# EDGAR Filing Document

**Accession Number:** 0001318342
**File Stem:** 0001145549-25-040215
**Filing Date:** 2025-6
**Character Count:** 97504
**Document Hash:** fd2ed4467207aaac5ddb7bb430f13894
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-040215.hdr.sgml**: 20250618

**ACCESSION NUMBER**: 0001145549-25-040215

**CONFORMED SUBMISSION TYPE**: NPORT-P/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20240930

**FILED AS OF DATE**: 20250618

**DATE AS OF CHANGE**: 20250618

**PERIOD START**: 20241231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Investment Managers Series Trust
- **CENTRAL INDEX KEY:** 0001318342

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21719
- **FILM NUMBER:** 251055450

**BUSINESS ADDRESS:**
- **STREET 1:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 626-914-4141

**MAIL ADDRESS:**
- **STREET 1:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Claymore Trust
- **DATE OF NAME CHANGE:** 20050603

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Claymore Equity Trust
- **DATE OF NAME CHANGE:** 20050218

## Series and Classes Contracts Data

### Bramshill Multi-Strategy Income Fund (Series ID: S000052270)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000164379 | Class A Shares             | BDKAX           |
| C000164380 | Class C Shares             | BDKCX           |
| C000164381 | Institutional Class Shares | BDKNX           |

## Nport-Ex

#### Bramshill Multi-Strategy Income Fund

#### SCHEDULE OF INVESTMENTS

#### As of September 30, 2024 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **ASSET-BACKED SECURITIES — 59.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$73255580 | Ally Auto Receivables Trust 2023-1<br> 0.000%, 4/15/2034<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3544032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120345321 | Ally Auto Receivables Trust 2024-1<br> 0.000%, 2/16/2032<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6529817 |
|  | Ally Bank Auto Credit-Linked Notes Series 2024-A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4358843 | <br> 12.748%, 5/17/2032<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4434846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2615306 | <br> 7.917%, 5/17/2032<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2657315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871769 | <br> 9.892%, 5/17/2032<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7817076 | Alternative Loan Trust 2005-62<br> 0.030%, 12/25/2035<sup>2,3,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15778 |
|  | AMSR 2019-SFR1 Trust |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | <br> 4.857%, 1/19/2039<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2492569 | <br> 6.040%, 1/19/2039<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8609324 | AMSR 2020-SFR1 Trust<br> 8.193%, 4/17/2037<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8595583 |
|  | AMSR 2020-SFR2 Trust |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2775000 | <br> 5.245%, 7/17/2037<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2760439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | <br> 5.250%, 7/17/2037<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4884550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | <br> 4.000%, 7/17/2037<sup>1,2,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4420898 |
|  | AMSR 2020-SFR3 Trust |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900000 | <br> 6.500%, 9/17/2037<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4871208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | <br> 7.379%, 9/17/2037<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501050 |
|  | AMSR 2020-SFR4 Trust |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | <br> 4.002%, 11/17/2037<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | <br> 4.870%, 11/17/2037<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1284915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3149500 | AMSR 2020-SFR5 Trust<br> 5.000%, 11/17/2037<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3081165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381407 | B2R Mortgage Trust 2015-1<br> 4.831%, 5/15/2048<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8950 | Chase Auto Owner Trust 2024-3<br> 0.000%, 9/25/2031<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3219341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | Chase Auto Owner Trust 2024-4<br> 0.000%, 11/25/2031<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8395567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21000 | Chase Auto Owner Trust 2024-5<br> 0.000%, 1/26/2032<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6835500 |
|  | FirstKey Homes 2020-SFR1 Trust |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | <br> 3.638%, 8/17/2037<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | <br> 4.781%, 8/17/2037<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4898855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1765000 | FirstKey Homes 2020-SFR2 Trust<br> 3.017%, 10/19/2037<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1716694 |
|  | Freddie Mac Structured Agency Credit Risk Debt Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4784393 | <br> 14.595%, (30-Day SOFR Average+932 basis points), 10/25/2027<sup>2,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4987133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2783292 | <br> 12.945%, (30-Day SOFR Average+767 basis points), 12/25/2027<sup>2,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2894804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3141490 | <br> 7.895%, (30-Day SOFR Average+261 basis points), 12/25/2042<sup>2,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3273661 |

---

------

#### Bramshill Multi-Strategy Income Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of September 30, 2024 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1894112 | <br> 8.395%, (30-Day SOFR Average+311 basis points), 12/25/2042<sup>2,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1726220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5561599 | <br> 3.786%, 2/25/2048<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3963618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6968165 | <br> 3.847%, 5/25/2048<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5022838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9455374 | <br> 4.149%, 8/25/2048<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7139167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5617107 | <br> 4.512%, 11/25/2048<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4027208 |
|  | JP Morgan Wealth Management |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929012 | <br> 8.030%, (30-Day SOFR Average+275 basis points), 3/25/2051<sup>1,2,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990560 | <br> 9.130%, (30-Day SOFR Average+385 basis points), 3/25/2051<sup>1,2,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2302000 | <br> 12.180%, (30-Day SOFR Average+690 basis points), 3/25/2051<sup>1,2,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2208622 |
|  | JPMorgan Chase Bank N.A. - CACLN |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300000 | <br> 9.812%, 2/26/2029<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5420692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37489 | <br> 0.969%, 12/26/2028<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71230 | <br> 2.280%, 12/26/2028<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71006 |
|  | Progress Residential 2021-SFR1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1879020 | <br> 5.004%, 4/17/2038<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1805107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666000 | <br> 3.861%, 4/17/2038<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640923 |
|  | Progress Residential 2021-SFR2 Trust |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2961000 | <br> 4.998%, 4/19/2038<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2866535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1304000 | <br> 4.254%, 4/19/2038<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274826 |
|  | Progress Residential 2021-SFR3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2489672 | <br> 4.750%, 5/17/2026<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2371858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390000 | <br> 4.254%, 5/17/2026<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4323288 | Redwood Funding Trust 2023-1<br> 7.500%, 7/25/2059<sup>1,2,7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4329440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656893 | RESI Finance LP 2003-CB1<br> 6.874%, (1-Month Term SOFR+176 basis points), 6/10/2035<sup>1,2,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | RMF Buyout Issuance Trust 2021-HB1<br> 6.000%, 11/25/2031<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3289846 |
|  | Western Alliance Bank 2021-CL2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5069263 | <br> 10.630%, (30-Day SOFR Average+535 basis points), 7/25/2059<sup>1,2,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5002217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611534 | <br> 11.780%, (30-Day SOFR Average+650 basis points), 7/25/2059<sup>1,2,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1571633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4605950 | <br> 8.980%, (30-Day SOFR Average+370 basis points), 7/25/2059<sup>1,2,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4788993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9810673 | <br> 9.380%, (30-Day SOFR Average+410 basis points), 7/25/2059<sup>1,2,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9784230 |
|  | **TOTAL ASSET-BACKED SECURITIES** |  |
|  | (Cost $157,613,296) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**160571481** |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 33.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231242 | Agate Bay Mortgage Trust 2016-2<br> 3.500%, 3/25/2046<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214622 |
|  | Bayview Opportunity Master Fund VII 2024-CAR1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601248 | <br> 7.330%, (30-Day SOFR Average+205 basis points), 12/26/2031<sup>1,2,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202496 | <br> 8.880%, (30-Day SOFR Average+360 basis points), 12/26/2031<sup>1,2,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205031 |
|  | Chase Home Lending Mortgage Trust 2019-ATR1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1887206 | <br> 4.402%, 4/25/2049<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750985 |

