ThZeal - The Zeal

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:

September 30

Date of reporting period:

March 31, 2025

Item 1. Report to Stockholders.

(a) The registrant’s semi-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:

Ironclad Managed Risk Fund

IRONX

SEMI-ANNUAL SHAREHOLDER REPORT | March 31, 2025

This semi-annual shareholder report contains important information about the Ironclad Managed Risk Fund (“Fund”) for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.ironcladfunds.com/fund-literature. You can also request this information by contacting us at (888) 979-IRON (4766).

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Ironclad Managed Risk Fund (IRONX)	$62	1.25%¹

¹	Annualized.

Key Fund Statistics

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

Fund net assets	$191,172,447
Total number of portfolio holdings	6
Portfolio turnover rate as of the end of the reporting period	1%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

iShares Core S&P 500 ETF	46.8%
Vanguard S&P 500 ETF	44.1%
SPDR S&P 500 ETF Trust	2.0%
S&P 500 Index Options, Exercise Price: $5,550.00, Expiration Date: 5/16/25	1.9%

Asset Allocation

Graphical Representation - Allocation 1 Chart

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.ironcladfunds.com/fund-literature. You can also request this information by contacting us at (888) 979-IRON (4766).

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication 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) 979-IRON (4766) and we will begin sending you separate copies of these materials within 30 days after receiving your request.

Ironclad Managed Risk Fund

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

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

Ironclad Managed Risk Fund (the ‘‘Fund’’) was 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 achieve current income and gains. The Fund commenced investment operations on October 14, 2010.

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 Advisor is deemed to be the Chief Operating Decision Maker with respect to the Fund's investment decisions.

The following is a summary of the significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates.

The Fund values equity securities at the last reported sale price on the principal exchange or in the principal over the counter (“OTC”) market in which such securities are traded, as of the close of regular trading on the NYSE on the day the securities are being valued or, if the last-quoted sales price is not readily available, the securities will be valued at the last bid or the mean between the last available bid and ask price. Securities traded on the NASDAQ are valued at the NASDAQ Official Closing Price (“NOCP”). Investments in open-end investment companies are valued at the daily closing net asset value of the respective investment company. Debt securities are valued by utilizing a price supplied by independent pricing service providers. The independent pricing service providers may use various valuation methodologies including matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. These models generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions. If a price is not readily available for a portfolio security, the security will be valued at fair value (the amount which the Fund might reasonably expect to receive for the security upon its current sale). The Board of Trustees has designated the Advisor as the Fund’s valuation designee (the “Valuation Designee”) to make all fair value determinations with respect to the Fund’s portfolio investments, subject to the Board’s oversight. As the Valuation Designee, the Advisor has adopted and implemented policies and procedures to be followed when the Fund must utilize fair value pricing.

The Fund utilizes options in an attempt to generate gains from option premiums or to reduce overall portfolio risk. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current market value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If a call option is exercised, the premium received is added to the proceeds from the sale in determining whether the Fund has realized a gain or a loss on investment transactions. If a put option is exercised, the premium received is subtracted from the proceeds of the sale in determining whether the Fund has realized a gain or a loss on investment transactions. The Fund, as a writer of an option, may have no control over whether the underlying securities may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the security underlying the written option.

Under normal circumstances, the Fund’s primary strategy consists of purchasing and selling put and call options on equity indexes and exchange traded funds (“ETFs”). The sale of put options generates income for the Fund, but exposes it to the risk of declines in the value of the underlying assets. The Fund’s investment advisor seeks to reduce the overall volatility of returns of the Fund by managing a portfolio of options. For defensive purposes, or if the options expire, the Fund may invest up to 100% of its assets in cash, cash equivalents or debt instruments issued by entities that carry an investment-grade rating by a national ratings agency. When the Fund takes a defensive position, the Fund may not achieve its investment objective.

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. Expenses incurred by the Trust with respect to more than one fund are allocated in proportion to the net assets of each fund except where allocation of direct expenses to each Fund or an alternative allocation method can be more appropriately made.

The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized gains to its 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 IRS stature of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of and during the open years ended September 30, 2021-2024, and the six months ended March 31, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund has no examination in progress and is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The Fund will make distributions of net investment income 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 loss or net realized gain may differ from the character for federal income tax purposes due to differences in the recognition of income expense and gain items for financial statement and tax purposes. Where appropriate, reclassifications between capital accounts are made for such differences that are permanent in nature.

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 their 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 a Fund exceeds 15% of its net asset value, the Advisor will take such steps as it considers appropriate to reduce them as soon as reasonably practicable in accordance with the Fund’s written LRMP.

