# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001193125-25-253039
**Filing Date:** 2025-10
**Character Count:** 102278
**Document Hash:** 16cb6d1b71f70488e9e3d4a8f81212e3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-253039.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0001193125-25-253039

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**PERIOD START**: 20251130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADVISORS SERIES TRUST
- **CENTRAL INDEX KEY:** 0001027596

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07959
- **FILM NUMBER:** 251422734

**BUSINESS ADDRESS:**
- **STREET 1:** U.S BANCORP FUND SERVICES, LLC
- **STREET 2:** 615 E MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 626-914-7235

**MAIL ADDRESS:**
- **STREET 1:** 615 E MICHIGAN STREET
- **STREET 2:** MK-WI-LC2
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### Medalist Partners Short Duration Fund (Series ID: S000044807)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000139162 | Institutional Class | SEMIX           |
| C000139163 | Investor Class      | SEMRX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Medalist Partners Short Duration Fund** | **Medalist Partners Short Duration Fund** | **Medalist Partners Short Duration Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** |
| **NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 24.6%** | **Par** | **Value**  |
|  Atrium Hotel Portfolio Trust, Series 2024-ATRM, Class E, 9.52%, 11/10/2029 <sup>(a)(b)</sup> | 4000000 | $4091634 |
|  AXMF Re-REMIC Trust, Series 2025-SBRR1, Class B, 6.74%, 04/27/2058 <sup>(a)(b)</sup> | 4943885 | 4897911 |
|  Banc of America Re-Remic Trust, Series 2025-ASHF, Class A, 6.21% (1 mo. Term SOFR + 1.85%), 02/15/2042 <sup>(a)</sup> | 6000000 | 6010970 |
| BBCMS Trust | BBCMS Trust | BBCMS Trust |
| &nbsp;&nbsp; Series 2019-BWAY, Class A, 5.43% (1 mo. Term SOFR + 1.07%), 11/15/2034 <sup>(a)</sup> | 1303301 | 827609 |
| &nbsp;&nbsp; Series 2020-BID, Class B, 7.02% (1 mo. Term SOFR + 2.65%), 10/15/2037 <sup>(a)</sup> | 5000000 | 4998882 |
| Blackstone Mortgage Trust, Inc. | Blackstone Mortgage Trust, Inc. | Blackstone Mortgage Trust, Inc. |
| &nbsp;&nbsp; Series 2021-FL4, Class B, 6.03% (1 mo. Term SOFR + 1.66%), 05/15/2038 <sup>(a)</sup> | 6000000 | 5899842 |
| &nbsp;&nbsp; Series 2021-FL4, Class C, 6.23% (1 mo. Term SOFR + 1.86%), 05/15/2038 <sup>(a)</sup> | 3000000 | 2924166 |
| &nbsp;&nbsp; Series 2021-FL4, Class D, 6.73% (1 mo. Term SOFR + 2.36%), 05/15/2038 <sup>(a)</sup> | 3500000 | 3373570 |
| &nbsp;&nbsp; Series 2025-FL5, Class AS, 6.46% (1 mo. Term SOFR + 2.10%), 10/18/2042 <sup>(a)</sup> | 4000000 | 3976241 |
|  BSPDF Issuer Ltd., Series 2025-FL2, Class E, 9.31% (1 mo. Term SOFR + 4.94%), 12/15/2042 <sup>(a)</sup> | 3000000 | 3049730 |
| BX Trust | BX Trust | BX Trust |
| &nbsp;&nbsp; Series 2021-BXMF, Class G, 7.83% (1 mo. Term SOFR + 3.46%), 10/15/2026 <sup>(a)</sup> | 1939262 | 1924425 |
| &nbsp;&nbsp; Series 2021-XL2, Class G, 7.32% (1 mo. Term SOFR + 2.96%), 10/15/2038 <sup>(a)</sup> | 2741048 | 2743259 |
|  BXMT Ltd., Series 2020-FL2, Class C, 6.38% (1 mo. Term SOFR + 2.01%), 02/15/2038 <sup>(a)</sup> | 5050000 | 4943985 |
|  Freddie Mac Mscr Trust Mn9, Series 2024-MN9, Class B1, 10.35% (30 day avg SOFR US + 6.00%), 10/25/2044 <sup>(a)</sup> | 2550000 | 2653244 |
| Greystone Commercial Real Estate Notes | Greystone Commercial Real Estate Notes | Greystone Commercial Real Estate Notes |
| &nbsp;&nbsp; Series 2024-HC3, Class B, 8.00% (1 mo. Term SOFR + 3.63%), 03/15/2041 <sup>(a)</sup> | 2925000 | 2936919 |
| &nbsp;&nbsp; Series 2024-HC3, Class C, 8.80% (1 mo. Term SOFR + 4.43%), 03/15/2041 <sup>(a)</sup> | 4100000 | 4126781 |
| &nbsp;&nbsp; Series 2024-HC3, Class D, 9.70% (1 mo. Term SOFR + 5.33%), 03/15/2041 <sup>(a)</sup> | 1995000 | 2010423 |
|  Harvest Commercial Capital Loan Trust, Series 2024-1, Class M3, 7.55%, 10/25/2056 <sup>(b)</sup> | 1710950 | 1734208 |
|  HGI CRE CLO Ltd., Series 2021-FL2, Class E, 6.92% (1 mo. Term SOFR + 2.56%), 09/17/2036 <sup>(a)</sup> | 2038000 | 2038610 |
|  JP Morgan Chase Commercial Mortgage Securities, Series 2021-NYAH, Class D, 6.27% (1 mo. Term SOFR + 1.90%), 06/15/2038 <sup>(a)</sup> | 1400000 | 1271085 |
|  Lehman Brothers Small Balance Commercial, Series 2007-1A, Class M1, 4.94% (1 mo. Term SOFR + 0.61%), 03/25/2037 <sup>(a)</sup> | 2294492 | 2121624 |
|  Mcp Holding Co. LLC, Series 2024-70P, Class E, 9.26%, 03/10/2041 <sup>(a)(b)</sup> | 2500000 | 2605861 |
| MF1 Multifamily Housing Mortgage Loan Trust | MF1 Multifamily Housing Mortgage Loan Trust | MF1 Multifamily Housing Mortgage Loan Trust |
| &nbsp;&nbsp; Series 2021-FL5, Class D, 6.98% (1 mo. Term SOFR + 2.61%), 07/15/2036 <sup>(a)</sup> | 1000000 | 999880 |
| &nbsp;&nbsp; Series 2021-FL7, Class E, 7.27% (1 mo. Term SOFR + 2.91%), 10/16/2036 <sup>(a)</sup> | 1700000 | 1630074 |
| &nbsp;&nbsp; Series 2025-FL19, Class E, 8.30% (1 mo. Term SOFR + 3.94%), 05/18/2042 <sup>(a)</sup> | 3100000 | 3102517 |
|  Morgan Stanley Capital I, Inc., Series 2014-150E, Class A, 3.91%, 09/09/2032 <sup>(a)</sup> | 2000000 | 1768972 |
|  Morgan Stanley Mortgage Capital Holdings LLC, Series 2017-237P, Class A, 3.40%, 09/13/2039 <sup>(a)</sup> | 5000000 | 4758439 |
| Multifamily Connecticut Avenue Securities Trust | Multifamily Connecticut Avenue Securities Trust | Multifamily Connecticut Avenue Securities Trust |
| &nbsp;&nbsp; Series 2020-01, Class CE, 11.96% (30 day avg SOFR US + 7.61%), 03/25/2050 <sup>(a)</sup> | 2250000 | 2339438 |
| &nbsp;&nbsp; Series 2023-01, Class B1, 14.10% (30 day avg SOFR US + 9.75%), 11/25/2053 <sup>(a)</sup> | 665000 | 768073 |
| &nbsp;&nbsp; Series 2025-01, Class B1, 9.55% (30 day avg SOFR US + 5.20%), 05/25/2055 <sup>(a)</sup> | 3500000 | 3642775 |
|  TPG Real Estate Finance Issuer Ltd., Series 2021-FL4, Class C, 6.88% (1 mo. Term SOFR + 2.51%), 03/15/2038 <sup>(a)</sup> | 5000000 | 4996402 |
| **TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES** (Cost $95,623,270) | **TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES** (Cost $95,623,270) | 95167549 |
| **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - 22.1%** | **Par** | **Value**  |
|  Angel Oak Mortgage Trust LLC, Series 2021-3, Class M1, 2.48%, 05/25/2066 <sup>(a)(b)</sup> | 620000 | 449291 |
