Semi-Annual Report by Investment Company (Form N-CSRS)

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

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.

RIVERBRIDGE GROWTH FUND
Investor Class (RIVRX)

Institutional Class (RIVBX)

SEMI - ANNUAL FINANCIALS AND OTHER INFORMATION

May 31, 2026

RIVERBRIDGE GROWTH FUND

A series of Investment Managers Series Trust

Table of Contents

Item 7. Financial Statements and Financial Highlights
Schedule of Investments	1
Statement of Assets and Liabilities	3
Statement of Operations	4
Statements of Changes in Net Assets	5
Financial Highlights	7
Notes to Financial Statements	9

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

www.riverbridge.com

Riverbridge Growth Fund

SCHEDULE OF INVESTMENTS

As of May 31, 2026 (Unaudited)

Number of Shares						Value
				COMMON STOCKS - 98.1%
				COMMUNICATION SERVICES - 8.7%
	10,295			Alphabet, Inc. - Class A		$	3,915,600
	10,321			Alphabet, Inc. - Class C			3,885,134
	22,735			Netflix, Inc.*			1,955,665
							9,756,399
				CONSUMER DISCRETIONARY - 14.1%
	24,021			Amazon.com, Inc.*			6,501,044
	10,484			Five Below, Inc.*			2,383,642
	13,727			Floor & Decor Holdings, Inc. - Class A*			705,568
	12,285			Grand Canyon Education, Inc.*			1,840,907
	16,309			Starbucks Corp.			1,617,200
	6,357			Tesla, Inc.*			2,770,317
							15,818,678
				CONSUMER STAPLES - 0.7%
	15,580			Freshpet, Inc.*			803,928
				FINANCIALS - 5.2%
	4,212			Kinsale Capital Group, Inc.			1,283,691
	5,920			S&P Global, Inc.			2,510,080
	6,323			Visa, Inc. - Class A			2,063,575
							5,857,346
				HEALTH CARE - 14.5%
	9,591			Danaher Corp.			1,751,988
	10,810			Ensign Group, Inc.			1,812,296
	3,964			IDEXX Laboratories, Inc.*			2,233,833
	4,641			Medpace Holdings, Inc.*			2,075,038
	75,256			Privia Health Group, Inc.*			1,618,757
	4,804			UnitedHealth Group, Inc.			1,827,009
	12,800			Veeva Systems, Inc. - Class A*			2,231,552
	8,545			West Pharmaceutical Services, Inc.			2,758,411
							16,308,884
				INDUSTRIALS - 18.3%
	11,187			Cintas Corp.			1,915,885
	87,627			Fastenal Co.			3,873,113
	14,439			HEICO Corp.			5,027,371
	4,821			Kadant, Inc.			1,538,767
	4,187			Paylocity Holding Corp.*			481,212
	26,020			RB Global, Inc.1			2,767,227
	37,405			Rollins, Inc.			1,780,478
	10,038			Verisk Analytics, Inc. - Class A			1,756,550
	3,998			Watsco, Inc.			1,467,666
							20,608,269

See accompanying Notes to Financial Statements.

Riverbridge Growth Fund

SCHEDULE OF INVESTMENTS - Continued

As of May 31, 2026 (Unaudited)

Number of Shares						Value
				COMMON STOCKS (Continued)
				INFORMATION TECHNOLOGY - 33.9%
	13,418			Analog Devices, Inc.		$	5,553,039
	1,424			Fair Isaac Corp.*			1,780,840
	14,439			Globant S.A.*,1			582,758
	6,829			Guidewire Software, Inc.*			1,042,583
	18,436			Microsoft Corp.			8,300,625
	2,943			Motorola Solutions, Inc.			1,186,853
	48,884			NVIDIA Corp.			10,321,368
	6,983			Salesforce, Inc.			1,334,451
	6,906			SAP S.E. - ADR1			1,255,442
	24,082			ServiceNow, Inc.*			2,995,078
	2,008			Synopsys, Inc.*			955,045
	8,957			Tyler Technologies, Inc.*			2,804,885
							38,112,967
				MATERIALS - 1.5%
	3,294			Linde PLC1			1,639,391
				REAL ESTATE - 1.2%
	40,751			CoStar Group, Inc.*			1,312,182
				TOTAL COMMON STOCKS
				(Cost $40,899,617)			110,218,044
				SHORT-TERM INVESTMENTS - 0.8%
	910,028			Fidelity Institutional Treasury Fund, 3.75%2			910,028
				TOTAL SHORT-TERM INVESTMENTS
				(Cost $910,028)			910,028
				TOTAL INVESTMENTS - 98.9%
				(Cost $41,809,645)			111,128,072
				Other Assets Less Liabilities - 1.1%			1,279,330
				NET ASSETS - 100.0%		$	112,407,402