The Trust, on behalf of the Fund, entered into an Investment Advisory Agreement (the “Agreement”) with Ironclad Investments LLC (the “Advisor”). Under the terms of the Agreement, the Advisor is entitled to receive from the Fund an annual management fee that decreases as assets increase, as follows: 1.10% on the first $1 billion, 1.05% on the next $2 billion, and 1.00% on assets in excess of $3 billion, calculated daily and payable monthly, of the Fund’s average daily net assets. The Advisor has contractually agreed to waive its fee and/or pay for operating expenses to ensure that total annual operating expenses (excluding any taxes, leverage interest, brokerage commissions, 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 1.25% of the average daily net assets of the Fund. This agreement is in effect as long as the Investment Advisory Agreement for the Fund is in effect, and it may be terminated only by the Trust’s Board of Trustees.

For the six months ended March 31, 2025, the Advisor waived advisory fees totaling $40,171. 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 March 31, 2025, the amount of these potentially recoverable expenses was $434,857. 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 September 30, of the years stated below:

UMB Fund Services, Inc. (“UMBFS”) serves as the Fund’s fund accountant, transfer agent and co-administrator; and Mutual Fund Administration, LLC (“MFAC”) serves as the Fund’s other co-administrator. UMB Bank, n.a., an affiliate of UMBFS, serves as the Fund’s custodian. The Fund’s allocated fees incurred for fund accounting, fund administration, transfer agency and custody services for the six months ended March 31, 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 six months ended March 31, 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.

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 six months ended March 31, 2025, are reported on the Statement of Operations.

At March 31, 2025, gross unrealized appreciation and depreciation of investments owned by the Fund, based on cost for federal income tax purposes were as follows:

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in security transactions.

As of September 30, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

The tax character of the distributions paid during the fiscal years ended September 30, 2024 and September 30, 2023 were as follows:

As of September 30, 2024, the Fund had $8,745,998 of post-October capital losses which are deferred until October 1, 2024 for tax purposes. Net capital losses incurred after October 31 and within the taxable year are deemed to arise on the first day of the Fund’s next taxable year.

The Fund may impose a redemption fee of 2.00% of the total redemption amount on all shares redeemed within 30 days of purchase. For the six months ended March 31, 2025 and the year ended September 30, 2024, the Fund received $146 and $3,999, respectively.

The Fund’s primary strategy consists of purchasing and selling put and call options on equity indexes and exchange traded funds (“ETFs”). For the six months ended March 31, 2025, the Fund’s purchases and sales of investments, excluding short-term investments, were as follows:

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

Fair Value Measurements and Disclosures defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or a liability, when a transaction is not orderly, and how this information must be incorporated into a fair value measurement.

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

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs 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 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 March 31, 2025, in valuing the Fund’s assets carried at fair value:

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, performance and cash flows. The Fund invested in options during the six months ended March 31, 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 March 31, 2025 by risk category are as follows:

The effects of derivative instruments on the Statement of Operations for the six months ended March 31, 2025 are as follows:

The quarterly average volumes of derivative instruments as of March 31, 2025 are as follows:

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.

Effective January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and exchange-traded funds (ETFs) to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information deemed important for retail investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in the funds’ streamlined shareholder reports but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. The Funds have adopted procedures in accordance with the SEC’s rules and form amendments.

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.

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.

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

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

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

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

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

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

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

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

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

Number of Shares			Value
		EXCHANGE-TRADED FUNDS – 92.9%
	159,114	iShares Core S&P 500 ETF	$	89,406,156
	6,805	SPDR S&P 500 ETF Trust		3,806,649
	164,258	Vanguard S&P 500 ETF		84,413,829
		TOTAL EXCHANGE-TRADED FUNDS
		(Cost $145,937,496)		177,626,634

Number of Contracts
		PURCHASED OPTIONS CONTRACTS – 1.9%
		PUT OPTIONS – 1.9%
		S&P 500 Index
	312	Exercise Price: $5,550.00, Notional Amount: $173,160,000, Expiration Date: May 16, 2025	3,647,280
		TOTAL PUT OPTIONS
		(Cost $3,780,777)	3,647,280
		TOTAL PURCHASED OPTIONS CONTRACTS
		(Cost $3,780,777)	3,647,280

Principal Amount
		SHORT-TERM INVESTMENTS–5.5%
$	10,399,747	UMB Bank, Institutional Banking Money Market II Deposit Investment, 3.80%¹		10,399,747
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $10,399,747)		10,399,747
		TOTAL INVESTMENTS – 100.3%
		(Cost $160,118,020)		191,673,661
		Liabilities in Excess of Other Assets – (0.3)%		(501,214	)
		TOTAL NET ASSETS – 100.0%	$	191,172,447