|  Bellemeade Re Ltd., Series 2021-3A, Class M1C, 5.90% (30 day avg SOFR US + 1.55%), 09/25/2031 <sup>(a)</sup> | 1375209 | 1384230 |
|  Bombardier Capital Mortgage Securitization Corp., Series 1999-B, Class A3, 7.18%, 12/15/2029 <sup>(b)</sup> | 86567 | 5646 |
|  Boston Lending Trust, Series 2021-1, Class M2, 2.00%, 07/25/2061 <sup>(a)(b)(c)</sup> | 542029 | 421115 |
|  Brean Asset Backed Securities Trust, Series 2022-RM5, Class A, 4.50%, 09/25/2062 <sup>(a)(b)</sup> | 1938526 | 1903313 |
|  Chase Mortgage Finance Corp., Series 2021-CL1, Class M2, 5.70% (30 day avg SOFR US + 1.35%), 02/25/2050 <sup>(a)</sup> | 1009438 | 981004 |
|  CHNGE Mortgage Trust, Series 2022-NQM1, Class A2, 5.82%, 06/25/2067 <sup>(a)(d)</sup> | 854734 | 852233 |
|  COLT Funding LLC, Series 2022-7, Class M1, 6.26%, 04/25/2067 <sup>(a)(b)</sup> | 2000000 | 1999360 |
|  Credit Suisse Mortgage Capital Certificates, Series 2021-NQM4, Class A1, 1.10%, 05/25/2066 <sup>(a)(b)</sup> | 1185435 | 1020861 |
|  Eagle Re Ltd., Series 2023-1, Class M1A, 6.35% (30 day avg SOFR US + 2.00%), 09/26/2033 <sup>(a)</sup> | 318004 | 319340 |
|  Ellington Financial Mortgage Trust, Series 2024-RM2, Class A1A, 5.00%, 07/25/2054 <sup>(a)</sup> | 1332072 | 1308269 |
| FIGRE Trust 2023-HE1 | FIGRE Trust 2023-HE1 | FIGRE Trust 2023-HE1 |
| &nbsp;&nbsp; Series 2024-HE5, Class A, 5.44%, 10/25/2054 <sup>(a)(b)</sup> | 1643141 | 1648183 |
| &nbsp;&nbsp; Series 2025-HE2, Class A, 5.78%, 03/25/2055 <sup>(a)(b)</sup> | 1953377 | 1973439 |
| &nbsp;&nbsp; Series 2025-HE3, Class C, 5.91%, 05/25/2055 <sup>(a)(b)</sup> | 1406406 | 1419218 |
| &nbsp;&nbsp; Series 2025-HE4, Class C, 5.71%, 07/25/2055 <sup>(a)(b)</sup> | 1930751 | 1942751 |
|  GCAT, Series 2023-NQM1, Class A1, 4.25%, 10/25/2057 <sup>(a)(b)</sup> | 1955101 | 1866225 |
|  Home RE Ltd., Series 2021-1, Class M2, 7.31% (30 day avg SOFR US + 2.96%), 07/25/2033 <sup>(a)</sup> | 369212 | 370997 |
|  HTAP Trust, Series 2025-1, Class A, 6.50%, 11/25/2042 <sup>(a)</sup> | 2886066 | 2876232 |
|  IMC Home Equity Loan Trust, Series 1998-3, Class A8, 5.43%, 08/20/2029 <sup>(d)</sup> | 932 | 927 |
| JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
| &nbsp;&nbsp; Series 2018-7FRB, Class B3, 5.75%, 04/25/2046 <sup>(a)(b)</sup> | 2058004 | 2011446 |
| &nbsp;&nbsp; Series 2019-6, Class B3, 4.26%, 12/25/2049 <sup>(a)(b)</sup> | 3765523 | 3519914 |
| &nbsp;&nbsp; Series 2023-HE3, Class A1, 5.95% (30 day avg SOFR US + 1.60%), 05/20/2054 <sup>(a)</sup> | 677826 | 684923 |
|  JPMorgan Chase Bank NA, Series 2021-CL1, Class M3, 6.15% (30 day avg SOFR US + 1.80%), 03/25/2051 <sup>(a)</sup> | 984644 | 978203 |
|  LHOME Mortgage Trust, Series 2024-RTL1, Class A1, 7.02%, 01/25/2029 <sup>(a)(d)</sup> | 3500000 | 3528538 |
| MFRA Trust | MFRA Trust | MFRA Trust |
| &nbsp;&nbsp; Series 2023-NQM3, Class A2, 7.02%, 07/25/2068 <sup>(a)(d)</sup> | 1651700 | 1671971 |
| &nbsp;&nbsp; Series 2024-RTL2, Class A1, 7.25%, 05/25/2029 <sup>(a)(d)</sup> | 1500000 | 1518823 |
| &nbsp;&nbsp; Series 2025-NQM3, Class A3, 5.72%, 08/25/2070 <sup>(a)(d)</sup> | 1483003 | 1488472 |
|  Point Securitization Trust, Series 2025-1, Class A1, 6.25%, 06/25/2055 <sup>(a)</sup> | 1476882 | 1489406 |
|  Pretium Mortgage Credit Partners LLC, Series 2024-NPL5, Class A1, 5.96%, 09/25/2054 <sup>(a)(d)</sup> | 1397274 | 1392889 |
|  PRKCM Trust, Series 2023-AFC3, Class A3, 7.09%, 09/25/2058 <sup>(a)(d)</sup> | 2533382 | 2560642 |
|  Progress Residential Trust, Series 2022-SFR3, Class E1, 5.20%, 04/17/2039 <sup>(a)</sup> | 3000000 | 2979232 |
|  Radnor RE Ltd., Series 2023-1, Class M1A, 7.05% (30 day avg SOFR US + 2.70%), 07/25/2033 <sup>(a)</sup> | 456324 | 459660 |
|  Residential Mortgage Loan Trust Series, 2019-3, Class B1, 3.81%, 09/25/2059 <sup>(a)(b)</sup> | 2750000 | 2704515 |
|  Rithm Capital Corp., Series 2023-NQM1, Class A2, 7.32%, 10/25/2063 <sup>(a)(d)</sup> | 647577 | 657899 |
| Saluda Grade Mortgage Funding LLC | Saluda Grade Mortgage Funding LLC | Saluda Grade Mortgage Funding LLC |
| &nbsp;&nbsp; Series 2025-LOC4, Class M1, 6.65% (30 day avg SOFR US + 2.30%), 06/25/2055 <sup>(a)</sup> | 1000000 | 1004996 |
| &nbsp;&nbsp; Series 2025-NPL2, Class A1, 7.77%, 05/25/2030 <sup>(a)(d)</sup> | 1688940 | 1696552 |
|  Sequoia Mortgage Trust, Series 2025-3, Class A2, 5.50%, 04/25/2055 <sup>(a)(b)</sup> | 1785677 | 1793489 |
|  SGR Residential Mortgage Trust, Series 2022-2, Class A3, 5.35%, 08/25/2062 <sup>(a)(b)</sup> | 762597 | 761099 |
|  Starwood Mortgage Residential Trust, Series 2021-SFR1, Class E, 6.18% (1 mo. Term SOFR + 1.81%), 04/17/2038 <sup>(a)</sup> | 1879174 | 1879275 |
| Toorak Mortgage Trust | Toorak Mortgage Trust | Toorak Mortgage Trust |
| &nbsp;&nbsp; Series 2024-2, Class A2, 8.65%, 10/25/2031 <sup>(a)(d)</sup> | 3000000 | 3041899 |
| &nbsp;&nbsp; Series 2024-RRTL1, Class A2, 7.57%, 02/25/2039 <sup>(a)(d)</sup> | 3738000 | 3780066 |
| Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
| &nbsp;&nbsp; Series 2019-HY2, Class B2, 6.69% (1 mo. Term SOFR + 2.36%), 05/25/2058 <sup>(a)</sup> | 2000000 | 2050951 |
| &nbsp;&nbsp; Series 2024-CES1, Class A1B, 6.05%, 01/25/2064 <sup>(a)(b)</sup> | 1301960 | 1314204 |
| Unlock Hea Trust | Unlock Hea Trust | Unlock Hea Trust |
| &nbsp;&nbsp; Series 2024-1, Class A, 7.00%, 04/25/2039 <sup>(a)</sup> | 2993490 | 3007416 |
| &nbsp;&nbsp; Series 2025-1, Class A, 6.75%, 07/25/2041 <sup>(a)</sup> | 1500000 | 1503800 |
| Vericrest Opportunity Loan Transferee | Vericrest Opportunity Loan Transferee | Vericrest Opportunity Loan Transferee |
| &nbsp;&nbsp; Series 2021-CF2, Class A1, 5.49%, 11/27/2051 <sup>(a)(d)</sup> | 4217303 | 4216902 |
| &nbsp;&nbsp; Series 2021-NP11, Class A1, 5.87%, 08/25/2051 <sup>(a)(d)</sup> | 870002 | 870271 |
| &nbsp;&nbsp; Series 2021-NPL4, Class A2, 8.95%, 03/27/2051 <sup>(a)(c)(d)</sup> | 1654574 | 1658520 |
| &nbsp;&nbsp; Series 2021-NPL6, Class A1, 6.24%, 04/25/2051 <sup>(a)(d)</sup> | 353358 | 353510 |
| Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
| &nbsp;&nbsp; Series 2022-4, Class A2, 4.74%, 04/25/2067 <sup>(a)(b)</sup> | 972078 | 948618 |
| &nbsp;&nbsp; Series 2022-INV1, Class M1, 5.78%, 08/25/2067 <sup>(a)(b)</sup> | 3000000 | 2992367 |
| &nbsp;&nbsp; Series 2023-8, Class A3, 6.97%, 12/25/2068 <sup>(a)(d)</sup> | 1393858 | 1420330 |