ADR	American Depository Receipt
PLC	Public Limited Company

*

Non-income producing security.

1

Foreign security denominated in U.S. Dollars.

2

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

See accompanying Notes to Financial Statements.

Riverbridge Growth Fund

STATEMENT OF ASSETS AND LIABILITIES

As of May 31, 2026 (Unaudited)

Assets:
Investments, at value (cost $41,809,645)		$	111,128,072
Receivables:
Investment securities sold			1,380,311
Fund shares sold			27,856
Dividends and interest			51,720
Reclaims receivable			2,405
Prepaid expenses			30,420
Total Assets			112,620,784
Liabilities:
Payables:
Fund shares redeemed			32,738
Advisory fees			44,773
Shareholder servicing fees (Note 8)			21,842
Distribution fees (Note 7)			1,898
Fund accounting and administration fees			29,182
Transfer agent fees and expenses			7,239
Custody fees			8,717
Trustees' deferred compensation (Note 3)			35,075
Auditing fees			9,894
Legal fees			8,777
Trustees' fees and expenses			5,012
Chief Compliance Officer fees			2,686
Accrued other expenses			5,549
Total Liabilities			213,382
Commitments and contingencies (Note 3)
Net Assets		$	112,407,402
Components of Net Assets:
Paid-in capital (par value of $0.01 per share with an unlimited number of shares)		$	10,173,389
Total distributable earnings (accumulated deficit)			102,234,013
Net Assets		$	112,407,402
Investor Class:
Net assets applicable to shares outstanding		$	9,108,453
Shares of beneficial interest issued and outstanding			342,480
Net asset value, offering and redemption price per share		$	26.59
Institutional Class:
Net assets applicable to shares outstanding		$	103,298,949
Shares of beneficial interest issued and outstanding			3,715,844
Net asset value, offering and redemption price per share		$	27.80

See accompanying Notes to Financial Statements.

Riverbridge Growth Fund

STATEMENT OF OPERATIONS

For the Six Months Ended May 31, 2026 (Unaudited)

Investment income:
Dividends (net of foreign withholdings taxes of $5,939)		$	347,610
Interest			33,424
Total investment income			381,034
Expenses:
Advisory fees			514,311
Shareholder servicing fees (Note 8)			62,999
Distribution fees (Note 7)			12,055
Fund accounting and administration fees			91,170
Transfer agent fees and expenses			22,714
Custody fees			19,848
Registration fees			20,674
Shareholder reporting fees			11,517
Legal fees			10,902
Auditing fees			9,912
Chief Compliance Officer fees			9,523
Trustees' fees and expenses			7,599
Interest expense			4,136
Miscellaneous			3,543
Insurance fees			3,244
Total expenses			804,147
Advisory fees (waived) recovered			(129,638	)
Net expenses			674,509
Net investment income (loss)			(293,475	)
Realized and Unrealized Gain (Loss):
Net realized gain (loss)			34,290,004
Net change in unrealized appreciation/depreciation on investments			(42,230,896	)
Net realized and unrealized gain (loss)			(7,940,892	)
Net Increase (Decrease) in Net Assets from Operations		$	(8,234,367	)

See accompanying Notes to Financial Statements.