---

------

#### Bramshill Multi-Strategy Income Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of September 30, 2024 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$839070 | <br> 4.000%, 4/25/2049<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$807773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49011 | <br> 4.000%, 4/25/2049<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47183 |
|  | Chase Mortgage Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2158000 | <br> 11.780%, (30-Day SOFR Average+650 basis points), 2/25/2050<sup>1,2,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2029253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560502 | <br> 6.480%, (30-Day SOFR Average+120 basis points), 2/25/2050<sup>1,2,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6574185 | CHL Mortgage Pass-Through Trust 2005-3<br> 0.000%, 4/25/2035<sup>2,3,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2691430 | CIM Trust 2018-J1<br> 3.651%, 3/25/2048<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1959843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1993000 | CIM Trust 2019-J1<br> 3.934%, 8/25/2049<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1487812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454017 | CIM Trust 2021-J3<br> 2.616%, 6/25/2051<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46419 | Citigroup Mortgage Loan Trust, Inc.<br> 2.500%, 8/25/2050<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375899 | CSMC Trust 2013-TH1<br> 3.601%, 2/25/2043<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364156 |
|  | Fannie Mae Connecticut Avenue Securities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200000 | <br> 14.645%, (30-Day SOFR Average+937 basis points), 11/25/2039<sup>1,2,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9106908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900000 | <br> 12.145%, (30-Day SOFR Average+687 basis points), 2/25/2040<sup>1,2,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2116000 | <br> 11.995%, (30-Day SOFR Average+672 basis points), 2/25/2040<sup>1,2,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2287881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4163418 | FARM Mortgage Trust 2021-1<br> 3.244%, 7/25/2051<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3192375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7539852 | FARM Mortgage Trust 2023-1<br> 3.037%, 3/25/2052<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5649067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4864407 | FARM Mortgage Trust 2024-1<br> 5.123%, 10/1/2053<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4051826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060000 | FirstKey Homes 2020-SFR1 Trust<br> 4.284%, 8/17/2037<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041864 |
|  | Freddie Mac Multifamily Structured Pass-Through Certificates |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12736000 | <br> 2.426%, 2/25/2047<sup>2,3,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19553038 | <br> 5.009%, 3/25/2056<sup>2,3,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4239986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | <br> 4.948%, 9/25/2055<sup>2,3,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1584068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3140080 | Galton Funding Mortgage Trust 2017-1<br> 4.209%, 7/25/2056<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2671109 |
|  | Galton Funding Mortgage Trust 2018-1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3728413 | <br> 4.668%, 11/25/2057<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3371418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2535000 | <br> 4.667%, 11/25/2057<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2048904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2707255 | <br> 4.667%, 11/25/2057<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583765 |
|  | Galton Funding Mortgage Trust 2018-2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4628754 | <br> 4.857%, 10/25/2058<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4054145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3847000 | <br> 4.857%, 10/25/2058<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900430 |
|  | JP Morgan Mortgage Trust 2016-3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1977000 | <br> 3.294%, 10/25/2046<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517978 |

---

------

#### Bramshill Multi-Strategy Income Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of September 30, 2024 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$82410 | <br> 3.387%, 10/25/2046<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$76198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2699904 | JP Morgan Mortgage Trust 2017-1<br> 3.448%, 1/25/2047<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2441628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520694 | JP Morgan Mortgage Trust 2017-2<br> 3.649%, 5/25/2047<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116267 | JP Morgan Mortgage Trust 2018-3<br> 3.500%, 9/25/2048<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234752 | JP Morgan Mortgage Trust 2018-6<br> 3.500%, 12/25/2048<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23800 | JP Morgan Mortgage Trust 2019-1<br> 5.500%, (1-Month Term SOFR+106 basis points), 5/25/2049<sup>1,2,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67777 | JP Morgan Mortgage Trust 2019-8<br> 5.819%, (1-Month Term SOFR+96 basis points), 3/25/2050<sup>1,2,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501652 | JP Morgan Mortgage Trust 2019-INV1<br> 4.000%, 10/25/2049<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147489 | JP Morgan Mortgage Trust 2019-INV2<br> 5.869%, (1-Month Term SOFR+101 basis points), 2/25/2050<sup>1,2,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17382 | JP Morgan Mortgage Trust 2020-1<br> 3.000%, 6/25/2050<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122049 | JP Morgan Mortgage Trust 2020-2<br> 3.000%, 7/25/2050<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31416 | JP Morgan Mortgage Trust 2020-3<br> 3.500%, 8/25/2050<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293750 | JP Morgan Mortgage Trust 2020-4<br> 3.000%, 11/25/2050<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259195 |
|  | JP Morgan Mortgage Trust 2020-8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763947 | <br> 3.505%, 3/25/2051<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855000 | <br> 3.505%, 3/25/2051<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1882756 | <br> 3.505%, 3/25/2051<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11235 | JP Morgan Mortgage Trust 2020-LTV1<br> 3.500%, 6/25/2050<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11055 |
|  | JP Morgan Mortgage Trust 2020-LTV2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2124383 | <br> 3.000%, 11/25/2050<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1957808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402897 | <br> 3.000%, 11/25/2050<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2451507 | JP Morgan Seasoned Mortgage Trust 2014-1<br> 6.092%, 5/25/2033<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2352505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955675 | JP Morgan Trust 2015-1<br> 6.676%, 12/25/2044<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421875 | JPMorgan Chase Bank N.A. - CHASE<br> 7.469%, (1-Month Term SOFR+262 basis points), 10/25/2057<sup>1,2,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515826 | Mellon Residential Funding Corp. Mor Pas Thr Cer Ser 01 Tbc1<br> 5.911%, (1-Month Term SOFR+81 basis points), 11/15/2031<sup>2,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494745 |
|  | Morgan Stanley Residential Mortgage Loan Trust 2021-2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610564 | <br> 2.894%, 5/25/2051<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106363 |

