# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001193125-26-189816
**Filing Date:** 2026-4
**Character Count:** 102146
**Document Hash:** 17e5ed3dff414647084d78e0666613e3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-189816.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0001193125-26-189816

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**PERIOD START**: 20261130

**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:** 26911652

**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** |
| **February 28, 2026 (Unaudited)** | **February 28, 2026 (Unaudited)** | **February 28, 2026 (Unaudited)** |
| **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - 23.5%** | **Par**  | **Value**  |
|  A&D Mortgage LLC, Series 2026-NQM2, Class A3, 0.00%, 03/25/2071 <sup>(a)(b)</sup> | 4535000 | $4534956 |
|  Angel Oak Mortgage Trust LLC, Series 2021-3, Class M1, 2.48%, 05/25/2066 <sup>(a)(c)</sup> | 620000 | 500446 |
|  Bombardier Capital Mortgage Securitization Corp., Series 1999-B, Class A3, 7.18%, 12/15/2029 <sup>(c)</sup> | 86567 | 4625 |
|  Boston Lending Trust, Series 2021-1, Class M2, 2.00%, 07/25/2061 <sup>(a)(c)(d)</sup> | 547472 | 455599 |
|  Brean Asset Backed Securities Trust, Series 2022-RM5, Class A, 4.50%, 09/25/2062 <sup>(a)(c)</sup> | 1905037 | 1891075 |
|  Chase Mortgage Finance Corp., Series 2021-CL1, Class M2, 5.02% (30 day avg SOFR US + 1.35%), 02/25/2050 <sup>(a)</sup> | 961874 | 945070 |
|  CHNGE Mortgage Trust, Series 2022-NQM1, Class A2, 5.82%, 06/25/2067 <sup>(a)(b)</sup> | 808776 | 806918 |
| Credit Suisse Mortgage Capital Certificates | Credit Suisse Mortgage Capital Certificates | Credit Suisse Mortgage Capital Certificates |
| &nbsp;&nbsp; Series 2021-NQM4, Class A1, 1.10%, 05/25/2066 <sup>(a)(c)</sup> | 1110301 | 1000137 |
| &nbsp;&nbsp; Series 2022-NQM5, Class A1, 5.17%, 05/25/2067 <sup>(a)(c)</sup> | 2155369 | 2151889 |
|  Eagle Re Ltd., Series 2023-1, Class M1A, 5.67% (30 day avg SOFR US + 2.00%), 09/26/2033 <sup>(a)</sup> | 101255 | 101536 |
|  EASY Trust, Series 2025-RTL1, Class A1, 6.46%, 05/25/2040 <sup>(a)(b)</sup> | 2000000 | 2034454 |
| Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
| &nbsp;&nbsp; Series 2024-RM2, Class A1A, 5.00%, 07/25/2054 <sup>(a)</sup> | 1239099 | 1242115 |
| &nbsp;&nbsp; Series 2026-INV2, Class A3, 5.09%, 02/25/2071 <sup>(a)(b)</sup> | 3500000 | 3509677 |
| FIGRE Trust 2023-HE1 | FIGRE Trust 2023-HE1 | FIGRE Trust 2023-HE1 |
| &nbsp;&nbsp; Series 2025-HE2, Class A, 5.78%, 03/25/2055 <sup>(a)(c)</sup> | 1749921 | 1789809 |
| &nbsp;&nbsp; Series 2025-HE3, Class C, 5.91%, 05/25/2055 <sup>(a)(c)</sup> | 1251772 | 1269587 |
| &nbsp;&nbsp; Series 2025-HE4, Class C, 5.71%, 07/25/2055 <sup>(a)(c)</sup> | 1694364 | 1708389 |
| &nbsp;&nbsp; Series 2026-HE1, Class C, 5.43%, 01/25/2056 <sup>(a)(c)</sup> | 1463482 | 1476547 |
|  GCAT, Series 2023-NQM1, Class A1, 4.25%, 10/25/2057 <sup>(a)(c)</sup> | 1866758 | 1812960 |
|  HOMES Trust, Series 2025-AFC4, Class B1, 6.89%, 11/25/2060 <sup>(a)(c)</sup> | 2500000 | 2576303 |
|  HTAP Trust, Series 2025-1, Class A, 6.50%, 11/25/2042 <sup>(a)</sup> | 4489718 | 4533572 |
|  IMC Home Equity Loan Trust, Series 1998-3, Class A8, 5.43%, 08/20/2029 <sup>(b)</sup> | 828 | 826 |
| JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
| &nbsp;&nbsp; Series 2018-7FRB, Class B3, 5.13%, 04/25/2046 <sup>(a)(c)</sup> | 1941240 | 1907562 |
| &nbsp;&nbsp; Series 2019-6, Class B3, 4.26%, 12/25/2049 <sup>(a)(c)</sup> | 3662550 | 3516832 |
| &nbsp;&nbsp; Series 2023-HE3, Class A1, 5.26% (30 day avg SOFR US + 1.60%), 05/20/2054 <sup>(a)</sup> | 571438 | 577196 |
|  JPMorgan Chase Bank NA, Series 2021-CL1, Class M3, 5.47% (30 day avg SOFR US + 1.80%), 03/25/2051 <sup>(a)</sup> | 945399 | 944938 |
|  LHOME Mortgage Trust, Series 2024-RTL1, Class A1, 7.02%, 01/25/2029 <sup>(a)(b)</sup> | 3500000 | 3511645 |
| MFRA Trust | MFRA Trust | MFRA Trust |
| &nbsp;&nbsp; Series 2023-NQM3, Class A2, 7.02%, 07/25/2068 <sup>(a)(b)</sup> | 1411688 | 1422632 |
| &nbsp;&nbsp; Series 2024-RTL2, Class A1, 7.25%, 05/25/2029 <sup>(a)(b)</sup> | 4500000 | 4525682 |
| Point Securitization Trust | Point Securitization Trust | Point Securitization Trust |
| &nbsp;&nbsp; Series 2025-1, Class A1, 6.25%, 06/25/2055 <sup>(a)</sup> | 4583910 | 4651303 |
| &nbsp;&nbsp; Series 2025-2, Class A1, 5.75%, 10/25/2055 <sup>(a)(b)</sup> | 4998968 | 5024240 |
| &nbsp;&nbsp; Series 2026-1, Class A1, 5.25%, 02/25/2056 <sup>(a)(b)</sup> | 2500000 | 2482128 |
|  PRKCM Trust, Series 2023-AFC3, Class A3, 7.09%, 09/25/2058 <sup>(a)(b)</sup> | 2009622 | 2021983 |
|  Progress Residential Trust, Series 2022-SFR3, Class E1, 5.20%, 04/17/2039 <sup>(a)</sup> | 3000000 | 2997128 |
|  Radnor RE Ltd., Series 2023-1, Class M1A, 6.37% (30 day avg SOFR US + 2.70%), 07/25/2033 <sup>(a)</sup> | 188620 | 189438 |
|  Residential Mortgage Loan Trust, Series 2019-3, Class B1, 3.81%, 09/25/2059 <sup>(a)(c)</sup> | 2750000 | 2733741 |
|  Rithm Capital Corp., Series 2023-NQM1, Class A2, 7.32%, 10/25/2063 <sup>(a)(b)</sup> | 562101 | 568171 |
| Saluda Grade Mortgage Funding LLC | Saluda Grade Mortgage Funding LLC | Saluda Grade Mortgage Funding LLC |
| &nbsp;&nbsp; Series 2024-RTL4, Class A1, 7.50%, 02/25/2030 <sup>(a)(b)</sup> | 81888 | 81952 |
| &nbsp;&nbsp; Series 2025-FIG6, Class M2, 5.58%, 01/25/2056 <sup>(a)(c)</sup> | 1013968 | 1029690 |
| &nbsp;&nbsp; Series 2025-LOC4, Class M1, 5.97% (30 day avg SOFR US + 2.30%), 06/25/2055 <sup>(a)</sup> | 1000000 | 1020411 |
| &nbsp;&nbsp; Series 2025-NPL2, Class A1, 7.77%, 05/25/2030 <sup>(a)(b)</sup> | 1419575 | 1429187 |
|  Sequoia Mortgage Trust, Series 2025-3, Class A2, 5.50%, 04/25/2055 <sup>(a)(c)</sup> | 1394295 | 1409654 |
|  SGR Residential Mortgage Trust, Series 2022-2, Class A3, 5.35%, 08/25/2062 <sup>(a)(c)</sup> | 717262 | 717613 |
| Toorak Mortgage Trust | Toorak Mortgage Trust | Toorak Mortgage Trust |
| &nbsp;&nbsp; Series 2024-2, Class A2, 8.65%, 10/25/2031 <sup>(a)(b)</sup> | 3000000 | 3023739 |
| &nbsp;&nbsp; Series 2024-RRTL1, Class A2, 7.57%, 02/25/2039 <sup>(a)(b)</sup> | 3738000 | 3749718 |
| Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
| &nbsp;&nbsp; Series 2019-HY2, Class B2, 6.04% (1 mo. Term SOFR + 2.36%), 05/25/2058 <sup>(a)</sup> | 2000000 | 2028682 |
