class X3, 2.09%, 9/25/20461,6,8		124,139
		Government National Mortgage Association
	2,149,993	Series 2013-139, Class IO, 0.34%, 10/16/20541,6,8		49,871
	227,058	Series 2013-175, Class IO, 0.14%, 5/16/20551,6,8		357
	138,324	Series 2014-120, Class IO, 0.42%, 4/16/20561,6,8		1,280
	2,165,945	Series 2017-185, Class IO, 0.55%, 4/16/20591,6,8		76,289
	2,819,858	Series 2017-169, Class IO, 0.52%, 1/16/20601,6,8		79,306
	1,979,095	Series 2018-41, Class IO, 0.57%, 5/16/20601,6,8		65,082
	3,321,158	Series 2018-52, Class IO, 0.59%, 7/16/20601,6,8		141,963
	1,053,130	Series 2019-8, Class IO, 0.76%, 11/16/20601,6,8		56,659
	16,693,431	Series 2020-8, Class IO, 0.53%, 1/16/20621,6,8		551,815
		GS Mortgage Securities Trust
	1,439,000	Series 2016-GS4, Class A4, 3.44%, 11/10/20491,6		1,413,717
	1,610,000	Series 2017-GS7, Class A4, 3.43%, 8/10/20501		1,565,364
	1,064,938	Series 2018-GS9, Class A3, 3.73%, 3/10/20511		1,042,126
	644,563	GS Mortgage-Backed Securities Trust Series 2024-HE2, Class A1, 5.81% (30-Day SOFR Average+150 basis points), 1/25/20551,2,3		645,128
	1,675,000	LCCM Mortgage Trust Series 2017-LC26, Class A4, 3.55%, 7/12/20501,3		1,636,534
	1,050,000	Life Mortgage Trust Series 2021-BMR, Class F, 6.78% (1-Month Term SOFR+246 basis points), 3/15/20382,3		1,036,799
	480,000	MHC Commercial Mortgage Trust Series 2021-MHC, Class F, 7.03% (1-Month Term SOFR+272 basis points), 4/15/20382,3		480,000
	1,000,000	Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C32, Class A4, 3.72%, 12/15/20491		987,302
	1,000,000	NYCT Trust Series 2024-3ELV, Class A, 6.30% (1-Month Term SOFR+199 basis points), 8/15/20292,3		1,005,275
	1,500,000	SMRT Series 2022-MINI, Class E, 7.01% (1-Month Term SOFR+270 basis points), 1/15/20392,3		1,474,687
	1,174,378	SREIT Trust Series 2021-MFP, Class F, 7.05% (1-Month Term SOFR+274 basis points), 11/15/20382,3		1,174,378
		UBS Commercial Mortgage Trust

6

AAM/HIMCO Short Duration Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2025

Principal Amount			Value
		COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
$	1,400,000	Series 2017-C5, Class A5, 3.47%, 11/15/20501	$	1,349,190
	1,000,000	Series 2018-C10, Class A4, 4.31%, 5/15/20511		981,569
	1,000,000	Series 2019-C16, Class A4, 3.60%, 4/15/20521		958,906
	11,451,827	Series 2019-C18, Class XA, 1.11%, 12/15/20521,6,8		358,797
		Wells Fargo Commercial Mortgage Trust
	1,169,986	Series 2016-LC24, Class A4, 2.94%, 10/15/20491		1,148,127
	1,500,000	Series 2016-NXS6, Class A4, 2.92%, 11/15/20491		1,467,903
	500,000	Series 2019-C50, Class A5, 3.73%, 5/15/20521		479,762
	1,152,610	Series 2015-LC22, Class XA, 0.75%, 9/15/20581,6,8		17
	1,500,000	Series 2016-LC25, Class A4, 3.64%, 12/15/20591		1,475,394
		WFRBS Commercial Mortgage Trust
	2,842,323	Series 2014-C21, Class XB, 0.60%, 8/15/20471,6,8		6,185
	6,400,000	Series 2014-C22, Class XB, 0.45%, 9/15/20571,6,8		24,352
		TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
		(Cost $39,144,347)		38,316,559
		CORPORATE BONDS — 28.3%
		COMMUNICATIONS — 0.8%
	1,000,000	NBN Co., Ltd. 4.00%, 10/1/20271,3,5		993,593
	500,000	Netflix, Inc. 4.37%, 11/15/2026		502,495
	1,505,000	T-Mobile USA, Inc. 2.25%, 2/15/20261		1,481,698
				2,977,786
		CONSUMER DISCRETIONARY — 3.2%
	750,000	American Builders & Contractors Supply Co., Inc. 4.00%, 1/15/20281,3		733,774
	1,200,000	Ford Motor Credit Co. LLC 3.38%, 11/13/20251		1,191,984
		General Motors Financial Co., Inc.
	1,000,000	5.40%, 5/8/2027		1,014,388
	1,000,000	5.35%, 7/15/2027		1,014,941
	1,000,000	5.52% (SOFR Index+117 basis points), 4/4/20282		992,803
	1,000,000	5.35%, 1/7/20301		1,011,858
		Hyundai Capital America
	1,000,000	5.38% (SOFR+99 basis points), 3/25/20272,3		998,394
	1,000,000	4.30%, 9/24/20273		991,839
	1,488,000	International Game Technology PLC 4.13%, 4/15/20261,3,5		1,487,098
	150,000	Taylor Morrison Communities, Inc. 5.75%, 1/15/20281,3		152,219
	480,000	United Airlines, Inc. 4.37%, 4/15/20261,3		476,832

7

AAM/HIMCO Short Duration Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2025

Principal Amount			Value
		CORPORATE BONDS (Continued)
		CONSUMER DISCRETIONARY (Continued)
$	1,000,000	Volkswagen Group of America Finance LLC 4.90%, 8/14/20263	$	1,001,970
				11,068,100
		CONSUMER STAPLES — 0.4%
	400,000	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC 3.25%, 3/15/20261,3		394,487
	1,000,000	Philip Morris International, Inc. 4.38%, 11/1/2027		1,004,398
				1,398,885
		ENERGY — 1.4%
	529,000	Buckeye Partners LP 3.95%, 12/1/20261		522,676
	1,000,000	Chevron USA, Inc. 4.78% (SOFR Index+47 basis points), 2/26/20282		1,004,282
	149,000	DCP Midstream Operating LP 5.62%, 7/15/20271		152,293
	303,000	EnerSys 4.37%, 12/15/20271,3		298,694
	777,000	EQT Corp. 3.13%, 5/15/20261,3		765,128
	1,000,000	Kinder Morgan, Inc. 5.15%, 6/1/20301		1,020,833
	1,000,000	ONEOK, Inc. 4.25%, 9/24/20271		998,164
				4,762,070
		FINANCIALS — 14.5%
	1,000,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.88%, 4/1/20281,5		1,009,864
	1,000,000	Avolon Holdings Funding Ltd. 4.95%, 1/15/20281,3,5		1,005,593
		Bank of America Corp.
	1,500,000	1.73% (SOFR+96 basis points), 7/22/20271,6		1,457,853
	1,000,000	4.98% (SOFR+83 basis points), 1/24/20291,6		1,013,853
	1,000,000	5.22% (SOFR+83 basis points), 1/24/20291,2		998,640
	1,500,000	5.82% (SOFR+157 basis points), 9/15/20291,6		1,562,421
	1,000,000	Bank of New York Mellon 4.73% (SOFR+113 basis points), 4/20/20291,6		1,013,945
		Barclays PLC
	1,000,000	7.32% (USD 1 Year Tsy+305 basis points), 11/2/20261,5,6		1,008,301
	1,000,000	5.09% (SOFR+96 basis points), 2/25/20291,5,6		1,012,905
	1,000,000	Capital One Financial Corp. 5.70% (SOFR+190 basis points), 2/1/20301,6		1,034,261
		Citigroup, Inc.
	2,000,000	5.61% (SOFR+155 basis points), 9/29/20261,6		2,004,474

8

AAM/HIMCO Short Duration Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2025

Principal Amount			Value
		CORPORATE BONDS (Continued)
		FINANCIALS (Continued)
$	1,000,000	4.79% (SOFR+87 basis points), 3/4/20291,6	$	1,007,077
	1,000,000	5.85% (SOFR+146 basis points), 5/7/20311,2		1,005,368
	914,000	Danske Bank A/S 5.02% (USD 1 Year Tsy+93 basis points), 3/4/20311,3,5,6		923,935
		Deutsche Bank A.G.
	835,000	5.71% (SOFR+159 basis points), 2/8/20281,5,6		848,649
	1,000,000	5.37% (SOFR+121 basis points), 1/10/20291,5,6		1,017,399
		Goldman Sachs Group, Inc.
	1,000,000	5.41% (SOFR+75 basis points), 5/21/20271,6		1,008,204
	1,000,000	4.94% (SOFR+132 basis points), 4/23/20281,6		1,007,719
	1,000,000	5.73% (SOFR+126 basis points), 4/25/20301,6		1,040,741
		HSBC Holdings PLC
	2,000,000	4.90% (SOFR+103 basis points), 3/3/20291,5,6		2,016,856
	1,000,000	5.68% (SOFR+129 basis points), 3/3/20311,2,5		997,004
		ING Groep N.V.
	1,000,000	4.86% (SOFR+101 basis points), 3/25/20291,5,6		1,010,065
	1,800,000	5.35% (SOFR Index+101 basis points), 3/25/20291,2,5		1,801,177
	2,000,000	JPMorgan Chase & Co. 5.25% (SOFR+86 basis points), 10/22/20281,2		2,006,022
		MassMutual Global Funding II
	1,000,000	5.10%, 4/9/20273		1,016,178
	1,000,000	4.45%, 3/27/20283		1,005,895
		Morgan Stanley Bank N.A.
	2,000,000	5.07% (SOFR+69 basis points), 10/15/20271,2		2,001,084
	665,000	4.97% (SOFR+93 basis points), 7/14/20281,6		672,942
	1,000,000	5.02% (SOFR+91 basis points), 1/12/20291,6		1,015,463
	1,000,000	5.17% (SOFR+145 basis points), 1/16/20301,6		1,020,944
	2,000,000	National Bank of Canada 4.70% (SOFR+56 basis points), 3/5/20271,5,6		2,000,298
	1,000,000	Northwestern Mutual Global Funding 4.49%, 3/21/20283		1,008,754
	371,000	OneMain Finance Corp. 3.50%, 1/15/20271		363,040
	1,266,000	Penske Truck Leasing Co. Lp / PTL Finance Corp. 6.05%, 8/1/20281,3		1,318,707
	940,000	Penske Truck Leasing Co. LP / PTL Finance Corp. 5.75%, 5/24/20261,3		947,832
	1,000,000	PNC Bank N.A. 4.89% (SOFR+50 basis points), 1/15/20271,2		1,000,269
	1,000,000	Pricoa Global Funding 4.40%, 8/27/20273		1,004,300
	500,000	Principal Life Global Funding 4.60%, 8/19/20273		502,694
	703,000	RLJ Lodging Trust LP 3.75%, 7/1/20261,3		695,929

9

AAM/HIMCO Short Duration Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2025

Principal Amount			Value
		CORPORATE BONDS (Continued)
		FINANCIALS (Continued)
$	1,000,000	State Street Corp. 5.34% (SOFR+95 basis points), 4/24/20281,2	$	1,004,654
		UBS A.G.
	1,000,000	4.86% (SOFR+72 basis points), 1/10/20281,5,6		1,008,067
	1,500,000	5.62% (USISSO01+134 basis points), 9/13/20301,3,5,6		1,557,306
	800,000	VICI Properties LP / VICI Note Co., Inc. 4.25%, 12/1/20261,3		795,019
		Wells Fargo & Co.
	1,000,000	4.97% (SOFR+137 basis points), 4/23/20291,6		1,013,993
	1,000,000	5.24% (SOFR+111 basis points), 1/24/20311,6		1,025,630
				50,791,324
		HEALTH CARE — 1.7%
	1,165,000	CVS Health Corp. 4.30%, 3/25/20281		1,160,070
	1,000,000	GlaxoSmithKline Capital PLC 4.89% (SOFR+50 basis points), 3/12/20272,5		1,001,688
		HCA, Inc.
	1,000,000	5.37%, 9/1/20261		1,004,946
	1,000,000	5.26% (SOFR+87 basis points), 3/1/20281,2		1,005,748
		IQVIA, Inc.
	510,000	5.00%, 10/15/20261,3		509,474
	1,000,000	5.00%, 5/15/20271,3		996,416
	192,000	Tenet Healthcare Corp. 4.38%, 1/15/20301		186,047
				5,864,389
		INDUSTRIALS — 0.6%
	1,000,000	BAE Systems PLC 5.12%, 3/26/20291,3,5		1,024,752
	542,000	Herc Holdings, Inc. 5.50%, 7/15/20271,3		542,048
	250,000	Vertiv Group Corp. 4.13%, 11/15/20281,3		243,680
	400,000	XPO, Inc. 6.25%, 6/1/20281,3		405,893
				2,216,373
		MATERIALS — 2.5%
	1,000,000	Amrize Finance US LLC 4.60%, 4/7/20273		1,003,955
		Glencore Funding LLC
	2,575,000	1.63%, 9/1/20251,3		2,561,610
	1,500,000	5.09% (SOFR Index+75 basis points), 10/1/20262,3		1,499,854
	1,000,000	5.34%, 4/4/20273		1,013,511
		Rio Tinto Finance USA PLC
	1,000,000	4.37%, 3/12/20275		1,005,149

10

AAM/HIMCO Short Duration Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2025