---

------

#### Bramshill Multi-Strategy Income Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of September 30, 2024 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1500000 | <br> 2.894%, 5/25/2051<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$667450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245749 | <br> 2.894%, 5/25/2051<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1562356 | NRP Mortgage Trust 2013-1<br> 3.280%, 7/25/2043<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86525 | Oaks Mortgage Trust Series 2015-1<br> 3.500%, 4/25/2046<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39976 | OBX 2020-INV1 Trust<br> 3.500%, 12/25/2049<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36681 |
|  | Oceanview Mortgage Trust 2021-1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1543000 | <br> 2.717%, 5/25/2051<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772000 | <br> 2.717%, 5/25/2051<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332849 |
|  | Oceanview Mortgage Trust 2021-3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1406000 | <br> 2.712%, 6/25/2051<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527000 | <br> 2.712%, 6/25/2051<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554364 | Provident Funding Mortgage Trust 2019-1<br> 3.000%, 12/25/2049<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243857 | PSMC 2019-3 Trust<br> 3.500%, 11/25/2049<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185334 | PSMC 2020-1 Trust<br> 3.500%, 1/25/2050<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333739 | PSMC 2020-2 Trust<br> 3.000%, 5/25/2050<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25881 | Sequoia Mortgage Trust 2013-3<br> 2.000%, 3/25/2043<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36539 | Sequoia Mortgage Trust 2013-7<br> 3.000%, 6/25/2043<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58098 | Sequoia Mortgage Trust 2017-4<br> 3.500%, 7/25/2047<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21523 | Sequoia Mortgage Trust 2017-CH1<br> 4.000%, 8/25/2047<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63738 | Sequoia Mortgage Trust 2018-2<br> 3.500%, 2/25/2048<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58372 |
|  | Sequoia Mortgage Trust 2018-CH1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156577 | <br> 4.000%, 3/25/2048<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77867 | <br> 3.500%, 3/25/2048<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886205 | Sequoia Mortgage Trust 2018-CH2<br> 4.000%, 6/25/2048<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32811 | Sequoia Mortgage Trust 2018-CH3<br> 4.000%, 8/25/2048<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32305 |
|  | Sequoia Mortgage Trust 2019-5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1982724 | <br> 3.711%, 12/25/2049<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1669245 | <br> 3.500%, 12/25/2049<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40113 | Wells Fargo Mortgage Backed Securities 2019-3 Trust<br> 3.500%, 7/25/2049<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37088 |

---

------

#### Bramshill Multi-Strategy Income Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of September 30, 2024 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$97894 | Wells Fargo Mortgage Backed Securities 2020-RR1 Trust<br> 3.000%, 5/25/2050<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$86972 |
|  | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** |  |
|  | (Cost $87,341,166) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**90182919** |
|  | **CORPORATE BONDS — 0.0%** |  |
|  | **FINANCIALS — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | First Matrix RMOF Trust<br> 0.000% 10/1/2029<sup>4,5,8,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | **TOTAL FINANCIALS** |  |
|  | (Cost $6,456) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
|  | **TOTAL CORPORATE BONDS** |  |
|  | (Cost $6,456) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  |  |
|  | **SHORT-TERM INVESTMENTS — 7.1%** |  |
| 19123064 | Morgan Stanley Institutional Liquidity Fund - Government Portfolio, 4.764%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19123064 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | (Cost $19,123,064) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19123064** |
|  | **TOTAL INVESTMENTS — 99.9%** |  |
|  | (Cost $264,083,982) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**269877464** |
|  | Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241085 |
|  | **TOTAL NET ASSETS — 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$270118549** |

---

LP – Limited Partnership

---

| |
|:---|
| <sup>1</sup>Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $230,355,274, which represents 85.3% of total net assets of the Fund. |
| <sup>2</sup>Callable. |
| <sup>3</sup>Interest-only security. |
| <sup>4</sup>Variable rate security. |
| <sup>5</sup>The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy. |
| <sup>6</sup>Floating rate security. |
| <sup>7</sup>Step rate security. |
| <sup>8</sup>Security is in default. |
| <sup>9</sup>The rate is the annualized seven-day yield at period end. |
| \*Non-income producing security. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** INVESTMENT MANAGERS SERIES TRUST

- **b. Investment Company Act file number:** 811-21719

- **c. CIK number of Registrant:** 0001318342

- **d. LEI of Registrant:** 549300ESWU4ZNAH5Y054

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 235 WEST GALENA STREET

  - **City:** MILWAUKEE

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 532123948

  - **Telephone number:** 4142992000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Bramshill Multi-Strategy Income Fund

- **b. EDGAR series identifier (if any):** S000052270

- **c. LEI of Series:** 549300MDF74LNKLKB529

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2024-12-31

- **b. Date as of which information is reported:** 2024-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $270949068.12

**Total Liabilities:** $509656.77

**Net Assets:** $270439411.35

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 0.196003875561 | **5-Year:** 307.924429690447 | **10-Year:** 6474.183382476595 | **30-Year:** 23971.854078436399

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 729.273185469969 | **5-Year:** 2591.942407694452 | **10-Year:** 15443.411186291911 | **30-Year:** 52264.946328674669