Riverbridge Growth Fund

STATEMENTS OF CHANGES IN NET ASSETS

		For the Six Months Ended May 31, 2026 (Unaudited)				For the Year Ended November 30, 2025
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)		$	(293,475	)		$	(955,469	)
Net realized gain (loss) on investments			34,290,004				36,868,925
Net change in unrealized appreciation/depreciation on investments			(42,230,896	)			(35,433,599	)
Net increase (decrease) in net assets resulting from operations			(8,234,367	)			479,857
Distributions to Shareholders:
Distributions:
Investor Class			(2,447,457	)			(282,349	)
Institutional Class			(33,943,222	)			(4,295,770	)
Total distributions to shareholders			(36,390,679	)			(4,578,119	)
Capital Transactions:
Net proceeds from shares sold:
Investor Class			525,107				620,301
Institutional Class			8,838,015				12,794,283
Reinvestment of distributions:
Investor Class			2,110,469				237,674
Institutional Class			31,364,618				3,972,241
Cost of shares redeemed:
Investor Class1			(1,854,129	)			(2,686,958	)
Institutional Class2			(57,503,559	)			(65,465,112	)
Net increase (decrease) in net assets from capital transactions			(16,519,479	)			(50,527,571	)
Total increase (decrease) in net assets			(61,144,525	)			(54,625,833	)
Net Assets:
Beginning of period			173,551,927				228,177,760
End of period		$	112,407,402			$	173,551,927

See accompanying Notes to Financial Statements.

Riverbridge Growth Fund

STATEMENTS OF CHANGES IN NET ASSETS - Continued

		For the Six Months Ended May 31, 2026 (Unaudited)				For the Year Ended November 30, 2025
Capital Share Transactions:
Shares sold:
Investor Class			18,844				18,540
Institutional Class			305,908				360,701
Shares reinvested:
Investor Class			75,052				6,853
Institutional Class			1,068,277				111,018
Shares redeemed:
Investor Class			(68,084	)			(78,250	)
Institutional Class			(2,062,889	)			(1,793,196	)
Net increase (decrease) in capital share transactions			(662,892	)			(1,374,334	)

1

Net of redemption fee proceeds of $17 and $174, respectively.

2

Net of redemption fee proceeds of $4,781 and $3,102, respectively.

See accompanying Notes to Financial Statements.

Riverbridge Growth Fund

FINANCIAL HIGHLIGHTS

Investor Class

Per share operating performance.

For a capital share outstanding throughout each period.

		For the Six Months Ended May 31, 2026				For the Year Ended November 30,
		(Unaudited)				2025				2024				2023				2022				2021
Net asset value, beginning of period		$	35.62			$	36.37			$	27.66			$	23.41			$	32.97			$	30.29
Income from Investment Operations:
Net investment income (loss)1			(0.09	)			(0.25	)			(0.22	)			(0.16	)			(0.19	)			(0.23	)
Net realized and unrealized gain (loss)			(1.14	)			0.28				8.93				4.41				(8.00	)			3.91
Total from investment operations			(1.23	)			0.03				8.71				4.25				(8.19	)			3.68
Less Distributions:
From net realized gain			(7.80	)			(0.78	)			-				-				(1.37	)			(1.01	)
Total distributions			(7.80	)			(0.78	)			-				-				(1.37	)			(1.01	)
Redemption Fee Proceeds1			-				-	2			-	2			-	2			-	2			0.01
Net asset value, end of period		$	26.59			$	35.62			$	36.37			$	27.66			$	23.41			$	32.97
Total return3			(4.65	)%4			0.13	%			31.49	%			18.15	%			(25.89	)%			12.43	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	9,108			$	11,279			$	13,440			$	15,381			$	15,072			$	27,947
Ratio of expenses to average net assets (including interest expense):
Before fees waived/recovered5			1.41	%6			1.31	%			1.29	%			1.29	%			1.28	%			1.25	%
After fees waived/recovered5			1.22	%6			1.21	%			1.21	%			1.21	%			1.21	%			1.21	%
Ratio of net investment income (loss) to average net assets (including interest expense):
Before fees waived/recovered			(0.85	)%6			(0.81	)%			(0.78	)%			(0.70	)%			(0.83	)%			(0.77	)%
After fees waived/recovered			(0.66	)%6			(0.71	)%			(0.70	)%			(0.62	)%			(0.76	)%			(0.73	)%
Portfolio turnover rate			5	%4			7	%			6	%			9	%			8	%			16	%

1

Based on average shares outstanding during the period.