|  Vista Point Securitization Trust, Series 2024-CES1, Class A1, 6.68%, 05/25/2054 <sup>(a)(d)</sup> | 694020 | 707907 |
| **TOTAL NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES** (Cost $84,683,755) | **TOTAL NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES** (Cost $84,683,755) | 85391339 |
| **COLLATERALIZED LOAN OBLIGATIONS - 22.0%** | **Par** | **Value**  |
|  Antares CLO Ltd., Series 2021-1A, Class A1, 6.11% (3 mo. Term SOFR + 1.79%), 07/25/2033 <sup>(a)</sup> | 5500000 | 5513926 |
|  Ares Direct Lending CLO LLC, Series 2025-1A, Class A1, 5.40% (3 mo. Term SOFR + 1.38%), 04/20/2038 <sup>(a)</sup> | 2500000 | 2495050 |
| BCC Middle Market CLO LLC | BCC Middle Market CLO LLC | BCC Middle Market CLO LLC |
| &nbsp;&nbsp; Series 2018-1A, Class A1R, 6.58% (3 mo. Term SOFR + 2.25%), 04/20/2036 <sup>(a)</sup> | 5000000 | 5030170 |
| &nbsp;&nbsp; Series 2023-2A, Class A1, 6.83% (3 mo. Term SOFR + 2.50%), 10/21/2035 <sup>(a)</sup> | 2500000 | 2509975 |
| &nbsp;&nbsp; Series 2024-1A, Class A1, 6.07% (3 mo. Term SOFR + 1.75%), 07/17/2036 <sup>(a)</sup> | 4000000 | 4008465 |
|  BCRED BSL CLO Ltd., Series 2023-1A, Class A, 6.63% (3 mo. Term SOFR + 2.30%), 01/20/2036 <sup>(a)</sup> | 2950000 | 2958779 |
| Blackrock CLO Ltd. | Blackrock CLO Ltd. | Blackrock CLO Ltd. |
| &nbsp;&nbsp; Series 2022-1A, Class AR, 5.92% (3 mo. Term SOFR + 1.60%), 01/15/2038 <sup>(a)</sup> | 3750000 | 3757867 |
| &nbsp;&nbsp; Series 2023-1A, Class A1, 6.83% (3 mo. Term SOFR + 2.50%), 04/20/2035 <sup>(a)</sup> | 2100000 | 2101791 |
| Cerberus Loan Funding LP | Cerberus Loan Funding LP | Cerberus Loan Funding LP |
| &nbsp;&nbsp; Series 2023-2A, Class A1, 6.87% (3 mo. Term SOFR + 2.55%), 07/15/2035 <sup>(a)</sup> | 1500000 | 1521161 |
| &nbsp;&nbsp; Series 2024-4A, Class AN, 5.97% (3 mo. Term SOFR + 1.65%), 10/15/2036 <sup>(a)</sup> | 3000000 | 3008429 |
|  Crown Point CLO Ltd., Series 2018-4A, Class A, 5.69% (3 mo. Term SOFR + 1.36%), 04/20/2031 <sup>(a)</sup> | 317173 | 317382 |
|  Deerpath Capital CLO Ltd., Series 2021-1A, Class A1R, 6.12% (3 mo. Term SOFR + 1.80%), 07/15/2036 <sup>(a)</sup> | 3000000 | 3006308 |
|  Fortress Credit Opportunities, Series 2024-23A, Class A1T, 6.52% (3 mo. Term SOFR + 2.20%), 04/15/2036 <sup>(a)</sup> | 5000000 | 5008662 |
| Golub Capital Partners CLO Ltd. | Golub Capital Partners CLO Ltd. | Golub Capital Partners CLO Ltd. |
| &nbsp;&nbsp; Series 2016-30A, Class AR2, 5.95% (3 mo. Term SOFR + 1.62%), 04/20/2034 <sup>(a)</sup> | 6750000 | 6762083 |
| &nbsp;&nbsp; Series 2023-69A, Class A, 6.58% (3 mo. Term SOFR + 2.35%), 11/09/2036 <sup>(a)</sup> | 5000000 | 5015625 |
|  ICG US CLO Ltd., Series 2014-1A, Class A1A2, 5.79% (3 mo. Term SOFR + 1.46%), 10/20/2034 <sup>(a)</sup> | 3650000 | 3654486 |
|  KKR CLO Trust, Series 9, Class AR2, 5.53% (3 mo. Term SOFR + 1.21%), 07/15/2030 <sup>(a)</sup> | 39587 | 39601 |
|  LCM LP, Series 33A, Class AR, 5.49% (3 mo. Term SOFR + 1.18%), 07/20/2034 <sup>(a)</sup> | 4000000 | 4000000 |
|  Monroe Capital MML CLO Ltd., Series 2019-1A, Class AR, 5.97% (3 mo. Term SOFR + 1.76%), 11/22/2033 <sup>(a)</sup> | 3000000 | 3000727 |
| Owl Rock CLO Ltd. | Owl Rock CLO Ltd. | Owl Rock CLO Ltd. |
| &nbsp;&nbsp; Series 2020-3A, Class AR, 6.18% (3 mo. Term SOFR + 1.85%), 04/20/2036 <sup>(a)</sup> | 2330000 | 2344791 |
| &nbsp;&nbsp; Series 2022-7A, Class AR, 5.73% (3 mo. Term SOFR + 1.40%), 04/20/2038 <sup>(a)</sup> | 4000000 | 3997736 |
| &nbsp;&nbsp; Series 2023-12A, Class A1A, 6.88% (3 mo. Term SOFR + 2.55%), 07/20/2034 <sup>(a)</sup> | 4000000 | 4013036 |
|  Palmer Square CLO Ltd., Series 2019-1A, Class A1R, 5.64% (3 mo. Term SOFR + 1.41%), 11/14/2034 <sup>(a)</sup> | 2030000 | 2032132 |
|  PennantPark CLO Ltd., Series 2021-3A, Class A1, 6.21% (3 mo. Term SOFR + 1.88%), 10/22/2032 <sup>(a)</sup> | 1631774 | 1632667 |
|  Saranac CLO, Series 2014-3A, Class ALR, 6.45% (3 mo. LIBOR US + 1.60%), 06/22/2030 <sup>(a)(e)</sup> | 26578 | 26595 |
|  THL Credit Lake Shore MM CLO Ltd., Series 2021-1A, Class AR, 6.02% (3 mo. Term SOFR + 1.70%), 01/15/2037 <sup>(a)</sup> | 4500000 | 4507749 |
|  Trinitas CLO Ltd., Series 2020-14A, Class A1R, 5.66% (3 mo. Term SOFR + 1.34%), 01/25/2034 <sup>(a)</sup> | 1100000 | 1101045 |
|  Venture CDO Ltd., Series 2017-28AA, Class A1RR, 5.44% (3 mo. Term SOFR + 1.11%), 10/20/2034 <sup>(a)</sup> | 1750000 | 1752090 |
| **TOTAL COLLATERALIZED LOAN OBLIGATIONS** (Cost $85,153,053) | **TOTAL COLLATERALIZED LOAN OBLIGATIONS** (Cost $85,153,053) | 85118328 |
| **ASSET-BACKED SECURITIES - 16.3%** | **Par** | **Value**  |
|  ACHV ABS TRUST, Series 2024-3AL, Class D, 6.75%, 12/26/2031 <sup>(a)</sup> | 3782529 | 3833257 |
|  Affirm, Inc., Series 2023-B, Class 1C, 7.81%, 09/15/2028 <sup>(a)</sup> | 2450000 | 2452617 |
|  Bayview Opportunity Master Fund VII 2024-EDU1 LLC, Series 2024-EDU1, Class A, 5.80% (30 day avg SOFR US + 1.45%), 06/25/2047 <sup>(a)</sup> | 1642768 | 1653999 |
|  CPS Auto Trust, Series 2022-D, Class D, 8.73%, 01/16/2029 <sup>(a)</sup> | 4000000 | 4160172 |
|  Credit-Based Asset Servicing and Securitization LLC, Series 2003-CB1, Class AF, 3.95%, 01/25/2033 <sup>(d)</sup> | 1 | 1 |
|  Flagship Credit Auto Trust, Series 2019-3, Class E, 3.84%, 12/15/2026 <sup>(a)</sup> | 794397 | 793781 |
|  Foundation Finance Trust, Series 2023-1A, Class D, 9.18%, 12/15/2043 <sup>(a)</sup> | 2708675 | 2906934 |
|  Labrador Aviation Finance Ltd., Series 2016-1A, Class A1, 4.30%, 01/15/2042 <sup>(a)</sup> | 2556971 | 2493131 |
| Oportun Financial Corp. | Oportun Financial Corp. | Oportun Financial Corp. |
| &nbsp;&nbsp; Series 2021-B, Class B, 1.96%, 05/08/2031 <sup>(a)</sup> | 451966 | 442732 |
| &nbsp;&nbsp; Series 2025-C, Class B, 4.93%, 07/08/2033 <sup>(a)</sup> | 2000000 | 2006369 |
| &nbsp;&nbsp; Series 2025-C, Class D, 5.91%, 07/08/2033 <sup>(a)</sup> | 2000000 | 2009224 |
|  Oxford Finance Funding Trust, Series 2023-1A, Class A2, 6.72%, 02/15/2031 <sup>(a)</sup> | 1887453 | 1920170 |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
| &nbsp;&nbsp; Series 2021-HG1, Class A, 1.22%, 01/16/2029 <sup>(a)</sup> | 153280 | 152949 |
| &nbsp;&nbsp; Series 2022-5, Class B, 10.31%, 06/17/2030 <sup>(a)</sup> | 999963 | 1029149 |
| &nbsp;&nbsp; Series 2023-7, Class C, 8.80%, 07/15/2031 <sup>(a)</sup> | 3670337 | 3699613 |
| &nbsp;&nbsp; Series 2023-8, Class A, 7.30%, 06/16/2031 <sup>(a)</sup> | 938343 | 954223 |