Principal Amount			Value
		CORPORATE BONDS (Continued)
		MATERIALS (Continued)
$	1,000,000	5.15% (SOFR Index+84 basis points), 3/14/20282,5	$	1,005,704
	536,000	SNF Group SACA 3.12%, 3/15/20271,3,5		521,829
				8,611,612
		TECHNOLOGY — 2.1%
	1,500,000	Dell International LLC / EMC Corp. 4.75%, 4/1/20281		1,517,359
		Hewlett Packard Enterprise Co.
	1,000,000	4.45%, 9/25/2026		1,001,514
	1,000,000	4.55%, 10/15/20291		994,392
	1,000,000	Oracle Corp. 3.25%, 11/15/20271		977,374
		Synopsys, Inc.
	1,500,000	4.55%, 4/1/2027		1,507,245
	1,500,000	4.65%, 4/1/20281		1,514,867
				7,512,751
		UTILITIES — 1.1%
	800,000	Consolidated Edison Co. of New York, Inc. 4.83% (SOFR Index+52 basis points), 11/18/20272		800,134
	1,000,000	Georgia Power Co. 4.58% (SOFR Index+28 basis points), 9/15/20262		998,620
	1,000,000	NextEra Energy Capital Holdings, Inc. 4.85%, 2/4/2028		1,013,628
	903,000	Public Service Enterprise Group, Inc. 4.90%, 3/15/20301		918,372
				3,730,754
		TOTAL CORPORATE BONDS
		(Cost $98,217,422)		98,934,044
		MUNICIPAL BONDS — 0.3%
	1,000,000	New Jersey Transportation Trust Fund Authority 4.61%, 6/15/2026		1,002,336
		TOTAL MUNICIPAL BONDS
		(Cost $1,000,000)		1,002,336
		U.S. GOVERNMENT AND AGENCIES — 28.9%
		United States Treasury Note
	10,000,000	3.50%, 9/15/2025		9,985,940
	5,000,000	4.50%, 3/31/2026		5,013,720
	5,000,000	4.13%, 6/15/2026		5,005,990
	10,000,000	4.62%, 9/15/2026		10,080,470
	10,000,000	4.25%, 3/15/2027		10,075,390
	10,000,000	4.13%, 9/30/2027		10,089,840
	10,000,000	4.00%, 2/29/2028		10,074,610

11

AAM/HIMCO Short Duration Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2025

Principal Amount			Value
		U.S. GOVERNMENT AND AGENCIES (Continued)
$	10,000,000	4.37%, 11/30/2028	$	10,207,030
	10,000,000	4.00%, 1/31/2029		10,088,670
	10,000,000	4.25%, 2/28/2029		10,174,610
	10,000,000	4.00%, 7/31/2029		10,092,190
		TOTAL U.S. GOVERNMENT AND AGENCIES
		(Cost $99,692,787)		100,888,460

Number of Shares
		SHORT-TERM INVESTMENTS — 4.4%
	15,305,081	Goldman Sachs Financial Square Government Fund - Institutional Class 4.11%9		15,305,081
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $15,305,081)		15,305,081
		TOTAL INVESTMENTS — 99.0%
		(Cost $347,331,026)		345,701,838
		Other Assets in Excess of Liabilities — 1.0%		3,407,179
		TOTAL NET ASSETS — 100.0%	$	349,109,017

LLC – Limited Liability Company

ULC – Unlimited Liability Corporation

LP – Limited Partnership

PLC – Public Limited Company

IO – Interest Only

¹ Callable.

² Floating rate security.

³ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $118,208,309, which represents 33.9% of total net assets of the Fund.

⁴ Bank loans generally pay interest at rates which are periodically determined by reference to a base lending rate plus a premium. All loans carry a variable rate of interest. These base lending rates are generally (i) the Prime Rate offered by one or more major United States banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate (“LIBOR”),  (iii) the Certificate of Deposit rate, or (iv) Secured Overnight Financing Rate (“SOFR”). Bank Loans, while exempt from registration, under the Securities Act of 1933, contain certain restrictions on resale and cannot be sold publicly. Floating rate bank loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy.

⁵ Foreign security denominated in U.S. Dollars.

⁶ Variable rate security. Rate shown is the rate in effect as of June 30, 2025.

⁷ The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy.

⁸ Interest-only security.

⁹ The rate is the annualized seven-day yield at period end.

See accompanying Notes to Financial Statements.

12

AAM/HIMCO Short Duration Fund

STATEMENT OF ASSETS AND LIABILITIES

As of June 30, 2025

Assets:
Investments, at value (cost $347,331,026)	$	345,701,838
Cash		198,164
Receivables:
Fund shares sold		526,611
Dividends and interest		3,109,580
Prepaid expenses		36,627
Total assets		349,572,820
Liabilities:
Payables:
Investment securities purchased		658
Fund shares redeemed		172,543
Advisory fees		69,079
Shareholder servicing fees (Note 7)		62,597
Distribution fees - Class A & C (Note 8)		8,166
Fund accounting and administration fees		52,498
Transfer agent fees and expenses		14,163
Custody fees		7,225
Trustees’ deferred compensation (Note 3)		32,501
Auditing fees		25,602
Chief Compliance Officer fees		4,141
Trustees’ fees and expenses		318
Accrued other expenses		14,312
Total liabilities		463,803
Commitments and contingencies (Note 3)
Net Assets	$	349,109,017
Components of Net Assets:
Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized)	$	353,834,085
Total distributable earnings (accumulated deficit)		(4,725,068	)
Net Assets	$	349,109,017
Maximum Offering Price Per Share:
Class A Shares:
Net assets applicable to shares outstanding	$	32,358,328
Number of shares issued and outstanding		3,198,101
Net asset value per share1	$	10.12
Maximum sales charge (2.50% of offering price)2		0.26
Maximum offering price to public	$	10.38
Class C Shares:
Net assets applicable to shares outstanding	$	1,671,202
Number of shares issued and outstanding		165,732
Net asset value per share3	$	10.08
Class I Shares:
Net assets applicable to shares outstanding	$	315,079,487
Number of shares issued and outstanding		31,094,024
Net asset value per share	$	10.13

1 A Contingent Deferred Sales Charge (“CDSC”) of 1.00% will be imposed to the extent a finder’s fee was paid on certain redemptions of such shares within 18 months of purchase.

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.

See accompanying Notes to Financial Statements.

13

AAM/HIMCO Short Duration Fund

STATEMENT OF OPERATIONS

For the Year Ended June 30, 2025

Investment income:
Interest	$	16,350,011
Total investment income		16,350,011
Expenses:
Advisory fees		1,326,333
Shareholder servicing fees (Note 7)		320,553
Distribution fees - Class A (Note 8)		83,267
Distribution fees - Class C (Note 8)		19,220
Fund accounting and administration fees		397,664
Transfer agent fees and expenses		76,762
Custody fees		34,089
Registration fees		93,712
Auditing fees		26,464
Shareholder reporting fees		24,426
Chief Compliance Officer fees		23,265
Trustees’ fees and expenses		20,395
Legal fees		17,080
Insurance fees		8,978
Miscellaneous		5,286
Interest expense		476
Total expenses		2,477,970
Advisory fees recovered (waived)		(315,701	)
Net expenses		2,162,269
Net investment income (loss)		14,187,742
Realized and Unrealized Gain (Loss) on:
Net realized gain (loss) on:
Investments		(171,255	)
Total net realized gain (loss) on:		(171,255	)
Net change in unrealized appreciation (depreciation) on:
Investments		6,581,319
Net change in unrealized appreciation (depreciation)		6,581,319
Net realized and unrealized gain (loss)		6,410,064
Net Increase (Decrease) in Net Assets from Operations	$	20,597,806

See accompanying Notes to Financial Statements.

14

AAM/HIMCO Short Duration Fund

STATEMENTS OF CHANGES IN NET ASSETS

	For the Year Ended June 30, 2025			For the Year Ended June 30, 2024
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	14,187,742		$	17,268,341
Net realized gain (loss) on investments		(171,255	)		(774,728	)
Net change in unrealized appreciation (depreciation) on investments		6,581,319			7,190,973
Net increase (decrease) in net assets resulting from operations		20,597,806			23,684,586
Distributions to Shareholders:
Distributions:
Class A		(1,335,880	)		(1,674,376	)
Class C		(63,476	)		(98,838	)
Class I		(13,240,274	)		(15,967,165	)
Total distributions to shareholders		(14,639,630	)		(17,740,379	)
Capital Transactions:
Net proceeds from shares sold:
Class A		10,173,316			6,297,580
Class C		20,000			12,200
Class I		154,709,361			121,866,732
Reinvestment of distributions:
Class A		1,137,982			1,510,045
Class C		58,394			92,723
Class I		13,196,203			15,943,911
Cost of shares redeemed:
Class A1		(13,015,886	)		(20,511,939	)
Class C2		(483,086	)		(1,358,208	)
Class I3		(176,900,884	)		(227,695,514	)
Net increase (decrease) in net assets from capital transactions		(11,104,600	)		(103,842,470	)
Total increase (decrease) in net assets		(5,146,424	)		(97,898,263	)
Net Assets:
Beginning of period		354,255,441			452,153,704
End of period	$	349,109,017		$	354,255,441
Capital Share Transactions:
Shares sold:
Class A		1,015,746			637,628
Class C		1,998			1,239
Class I		15,421,877			12,332,313
Shares reinvested:
Class A		113,755			153,518
Class C		5,853			9,447
Class I		1,317,607			1,618,235
Shares redeemed:
Class A		(1,297,286	)		(2,080,321	)
Class C		(48,317	)		(137,790	)
Class I		(17,620,137	)		(23,047,199	)
Net increase (decrease) in capital share transactions		(1,088,904	)		(10,512,930	)

¹ Net of redemption fee proceeds of $(10) and $1,792, respectively.

² Net of redemption fee proceeds of $0 and $60, respectively.

³ Net of redemption fee proceeds of $111 and $366, respectively.

See accompanying Notes to Financial Statements. 

15

AAM/HIMCO Short Duration Fund

FINANCIAL HIGHLIGHTS

Class A

Per share operating performance.

For a capital share outstanding throughout each period.

	For the Year Ended June 30,
	2025			2024			2023			2022			2021
Net asset value, beginning of period	$	9.95		$	9.81		$	9.76		$	10.10		$	9.98
Income from Investment Operations:
Net investment income (loss) 1		0.39			0.41			0.30			0.08			0.09
Net realized and unrealized gain (loss)		0.18			0.15			0.04			(0.35	)		0.13
Total from investment operations		0.57			0.56			0.34			(0.27	)		0.22
Less Distributions:
From net investment income		(0.40	)		(0.42	)		(0.29	)		(0.07	)		(0.10	)
Total distributions		(0.40	)		(0.42	)		(0.29	)		(0.07	)		(0.10	)
Redemption fee proceeds1		-	2		-	2		-	2		-	2		-	2
Net asset value, end of period	$	10.12		$	9.95		$	9.81		$	9.76		$	10.10
Total return3		5.85	%		5.83	%		3.52	%		(2.65	)%		2.24	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	32,358		$	33,504		$	45,645		$	97,925		$	126,051
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recovered		0.93	%4		0.88	%		0.84	%		0.81	%		0.84	%
After fees waived and expenses absorbed/recovered		0.84	%4		0.84	%		0.84	%		0.84	%		0.84	%
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed/recovered		3.75	%		4.12	%		3.06	%		0.79	%		0.94	%
After fees waived and expenses absorbed/recovered		3.84	%		4.16	%		3.06	%		0.76	%		0.94	%
Portfolio turnover rate		40	%		33	%		12	%		37	%		38	%

¹ Based on average shares outstanding for the year.

² Amount represents less than $0.01 per share.

³ Total returns would have been lower/higher had expenses not been waived or absorbed/recovered by the Advisor. Returns shown include Rule 12b-1 fees of up to 0.25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown do not include payment of sales load of 2.50% of offering price which is reduced on sales of $100,000 or more. Returns do not include payment of Contingent Deferred Sales Charge (“CDSC”) of 1.00% will be imposed to the extent a finder’s fee was paid on certain redemptions of Class A shares made within 18 months of the date of purchase. If the sales charge was included, total returns would be lower.

⁴ If interest expense had been excluded, the expense ratios would have remained unchanged for the year ended June 30, 2025.

See accompanying Notes to Financial Statements.

16

AAM/HIMCO Short Duration Fund

FINANCIAL HIGHLIGHTS

Class C

Per share operating performance.

For a capital share outstanding throughout each period.

	For the Year Ended June 30,
	2025			2024			2023			2022			2021
Net asset value, beginning of period	$	9.92		$	9.78		$	9.73		$	10.08		$	9.96
Income from Investment Operations:
Net investment income (loss) 1		0.31			0.34			0.22			-	2		0.02
Net realized and unrealized gain (loss)		0.18			0.14			0.04			(0.34	)		0.13
Total from investment operations		0.49			0.48			0.26			(0.34	)		0.15
Less Distributions:
From net investment income		(0.33	)		(0.34	)		(0.21	)		(0.01	)		(0.03	)
Total distributions		(0.33	)		(0.34	)		(0.21	)		(0.01	)		(0.03	)
Redemption fee proceeds1		-			-	2		-	2		-			-
Net asset value, end of period	$	10.08		$	9.92		$	9.78		$	9.73		$	10.08
Total return3		5.00	%		5.04	%		2.75	%		(3.42	)%		1.47	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1,671		$	2,046		$	3,258		$	4,514		$	5,875
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recovered		1.68	%4		1.63	%		1.59	%		1.56	%		1.59	%
After fees waived and expenses absorbed/recovered		1.59	%4		1.59	%		1.59	%		1.59	%		1.59	%
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed/recovered		3.00	%		3.37	%		2.31	%		0.04	%		0.19	%
After fees waived and expenses absorbed/recovered		3.09	%		3.41	%		2.31	%		0.01	%		0.19	%
Portfolio turnover rate		40	%		33	%		12	%		37	%		38	%

¹ Based on average shares outstanding for the year.

² Amount represents less than $0.01 per share.

³ Total returns would have been lower/higher had expenses not been waived or absorbed/recovered by the Advisor. Returns shown include Rule 12b-1 fees of up to 1.00% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns do not include payment of Contingent Deferred Sales Charge (“CDSC”) of 1.00% on certain redemptions of Class C shares made within 12 months of purchase. If the sales charge was included, total returns would be lower.

⁴ If interest expense had been excluded, the expense ratios would have remained unchanged for the year ended June 30, 2025.

See accompanying Notes to Financial Statements.

17

AAM/HIMCO Short Duration Fund

FINANCIAL HIGHLIGHTS

Class I

Per share operating performance.

For a capital share outstanding throughout each period.

	For the Year Ended June 30,
	2025			2024			2023			2022			2021
Net asset value, beginning of period	$	9.97		$	9.82		$	9.78		$	10.11		$	9.99
Income from Investment Operations:
Net investment income (loss) 1		0.41			0.44			0.32			0.10			0.12
Net realized and unrealized gain (loss)		0.17			0.15			0.03			(0.33	)		0.13
Total from investment operations		0.58			0.59			0.35			(0.23	)		0.25
Less Distributions:
From net investment income		(0.42	)		(0.44	)		(0.31	)		(0.10	)		(0.13	)
Total distributions		(0.42	)		(0.44	)		(0.31	)		(0.10	)		(0.13	)
Redemption fee proceeds1		-	2		-	2		-	2		-	2		-	2
Net asset value, end of period	$	10.13		$	9.97		$	9.82		$	9.78		$	10.11
Total return3		6.00	%		6.20	%		3.67	%		(2.30	)%		2.48	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	315,079		$	318,705		$	403,251		$	444,545		$	400,417
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recovered		0.68	%4		0.63	%		0.59	%		0.56	%		0.59	%
After fees waived and expenses absorbed/recovered		0.59	%4		0.59	%		0.59	%		0.59	%		0.59	%
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed/recovered		4.00	%		4.37	%		3.31	%		1.04	%		1.19	%
After fees waived and expenses absorbed/recovered		4.09	%		4.41	%		3.31	%		1.01	%		1.19	%
Portfolio turnover rate		40	%		33	%		12	%		37	%		38	%

¹ Based on average shares outstanding for the year.