2

Amount represents less than $0.01 per share.

3

Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns shown include 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.

4

Not annualized.

5

If interest expense had been excluded, the expense ratios would have been lowered by 0.01% for the six months ended May 31, 2026, and remained unchanged for years ended November 30, 2025 and November 30, 2024.

6

Annualized.

See accompanying Notes to Financial Statements.

Riverbridge Growth Fund

FINANCIAL HIGHLIGHTS

Institutional Class

Per share operating performance.

For a capital share outstanding throughout each period.

		For the Six Months Ended May 31, 2026				For the Year Ended November 30,
		(Unaudited)				2025				2024				2023				2022				2021
Net asset value, beginning of period		$	36.84			$	37.50			$	28.45			$	24.02			$	33.71			$	30.88
Income from Investment Operations:
Net investment income (loss) 1			(0.06	)			(0.17	)			(0.15	)			(0.10	)			(0.13	)			(0.16	)
Net realized and unrealized gain (loss)			(1.18	)			0.29				9.20				4.53				(8.19	)			4.00
Total from investment operations			(1.24	)			0.12				9.05				4.43				(8.32	)			3.84
Less Distributions:
From net realized gain			(7.80	)			(0.78	)			-				-				(1.37	)			(1.01	)
Total distributions			(7.80	)			(0.78	)			-				-				(1.37	)			(1.01	)
Redemption Fee Proceeds1			-				-	2			-	2			-	2			-	2			-	2
Net asset value, end of period		$	27.80			$	36.84			$	37.50			$	28.45			$	24.02			$	33.71
Total return3			(4.49	)%4			0.37	%			31.81	%			18.44	%			(25.70	)%			12.68	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	103,299			$	162,273			$	214,738			$	200,755			$	193,866			$	280,467
Ratio of expenses to average net assets (including interest expense):
Before fees waived/recovered5			1.16	%6			1.06	%			1.04	%			1.04	%			1.03	%			1.00	%
After fees waived/recovered5			0.97	%6			0.96	%			0.96	%			0.96	%			0.96	%			0.96	%
Ratio of net investment income (loss) to average net assets (including interest expense):
Before fees waived/recovered			(0.60	)%6			(0.56	)%			(0.53	)%			(0.45	)%			(0.58	)%			(0.52	)%
After fees waived/recovered			(0.41	)%6			(0.46	)%			(0.45	)%			(0.37	)%			(0.51	)%			(0.48	)%
Portfolio turnover rate			5	%4			7	%			6	%			9	%			8	%			16	%

1

Based on average shares outstanding during the period.

2

Amount represents less than $0.01 per share.

3

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.

4

Not annualized.

5

If interest expense had been excluded, the expense ratios would have been lowered by 0.01% for the six months ended May 31, 2026, and remained unchanged for years ended November 30, 2025 and November 30, 2024.

6

Annualized.

See accompanying Notes to Financial Statements.

Riverbridge Growth Fund

NOTES TO FINANCIAL STATEMENTS

May 31, 2026 (Unaudited)

Note 1 - Organization

Riverbridge Growth 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 seeks to achieve long-term capital appreciation. The Fund commenced investment operations on December 31, 2012, with two classes of shares, Investor Class and Institutional Class.