| &nbsp;&nbsp; Series 2023-8, Class B, 7.96%, 06/16/2031 <sup>(a)</sup> | 2188791 | 2236273 |
| &nbsp;&nbsp; Series 2024-1, Class C, 8.34%, 07/15/2031 <sup>(a)</sup> | 2384579 | 2418468 |
| &nbsp;&nbsp; Series 2024-2, Class C, 7.57%, 08/15/2031 <sup>(a)</sup> | 2592750 | 2631575 |
| &nbsp;&nbsp; Series 2024-6, Class C, 7.07%, 11/15/2031 <sup>(a)</sup> | 5052408 | 5104880 |
| &nbsp;&nbsp; Series 2024-8, Class A, 5.33%, 01/15/2032 <sup>(a)</sup> | 647791 | 650808 |
|  South Carolina Student Loan Corp., Series 2013-1, Class A, 4.96% (30 day avg SOFR US + 0.61%), 01/25/2041 | 52082 | 51269 |
|  SpringCastle America LLC, Series 2020-AA, Class A, 1.97%, 09/25/2037 <sup>(a)</sup> | 2440395 | 2323321 |
|  Theorem Funding Trust, Series 2022-2A, Class B, 9.27%, 12/15/2028 <sup>(a)</sup> | 5901285 | 5945085 |
|  Thunderbolt Aircraft Lease, Series 2019-1, Class A, 3.67%, 11/15/2039 <sup>(a)</sup> | 2197055 | 2116047 |
|  Upgrade Master Pass-Thru Trust, Series 2025-ST3, Class A, 5.98%, 06/15/2032 <sup>(a)</sup> | 4594652 | 4650569 |
|  Upstart Securitization Trust, Series 2023-2, Class B, 7.92%, 06/20/2033 <sup>(a)</sup> | 4213755 | 4262705 |
| **TOTAL ASSET-BACKED SECURITIES** (Cost $62,516,579) | **TOTAL ASSET-BACKED SECURITIES** (Cost $62,516,579) | 62899321 |
| **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 12.5%** | **Par** | **Value**  |
| Fannie Mae Connecticut Avenue Securities | Fannie Mae Connecticut Avenue Securities | Fannie Mae Connecticut Avenue Securities |
| &nbsp;&nbsp; Series 2020-SBT1, Class 1M2, 8.11% (30 day avg SOFR US + 3.76%), 02/25/2040 <sup>(a)</sup> | 1983000 | 2059981 |
| &nbsp;&nbsp; Series 2021-R01, Class 1B1, 7.45% (30 day avg SOFR US + 3.10%), 10/25/2041 <sup>(a)</sup> | 1150000 | 1177043 |
| &nbsp;&nbsp; Series 2021-R01, Class 1M2, 5.90% (30 day avg SOFR US + 1.55%), 10/25/2041 <sup>(a)</sup> | 1196198 | 1202745 |
| &nbsp;&nbsp; Series 2021-R02, Class 2M2, 6.35% (30 day avg SOFR US + 2.00%), 11/25/2041 <sup>(a)</sup> | 1905612 | 1922721 |
| &nbsp;&nbsp; Series 2022-R01, Class 1M2, 6.25% (30 day avg SOFR US + 1.90%), 12/25/2041 <sup>(a)</sup> | 1300000 | 1313221 |
| &nbsp;&nbsp; Series 2023-R01, Class 1M2, 8.10% (30 day avg SOFR US + 3.75%), 12/25/2042 <sup>(a)</sup> | 1000000 | 1057017 |
| &nbsp;&nbsp; Series 2023-R04, Class 1M2, 7.90% (30 day avg SOFR US + 3.55%), 05/25/2043 <sup>(a)</sup> | 2750000 | 2916349 |
| &nbsp;&nbsp; Series 2024-R01, Class 1B1, 7.05% (30 day avg SOFR US + 2.70%), 01/25/2044 <sup>(a)</sup> | 1200000 | 1239157 |
| &nbsp;&nbsp; Series 2024-R02, Class 1B1, 6.85% (30 day avg SOFR US + 2.50%), 02/25/2044 <sup>(a)</sup> | 2350000 | 2414138 |
| &nbsp;&nbsp; Series 2024-R03, Class 2B1, 7.15% (30 day avg SOFR US + 2.80%), 03/25/2044 <sup>(a)</sup> | 1000000 | 1032632 |
| &nbsp;&nbsp; Series 2024-R03, Class 2M2, 6.30% (30 day avg SOFR US + 1.95%), 03/25/2044 <sup>(a)</sup> | 1000000 | 1013354 |
| &nbsp;&nbsp; Series 2024-R05, Class 2B1, 6.35% (30 day avg SOFR US + 2.00%), 07/25/2044 <sup>(a)</sup> | 2596000 | 2618843 |
| &nbsp;&nbsp; Series 2025-R01, Class 1M2, 5.85% (30 day avg SOFR US + 1.50%), 01/25/2045 <sup>(a)</sup> | 2500000 | 2514590 |
|  Federal National Mortgage Association, Series 2025-30, Class BA, 5.00%, 04/25/2052 | 1858714 | 1851054 |
| Freddie Mac Structured Agency Credit Risk Debt Notes | Freddie Mac Structured Agency Credit Risk Debt Notes | Freddie Mac Structured Agency Credit Risk Debt Notes |
| &nbsp;&nbsp; Series 2018-SPI2, Class M2, 3.85%, 05/25/2048 <sup>(a)(f)</sup> | 29416 | 28547 |
| &nbsp;&nbsp; Series 2020-HQA5, Class B1, 8.35% (30 day avg SOFR US + 4.00%), 11/25/2050 <sup>(a)</sup> | 1350000 | 1491826 |
| &nbsp;&nbsp; Series 2021-DNA1, Class B1, 7.00% (30 day avg SOFR US + 2.65%), 01/25/2051 <sup>(a)</sup> | 1060000 | 1114848 |
| &nbsp;&nbsp; Series 2021-DNA2, Class B1, 7.75% (30 day avg SOFR US + 3.40%), 08/25/2033 <sup>(a)</sup> | 2060000 | 2302091 |
| &nbsp;&nbsp; Series 2021-DNA5, Class B1, 7.40% (30 day avg SOFR US + 3.05%), 01/25/2034 <sup>(a)</sup> | 2000000 | 2143812 |
| &nbsp;&nbsp; Series 2021-DNA6, Class M2, 5.85% (30 day avg SOFR US + 1.50%), 10/25/2041 <sup>(a)</sup> | 1258574 | 1263806 |
| &nbsp;&nbsp; Series 2022-DNA1, Class M2, 6.85% (30 day avg SOFR US + 2.50%), 01/25/2042 <sup>(a)</sup> | 2500000 | 2548670 |
| &nbsp;&nbsp; Series 2022-DNA3, Class M1B, 7.25% (30 day avg SOFR US + 2.90%), 04/25/2042 <sup>(a)</sup> | 7500000 | 7739784 |
| &nbsp;&nbsp; Series 2022-DNA4, Class M1B, 7.70% (30 day avg SOFR US + 3.35%), 05/25/2042 <sup>(a)</sup> | 4163000 | 4323729 |
| &nbsp;&nbsp; Series 2023-HQA2, Class M2, 8.20% (30 day avg SOFR US + 3.85%), 06/25/2043 <sup>(a)</sup> | 1000000 | 1064310 |
|  Government National Mortgage Association, Series 2008-55, Class WT, 5.41%, 06/20/2037 <sup>(f)</sup> | 4363 | 4367 |
| **TOTAL AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES** (Cost $46,888,532) | **TOTAL AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES** (Cost $46,888,532) | 48358635 |
| **CORPORATE BONDS - 0.5%** | **Par** | **Value**  |
| **Financial - 0.5%** | **Financial - 0.5%** | **Financial - 0.5%** |
|  Korth Direct Mortgage, Inc., 11.60%, 02/25/2026 <sup>(a)(d)(g)</sup> | 2000000 | 1891250 |
| **TOTAL CORPORATE BONDS** (Cost $2,000,000) | **TOTAL CORPORATE BONDS** (Cost $2,000,000) | 1891250 |
| **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 0.0%<sup>(h)</sup>** | **Par** | **Value**  |
|  Government National Mortgage Association, Series 2009-4, Class IO, 0.39%, 01/16/2049 <sup>(b)(i)</sup> | 251233 | 159 |
| **TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES** (Cost $1,567) | **TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES** (Cost $1,567) | 159 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 3.7%** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class X, 4.22%<sup>(j)</sup> | 14160673 | 14160673 |
| **TOTAL MONEY MARKET FUNDS** (Cost $14,160,673) | **TOTAL MONEY MARKET FUNDS** (Cost $14,160,673) | 14160673 |
| **TOTAL INVESTMENTS - 101.7% (**Cost $391,027,429**)** | **TOTAL INVESTMENTS - 101.7% (**Cost $391,027,429**)** | 392987254 |
| Liabilities in Excess of Other Assets - (1.7)% | Liabilities in Excess of Other Assets - (1.7)% | (6596733) |
| **TOTAL NET ASSETS - 100.0%** |  | $386390521 |
| two | two | –% |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