² Amount represents less than $0.01 per share.

³ Total returns would have been lower/higher had expenses not been waived or absorbed/recovered by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

⁴ If interest expense had been excluded, the expense ratios would have remained unchanged for the year ended June 30, 2025.

See accompanying Notes to Financial Statements.

18

AAM/HIMCO Short Duration Fund

NOTES TO FINANCIAL STATEMENTS

June 30, 2025

Note 1 – Organization

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.

Note 2 – Accounting Policies

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.

(a) Valuation of Investments

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.

19

AAM/HIMCO Short Duration Fund

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2025

(b) Corporate Debt Securities

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.

(c) Bank Loans

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.

(d) Investment Transactions, Investment Income and Expenses

Investment transactions are accounted for on the trade date. Realized gains and losses on investments are determined on the identified cost basis. Dividend income is recorded net of applicable withholding taxes on the ex-dividend date and interest income is recorded on an accrual basis. Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country’s tax rules and rates and are disclosed in the Statement of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The 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.

20

AAM/HIMCO Short Duration Fund

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2025

(e) Federal Income Taxes

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, 2025, 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.

(f) Distributions to Shareholders

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.

(g) Illiquid Securities

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.

21

AAM/HIMCO Short Duration Fund

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2025

Note 3 – Investment Advisory and Other Agreements

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, 2034, and it may be terminated before that date only by the Trust’s Board of Trustees.

For the year ended June 30, 2025, the Advisor waived a portion of its advisory fees totaling $315,701. 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, 2025, the amount of these potentially recoverable expenses was $490,859. 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:

2026	$	2,036
2027		173,122
2028		315,701
Total	$	490,859

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, 2025, 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, 2025, 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.

22

AAM/HIMCO Short Duration Fund

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2025

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, 2025, are reported on the Statement of Operations.

Note 4 – Federal Income Taxes

At June 30, 2025, gross unrealized appreciation/(depreciation) of investments, based on cost for federal income tax purposes were as follows:

Cost of investments	$	347,331,026
Gross unrealized appreciation		3,327,035
Gross unrealized depreciation		(4,956,223	)
Net unrealized appreciation/(depreciation)	$	(1,629,188	)

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

Undistributed ordinary income	$	1,248,509
Undistributed long-term capital gains		-
Tax accumulated earnings		1,248,509
Accumulated capital and other losses		(4,311,888	)
Unrealized appreciation/(depreciation) on investments		(1,629,188	)
Unrealized Trustees’ deferred compensation		(32,501	)
Total accumulated earnings/(deficit)	$	(4,725,068	)

23

AAM/HIMCO Short Duration Fund

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2025

The tax character of the distributions paid during the fiscal years ended June 30, 2025 and June 30, 2024, were as follows:

Distributions paid from:	2025		2024
Ordinary income	$	14,639,630	$	17,740,379
Net long-term capital gains		-		-
Total distributions paid	$	14,639,630	$	17,740,379

At June 30, 2025, the Fund had an accumulated capital loss carry forward as follows:

	Not Subject to Expiration:
Short-term	$	1,401,138
Long-term		2,910,750
Total	$	4,311,888

The fund utilized $0 of its capital loss carryforwards during the year ended June 30, 2025. 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.

Note 5 – Redemption Fee

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, 2025 and the year ended June 30, 2024, the Fund received $101 and $2,218, respectively.

Note 6 – Investment Transactions

For the year ended June 30, 2025, purchases and sales of investments, excluding short-term investments, forward contracts, futures contracts, options contracts and swap contracts were $128,637,574 and $140,655,856, respectively.

Note 7 – Shareholder Servicing Plan

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, 2025, shareholder servicing fees incurred are disclosed on the Statement of Operations.

Note 8 – Distribution Plan

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.

24

AAM/HIMCO Short Duration Fund

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2025

For the year ended June 30, 2025, the Fund’s distribution and service fees incurred are disclosed on the Statement of Operations.

Note 9 – Indemnifications

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.

Note 10 – Fair Value Measurements and Disclosure

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:

● Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

● Level 2 – Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

● Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

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.

25

AAM/HIMCO Short Duration Fund

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2025

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, 2025, in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments
Asset-Backed Securities	$	-	$	53,635,617	$	-	$	53,635,617
Bank Loans		-		13,572,100		-		13,572,100
Collateralized Mortgage Obligations		-		24,047,641		-		24,047,641
Commercial Mortgage-Backed Securities2		-		38,316,559		0		38,316,559
Corporate Bonds1		-		98,934,044		-		98,934,044
Municipal Bonds		-		1,002,336		-		1,002,336
U.S. Government and Agencies		-		100,888,460		-		100,888,460
Short-Term Investments		15,305,081		-		-		15,305,081
Total Investments	$	15,305,081	$	330,396,757	$	0	$	345,701,838

¹ For a detailed break-out of corporate bonds by major industry classification, please refer to the Schedule of Investments.

² The Fund held Commercial Mortgage-Backed Securities with $0 market value at the beginning and ending of period with no activity during the year.

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, 2025:

Asset Class	Fair Value at June 30, 2025		Valuation Technique(s)	Unobservable Input	Range of Input		Weighted Average of Input	Impact to Valuation from an Increase in Input(1)
Commercial Mortgage Backed Securities	$	0	Asset Approach	Estimated Recovery Proceeds	$	0	N/A	Increase

⁽¹⁾ This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect.

Note 11 – Unfunded Commitments

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, 2025, the Fund did not have any unfunded commitments outstanding.

26

AAM/HIMCO Short Duration Fund

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2025

Note 12 – Market Disruption and Geopolitical Risks

Certain local, regional or global events such as war, acts of terrorism, the spread of infectious illnesses and/or other public health issues, financial institution instability or other events may have a significant impact on a security or instrument. These types of events and other like them are collectively referred to as “Market Disruptions and Geopolitical Risks” and they may have adverse impacts on the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. Some of the impacts noted in recent times include but are not limited to embargos, political actions, supply chain disruptions, tariffs, bank failures, restrictions to investment and/or monetary movement including the forced selling of securities or the inability to participate impacted markets. The duration of these events could adversely affect the Fund’s performance, the performance of the securities in which the Fund invests and may lead to losses on your investment. The ultimate impact of “Market Disruptions and Geopolitical Risks” on the financial performance of the Fund’s investments is not reasonably estimable at this time. Management is actively monitoring these events.

Note 13 – New Accounting Pronouncements and Regulatory Updates

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”),” which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by Topic 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management has evaluated the impact of applying ASU 2023-07, and the Fund has adopted the ASU during the reporting period. The adoption of the ASU does not have a material impact on the financial statements. Required disclosure is included in Note 1.

Note 14 – Events Subsequent to the Fiscal Period End

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.

27

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of

Investment Managers Series Trust

and the Shareholders of the AAM/HIMCO Short Duration Fund

Opinion on the 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, 2025, 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, 2025, 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.

Basis for Opinion

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, 2025 by correspondence with the custodian 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.

TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania

August 29, 2025

28

AAM/Insight Select Income Fund

(Class A: CPUAX)

(Class C: CPUCX)

(Class I: CPUIX)

ANNUAL FINANCIALS AND OTHER INFORMATION

JUNE 30, 2025

AAM/Insight Select Income Fund

A series of Investment Managers Series Trust

Table of Contents

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.

Item 7. Financial Statements and Financial Highlights
Schedule of Investments	1
Statement of Assets and Liabilities	23
Statement of Operations	25
Statements of Changes in Net Assets	26
Financial Highlights	28
Class A	28
Class C	29
Class I	30
Notes to Financial Statements	31
Report of Independent Registered Public Accounting Firm	43
Supplemental Information	44

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.

www.aamlive.com/publicsite/mutual-funds

AAM/Insight Select Income Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2025

Principal Amount1			Value
		ASSET-BACKED SECURITIES — 11.8%
	243,877	AASET 2025-1 Series 2025-1A, Class A, 5.94%, 2/16/20502	$	249,429
	22,175	Amur Equipment Finance Receivables LLC Series 2022-2A, Class A2, 5.30%, 6/21/20282,3		22,220
	47,144	Auxilior Term Funding LLC Series 2023-1A, Class A2, 6.18%, 12/15/20282,3		47,523
		Avis Budget Rental Car Funding AESOP LLC
	50,000	Series 2020-1A, Class A, 2.33%, 8/20/20262,3		49,876
	282,000	Series 2025-2A, Class A, 5.12%, 8/20/20312,3		286,831
	1,000,000	Bain Capital Credit CLO 2020-3 Ltd. Series 2020-3A, Class A1RR, 5.49% (3-Month Term SOFR+121 basis points), 10/23/20342,3,4		1,000,245
	241,884	Blackbird Capital Aircraft Series 2021-1A, Class B, 3.45%, 7/15/20462,3		226,804
	665,000	BlackRock Shasta CLO XIII LLC Series 2024-1A, Class A1, 6.11% (3-Month Term SOFR+185 basis points), 7/15/20362,3,4		665,894
	450,000	Centersquare Issuer LLC Series 2025-1A, Class A2, 5.50%, 3/26/20552,3		442,701
	850,000	Cerberus Loan Funding XLIX LLC Series 2024-5A, Class A, 5.61% (3-Month Term SOFR+135 basis points), 1/15/20342,3,4		847,378
	500,815	CF Hippolyta Issuer LLC Series 2020-1, Class A1, 1.69%, 7/15/20602,3		495,455
	50,702	Chesapeake Funding II LLC Series 2023-2A, Class A1, 6.16%, 10/15/20352,3		51,375
	1,000,000	Churchill MMSLF CLO-IV Ltd. Series 2024-3A, Class A, 5.87% (3-Month Term SOFR+160 basis points), 10/22/20352,3,4		993,691
	325,000	CLI Funding IX LLC Series 2025-1A, Class A, 5.35%, 6/20/20502,3		327,425
	109,000	COMM Mortgage Trust Series 2020-CX, Class D, 2.77%, 11/10/20462,3,5		88,794
	257,899	Commonbond Student Loan Trust Series 2019-AGS, Class A1, 2.54%, 1/25/20472,3		235,974
	185,076	Cross Mortgage Trust Series 2024-H2, Class A2, 6.42%, 4/25/20692,3,6		186,821
	503,000	CyrusOne Data Centers Issuer I LLC Series 2025-1A, Class A2, 5.91%, 2/20/20502,3		512,213
	178,700	Daimler Trucks Retail Trust  Series 2023-1, Class A3, 5.90%, 3/15/20273		179,790
	598,000	DataBank Issuer Series 2021-2A, Class A2, 2.40%, 10/25/20512,3		574,819
	600,230	DB Master Finance LLC Series 2021-1A, Class A2I, 2.04%, 11/20/20512,3		578,049
	525,150	Domino’s Pizza Master Issuer LLC Series 2021-1A, Class A2I, 2.66%, 4/25/20512,3		489,856

1

AAM/Insight Select Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2025

Principal Amount1			Value
		ASSET-BACKED SECURITIES (Continued)
	204,743	EnFin Residential Solar Receivables Trust Series 2024-2A, Class A, 5.98%, 9/20/20552,3	$	197,107
	151,341	ENFIN Residential Solar Receivables Trust Series 2024-1A, Class A, 6.65%, 2/20/20552,3		151,179
	545,000	Flexential Issuer Series 2021-1A, Class A2, 3.25%, 11/27/20512,3		527,364
		Ford Credit Auto Owner Trust
	370,000	Series 2022-C, Class B, 5.03%, 2/15/20283		371,711
	194,000	Series 2024-1, Class A, 4.87%, 8/15/20362,3,6		197,463
	1,500,000	Fortress Credit Opportunities CLO Ltd. Series 2017-9A, Class A1TR, 6.07% (3-Month Term SOFR+181 basis points), 10/15/20332,3,4		1,501,496
	250,000	Golub Capital Partners CLO Ltd. Series 2020-47A, Class CR, 6.66% (3-Month Term SOFR+240 basis points), 8/5/20372,3,4		250,891
	45,552	Hilton Grand Vacations Trust Series 2023-1A, Class A, 5.72%, 1/25/20382,3		46,370
		Huntington Bank Auto Credit-Linked Notes
	183,812	Series 2024-2, Class B1, 5.44%, 10/20/20322,3		185,509
	255,673	Series 2025-1, Class B, 4.96%, 3/21/20332,3		256,658
	177,410	ITE Rail Fund Levered LP Series 2021-1A, Class A, 2.25%, 2/28/20512,3		166,836
	473,000	IVY Hill Middle Market Credit Fund XII Ltd. Series 12A, Class BRR, 6.30% (3-Month Term SOFR+200 basis points), 4/20/20372,3,5		471,226
	158,602	Jersey Mike’s Funding LLC Series 2024-1A, Class A2, 5.63%, 2/15/20552,3		161,069
	155,773	JP Morgan Mortgage Trust Series Series 2024-CES1, Class A2, 6.15%, 6/25/20542,3,6		156,970
	1,000,000	LCM 37 Ltd. Series 37A, Class A1R, 5.32% (3-Month Term SOFR+106 basis points), 4/15/20342,3,4		997,966
	600,000	MCF CLO IX Ltd. Series 2019-1A, Class A1RR, 6.28% (3-Month Term SOFR+200 basis points), 4/17/20362,3,4		601,217
		MF1 Ltd.
	910,500	Series 2021-FL7, Class AS, 5.88% (1-Month Term SOFR+157 basis points), 10/16/20362,3,4		905,974
	448,000	Series 2022-FL8, Class C, 6.52% (1-Month Term SOFR+220 basis points), 2/19/20372,3,4		445,376
	65,492	Navient Private Education Refi Loan Trust Series 2021-A, Class A, 0.84%, 5/15/20692,3		59,680
	1,058,000	New Economy Assets Phase 1 Sponsor LLC Series 2021-1, Class A1, 1.91%, 10/20/20612,3		998,263
	95,671	New Residential Mortgage Loan Trust Series 2021-NQ2R, Class A1, 0.94%, 10/25/20582,3,5		93,159
	147,000	Oscar U.S. Funding XVI LLC Series 2024-1A, Class A3, 5.54%, 2/10/20282,3		148,223