| &nbsp;&nbsp; Series 2024-CES1, Class A1B, 6.05%, 01/25/2064 <sup>(a)(c)</sup> | 1067780 | 1077037 |
|  Unison Mortgage Trust, Series 2026-1, Class A, 6.00%, 02/25/2056 <sup>(a)(c)</sup> | 3000000 | 2925812 |
| Unlock Hea Trust | Unlock Hea Trust | Unlock Hea Trust |
| &nbsp;&nbsp; Series 2024-1, Class A, 7.00%, 04/25/2039 <sup>(a)</sup> | 3649390 | 3656868 |
| &nbsp;&nbsp; Series 2024-2, Class A, 6.50%, 10/25/2039 <sup>(a)</sup> | 4480623 | 4501727 |
| &nbsp;&nbsp; Series 2025-1, Class A, 6.75%, 07/25/2041 <sup>(a)</sup> | 4318407 | 4398155 |
| &nbsp;&nbsp; Series 2025-2, Class A, 6.00%, 11/25/2041 <sup>(a)</sup> | 5992015 | 6131030 |
| Vericrest Opportunity Loan Transferee | Vericrest Opportunity Loan Transferee | Vericrest Opportunity Loan Transferee |
| &nbsp;&nbsp; Series 2021-NP11, Class A1, 5.87%, 08/25/2051 <sup>(a)(b)</sup> | 398490 | 398878 |
| &nbsp;&nbsp; Series 2021-NPL4, Class A2, 8.95%, 03/27/2051 <sup>(a)(b)(d)</sup> | 1729999 | 1732777 |
|  Verus Securitization Trust, Series 2023-8, Class A3, 6.97%, 12/25/2068 <sup>(a)(b)</sup> | 1121296 | 1153029 |
|  Vista Point Securitization Trust, Series 2024-CES1, Class A1, 6.68%, 05/25/2054 <sup>(a)(b)</sup> | 542096 | 551892 |
| **TOTAL NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES** (Cost $111,247,146) | **TOTAL NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES** (Cost $111,247,146) | 112438960 |
| **NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 23.1%** | **Par**  | **Value**  |
|  Atrium Hotel Portfolio Trust, Series 2024-ATRM, Class E, 9.52%, 11/10/2029 <sup>(a)(c)</sup> | 4000000 | 4130963 |
|  AXMF Re-REMIC Trust, Series 2025-SBRR1, Class C, 7.25%, 04/27/2058 <sup>(a)(c)</sup> | 4335309 | 3931356 |
|  Banc of America Re-Remic Trust, Series 2025-ASHF, Class A, 5.51% (1 mo. Term SOFR + 1.85%), 02/15/2042 <sup>(a)</sup> | 6000000 | 6010267 |
|  BBCMS Trust, Series 2019-BWAY, Class A, 4.73% (1 mo. Term SOFR + 1.07%), 11/15/2034 <sup>(a)</sup> | 1288611 | 922030 |
| Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
| &nbsp;&nbsp; Series 2023-V3, Class D, 4.00%, 07/15/2056 <sup>(a)</sup> | 1881000 | 1704791 |
| &nbsp;&nbsp; Series 2025-V18, Class D, 4.50%, 10/15/2058 <sup>(a)</sup> | 1175000 | 1024548 |
| Blackstone Mortgage Trust, Inc. | Blackstone Mortgage Trust, Inc. | Blackstone Mortgage Trust, Inc. |
| &nbsp;&nbsp; Series 2021-FL4, Class B, 5.33% (1 mo. Term SOFR + 1.66%), 05/15/2038 <sup>(a)</sup> | 6000000 | 5900496 |
| &nbsp;&nbsp; Series 2021-FL4, Class C, 5.53% (1 mo. Term SOFR + 1.86%), 05/15/2038 <sup>(a)</sup> | 3000000 | 2924052 |
| &nbsp;&nbsp; Series 2021-FL4, Class D, 6.03% (1 mo. Term SOFR + 2.36%), 05/15/2038 <sup>(a)</sup> | 3500000 | 3378879 |
| &nbsp;&nbsp; Series 2025-FL5, Class AS, 5.76% (1 mo. Term SOFR + 2.10%), 10/18/2042 <sup>(a)</sup> | 4500000 | 4514056 |
|  BSPDF Issuer Ltd., Series 2025-FL2, Class E, 8.60% (1 mo. Term SOFR + 4.94%), 12/15/2042 <sup>(a)</sup> | 3750000 | 3813674 |
|  BX Trust, Series 2023-LIFE, Class A, 5.05%, 02/15/2028 <sup>(a)</sup> | 5000000 | 4983560 |
| BXHPP Trust | BXHPP Trust | BXHPP Trust |
| &nbsp;&nbsp; Series 2021-FILM, Class A, 4.42% (1 mo. Term SOFR + 0.76%), 08/15/2036 <sup>(a)</sup> | 5000000 | 4778040 |
| &nbsp;&nbsp; Series 2021-FILM, Class B, 4.67% (1 mo. Term SOFR + 1.01%), 08/15/2036 <sup>(a)</sup> | 2500000 | 2337606 |
|  BXMT Ltd., Series 2020-FL2, Class C, 5.68% (1 mo. Term SOFR + 2.01%), 02/15/2038 <sup>(a)</sup> | 5050000 | 5025215 |
|  Credit Suisse Mortgage Capital Certificates, Series 2014-USA, Class A1, 3.30%, 09/15/2037 <sup>(a)</sup> | 5675722 | 5262771 |
|  Freddie Mac Mscr Trust Mn12, Series 2025-MN12, Class B1, 8.17% (30 day avg SOFR US + 4.50%), 11/25/2045 <sup>(a)</sup> | 3000000 | 3061481 |
|  Freddie Mac Mscr Trust Mn7, Series 2023-MN7, Class B1, 12.52% (30 day avg SOFR US + 8.85%), 09/25/2043 <sup>(a)</sup> | 2000000 | 2330410 |
|  Freddie Mac Mscr Trust Mn9, Series 2024-MN9, Class B1, 9.67% (30 day avg SOFR US + 6.00%), 10/25/2044 <sup>(a)</sup> | 2550000 | 2720574 |
| Greystone Commercial Real Estate Notes | Greystone Commercial Real Estate Notes | Greystone Commercial Real Estate Notes |
| &nbsp;&nbsp; Series 2024-HC3, Class B, 7.29% (1 mo. Term SOFR + 3.63%), 03/15/2041 <sup>(a)</sup> | 2925000 | 2933602 |
| &nbsp;&nbsp; Series 2024-HC3, Class C, 8.09% (1 mo. Term SOFR + 4.43%), 03/15/2041 <sup>(a)</sup> | 5000000 | 5036893 |
| &nbsp;&nbsp; Series 2024-HC3, Class D, 8.99% (1 mo. Term SOFR + 5.33%), 03/15/2041 <sup>(a)</sup> | 2175000 | 2185677 |
|  Harvest Commercial Capital Loan Trust, Series 2024-1, Class M3, 7.55%, 10/25/2056 <sup>(c)</sup> | 1640544 | 1681004 |
|  JP Morgan Chase Commercial Mortgage Securities, Series 2021-NYAH, Class D, 5.56% (1 mo. Term SOFR + 1.90%), 06/15/2038 <sup>(a)</sup> | 1400000 | 1242869 |
|  Mcp Holding Co. LLC, Series 2024-70P, Class E, 9.26%, 03/10/2041 <sup>(a)(c)</sup> | 2500000 | 2631302 |
| MF1 Multifamily Housing Mortgage Loan Trust | MF1 Multifamily Housing Mortgage Loan Trust | MF1 Multifamily Housing Mortgage Loan Trust |
| &nbsp;&nbsp; Series 2021-FL7, Class E, 6.58% (1 mo. Term SOFR + 2.91%), 10/16/2036 <sup>(a)</sup> | 1700000 | 1651621 |
| &nbsp;&nbsp; Series 2025-FL19, Class E, 7.60% (1 mo. Term SOFR + 3.94%), 05/18/2042 <sup>(a)</sup> | 3100000 | 3109983 |
|  Morgan Stanley ABS Capital I, Inc., Series 2021-230P, Class A, 4.94% (1 mo. Term SOFR + 1.28%), 12/15/2038 <sup>(a)</sup> | 8650000 | 8426784 |
|  Morgan Stanley Capital I, Inc., Series 2014-150E, Class A, 3.91%, 09/09/2032 <sup>(a)</sup> | 1150000 | 1088269 |
|  Morgan Stanley Mortgage Capital Holdings LLC, Series 2017-237P, Class B, 3.69%, 09/13/2039 <sup>(a)</sup> | 3000000 | 2828454 |
| Multifamily Connecticut Avenue Securities Trust | Multifamily Connecticut Avenue Securities Trust | Multifamily Connecticut Avenue Securities Trust |
| &nbsp;&nbsp; Series 2020-01, Class CE, 11.28% (30 day avg SOFR US + 7.61%), 03/25/2050 <sup>(a)</sup> | 2250000 | 2334641 |
| &nbsp;&nbsp; Series 2025-01, Class B1, 8.87% (30 day avg SOFR US + 5.20%), 05/25/2055 <sup>(a)</sup> | 3500000 | 3648055 |
|  Soho Trust, Series 2021-SOHO, Class B, 2.70%, 08/10/2038 <sup>(a)(c)</sup> | 4000000 | 3334549 |