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000164379 | 1.24%                | 0.77%                | 1.22%                |
| Class ID C000164380 | 1.34%                | 0.71%                | 1.16%                |
| Class ID C000164381 | 1.26%                | 0.79%                | 1.24%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $61782.80                | $2140367.87                                |
| Month 2  | $446312.24               | $402161.88                                 |
| Month 3  | $29390.63                | $2106299.53                                |

### Schedule of Portfolio Investments

| Name                           | Title                                                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CIM Trust                      | CIM Trust 2021-J3                                                     | CUSIP: 12565VDE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    454017 | PA      | $363315.31    | 0.13%             | 2051-06-25      | Variable      | 2.62%                 | Yes           |                  2 | On Loan: No      |
| Countrywide Alternative Loan T | Alternative Loan Trust 2005-62                                        | CUSIP: 12668ATR6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7817076 | PA      | $15777.99     | 0.01%             | 2035-12-25      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans         | CHL Mortgage Pass-Through Trust 2005-3                                | CUSIP: 12669GTU5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6574185 | PA      | $394.45       | 0.00%             | 2035-04-25      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Chase Auto Owner Trust         | Chase Auto Owner Trust 2024-3                                         | CUSIP: 16144LAH9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8950 | PA      | $3219340.91   | 1.19%             | 2031-09-25      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Chase Auto Owner Trust         | Chase Auto Owner Trust 2024-5                                         | CUSIP: 16144QAH8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     21000 | PA      | $6835500.00   | 2.53%             | 2032-01-26      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Chase Auto Owner Trust         | Chase Auto Owner Trust 2024-4                                         | CUSIP: 16144YAH1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     20000 | PA      | $8395567.52   | 3.10%             | 2031-11-25      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora | Chase Home Lending Mortgage Trust 2019-ATR1                           | CUSIP: 16158RAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    839070 | PA      | $807773.02    | 0.30%             | 2049-04-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora | Chase Home Lending Mortgage Trust 2019-ATR1                           | CUSIP: 16158RAR7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     49011 | PA      | $47183.26     | 0.02%             | 2049-04-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora | Chase Home Lending Mortgage Trust 2019-ATR1                           | CUSIP: 16158RBA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1887206 | PA      | $1750985.35   | 0.65%             | 2049-04-25      | Variable      | 4.40%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust  | Citigroup Mortgage Loan Trust, Inc.                                   | CUSIP: 17328PAQ6<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-MBS          | CORP              | US        |     46419 | PA      | $40613.14     | 0.02%             | 2050-08-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae - CAS               | Connecticut Avenue Securities Trust 2020-SBT1                         | CUSIP: 20753VBT4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1900000 | PA      | $2060637.40   | 0.76%             | 2040-02-25      | Floating      | 12.14%                | Yes           |                  2 | On Loan: No      |
| Fannie Mae - CAS               | Connecticut Avenue Securities Trust 2020-SBT1                         | CUSIP: 20753VDL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2116000 | PA      | $2287880.56   | 0.85%             | 2040-02-25      | Floating      | 11.99%                | Yes           |                  2 | On Loan: No      |
| Fannie Mae - CAS               | Connecticut Avenue Securities Trust 2019-HRP1                         | CUSIP: 20754PAD2<br>LEI: 549300Z5THZ1JXIHVK60 | Long             | ABS-MBS          | CORP              | US        |   8200000 | PA      | $9106907.70   | 3.37%             | 2039-11-25      | Floating      | 14.64%                | Yes           |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust   | CSMC Trust 2013-TH1                                                   | CUSIP: 22944PAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    375899 | PA      | $364155.89    | 0.13%             | 2043-02-25      | Variable      | 3.60%                 | Yes           |                  2 | On Loan: No      |
| Farmer Mac Agricultural Real E | FARM 2024-1 Mortgage Trust                                            | CUSIP: 30335JAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4864407 | PA      | $4051826.50   | 1.50%             | 2053-10-01      | Variable      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Farmer Mac Agricultural Real E | FARM 2023-1 Mortgage Trust                                            | CUSIP: 30767YAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7539852 | PA      | $5649066.97   | 2.09%             | 2052-03-25      | Variable      | 3.04%                 | Yes           |                  2 | On Loan: No      |
| Provident Funding Mortgage Tru | Provident Funding Mortgage Trust 2019-1                               | CUSIP: 74387LAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    554364 | PA      | $487088.79    | 0.18%             | 2049-12-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Resi Finance Limited Partnersh | RESI Finance LP 2003-CB1                                              | CUSIP: 74951PBJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |    656893 | PA      | $628642.13    | 0.23%             | 2035-06-10      | Floating      | 6.87%                 | Yes           |                  2 | On Loan: No      |
| RMF Buyout Issuance Trust      | RMF Buyout Issuance Trust 2021-HB1                                    | CUSIP: 74969TAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3500000 | PA      | $3289846.00   | 1.22%             | 2031-11-25      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2013-3                                         | CUSIP: 81745RAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     25881 | PA      | $22101.96     | 0.01%             | 2043-03-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2017-4                                         | CUSIP: 81745XAU1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     58098 | PA      | $53795.51     | 0.02%             | 2047-07-25      | Variable      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2017-CH1                                       | CUSIP: 81746HAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     21523 | PA      | $20685.17     | 0.01%             | 2047-08-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2018-2                                         | CUSIP: 81746QAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     63738 | PA      | $58371.51     | 0.02%             | 2048-02-25      | Variable      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2018-CH3                                       | CUSIP: 81746WAB4<br>LEI: 549300FECQ7XLTBL1027 | Long             | ABS-MBS          | CORP              | US        |     32811 | PA      | $32304.92     | 0.01%             | 2048-08-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2018-CH1                                       | CUSIP: 81747DAA7<br>LEI: 549300ZUG1L9OO3W6B29 | Long             | ABS-MBS          | CORP              | US        |    160060 | PA      | $152732.81    | 0.06%             | 2048-03-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2018-CH1                                       | CUSIP: 81747DAB5<br>LEI: 549300ZUG1L9OO3W6B29 | Long             | ABS-MBS          | CORP              | US        |     77867 | PA      | $72211.33     | 0.03%             | 2048-03-25      | Variable      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2018-CH2                                       | CUSIP: 81747EAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    886205 | PA      | $844442.08    | 0.31%             | 2048-06-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Se | Wells Fargo Mortgage Backed Securities 2020-RR1 Trust                 | CUSIP: 949796AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     97894 | PA      | $86971.71     | 0.03%             | 2050-05-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Se | Wells Fargo Mortgage Backed Securities 2019-3 Trust                   | CUSIP: 949831AS0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     40113 | PA      | $37087.95     | 0.01%             | 2049-07-25      | Variable      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Western Alliance Bank          | Western Alliance Bank                                                 | CUSIP: 95763PND9<br>LEI: SI7YQSVPFZBSQ878IC17 | Long             | ABS-MBS          | CORP              | US        |   4605950 | PA      | $4788992.96   | 1.77%             | 2059-07-25      | Floating      | 8.98%                 | Yes           |                  2 | On Loan: No      |
| Western Alliance Bank          | Western Alliance Bank                                                 | CUSIP: 95763PNE7<br>LEI: SI7YQSVPFZBSQ878IC17 | Long             | ABS-MBS          | CORP              | US        |   9810673 | PA      | $9784230.27   | 3.62%             | 2059-07-25      | Floating      | 9.38%                 | Yes           |                  2 | On Loan: No      |
| Western Alliance Bank          | Western Alliance Bank                                                 | CUSIP: 95763PNF4<br>LEI: SI7YQSVPFZBSQ878IC17 | Long             | ABS-MBS          | CORP              | US        |   5069263 | PA      | $5002217.09   | 1.85%             | 2059-07-25      | Floating      | 10.63%                | Yes           |                  2 | On Loan: No      |
| Western Alliance Bank          | Western Alliance Bank                                                 | CUSIP: 95763PNG2<br>LEI: SI7YQSVPFZBSQ878IC17 | Long             | ABS-MBS          | CORP              | US        |   1611534 | PA      | $1571632.72   | 0.58%             | 2059-07-25      | Floating      | 11.78%                | Yes           |                  2 | On Loan: No      |
| MSILF Government Portfolio     | MSILF Government Portfolio - Class Institutional                      | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |  19308260 | PA      | $19308259.97  | 7.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Farmer Mac Agricultural Real E | FARM 21-1 Mortgage Trust                                              | CUSIP: 30768WAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4163418 | PA      | $3192374.52   | 1.18%             | 2051-07-25      | Variable      | 3.24%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass-Through Certificates          | CUSIP: 3137FL6H2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  12736000 | PA      | $1127212.42   | 0.42%             | 2047-02-25      | Variable      | 2.43%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR Debt Notes 2015-DNA1                                | CUSIP: 3137G0EZ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | CORP              | US        |   4784393 | PA      | $4987133.10   | 1.84%             | 2027-10-25      | Floating      | 14.59%                | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR Debt Notes 2015-DNA2                                | CUSIP: 3137G0FZ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | CORP              | US        |   2783292 | PA      | $2894804.22   | 1.07%             | 2027-12-25      | Floating      | 12.94%                | No            |                  2 | On Loan: No      |
| Bayview Opportunity Master Fun | Bayview Opportunity Master Fund VII 2024-CAR1 LLC                     | CUSIP: 07336QAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    601248 | PA      | $604862.73    | 0.22%             | 2031-12-26      | Floating      | 7.33%                 | Yes           |                  2 | On Loan: No      |
| Bayview Opportunity Master Fun | Bayview Opportunity Master Fund VII 2024-CAR1 LLC                     | CUSIP: 07336QAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1202496 | PA      | $1205030.92   | 0.45%             | 2031-12-26      | Floating      | 8.88%                 | Yes           |                  2 | On Loan: No      |
| CIM Trust                      | CIM Trust 2018-J1                                                     | CUSIP: 12554CCE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2691430 | PA      | $1959843.03   | 0.72%             | 2048-03-25      | Variable      | 3.65%                 | Yes           |                  2 | On Loan: No      |
| CIM Trust                      | CIM Trust 2019-J1                                                     | CUSIP: 12556MCS1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1993000 | PA      | $1487812.37   | 0.55%             | 2049-08-25      | Variable      | 3.93%                 | Yes           |                  2 | On Loan: No      |
| FirstKey Homes 2020-SFR1 Trust | FirstKey Homes 2020-SFR1 Trust                                        | CUSIP: 33767MAQ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $4898855.00   | 1.81%             | 2037-08-17      | Fixed         | 4.78%                 | Yes           |                  2 | On Loan: No      |
| GMRF Mortgage Acquisition Co., | Galton Funding Mortgage Trust 2017-1                                  | CUSIP: 36416UBP9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3140080 | PA      | $2671109.17   | 0.99%             | 2056-07-25      | Variable      | 4.21%                 | Yes           |                  2 | On Loan: No      |
| GMRF Mortgage Acquisition Co., | Galton Funding Mortgage Trust 2018-1                                  | CUSIP: 36417JCA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3728413 | PA      | $3371418.47   | 1.25%             | 2057-11-25      | Variable      | 4.67%                 | Yes           |                  2 | On Loan: No      |
| GMRF Mortgage Acquisition Co., | Galton Funding Mortgage Trust 2018-1                                  | CUSIP: 36417JCB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2535000 | PA      | $2048903.86   | 0.76%             | 2057-11-25      | Variable      | 4.67%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2016-3                                       | CUSIP: 46647EAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     82410 | PA      | $76197.61     | 0.03%             | 2046-10-25      | Variable      | 3.39%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Residential Mor | Morgan Stanley Residential Mortgage Loan Trust 2021-2                 | CUSIP: 61772LCC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1245749 | PA      | $477374.67    | 0.18%             | 2051-05-25      | Variable      | 2.89%                 | Yes           |                  2 | On Loan: No      |
| NRP Mortgage Trust             | NRP Mortgage Trust 2013-1                                             | CUSIP: 62942KAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1562356 | PA      | $1505188.02   | 0.56%             | 2043-07-25      | Variable      | 3.28%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                     | AMSR 2020-SFR4 Trust                                                  | CUSIP: 66981FAH3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $245175.00    | 0.09%             | 2037-11-17      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                     | AMSR 2020-SFR4 Trust                                                  | CUSIP: 66981FAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1300000 | PA      | $1284914.80   | 0.48%             | 2037-11-17      | Fixed         | 4.87%                 | Yes           |                  2 | On Loan: No      |
