# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001193125-26-028783
**Filing Date:** 2026-1
**Character Count:** 70358
**Document Hash:** 3d6f825072cac29e740916a7aa08b3a6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-028783.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0001193125-26-028783

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260129

**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:** 26576528

**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           |

## 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:** 2025-11-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $415612546.87

**Total Liabilities:** $7798467.93

**Net Assets:** $407814078.94

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 14885.287122000000 | **1-Year:** 30484.706162000000 | **5-Year:** 12417.667052000000 | **10-Year:** 3735.303814000000 | **30-Year:** 65.345527000000

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

- **3-Month:** 6342.777014000000 | **1-Year:** 9702.666700000000 | **5-Year:** 10041.529852000000 | **10-Year:** 2691.600704000000 | **30-Year:** 510.758097000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000139162 | 0.52%                | 0.41%                | 0.49%                |
| Class ID C000139163 | 0.50%                | 0.39%                | 0.47%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $33125.00                | $50844.18                                  |
| Month 2  | $190493.85               | $-345578.91                                |
| Month 3  | $40098.58                | $56603.99                                  |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ACHV ABS TRUST                 | ACHV ABS TRUST 2024-1PL                                               | CUSIP: 00092BAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1156751 | PA      | $1173778.78   | 0.29%             | 2031-04-25      | Fixed         | 7.29%                 | 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      | $2509744.50   | 0.62%             | 2045-01-25      | Floating      | 5.57%                 | 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        |     73559 | PA      | $73590.36     | 0.02%             | 2031-04-20      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                                     | CUSIP: 3136BVP44<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1624280 | PA      | $1620447.96   | 0.40%             | 2052-04-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust     | Flagship Credit Auto Trust 2021-4                                     | CUSIP: 33845AAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5172847 | PA      | $5126215.11   | 1.26%             | 2027-12-15      | Fixed         | 1.96%                 | 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        |   1171708 | PA      | $1177410.86   | 0.29%             | 2041-10-25      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| GCAT                           | GCAT 2023-NQM1 Trust                                                  | CUSIP: 36169BAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1912972 | PA      | $1850998.74   | 0.45%             | 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      | $2606882.50   | 0.64%             | 2041-03-10      | Variable      | 9.26%                 | No            |                  2 | On Loan: No      |
| HLEND CLO LLC                  | HLEND CLO 2023-1 LLC                                                  | CUSIP: 433922AJ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3000000 | PA      | $3000000.00   | 0.74%             | 2038-10-22      | Floating      | 5.30%                 | 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        |       897 | PA      | $892.37       | 0.00%             | 2029-08-20      | Variable      | 5.43%                 | 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        |    613860 | PA      | $624715.33    | 0.15%             | 2054-05-20      | Floating      | 5.70%                 | 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      | $2127297.00   | 0.52%             | 2034-01-25      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| Gracie Point International Fun | Gracie Point International Funding 2025-1 LLC                         | CUSIP: 38411WAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3540000 | PA      | $3543189.54   | 0.87%             | 2028-08-15      | Floating      | 5.71%                 | 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      | $3651638.85   | 0.90%             | 2034-10-20      | Floating      | 5.35%                 | 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        |   2232907 | PA      | $2063743.41   | 0.51%             | 2037-03-25      | Floating      | 4.57%                 | 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      | $3102349.96   | 0.76%             | 2042-05-18      | Floating      | 7.90%                 | 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        |   4116399 | PA      | $4165384.23   | 1.02%             | 2032-06-15      | Fixed         | 5.98%                 | 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        |   1810156 | PA      | $1848209.72   | 0.45%             | 2031-06-16      | Fixed         | 7.96%                 | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortg | Saluda Grade Alternative Mortgage Trust 2024-RTL4                     | CUSIP: 79584CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2006820.40   | 0.49%             | 2030-02-25      | Variable      | 7.50%                 | 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        |   1789645 | PA      | $1799278.44   | 0.44%             | 2041-11-25      | Floating      | 6.07%                 | 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      | $1307192.12   | 0.32%             | 2041-12-25      | Floating      | 5.97%                 | 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      | $1047911.00   | 0.26%             | 2043-06-25      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                              | CUSIP: 38373M5R7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    246119 | PA      | $142.17       | 0.00%             | 2049-01-16      | Variable      | 0.39%                 | 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      | $1238267.66   | 0.30%             | 2038-06-15      | Floating      | 5.86%                 | 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      | $2012094.00   | 0.49%             | 2033-07-08      | Fixed         | 5.91%                 | 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        |   4400000 | PA      | $4362688.00   | 1.07%             | 2038-04-20      | Floating      | 5.28%                 | 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        |    723995 | PA      | $735307.83    | 0.18%             | 2031-06-16      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| Radnor Re LTD                  | Radnor RE 2023-1 Ltd                                                  | CUSIP: 75050KAA4<br>LEI: 254900P3K895250PCC81 | Long             | ABS-MBS          | CORP              | BM        |    334960 | PA      | $336836.42    | 0.08%             | 2033-07-25      | Floating      | 6.77%                 | No            |                  2 | On Loan: No      |
| Unison Trust                   | Unison Trust 2023-2                                                   | CUSIP: 90920AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2253911 | PA      | $2229298.94   | 0.55%             | 2053-11-25      | Fixed         | 6.50%                 | No            |                  3 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2023-8                                     | CUSIP: 92540DAC9<br>LEI: 213800DTJD5UKJR53O34 | Long             | ABS-MBS          | CORP              | US        |   1237586 | PA      | $1259077.30   | 0.31%             | 2068-12-25      | Variable      | 6.97%                 | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                 | ACHV ABS Trust 2024-3AL                                               | CUSIP: 00092KAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3070601 | PA      | $3113086.29   | 0.76%             | 2031-12-26      | Fixed         | 6.75%                 | 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      | $5021670.00   | 1.23%             | 2036-04-20      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                       | BXMT 2021-FL4 Ltd                                                     | CUSIP: 05609GAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   6000000 | PA      | $5895912.00   | 1.45%             | 2038-05-15      | Floating      | 5.63%                 | 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      | $5141.50      | 0.00%             | 2029-12-15      | Variable      | 7.18%                 | No            |                  2 | On Loan: No      |
| Cerberus                       | Cerberus Loan Funding XLI LLC                                         | CUSIP: 15674VAA2<br>LEI: 635400YAOHPN8ZVJAS71 | Long             | ABS-CBDO         | CORP              | US        |   1500000 | PA      | $1505347.50   | 0.37%             | 2035-07-15      | Floating      | 6.45%                 | 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      | $2406500.58   | 0.59%             | 2044-02-25      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                    | FIGRE Trust 2024-HE5                                                  | CUSIP: 31684FAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1526121 | PA      | $1527569.15   | 0.37%             | 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      | $1104428.20   | 0.27%             | 2051-01-25      | Floating      | 6.72%                 | 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      | $2258314.35   | 0.55%             | 2033-08-25      | Floating      | 7.47%                 | 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      | $1488990.60   | 0.37%             | 2050-11-25      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                     | MFA 2024-RTL2 Trust                                                   | CUSIP: 592916AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1515615.60   | 0.37%             | 2029-05-25      | Variable      | 7.25%                 | 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        |   1550480 | PA      | $1556997.87   | 0.38%             | 2031-07-15      | Fixed         | 8.80%                 | No            |                  2 | 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      | $1.00         | 0.00%             | 2033-01-25      | Variable      | 3.95%                 | 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      | $1234507.56   | 0.30%             | 2044-01-25      | Floating      | 6.77%                 | 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      | $2896137.48   | 0.71%             | 2043-05-25      | Floating      | 7.62%                 | 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      | $1033495.00   | 0.25%             | 2044-03-25      | Floating      | 6.87%                 | 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      | $28659.66     | 0.01%             | 2048-05-25      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                    | FIGRE Trust 2025-HE2                                                  | CUSIP: 31684KAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1854229 | PA      | $1885103.54   | 0.46%             | 2055-03-25      | Variable      | 5.78%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                    | FIGRE Trust 2025-HE3                                                  | CUSIP: 31684LAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1333924 | PA      | $1350662.19   | 0.33%             | 2055-05-25      | Variable      | 5.91%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                            | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  10647773 | NS      | $10647773.47  | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR REMIC Trust 2021-HQA4                               | CUSIP: 35564KPP8<br>LEI: 5493000ISE4NWBTOSK36 | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2112048.00   | 0.52%             | 2041-12-25      | Floating      | 11.07%                | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit  | Freddie Mac Mscr Trust Mn12                                           | CUSIP: 355913AC8<br>LEI: 529900KABSM46L5D1T20 | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $3023746.20   | 0.74%             | 2045-11-25      | Floating      | 8.58%                 | 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        |   5000000 | PA      | $5037061.25   | 1.24%             | 2041-03-15      | Floating      | 8.39%                 | 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      | $2039052.32   | 0.50%             | 2036-09-17      | Floating      | 6.52%                 | 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      | $1747990.27   | 0.43%             | 2056-10-25      | Variable      | 7.55%                 | 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      | $3520818.70   | 0.86%             | 2029-01-25      | Variable      | 7.02%                 | 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      | $3663026.68   | 0.90%             | 2055-05-25      | Floating      | 9.27%                 | 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        |    608276 | PA      | $617001.25    | 0.15%             | 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        |    898994 | PA      | $882621.47    | 0.22%             | 2031-05-08      | Fixed         | 1.96%                 | 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        |    882271 | PA      | $901185.16    | 0.22%             | 2030-06-17      | Fixed         | 10.31%                | 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        |   1592074 | PA      | $1604511.14   | 0.39%             | 2030-05-25      | Variable      | 7.77%                 | No            |                  2 | On Loan: No      |
| Theorem Funding Trust          | Theorem Funding Trust 2022-2                                          | CUSIP: 88339FAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4584733 | PA      | $4592335.07   | 1.13%             | 2028-12-15      | Fixed         | 9.27%                 | No            |                  2 | On Loan: No      |
| UNLOCK HEA TRUST               | Unlock HEA Trust 2025-1                                               | CUSIP: 91528BAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4462235 | PA      | $4510651.01   | 1.11%             | 2041-07-25      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Vericrest Opportunity Loan Tra | VOLT XCV LLC                                                          | CUSIP: 92873BAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1691866 | PA      | $1696435.67   | 0.42%             | 2051-03-27      | Variable      | 8.95%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust   | CSMC 2021-NQM4                                                        | CUSIP: 12659PAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1170457 | PA      | $1012155.76   | 0.25%             | 2066-05-25      | Variable      | 1.10%                 | 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      | $2622376.92   | 0.64%             | 2044-07-25      | Floating      | 6.07%                 | 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      | $1052780.40   | 0.26%             | 2042-12-25      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| Eagle Re Ltd                   | Eagle RE 2023-1 Ltd                                                   | CUSIP: 26982EAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    208742 | PA      | $209451.78    | 0.05%             | 2033-09-26      | Floating      | 6.07%                 | 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      | $4130687.20   | 1.01%             | 2029-11-10      | Variable      | 9.52%                 | No            |                  2 | On Loan: No      |
| BCC Middle Market CLO          | BCC Middle Market CLO 2019-1 LLC                                      | CUSIP: 05550GAU1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $3987976.00   | 0.98%             | 2036-07-15      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| BX Trust                       | BX Trust 2021-BXMF                                                    | CUSIP: 05609RAS3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1718942 | PA      | $1708499.55   | 0.42%             | 2026-10-15      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                       | BXMT 2025-FL5 Ltd                                                     | CUSIP: 05613YAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4500000 | PA      | $4473489.60   | 1.10%             | 2042-10-18      | Floating      | 6.06%                 | 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        |   1493362 | PA      | $1505941.65   | 0.37%             | 2047-06-25      | Floating      | 5.52%                 | 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        |   1921148 | PA      | $1894514.74   | 0.46%             | 2062-09-25      | Variable      | 4.50%                 | 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        |    518242 | PA      | $520877.86    | 0.13%             | 2032-01-15      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Point Securitization Trust     | Point Securitization Trust 2025-1                                     | CUSIP: 73072DAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1428139 | PA      | $1442301.57   | 0.35%             | 2055-06-25      | Fixed         | 6.25%                 | 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      | $2719772.28   | 0.67%             | 2059-09-25      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2025-3                                         | CUSIP: 817370AB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1605594 | PA      | $1619643.03   | 0.40%             | 2055-04-25      | Variable      | 5.50%                 | 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      | $3769190.62   | 0.92%             | 2039-02-25      | Variable      | 7.57%                 | 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        |   1181884 | PA      | $1196615.91   | 0.29%             | 2064-01-25      | Variable      | 6.05%                 | No            |                  2 | On Loan: No      |