2

AAM/Insight Select Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2025

Principal Amount1			Value
		ASSET-BACKED SECURITIES (Continued)
	117,710	RCKT Mortgage Trust Series 2024-CES2, Class A2, 6.39%, 4/25/20442,3,5	$	118,981
	1,000,000	Regatta XXII Funding Ltd. Series 2022-2A, Class AR, 5.52% (3-Month Term SOFR+125 basis points), 7/20/20352,3,4		999,755
	582,000	Retained Vantage Data Centers Issuer LLC Series 2024-1A, Class A2, 4.99%, 9/15/20492,3		576,461
	250,000	Santander Bank Auto Credit-Linked Notes Series Series 2024-B, Class C, 5.14%, 1/18/20332,3		250,592
	175,114	Santander Drive Auto Receivables Trust Series 2022-5, Class C, 4.74%, 10/16/20283		175,058
	984,000	Slam Ltd. Series 2021-1A, Class A, 2.43%, 6/15/20462,3		931,591
	250,000	SLAM 2025-1 Ltd. Series 2025-1A, Class A, 5.81%, 5/15/20502		258,462
		SMB Private Education Loan Trust
	18,219	Series 2017-B, Class A2B, 5.18% (1-Month Term SOFR+86 basis points), 10/15/20352,3,4		18,189
	258,489	Series 2019-B, Class A2B, 5.43% (1-Month Term SOFR+111 basis points), 6/15/20372,3,4		258,611
	132,378	Tesla Auto Lease Trust Series 2023-B, Class A3, 6.13%, 9/21/20262,3		132,797
	373,214	TIF Funding II LLC Series 2021-1A, Class A, 1.65%, 2/20/20462,3		335,237
	301,781	TIF Funding III LLC Series 2024-1A, Class A, 5.48%, 4/20/20492,3		306,050
	950,000	Voya CLO Ltd. Series 2019-1A, Class A1RR, 5.63% (3-Month Term SOFR+137 basis points), 10/15/20372,3,4		953,078
		Willis Engine Structured Trust
	448,467	Series 2018-A, Class A, 4.75%, 9/15/20432,3,6		445,385
	548,058	Series 2021-A, Class A, 3.10%, 5/15/20462,3		509,369
	704,980	Zayo Issuer LLC Series 2025-2A, Class A2, 5.95%, 6/20/20552,3		725,768
		TOTAL ASSET-BACKED SECURITIES
		(Cost $24,730,453)		24,440,254
		COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.1%
	960,000	BANK5 Series 2024-5YR12, Class A2, 5.42%, 12/15/20573		986,641
	361,611	BX Commercial Mortgage Trust Series 2024-AIR2, Class A, 5.81% (1-Month Term SOFR+149 basis points), 10/15/20412,4		362,287
	162,000	BXHPP Trust FILM Series 2021-FILM, Class C, 5.53% (1-Month Term SOFR+121 basis points), 8/15/20362,4		148,394
	105,860	COLT Mortgage Loan Trust Series 2023-3, Class A2, 7.43%, 9/25/20682,3,6		107,385

3

AAM/Insight Select Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2025

Principal Amount1			Value
		COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
	138,000	Hudson Yards Mortgage Trust Series 2025-SPRL, Class C, 6.15%, 1/13/20402,5	$	142,070
	554,000	PMT Issuer Trust - FMSR Series 2021-FT1, Class A, 7.43% (1-Month Term SOFR+312 basis points), 3/25/20262,3,4		556,912
		TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
		(Cost $2,290,078)		2,303,689
		CORPORATE BONDS — 81.0%
		COMMUNICATIONS — 5.2%
	105,000	Alphabet, Inc. 5.25%, 5/15/20553		103,563
		AT&T, Inc.
	750,000	4.75%, 5/15/20463		655,240
	1,500,000	3.55%, 9/15/20553		1,014,127
	775,000	Charter Communications Operating LLC / Charter Communications Operating Capital 6.83%, 10/23/20553		794,246
	500,000	Clear Channel Outdoor Holdings, Inc. 5.13%, 8/15/20272,3		494,369
	1,045,000	Comcast Corp. 3.45%, 2/1/20503		717,404
	600,000	Cox Enterprises, Inc. 7.37%, 7/15/20272		632,301
	200,000	Iliad Holding SASU 8.50%, 4/15/20312,3,7		213,941
		Meta Platforms, Inc.
	335,000	4.45%, 8/15/20523		282,702
	556,000	5.40%, 8/15/20543		542,943
	595,000	NBN Co., Ltd. 4.25%, 10/1/20292,3,7		592,714
		Paramount Global
	419,000	4.20%, 5/19/20323		382,553
	83,000	6.87%, 4/30/2036		85,028
	640,000	5.85%, 9/1/20433		557,831
	530,000	Prosus N.V. 4.99%, 1/19/20522,3,7		409,321
	725,000	Rogers Communications, Inc. 7.12% (USD 5 Year Tsy+262 basis points), 4/15/20553,7,8		734,865
	503,000	Snap, Inc. 6.88%, 3/1/20332,3		515,913
	489,000	Time Warner Cable LLC 6.55%, 5/1/2037		505,247
	48,000	T-Mobile USA, Inc. 4.95%, 3/15/20283		48,803
		Verizon Communications, Inc.
	615,000	4.02%, 12/3/20293		606,650

4

AAM/Insight Select Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2025

Principal Amount1			Value
		CORPORATE BONDS (Continued)
		COMMUNICATIONS (Continued)
	664,000	3.55%, 3/22/20513	$	475,512
	477,000	Vmed O2 UK Financing I PLC 4.75%, 7/15/20312,3,7		441,288
	70,000	Warnermedia Holdings, Inc. 5.14%, 3/15/20523		43,754
				10,850,315
		CONSUMER DISCRETIONARY — 8.6%
	155,000	Air Canada 3.88%, 8/15/20262,3,7		153,431
	118,008	Air Canada Class A Pass-Through Trust 5.25%, 10/1/20302,7		119,051
		American Airlines Class AA Pass-Through Trust
	164,820	3.65%, 8/15/2030		159,302
	259,017	3.35%, 4/15/2031		246,368
	323,548	3.15%, 8/15/2033		297,067
		American Airlines, Inc./AAdvantage Loyalty IP Ltd.
	116,333	5.50%, 4/20/20262,7		116,068
	161,000	5.75%, 4/20/20292,7		161,220
	425,000	Asbury Automotive Group, Inc. 5.00%, 2/15/20322,3		404,342
	650,000	Avianca Midco 2 PLC 9.62%, 2/14/20302,3,7		599,495
	400,000	Benteler International A.G. 10.50%, 5/15/20282,3,7		420,972
	84,500	British Airways Class A Pass-Through Trust 4.25%, 11/15/20322		81,005
	418,000	Builders FirstSource, Inc. 6.37%, 3/1/20342,3		425,934
	37,000	Caesars Entertainment, Inc. 8.12%, 7/1/20272,3		37,148
		Carnival Corp.
	300,000	6.00%, 5/1/20292,3,7		303,128
	121,000	6.12%, 2/15/20332,3,7		123,803
		Delta Air Lines, Inc. / SkyMiles IP Ltd.
	20,500	4.50%, 10/20/20252,7		20,450
	623,000	4.75%, 10/20/20282,7		624,369
		ERAC USA Finance LLC
	377,000	5.20%, 10/30/20342,3		384,134
	750,000	7.00%, 10/15/20372		860,693
		Ford Motor Credit Co. LLC
	204,000	5.80%, 3/5/20273		205,613
	550,000	7.12%, 11/7/20333		570,896
	1,360,000	General Motors Co. 5.63%, 4/15/20303		1,389,976
		General Motors Financial Co., Inc.

5

AAM/Insight Select Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2025

Principal Amount1			Value
		CORPORATE BONDS (Continued)
		CONSUMER DISCRETIONARY (Continued)
	797,000	3.60%, 6/21/20303	$	745,396
	1,213,000	2.35%, 1/8/20313		1,050,245
	500,000	Goodyear Tire & Rubber Co. 6.62%, 7/15/20303		509,087
	805,000	Home Depot, Inc. 5.30%, 6/25/20543		773,699
	930,000	International Game Technology PLC 5.25%, 1/15/20292,3,7		922,038
	687,000	Las Vegas Sands Corp. 6.20%, 8/15/20343		702,218
	151,000	Latam Airlines Group S.A. 7.62%, 1/7/20312,3,7		151,302
	845,000	Marriott International, Inc. 5.50%, 4/15/20373		845,837
	555,000	Melco Resorts Finance Ltd. 5.38%, 12/4/20292,3,7		518,785
	585,000	Meritage Homes Corp. 5.65%, 3/15/20353		586,720
	584,000	NCL Corp. Ltd. 6.25%, 3/1/20302,3,7		588,631
	152,000	Paychex, Inc. 5.60%, 4/15/20353		157,153
	500,000	Prime Security Services Borrower LLC / Prime Finance, Inc. 3.38%, 8/31/20272,3		483,666
	93,014	United Airlines Class A Pass-Through Trust 5.87%, 4/15/2029		94,902
	148,074	United Airlines Class A Pass-Through Trust 5.80%, 7/15/2037		151,047
		United Airlines Class AA Pass-Through Trust
	138,092	4.15%, 2/25/2033		132,233
	460,946	2.70%, 11/1/2033		411,811
	137,637	United Airlines Class B Pass-Through Trust 4.60%, 9/1/2027		135,928
		United Airlines, Inc.
	64,000	4.38%, 4/15/20262,3		63,578
	273,000	4.63%, 4/15/20292,3		264,992
	355,000	Volkswagen Group of America Finance LLC 6.45%, 11/16/20302,3		377,711
	400,000	Wynn Macau Ltd. 5.63%, 8/26/20282,3,7		393,236
				17,764,680
		CONSUMER STAPLES — 3.8%
	152,000	Altria Group, Inc. 5.95%, 2/14/20493		151,297
	635,000	Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. 4.70%, 2/1/20363		619,775

6

AAM/Insight Select Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2025

Principal Amount1			Value
		CORPORATE BONDS (Continued)
		CONSUMER STAPLES (Continued)
		BAT Capital Corp.
	119,000	6.34%, 8/2/20303	$	128,224
	400,000	7.08%, 8/2/20433		440,921
	306,000	5.65%, 3/16/20523		285,513
		Bimbo Bakeries USA, Inc.
	376,000	6.40%, 1/15/20342,3		400,996
	352,000	4.00%, 5/17/20512,3		259,075
	200,000	Diageo Investment Corp. 5.63%, 4/15/20353		209,249
	179,000	HCA, Inc. 5.60%, 4/1/20343		183,189
	574,000	J M Smucker Co. 6.50%, 11/15/20533		614,015
	815,000	JBS USA Holding Lux Sarl / JBS USA Foods Group Holdings, Inc. / JBS USA Food Co. 5.50%, 1/15/20362,3		817,799
	206,000	JBS USA LUX S.A. / JBS USA Food Co. / JBS USA Finance, Inc. 3.63%, 1/15/20323,7		188,314
	251,000	Keurig Dr Pepper, Inc. 4.50%, 11/15/20453		209,982
	151,000	Kroger Co. 5.50%, 9/15/20543		143,452
	229,000	MARB BondCo PLC 3.95%, 1/29/20312,3,7		202,927
		Mars, Inc.
	855,000	5.20%, 3/1/20352,3		864,702
	557,000	5.65%, 5/1/20452,3		558,683
	600,000	NBM U.S. Holdings, Inc. 6.62%, 8/6/20292,3		603,473
	730,000	Philip Morris International, Inc. 4.25%, 11/10/2044		620,523
	383,000	Viking Baked Goods Acquisition Corp. 8.62%, 11/1/20312,3		374,659
				7,876,768
		ENERGY — 10.0%
	414,000	Aker BP ASA 3.10%, 7/15/20312,3,7		369,565
		BP Capital Markets PLC
	81,000	4.38% (USD 5 Year Tsy+404 basis points)3,7,8,9		80,767
	884,000	6.13% (USD 5 Year Tsy+192 basis points)3,7,8,9		882,238
	235,000	Cheniere Energy Partners LP 5.55%, 10/30/20352,3		236,952
	1,162,000	CITGO Petroleum Corp. 8.37%, 1/15/20292,3		1,208,611

7

AAM/Insight Select Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2025

Principal Amount1			Value
		CORPORATE BONDS (Continued)
		ENERGY (Continued)
	92,000	Columbia Pipelines Operating Co. LLC 6.54%, 11/15/20532,3	$	95,197
	604,000	Coterra Energy, Inc. 5.40%, 2/15/20353		597,797
	668,000	CVR Energy, Inc. 5.75%, 2/15/20282,3		639,448
	310,000	Diamondback Energy, Inc. 5.40%, 4/18/20343		310,971
		DT Midstream, Inc.
	358,000	4.30%, 4/15/20322,3		334,901
	245,000	5.80%, 12/15/20342,3		249,357
	200,000	Empresa Nacional del Petroleo 5.95%, 7/30/20342,3,7		202,346
		Enbridge, Inc.
	150,000	6.70%, 11/15/20533,7		162,441
	480,000	7.37% (USD 5 Year Tsy+312 basis points), 3/15/20553,7,8		497,729
	180,000	6.00% (3-Month Term SOFR+415 basis points), 1/15/20773,7,10		179,890
		Energy Transfer LP
	275,000	5.40%, 10/1/20473		245,074
	500,000	6.25%, 4/15/20493		493,868
	108,000	5.95%, 5/15/20543		102,772
	241,000	Eni S.p.A. 5.95%, 5/15/20542,3,7		233,312
		Enterprise Products Operating LLC
	475,000	6.45%, 9/1/2040		521,277
	366,000	3.30%, 2/15/20533		242,292
	126,000	5.38% (3-Month Term SOFR+283 basis points), 2/15/20783,10		123,908
	129,000	EQT Corp. 6.38%, 4/1/20292,3		133,041
	1,000,000	Exxon Mobil Corp 1.41%, 6/26/20393		854,186
		Global Partners LP / GLP Finance Corp.
	68,000	6.87%, 1/15/20293		69,050
	518,000	8.25%, 1/15/20322,3		544,636
	170,000	7.12%, 7/1/20332,3		172,549
	303,000	Harbour Energy PLC 6.33%, 4/1/20352,3,7		301,061
	130,000	Hess Midstream Operations LP 5.13%, 6/15/20282,3		129,092
	59,000	Howard Midstream Energy Partners LLC 7.37%, 7/15/20322,3		62,035
	540,000	Ithaca Energy North Sea PLC 8.12%, 10/15/20292,3,7		556,120
	420,000	Medco Cypress Tree Pte Ltd. 8.62%, 5/19/20302,3,7		430,096