Number of Contracts
			WRITTEN OPTIONS CONTRACTS – (0.6)%
			PUT OPTIONS – (0.6)%
			S&P 500 Index
	(312	)	Exercise Price: $5,150.00, Notional Amount: $(160,680,000), Expiration Date: May 16, 2025		(1,162,200	)
			TOTAL PUT OPTIONS
			(Proceeds $1,268,573)		(1,162,200	)
			TOTAL WRITTEN OPTIONS CONTRACTS
			(Proceeds $1,268,573)	$	(1,162,200	)

Assets:
Investments, at value (cost $156,337,243)	$	188,026,381
Purchased options contracts, at value (cost $3,780,777)		3,647,280
Cash		785,721
Cash deposited with broker for written options contracts		2,500
Receivables:
Fund shares sold		63,607
Interest		59,937
Prepaid expenses		19,661
Total Assets		192,605,087

Liabilities:
Written options contracts, at value (proceeds $1,268,573)		1,162,200
Payables:
Fund shares redeemed		42,914
Advisory fees		170,256
Administration fees		16,364
Transfer agent fees and expenses		3,071
Custody fees		3,160
Trustees' Deferred compensation (Note 3)		20,122
Auditing fees		9,676
Chief Compliance Officer fees		781
Trustees' fees and expenses		250
Accrued other expenses		3,846
Total Liabilities		1,432,640
Commitments and contingencies (Note 3)
Net Assets	$	191,172,447

Components of Net Assets:
Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized)	$	164,341,923
Total distributable earnings (accumulated deficit)		26,830,524
Net Assets	$	191,172,447

Shares of beneficial interest issued and outstanding		15,885,142

Net asset value, offering and redemption price per share	$	12.03

Item 7. Financial Statements and Financial Highlights
Schedule of Investments	1
Statement of Assets and Liabilities	2
Statement of Operations	3
Statements of Changes in Net Assets	4
Financial Highlights	5
Notes to Financial Statements	6

Investment Income:
Dividends	$	1,145,648
Interest		145,868
Total investment income		1,291,516

Expenses:
Advisory fees		1,004,073
Administration fees		105,323
Transfer agent fees		12,775
Custody fees		3,340
Auditing fees		9,675
Legal fees		9,546
Registration fees		8,369
Chief compliance officer fees		7,576
Trustees' fees and expenses		7,408
Shareholder reporting fees		7,012
Miscellaneous		6,066
Total expenses		1,181,163
Advisory fees recovered (waived)		(40,171	)
Net expenses		1,140,992
Net investment income (loss)		150,524

Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments - realized		212,130
Purchased options contracts		(517,638	)
Written options contracts		1,944,910
Net realized gain (loss)		1,639,402
Net change in unrealized appreciation/depreciation on:
Investments		(4,577,784	)
Purchased options contracts		2,088,052
Written options contracts		106,373
Net change in unrealized appreciation/depreciation		(2,383,359	)
Net realized and unrealized gain (loss)		(743,957	)

Net Increase (Decrease) in Net Assets from Operations	$	(593,433	)

	For the Six Months Ended March 31, 2025 (Unaudited)			For the Year Ended September 30, 2024
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	150,524		$	323,554
Net realized gain (loss) on investments, purchased options contracts and written options contracts		1,639,402			(7,339,595	)
Net change in unrealized appreciation/depreciation on investments, purchased options contracts and written options contracts		(2,383,359	)		35,448,787
Net increase (decrease) in net assets resulting from operations		(593,433	)		28,432,746

Distributions to Shareholders:
Distributions		(334,083	)		(8,179,194	)
Total		(334,083	)		(8,179,194	)

Capital Transactions:
Net proceeds from shares sold		31,129,001			27,703,585
Reinvestment of distributions		330,766			7,969,657
Cost of shares redeemed1		(9,826,523	)		(41,832,384	)
Net increase (decrease) in net assets from capital transactions		21,633,244			(6,159,142	)

Total increase (decrease) in net assets		20,705,728			14,094,410

Net Assets:
Beginning of period		170,466,719			156,372,309
End of period	$	191,172,447		$	170,466,719
Capital Share Transactions:
Shares sold		2,536,563			2,479,107
Shares reinvested		26,335			768,530
Shares redeemed		(801,416	)		(3,808,284	)
Net increase (decrease) in capital share transactions		1,761,482			(560,647	)

	For the Six Months Ended March 31, 2025			For the Year Ended September 30,
	(Unaudited)			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	12.07		$	10.65		$	9.70		$	11.15		$	10.44		$	10.01
Income from Investment Operations:
Net investment income (loss) ¹		0.01			0.02			(0.05	)		(0.13	)		(0.14	)		(0.05	)
Net realized and unrealized gain (loss)		(0.03	)		1.95			1.30			0.12			1.29			0.58
Net increase from payment by affiliates		-			-			-			-			-			-	^2,3
Total from investment operations		(0.02	)		1.97			1.25			(0.01	)		1.15			0.53