On April 23, 2021, the Board of the Trust approved and declared advisable the reorganization of the Riverbridge Eco Leaders Fund (the "Eco Leaders Fund") into the Fund. The purpose of the reorganization was to combine two funds within the Trust with similar investment objectives and strategies. The reorganization provided for the transfer of assets of the Eco Leaders Fund to the Fund and the assumption of the liabilities of the Eco Leaders Fund by the Fund. Following the reorganization, the Fund held the assets of the Eco Leaders Fund. The reorganization was effective as of the close of business on April 30, 2021. The following tables illustrate the specifics of the Fund's reorganization:

Class		Riverbridge Eco Leaders Fund Net Assets1				Shares Issued to Shareholders of Eco Leaders Fund				Riverbridge Growth Fund Net Assets				Combined Net Assets				Tax Status of Transfer
Investor		$	9,550,965				299,844			$	260,915,536			$	270,466,501			Non-taxable
Institutional			4,109,030				126,355				22,047,047				26,156,077			Non-taxable

1

Includes accumulated realized gain and unrealized appreciation in the amounts of $170,408 and $3,830,130, respectively.

Assuming the reorganization had been completed on December 1, 2020, the beginning of the annual reporting period for the Fund, the pro forma results of operation (unaudited) for the fiscal year 2021 would have been as follows:

Net investment loss		$	(1,494,359	)
Net realized gain on investments			14,814,784
Net change in unrealized appreciation on investments			20,546,749
Net increase of net assets resulting from operations		$	33,867,174

Because the Fund has been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Eco Leaders Fund and the Fund that have been included in the Fund's Statement of Operations since April 30, 2021.

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.

Riverbridge Growth Fund

NOTES TO FINANCIAL STATEMENTS - Continued

May 31, 2026 (Unaudited)

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 ("CODM") 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.

(b) Investment Transactions, Investment Income and Expenses

Investment transactions are accounted for on 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 relative net assets, except for distribution and service fees which are unique to each class of shares relative net assets. Expenses incurred by the Trust with respect to more than one Fund are allocated in proportion to the net assets of the Fund except where allocation of direct expenses to the Fund or an alternative allocation method can be more appropriately made.

Riverbridge Growth Fund

NOTES TO FINANCIAL STATEMENTS - Continued

May 31, 2026 (Unaudited)

(c) 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 May 31, 2026, and during the prior three open tax years, the Fund did not have a liability for any unrecognized tax benefits. The Fund has no examination in progress and is not aware of any tax positions for which they are reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(d) Distributions to Shareholders

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 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. Where appropriate, reclassifications between net asset accounts are made for such differences that are permanent in nature.

(e) 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 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.

Riverbridge Growth Fund

NOTES TO FINANCIAL STATEMENTS - Continued

May 31, 2026 (Unaudited)

Note 3 - Investment Advisory and Other Agreements

The Trust, on behalf of the Fund, entered into an Investment Advisory Agreement (the "Agreement") with Riverbridge Partners, LLC (the "Advisor"). Under the terms of the Agreement, the Fund pays a monthly investment advisory fee to the Advisor at the annual rate of 0.75% 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 taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with SEC Form N-1A), expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 1.21% and 0.96% of the average daily net assets of the Fund's Investor Class and Institutional Class shares, respectively, until March 31, 2027, and the agreement may be terminated before that date only by the Trust's Board of Trustees.

For the six months ended May 31, 2026, the Advisor waived a portion of its advisory fees totaling $129,638. 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 May 31, 2026, the amount of these potentially recoverable expenses was $677,329. 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 November 30, of the years stated below:

	2026		$	174,149
	2027			180,980
	2028			192,562
	2029			129,638
	Total		$	677,329

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 May 31, 2026 are reported on the Statement of Operations.

IMST Distributors, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), serves as the Fund's distributor (the "Distributor"). The Distributor does not receive compensation from the Fund for its distribution services; the Advisor pays the Distributor a fee for its distribution-related services.

Certain trustees and officers of the Trust are employees of UMBFS or MFAC. The Fund does not compensate trustees and officers affiliated with the Fund's co-administrators. For the six months ended May 31, 2026, the Fund's allocated fees incurred to Trustees who are not affiliated with the Fund's co-administrators are reported on the Statement of Operations.

Riverbridge Growth Fund

NOTES TO FINANCIAL STATEMENTS - Continued

May 31, 2026 (Unaudited)

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 six months ended May 31, 2026, are reported on the Statement of Operations.