| **TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES** (Cost $110,732,769) | **TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES** (Cost $110,732,769) | 110888472 |
| **COLLATERALIZED LOAN OBLIGATIONS - 21.7%** | **Par**  | **Value**  |
|  ABPCI Direct Lending Fund CLO LLC, Series 2022-11A, Class A1R, 5.24% (3 mo. Term SOFR + 1.57%), 01/27/2038 <sup>(a)</sup> | 2000000 | 2001524 |
|  Antares CLO Ltd., Series 2021-1A, Class A1R, 5.09% (3 mo. Term SOFR + 1.42%), 10/25/2038 <sup>(a)</sup> | 5000000 | 5007440 |
|  Ares Direct Lending CLO LLC, Series 2025-1A, Class A1, 5.05% (3 mo. Term SOFR + 1.38%), 04/20/2038 <sup>(a)</sup> | 5000000 | 4977500 |
| BCC Middle Market CLO LLC | BCC Middle Market CLO LLC | BCC Middle Market CLO LLC |
| &nbsp;&nbsp; Series 2018-1A, Class A1R, 5.92% (3 mo. Term SOFR + 2.25%), 04/20/2036 <sup>(a)</sup> | 5000000 | 5016900 |
| &nbsp;&nbsp; Series 2019-1A, Class A1RR, 5.12% (3 mo. Term SOFR + 1.45%), 07/15/2036 <sup>(a)</sup> | 4000000 | 4011864 |
| &nbsp;&nbsp; Series 2024-1A, Class A1, 5.42% (3 mo. Term SOFR + 1.75%), 07/17/2036 <sup>(a)</sup> | 4000000 | 4008659 |
|  BCRED BSL CLO Ltd., Series 2023-1A, Class A, 5.97% (3 mo. Term SOFR + 2.30%), 01/20/2036 <sup>(a)</sup> | 3375000 | 3386669 |
| Blackrock CLO Ltd. | Blackrock CLO Ltd. | Blackrock CLO Ltd. |
| &nbsp;&nbsp; Series 2022-1A, Class AR, 5.27% (3 mo. Term SOFR + 1.60%), 01/15/2038 <sup>(a)</sup> | 3750000 | 3756180 |
| &nbsp;&nbsp; Series 2025-1A, Class A1, 5.32% (3 mo. Term SOFR + 1.65%), 07/15/2037 <sup>(a)</sup> | 5000000 | 5010390 |
|  Brightwood Capital MM, Series 2025-1A, Class A1, 5.25% (3 mo. Term SOFR + 1.58%), 04/15/2036 <sup>(a)</sup> | 6000000 | 6017130 |
| Cerberus Loan Funding LP | Cerberus Loan Funding LP | Cerberus Loan Funding LP |
| &nbsp;&nbsp; Series 2023-2A, Class A1, 6.22% (3 mo. Term SOFR + 2.55%), 07/15/2035 <sup>(a)</sup> | 1500000 | 1504949 |
| &nbsp;&nbsp; Series 2023-5A, Class A, 6.02% (3 mo. Term SOFR + 2.35%), 01/15/2036 <sup>(a)</sup> | 4000000 | 4012560 |
| &nbsp;&nbsp; Series 2024-4A, Class AN, 5.32% (3 mo. Term SOFR + 1.65%), 10/15/2036 <sup>(a)</sup> | 3000000 | 3004268 |
| Comvest Credit CLO LLC | Comvest Credit CLO LLC | Comvest Credit CLO LLC |
| &nbsp;&nbsp; Series 2024-2A, Class A, 5.40% (3 mo. Term SOFR + 1.73%), 10/15/2036 <sup>(a)</sup> | 5000000 | 5013380 |
| &nbsp;&nbsp; Series 2025-3A, Class A1, 5.27% (3 mo. Term SOFR + 1.50%), 01/15/2038 <sup>(a)</sup> | 3000000 | 3004502 |
|  Deerpath Capital CLO Ltd., Series 2021-1A, Class A1R, 5.47% (3 mo. Term SOFR + 1.80%), 07/15/2036 <sup>(a)</sup> | 3000000 | 3006250 |
|  Eldridge CLO Ltd., Series 2025-2A, Class A1, 5.16% (3 mo. Term SOFR + 1.48%), 01/15/2038 <sup>(a)</sup> | 5000000 | 4983010 |
|  Fortress Credit Opportunities, Series 2024-23A, Class A1T, 5.87% (3 mo. Term SOFR + 2.20%), 04/15/2036 <sup>(a)</sup> | 5000000 | 5016642 |
|  HLEND CLO LLC, Series 2023-1A, Class A1R, 5.11% (3 mo. Term SOFR + 1.44%), 10/22/2038 <sup>(a)</sup> | 3000000 | 3007605 |
|  ICG US CLO Ltd., Series 2014-1A, Class A1A2, 5.13% (3 mo. Term SOFR + 1.46%), 10/20/2034 <sup>(a)</sup> | 3650000 | 3650000 |
|  Ivy Hill Middle Market Credit Fund Ltd., Series 20A, Class A1R, 5.32% (3 mo. Term SOFR + 1.65%), 07/19/2037 <sup>(a)</sup> | 4000000 | 4008307 |
|  Monroe Capital MML CLO Ltd., Series 2019-1A, Class AR, 5.43% (3 mo. Term SOFR + 1.76%), 11/22/2033 <sup>(a)</sup> | 2051101 | 2053636 |
|  Owl Rock CLO Ltd., Series 2020-3A, Class AR, 5.52% (3 mo. Term SOFR + 1.85%), 04/20/2036 <sup>(a)</sup> | 3920000 | 3923285 |
|  Sound Point CLO Ltd., Series 2019-2A, Class AR, 5.10% (3 mo. Term SOFR + 1.43%), 07/15/2034 <sup>(a)</sup> | 5750000 | 5761572 |
|  Tikehau US CLO Ltd., Series 2025-1A, Class A1, 4.89% (3 mo. Term SOFR + 1.22%), 02/25/2038 <sup>(a)</sup> | 6900000 | 6905899 |
|  Venture CDO Ltd., Series 2017-28AA, Class A1RR, 4.78% (3 mo. Term SOFR + 1.11%), 10/20/2034 <sup>(a)</sup> | 1750000 | 1752660 |
| **TOTAL COLLATERALIZED LOAN OBLIGATIONS** (Cost $103,836,719) | **TOTAL COLLATERALIZED LOAN OBLIGATIONS** (Cost $103,836,719) | 103802781 |
| **ASSET-BACKED SECURITIES - 15.9%** | **Par**  | **Value**  |
| ACHV ABS TRUST | ACHV ABS TRUST | ACHV ABS TRUST |
| &nbsp;&nbsp; Series 2023-3PL, Class D, 8.36%, 08/19/2030 <sup>(a)</sup> | 3368130 | 3380320 |
| &nbsp;&nbsp; Series 2024-3AL, Class D, 6.75%, 12/26/2031 <sup>(a)</sup> | 2621407 | 2662416 |
|  AMDR ABS TRUST 2025-1, Series 2025-1A, Class A, 6.38%, 12/19/2033 <sup>(a)</sup> | 8086779 | 8132506 |
|  Bayview Opportunity Master Fund VII 2024-EDU1 LLC, Series 2024-EDU1, Class A, 5.12% (30 day avg SOFR US + 1.45%), 06/25/2047 <sup>(a)</sup> | 1219339 | 1226686 |
|  Credit-Based Asset Servicing and Securitization LLC, Series 2003-CB1, Class AF, 3.95%, 01/25/2033 <sup>(b)</sup> | 1 | 1 |
|  Flagship Credit Auto Trust, Series 2021-4, Class C, 1.96%, 12/15/2027 <sup>(a)</sup> | 2428321 | 2421721 |
|  Foundation Finance Trust, Series 2023-1A, Class D, 9.18%, 12/15/2043 <sup>(a)</sup> | 2847961 | 3063926 |
|  Gracie Point International Funding, Series 2025-1A, Class A, 5.18% (30 day avg SOFR US + 1.50%), 08/15/2028 <sup>(a)</sup> | 4275000 | 4284033 |
| Mercury Financial Credit Card Master Trust | Mercury Financial Credit Card Master Trust | Mercury Financial Credit Card Master Trust |
| &nbsp;&nbsp; Series 2024-2A, Class A, 6.56%, 07/20/2029 <sup>(a)</sup> | 6430000 | 6442826 |
| &nbsp;&nbsp; Series 2024-2A, Class B, 7.43%, 07/20/2029 <sup>(a)</sup> | 3460000 | 3479147 |
|  NALP Business Loan Trust, Series 2024-1, Class A, 6.49%, 12/27/2049 <sup>(a)</sup> | 2468491 | 2515812 |
| Oportun Financial Corp. | Oportun Financial Corp. | Oportun Financial Corp. |
| &nbsp;&nbsp; Series 2021-B, Class B, 1.96%, 05/08/2031 <sup>(a)</sup> | 638296 | 628435 |
| &nbsp;&nbsp; Series 2025-C, Class B, 4.93%, 07/08/2033 <sup>(a)</sup> | 2400000 | 2411677 |
| &nbsp;&nbsp; Series 2025-C, Class D, 5.91%, 07/08/2033 <sup>(a)</sup> | 2000000 | 2013852 |
|  Oxford Finance Funding Trust, Series 2023-1A, Class A2, 6.72%, 02/15/2031 <sup>(a)</sup> | 1612608 | 1629809 |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
| &nbsp;&nbsp; Series 2022-5, Class B, 10.31%, 06/17/2030 <sup>(a)</sup> | 692401 | 701079 |
| &nbsp;&nbsp; Series 2024-2, Class C, 7.57%, 08/15/2031 <sup>(a)</sup> | 1788991 | 1817063 |