| UNLOCK HEA TRUST               | Unlock HEA Trust 2025-2                                               | CUSIP: 914917AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1090326 | PA      | $1090051.55   | 0.27%             | 2041-11-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UNLOCK HEA TRUST               | Unlock HEA Trust 2024-1                                               | CUSIP: 91530QAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3729415 | PA      | $3728594.08   | 0.91%             | 2039-04-25      | Fixed         | 7.00%                 | 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        |    609980 | PA      | $623211.34    | 0.15%             | 2054-05-25      | Variable      | 6.68%                 | 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      | $6003715.80   | 1.47%             | 2042-02-15      | Floating      | 5.81%                 | 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      | $2509852.50   | 0.62%             | 2035-10-21      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| BCRED CLO LLC                  | BCRED CLO 2023-1 LLC                                                  | CUSIP: 055978AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3375000 | PA      | $3387377.48   | 0.83%             | 2036-01-20      | Floating      | 6.18%                 | No            |                  2 | On Loan: No      |
| Cerberus                       | Cerberus Loan Funding XLVIII LLC                                      | CUSIP: 15675JAA8<br>LEI: 635400TT2BPIAD7JRA96 | Long             | ABS-CBDO         | CORP              | US        |   3000000 | PA      | $3007626.30   | 0.74%             | 2036-10-15      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| AXMF Re-REMIC Trust            | AXMF Re-REMIC Trust 2025-SBRR1                                        | CUSIP: 00249HAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4376971 | PA      | $3963155.19   | 0.97%             | 2058-04-27      | Variable      | 7.25%                 | 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      | $459271.88    | 0.11%             | 2066-05-25      | Variable      | 2.48%                 | 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        |   1290479 | PA      | $818808.83    | 0.20%             | 2034-11-15      | Floating      | 5.03%                 | 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        |   1090127 | PA      | $1092852.78   | 0.27%             | 2031-09-25      | Floating      | 5.62%                 | 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        |    544743 | PA      | $438934.17    | 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      | $4992702.70   | 1.22%             | 2038-02-15      | Floating      | 5.98%                 | 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      | $2048811.21   | 0.50%             | 2040-02-25      | Floating      | 8.12%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                    | FIGRE Trust 2025-HE4                                                  | CUSIP: 31684PAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1802734 | PA      | $1804143.99   | 0.44%             | 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        |    481721 | PA      | $481416.58    | 0.12%             | 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      | $5017767.50   | 1.23%             | 2036-04-15      | Floating      | 6.10%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust       | Foundation Finance Trust 2023-1                                       | CUSIP: 35042AAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3035774 | PA      | $3263700.71   | 0.80%             | 2043-12-15      | Fixed         | 9.18%                 | 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      | $2531535.00   | 0.62%             | 2042-01-25      | Floating      | 6.57%                 | 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      | $7716605.25   | 1.89%             | 2042-04-25      | Floating      | 6.97%                 | 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      | $4301257.39   | 1.05%             | 2042-05-25      | Floating      | 7.42%                 | 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      | $2711132.46   | 0.66%             | 2044-10-25      | Floating      | 10.04%                | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                              | CUSIP: 38375QR27<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      4177 | PA      | $4177.21      | 0.00%             | 2037-06-20      | Variable      | 5.52%                 | 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      | $2936717.55   | 0.72%             | 2041-03-15      | Floating      | 7.59%                 | No            |                  2 | On Loan: No      |
| HTAP Trust                     | HTAP Issuer Trust 2025-1                                              | CUSIP: 40446AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4680660 | PA      | $4712538.77   | 1.16%             | 2042-11-25      | Fixed         | 6.50%                 | 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        |    962646 | PA      | $961669.43    | 0.24%             | 2051-03-25      | Floating      | 5.87%                 | 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   | 0.46%             | 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      | $3998992.00   | 0.98%             | 2034-07-20      | Floating      | 5.06%                 | 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        |   2170268 | PA      | $2160325.74   | 0.53%             | 2042-01-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                     | MFA 2023-NQM3 Trust                                                   | CUSIP: 55286MAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1549463 | PA      | $1566460.06   | 0.38%             | 2068-07-25      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| Mercury Financial Credit Card  | Mercury Financial Credit Card Master Trust                            | CUSIP: 58940BAZ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6180000 | PA      | $6228437.60   | 1.53%             | 2029-07-20      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| Mercury Financial Credit Card  | Mercury Financial Credit Card Master Trust                            | CUSIP: 58940BBB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3460000 | PA      | $3492456.53   | 0.86%             | 2029-07-20      | Fixed         | 7.43%                 | 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      | $3002514.90   | 0.74%             | 2033-11-22      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust 2021-230P                              | CUSIP: 61772WAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3150000 | PA      | $3027937.50   | 0.74%             | 2038-12-15      | Floating      | 5.24%                 | 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      | $2335202.55   | 0.57%             | 2050-03-25      | Floating      | 11.69%                | No            |                  2 | On Loan: No      |