| REMIC FUNDING TRUST 98-1       | Redwood Funding Trust 2023-1                                          | CUSIP: 75806CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4323288 | PA      | $4329440.44   | 1.60%             | 2059-07-25      | Variable      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2019-5                                         | CUSIP: 81743AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1669245 | PA      | $1523753.77   | 0.56%             | 2049-12-25      | Variable      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2019-5                                         | CUSIP: 81743ACE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1982724 | PA      | $1381042.66   | 0.51%             | 2049-12-25      | Variable      | 3.71%                 | Yes           |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2013-7                                         | CUSIP: 81745CAB9<br>LEI: 549300DFASAA48I36408 | Long             | ABS-MBS          | CORP              | US        |     36538 | PA      | $33022.85     | 0.01%             | 2043-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                     | AMSR 2020-SFR2 Trust                                                  | CUSIP: 00178UAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2775000 | PA      | $2760439.58   | 1.02%             | 2037-07-17      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                     | AMSR 2020-SFR2 Trust                                                  | CUSIP: 00178UAH2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4500000 | PA      | $4420898.46   | 1.63%             | 2037-07-17      | Fixed         | 4.00%                 | Yes           |                  3 | On Loan: No      |
| AMSR Trust                     | AMSR 2020-SFR2 Trust                                                  | CUSIP: 00178UAK5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $4884550.00   | 1.81%             | 2037-07-17      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                     | AMSR 2019-SFR1 Trust                                                  | CUSIP: 00178XAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $98300.78     | 0.04%             | 2039-01-19      | Fixed         | 4.86%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                     | AMSR 2019-SFR1 Trust                                                  | CUSIP: 00178XAH6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2492569 | PA      | $2460340.86   | 0.91%             | 2039-01-19      | Fixed         | 6.04%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                     | AMSR 2020-SFR3 Trust                                                  | CUSIP: 001807AJ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4900000 | PA      | $4871207.60   | 1.80%             | 2037-09-17      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                     | AMSR 2020-SFR3 Trust                                                  | CUSIP: 001807AK2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1501050.00   | 0.56%             | 2037-09-17      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                     | AMSR 2020-SFR1 Trust                                                  | CUSIP: 00180AAJ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8609324 | PA      | $8595583.52   | 3.18%             | 2037-04-17      | Fixed         | 8.19%                 | Yes           |                  2 | On Loan: No      |
| Agate Bay Mortgage Loan Trust  | Agate Bay Mortgage Trust 2016-2                                       | CUSIP: 00842EAJ0<br>LEI: 549300TSTBCBQ5EBD390 | Long             | ABS-MBS          | CORP              | US        |    231242 | PA      | $214621.80    | 0.08%             | 2046-03-25      | Variable      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Ally Bank Auto Credit-Linked N | Ally Bank Auto Credit-Linked Notes Series 2024-A                      | CUSIP: 02007G2A0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4358843 | PA      | $4434846.37   | 1.64%             | 2032-05-17      | Fixed         | 12.75%                | Yes           |                  2 | On Loan: No      |
| Ally Bank Auto Credit-Linked N | Ally Bank Auto Credit-Linked Notes Series 2024-A                      | CUSIP: 02007GZ89<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2615306 | PA      | $2657315.43   | 0.98%             | 2032-05-17      | Fixed         | 7.92%                 | Yes           |                  2 | On Loan: No      |
| Ally Bank Auto Credit-Linked N | Ally Bank Auto Credit-Linked Notes Series 2024-A                      | CUSIP: 02007GZ97<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    871769 | PA      | $887279.28    | 0.33%             | 2032-05-17      | Fixed         | 9.89%                 | Yes           |                  2 | On Loan: No      |
| Ally Auto Receivables Trust    | Ally Auto Receivables Trust 2023-1                                    | CUSIP: 02007WAH1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  73255580 | PA      | $3544031.72   | 1.31%             | 2034-04-15      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Ally Auto Receivables Trust    | Ally Auto Receivables Trust 2024-1                                    | CUSIP: 02008F104<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        | 120345321 | PA      | $6529816.76   | 2.41%             | 2032-02-16      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                     | AMSR 2020-SFR5 Trust                                                  | CUSIP: 03217JAJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3149500 | PA      | $3081165.30   | 1.14%             | 2037-11-17      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| B2R Mortgage Trust             | B2R Mortgage Trust 2015-1                                             | CUSIP: 05607YAN1<br>LEI: 54930043NGIAWE00XD82 | Long             | ABS-O            | CORP              | US        |    381407 | PA      | $380400.83    | 0.14%             | 2048-05-15      | Variable      | 4.83%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2016-3                                       | CUSIP: 46647EBD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1977000 | PA      | $1517978.16   | 0.56%             | 2046-10-25      | Variable      | 3.29%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2017-1                                       | CUSIP: 46648CBA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2699903 | PA      | $2441627.68   | 0.90%             | 2047-01-25      | Variable      | 3.45%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2017-2                                       | CUSIP: 46648HBA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1520694 | PA      | $1402814.13   | 0.52%             | 2047-05-25      | Variable      | 3.65%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2018-3                                       | CUSIP: 46649TAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    116267 | PA      | $107980.49    | 0.04%             | 2048-09-25      | Variable      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2019-1                                       | CUSIP: 46650HAL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     23800 | PA      | $22798.52     | 0.01%             | 2049-05-25      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2018-6                                       | CUSIP: 46650JAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    234752 | PA      | $215553.61    | 0.08%             | 2048-12-25      | Variable      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2019-INV2                                    | CUSIP: 46651DAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    147489 | PA      | $141808.46    | 0.05%             | 2050-02-25      | Floating      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2020-1                                       | CUSIP: 46651XAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     17382 | PA      | $15425.44     | 0.01%             | 2050-06-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2020-4                                       | CUSIP: 46652FAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    