LIBOR - London Interbank Offered Rate <br> REMIC - Real Estate Mortgage Investment Conduit <br> SOFR - Secured Overnight Financing Rate

(a) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified
 institutional investors. As of August 31, 2025, the value of these securities total $375,178,950 or 97.1% of the Fund's net assets.

(b) Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate
 disclosed is as of August 31, 2025.

(c) This security accrues interest which is added to the outstanding principal balance. The interest payment will be deferred until all other tranches in the structure are paid off. The rate
 disclosed is as of August 31, 2025.

(d) Step coupon bond. The rate disclosed is as of August 31, 2025.

(e) Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

(f) Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral
 increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of August 31, 2025.

(g) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities
 represented $1,891,250 or 0.5% of net assets as of August 31, 2025.

(h) Represents less than 0.05% of net assets.

(i) Interest only security.

(j) The rate shown represents the 7-day annualized yield as of August 31, 2025.

------

#### Summary of Fair Value Disclosure as of August 31, 2025 (Unaudited)
Medalist Partners Short Duration Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

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

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

The following is a summary of the fair valuation hierarchy of the Fund's securities as of August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage Backed Securities | $– | $95167549 | $– | $95167549 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Non-Agency Residential Mortgage Backed Securities | – | 85391339 | – | 85391339 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Loan Obligations | – | 85118328 | – | 85118328 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities | – | 62899321 | – | 62899321 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Agency Residential Mortgage-Backed Securities | – | 48358635 | – | 48358635 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | – | – | 1891250 | 1891250 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Agency Commercial Mortgage Backed Securities | – | 159 | – | 159 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 14160673 | – | – | 14160673 |
| Total Investments | $14160673 | $376935331 | $1891250 | $392987254 |
| Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There was one transfer out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There was one transfer out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There was one transfer out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There was one transfer out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There was one transfer out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
|  | **Asset-Backed Securities** | **Commercial Mortgage-Backed Securities** | **Corporate Bonds** |
| Balance as of November 30, 2024 | $251328 | $3500000 | $1891250 |
| Accrued discounts/premiums | - | - | 15981 |
| Realized gain/(loss) | - | - | - |
| Change in unrealized appreciation/(depreciation) | - | - | (15981) |
| Purchases | - | - | - |
| Sales | - | - | - |
| Transfers in and/or out of Level 3 | (251328) | (3500000) | - |
| Balance as of August 31, 2025 | $- | $- | $1891250 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Value** | **Valuation Technique(s)** | **Unobservable Input** | **Input/Range** |
| Corporate Bonds | $1891250 | Market Transaction Method | Prior/Recent Transaction | $94.56 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Advisors Series Trust

- **b. Investment Company Act file number:** 811-07959

- **c. CIK number of Registrant:** 0001027596

- **d. LEI of Registrant:** 2549003Z0J6URS6I4Y63

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

  - **Street Address 1:** 615 East Michigan Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 626-914-7363

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

- **a. Name of Series:** Medalist Partners Short Duration Fund

- **b. EDGAR series identifier (if any):** S000044807

- **c. LEI of Series:** 549300MF968VBDGE3F26

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

- **a. Date of fiscal year-end:** 2025-11-30

- **b. Date as of which information is reported:** 2025-08-31

**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:** $394571658.70

**Total Liabilities:** $9344037.23

**Net Assets:** $385227621.47

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 17655.956287000000 | **1-Year:** 31702.144990000000 | **5-Year:** 13267.071035000000 | **10-Year:** 5306.688907000000 | **30-Year:** 100.684150000000