Less Distributions:
From net investment income		(0.02	)		-			-			-			-			(0.10	)
From net realized gain		-			(0.55	)		(0.30	)		(1.44	)		(0.44	)		-
Total distributions		(0.02	)		(0.55	)		(0.30	)		(1.44	)		(0.44	)		(0.10	)

Redemption fee proceeds¹		-	³		-	³		-	³		-	³		-	³		-	³

Net asset value, end of period	$	12.03		$	12.07		$	10.65		$	9.70		$	11.15		$	10.44

Total return⁴		(0.15	)%⁵		19.35	%		13.04	%		(0.85	)%		11.27	%		5.37	%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	191,172		$	170,467		$	156,372		$	114,001		$	95,082		$	88,568

Ratio of expenses to average net assets:
Before fees recovered/waived		1.29	%⁶		1.35	%		1.33	%		1.36	%		1.41	%		1.39	%
After fees recovered/waived		1.25	%⁶		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Ratio of net investment income (loss) to average net assets:
Before fees recovered/waived		0.12	%⁶		0.10	%		(0.59	)%		(1.36	)%		(1.41	)%		(0.59	)%
After fees recovered/waived		0.16	%⁶		0.20	%		(0.51	)%		(1.25	)%		(1.25	)%		(0.45	)%

Portfolio turnover rate		1	%⁵		12	%		-	%		25	%		-	%		-	%

¹	Based on average daily shares outstanding for the year.
²	An affiliate reimbursed the Fund $2,591 for losses from a settlement error during the fiscal year ended September 30, 2020.
³	Amount represents less than $0.01 per share.
⁴	Total returns would have been lower had expenses not been waived or absorbed 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.
⁵	Not annualized.
⁶	Annualized.

Cost of investments	$	158,849,447

Gross unrealized appreciation	$	31,810,983
Gross unrealized depreciation		(148,969	)
Net unrealized appreciation (depreciation) on investments	$	31,662,014

Undistributed ordinary income	$	254,942
Undistributed long-term capital gains		-
Tax accumulated earnings		254,942

Accumulated capital and other losses		(8,745,998	)
Unrealized appreciation (depreciation) on investments		36,266,922
Unrealized deferred compensation		(17,826	)
Total accumulated earnings (deficit)	$	27,758,040

Distributions paid from:	2024		2023
Ordinary Income	$	3,099,826	$	598,708
Net long-term capital gains		5,079,368		2,978,937
Total distributions paid	$	8,179,194	$	3,577,645

	Level 1		Level 2*		Level 3*		Total
Assets
Investments
Exchange-Traded Funds	$	177,626,634	$	-	$	-	$	177,626,634
Short-Term Investments
Money Market		10,399,747		-		-		10,399,747
Total Investments		188,026,381		-		-		188,026,381
Purchase Options Contracts		3,647,280		-		-		3,647,280
Total Investments and Options	$	191,673,661		-		-	$	191,673,661

Liabilities
Written Options Contracts	$	1,162,200	$	-	$	-	$	1,162,200
Total Liabilities	$	1,162,200	$	-	$	-	$	1,162,200

	Asset Derivatives			Liability Derivatives
Derivatives not designated as hedging instruments	Statement of Asset and Liabilities Location	Value		Statement of Asset and Liabilities Location	Value
Equity contracts	Purchased options contracts, at value	$	3,647,280	Written options contracts, at value	$	1,162,200
Total		$	3,647,280		$	1,162,200

2025	$	120,919
2026		121,164
2027		152,603
2028		40,171
Total:	$	434,857

Purchases				Sales
$	14,500,503			$	900,567

(Registrant)	Investment Managers Series Trust

By (Signature and Title)	/s/ Maureen Quill
	Maureen Quill, President and Principal Executive Officer

Date	6/9/2025

By (Signature and Title)	/s/ Maureen Quill
	Maureen Quill, President and Principal Executive Officer

Date	6/9/2025

By (Signature and Title)	/s/ Rita Dam
	Rita Dam, Treasurer and Principal Financial Officer

Date	6/9/2025

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not designated as hedging instruments	Purchased Options Contracts			Written Options Contracts
Equity contracts	$	(517,638	)	$	1,944,910
Total	$	(517,638	)	$	1,944,910

Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in Income
Derivatives not designated as hedging instruments	Purchased Options Contracts		Written Options Contracts
Equity contracts	$	2,088,052	$	106,373
Total	$	2,088,052	$	106,373