| &nbsp;&nbsp; Series 2024-6, Class C, 7.07%, 11/15/2031 <sup>(a)</sup> | 3653661 | 3668608 |
| &nbsp;&nbsp; Series 2024-8, Class A, 5.33%, 01/15/2032 <sup>(a)</sup> | 404491 | 406397 |
| &nbsp;&nbsp; Series 2025-5, Class B, 5.44%, 03/15/2033 <sup>(a)</sup> | 5349793 | 5398752 |
| &nbsp;&nbsp; Series 2025-5, Class D, 5.87%, 03/15/2033 <sup>(a)</sup> | 2749894 | 2765557 |
| &nbsp;&nbsp; Series 2026-1, Class E, 9.23%, 09/15/2033 <sup>(a)</sup> | 3340000 | 3358771 |
|  South Carolina Student Loan Corp., Series 2013-1, Class A, 4.28% (30 day avg SOFR US + 0.61%), 01/25/2041 | 47737 | 47024 |
|  SpringCastle America LLC, Series 2020-AA, Class A, 1.97%, 09/25/2037 <sup>(a)</sup> | 2070310 | 1950573 |
|  Theorem Funding Trust, Series 2022-2A, Class B, 9.27%, 12/15/2028 <sup>(a)</sup> | 3499516 | 3506176 |
|  Thunderbolt Aircraft Lease, Series 2019-1, Class A, 3.67%, 11/15/2039 <sup>(a)</sup> | 1729416 | 1693612 |
| Upgrade Master Pass-Thru Trust | Upgrade Master Pass-Thru Trust | Upgrade Master Pass-Thru Trust |
| &nbsp;&nbsp; Series 2025-ST3, Class A, 5.98%, 06/15/2032 <sup>(a)</sup> | 3562492 | 3603340 |
| &nbsp;&nbsp; Series 2025-ST6, Class C, 5.78%, 10/15/2032 <sup>(a)</sup> | 2984000 | 3008496 |
| **TOTAL ASSET-BACKED SECURITIES** (Cost $75,949,281) | **TOTAL ASSET-BACKED SECURITIES** (Cost $75,949,281) | 76218615 |
| **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 10.8%** | **Par**  | **Value**  |
| Fannie Mae Connecticut Avenue Securities | Fannie Mae Connecticut Avenue Securities | Fannie Mae Connecticut Avenue Securities |
| &nbsp;&nbsp; Series 2020-SBT1, Class 1M2, 7.43% (30 day avg SOFR US + 3.76%), 02/25/2040 <sup>(a)</sup> | 1983000 | 2036382 |
| &nbsp;&nbsp; Series 2021-R01, Class 1B1, 6.77% (30 day avg SOFR US + 3.10%), 10/25/2041 <sup>(a)</sup> | 1150000 | 1168236 |
| &nbsp;&nbsp; Series 2021-R01, Class 1M2, 5.22% (30 day avg SOFR US + 1.55%), 10/25/2041 <sup>(a)</sup> | 901530 | 906642 |
| &nbsp;&nbsp; Series 2021-R02, Class 2M2, 5.67% (30 day avg SOFR US + 2.00%), 11/25/2041 <sup>(a)</sup> | 1686149 | 1692014 |
| &nbsp;&nbsp; Series 2023-R01, Class 1M2, 7.42% (30 day avg SOFR US + 3.75%), 12/25/2042 <sup>(a)</sup> | 1000000 | 1047640 |
| &nbsp;&nbsp; Series 2023-R04, Class 1M2, 7.22% (30 day avg SOFR US + 3.55%), 05/25/2043 <sup>(a)</sup> | 2750000 | 2885969 |
| &nbsp;&nbsp; Series 2024-R01, Class 1B1, 6.37% (30 day avg SOFR US + 2.70%), 01/25/2044 <sup>(a)</sup> | 1200000 | 1240257 |
| &nbsp;&nbsp; Series 2024-R02, Class 1B1, 6.17% (30 day avg SOFR US + 2.50%), 02/25/2044 <sup>(a)</sup> | 2350000 | 2413712 |
| &nbsp;&nbsp; Series 2024-R03, Class 2B1, 6.47% (30 day avg SOFR US + 2.80%), 03/25/2044 <sup>(a)</sup> | 1000000 | 1032813 |
| &nbsp;&nbsp; Series 2024-R03, Class 2M2, 5.62% (30 day avg SOFR US + 1.95%), 03/25/2044 <sup>(a)</sup> | 1000000 | 1012350 |
| &nbsp;&nbsp; Series 2024-R05, Class 2B1, 5.67% (30 day avg SOFR US + 2.00%), 07/25/2044 <sup>(a)</sup> | 2596000 | 2633843 |
| &nbsp;&nbsp; Series 2025-R01, Class 1M2, 5.17% (30 day avg SOFR US + 1.50%), 01/25/2045 <sup>(a)</sup> | 2500000 | 2512484 |
|  Federal National Mortgage Association, Series 2025-30, Class BA, 5.00%, 04/25/2052 | 1394685 | 1392690 |
| 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)(e)</sup> | 29416 | 28774 |
| &nbsp;&nbsp; Series 2020-HQA5, Class B1, 7.67% (30 day avg SOFR US + 4.00%), 11/25/2050 <sup>(a)</sup> | 1350000 | 1488775 |
| &nbsp;&nbsp; Series 2021-DNA1, Class B1, 6.32% (30 day avg SOFR US + 2.65%), 01/25/2051 <sup>(a)</sup> | 1060000 | 1120559 |
| &nbsp;&nbsp; Series 2021-DNA2, Class B1, 7.07% (30 day avg SOFR US + 3.40%), 08/25/2033 <sup>(a)</sup> | 2060000 | 2290663 |
| &nbsp;&nbsp; Series 2021-DNA5, Class B1, 6.72% (30 day avg SOFR US + 3.05%), 01/25/2034 <sup>(a)</sup> | 2000000 | 2130500 |
| &nbsp;&nbsp; Series 2021-DNA6, Class M2, 5.17% (30 day avg SOFR US + 1.50%), 10/25/2041 <sup>(a)</sup> | 1098975 | 1101365 |
| &nbsp;&nbsp; Series 2022-DNA1, Class M2, 6.17% (30 day avg SOFR US + 2.50%), 01/25/2042 <sup>(a)</sup> | 2500000 | 2531408 |
| &nbsp;&nbsp; Series 2022-DNA3, Class M1B, 6.57% (30 day avg SOFR US + 2.90%), 04/25/2042 <sup>(a)</sup> | 7500000 | 7687105 |
| &nbsp;&nbsp; Series 2022-DNA4, Class M1B, 7.02% (30 day avg SOFR US + 3.35%), 05/25/2042 <sup>(a)</sup> | 4163000 | 4282686 |
| &nbsp;&nbsp; Series 2023-HQA2, Class M2, 7.52% (30 day avg SOFR US + 3.85%), 06/25/2043 <sup>(a)</sup> | 1000000 | 1046873 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| &nbsp;&nbsp; Series 2008-55, Class WT, 5.53%, 06/20/2037 <sup>(e)</sup> | 4004 | 3996 |
| &nbsp;&nbsp; Series 2026-5, Class ZE, 5.50%, 01/20/2056 <sup>(d)</sup> | 6007523 | 5998181 |
| **TOTAL AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES** (Cost $50,418,378) | **TOTAL AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES** (Cost $50,418,378) | 51685917 |
| **CORPORATE BONDS - 0.3%** | **Par**  | **Value**  |
| **Financial - 0.3%** | **Financial - 0.3%** | **Financial - 0.3%** |
|  Korth Direct Mortgage, Inc., 11.75%, 02/25/2031 <sup>(a)(b)(f)</sup> | 2000000 | 1400000 |
| **TOTAL CORPORATE BONDS** (Cost $2,000,000) | **TOTAL CORPORATE BONDS** (Cost $2,000,000) | 1400000 |
| **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 0.0% <sup>(g)</sup>** | **Par**  | **Value**  |
|  Government National Mortgage Association, Series 2009-4, Class IO, 0.39%, 01/16/2049 <sup>(c)(h)</sup> | 240928 | 75 |
| **TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES** (Cost $1,548) | **TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES** (Cost $1,548) | 75 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 6.0%** | **Shares**  | **Value**  |
| First American Government Obligations Fund - Class X, 3.60% <sup>(i)</sup> | 28670440 | 28670440 |
| **TOTAL MONEY MARKET FUNDS** (Cost $28,670,440) | **TOTAL MONEY MARKET FUNDS** (Cost $28,670,440) | 28670440 |
| **TOTAL INVESTMENTS - 101.3% (**Cost $482,856,281**)** | **TOTAL INVESTMENTS - 101.3% (**Cost $482,856,281**)** | 485105260 |
| Liabilities in Excess of Other Assets - (1.3)% | Liabilities in Excess of Other Assets - (1.3)% | (6132134) |
| **TOTAL NET ASSETS - 100.0%** |  | $478973126 |
| 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. |  |