| Oportun Funding LLC            | Oportun Issuance Trust 2025-C                                         | CUSIP: 68378RAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2400000 | PA      | $2411522.64   | 0.59%             | 2033-07-08      | Fixed         | 4.93%                 | 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        |   2163298 | PA      | $2198280.93   | 0.54%             | 2031-08-15      | Fixed         | 7.57%                 | No            |                  2 | On Loan: No      |
| Point Securitization Trust     | Point Securitization Trust 2025-2                                     | CUSIP: 73071PAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $3003578.40   | 0.74%             | 2055-09-25      | Variable      | 5.75%                 | 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      | $2987120.40   | 0.73%             | 2039-04-17      | Fixed         | 5.20%                 | 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        |    738114 | PA      | $738321.96    | 0.18%             | 2062-08-25      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| Sound Point CLO LTD            | Sound Point CLO XXIII                                                 | CUSIP: 83614BAQ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5750000 | PA      | $5757550.33   | 1.41%             | 2034-07-15      | Floating      | 5.34%                 | 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      | $2021733.40   | 0.50%             | 2058-05-25      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Venture CDO Ltd                | Venture 28A Clo Ltd                                                   | CUSIP: 92331DBJ6<br>LEI: 549300NQLVRN86RJ6081 | Long             | ABS-CBDO         | CORP              | KY        |   1750000 | PA      | $1751716.05   | 0.43%             | 2034-10-20      | Floating      | 4.99%                 | 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      | $4011948.40   | 0.98%             | 2036-07-17      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                       | BXMT 2021-FL4 Ltd                                                     | CUSIP: 05609GAG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3000000 | PA      | $2918805.00   | 0.72%             | 2038-05-15      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                       | BXMT 2021-FL4 Ltd                                                     | CUSIP: 05609GAJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3500000 | PA      | $3375445.50   | 0.83%             | 2038-05-15      | Floating      | 6.33%                 | 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      | $3761898.75   | 0.92%             | 2038-01-15      | Floating      | 5.50%                 | 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      | $1008098.00   | 0.25%             | 2044-03-25      | Floating      | 6.02%                 | 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        |   2175000 | PA      | $2185942.97   | 0.54%             | 2041-03-15      | Floating      | 9.29%                 | 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        |   3706941 | PA      | $3530334.29   | 0.87%             | 2049-12-25      | Variable      | 4.24%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Capita | MSSG Trust 2017-237P                                                  | CUSIP: 55375KAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2824592.40   | 0.69%             | 2039-09-13      | Fixed         | 3.69%                 | 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      | $1766317.50   | 0.43%             | 2032-09-09      | Fixed         | 3.91%                 | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                 | ACHV ABS TRUST 2023-3PL                                               | CUSIP: 000876AD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4749208 | PA      | $4803963.16   | 1.18%             | 2030-08-19      | Fixed         | 8.36%                 | No            |                  2 | On Loan: No      |
| Ashford Hospitality Trust      | Ashford Hospitality Trust 2018-KEYS                                   | CUSIP: 04410CAN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6465823 | PA      | $6398994.42   | 1.57%             | 2035-06-15      | Floating      | 8.41%                 | No            |                  2 | On Loan: No      |
| BXHPP Trust                    | BXHPP Trust 2021-FILM                                                 | CUSIP: 05609JAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4849955.00   | 1.19%             | 2036-08-15      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| BSPDF Issuer Ltd               | BSPDF 2025-FL2 Issuer LLC                                             | CUSIP: 05615KAL5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3750000 | PA      | $3812320.13   | 0.93%             | 2042-12-15      | Floating      | 8.90%                 | No            |                  2 | On Loan: No      |
