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Name

As of 06/01/2026

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Robinson Tax Advantaged Income Fund

ROBCX | Fund

$8.85

$234 M

4.57%

$0.40

3.74%

Vitals

YTD Return

3.1%

1 yr return

7.9%

3 Yr Avg Return

6.4%

5 Yr Avg Return

1.1%

Net Assets

$234 M

Holdings in Top 10

52.2%

52 WEEK LOW AND HIGH

$8.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 3.74%

SALES FEES

Front Load N/A

Deferred Load 1.00%

TRADING FEES

Turnover 270.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$2,500

IRA

$2,500

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 06/01/2026

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Robinson Tax Advantaged Income Fund

ROBCX | Fund

$8.85

$234 M

4.57%

$0.40

3.74%

ROBCX - Profile

Distributions

  • YTD Total Return 3.1%
  • 3 Yr Annualized Total Return 6.4%
  • 5 Yr Annualized Total Return 1.1%
  • Capital Gain Distribution Frequency Semi-Annually
  • Net Income Ratio 1.75%
DIVIDENDS
  • Dividend Yield 4.6%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Robinson Tax Advantaged Income Fund
  • Fund Family Name
    INVESTMENT MANAGERS SERIES TRUST
  • Inception Date
    Sep 30, 2014
  • Shares Outstanding
    N/A
  • Share Class
    C
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    James Robinson