---

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 February 28, 2026, the value of these securities total $447,306,398 or 93.4% of the Fund's net assets.

(b) Step coupon bond. The rate disclosed is as of February 28, 2026.

(c) 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
 February 28, 2026.

(d) 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 February
 28, 2026.

(e) 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 February 28, 2026.

(f) 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
 $1,400,000 or 0.3% of net assets as of February 28, 2026.

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

(h) Interest only security.

(i) The rate shown represents the 7-day annualized yield as of February 28, 2026.

------

#### Summary of Fair Value Disclosure as of February 28, 2026 (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 February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Non-Agency Residential Mortgage Backed Securities | $– | $112438960 | $– | $112438960 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage Backed Securities | – | 110888472 | – | 110888472 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Loan Obligations | – | 103802781 | – | 103802781 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities | – | 76218615 | – | 76218615 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Agency Residential Mortgage-Backed Securities | – | 51685917 | – | 51685917 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | – | – | 1400000 | 1400000 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Agency Commercial Mortgage Backed Securities | – | 75 | – | 75 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 28670440 | – | – | 28670440 |
| Total Investments | $28670440 | $455034820 | $1400000 | $485105260 |

---

---

| | |
|:---|:---|
| **Fair Value Measurement Using Significant Unobservable Inputs** | **<u>Level 3</u>** |
| Beginning balance as of November 30, 2025 | $4120549 |
| Sales | (2253911) |
| Change in unrealized appreciation/depreciation | (495164) |
| Amortization/(Accretion) | 0 |
| Realized gain/loss | 28526 |
| Ending balance as of February 28, 2026 | $1400000 |
|  | $0 |
| Change in unrealized appreciation/depreciation still held as of February 28, 2026 | $(491250) |
|  | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Description</u>** | **<u>Fair Value as of</u>**<br>  **<u>February 28, 2026</u>** | **<u>Valuation Technique</u>** | **<u>Unobservable Inputs</u>** | **<u>Input Values (Ranges)</u>** |
| Corporate Bonds | $1400000 | Market Transaction Method | Prior/Recent Transaction | $70.00 |

---

## 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:** 2026-11-30

- **b. Date as of which information is reported:** 2026-02-28

**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:** $481194664.30

**Total Liabilities:** $3545078.58

**Net Assets:** $477649585.72

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 18234.791002000000 | **1-Year:** 43832.869920000000 | **5-Year:** 15715.737122000000 | **10-Year:** 3915.947955000000 | **30-Year:** 90.995118000000