8

AAM/Insight Select Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2025

Principal Amount1			Value
		CORPORATE BONDS (Continued)
		ENERGY (Continued)
	983,000	MPLX LP 4.90%, 4/15/20583	$	789,575
		NGPL PipeCo LLC
	820,000	4.88%, 8/15/20272,3		815,809
	737,000	7.77%, 12/15/20372		841,165
	1,165,000	ONEOK, Inc. 6.05%, 9/1/20333		1,221,012
	400,000	Petroleos del Peru S.A. 4.75%, 6/19/20322,7		308,972
	485,000	Petroleos Mexicanos 6.50%, 3/13/20277		481,653
	238,000	Phillips 66 4.88%, 11/15/20443		206,677
	250,000	Plains All American Pipeline LP / PAA Finance Corp. 4.50%, 12/15/20263		250,347
	250,000	Saudi Arabian Oil Co. 5.75%, 7/17/20542,3,7		233,725
	234,000	South Bow USA Infrastructure Holdings LLC 5.58%, 10/1/20342,3		231,566
	462,000	Targa Resources Corp. 4.90%, 9/15/20303		465,826
	809,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp. 5.50%, 3/1/20303		820,909
		TotalEnergies Capital S.A.
	277,000	5.49%, 4/5/20543,7		266,598
	635,000	5.43%, 9/10/20643,7		595,102
	736,000	TransCanada PipeLines Ltd. 7.00% (USD 5 Year Tsy+262 basis points), 6/1/20653,7,8		735,781
	561,000	Venture Global Plaquemines LNG, LLC 7.00%, 1/31/20362,3		561,000
	800,000	Williams Cos., Inc. 4.90%, 1/15/20453		703,546
				20,791,842
		FINANCIALS — 25.7%
		AerCap Ireland Capital DAC / AerCap Global Aviation Trust
	669,000	3.30%, 1/30/20323,7		605,633
	150,000	6.95% (USD 5 Year Tsy+272 basis points), 3/10/20553,7,8		155,977
	175,000	6.50% (USD 5 Year Tsy+244 basis points), 1/31/20563,7,8		174,151
	156,000	Aircastle Ltd. / Aircastle Ireland DAC 5.75%, 10/1/20312,3,7		160,233
		Allianz S.E.
	600,000	3.50% (USD 5 Year Tsy+297 basis points)2,3,7,8,9,11		589,688
	200,000	3.20% (USD 5 Year Tsy+216 basis points)2,3,7,8,9,11		175,155
	175,000	Allstate Corp. 6.50% (3-Month USD Libor+212 basis points), 5/15/20673,10		179,495

9

AAM/Insight Select Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2025

Principal Amount1			Value
		CORPORATE BONDS (Continued)
		FINANCIALS (Continued)
	747,000	American Homes 4 Rent LP 5.50%, 2/1/20343	$	759,585
	287,000	Arthur J. Gallagher & Co. 5.55%, 2/15/20553		275,672
	400,000	Banco Santander S.A. 5.59%, 8/8/20287		413,113
		Bank of America Corp.
	200,000	4.18%, 11/25/20273		199,202
	1,895,000	2.97% (SOFR+133 basis points), 2/4/20333,10		1,697,295
	965,000	5.87% (SOFR+184 basis points), 9/15/20343,10		1,018,498
	384,000	5.47% (SOFR+165 basis points), 1/23/20353,10		394,565
	1,055,000	5.51% (SOFR+131 basis points), 1/24/20363,10		1,085,143
	799,000	5.74% (SOFR+170 basis points), 2/12/20363,10		812,011
	200,000	5.88%, 2/7/2042		209,215
	599,000	Bank of Montreal 7.30% (USD 5 Year Tsy+301 basis points), 11/26/20843,7,8		610,105
	1,250,000	Bank of Nova Scotia 7.35% (USD 5 Year Tsy+290 basis points), 4/27/20853,7,8		1,259,627
	200,000	Barclays PLC 6.04% (SOFR+242 basis points), 3/12/20553,7,10		205,232
	603,000	Boston Properties LP 2.55%, 4/1/20323		508,825
	115,000	Brown & Brown, Inc. 5.55%, 6/23/20353		117,234
	600,000	Capital One Financial Corp. 7.62% (SOFR+307 basis points), 10/30/20313,10		677,656
		Citigroup, Inc.
	779,000	5.45% (SOFR+145 basis points), 6/11/20353,10		795,910
	658,000	6.02% (SOFR+183 basis points), 1/24/20363,10		675,218
	672,000	6.75% (USD 5 Year Tsy+257 basis points)3,8,9		676,980
		Citizens Financial Group, Inc.
	103,000	5.84% (SOFR+201 basis points), 1/23/20303,10		106,596
	798,000	6.64% (SOFR+232 basis points), 4/25/20353,10		859,993
		Corebridge Financial, Inc.
	31,000	5.75%, 1/15/20343		32,208
	328,000	6.38% (USD 5 Year Tsy+265 basis points), 9/15/20543,8		326,818
	694,000	Cousins Properties LP 5.38%, 2/15/20323		701,284
	265,000	Extra Space Storage LP 2.35%, 3/15/20323		224,902
	1,050,000	Farmers Insurance Exchange 4.75% (3-Month USD Libor+323 basis points), 11/1/20572,3,10		857,258
	407,000	First Industrial LP 5.25%, 1/15/20313		411,738
	450,000	Global Payments, Inc. 5.40%, 8/15/20323		459,060

10

AAM/Insight Select Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2025

Principal Amount1			Value
		CORPORATE BONDS (Continued)
		FINANCIALS (Continued)
		Goldman Sachs Group, Inc.
	209,000	5.95%, 1/15/2027	$	214,652
	790,000	6.29% (3-Month Term SOFR+201 basis points), 10/28/20273,4		803,057
	1,787,000	5.05% (SOFR+121 basis points), 7/23/20303,10		1,816,139
	1,640,000	1.99% (SOFR+109 basis points), 1/27/20323,10		1,419,860
	250,000	6.75%, 10/1/2037		274,709
	391,000	5.56% (SOFR+158 basis points), 11/19/20453,10		385,437
	519,000	5.73% (SOFR+170 basis points), 1/28/20563,10		519,684
	232,000	High Street Funding Trust II 4.68%, 2/15/20482,3		197,938
	224,000	HSBC Holdings PLC 4.95%, 3/31/20307		227,786
		JPMorgan Chase & Co.
	287,000	5.30% (SOFR+145 basis points), 7/24/20293,10		294,620
	1,280,000	2.58% (3-Month Term SOFR+125 basis points), 4/22/20323,10		1,142,689
	1,551,000	5.35% (SOFR+184 basis points), 6/1/20343,10		1,596,714
	1,009,000	5.34% (SOFR+162 basis points), 1/23/20353,10		1,032,896
	307,000	5.50% (SOFR+132 basis points), 1/24/20363,10		315,991
	482,000	5.53% (SOFR+155 basis points), 11/29/20453,10		483,697
	930,000	Liberty Mutual Group, Inc. 3.95%, 10/15/20502,3		680,982
	341,000	Lincoln National Corp. 5.85%, 3/15/20343		350,915
	452,000	Lloyds Banking Group PLC 5.59% (USD 1 Year Tsy+120 basis points), 11/26/20353,7,10		459,801
	401,000	M&T Bank Corp. 5.18% (SOFR+140 basis points), 7/8/20313,10		407,515
		Macquarie Airfinance Holdings Ltd.
	848,000	5.15%, 3/17/20302,3,7		847,334
	59,000	6.50%, 3/26/20312,3,7		62,433
	236,000	Massachusetts Mutual Life Insurance Co. 4.90%, 4/1/20772		194,396
		MetLife, Inc.
	1,219,000	9.25%, 4/8/20382,3		1,446,196
	333,000	10.75%, 8/1/20393		445,779
	1,150,000	6.40%, 12/15/20663		1,201,011
		Morgan Stanley
	1,250,000	5.04% (SOFR+122 basis points), 7/19/20303,10		1,270,832
	575,000	4.89% (SOFR+208 basis points), 7/20/20333,10		575,715
	1,415,000	6.63% (SOFR+205 basis points), 11/1/20343,10		1,559,910
	78,000	Nasdaq, Inc. 5.35%, 6/28/20283		80,323
	260,000	Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer 7.00%, 2/1/20302,3		267,295
		Phillips Edison Grocery Center Operating Partnership I LP

11

AAM/Insight Select Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2025

Principal Amount1			Value
		CORPORATE BONDS (Continued)
		FINANCIALS (Continued)
	490,000	5.25%, 8/15/20323	$	494,562
	80,000	5.75%, 7/15/20343		82,229
	244,000	4.95%, 1/15/20353		236,259
	281,000	Pine Street Trust III 6.22%, 5/15/20542,3		277,268
		PNC Financial Services Group, Inc.
	166,000	6.62% (SOFR Index+173 basis points), 10/20/20273,10		170,640
	379,000	5.00% (3-Month Term SOFR+356 basis points)3,9,10,11		378,771
	227,000	Prologis LP 5.25%, 3/15/20543		213,336
	447,000	Prudential Financial, Inc. 5.70% (3-Month USD Libor+266 basis points), 9/15/20483,10		452,776
	215,000	Rexford Industrial Realty LP 2.15%, 9/1/20313		184,286
	900,000	Royal Bank of Canada 7.50% (USD 5 Year Tsy+289 basis points), 5/2/20843,7,8		929,903
	572,000	Sabra Health Care LP 3.20%, 12/1/20313		509,479
	78,000	Santander Holdings USA, Inc. 6.50% (SOFR+236 basis points), 3/9/20293,10		81,316
	462,000	SBA Tower Trust 2.59%, 10/15/20312,3		402,842
	159,000	Simon Property Group LP 5.85%, 3/8/20533		159,305
	278,000	State Street Corp. 6.70% (USD 5 Year Tsy+261 basis points)3,8,9		289,669
	564,000	Store Capital LLC 5.40%, 4/30/20302,3		571,351
		Toronto-Dominion Bank
	382,000	5.53%, 7/17/20267		386,679
	350,000	7.25% (USD 5 Year Tsy+298 basis points), 7/31/20843,7,8		359,180
		Truist Financial Corp.
	96,000	7.16% (SOFR+245 basis points), 10/30/20293,10		103,826
	66,000	5.87% (SOFR+236 basis points), 6/8/20343,10		68,941
	70,000	5.71% (SOFR+192 basis points), 1/24/20353,10		72,559
	1,232,000	6.67% (USD 5 Year Tsy+300 basis points)3,8,9,11		1,234,433
		U.S. Bancorp
	94,000	5.84% (SOFR+226 basis points), 6/12/20343,10		98,756
	265,000	5.68% (SOFR+186 basis points), 1/23/20353,10		275,189
		UBS Group A.G.
	250,000	3.09% (SOFR+173 basis points), 5/14/20322,3,7,10		226,878
	200,000	5.70% (USD 1 Year Tsy+177 basis points), 2/8/20352,3,7,8		207,740
	325,000	5.58% (SOFR+176 basis points), 5/9/20362,3,7,10		332,389
	475,000	Vornado Realty LP 2.15%, 6/1/20263		461,567
		Wells Fargo & Co.

12

AAM/Insight Select Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2025

Principal Amount1			Value
		CORPORATE BONDS (Continued)
		FINANCIALS (Continued)
	290,000	5.57% (SOFR+174 basis points), 7/25/20293,10	$	299,399
	366,000	5.20% (SOFR+150 basis points), 1/23/20303,10		374,790
	535,000	6.49% (SOFR+206 basis points), 10/23/20343,10		584,849
	1,200,000	5.50% (SOFR+178 basis points), 1/23/20353,10		1,230,817
	1,000,000	4.75%, 12/7/2046		857,450
	719,000	3.90% (USD 5 Year Tsy+345 basis points)3,8,9,11		712,325
	1,010,000	Westpac Banking Corp. 2.67% (USD 5 Year Tsy+175 basis points), 11/15/20353,7,8		890,747
				53,200,087
		GOVERNMENTS — 3.5%
	325,000	Argentine Republic Government International Bond 3.50%, 7/9/20413,6,7		200,229
	458,000	Brazilian Government International Bond 5.50%, 11/6/20307		458,779
	301,000	Chile Government International Bond 4.85%, 1/22/20293,7		305,289
	950,000	Colombia Government International Bond 7.75%, 11/7/20363,7		927,628
	290,000	Corp Andina de Fomento 6.75% (USISSO05+312 basis points)2,3,7,8,9		295,198
	954,000	Israel Government International Bond 5.75%, 3/12/20547		873,482
		Mexico Government International Bond
	1,494,000	6.87%, 5/13/20373,7		1,556,643
	360,000	6.62%, 1/29/20383,7		365,400
		Peruvian Government International Bond
	309,000	5.88%, 8/8/20543,7		298,117
	618,000	6.20%, 6/30/20553,7		620,163
	690,000	Republic of Poland Government International Bond 4.88%, 2/12/20307		703,426
	730,000	Romanian Government International Bond 5.75%, 3/24/20352,7		674,097
				7,278,451
		HEALTH CARE — 3.6%
		Amgen, Inc.
	61,000	5.25%, 3/2/20303		62,831
	146,000	5.65%, 3/2/20533		142,870
	1,000,000	Bayer U.S. Finance II LLC 4.63%, 6/25/20382,3		886,600
	247,000	Bayer U.S. Finance LLC 6.50%, 11/21/20332,3		264,742
	864,000	Bristol-Myers Squibb Co. 5.55%, 2/22/20543		843,813