293750 | PA      | $259194.96    | 0.10%             | 2050-11-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2020-8                                       | CUSIP: 46652TCN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    763947 | PA      | $629622.48    | 0.23%             | 2051-03-25      | Variable      | 3.51%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2020-8                                       | CUSIP: 46652TCP3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    855000 | PA      | $471815.85    | 0.17%             | 2051-03-25      | Variable      | 3.51%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2020-8                                       | CUSIP: 46652TCQ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1882756 | PA      | $870759.80    | 0.32%             | 2051-03-25      | Variable      | 3.51%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2020-LTV2                                    | CUSIP: 46653LAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    402897 | PA      | $371305.15    | 0.14%             | 2050-11-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2020-LTV2                                    | CUSIP: 46653LAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2124383 | PA      | $1957808.07   | 0.72%             | 2050-11-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase Bank, NA - CACL | JPMorgan Chase Bank N.A. - CACLN                                      | CUSIP: 48128U2N8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     37489 | PA      | $37325.80     | 0.01%             | 2028-12-26      | Fixed         | 0.97%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase Bank, NA - CACL | JPMorgan Chase Bank N.A. - CACLN                                      | CUSIP: 48128U2Q1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     71230 | PA      | $71006.06     | 0.03%             | 2028-12-26      | Fixed         | 2.28%                 | Yes           |                  2 | On Loan: No      |
| Mellon Residential Funding Cor | Mellon Residential Funding Corp. Mor Pas Thr Cer Ser 01 Tbc1          | CUSIP: 585525FC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    515826 | PA      | $494744.93    | 0.18%             | 2031-11-15      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mor | Morgan Stanley Residential Mortgage Loan Trust 2021-2                 | CUSIP: 61772LBY6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1610564 | PA      | $1106362.88   | 0.41%             | 2051-05-25      | Variable      | 2.89%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR Debt Notes 2017-HRP1                                | CUSIP: 3137G0SK6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | CORP              | US        |   3141490 | PA      | $3273660.97   | 1.21%             | 2042-12-25      | Floating      | 7.89%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mor | Morgan Stanley Residential Mortgage Loan Trust 2021-2                 | CUSIP: 61772LCA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $667449.75    | 0.25%             | 2051-05-25      | Variable      | 2.89%                 | Yes           |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2020-INV1 Trust                                                   | CUSIP: 67113CAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     39976 | PA      | $36680.85     | 0.01%             | 2049-12-25      | Variable      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR Debt Notes 2017-HRP1                                | CUSIP: 3137G0SM2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | CORP              | US        |   1894112 | PA      | $1726219.86   | 0.64%             | 2042-12-25      | Floating      | 8.39%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR Securitized Participation Interests Trust 2018-SPI1 | CUSIP: 3137G1CM7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | CORP              | US        |   5561599 | PA      | $3963617.91   | 1.47%             | 2048-02-25      | Variable      | 3.79%                 | Yes           |                  2 | On Loan: No      |
| Oaks Mortgage Trust Series     | Oaks Mortgage Trust Series 2015-1                                     | CUSIP: 67389MAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     86525 | PA      | $81166.25     | 0.03%             | 2046-04-25      | Variable      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Oceanview Mortgage Trust       | Oceanview Mortgage Trust 2021-1                                       | CUSIP: 67647LCG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1543000 | PA      | $749101.19    | 0.28%             | 2051-05-25      | Variable      | 2.72%                 | Yes           |                  2 | On Loan: No      |
| Oceanview Mortgage Trust       | Oceanview Mortgage Trust 2021-1                                       | CUSIP: 67647LCH2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    772000 | PA      | $332848.57    | 0.12%             | 2051-05-25      | Variable      | 2.72%                 | Yes           |                  2 | On Loan: No      |
| Oceanview Mortgage Trust       | Oceanview Mortgage Trust 2021-3                                       | CUSIP: 67647VCG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1406000 | PA      | $678883.30    | 0.25%             | 2051-06-25      | Variable      | 2.71%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR Securitized Participation Interests Trust 2018-SPI2 | CUSIP: 3137G1CW5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | CORP              | US        |   6968165 | PA      | $5022837.74   | 1.86%             | 2048-05-25      | Variable      | 3.85%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR Securitized Participation Interests Trust 2018-SPI3 | CUSIP: 3137G1DF1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | CORP              | US        |   9455374 | PA      | $7139166.77   | 2.64%             | 2048-08-25      | Variable      | 4.15%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR Securitized Participation Interests Trust 2018-SPI4 | CUSIP: 3137G1DQ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | CORP              | US        |   5617107 | PA      | $4027207.62   | 1.49%             | 2048-11-25      | Variable      | 4.51%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass-Through Certificates          | CUSIP: 3137HA4E3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  19553038 | PA      | $4239986.35   | 1.57%             | 2056-03-25      | Variable      | 5.01%                 | No            |                  2 | On Loan: No      |
| Oceanview Mortgage Trust       | Oceanview Mortgage Trust 2021-3                                       | CUSIP: 67647VCH0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    527000 | PA      | $226177.54    | 0.08%             | 2051-06-25      | Variable      | 2.71%                 | Yes           |                  2 | On Loan: No      |
| PSMC Trust                     | PSMC 2020-2 Trust                                                     | CUSIP: 693652AB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    333739 | PA      | $303055.86    | 0.11%             | 2050-05-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass-Through Certificates          | CUSIP: 3137HAH41<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   7000000 | PA      | $1584067.80   | 0.59%             | 2055-09-25      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| FIRST MATRIX RMOF TRUST        | First Matrix RMOF Trust                                               | CUSIP: 32082FAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $0.00         | 0.00%             | 2029-10-01      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| PSMC 2020-1 Trust              | PSMC 2020-1 Trust                                                     | CUSIP: 693684AM4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    185334 | PA      | $174246.84    | 0.06%             | 2050-01-25      | Variable      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| PSMC Trust                     | PSMC 2019-3 Trust                                                     | CUSIP: 69375BAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    243857 | PA      | $232630.17    | 0.09%             | 2049-11-25      | Variable      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Firstkey Homes Trust           | FirstKey Homes 2020-SFR2 Trust                                        | CUSIP: 33767JAL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1765000 | PA      | $1716693.72   | 0.63%             | 2037-10-19      | Fixed         | 3.02%                 | Yes           |                  2 | On Loan: No      |