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

- **3-Month:** 5051.496924000000 | **1-Year:** 8869.721813000000 | **5-Year:** 10359.850719000000 | **10-Year:** 1931.621563000000 | **30-Year:** 378.180545000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000139162 | 0.40%                | 0.58%                | 0.52%                |
| Class ID C000139163 | 0.27%                | 0.67%                | 0.53%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $217078.95               | $-916334.62                                |
| Month 2  | $-106994.90              | $896657.74                                 |
| Month 3  | $15169.56                | $547076.38                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Theorem Funding Trust          | Theorem Funding Trust 2022-2                                          | CUSIP: 88339FAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3499516 | PA      | $3506175.69   | 0.73%             | 2028-12-15      | Fixed         | 9.27%                 | No            |                  2 | On Loan: No      |
| Tikehau US CLO Ltd             | Tikehau US CLO VII Ltd                                                | CUSIP: 88677FAA1<br>LEI: 254900CXO5NATO3A5N33 | Long             | ABS-CBDO         | CORP              | BM        |   6900000 | PA      | $6905899.50   | 1.45%             | 2038-02-25      | Floating      | 4.89%                 | 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        |   1686149 | PA      | $1692013.63   | 0.35%             | 2041-11-25      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                    | FIGRE Trust 2025-HE4                                                  | CUSIP: 31684PAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1694364 | PA      | $1708388.72   | 0.36%             | 2055-07-25      | Variable      | 5.71%                 | 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        |   1098975 | PA      | $1101364.59   | 0.23%             | 2041-10-25      | Floating      | 5.17%                 | 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      | $1488774.60   | 0.31%             | 2050-11-25      | Floating      | 7.67%                 | 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      | $3650000.00   | 0.76%             | 2034-10-20      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Radnor Re LTD                  | Radnor RE 2023-1 Ltd                                                  | CUSIP: 75050KAA4<br>LEI: 254900P3K895250PCC81 | Long             | ABS-MBS          | CORP              | BM        |    188620 | PA      | $189438.34    | 0.04%             | 2033-07-25      | Floating      | 6.37%                 | 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      | $1020410.70   | 0.21%             | 2055-06-25      | Floating      | 5.97%                 | 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        |    542096 | PA      | $551892.44    | 0.12%             | 2054-05-25      | Variable      | 6.68%                 | No            |                  2 | On Loan: No      |
| BCRED CLO LTD                  | BCRED CLO 2023-1 LLC                                                  | CUSIP: 055978AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3375000 | PA      | $3386669.40   | 0.71%             | 2036-01-20      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| BXHPP Trust                    | BXHPP Trust 2021-FILM                                                 | CUSIP: 05609JAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4778040.00   | 1.00%             | 2036-08-15      | Floating      | 4.42%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust       | Benchmark 2025-V18 Mortgage Trust                                     | CUSIP: 08164EAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1175000 | PA      | $1024547.60   | 0.21%             | 2058-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                       | BXMT 2020-FL2 LTD                                                     | CUSIP: 12434LAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5050000 | PA      | $5025214.60   | 1.05%             | 2038-02-15      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust   | CSMC 2014-USA OA LLC                                                  | CUSIP: 12649AAA7<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |   5675722 | PA      | $5262771.37   | 1.10%             | 2037-09-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust   | CSMC 2021-NQM4                                                        | CUSIP: 12659PAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1110301 | PA      | $1000137.05   | 0.21%             | 2066-05-25      | Variable      | 1.10%                 | 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      | $500446.02    | 0.10%             | 2066-05-25      | Variable      | 2.48%                 | 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        |   5000000 | PA      | $4977500.00   | 1.04%             | 2038-04-20      | Floating      | 5.05%                 | 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      | $6010267.20   | 1.26%             | 2042-02-15      | Floating      | 5.51%                 | 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      | $5016900.00   | 1.05%             | 2036-04-20      | Floating      | 5.92%                 | 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      | $4008658.80   | 0.84%             | 2036-07-17      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                       | BXMT 2021-FL4 Ltd                                                     | CUSIP: 05609GAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   6000000 | PA      | $5900496.00   | 1.24%             | 2038-05-15      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                       | BXMT 2021-FL4 Ltd                                                     | CUSIP: 05609GAJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3500000 | PA      | $3378879.00   | 0.71%             | 2038-05-15      | Floating      | 6.03%                 | 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      | $3813673.50   | 0.80%             | 2042-12-15      | Floating      | 8.60%                 | No            |                  2 | On Loan: No      |
| BLACKROCK LTD                  | BlackRock Maroon Bells CLO XI LLC                                     | CUSIP: 09290EAC3<br>LEI: 5493002T9B2YQM95EY13 | Long             | ABS-CBDO         | CORP              | US        |   3750000 | PA      | $3756180.00   | 0.79%             | 2038-01-15      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| BLACKROCK LTD                  | Blackrock MT Lassen Clo XV LLC                                        | CUSIP: 092916AA3<br>LEI: 529900270ZC9EIH17Z28 | Long             | ABS-CBDO         | CORP              | US        |   5000000 | PA      | $5010389.50   | 1.05%             | 2037-07-15      | Floating      | 5.32%                 | 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      | $1012350.00   | 0.21%             | 2044-03-25      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T | EFMT 2026-INV2                                                        | CUSIP: 26846TAK5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3500000 | PA      | $3509677.15   | 0.73%             | 2071-02-25      | Variable      | 5.09%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                    | FIGRE Trust 2025-HE2                                                  | CUSIP: 31684KAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1749921 | PA      | $1789809.13   | 0.37%             | 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        |  27513321 | NS      | $27513321.48  | 5.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Foundation Finance Trust       | Foundation Finance Trust 2023-1                                       | CUSIP: 35042AAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2847961 | PA      | $3063925.56   | 0.64%             | 2043-12-15      | Fixed         | 9.18%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                              | CUSIP: 38373M5R7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    240928 | PA      | $74.89        | 0.00%             | 2049-01-16      | Variable      | 0.39%                 | 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      | $3007605.00   | 0.63%             | 2038-10-22      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| Home Owner Mortgage Enhanced S | HOMES 2025-AFC4 Trust                                                 | CUSIP: 43762DAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2576302.75   | 0.54%             | 2060-11-25      | Variable      | 6.89%                 | 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        |       828 | PA      | $825.97       | 0.00%             | 2029-08-20      | Variable      | 5.43%                 | No            |                  2 | On Loan: No      |
| Ivy Hill Middle Market Credit  | Ivy Hill Middle Market Credit Fund XX Ltd                             | CUSIP: 46604CAL0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   4000000 | PA      | $4008307.20   | 0.84%             | 2037-07-19      | Floating      | 5.32%                 | 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      | $3511645.20   | 0.74%             | 2029-01-25      | Variable      | 7.02%                 | 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      | $2334640.50   | 0.49%             | 2050-03-25      | Floating      | 11.28%                | 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      | $2013851.60   | 0.42%             | 2033-07-08      | Fixed         | 5.91%                 | No            |                  2 | On Loan: No      |
| Owl Rock CLO                   | Owl Rock CLO III Ltd                                                  | CUSIP: 69120DAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3920000 | PA      | $3923284.96   | 0.82%             | 2036-04-20      | Floating      | 5.52%                 | 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        |   3653661 | PA      | $3668608.37   | 0.77%             | 2031-11-15      | Fixed         | 7.07%                 | 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        |   3562492 | PA      | $3603339.63   | 0.75%             | 2032-06-15      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| Cerberus                       | Cerberus Loan Funding XLIV LLC                                        | CUSIP: 15674DAA2<br>LEI: 6354005DPIRML7EMPA20 | Long             | ABS-CBDO         | CORP              | US        |   4000000 | PA      | $4012560.40   | 0.84%             | 2036-01-15      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| Cerberus                       | Cerberus Loan Funding XLI LLC                                         | CUSIP: 15674VAA2<br>LEI: 635400YAOHPN8ZVJAS71 | Long             | ABS-CBDO         | CORP              | US        |   1500000 | PA      | $1504948.80   | 0.32%             | 2035-07-15      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| Cerberus                       | Cerberus Loan Funding XLVIII LLC                                      | CUSIP: 15675JAA8<br>LEI: 635400TT2BPIAD7JRA96 | Long             | ABS-CBDO         | CORP              | US        |   3000000 | PA      | $3004267.50   | 0.63%             | 2036-10-15      | Floating      | 5.32%                 | 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        |    901530 | PA      | $906642.24    | 0.19%             | 2041-10-25      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T | EFMT 2024-RM2                                                         | CUSIP: 268431AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1239099 | PA      | $1242114.89   | 0.26%             | 2054-07-25      | Fixed         | 5.00%                 | 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      | $2034454.00   | 0.43%             | 2040-05-25      | Variable      | 6.46%                 | No            |                  2 | On Loan: No      |
| Eldridge MMPC CLO Ltd.         | Eldridge MMPC CLO 2025-2 Ltd                                          | CUSIP: 28473JAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $4983010.00   | 1.04%             | 2038-01-15      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                                     | CUSIP: 3136BVP44<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1394685 | PA      | $1392690.00   | 0.29%             | 2052-04-25      | Fixed         | 5.00%                 | 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      | $4011864.00   | 0.84%             | 2036-07-15      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust       | Benchmark 2023-V3 Mortgage Trust                                      | CUSIP: 08163VAL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1881000 | PA      | $1704791.12   | 0.36%             | 2056-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Vericrest Opportunity Loan Tra | VOLT XCV LLC                                                          | CUSIP: 92873BAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1729999 | PA      | $1732777.45   | 0.36%             | 2051-03-27      | Variable      | 8.95%                 | No            |                  2 | On Loan: No      |