| Battalion CLO LTD              | Battalion CLO X Ltd                                                   | CUSIP: 07132JBC7<br>LEI: 549300RRK5G3IT4Y7N27 | Long             | ABS-CBDO         | CORP              | KY        |   4750000 | PA      | $4753154.00   | 1.17%             | 2035-01-25      | Floating      | 5.30%                 | 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      | $4138606.40   | 1.01%             | 2029-01-16      | Fixed         | 8.73%                 | 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        |   1042055 | PA      | $1049820.67   | 0.26%             | 2041-10-25      | Floating      | 5.62%                 | 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      | $3009785.40   | 0.74%             | 2036-07-15      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T | EFMT 2024-RM2                                                         | CUSIP: 268431AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1288786 | PA      | $1271022.89   | 0.31%             | 2054-07-25      | Fixed         | 5.00%                 | 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        |   2013058 | PA      | $1971815.74   | 0.48%             | 2046-04-25      | Variable      | 5.59%                 | 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      | $4486045.50   | 1.10%             | 2037-01-15      | Floating      | 5.60%                 | 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      | $998262.90    | 0.24%             | 2036-07-15      | Floating      | 6.57%                 | 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      | $1653781.85   | 0.41%             | 2036-10-16      | Floating      | 6.87%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                    | PRKCM 2023-AFC3 Trust                                                 | CUSIP: 693984AC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2267181 | PA      | $2287648.24   | 0.56%             | 2058-09-25      | Variable      | 7.09%                 | 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        |   1978200 | PA      | $1992783.26   | 0.49%             | 2031-07-15      | Fixed         | 8.34%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2025-5                                   | CUSIP: 69548WAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5350000 | PA      | $5406886.55   | 1.33%             | 2033-03-15      | Fixed         | 5.44%                 | 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        |   1961194 | PA      | $1906139.03   | 0.47%             | 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      | $3047948.70   | 0.75%             | 2031-10-25      | Variable      | 8.65%                 | 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      | $1172827.50   | 0.29%             | 2041-10-25      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| Easy Street Mortgage Loan Trus | Easy Street Mortgage Loan Trust 2025-RTL1                             | CUSIP: 27786FAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2032043.60   | 0.50%             | 2040-05-25      | Variable      | 6.46%                 | 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        |   3220000 | PA      | $3215807.56   | 0.79%             | 2036-04-20      | Floating      | 5.73%                 | 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        |   1661082 | PA      | $1689601.30   | 0.41%             | 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        |   4318855 | PA      | $4352504.89   | 1.07%             | 2031-11-15      | Fixed         | 7.07%                 | 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      | $1005441.80   | 0.25%             | 2055-06-25      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| Springcastle SPV               | SpringCastle America Funding LLC                                      | CUSIP: 85022WAP9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2242621 | PA      | $2104878.75   | 0.52%             | 2037-09-25      | Fixed         | 1.97%                 | No            |                  2 | On Loan: No      |
| UNLOCK HEA TRUST               | Unlock HEA Trust 2024-2                                               | CUSIP: 91528AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4528472 | PA      | $4528856.27   | 1.11%             | 2039-10-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust   | Upstart Securitization Trust 2023-2                                   | CUSIP: 91683VAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2431287 | PA      | $2448186.51   | 0.60%             | 2033-06-20      | Fixed         | 7.92%                 | No            |                  2 | On Loan: No      |
| Vericrest Opportunity Loan Tra | VOLT CV LLC                                                           | CUSIP: 91835GAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3966467 | PA      | $3971920.03   | 0.97%             | 2051-11-27      | Variable      | 6.49%                 | No            |                  2 | On Loan: No      |
| Antares CLO                    | Antares CLO 2021-1 Ltd                                                | CUSIP: 03666BAW4<br>LEI: 254900DYOG75KCVU0279 | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $4998750.00   | 1.23%             | 2038-10-25      | Floating      | 5.31%                 | 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      | $2736444.51   | 0.67%             | 2038-10-15      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora | Chase Mortgage Finance Corp                                           | CUSIP: 46591HBY5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    983334 | PA      | $955513.75    | 0.23%             | 2050-02-25      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Vericrest Opportunity Loan Tra | VOLT CII LLC                                                          | CUSIP: 92873HAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    749849 | PA      | $750273.19    | 0.18%             | 2051-08-25      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| CHNGE Mortgage Trust           | CHNGE Mortgage Trust 2022-NQM1                                        | CUSIP: 12569CAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    814488 | PA      | $812353.08    | 0.20%             | 2067-06-25      | Variable      | 5.82%                 | 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      | $51275.37     | 0.01%             | 2041-01-25      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-30

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Kevin Hayden

**Name of Signer:** Advisors Series Trust

**Title:** Treasurer & Vice President