Fund Description

p class="Text_flush_no-space" style="margin:0;padding:0;border-width:0;font-family:AGaramond, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-bottom:10pt;margin-top:0pt;"Under normal market conditions, the Fund pursues its investment objective by investing primarily in closedspan class="nobreak"-end/span registered investment companies (“closedspan class="nobreak"-end/span funds” or “CEFs”) that invest primarily in municipal bonds. Municipal bonds are debt obligations issued by the states, possessions, or territories of the United States (including the District of Columbia) or a political subdivision, public instrumentality, agency, public authority or other governmental unit of such states, possessions, or territories (e.g., counties, cities, towns, villages, districts and authorities). In addition, when, in the /pp class="Text_flush_no-space" style="margin:0;padding:0;border-width:0;font-family:AGaramond, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:0pt;"opinion of Robinson Capital Management, LLC (“Robinson” or the “Subspan class="nobreak"-Advisor/span”), the Fund’s subspan class="nobreak"-advisor/span, the risk/reward profile for CEF securities appears unfavorable, or when CEF price valuations are not attractive, the Fund may, but is not required to, purchase shares of openspan class="nobreak"-end/span registered investment companies (“Mutual Funds”) or Exchangespan class="nobreak"-Traded/span Funds (“ETFs”) that invest primarily in municipal bonds./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:AGaramond, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:13pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:13pt;"span style="-keep: true"The Fund expects a substantial portion of the income generated by the municipal bonds in which the CEFs, Mutual Funds and ETFs invest will be exempt from federal income taxes (“tax advantaged income”). A portion of the income generated by these municipal bonds, however, may be subject to the alternative minimum tax. As a result, the CEFs’, Mutual Funds’ and ETFs’ distributions to investors are expected to consist primarily of tax advantaged income, and a substantial portion of the income distributed to the Fund and Fund shareholders is also expected to consist primarily of such tax advantaged income. The CEFs, Mutual Funds and ETFs in which the Fund invests invest primarily in investment grade municipal bonds, with an average rating of at least Baa3 or higher by Moody’s or BBB- or higher by Samp;P Global Ratings or Fitch Ratings. Certain Mutual Funds and ETFs in which the Fund may choose to invest may have exposure to municipal bonds that are rated below investment grade (“junk bonds”). Typically, the Subspan class="nobreak"-Advisor/span expects to limit the Fund’s exposure to junk bonds held by the underlying CEFs, Mutual Funds, and ETFs to no more than 15% of the market value of the Fund’s portfolio. There is no minimum or maximum average maturity for the underlying municipal bond holdings in the CEFs, Mutual Funds and ETFs in which the Fund invests. To seek to hedge against interest rate risk and mitigate the Fund’s exposure to duration risk, the Subspan class="nobreak"-Advisor/span may use short positions and invest in shortspan class="nobreak"-term/span investments and derivatives such as options, futures contracts, options on futures contracts, and swaps. Primarily the Subspan class="nobreak"-Advisor/span anticipates using short positions on U.S. Treasury futures contracts (generally 2span class="nobreak"-year/span note, 5span class="nobreak"-year/span note, 10span class="nobreak"-year/span note and 30span class="nobreak"-year/span bond contracts) for those purposes. The Subspan class="nobreak"-Advisor/span may also use options on municipal bond ETFs, interest rate swaps, and the purchase of credit default swaps. Typically, the Subspan class="nobreak"-Advisor/span expects to limit these positions to no more than 10% of the market value of the Fund’s portfolio./span/p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:AGaramond, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:13pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:13pt;"Whether analyzing CEFs, Mutual Funds or ETFs, the Subspan class="nobreak"-Advisor/span looks through to the underlying holdings of the funds. Holdings are analyzed across a variety of risk and return metrics including interest rate risk, call risk, credit quality, yield to maturity and yield to worst, to ensure the holdings are consistent with the Fund’s policies./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:AGaramond, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:13pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:13pt;"For the CEFs, the Subspan class="nobreak"-Advisor/span’s portfolio construction process involves using proprietary realspan class="nobreak"-time/span models to first analyze and rank CEFs to build expected return and risk profiles. The Subspan class="nobreak"-Advisor/span then uses value oriented analysis to weigh the costs and benefits of the CEFs, and quantify the CEFs’ exposure to various risks./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:AGaramond, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:13pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:13pt;"The Subspan class="nobreak"-Advisor/span seeks to select CEFs that trade at discounts to the true market values of the CEFs’ municipal bond holdings by identifying quantifiable (or “rational”) factors that could contribute to a deviation between a CEF’s market capitalization (span class="Italic" style="font-style:italic;font-weight:normal;"i.e., /spanthe aggregate market price of its total outstanding shares) and the true market value of the municipal bonds that the CEF holds. Such factors include the CEFs’ historical performance, fund expenses, dividend distribution yield, unrealized capital gains, investor trading to harvest short term losses, cost and use of leverage, liquidity, and governance. The Subspan class="nobreak"-Advisor/span’s proprietary valuation model seeks to quantify each of these factors and adds them to (or if the factors have a negative impact, subtracts them from) a CEF’s underlying market value. The resulting valuation is what the Subspan class="nobreak"-Advisor/span considers the fair market value for the CEF. The calculated fair market value per fund share is then compared to the actual price at which the CEF’s shares are currently trading. The Subspan class="nobreak"-Advisor/span believes that any difference can be attributed to “irrational” explanations. If the Subspan class="nobreak"-Advisor/span’s determination of a CEF’s fair market value is greater than the CEF’s actual market price, the Subspan class="nobreak"-Advisor/span considers the difference to be the CEF’s discount. Conversely, if the Subspan class="nobreak"-Advisor/span’s determination of a CEF’s fair market value is lower than the actual market price, the Subspan class="nobreak"-Advisor/span considers the difference to be the CEF’s premium./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:AGaramond, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:13pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:13pt;"The Subspan class="nobreak"-Advisor/span then analyzes the data according to its own proprietary model to determine a rating of the discount or premium. The analysis includes how under/overvalued a CEF is relative to its history, how under/overvalued a CEF is relative to other CEFs in the same asset class, how under/overvalued the asset class is relative to its history, and how under/overvalued the asset class is to other asset classes./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:AGaramond, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:13pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-bottom:10pt;margin-top:13pt;"The Subspan class="nobreak"-Advisor/span may utilize a number of trading techniques to seek to unlock its estimate of the value of the premiums/discounts in the CEFs that invest in municipal bonds. This may lead to active and frequent trading of the Fund’s securities. The Subspan class="nobreak"-Advisor/span’s techniques include rotating Fund portfolio holdings to the CEFs the Subspan class="nobreak"-Advisor/span believes /pp class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:AGaramond, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:13pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:13pt;"are the most undervalued, short selling those CEFs that the Subspan class="nobreak"-Advisor/span believes are the most overvalued, opportunistic trading due to temporary price dislocations, participating in tender offers of CEF shares, arbitrage opportunities for CEF mergers, buying a CEF that the Subspan class="nobreak"-Advisor/span believes is undervalued and pairing it with a short position in another CEF, and taxspan class="nobreak"-related/span rebalancing trades. The Fund may engage in frequent and active trading./p
Read More

ROBCX - Performance

Return Ranking - Trailing

Period ROBCX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.1% -0.8% 14.7% 0.94%
1 Yr 7.9% 1.9% 27.1% 12.74%
3 Yr 6.4%* 1.1% 23.8% 0.94%
5 Yr 1.1%* -3.5% 7.1% 20.96%
10 Yr 1.5%* 0.1% 250.2% 58.08%

* Annualized

Return Ranking - Calendar

Period ROBCX Return Category Return Low Category Return High Rank in Category (%)
2025 -1.0% -26.4% 12.1% 83.01%
2024 4.4% -6.2% 34.9% 0.57%
2023 1.1% -1.4% 41.0% 93.61%
2022 -11.9% -39.7% 0.3% 50.98%
2021 1.2% -5.6% 55.0% 7.31%

Total Return Ranking - Trailing

Period ROBCX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.1% -0.8% 14.7% 0.94%
1 Yr 7.9% 1.9% 27.1% 12.74%
3 Yr 6.4%* 1.1% 23.8% 0.94%
5 Yr 1.1%* -3.5% 7.1% 20.96%
10 Yr 1.5%* 0.1% 250.2% 58.08%