| Vericrest Opportunity Loan Tra | VOLT CII LLC                                                          | CUSIP: 92873HAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    398490 | PA      | $398878.20    | 0.08%             | 2051-08-25      | Variable      | 5.87%                 | 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      | $5016642.00   | 1.05%             | 2036-04-15      | Floating      | 5.87%                 | 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      | $7687105.50   | 1.61%             | 2042-04-25      | Floating      | 6.57%                 | 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        |    547472 | PA      | $455599.33    | 0.10%             | 2061-07-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust   | CSMC 2022-NQM5 Trust                                                  | CUSIP: 12663DAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2155369 | PA      | $2151888.60   | 0.45%             | 2067-05-25      | Variable      | 5.17%                 | 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      | $2036382.36   | 0.43%             | 2040-02-25      | Floating      | 7.43%                 | 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      | $2720573.58   | 0.57%             | 2044-10-25      | Floating      | 9.67%                 | 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      | $2631301.50   | 0.55%             | 2041-03-10      | Variable      | 9.26%                 | 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      | $5036892.75   | 1.05%             | 2041-03-15      | Floating      | 8.09%                 | 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      | $1242869.46   | 0.26%             | 2038-06-15      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                     | MFA 2023-NQM3 Trust                                                   | CUSIP: 55286MAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1411688 | PA      | $1422631.51   | 0.30%             | 2068-07-25      | Variable      | 7.02%                 | 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        |   2051101 | PA      | $2053636.19   | 0.43%             | 2033-11-22      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| Point Securitization Trust     | Point Securitization Trust 2025-2                                     | CUSIP: 73071PAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4998968 | PA      | $5024240.33   | 1.05%             | 2055-10-25      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| Point Securitization Trust     | Point Securitization Trust 2025-1                                     | CUSIP: 73072DAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4583910 | PA      | $4651302.69   | 0.97%             | 2055-06-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Point Securitization Trust     | Point Securitization Trust 2026-1                                     | CUSIP: 73072JAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2482127.50   | 0.52%             | 2056-02-25      | Variable      | 5.25%                 | 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        |    717262 | PA      | $717613.24    | 0.15%             | 2062-08-25      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| SOHO Trust 2021-SOHO           | Soho Trust 2021-SOHO                                                  | CUSIP: 83410JAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $3334549.20   | 0.70%             | 2038-08-10      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| Comvest Credit CLO             | South Cove 2025-3 CLO LLC                                             | CUSIP: 837511AA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3000000 | PA      | $3004502.10   | 0.63%             | 2038-01-15      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| UNLOCK HEA TRUST               | Unlock HEA Trust 2024-2                                               | CUSIP: 91528AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4480623 | PA      | $4501726.91   | 0.94%             | 2039-10-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2023-8                                     | CUSIP: 92540DAC9<br>LEI: 213800DTJD5UKJR53O34 | Long             | ABS-MBS          | CORP              | US        |   1121296 | PA      | $1153028.72   | 0.24%             | 2068-12-25      | Variable      | 6.97%                 | No            |                  2 | On Loan: No      |
| Comvest Credit CLO             | Comvest Credit 2024-2 CLO LLC                                         | CUSIP: 20588BAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5000000 | PA      | $5013380.00   | 1.05%             | 2036-10-15      | Floating      | 5.40%                 | 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      | $2512484.00   | 0.53%             | 2045-01-25      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                 | ACHV ABS Trust 2024-3AL                                               | CUSIP: 00092KAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2621407 | PA      | $2662415.80   | 0.56%             | 2031-12-26      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AMDR ABS Trust                 | AMDR ABS TRUST 2025-1                                                 | CUSIP: 02342WAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8086779 | PA      | $8132505.55   | 1.70%             | 2033-12-19      | Fixed         | 6.38%                 | 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        |   1288611 | PA      | $922030.15    | 0.19%             | 2034-11-15      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| BXHPP Trust                    | BXHPP Trust 2021-FILM                                                 | CUSIP: 05609JAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2337606.25   | 0.49%             | 2036-08-15      | Floating      | 4.67%                 | 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      | $4624.64      | 0.00%             | 2029-12-15      | Variable      | 7.18%                 | 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        |   1905037 | PA      | $1891075.47   | 0.40%             | 2062-09-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Brightwood Capital MM CLO 2019 | Brightwood Capital MM CLO 2025-1 Ltd                                  | CUSIP: 10950EAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   6000000 | PA      | $6017130.00   | 1.26%             | 2036-04-15      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora | Chase Mortgage Finance Corp                                           | CUSIP: 46591HBY5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    961874 | PA      | $945069.73    | 0.20%             | 2050-02-25      | Floating      | 5.02%                 | 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        |   3662550 | PA      | $3516832.08   | 0.74%             | 2049-12-25      | Variable      | 4.26%                 | 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      | $3479146.60   | 0.73%             | 2029-07-20      | Fixed         | 7.43%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                     | MFA 2024-RTL2 Trust                                                   | CUSIP: 592916AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4500000 | PA      | $4525682.40   | 0.95%             | 2029-05-25      | Variable      | 7.25%                 | 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        |    562101 | PA      | $568171.04    | 0.12%             | 2063-10-25      | Variable      | 7.32%                 | 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      | $2411676.72   | 0.50%             | 2033-07-08      | Fixed         | 4.93%                 | 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      | $0.94         | 0.00%             | 2033-01-25      | Variable      | 3.95%                 | 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      | $5761571.88   | 1.21%             | 2034-07-15      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| UNLOCK HEA TRUST               | Unlock HEA Trust 2025-2                                               | CUSIP: 914917AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5996565 | PA      | $6135685.01   | 1.28%             | 2041-11-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Upgrade Master Pass-Thru Trust | Upgrade Master Pass-Thru Trust Series 2025-ST6                        | CUSIP: 91533QAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2984000 | PA      | $3008495.95   | 0.63%             | 2032-10-15      | Fixed         | 5.78%                 | 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      | $3006250.50   | 0.63%             | 2036-07-15      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Eagle Re Ltd                   | Eagle RE 2023-1 Ltd                                                   | CUSIP: 26982EAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    101255 | PA      | $101536.35    | 0.02%             | 2033-09-26      | Floating      | 5.67%                 | 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      | $1120559.07   | 0.23%             | 2051-01-25      | Floating      | 6.32%                 | 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        |   4275000 | PA      | $4284033.08   | 0.90%             | 2028-08-15      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                    | PRKCM 2023-AFC3 Trust                                                 | CUSIP: 693984AC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2009622 | PA      | $2021983.13   | 0.42%             | 2058-09-25      | Variable      | 7.09%                 | 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        |    692401 | PA      | $701078.98    | 0.15%             | 2030-06-17      | Fixed         | 10.31%                | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST STUDENT LOAN | South Carolina Student Loan Corp                                      | CUSIP: 83715AAM1<br>LEI: 549300PIO3ZMSROGFF38 | Long             | DBT              | MUN               | US        |     47737 | PA      | $47024.04     | 0.01%             | 2041-01-25      | Floating      | 4.28%                 | 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        |   1729416 | PA      | $1693612.48   | 0.35%             | 2039-11-15      | Fixed         | 3.67%                 | 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        |   1067780 | PA      | $1077037.05   | 0.23%             | 2064-01-25      | Variable      | 6.05%                 | No            |                  2 | On Loan: No      |