13

AAM/Insight Select Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2025

Principal Amount1			Value
		CORPORATE BONDS (Continued)
		HEALTH CARE (Continued)
	322,000	CVS Health Corp. 6.00%, 6/1/20443	$	318,565
	625,000	Eli Lilly & Co. 5.50%, 2/12/20553		630,187
		HCA, Inc.
	500,000	5.87%, 2/1/20293		518,678
	595,000	6.20%, 3/1/20553		599,421
	206,000	Novartis Capital Corp. 4.70%, 9/18/20543		184,732
		Royalty Pharma PLC
	829,000	2.20%, 9/2/20303,7		734,627
	320,000	2.15%, 9/2/20313,7		274,315
	323,000	STERIS Irish FinCo UnLtd Co. 2.70%, 3/15/20313,7		290,023
		Takeda Pharmaceutical Co., Ltd.
	651,000	5.30%, 7/5/20343,7		661,389
	545,000	3.18%, 7/9/20503,7		357,437
		UnitedHealth Group, Inc.
	397,000	3.05%, 5/15/20413		292,158
	253,000	5.95%, 6/15/20553		257,437
	204,000	Zimmer Biomet Holdings, Inc. 5.35%, 12/1/20283		210,299
				7,530,124
		INDUSTRIALS — 3.1%
	119,000	AGCO Corp. 5.80%, 3/21/20343		120,787
	270,000	Albion Financing 1 SARL / Aggreko Holdings, Inc. 7.00%, 5/21/20302,3,7		275,464
	189,000	Amphenol Corp. 5.38%, 11/15/20543		185,009
		Ashtead Capital, Inc.
	422,000	4.00%, 5/1/20282,3		415,556
	201,000	5.95%, 10/15/20332,3		208,182
	200,000	BAE Systems PLC 5.50%, 3/26/20542,3,7		197,530
		Boeing Co.
	556,000	5.80%, 5/1/20503		534,401
	193,000	6.86%, 5/1/20543		211,558
	136,000	Bombardier, Inc. 6.75%, 6/15/20332,3,7		140,926
	1,040,000	CSX Corp. 4.90%, 3/15/20553		934,447
	336,000	Herc Holdings, Inc. 5.50%, 7/15/20272,3		336,030

14

AAM/Insight Select Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2025

Principal Amount1			Value
		CORPORATE BONDS (Continued)
		INDUSTRIALS (Continued)
	136,000	Norfolk Southern Corp. 5.55%, 3/15/20343	$	142,128
	414,000	Rolls-Royce PLC 5.75%, 10/15/20272,3,7		424,919
	367,000	Ryder System, Inc. 6.60%, 12/1/20333		403,449
	200,000	Siemens Funding B.V. 5.80%, 5/28/20552,3,7		205,701
	175,000	Terex Corp. 6.25%, 10/15/20322,3		175,353
	400,000	TK Elevator U.S. Newco, Inc. 5.25%, 7/15/20272,3		399,613
	52,000	TransDigm, Inc. 6.75%, 8/15/20282,3		53,103
	160,000	Triton Container International Ltd. 3.15%, 6/15/20312,3,7		138,819
	200,000	Union Pacific Corp. 3.84%, 3/20/20603		144,155
		United Parcel Service, Inc.
	390,000	5.95%, 5/14/20553		400,798
	277,000	6.05%, 5/14/20653		283,874
				6,331,802
		MATERIALS — 4.0%
	200,000	Alcoa Nederland Holding B.V. 7.12%, 3/15/20312,3,7		209,831
	323,000	Alumina Pty Ltd. 6.38%, 9/15/20322,3,7		328,236
	525,000	Anglo American Capital PLC 5.75%, 4/5/20342,3,7		542,208
	516,000	AngloGold Ashanti Holdings PLC 3.75%, 10/1/20303,7		481,560
	553,000	Ball Corp. 6.00%, 6/15/20293		566,250
		Braskem Netherlands Finance B.V.
	460,000	8.00%, 10/15/20342,3,7		368,414
	349,000	5.88%, 1/31/20502,7		219,253
	505,000	Celanese US Holdings LLC 5.59%, 1/19/20293		625,844
	200,000	Cemex S.A.B. de C.V. 7.20% (USD 5 Year Tsy+352 basis points)2,3,7,8,9		202,050
	323,000	Cleveland-Cliffs, Inc. 6.87%, 11/1/20292,3		317,911
	487,000	Corp Nacional del Cobre de Chile 6.33%, 1/13/20352,3,7		505,282
	220,000	Glencore Funding LLC 5.89%, 4/4/20542,3		215,823

15

AAM/Insight Select Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2025

Principal Amount1			Value
		CORPORATE BONDS (Continued)
		MATERIALS (Continued)
	240,000	LD Celulose International GmbH 7.95%, 1/26/20322,3,7	$	252,600
	271,000	Olin Corp. 6.62%, 4/1/20332,3		266,377
		Rio Tinto Finance USA PLC
	617,000	5.75%, 3/14/20553,7		618,749
	214,000	5.88%, 3/14/20653,7		215,269
	761,000	Sherwin-Williams Co. 2.90%, 3/15/20523		465,813
	200,000	Smurfit Kappa Treasury ULC 5.44%, 4/3/20343,7		202,808
	430,000	Smyrna Ready Mix Concrete LLC 8.87%, 11/15/20312,3		450,880
	400,000	Solvay Finance America LLC 5.85%, 6/4/20342,3		414,507
	295,000	Steel Dynamics, Inc. 5.25%, 5/15/20353		295,241
	313,000	Suzano Austria GmbH 3.75%, 1/15/20313,7		292,973
	146,000	Vale Overseas Ltd. 6.40%, 6/28/20543,7		143,433
				8,201,312
		TECHNOLOGY — 5.5%
	575,000	Autodesk, Inc. 5.30%, 6/15/20353		584,788
		Broadcom, Inc.
	1,125,000	3.47%, 4/15/20342,3		1,005,249
	1,030,000	3.19%, 11/15/20362,3		853,871
	98,000	Dell International LLC / EMC Corp. 8.35%, 7/15/20463		125,127
	500,000	Foundry JV Holdco LLC 6.30%, 1/25/20392,3		523,025
	804,000	Hewlett Packard Enterprise Co. 5.00%, 10/15/20343		780,340
	839,000	HP, Inc. 5.40%, 4/25/20303		861,663
	313,000	IBM International Capital Pte Ltd. 5.30%, 2/5/20543,7		293,235
		Intel Corp.
	1,122,000	5.15%, 2/21/20343		1,119,547
	234,000	5.70%, 2/10/20533		218,083
		Micron Technology, Inc.
	109,000	5.30%, 1/15/20313		111,612
	166,000	2.70%, 4/15/20323		144,413

16

AAM/Insight Select Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2025

Principal Amount1			Value
		CORPORATE BONDS (Continued)
		TECHNOLOGY (Continued)
	151,000	Microsoft Corp. 2.68%, 6/1/20603	$	89,426
	526,000	NXP B.V. / NXP Funding LLC / NXP USA, Inc. 4.30%, 6/18/20293,7		521,109
		Oracle Corp.
	924,000	4.20%, 9/27/20293		917,318
	500,000	3.85%, 7/15/20363		440,298
	458,000	3.60%, 4/1/20403		366,516
	780,000	4.00%, 7/15/20463		602,237
	940,000	5.37%, 9/27/20543		860,669
		Synopsys, Inc.
	194,000	5.15%, 4/1/20353		195,904
	117,000	5.70%, 4/1/20553		116,545
	768,000	VMware, Inc. 2.20%, 8/15/20313		666,135
				11,397,110
		UTILITIES — 8.0%
	446,898	AES Panama Generation Holdings SRL 4.38%, 5/31/20302,3,7		408,018
	789,000	Arizona Public Service Co. 4.25%, 3/1/20493		621,363
	1,025,000	Baltimore Gas and Electric Co. 5.65%, 6/1/20543		1,017,122
	700,000	Black Hills Corp. 6.15%, 5/15/20343		734,624
	229,000	CMS Energy Corp. 3.75% (USD 5 Year Tsy+290 basis points), 12/1/20503,8		205,969
		Consolidated Edison Co. of New York, Inc.
	140,000	5.90%, 11/15/20533		143,050
	1,000,000	5.70%, 5/15/20543		998,960
		Constellation Energy Generation LLC
	1,000,000	6.13%, 1/15/20343		1,077,280
	493,000	5.75%, 3/15/20543		483,632
		Duke Energy Corp.
	1,000,000	5.45%, 6/15/20343		1,027,223
	800,000	5.00%, 8/15/20523		701,876
	870,000	Duke Energy Indiana LLC 5.40%, 4/1/20533		829,717
	200,000	Electricite de France S.A. 9.12% (USD 5 Year Tsy+541 basis points)2,3,7,8,9		225,631
	300,000	Enel Finance International N.V. 7.50%, 10/14/20322,3,7		342,049
	433,000	Entergy Corp. 7.12% (USD 5 Year Tsy+267 basis points), 12/1/20543,8		448,112

17

AAM/Insight Select Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2025

Principal Amount1			Value
		CORPORATE BONDS (Continued)
		UTILITIES (Continued)
	97,000	Eversource Energy 5.50%, 1/1/20343	$	98,794
		Exelon Corp.
	905,000	4.05%, 4/15/20303		890,163
	212,000	6.50% (USD 5 Year Tsy+198 basis points), 3/15/20553,8		215,672
	354,000	FirstEnergy Pennsylvania Electric Co 4.30%, 1/15/20292,3		350,674
	307,000	IPALCO Enterprises, Inc. 4.25%, 5/1/20303		294,754
	314,000	Jersey Central Power & Light Co. 2.75%, 3/1/20322,3		275,222
	327,000	NextEra Energy Capital Holdings, Inc. 6.50% (USD 5 Year Tsy+198 basis points), 8/15/20553,8		334,259
		NiSource, Inc.
	218,000	3.60%, 5/1/20303		209,062
	112,000	5.40%, 6/30/20333		114,546
	481,000	Pacific Gas and Electric Co. 3.50%, 8/1/20503		308,897
	187,000	Pinnacle West Capital Corp. 5.15%, 5/15/20303		191,386
	253,000	PPL Capital Funding, Inc. 5.25%, 9/1/20343		255,074
	111,000	Public Service Enterprise Group, Inc. 6.12%, 10/15/20333		117,903
	239,000	Puget Energy, Inc. 2.38%, 6/15/20283		225,676
	1,033,000	San Diego Gas & Electric Co. 5.40%, 4/15/20353		1,054,931
		Southern California Edison Co.
	139,000	5.25%, 3/15/20303		140,416
	249,000	6.20%, 9/15/20553		238,777
		Southern Co. Gas Capital Corp.
	926,000	5.88%, 3/15/20413		948,509
	121,000	3.95%, 10/1/20463		93,100
	822,000	4.40%, 5/30/20473		668,765
	157,000	Xcel Energy, Inc. 5.60%, 4/15/20353		160,325
				16,451,531
		TOTAL CORPORATE BONDS
		(Cost $172,176,938)		167,674,022
		MUNICIPAL BONDS — 0.2%
	250,000	City of New York NY 6.38%, 2/1/20553		259,975

18

AAM/Insight Select Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2025

Principal Amount1			Value
		MUNICIPAL BONDS (Continued)
	294,000	University of Michigan 3.60%, 4/1/2047	$	242,842
		TOTAL MUNICIPAL BONDS
		(Cost $544,000)		502,817
		U.S. GOVERNMENT AND AGENCIES — 2.9%
	1,288,000	United States Treasury Bond 4.75%, 2/15/2045		1,282,566
		United States Treasury Note
	3,900,000	3.88%, 5/31/2027		3,908,837
	700,000	4.62%, 2/15/2035		722,422
		TOTAL U.S. GOVERNMENT AND AGENCIES
		(Cost $5,927,682)		5,913,825

Number of Shares
		SHORT-TERM INVESTMENTS — 2.3%
	4,742,266	Goldman Sachs Financial Square Government Fund - Institutional Class 4.11%12		4,742,266
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $4,742,266)		4,742,266
		TOTAL INVESTMENTS — 99.3%
		(Cost $210,411,417)		205,576,873
		Other Assets in Excess of Liabilities — 0.7%		1,535,795
		TOTAL NET ASSETS — 100.0%	$	207,112,668

LLC – Limited Liability Company

LP – Limited Partnership

PLC – Public Limited Company

ULC – Unlimited Liability Corporation

¹ Local currency.

² Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $70,768,962, which represents 34.2% of total net assets of the Fund.

³ Callable.

⁴ Floating rate security.

⁵ Variable rate security. Rate shown is the rate in effect as of June 30, 2025.

⁶ Step rate security.

⁷ Foreign security denominated in U.S. Dollars.

⁸ Fixed to variable security. Fixed rate indicated is the rate effective at June 30, 2025. Security may convert at a future date to a variable rate of referenced rate and spread.

⁹ Perpetual security. Date shown is next call date.

¹⁰ Fixed to float security. Fixed rate indicated is the rate effective at June 30, 2025. Security may convert at a future date to a floating rate or referenced rate and spread.

¹¹ Interest-only security.

¹² The rate is the annualized seven-day yield at period end.

See accompanying Notes to Financial Statements.

19

AAM/Insight Select Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2025

SWAP CONTRACTS

CREDIT DEFAULT SWAP CONTRACTS

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 CDX NA High Yield CDSI Series 44 Index		Receive	5%/Quarterly	6/20/30	$	2,500,000	$	(159,719	)	$	(29,373	)	$	(189,092	)
TOTAL CREDIT DEFAULT SWAP CONTRACTS							$	(159,719	)	$	(29,373	)	$	(189,092	)

^(a) Ratings are presented for credit default contracts in which the fund has sold protection on the underlying referenced debt. Ratings for an underlying index represent the average of the ratings of all the securities included in that index. The Moody’s and Standard & Poor’s (S&P) ratings are believed to be the most recent ratings available at June 30, 2025.

^(b) If AAM/Insight Select Income Fund is paying a fixed rate, the counterparty acts as guarantor of the variable instrument. If AAM/Insight Select Income Fund is receiving a fixed rate, AAM/Insight Select Income Fund acts as guarantor of the variable instrument.

See accompanying Notes to Financial Statements.

20

AAM/Insight Select Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2025

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

Sale Contracts	Counterparty	Currency Exchange	Settlement Date	Currency Amount Sold		Value At Settlement Date			Value At June 30, 2025			Unrealized Appreciation (Depreciation)
Euro	JP Morgan	EUR per USD	7/11/2025		1,232,000	$	(1,408,720	)	$	(1,452,432	)	$	(43,712	)
							(1,408,720	)		(1,452,432	)		(43,712	)
TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS						$	(1,408,720	)	$	(1,452,432	)	$	(43,712	)

EUR – Euro

See accompanying Notes to Financial Statements.

21

AAM/Insight Select Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2025

FUTURES CONTRACTS

Number of Contracts Long (Short)	Description	Expiration Date	Notional Value			Value/Unrealized Appreciation (Depreciation)
Interest Rate Futures
55	2-Year U.S. Treasury Note	September 2025	$	11,441,289		$	43,000
144	5-Year U.S. Treasury Note	September2025		15,696,000			205,948
(4)	Euro BOBL	September 2025		(552,555	)		1,831
(8)	Euro Bund	September 2025		(1,222,213	)		7,234
122	U.S. Treasury Long Bond	September 2025		14,087,188			616,694
(63)	Ultra 10-Year U.S. Treasury Note	September 2025		(7,198,734	)		(185,304	)
14	Ultra Long-Term U.S. Treasury Bond	September 2025		1,667,750			82,578
TOTAL FUTURES CONTRACTS			$	33,918,725		$	771,981

See accompanying Notes to Financial Statements.