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

- **3-Month:** 4987.828366000000 | **1-Year:** 7589.928572000000 | **5-Year:** 9192.319148000000 | **10-Year:** 1321.170643000000 | **30-Year:** 74.396430000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000139162 | 0.73%                | 0.52%                | 0.73%                |
| Class ID C000139163 | 0.71%                | 0.50%                | 0.81%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $170871.62               | $652203.28                                 |
| Month 2  | $16469.33                | $-69406.05                                 |
| Month 3  | $21523.61                | $980933.28                                 |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Multifamily Connecticut Avenue | Multifamily Connecticut Avenue Securities Trust 2023-01               | CUSIP: 62548NAC2<br>LEI: 254900JAK6X5OPMD5925 | Long             | ABS-MBS          | CORP              | US        |    665000 | PA      | $768073.20    | 0.20%             | 2053-11-25      | Floating      | 14.10%                | No            |                  2 | On Loan: No      |
| BCC Middle Market CLO          | BCC Middle Market CLO 2024-1 LLC                                      | CUSIP: 05555GAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $4008465.20   | 1.04%             | 2036-07-17      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| BX Trust                       | BX Trust 2021-BXMF                                                    | CUSIP: 05609RAS3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1939262 | PA      | $1924425.00   | 0.50%             | 2026-10-15      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                       | BXMT 2021-FL4 Ltd                                                     | CUSIP: 05609GAG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3000000 | PA      | $2924166.00   | 0.76%             | 2038-05-15      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust   | CSMC 2021-NQM4                                                        | CUSIP: 12659PAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1185435 | PA      | $1020861.13   | 0.27%             | 2066-05-25      | Variable      | 1.10%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC               | COLT 2022-7 Mortgage Loan Trust                                       | CUSIP: 12663GAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1999360.20   | 0.52%             | 2067-04-25      | Variable      | 6.26%                 | No            |                  2 | On Loan: No      |
| Deerpath Capital CLO LTD       | Deerpath Capital CLO 2021-1 Ltd                                       | CUSIP: 24460EAU6<br>LEI: 984500P76C2D11B3FA56 | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $3006308.10   | 0.78%             | 2036-07-15      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR Securitized Participation Interests Trust 2018-SPI2 | CUSIP: 3137G1CT2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     29416 | PA      | $28547.39     | 0.01%             | 2048-05-25      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                    | FIGRE Trust 2024-HE5                                                  | CUSIP: 31684FAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1643141 | PA      | $1648182.56   | 0.43%             | 2054-10-25      | Variable      | 5.44%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR REMIC Trust 2021-DNA1                               | CUSIP: 35564KBD0<br>LEI: 5493000IT1PBTE7DAT80 | Long             | ABS-MBS          | CORP              | US        |   1060000 | PA      | $1114848.43   | 0.29%             | 2051-01-25      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR REMIC Trust 2021-DNA2                               | CUSIP: 35564KDX4<br>LEI: 5493007ZK0X40BI7UF30 | Long             | ABS-MBS          | CORP              | US        |   2060000 | PA      | $2302091.41   | 0.60%             | 2033-08-25      | Floating      | 7.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR REMIC Trust 2020-HQA5                               | CUSIP: 35565TBD0<br>LEI: 5493000IT2BRJ2Q9YQ96 | Long             | ABS-MBS          | CORP              | US        |   1350000 | PA      | $1491825.60   | 0.39%             | 2050-11-25      | Floating      | 8.35%                 | No            |                  2 | On Loan: No      |
| GCAT                           | GCAT 2023-NQM1 Trust                                                  | CUSIP: 36169BAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1955101 | PA      | $1866225.04   | 0.48%             | 2057-10-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust   | GS Mortgage Securities Corp II                                        | CUSIP: 36269JAL2<br>LEI: 5493005BBCF84ICNQ550 | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2605860.75   | 0.68%             | 2041-03-10      | Variable      | 9.26%                 | No            |                  2 | On Loan: No      |
| HTAP Trust                     | HTAP Issuer Trust 2025-1                                              | CUSIP: 40446AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2886066 | PA      | $2876231.71   | 0.75%             | 2042-11-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Home Re Ltd                    | Home RE 2021-1 Ltd                                                    | CUSIP: 437307AD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    369212 | PA      | $370997.03    | 0.10%             | 2033-07-25      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Wealth Management  | JPMorgan Chase Bank NA - JPMWM                                        | CUSIP: 46591HBM1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    984644 | PA      | $978202.77    | 0.25%             | 2051-03-25      | Floating      | 6.15%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor | JP Morgan Chase Commercial Mortgage Securities Trust 2021-NYAH        | CUSIP: 46654EAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1400000 | PA      | $1271084.92   | 0.33%             | 2038-06-15      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| Monroe Capital MML CLO         | MONROE CAPITAL MML CLO VIII LTD                                       | CUSIP: 61034RAJ1<br>LEI: 254900CN59JSSABI7X69 | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $3000726.60   | 0.78%             | 2033-11-22      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan  | New Residential Mortgage Loan Trust 2023-NQM1                         | CUSIP: 64831HAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    647577 | PA      | $657898.52    | 0.17%             | 2063-10-25      | Variable      | 7.32%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC            | Oportun Issuance Trust 2021-B                                         | CUSIP: 68377GAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    451966 | PA      | $442731.69    | 0.11%             | 2031-05-08      | Fixed         | 1.96%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC            | Oportun Issuance Trust 2025-C                                         | CUSIP: 68378RAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2009224.00   | 0.52%             | 2033-07-08      | Fixed         | 5.91%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Trust 2023-8                                           | CUSIP: 694960AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2188791 | PA      | $2236272.91   | 0.58%             | 2031-06-16      | Fixed         | 7.96%                 | No            |                  2 | On Loan: No      |
| Radnor Re LTD                  | Radnor RE 2023-1 Ltd                                                  | CUSIP: 75050KAA4<br>LEI: 254900P3K895250PCC81 | Long             | ABS-MBS          | CORP              | BM        |    456324 | PA      | $459660.12    | 0.12%             | 2033-07-25      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortg | Saluda Grade Alternative Mortgage Trust 2025-NPL2                     | CUSIP: 79589BAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1688940 | PA      | $1696551.72   | 0.44%             | 2030-05-25      | Variable      | 7.77%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2025-3                                         | CUSIP: 817370AB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1785677 | PA      | $1793489.15   | 0.47%             | 2055-04-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Upgrade Master Pass-Thru Trust | Upgrade Master Pass-Thru Trust Series 2025-ST3                        | CUSIP: 91534LAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4594652 | PA      | $4650569.07   | 1.21%             | 2032-06-15      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| AXMF Re-REMIC Trust            | AXMF Re-REMIC Trust 2025-SBRR1                                        | CUSIP: 00249HAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4943885 | PA      | $4897911.01   | 1.27%             | 2058-04-27      | Variable      | 6.74%                 | No            |                  2 | On Loan: No      |
| BCC Middle Market CLO          | BCC Middle Market CLO 2023-2 LLC                                      | CUSIP: 05554QAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2500000 | PA      | $2509975.00   | 0.65%             | 2035-10-21      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| Blackrock CLO                  | Blackrock MT Hood CLO X LLC                                           | CUSIP: 09263GAC1<br>LEI: 549300N3N5OOLMSHXG32 | Long             | ABS-CBDO         | CORP              | US        |   2100000 | PA      | $2101791.30   | 0.55%             | 2035-04-20      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| Boston Lending Trust 2021-1    | Boston Lending Trust 2021-1                                           | CUSIP: 100842AC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    542029 | PA      | $421115.12    | 0.11%             | 2061-07-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                       | BXMT 2020-FL2 LTD                                                     | CUSIP: 12434LAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5050000 | PA      | $4943985.35   | 1.28%             | 2038-02-15      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| Cerberus                       | Cerberus Loan Funding XLI LLC                                         | CUSIP: 15674VAA2<br>LEI: 635400YAOHPN8ZVJAS71 | Long             | ABS-CBDO         | CORP              | US        |   1500000 | PA      | $1521160.80   | 0.39%             | 2035-07-15      | Floating      | 6.87%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS               | Connecticut Avenue Securities Trust 2023-R04                          | CUSIP: 20754QAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2750000 | PA      | $2916348.88   | 0.76%             | 2043-05-25      | Floating      | 7.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS               | Connecticut Avenue Securities Trust 2021-R01                          | CUSIP: 20754RAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1150000 | PA      | $1177043.40   | 0.31%             | 2041-10-25      | Floating      | 7.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS               | Connecticut Avenue Securities Trust 2024-R05                          | CUSIP: 20754XAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2596000 | PA      | $2618842.98   | 0.68%             | 2044-07-25      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS               | Connecticut Avenue Securities Series 2025-R01                         | CUSIP: 20755JAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2514590.00   | 0.65%             | 2045-01-25      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS               | Connecticut Avenue Securities Trust 2023-R01                          | CUSIP: 207932AB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1057017.40   | 0.27%             | 2042-12-25      | Floating      | 8.10%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                    | FIGRE Trust 2025-HE4                                                  | CUSIP: 31684PAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1930751 | PA      | $1942751.21   | 0.50%             | 2055-07-25      | Variable      | 5.71%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust     | Flagship Credit Auto Trust 2019-3                                     | CUSIP: 33846AAJ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    794397 | PA      | $793781.01    | 0.21%             | 2026-12-15      | Fixed         | 3.84%                 | No            |                  2 | On Loan: No      |
| Fortress Credit Opportunities  | Fortress Credit Opportunities XXIII CLO LLC                           | CUSIP: 34961UAA7<br>LEI: 254900LR5MC94WOL3Z80 | Long             | ABS-CBDO         | CORP              | US        |   5000000 | PA      | $5008662.00   | 1.30%             | 2036-04-15      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust       | Foundation Finance Trust 2023-1                                       | CUSIP: 35042AAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2708675 | PA      | $2906933.84   | 0.75%             | 2043-12-15      | Fixed         | 9.18%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                              | CUSIP: 38375QR27<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      4363 | PA      | $4366.80      | 0.00%             | 2037-06-20      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta | Greystone CRE Notes 2024-HC3                                          | CUSIP: 39808MAJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1995000 | PA      | $2010422.95   | 0.52%             | 2041-03-15      | Floating      | 9.70%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2019-6                                       | CUSIP: 46651BBA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3765523 | PA      | $3519914.18   | 0.91%             | 2049-12-25      | Variable      | 4.26%                 | No            |                  2 | On Loan: No      |
| KKR Financial CLO Ltd          | KKR CLO 9 Ltd                                                         | CUSIP: 48250LAW9<br>LEI: 549300C6QY0XRSC8FH09 | Long             | ABS-CBDO         | CORP              | KY        |     39587 | PA      | $39601.47     | 0.01%             | 2030-07-15      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| KORTH DIRECT MORTGAGE          | Korth Direct Mortgage Inc                                             | CUSIP: 50067HDD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1891250.00   | 0.49%             | 2026-02-25      | Fixed         | 11.60%                | No            |                  3 | On Loan: No      |
| LCM Ltd Partnership            | LCM 33 Ltd                                                            | CUSIP: 50202CAJ3<br>LEI: 5493006LYYH2XWCWW153 | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $4000000.00   | 1.04%             | 2034-07-20      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Labrador Aviation Finance Limi | Labrador Aviation Finance Ltd 2016-1A                                 | CUSIP: 50543LAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2556971 | PA      | $2493130.70   | 0.65%             | 2042-01-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Lake Shore MM CLO              | Lake Shore MM CLO IV Ltd                                              | CUSIP: 510758AC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4500000 | PA      | $4507749.00   | 1.17%             | 2037-01-15      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| Lehman Brothers Small Balance  | Lehman Brothers Small Balance Commercial Mortgage Trust 2007-1        | CUSIP: 52521GAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2294492 | PA      | $2121623.66   | 0.55%             | 2037-03-25      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Capita | MSSG Trust 2017-237P                                                  | CUSIP: 55375KAS5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4758438.75   | 1.24%             | 2039-09-13      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                     | MFA 2025-NQM3 Trust                                                   | CUSIP: 58004LAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1483003 | PA      | $1488471.50   | 0.39%             | 2070-08-25      | Variable      | 5.72%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                     | MFA 2024-RTL2 Trust                                                   | CUSIP: 592916AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1518822.90   | 0.39%             | 2029-05-25      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue | Multifamily Connecticut Avenue Securities Trust 2025-01               | CUSIP: 62549CAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3500000 | PA      | $3642774.63   | 0.95%             | 2055-05-25      | Floating      | 9.55%                 | No            |                  2 | On Loan: No      |