| Venture CDO Ltd                | Venture 28A Clo Ltd                                                   | CUSIP: 92331DBJ6<br>LEI: 549300NQLVRN86RJ6081 | Long             | ABS-CBDO         | CORP              | KY        |   1750000 | PA      | $1752659.83   | 0.37%             | 2034-10-20      | Floating      | 4.78%                 | 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      | $1240257.00   | 0.26%             | 2044-01-25      | Floating      | 6.37%                 | 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      | $2413711.79   | 0.51%             | 2044-02-25      | Floating      | 6.17%                 | 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      | $1047640.40   | 0.22%             | 2042-12-25      | Floating      | 7.42%                 | 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      | $1032813.00   | 0.22%             | 2044-03-25      | Floating      | 6.47%                 | 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      | $3023739.00   | 0.63%             | 2031-10-25      | Variable      | 8.65%                 | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                 | ACHV ABS TRUST 2023-3PL                                               | CUSIP: 000876AD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3368130 | PA      | $3380320.37   | 0.71%             | 2030-08-19      | Fixed         | 8.36%                 | 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      | $4130962.80   | 0.86%             | 2029-11-10      | Variable      | 9.52%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                       | BXMT 2021-FL4 Ltd                                                     | CUSIP: 05609GAG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3000000 | PA      | $2924052.00   | 0.61%             | 2038-05-15      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| CHNGE Mortgage Trust           | CHNGE Mortgage Trust 2022-NQM1                                        | CUSIP: 12569CAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    808776 | PA      | $806917.89    | 0.17%             | 2067-06-25      | Variable      | 5.82%                 | 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      | $2885969.35   | 0.60%             | 2043-05-25      | Floating      | 7.22%                 | 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        |   2428321 | PA      | $2421720.76   | 0.51%             | 2027-12-15      | Fixed         | 1.96%                 | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit  | Freddie Mac Mscr Trust Mn7                                            | CUSIP: 35563QAC1<br>LEI: 529900NYZHC090WEXH18 | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2330409.60   | 0.49%             | 2043-09-25      | Floating      | 12.52%                | 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      | $1046873.00   | 0.22%             | 2043-06-25      | Floating      | 7.52%                 | 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      | $2290663.14   | 0.48%             | 2033-08-25      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| GCAT                           | GCAT 2023-NQM1 Trust                                                  | CUSIP: 36169BAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1866758 | PA      | $1812959.72   | 0.38%             | 2057-10-25      | Variable      | 4.25%                 | 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      | $2933602.43   | 0.61%             | 2041-03-15      | Floating      | 7.29%                 | 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        |   1640544 | PA      | $1681004.44   | 0.35%             | 2056-10-25      | Variable      | 7.55%                 | 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        |   6430000 | PA      | $6442826.24   | 1.35%             | 2029-07-20      | Fixed         | 6.56%                 | 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        |   8650000 | PA      | $8426784.16   | 1.76%             | 2038-12-15      | Floating      | 4.94%                 | 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        |   1612608 | PA      | $1629808.56   | 0.34%             | 2031-02-15      | Fixed         | 6.72%                 | 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        |   1788991 | PA      | $1817063.22   | 0.38%             | 2031-08-15      | Fixed         | 7.57%                 | 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        |   5349793 | PA      | $5398751.92   | 1.13%             | 2033-03-15      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2025-3                                         | CUSIP: 817370AB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1394295 | PA      | $1409654.41   | 0.30%             | 2055-04-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Springcastle SPV               | SpringCastle America Funding LLC                                      | CUSIP: 85022WAP9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2070310 | PA      | $1950573.12   | 0.41%             | 2037-09-25      | Fixed         | 1.97%                 | No            |                  2 | On Loan: No      |
| UNLOCK HEA TRUST               | Unlock HEA Trust 2025-1                                               | CUSIP: 91528BAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4318407 | PA      | $4398155.00   | 0.92%             | 2041-07-25      | Fixed         | 6.75%                 | 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        |   4335309 | PA      | $3931355.80   | 0.82%             | 2058-04-27      | Variable      | 7.25%                 | 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      | $2633843.19   | 0.55%             | 2044-07-25      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                    | FIGRE Trust 2025-HE3                                                  | CUSIP: 31684LAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1251772 | PA      | $1269587.15   | 0.27%             | 2055-05-25      | Variable      | 5.91%                 | 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      | $2130500.00   | 0.45%             | 2034-01-25      | Floating      | 6.72%                 | 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      | $4282686.25   | 0.90%             | 2042-05-25      | Floating      | 7.02%                 | 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      | $3061481.40   | 0.64%             | 2045-11-25      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                              | CUSIP: 38375QR27<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      4004 | PA      | $3996.10      | 0.00%             | 2037-06-20      | Variable      | 5.53%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                              | CUSIP: 38385LBA5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   6007523 | PA      | $5998181.15   | 1.26%             | 2056-01-20      | Fixed         | 5.50%                 | 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      | $2185676.75   | 0.46%             | 2041-03-15      | Floating      | 8.99%                 | No            |                  2 | On Loan: No      |
| HTAP Trust                     | HTAP Issuer Trust 2025-1                                              | CUSIP: 40446AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4489718 | PA      | $4533571.84   | 0.95%             | 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        |    945399 | PA      | $944938.17    | 0.20%             | 2051-03-25      | Floating      | 5.47%                 | 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        |   1941240 | PA      | $1907561.80   | 0.40%             | 2046-04-25      | Variable      | 5.13%                 | No            |                  2 | On Loan: No      |
| KORTH DIRECT MORTGAGE          | Korth Direct Mortgage Inc                                             | CUSIP: 50067HDD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1400000.00   | 0.29%             | 2031-02-25      | Fixed         | 11.75%                | No            |                  3 | On Loan: No      |
| MF1 Multifamily Housing Mortga | MF1 2021-FL7 Ltd                                                      | CUSIP: 55284AAL2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1700000 | PA      | $1651621.40   | 0.35%             | 2036-10-16      | Floating      | 6.58%                 | 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      | $3109983.24   | 0.65%             | 2042-05-18      | Floating      | 7.60%                 | 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      | $2828454.30   | 0.59%             | 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        |   1150000 | PA      | $1088268.86   | 0.23%             | 2032-09-09      | Fixed         | 3.91%                 | No            |                  2 | On Loan: No      |
| Newtek Alternative Loan Progra | NALP Business Loan Trust 2024-1                                       | CUSIP: 629863AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2468491 | PA      | $2515812.35   | 0.53%             | 2049-12-27      | Fixed         | 6.49%                 | 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        |    404491 | PA      | $406397.18    | 0.09%             | 2032-01-15      | Fixed         | 5.33%                 | 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      | $2997127.80   | 0.63%             | 2039-04-17      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortg | Saluda Grade Alternative Mortgage Trust 2025-FIG6                     | CUSIP: 79582CAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1013968 | PA      | $1029690.20   | 0.22%             | 2056-01-25      | Variable      | 5.58%                 | 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        |     81888 | PA      | $81952.04     | 0.02%             | 2030-02-25      | Variable      | 7.50%                 | 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      | $3749717.51   | 0.79%             | 2039-02-25      | Variable      | 7.57%                 | No            |                  2 | On Loan: No      |
| Unison Trust                   | Unison Trust 2026-1                                                   | CUSIP: 908925AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2925811.50   | 0.61%             | 2056-02-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| ABPCI Direct Lending Fund CLO  | Abpci Direct Lending Fund Clo XI LP                                   | CUSIP: 00091UAQ6<br>LEI: 25490071811YW79W8G10 | Long             | ABS-CBDO         | CORP              | US        |   2000000 | PA      | $2001524.00   | 0.42%             | 2038-01-27      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| Antares CLO                    | Antares CLO 2021-1 Ltd                                                | CUSIP: 03666BAW4<br>LEI: 254900DYOG75KCVU0279 | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5007439.50   | 1.05%             | 2038-10-25      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| BX Trust                       | BX Trust 2023-LIFE                                                    | CUSIP: 05609DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4983560.50   | 1.04%             | 2028-02-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                       | BXMT 2025-FL5 Ltd                                                     | CUSIP: 05613YAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4500000 | PA      | $4514056.20   | 0.95%             | 2042-10-18      | Floating      | 5.76%                 | 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        |   1219339 | PA      | $1226686.27   | 0.26%             | 2047-06-25      | Floating      | 5.12%                 | 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      | $1168235.55   | 0.24%             | 2041-10-25      | Floating      | 6.77%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                    | FIGRE Trust 2026-HE1                                                  | CUSIP: 30249NAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1463482 | PA      | $1476546.86   | 0.31%             | 2056-01-25      | Variable      | 5.43%                 | 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      | $28773.60     | 0.01%             | 2048-05-25      | Variable      | 3.85%                 | 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      | $2531407.50   | 0.53%             | 2042-01-25      | Floating      | 6.17%                 | 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        |    571438 | PA      | $577196.18    | 0.12%             | 2054-05-20      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| Hold For CS                    | Multifamily Connecticut Avenue Securities Trust 2025-01               | CUSIP: 62549CAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3500000 | PA      | $3648054.73   | 0.76%             | 2055-05-25      | Floating      | 8.87%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC            | Oportun Issuance Trust 2021-B                                         | CUSIP: 68377GAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    638296 | PA      | $628435.49    | 0.13%             | 2031-05-08      | Fixed         | 1.96%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2026-1                                   | CUSIP: 694964AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3340000 | PA      | $3358771.47   | 0.70%             | 2033-09-15      | Fixed         | 9.23%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2025-5                                   | CUSIP: 69548WAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2749894 | PA      | $2765557.42   | 0.58%             | 2033-03-15      | Fixed         | 5.87%                 | 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      | $2733741.18   | 0.57%             | 2059-09-25      | Variable      | 3.81%                 | 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        |   1419575 | PA      | $1429186.99   | 0.30%             | 2030-05-25      | Variable      | 7.77%                 | 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      | $2028681.80   | 0.42%             | 2058-05-25      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| UNLOCK HEA TRUST               | Unlock HEA Trust 2024-1                                               | CUSIP: 91530QAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3649390 | PA      | $3656867.98   | 0.77%             | 2039-04-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-27

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Kevin Hayden

**Name of Signer:** Advisors Series Trust

**Title:** Treasurer & Vice President