Note 4 - Federal Income Taxes

At May 31, 2026, gross unrealized appreciation and (depreciation) on investments owned by the Fund, based on cost for federal income tax purposes were as follows:

Cost of investments		$	42,500,534
Gross unrealized appreciation		$	73,547,872
Gross unrealized depreciation			(3,542,778	)
Net unrealized appreciation (depreciation) on investments		$	70,005,094

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

Undistributed ordinary income		$	-
Undistributed long-term capital gains			36,390,640
Tax accumulated earnings			36,390,640
Accumulated capital and other losses			(854,700	)
Net unrealized appreciation (depreciation) on investments			111,359,674
Unrealized deferred compensation			(36,555	)
Total accumulated earnings (deficit)		$	146,859,059

As of November 30, 2025, the Fund had qualified late-year ordinary losses, which are deferred until fiscal year 2026 for tax purposes. Net late-year losses incurred after December 31, and within the taxable year are deemed to arise on the first day of the Fund's next taxable year.

		Late-Year Ordinary Losses
		$	854,700

Riverbridge Growth Fund

NOTES TO FINANCIAL STATEMENTS - Continued

May 31, 2026 (Unaudited)

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

		2025				2024
Distributions paid from:
Ordinary income		$	-			$	-
Net long term capital gains			4,578,119				-
Total distributions paid		$	4,578,119			$	-

Note 5 - Redemption Fee

The Fund may impose a redemption fee of 1.00% of the total redemption amount on all shares redeemed within 90 days of purchase. For the six months ended May 31, 2026 and for the year ended November 30, 2025, redemption fees were $4,798 and $3,276, respectively.

Note 6 - Investment Transactions

For the six months ended May 31, 2026, the Fund's purchases and sales of investments, excluding short-term investments, were $7,404,335 and $60,760,339, respectively.

Note 7 - Distribution Plan

The Trust, on behalf of the Fund, has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act, which allows the Fund to pay distribution fees for the sale and distribution of its Investor Class shares. The Plan provides for the payment of distribution fees at the annual rate of up to 0.25% of average daily net assets attributable to the Investor Class shares, payable to IMST Distributors, LLC. The Institutional Class does not pay any distribution fees.

For the six months ended May 31, 2026, the distribution fees incurred by the Fund's Investor Class shares are disclosed on the Statement of Operations.

Note 8 - 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 six months ended May 31, 2026, the Fund's shareholder servicing 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.

Riverbridge Growth Fund

NOTES TO FINANCIAL STATEMENTS - Continued

May 31, 2026 (Unaudited)

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.

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 May 31, 2026, in valuing the Fund's assets carried at fair value:

		Level 1				Level 2**				Level 3**				Total
Investments
Common Stocks*		$	110,218,044			$	-			$	-			$	110,218,044
Short-Term Investments			910,028				-				-				910,028
Total Investments		$	111,128,072			$	-			$	-			$	111,128,072

*

All common stocks held in the Fund are Level 1 securities. For a detailed break-out of common stocks by major industry classification, please refer to the Schedules of Investments.

**

The Fund did not hold any Level 2 or 3 securities at period end.

Riverbridge Growth Fund

NOTES TO FINANCIAL STATEMENTS - Continued

May 31, 2026 (Unaudited)

Note 11 - Market Disruption and Geopolitical Risks

Certain local, regional, or global events such as war, acts of terrorism, the spread of infectious illness 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 Funds invest 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 12 - New Accounting Pronouncement

In the reporting period, the Funds adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) -- Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The standard is an annual disclosure requirement and Fund Management is evaluating the impacts of these changes to the Fund's financial statements.

Note 13 - Events Subsequent to the Fiscal Periods 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.

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.

Not Applicable.

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. Not Applicable.

(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	8/7/2026

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	8/7/2026
By (Signature and Title)	/s/ Rita Dam
	Rita Dam, Treasurer and Principal Financial Officer
Date	8/7/2026