22

AAM/Insight Select Income Fund

STATEMENT OF ASSETS AND LIABILITIES

As of June 30, 2025

Assets:
Investments, at value (cost $210,411,417)	$	205,576,873
Foreign currency, at value (cost $11,272)		11,531
Cash		48,288
Cash deposited with broker for futures contracts		127,470
Cash deposited with broker for swap contracts		328,685
Receivables:
Investment securities sold		320,070
Fund shares sold		153,289
Variation margin on futures contracts		771,981
Dividends and interest		2,584,485
Prepaid expenses		40,464
Total assets		209,963,136
Liabilities:
Payables:
Investment securities purchased		2,226,059
Fund shares redeemed		195,246
Unrealized depreciation on forward foreign currency exchange contracts		43,712
Premiums received on open swap contracts		159,719
Unrealized depreciation on open swap contracts		29,373
Advisory fees		29,939
Shareholder servicing fees (Note 7)		29,340
Distribution fees - Class A & C (Note 8)		3,646
Fund accounting and administration fees		39,958
Transfer agent fees and expenses		14,987
Custody fees		8,539
Trustees’ deferred compensation (Note 3)		25,762
Auditing fees		22,460
Chief Compliance Officer fees		3,864
Trustees’ fees and expenses		2,891
Accrued other expenses		14,973
Total liabilities		2,850,468
Commitments and contingencies (Note 3)
Net Assets	$	207,112,668
Components of Net Assets:
Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized)	$	227,207,856
Total distributable earnings (accumulated deficit)		(20,095,188	)
Net Assets	$	207,112,668
Maximum Offering Price Per Share:
Class A Shares:
Net assets applicable to shares outstanding	$	8,572,362
Number of shares issued and outstanding		924,400
Net asset value per share1	$	9.27
Maximum sales charge (3.00% of offering price)2		0.29
Maximum offering price to public	$	9.56
Class C Shares:
Net assets applicable to shares outstanding	$	2,299,556
Number of shares issued and outstanding		247,891
Net asset value per share3	$	9.28
Class I Shares:
Net assets applicable to shares outstanding	$	196,240,750
Number of shares issued and outstanding		21,154,789
Net asset value per share	$	9.28

See accompanying Notes to Financial Statements.

23

AAM/Insight Select Income Fund

STATEMENT OF ASSETS AND LIABILITIES - Continued

As of June 30, 2025

¹ A Contingent Deferred Sales Charge (“CDSC”) of 1.00% will be imposed to the extent a finder’s fee was paid on certain redemptions of such shares within 18 months of purchase.

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.

See accompanying Notes to Financial Statements.

24

AAM/Insight Select Income Fund

STATEMENT OF OPERATIONS

For the Year Ended  June 30, 2025

Investment income:
Interest (net of foreign withholding taxes of $13,076)	$	10,073,587
Total investment income		10,073,587
Expenses:
Advisory fees		719,112
Shareholder servicing fees - Class A (Note 7)		8,524
Shareholder servicing fees - Class C (Note 7)		1,862
Shareholder servicing fees - Class I (Note 7)		161,825
Distribution fees - Class A (Note 8)		23,583
Distribution fees - Class C (Note 8)		26,770
Fund accounting and administration fees		310,005
Transfer agent fees and expenses		83,938
Custody fees		42,940
Registration fees		66,687
Shareholder reporting fees		33,858
Legal fees		28,397
Chief Compliance Officer fees		24,144
Auditing fees		23,889
Trustees’ fees and expenses		23,188
Miscellaneous		6,557
Insurance fees		5,426
Interest expense		1,278
Total expenses		1,591,983
Advisory fees recovered (waived)		(421,865	)
Net expenses		1,170,118
Net investment income (loss)		8,903,469
Realized and Unrealized Gain (Loss) on:
Net realized gain (loss) on:
Investments		(2,270,226	)
Forward contracts		45,007
Futures contracts		313,445
Swap contracts		(190,038	)
Foreign currency transactions		6,130
Total net realized gain (loss) on:		(2,095,682	)
Net change in unrealized appreciation (depreciation) on:
Investments		4,423,458
Forward contracts		(136,528	)
Futures contracts		551,802
Swap contracts		(29,373	)
Foreign currency translations		2,245
Net change in unrealized appreciation (depreciation)		4,811,604
Net realized and unrealized gain (loss)		2,715,922
Net Increase (Decrease) in Net Assets from Operations	$	11,619,391

See accompanying Notes to Financial Statements.

25

AAM/Insight Select Income Fund

STATEMENTS OF CHANGES IN NET ASSETS

	For the Year Ended June 30, 2025			For the Year Ended June 30, 2024
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	8,903,469		$	6,155,527
Net realized gain (loss) on investments, forward contracts, futures contracts, swap contracts, and foreign currency transactions		(2,095,682	)		(4,677,935	)
Net change in unrealized appreciation (depreciation) on investments, forward contracts, futures contracts, swap contracts, and foreign currency transactions		4,811,604			7,809,707
Net increase (decrease) in net assets resulting from operations		11,619,391			9,287,299
Distributions to Shareholders:
Distributions:
Class A		(423,547	)		(375,965	)
Class C		(99,797	)		(88,044	)
Class I		(8,204,423	)		(5,529,506	)
Class Y1		(30	)		(30	)
Total distributions to shareholders		(8,727,797	)		(5,993,545	)
Capital Transactions:
Net proceeds from shares sold:
Class A		3,436,836			2,668,849
Class C		543,540			764,054
Class I		116,003,720			72,563,641
Reinvestment of distributions:
Class A		400,749			347,401
Class C		97,894			84,861
Class I		8,148,906			5,475,343
Class Y1		30			30
Cost of shares redeemed:
Class A2		(4,339,474	)		(2,634,051	)
Class C		(899,384	)		(915,101	)
Class I3		(76,245,261	)		(34,657,169	)
Class Y1		(710	)		-
Net increase (decrease) in net assets from capital transactions		47,146,846			43,697,858
Total increase (decrease) in net assets		50,038,440			46,991,612
Net Assets:
Beginning of period		157,074,228			110,082,616
End of period	$	207,112,668		$	157,074,228
Capital Share Transactions:
Shares sold:
Class A		373,870			300,758
Class C		58,004			85,585
Class I		12,572,336			8,209,332
Shares reinvested:
Class A		43,716			39,105
Class C		10,666			9,552
Class I		888,796			615,566
Class Y1		4			3
Shares redeemed:
Class A		(474,241	)		(294,777	)
Class C		(98,520	)		(102,703	)

See accompanying Notes to Financial Statements.

26

AAM/Insight Select Income Fund

STATEMENTS OF CHANGES IN NET ASSETS - Continued

	For the Year Ended June 30, 2025			For the Year Ended June 30, 2024
Class I		(8,322,182	)		(3,893,656	)
Class Y1		(78	)		-
Net increase (decrease) in capital share transactions		5,052,371			4,968,765

¹ Class Y shares were liquidated on April 30, 2025.

² Net of redemption fee proceeds of $356 and $2,799, respectively.

³ Net of redemption fee proceeds of $1,921 and $450, respectively.

See accompanying Notes to Financial Statements.

27

AAM/Insight Select Income Fund

FINANCIAL HIGHLIGHTS

Class A

Per share operating performance.

For a capital share outstanding throughout each period.

	For the Year Ended June 30,
	2025			2024			2023			2022			2021
Net asset value, beginning of period	$	9.09		$	8.94		$	9.09		$	11.07		$	10.87
Income from Investment Operations:
Net investment income (loss) 1		0.41			0.39			0.36			0.29			0.29
Net realized and unrealized gain (loss)		0.18			0.15			(0.17	)		(1.94	)		0.31
Total from investment operations		0.59			0.54			0.19			(1.65	)		0.60
Less Distributions:
From net investment income		(0.41	)		(0.39	)		(0.34	)		(0.30	)		(0.29	)
From net realized gain		-			-			-			(0.03	)		(0.11	)
Total distributions		(0.41	)		(0.39	)		(0.34	)		(0.33	)		(0.40	)
Redemption fee proceeds1		-			-	2		-	2		-	2		-	2
Net asset value, end of period	$	9.27		$	9.09		$	8.94		$	9.09		$	11.07
Total return3		6.61	%		6.20	%		2.12	%		(15.28	)%		5.55	%
Ratios and Supplemental Data:
Net assets, end of period	$	8,572,362		$	8,916,975		$	8,367,657		$	8,969,207		$	12,070,502
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recovered		1.06	%4		1.00	%		1.00	%		0.92	%		0.92	%
After fees waived and expenses absorbed/recovered		0.84	%4		0.81	%		0.79	%		0.78	%		0.79	%
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed/recovered		4.26	%		4.21	%		3.79	%		2.60	%		2.47	%
After fees waived and expenses absorbed/recovered		4.48	%		4.40	%		4.00	%		2.74	%		2.60	%
Portfolio turnover rate		56	%		51	%		40	%		59	%		104	%

¹ Based on average shares outstanding for the year.

² Amount represents less than $0.01 per share.

³ Total returns would have been lower/higher had expenses not been waived or absorbed/recovered by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.  Returns shown do not include payment of sales load of 3.00% of offering price which is reduced on sales of $100,000 or more.  Returns do not include payment of Contingent Deferred Sales Charge (“CDSC”) of 1.00% that will be imposed to the extent a finder’s fee was paid on certain redemptions of Class A shares made within 18 months of purchase.  If the sales charge was included, total returns would be lower.

⁴ If interest expense had been excluded, the expense ratios would have remained unchanged for the year ended June 30, 2025.

See accompanying Notes to Financial Statements.

28

AAM/Insight Select Income Fund

FINANCIAL HIGHLIGHTS

Class C

Per share operating performance.

For a capital share outstanding throughout each period.

	For the Year Ended June 30,
	2025			2024			2023			2022			2021
Net asset value, beginning of period	$	9.09		$	8.94		$	9.09		$	11.06		$	10.86
Income from Investment Operations:
Net investment income (loss) 1		0.35			0.33			0.29			0.21			0.20
Net realized and unrealized gain (loss)		0.18			0.14			(0.17	)		(1.95	)		0.31
Total from investment operations		0.53			0.47			0.12			(1.74	)		0.51
Less Distributions:
From net investment income		(0.34	)		(0.32	)		(0.27	)		(0.20	)		(0.20	)
From net realized gain		-			-			-			(0.03	)		(0.11	)
Total distributions		(0.34	)		(0.32	)		(0.27	)		(0.23	)		(0.31	)
Redemption fee proceeds1		-			-	2		-	2		-	2		-	2
Net asset value, end of period	$	9.28		$	9.09		$	8.94		$	9.09		$	11.06
Total return3		5.94	%		5.41	%		1.32	%		(15.97	)%		4.74	%
Ratios and Supplemental Data:
Net assets, end of period	$	2,299,556		$	2,524,640		$	2,550,145		$	3,234,680		$	4,454,691
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recovered		1.79	%4		1.75	%		1.77	%		1.70	%		1.69	%
After fees waived and expenses absorbed/recovered		1.57	%4		1.56	%		1.56	%		1.56	%		1.56	%
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed/recovered		3.53	%		3.47	%		3.02	%		1.82	%		1.70	%
After fees waived and expenses absorbed/recovered		3.75	%		3.66	%		3.23	%		1.96	%		1.83	%
Portfolio turnover rate		56	%		51	%		40	%		59	%		104	%

¹ Based on average shares outstanding for the year.

² Amount represents less than $0.01 per share.

³ Total returns would have been lower/higher had expenses not been waived or absorbed/recovered by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.  Returns do not include payment of Contingent Deferred Sales Charge (“CDSC”) of 1.00% on certain redemptions of Class C shares made within 12 months of purchase.  If the sales charge was included, total returns would be lower.

⁴ If interest expense had been excluded, the expense ratios would have remained unchanged for the year ended June 30, 2025.

See accompanying Notes to Financial Statements.

29

AAM/Insight Select Income Fund

FINANCIAL HIGHLIGHTS

Class I

Per share operating performance.

For a capital share outstanding throughout each period.

	For the Year Ended June 30,
	2025			2024			2023			2022			2021
Net asset value, beginning of period	$	9.09		$	8.95		$	9.10		$	11.09		$	10.88
Income from Investment Operations:
Net investment income (loss) 1		0.43			0.42			0.38			0.31			0.31
Net realized and unrealized gain (loss)		0.19			0.13			(0.17	)		(1.95	)		0.32
Total from investment operations		0.62			0.55			0.21			(1.64	)		0.63
Less Distributions:
From net investment income		(0.43	)		(0.41	)		(0.36	)		(0.32	)		(0.31	)
From net realized gain		-			-			-			(0.03	)		(0.11	)
Total distributions		(0.43	)		(0.41	)		(0.36	)		(0.35	)		(0.42	)
Redemption fee proceeds1		-			-	2		-	2		-	2		-	2
Net asset value, end of period	$	9.28		$	9.09		$	8.95		$	9.10		$	11.09
Total return3		7.00	%		6.36	%		2.35	%		(15.14	)%		5.88	%
Ratios and Supplemental Data:
Net assets, end of period	$	196,240,750		$	145,631,936		$	99,164,178		$	123,385,419		$	216,050,597
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recovered		0.81	%4		0.73	%		0.77	%		0.71	%		0.69	%
After fees waived and expenses absorbed/recovered		0.59	%4		0.54	%		0.56	%		0.57	%		0.56	%
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed/recovered		4.51	%		4.49	%		4.02	%		2.81	%		2.70	%
After fees waived and expenses absorbed/recovered		4.73	%		4.68	%		4.23	%		2.95	%		2.83	%
Portfolio turnover rate		56	%		51	%		40	%		59	%		104	%

¹ Based on average shares outstanding for the year.

² Amount represents less than $0.01 per share.

³ Total returns would have been lower/higher had expenses not been waived or absorbed/recovered by the Advisor.  Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

⁴ If interest expense had been excluded, the expense ratios would have remained unchanged for the year ended June 30, 2025.

See accompanying Notes to Financial Statements.

30

AAM/Insight Select Income Fund

NOTES TO FINANCIAL STATEMENTS

June 30, 2025

Note 1 – Organization

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’s Class Y shares commenced investment operations on October 31, 2017. Effective April 30, 2025 the Fund’s Class Y shares were terminated.

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.

Note 2 – Accounting Policies

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.

(a) Valuation of Investments

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.

31

AAM/Insight Select Income Fund

NOTES TO FINANCIAL STATEMENTS – Continued

June 30, 2025

(b) Futures Contracts

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.