| FirstKey Homes 2020-SFR1 Trust | FirstKey Homes 2020-SFR1 Trust                                        | CUSIP: 33767MAL9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $587832.60    | 0.22%             | 2037-08-17      | Fixed         | 3.64%                 | Yes           |                  2 | On Loan: No      |
| FirstKey Homes 2020-SFR1 Trust | FirstKey Homes 2020-SFR1 Trust                                        | CUSIP: 33767MAN5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1060000 | PA      | $1041864.07   | 0.39%             | 2037-08-17      | Fixed         | 4.28%                 | Yes           |                  3 | On Loan: No      |
| GMRF Mortgage Acquisition Co., | Galton Funding Mortgage Trust 2018-1                                  | CUSIP: 36417JCC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2707255 | PA      | $1583765.15   | 0.59%             | 2057-11-25      | Variable      | 4.67%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust     | Progress Residential 2021-SFR1                                        | CUSIP: 74331FAN1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    666000 | PA      | $640923.10    | 0.24%             | 2038-04-17      | Fixed         | 3.86%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust     | Progress Residential 2021-SFR1                                        | CUSIP: 74331FAQ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1879020 | PA      | $1805106.98   | 0.67%             | 2038-04-17      | Fixed         | 5.00%                 | Yes           |                  3 | On Loan: No      |
| Progress Residential Trust     | Progress Residential 2021-SFR2 Trust                                  | CUSIP: 74333DAQ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1304000 | PA      | $1274825.61   | 0.47%             | 2038-04-19      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust     | Progress Residential 2021-SFR2 Trust                                  | CUSIP: 74333DAS3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2961000 | PA      | $2866535.22   | 1.06%             | 2038-04-19      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust     | Progress Residential 2021-SFR3                                        | CUSIP: 74333VAQ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1390000 | PA      | $1335703.13   | 0.49%             | 2026-05-17      | Fixed         | 4.25%                 | Yes           |                  3 | On Loan: No      |
| Progress Residential Trust     | Progress Residential 2021-SFR3                                        | CUSIP: 74333VAS3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2489672 | PA      | $2371858.23   | 0.88%             | 2026-05-17      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| GMRF Mortgage Acquisition Co., | Galton Funding Mortgage Trust 2018-2                                  | CUSIP: 36418GCB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4628754 | PA      | $4054144.90   | 1.50%             | 2058-10-25      | Variable      | 4.86%                 | Yes           |                  2 | On Loan: No      |
| GMRF Mortgage Acquisition Co., | Galton Funding Mortgage Trust 2018-2                                  | CUSIP: 36418GCC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3847000 | PA      | $2900430.26   | 1.07%             | 2058-10-25      | Variable      | 4.86%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2019-INV1                                    | CUSIP: 46591DAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    501652 | PA      | $481086.08    | 0.18%             | 2049-10-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora | JPMorgan Chase Bank N.A. - CHASE                                      | CUSIP: 46591HAH3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    421875 | PA      | $432338.87    | 0.16%             | 2057-10-25      | Floating      | 7.47%                 | Yes           |                  2 | On Loan: No      |
| J.P. Morgan Wealth Management  | JPMorgan Chase Bank N.A. - JPMWM                                      | CUSIP: 46591HBN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    929012 | PA      | $881680.59    | 0.33%             | 2051-03-25      | Floating      | 8.03%                 | Yes           |                  2 | On Loan: No      |
| J.P. Morgan Wealth Management  | JPMorgan Chase Bank N.A. - JPMWM                                      | CUSIP: 46591HBP4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    990560 | PA      | $920669.14    | 0.34%             | 2051-03-25      | Floating      | 9.13%                 | Yes           |                  2 | On Loan: No      |
| J.P. Morgan Wealth Management  | JPMorgan Chase Bank N.A. - JPMWM                                      | CUSIP: 46591HBQ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2302000 | PA      | $2208621.67   | 0.82%             | 2051-03-25      | Floating      | 12.18%                | Yes           |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora | Chase Mortgage Finance Corp.                                          | CUSIP: 46591HBX7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1560502 | PA      | $1537694.82   | 0.57%             | 2050-02-25      | Floating      | 6.48%                 | Yes           |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora | Chase Mortgage Finance Corp.                                          | CUSIP: 46591HCC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2158000 | PA      | $2029253.29   | 0.75%             | 2050-02-25      | Floating      | 11.78%                | Yes           |                  2 | On Loan: No      |
| Chase Auto Credit Linked Notes | JPMorgan Chase Bank N.A. - CACLN                                      | CUSIP: 46591HCJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5300000 | PA      | $5420691.60   | 2.00%             | 2029-02-26      | Fixed         | 9.81%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2019-8                                       | CUSIP: 46591KAZ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     67777 | PA      | $64402.20     | 0.02%             | 2050-03-25      | Floating      | 5.82%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2020-LTV1                                    | CUSIP: 46591NAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     11235 | PA      | $11055.15     | 0.00%             | 2050-06-25      | Variable      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2020-2                                       | CUSIP: 46591TAQ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    122049 | PA      | $107858.53    | 0.04%             | 2050-07-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2020-3                                       | CUSIP: 46592ABH6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     31416 | PA      | $28717.82     | 0.01%             | 2050-08-25      | Variable      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Trust 2015-1                                                | CUSIP: 46643UDR7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    955675 | PA      | $948929.19    | 0.35%             | 2044-12-25      | Variable      | 6.68%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Seasoned Mortgage Tr | JP Morgan Seasoned Mortgage Trust 2014-1                              | CUSIP: 46643VAN7<br>LEI: 549300PO5OQO1J76ZY81 | Long             | ABS-MBS          | CORP              | US        |   2451507 | PA      | $2352505.19   | 0.87%             | 2033-05-25      | Variable      | 6.09%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2024-10-21

**Name of Applicant:** INVESTMENT MANAGERS SERIES TRUST

**Signature:** /s/ Maureen Quill

**Name of Signer:** Maureen Quill

**Title:** President