| Owl Rock CLO Ltd               | Owl Rock CLO III Ltd                                                  | CUSIP: 69120DAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2330000 | PA      | $2344790.84   | 0.61%             | 2036-04-20      | Floating      | 6.18%                 | No            |                  2 | On Loan: No      |
| Owl Rock CLO Ltd               | Owl Rock CLO XII LLC                                                  | CUSIP: 69120FAA4<br>LEI: 254900JJTJWEFXX1CD23 | Long             | ABS-CBDO         | CORP              | US        |   4000000 | PA      | $4013036.00   | 1.04%             | 2034-07-20      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| Pennantpark CLO                | PennantPark CLO III Ltd                                               | CUSIP: 70806JAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1631774 | PA      | $1632666.82   | 0.42%             | 2032-10-22      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST STUDENT LOAN | South Carolina Student Loan Corp                                      | CUSIP: 83715AAM1<br>LEI: 549300PIO3ZMSROGFF38 | Long             | DBT              | MUN               | US        |     52082 | PA      | $51268.84     | 0.01%             | 2041-01-25      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| Springcastle SPV               | SpringCastle America Funding LLC                                      | CUSIP: 85022WAP9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2440395 | PA      | $2323320.64   | 0.60%             | 2037-09-25      | Fixed         | 1.97%                 | No            |                  2 | On Loan: No      |
| TPG Real Estate Finance        | TRTX 2021-FL4 Issuer Ltd                                              | CUSIP: 87276WAG8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $4996402.00   | 1.30%             | 2038-03-15      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| Toorak Mortgage Corp.          | Toorak Mortgage Trust 2024-RRTL1                                      | CUSIP: 89054YAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3738000 | PA      | $3780065.96   | 0.98%             | 2039-02-25      | Variable      | 7.57%                 | No            |                  2 | On Loan: No      |
| Venture CDO Ltd                | Venture 28A Clo Ltd                                                   | CUSIP: 92331DBJ6<br>LEI: 549300NQLVRN86RJ6081 | Long             | ABS-CBDO         | CORP              | KY        |   1750000 | PA      | $1752090.20   | 0.45%             | 2034-10-20      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2022-4                                     | CUSIP: 92538NAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    972078 | PA      | $948617.48    | 0.25%             | 2067-04-25      | Variable      | 4.74%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2022-INV1                                  | CUSIP: 92539JAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2992366.80   | 0.78%             | 2067-08-25      | Variable      | 5.78%                 | No            |                  2 | On Loan: No      |
| Vista Point Securitization Tru | Vista Point Securitization Trust 2024-CES1                            | CUSIP: 92839HAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    694020 | PA      | $707907.00    | 0.18%             | 2054-05-25      | Variable      | 6.68%                 | No            |                  2 | On Loan: No      |
| Vericrest Opportunity Loan Tra | VOLT CII LLC                                                          | CUSIP: 92873HAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    870002 | PA      | $870270.62    | 0.23%             | 2051-08-25      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| Ares Direct Lending CLO LLC    | Ares Direct Lending CLO 5 LLC                                         | CUSIP: 04020UAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2495050.00   | 0.65%             | 2038-04-20      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| Atrium Hotel Portfolio Trust   | Atrium Hotel Portfolio Trust 2024-ATRM                                | CUSIP: 04963XAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $4091634.20   | 1.06%             | 2029-11-10      | Variable      | 9.52%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S | BBCMS 2019-BWAY Mortgage Trust                                        | CUSIP: 05492NAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1303301 | PA      | $827609.23    | 0.21%             | 2034-11-15      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S | BBCMS 2020-BID Mortgage Trust                                         | CUSIP: 05493BAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4998882.50   | 1.30%             | 2037-10-15      | Floating      | 7.02%                 | No            |                  2 | On Loan: No      |
| Banc of America Merrill Lynch  | BAMLL Trust 2025-ASHF                                                 | CUSIP: 05494CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6000000 | PA      | $6010969.80   | 1.56%             | 2042-02-15      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR REMIC Trust 2022-DNA1                               | CUSIP: 35564KQC6<br>LEI: 5493000ISBDRXIMCHZ70 | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2548670.00   | 0.66%             | 2042-01-25      | Floating      | 6.85%                 | No            |                  2 | On Loan: No      |
| ICG US CLO Ltd                 | ICG US CLO 2014-1 Ltd                                                 | CUSIP: 44928XAY0<br>LEI: 25490053S2JSJU63Y978 | Long             | ABS-CBDO         | CORP              | KY        |   3650000 | PA      | $3654485.85   | 0.95%             | 2034-10-20      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga | MF1 Multifamily Housing Mortgage Loan Trust                           | CUSIP: 55282XAJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $999879.85    | 0.26%             | 2036-07-15      | Floating      | 6.98%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga | MF1 2021-FL7 Ltd                                                      | CUSIP: 55284AAL2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1700000 | PA      | $1630073.65   | 0.42%             | 2036-10-16      | Floating      | 7.27%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                     | MFA 2023-NQM3 Trust                                                   | CUSIP: 55286MAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1651700 | PA      | $1671971.10   | 0.43%             | 2068-07-25      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                    | PRKCM 2023-AFC3 Trust                                                 | CUSIP: 693984AC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2533382 | PA      | $2560642.42   | 0.66%             | 2058-09-25      | Variable      | 7.09%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Trust 2023-8                                           | CUSIP: 694960AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    938343 | PA      | $954223.45    | 0.25%             | 2031-06-16      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2024-8                                   | CUSIP: 69544QAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    647791 | PA      | $650808.20    | 0.17%             | 2032-01-15      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust 2021-HG1                               | CUSIP: 69547PAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    153280 | PA      | $152949.04    | 0.04%             | 2029-01-16      | Fixed         | 1.22%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Trust 2023-7                                           | CUSIP: 69548RAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3670337 | PA      | $3699613.10   | 0.96%             | 2031-07-15      | Fixed         | 8.80%                 | No            |                  2 | On Loan: No      |
| Point Securitization Trust     | Point Securitization Trust 2025-1                                     | CUSIP: 73072DAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1476882 | PA      | $1489406.34   | 0.39%             | 2055-06-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                       | BXMT 2021-FL4 Ltd                                                     | CUSIP: 05609GAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   6000000 | PA      | $5899842.00   | 1.53%             | 2038-05-15      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS               | Connecticut Avenue Securities Trust 2020-SBT1                         | CUSIP: 20753VBE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1983000 | PA      | $2059980.85   | 0.53%             | 2040-02-25      | Floating      | 8.11%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS               | Connecticut Avenue Securities Trust 2024-R02                          | CUSIP: 20754GAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2350000 | PA      | $2414138.32   | 0.63%             | 2044-02-25      | Floating      | 6.85%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T | EFMT 2024-RM2                                                         | CUSIP: 268431AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1332072 | PA      | $1308269.25   | 0.34%             | 2054-07-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust      | Towd Point Mortgage Trust 2024-CES1                                   | CUSIP: 89183CAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1301960 | PA      | $1314203.91   | 0.34%             | 2064-01-25      | Variable      | 6.05%                 | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd               | Trinitas CLO XIV Ltd                                                  | CUSIP: 89641QAN0<br>LEI: 549300095MXHZZMH2053 | Long             | ABS-CBDO         | CORP              | KY        |   1100000 | PA      | $1101045.00   | 0.29%             | 2034-01-25      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                                     | CUSIP: 3136BVP44<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1858714 | PA      | $1851053.52   | 0.48%             | 2052-04-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR REMIC Trust 2021-DNA6                               | CUSIP: 35564KKY4<br>LEI: 5493000ISONLNOUKGB71 | Long             | ABS-MBS          | CORP              | US        |   1258574 | PA      | $1263805.51   | 0.33%             | 2041-10-25      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR REMIC Trust 2022-DNA3                               | CUSIP: 35564KUX5<br>LEI: 5493000IS4M3TZMRB410 | Long             | ABS-MBS          | CORP              | US        |   7500000 | PA      | $7739784.00   | 2.01%             | 2042-04-25      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR REMIC Trust 2022-DNA4                               | CUSIP: 35564KWT2<br>LEI: 5493000IS4CDPWRMWB65 | Long             | ABS-MBS          | CORP              | US        |   4163000 | PA      | $4323729.27   | 1.12%             | 2042-05-25      | Floating      | 7.70%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                              | CUSIP: 38373M5R7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    251233 | PA      | $158.62       | 0.00%             | 2049-01-16      | Variable      | 0.39%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta | Greystone CRE Notes 2024-HC3                                          | CUSIP: 39808MAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2925000 | PA      | $2936919.38   | 0.76%             | 2041-03-15      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta | Greystone CRE Notes 2024-HC3                                          | CUSIP: 39808MAG8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4100000 | PA      | $4126781.00   | 1.07%             | 2041-03-15      | Floating      | 8.80%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2023-HE3                                     | CUSIP: 465985AA7<br>LEI: 5299007DSRZLE19EYU93 | Long             | ABS-MBS          | CORP              | US        |    677826 | PA      | $684923.32    | 0.18%             | 2054-05-20      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2018-7FRB                                    | CUSIP: 46650AAM5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2058004 | PA      | $2011446.32   | 0.52%             | 2046-04-25      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Trust 2024-1                                           | CUSIP: 69548AAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2384579 | PA      | $2418468.17   | 0.63%             | 2031-07-15      | Fixed         | 8.34%                 | No            |                  2 | On Loan: No      |
| Star Trust                     | STAR 2021-SFR1 Trust                                                  | CUSIP: 85521DAJ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1879174 | PA      | $1879275.34   | 0.49%             | 2038-04-17      | Floating      | 6.18%                 | No            |                  2 | On Loan: No      |
| UNLOCK HEA TRUST               | Unlock HEA Trust 2024-1                                               | CUSIP: 91530QAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2993490 | PA      | $3007416.01   | 0.78%             | 2039-04-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust   | Upstart Securitization Trust 2023-2                                   | CUSIP: 91683VAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4213755 | PA      | $4262705.26   | 1.11%             | 2033-06-20      | Fixed         | 7.92%                 | No            |                  2 | On Loan: No      |
| Vericrest Opportunity Loan Tra | VOLT XCVII LLC                                                        | CUSIP: 91835EAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    353358 | PA      | $353510.30    | 0.09%             | 2051-04-25      | Variable      | 6.24%                 | No            |                  2 | On Loan: No      |
| BCRED CLO LLC                  | BCRED CLO 2023-1 LLC                                                  | CUSIP: 055978AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2950000 | PA      | $2958779.20   | 0.77%             | 2036-01-20      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| Blackrock CLO                  | BlackRock Maroon Bells CLO XI LLC                                     | CUSIP: 09290EAC3<br>LEI: 5493002T9B2YQM95EY13 | Long             | ABS-CBDO         | CORP              | US        |   3750000 | PA      | $3757867.50   | 0.98%             | 2038-01-15      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| Brean Asset Backed Securities  | Brean Asset Backed Securities Trust 2022-RM5                          | CUSIP: 10637WAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1938526 | PA      | $1903312.46   | 0.49%             | 2062-09-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS               | Connecticut Avenue Securities Trust 2021-R02                          | CUSIP: 20754KAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1905612 | PA      | $1922721.02   | 0.50%             | 2041-11-25      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS               | Connecticut Avenue Securities Trust 2021-R01                          | CUSIP: 20754RAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1196198 | PA      | $1202744.62   | 0.31%             | 2041-10-25      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS               | Connecticut Avenue Securities Trust 2024-R03                          | CUSIP: 207941AB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1013354.00   | 0.26%             | 2044-03-25      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| Owl Rock CLO Ltd               | Owl Rock CLO VII LLC                                                  | CUSIP: 69121BAQ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4000000 | PA      | $3997736.00   | 1.04%             | 2038-04-20      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Trust 2024-2                                           | CUSIP: 694961AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2592750 | PA      | $2631575.44   | 0.68%             | 2031-08-15      | Fixed         | 7.57%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Trust 2022-5                                           | CUSIP: 69548HAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    999963 | PA      | $1029148.60   | 0.27%             | 2030-06-17      | Fixed         | 10.31%                | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd          | Palmer Square CLO 2019-1 Ltd                                          | CUSIP: 69700GAJ1<br>LEI: 549300Y43K78UTRMTN21 | Long             | ABS-CBDO         | CORP              | KY        |   2030000 | PA      | $2032131.50   | 0.53%             | 2034-11-14      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne | PRET 2024-NPL5 LLC                                                    | CUSIP: 74143QAA3<br>LEI: 254900YWXIBNNDQF0Y67 | Long             | ABS-MBS          | CORP              | US        |   1397274 | PA      | $1392889.40   | 0.36%             | 2054-09-25      | Variable      | 5.96%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust     | Progress Residential 2022-SFR3 Trust                                  | CUSIP: 74331UAJ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2979232.20   | 0.77%             | 2039-04-17      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Residential Mortgage Loan Trus | Residential Mortgage Loan Trust 2019-3                                | CUSIP: 76119NAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2750000 | PA      | $2704515.28   | 0.70%             | 2059-09-25      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners            | SG Residential Mortgage Trust 2022-2                                  | CUSIP: 78434KAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    762597 | PA      | $761098.82    | 0.20%             | 2062-08-25      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| Theorem Funding Trust          | Theorem Funding Trust 2022-2                                          | CUSIP: 88339FAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5901285 | PA      | $5945084.64   | 1.54%             | 2028-12-15      | Fixed         | 9.27%                 | No            |                  2 | On Loan: No      |