* Annualized

Total Return Ranking - Calendar

Period ROBCX Return Category Return Low Category Return High Rank in Category (%)
2025 2.8% -2.1% 17.0% 81.51%
2024 7.7% -1.8% 34.9% 0.79%
2023 2.9% 2.1% 41.0% 98.28%
2022 -10.2% -39.7% 1.1% 58.97%
2021 8.2% -4.8% 23761504.0% 0.73%

NAV & Total Return History

ROBCX - Holdings

Concentration Analysis

ROBCX Category Low Category High ROBCX % Rank
Net Assets 234 M 4.18 M 87.7 B 72.15%
Number of Holdings 47 4 15641 97.56%
Net Assets in Top 10 119 M -317 M 4.4 B 42.57%
Weighting of Top 10 52.21% 1.2% 130.7% 2.37%

Top 10 Holdings

  1. BlackRock MuniHoldings Fund, Inc. 10.21%
  2. BlackRock MuniYield Quality Fund, Inc. 7.85%
  3. BlackRock MuniYield Quality Fund III, Inc. 7.46%
  4. BlackRock MuniHoldings California Quality Fund, Inc. 5.11%
  5. Eaton Vance Municipal Bond Fund 4.40%
  6. BlackRock MuniYield New York Quality Fund, Inc. 4.01%
  7. Invesco Municipal Opportunity Trust 3.87%
  8. RiverNorth Flexible Municipal Income Fund II, Inc. 3.57%
  9. Western Asset Managed Municipals Fund, Inc. 3.01%
  10. NYLI MacKay DefinedTerm Muni Opportunities Fund 2.72%

Asset Allocation

Weighting Return Low Return High ROBCX % Rank
Cash 		5.52% -50.86% 43.00% 11.63%
Other 		0.70% -1.59% 51.23% 2.73%
Stocks 		0.00% 0.00% 100.20% 49.53%
Preferred Stocks 		0.00% 0.00% 0.07% 40.85%
Convertible Bonds 		0.00% 0.00% 0.93% 40.52%
Bonds 		0.00% 0.00% 150.86% 99.78%

ROBCX - Expenses

Operational Fees

ROBCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 3.74% 0.03% 3.74% 0.07%
Management Fee 1.10% 0.00% 1.20% 99.93%
12b-1 Fee 1.00% 0.00% 1.00% 88.84%
Administrative Fee N/A 0.01% 0.44% 37.66%

Sales Fees

ROBCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load 1.00% 0.25% 5.00% 43.70%

Trading Fees

ROBCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

ROBCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 270.00% 0.00% 283.00% 99.92%

ROBCX - Distributions

Dividend Yield Analysis

ROBCX Category Low Category High ROBCX % Rank
Dividend Yield 4.57% 0.00% 14.51% 84.87%

Dividend Distribution Analysis

ROBCX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

ROBCX Category Low Category High ROBCX % Rank
Net Income Ratio 1.75% -0.53% 5.32% 62.93%

Capital Gain Distribution Analysis

ROBCX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Semi-Annually Annually Annually Annually

Distributions History

View More +

ROBCX - Fund Manager Analysis

Managers

James Robinson

Start Date

Tenure

Tenure Rank

Sep 30, 2014

7.67

7.7%

Mr. Robinson serves as the Chief Executive Officer and Chief Investment Officer of Robinson Capital Management, LLC. Mr. Robinson oversees the day-to-day operations and activities of Robinson Capital Management, LLC, including its investment strategies and processes, risk management, regulatory compliance, asset allocation modeling, external manager due diligence and selection, trading, and personnel. Prior to founding Robinson in 2012, Mr. Robinson was Chief Executive Officer and Chief Investment Officer of Telemus Capital Partners, LLC and its subsidiary Beacon Asset Management, LLC. Earlier, Mr. Robinson served for five years as the Chairman and CEO of Munder Capital Management and President of the Munder Funds. From 1987 to 1999, Mr. Robinson served as Executive Vice President and Chief Investment Officer-Fixed Income with Munder Capital Management. Mr. Robinson holds an MBA from Carnegie Mellon University, as well as a BBS in Finance and Economics from Wayne State University.

Jonathan Browne

Start Date

Tenure

Tenure Rank

May 01, 2020

2.08

2.1%

Mr. Browne serves as a Portfolio Manager as well as Director of Closed-End Fund Research and Trading for Robinson Capital Management. He jointly oversees the day-to-day management of the Fund, including its investment strategies and processes, risk management, regulatory compliance, asset allocation modeling, external manager due diligence and selection, and trading. Prior to joining Robinson Capital, Jonathan worked as an Associate Portfolio Manager for Federated Investors, Inc. In that role, he helped manage several income focused, multi-asset class funds and SMA portfolios. In addition to his portfolio management responsibilities, Jonathan also served as a Research Analyst, providing fundamental equity research across various industries. Previously, Jonathan worked for three years as a Senior Consultant at FactSet Research Systems Inc., where he developed proprietary models and streamlined investment processes for institutional investors, such as hedge fund managers, plan sponsors, and private wealth advisors. Jonathan holds both a BS and MBA in Finance and Economics from Carnegie Mellon University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.27 1.58

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