(c) Forward Foreign Currency Exchange Contracts

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.

(d) Swap Agreements

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.

32

AAM/Insight Select Income Fund

NOTES TO FINANCIAL STATEMENTS – Continued

June 30, 2025

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.

(e) Asset-Backed Securities

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.

(f) Preferred Stock Risk

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.

(g) Investment Transactions, Investment Income and Expenses

Investment transactions are accounted for on the trade date. Realized gains and losses on investments are determined on the identified cost basis. Dividend income is recorded net of applicable withholding taxes on the ex-dividend date and interest income is recorded on an accrual basis. Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country’s tax rules and rates and are disclosed in the Statement of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The 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.

33

AAM/Insight Select Income Fund

NOTES TO FINANCIAL STATEMENTS – Continued

June 30, 2025

(h) Federal Income Taxes

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 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, 2025, 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.

(i) Distributions to Shareholders

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.

(j) Illiquid Securities

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.

34

AAM/Insight Select Income Fund

NOTES TO FINANCIAL STATEMENTS – Continued

June 30, 2025

Note 3 – Investment Advisory and Other Agreements

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%, 0.60% and 0.50% of the average daily net assets of the Fund’s Class A, Class C, Class I and Class Y Shares, respectively. This agreement is in effect until October 31, 2034, and it may be terminated before that date only by the Trust’s Board of Trustees.

For the year ended June 30, 2025, the Advisor waived its fees totaling $421,865 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, 2025, the amount of these potentially recoverable expenses was $912,807. 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:

2026	$	234,038
2027		256,904
2028		421,865
Total	$	912,807

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, 2025, 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, 2025, 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.

35

AAM/Insight Select Income Fund

NOTES TO FINANCIAL STATEMENTS – Continued

June 30, 2025

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.

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, 2025, are reported on the Statement of Operations.

Note 4 – Federal Income Taxes

At June 30, 2025, gross unrealized appreciation and (depreciation) of investments, based on cost for federal income tax purposes were as follows:

Cost of investments	$	210,494,281
Gross unrealized appreciation		2,853,292
Gross unrealized depreciation		(7,770,700	)
Net unrealized appreciation (depreciation)	$	(4,917,408	)

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, 2025, permanent differences in book and tax accounting have been reclassified to paid-in capital and total distributable earnings (accumulated deficit) as follows:

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

36

AAM/Insight Select Income Fund

NOTES TO FINANCIAL STATEMENTS – Continued

June 30, 2025

As of June 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

Undistributed ordinary income	$	770,217
Undistributed long-term capital gains		-
Tax accumulated earnings		770,217
Accumulated capital and other losses		(15.894,048	)
Unrealized appreciation (depreciation) on investments		(4,917,408	)
Unrealized appreciation (depreciation) on swap contracts		(29,373	)
Unrealized appreciation (depreciation) deferred compensation		(25,763	)
Gross unrealized appreciation on foreign currency transactions		1,187
Total accumulated earnings (deficit)	$	(20,095,188	)

The tax character of the distributions paid during the fiscal years ended June 30, 2025, and June 30, 2024 were as follows:

	2025		2024
Distributions paid from:
Ordinary income	$	8,727,797	$	5,993,545
Net long-term capital gains		-		-
Total distributions paid	$	8,727,797	$	5,993,545

At June 30, 2025, the Fund had an accumulated capital loss carry forward as follows:

Not Subject to Expiration:
Short-term	$	2,423,586
Long-term		13,470,462
Total	$	15,894,048

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.

Note 5 – Redemption Fee

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, 2025 and the year ended June 30, 2024, the Fund received $2,277 and $3,249, respectively, in redemption fees.

Note 6 – Investment Transactions

For the year ended June 30, 2025, purchases and sales of investments, excluding short-term investments, forward contracts and futures contracts, were $147,780,766 and $102,241,665, respectively.

Note 7 – Shareholder Servicing Plan

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, 2025, shareholder servicing fees incurred are disclosed on the Statement of Operations.

37

AAM/Insight Select Income Fund

NOTES TO FINANCIAL STATEMENTS – Continued

June 30, 2025

Note 8 – Distribution Plan

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 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, 2025, distribution and service fees incurred are disclosed on the Statement of Operations.

Note 9 – Indemnifications

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.

Note 10 – Fair Value Measurements and Disclosure

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:

● Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

● Level 2 – Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

● Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

38

AAM/Insight Select Income Fund

NOTES TO FINANCIAL STATEMENTS – Continued

June 30, 2025

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest Level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of June 30, 2025, in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3*		Total
Assets
Investments
Asset-Backed Securities	$	-	$	24,440,254	$	-	$	24,440,254
Commercial Mortgage-Backed Securities		-		2,303,689		-		2,303,689
Corporate Bonds1		-		167,674,022		-		167,674,022
Municipal Bonds		-		502,817		-		502,817
U.S. Government and Agencies		-		5,913,825		-		5,913,825
Short-Term Investments		4,742,266		-		-		4,742,266
Total Investments		4,742,266		200,834,607		-		205,576,873
Other Financial Instruments**
Futures Contracts		957,285		-		-		957,285
Total Assets	$	5,699,551	$	200,834,607	$	-	$	206,534,158
Liabilities
Other Financial Instruments**
Credit Default Swap Contracts	$	-	$	29,373	$	-	$	29,373
Forward Contracts		-		43,712		-		43,712
Futures Contracts		185,304		-		-		185,304
Total Liabilities	$	185,304	$	73,085	$	-	$	258,389

¹ For a detailed break-out of corporate bonds by major sector classification, please refer to the Schedules of Investments.

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

** Other financial instruments are derivative instruments such as swap contracts, forward contracts and futures contracts. Swap contracts, forwards contracts and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

Note 11 – Derivatives and Hedging Disclosures

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 and forward contracts during the year ended June 30, 2025.

39

AAM/Insight Select Income Fund

NOTES TO FINANCIAL STATEMENTS – Continued

June 30, 2025

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, 2025, by risk category are as follows:

		Asset Derivatives		Liability Derivatives
Derivatives not designated as hedging instruments	Statement of Asset and Liabilities Location	Value		Value
Credit Default Swap Contracts	Unrealized appreciation on open swap contracts	$	-	$	29,373
Foreign Exchange Contract	Unrealized appreciation on forward foreign currency exchange contracts		-		43,712
Interest Rate Contracts	Unrealized appreciation/depreciation on open futures contracts*		957,285		185,304

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

The effects of derivative instruments on the Statement of Operations for the year ended June 30, 2025, are as follows:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not designated as hedging instruments		Total
Credit Default Swap Contracts	Swap Contracts	$	(190,038	)
Foreign Exchange Contracts	Forward Contracts		45,007
Interest Rate Contracts	Futures Contracts		313,445

Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in Income
Derivatives not designated as hedging instruments		Total
Credit Default Swap Contracts	Swap Contracts	$	(29,373	)
Foreign Exchange Contracts	Forward Contracts		(136,528	)
Interest Rate Contracts	Futures Contracts		551,802

The quarterly average volumes of derivative instruments as of June 30, 2025, are as follows:

Derivatives not designated as hedging instruments			Total
Swap Contracts	Credit Default Swap Contracts	Notional Amount	$	500,000
Foreign Exchange Contracts	Long Forward Contracts	Notional Amount		124,431
Foreign Exchange Contracts	Short Forward Contracts	Notional Amount		(3,171,742	)
Interest Rate Contracts	Long Futures Contracts	Notional Amount		38,039,633
Interest Rate Contracts	Short Futures Contracts	Notional Amount		(12,292,308	)

40

AAM/Insight Select Income Fund

NOTES TO FINANCIAL STATEMENTS – Continued

June 30, 2025

Note 12 - Disclosures about Offsetting Assets and Liabilities

Disclosures about Offsetting Assets and Liabilities requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The guidance requires retrospective application for all comparative periods presented.

A Fund mitigates credit risk with respect to OTC derivative counterparties through credit support annexes included with ISDA Master Agreements or other Master Netting Agreements which are the standard contracts governing most derivative transactions between the Fund and each of its counterparties. These agreements allow the Fund and each counterparty to offset certain derivative financial instruments’ payables and/or receivables against each other and/or with collateral, which is generally held by the Fund’s custodian. The amount of collateral moved to/from applicable counterparties is based upon minimum transfer amounts specified in the agreement. To the extent amounts due to the Fund from its counterparties are not fully collateralized contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance.

				Amounts Not Offset in Consolidated Statement of Assets and Liabilities
Description/Financial Instrument/Statement of Assets and Liabilities Category	Counterparty	Gross Amounts Presented in Consolidated Statement of Assets and Liabilities		Financial Instruments*		Cash Collateral**			Net Amount
Unrealized depreciation on open swap contracts – liability payable	J.P. Morgan	$	29,373	$	-		(29,373	)		-

* Amounts relate to master netting agreements and collateral agreements (for example, ISDA) which have been determined by the Advisor to be legally enforceable in the event of default and where certain other criteria are met in accordance with applicable offsetting accounting guidance.

** Amounts relate to master netting agreements and collateral agreements which have been determined by the Advisor to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance. The collateral amounts may exceed the related net amounts of financial assets and liabilities presented in the Consolidated Statement of Assets and Liabilities. Where this is the case, the total amount reported is limited to the net amounts of financial assets and liabilities with that counterparty.

Note 13 – Market Disruption and Geopolitical Risks

Certain local, regional or global events such as war, acts of terrorism, the spread of infectious illnesses and/or other public health issues, financial institution instability or other events may have a significant impact on a security or instrument. These types of events and other like them are collectively referred to as “Market Disruptions and Geopolitical Risks” and they may have adverse impacts on the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. Some of the impacts noted in recent times include but are not limited to embargos, political actions, supply chain disruptions, tariffs, bank failures, restrictions to investment and/or monetary movement including the forced selling of securities or the inability to participate impacted markets. The duration of these events could adversely affect the Fund’s performance, the performance of the securities in which the Fund invests and may lead to losses on your investment. The ultimate impact of “Market Disruptions and Geopolitical Risks” on the financial performance of the Fund’s investments is not reasonably estimable at this time. Management is actively monitoring these events.

41

AAM/Insight Select Income Fund

NOTES TO FINANCIAL STATEMENTS – Continued

June 30, 2025

Note 14 - Recently Issued Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”),” which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by Topic 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management has evaluated the impact of applying ASU 2023-07, and the Fund has adopted the ASU during the reporting period. The adoption of the ASU does not have a material impact on the financial statements. Required disclosure is included in Note 1.

Note 15 – Events Subsequent to the Fiscal Period End

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.

42

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of

Investment Managers Series Trust

and the Shareholders of the AAM/Insight Select Income Fund

Opinion on the Financial Statements

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, 2025, 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, 2025, 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.

Basis for Opinion

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, 2025 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.

TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania

August 29, 2025

43

AAM/Insight Select Income Fund

SUPPLEMENTAL INFORMATION (Unaudited)

Long-Term Capital Gain

The Fund designates $0.00 as long term capital gain distribution.

44

Form N-CSR Items 8 - 11 (Unaudited)

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

Not Applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not Applicable.

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

This information is included in Item 7, as part of the financial statements.

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

Board Consideration of Investment Advisory Agreements (Unaudited)

At an in-person meeting held on March 19-20, 2025, 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.

Background

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, 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 Index (the “U.S. Aggregate Bond Index”), the Bloomberg U.S. Government/Credit 1-3 Year 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, 2024; 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.

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.

Form N-CSR Items 8 - 11 (Unaudited) - Continued

Advisors Asset Management, Inc.

Nature, Extent, and Quality of Services

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 five-year period 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 0.06% and 0.10%, respectively. For the one-year period, the Fund’s 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 0.18% and 0.26%, respectively. The Fund’s annualized total return for the three-year period was above the U.S. Government/Credit Index and U.S. Aggregate Bond Index returns, but below the Peer Group and Fund Universe median returns by 0.36% and 0.44%, 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 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. 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.

Advisory Fee and Expense Ratio

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 0.125% 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 both the Peer Group and Fund Universe medians by 0.24%. The Trustees considered the Advisor’s observation that some of the funds in the Peer Group are part of larger fund complexes and therefore could have lower expenses or support lower expense caps.

Form N-CSR Items 8 - 11 (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.

Profitability, Benefits to the Advisor, and Economies of Scale

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, 2024, 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.

Hartford Investment Management Company

Nature, Extent, and Quality of Services

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. 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.

Sub-Advisory Fee

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 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 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.

Benefits to the Sub-Advisor

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.

Form N-CSR Items 8 - 11 (Unaudited) - Continued

Conclusion

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.

Form N-CSR Items 8 - 11 (Unaudited) - Continued

Board Consideration of Investment Advisory Agreements (Unaudited)

At an in-person meeting held on March 19-20, 2025, 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.

Background

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, 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 Index (the “U.S. Credit Index”), the Bloomberg U.S. Aggregate Bond 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, 2024; 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.

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.

Form N-CSR Items 8 - 11 (Unaudited) - Continued

Advisors Asset Management, Inc.

Nature, Extent, and Quality of Services

With respect to the performance results of the Fund, the meeting materials indicated that the Fund’s annualized total returns for the one-, 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.

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. 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.

Advisory Fee and Expense Ratio

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 Peer Group median and the same as the Fund Universe 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 0.03% and 0.04%, 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.

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.

Profitability, Benefits to the Advisor, and Economies of Scale

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, 2024, 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 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.

Form N-CSR Items 8 - 11 (Unaudited) - Continued

Insight North America LLC

Nature, Extent, and Quality of Services

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. 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.

Sub-Advisory Fee

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 closed-end fund, 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.

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.

Benefits to the Sub-Advisor

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.

Conclusion

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. 

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

Not applicable to open-end investment companies.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

Item 15. Submission of Matters to a Vote of Security Holders.

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 16. Controls and Procedures.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

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

Not applicable to open-end investment companies.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not Applicable.

(b) Not Applicable.

Item 19. Exhibits.

(a) (1) Any code of ethics or amendment thereto, that is subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Incorporated by reference to the Registrant’s Form N-CSR filed June 8, 2018.

(a) (2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Instruction to paragraph (a)(2). Not Applicable.

(a) (3) A separate certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)). Filed herewith

(a) (4) Not Applicable

(a) (5) Not Applicable

(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	Investment Managers Series Trust
By (Signature and Title)	/s/ Maureen Quill
	Maureen Quill, President and Principal Executive Officer
Date	9/8/2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Maureen Quill
	Maureen Quill, President and Principal Executive Officer
Date	9/8/2025
By (Signature and Title)	/s/ Rita Dam
	Rita Dam, Treasurer and Principal Financial Officer
Date	9/8/2025