| Thunderbolt Aircraft Lease Lim | Thunderbolt III Aircraft Lease Ltd                                    | CUSIP: 88607AAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   2197055 | PA      | $2116047.46   | 0.55%             | 2039-11-15      | Fixed         | 3.67%                 | No            |                  2 | On Loan: No      |
| Toorak Mortgage Corp.          | Toorak Mortgage Trust 2024-2                                          | CUSIP: 89055KAB8<br>LEI: 254900ZRJRVK75Z6JJ57 | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $3041899.20   | 0.79%             | 2031-10-25      | Variable      | 8.65%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust      | Towd Point Mortgage Trust 2019-HY2                                    | CUSIP: 89177HAF9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2050951.00   | 0.53%             | 2058-05-25      | Floating      | 6.69%                 | No            |                  2 | On Loan: No      |
| UNLOCK HEA TRUST               | Unlock HEA Trust 2025-1                                               | CUSIP: 91528BAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1503799.50   | 0.39%             | 2041-07-25      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2023-8                                     | CUSIP: 92540DAC9<br>LEI: 213800DTJD5UKJR53O34 | Long             | ABS-MBS          | CORP              | US        |   1393858 | PA      | $1420330.28   | 0.37%             | 2068-12-25      | Variable      | 6.97%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                       | BXMT 2021-FL4 Ltd                                                     | CUSIP: 05609GAJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3500000 | PA      | $3373569.50   | 0.88%             | 2038-05-15      | Floating      | 6.73%                 | No            |                  2 | On Loan: No      |
| BX Trust                       | BX Commercial Mortgage Trust 2021-XL2                                 | CUSIP: 05609KAN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2741048 | PA      | $2743258.76   | 0.71%             | 2038-10-15      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Bellemeade Re 2021-3 Ltd       | Bellemeade RE 2021-3 Ltd                                              | CUSIP: 078777AD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1375209 | PA      | $1384229.92   | 0.36%             | 2031-09-25      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                 | CPS Auto Receivables Trust 2022-D                                     | CUSIP: 12663UAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4160171.60   | 1.08%             | 2029-01-16      | Fixed         | 8.73%                 | No            |                  2 | On Loan: No      |
| Cerberus                       | Cerberus Loan Funding XLVIII LLC                                      | CUSIP: 15675JAA8<br>LEI: 635400TT2BPIAD7JRA96 | Long             | ABS-CBDO         | CORP              | US        |   3000000 | PA      | $3008428.50   | 0.78%             | 2036-10-15      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS               | Connecticut Avenue Securities Trust 2024-R01                          | CUSIP: 20753UAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1200000 | PA      | $1239156.48   | 0.32%             | 2044-01-25      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS               | Connecticut Avenue Securities Trust 2022-R01                          | CUSIP: 20754LAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1300000 | PA      | $1313221.26   | 0.34%             | 2041-12-25      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| HGI CRE CLO Ltd                | HGI CRE CLO 2021-FL2 Ltd                                              | CUSIP: 40390JAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2038000 | PA      | $2038610.18   | 0.53%             | 2036-09-17      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| IMC Home Equity Loan Trust     | Imc Home Equity Loan Trust 1998-3                                     | CUSIP: 449670EQ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       932 | PA      | $926.74       | 0.00%             | 2029-08-20      | Variable      | 5.43%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora | Chase Mortgage Finance Corp                                           | CUSIP: 46591HBY5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1009438 | PA      | $981003.94    | 0.25%             | 2050-02-25      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust           | LHOME Mortgage Trust 2024-RTL1                                        | CUSIP: 50205DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3500000 | PA      | $3528538.30   | 0.92%             | 2029-01-25      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust 2014-150E                              | CUSIP: 61764BAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1768972.40   | 0.46%             | 2032-09-09      | Fixed         | 3.91%                 | No            |                  2 | On Loan: No      |
| MULTIFAMILY CONNECTICUT AVENUE | Multifamily Connecticut Avenue Securities Trust 2020-01               | CUSIP: 62548QAF8<br>LEI: 5493002KQF9IH3CTQZ40 | Long             | ABS-MBS          | CORP              | US        |   2250000 | PA      | $2339438.40   | 0.61%             | 2050-03-25      | Floating      | 11.96%                | No            |                  2 | On Loan: No      |
| BXMT Ltd                       | BXMT 2025-FL5 Ltd                                                     | CUSIP: 05613YAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4000000 | PA      | $3976240.80   | 1.03%             | 2042-10-18      | Floating      | 6.46%                 | No            |                  2 | On Loan: No      |
| BSPDF Issuer Ltd               | BSPDF 2025-FL2 Issuer LLC                                             | CUSIP: 05615KAL5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3000000 | PA      | $3049729.80   | 0.79%             | 2042-12-15      | Floating      | 9.31%                 | No            |                  2 | On Loan: No      |
| Eagle Re Ltd                   | Eagle RE 2023-1 Ltd                                                   | CUSIP: 26982EAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    318004 | PA      | $319340.26    | 0.08%             | 2033-09-26      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                    | FIGRE Trust 2025-HE2                                                  | CUSIP: 31684KAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1953377 | PA      | $1973438.45   | 0.51%             | 2055-03-25      | Variable      | 5.78%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                            | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  14139668 | NS      | $14139667.64  | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Credit-Based Asset Servicing a | Credit-Based Asset Servicing and Securitization LLC                   | CUSIP: 79549ARU5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |         1 | PA      | $1.11         | 0.00%             | 2033-01-25      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| BCC Middle Market CLO          | BCC Middle Market CLO 2018-1 LLC                                      | CUSIP: 055328AL2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5000000 | PA      | $5030170.00   | 1.31%             | 2036-04-20      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| Bayview Opportunity Master Fun | Bayview Opportunity Master Fund VII 2024-EDU1 LLC                     | CUSIP: 07336PAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1642768 | PA      | $1653999.60   | 0.43%             | 2047-06-25      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| Bombardier Capital Mortgage Se | BCMSC Trust 1999-B                                                    | CUSIP: 09774XBD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     86567 | PA      | $5645.67      | 0.00%             | 2029-12-15      | Variable      | 7.18%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS               | Connecticut Avenue Securities Trust 2024-R03                          | CUSIP: 207941AF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1032632.00   | 0.27%             | 2044-03-25      | Floating      | 7.15%                 | No            |                  2 | On Loan: No      |
| Crown Point CLO Ltd            | Crown Point CLO IV Ltd                                                | CUSIP: 22845XAC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    317173 | PA      | $317382.35    | 0.08%             | 2031-04-20      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                    | FIGRE Trust 2025-HE3                                                  | CUSIP: 31684LAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1406406 | PA      | $1419218.36   | 0.37%             | 2055-05-25      | Variable      | 5.91%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR REMIC Trust 2023-HQA2                               | CUSIP: 35564K2K4<br>LEI: 5493000KIGZAWUOW4E32 | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1064310.00   | 0.28%             | 2043-06-25      | Floating      | 8.20%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR REMIC Trust 2021-DNA5                               | CUSIP: 35564KJA8<br>LEI: 5493000ISU5NYXNHD479 | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2143811.80   | 0.56%             | 2034-01-25      | Floating      | 7.40%                 | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortg | Saluda Grade Alternative Mortgage Trust 2025-LOC4                     | CUSIP: 79589VAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1004996.40   | 0.26%             | 2055-06-25      | Floating      | 6.65%                 | No            |                  2 | On Loan: No      |
| Saranac CLO LTD                | Saranac CLO III Ltd                                                   | CUSIP: 803169AN1<br>LEI: 5493000LWP4BVD5LGS13 | Long             | ABS-CBDO         | CORP              | JE        |     26578 | PA      | $26595.48     | 0.01%             | 2030-06-22      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| Vericrest Opportunity Loan Tra | VOLT CV LLC                                                           | CUSIP: 91835GAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4217303 | PA      | $4216901.83   | 1.09%             | 2051-11-27      | Variable      | 5.49%                 | No            |                  2 | On Loan: No      |
| Vericrest Opportunity Loan Tra | VOLT XCV LLC                                                          | CUSIP: 92873BAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1654574 | PA      | $1658519.83   | 0.43%             | 2051-03-27      | Variable      | 8.95%                 | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                 | ACHV ABS Trust 2024-3AL                                               | CUSIP: 00092KAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3782529 | PA      | $3833257.19   | 1.00%             | 2031-12-26      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                     | Affirm Asset Securitization Trust 2023-B                              | CUSIP: 00792FAH1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2450000 | PA      | $2452617.34   | 0.64%             | 2028-09-15      | Fixed         | 7.81%                 | No            |                  2 | On Loan: No      |
| Antares CLO                    | Antares CLO 2021-1 Ltd                                                | CUSIP: 03666BAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5500000 | PA      | $5513926.00   | 1.43%             | 2033-07-25      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit  | Freddie Mac Mscr Trust Mn9                                            | CUSIP: 355917AC9<br>LEI: 529900KWKEUIIIV9P337 | Long             | ABS-MBS          | CORP              | US        |   2550000 | PA      | $2653244.40   | 0.69%             | 2044-10-25      | Floating      | 10.35%                | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga | MF1 2025-FL19 LLC                                                     | CUSIP: 55287KAL7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3100000 | PA      | $3102517.20   | 0.81%             | 2042-05-18      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC            | Oportun Issuance Trust 2025-C                                         | CUSIP: 68378RAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2006368.80   | 0.52%             | 2033-07-08      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Oxford Finance Funding Trust   | Oxford Finance Funding Trust 2023-1                                   | CUSIP: 69145CAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1887453 | PA      | $1920169.91   | 0.50%             | 2031-02-15      | Fixed         | 6.72%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2024-6 And Pagaya AI Debt Trust 2024-6   | CUSIP: 69548KAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5052408 | PA      | $5104879.62   | 1.33%             | 2031-11-15      | Fixed         | 7.07%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust       | Angel Oak Mortgage Trust 2021-3                                       | CUSIP: 03465EAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    620000 | PA      | $449290.75    | 0.12%             | 2066-05-25      | Variable      | 2.48%                 | No            |                  2 | On Loan: No      |
| CHNGE Mortgage Trust           | CHNGE Mortgage Trust 2022-NQM1                                        | CUSIP: 12569CAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    854734 | PA      | $852233.43    | 0.22%             | 2067-06-25      | Variable      | 5.82%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd | Golub Capital Partners CLO 2016-30M Ltd                               | CUSIP: 38179JAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   6750000 | PA      | $6762082.50   | 1.76%             | 2034-04-20      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd | Golub Capital Partners CLO 69M                                        | CUSIP: 38179UAB4<br>LEI: 2549004WBNSFGOX1MY52 | Long             | ABS-CBDO         | CORP              | US        |   5000000 | PA      | $5015625.00   | 1.30%             | 2036-11-09      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| harvest commercial capital loa | Harvest Commercial Capital Loan Trust 2024-1                          | CUSIP: 417927AD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1710950 | PA      | $1734207.88   | 0.45%             | 2056-10-25      | Variable      | 7.55%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-26

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Kevin Hayden

**Name of Signer:** Advisors Series Trust

**Title:** Treasurer & Vice President