# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001145549-25-047412
**Filing Date:** 2025-7
**Character Count:** 69566
**Document Hash:** a61487c7a8a7517c81d3b3061514bb05
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-047412.hdr.sgml**: 20250724

**ACCESSION NUMBER**: 0001145549-25-047412

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250724

**DATE AS OF CHANGE**: 20250724

**PERIOD START**: 20251130

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07959
- **FILM NUMBER:** 251144866

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

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

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $376303448.39

**Total Liabilities:** $4745954.11

**Net Assets:** $371557494.28

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 12851.895778000000 | **1-Year:** 29777.372372000000 | **5-Year:** 13629.759891000000 | **10-Year:** 7263.874105000000 | **30-Year:** 1536.116827000000

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

- **3-Month:** 4358.710859000000 | **1-Year:** 8468.034136000000 | **5-Year:** 9207.299410000000 | **10-Year:** 1775.450388000000 | **30-Year:** 126.999753000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000139162 | 0.21%                | 0.28%                | 0.63%                |
| Class ID C000139163 | 0.18%                | 0.26%                | 0.50%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $295361.07               | $-1224180.81                               |
| Month 2  | $-30631.74               | $-833585.81                                |
| Month 3  | $-7628.37                | $352439.00                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust 2021-HG1                               | CUSIP: 69547PAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    464657 | PA      | $461929.94    | 0.12%             | 2029-01-16      | Fixed         | 1.22%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust     | Flagship Credit Auto Trust 2019-3                                     | CUSIP: 33846AAJ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1213736 | PA      | $1212871.48   | 0.33%             | 2026-12-15      | Fixed         | 3.84%                 | 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      | $1064792.00   | 0.29%             | 2043-06-25      | Floating      | 8.17%                 | 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      | $4329407.60   | 1.17%             | 2042-05-25      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit  | Freddie Mac Multifamily Structured Credit Risk                        | CUSIP: 355917AC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2550000 | PA      | $2653417.55   | 0.71%             | 2044-10-25      | Floating      | 10.32%                | No            |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue | Multifamily Connecticut Avenue Securities Trust 2025-01               | CUSIP: 62549CAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3500000 | PA      | $3500000.00   | 0.94%             | 2055-05-25      | Floating      | 9.51%                 | No            |                  3 | 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        |    680521 | PA      | $690778.06    | 0.19%             | 2063-10-25      | Variable      | 7.32%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                    | PRKCM 2023-AFC3 Trust                                                 | CUSIP: 693984AC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2713313 | PA      | $2738844.63   | 0.74%             | 2058-09-25      | Variable      | 7.09%                 | 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        |    785971 | PA      | $788644.90    | 0.21%             | 2032-01-15      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | PAGAYA AI Debt Trust 2022-3                                           | CUSIP: 69547MAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    421090 | PA      | $421533.54    | 0.11%             | 2030-03-15      | Fixed         | 8.05%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Trust 2022-5                                           | CUSIP: 69548HAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    999963 | PA      | $1036374.73   | 0.28%             | 2030-06-17      | Fixed         | 10.31%                | No            |                  2 | On Loan: No      |
| Saranac CLO LTD                | Saranac CLO III Ltd                                                   | CUSIP: 803169AN1<br>LEI: 5493000LWP4BVD5LGS13 | Long             | ABS-CBDO         | CORP              | JE        |     88897 | PA      | $88998.92     | 0.02%             | 2030-06-22      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC               | COLT 2022-7 Mortgage Loan Trust                                       | CUSIP: 12663GAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1994117.40   | 0.54%             | 2067-04-25      | Variable      | 6.27%                 | 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        |   1354241 | PA      | $1373360.60   | 0.37%             | 2041-10-25      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| Crown Point CLO Ltd            | Crown Point CLO IV Ltd                                                | CUSIP: 22845XAC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500053 | PA      | $500478.82    | 0.13%             | 2031-04-20      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                    | FIGRE Trust 2024-HE5                                                  | CUSIP: 31684FAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1752091 | PA      | $1754545.71   | 0.47%             | 2054-10-25      | Variable      | 5.44%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta | Greystone CRE Notes 2024-HC3                                          | CUSIP: 39808MAG8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4100000 | PA      | $4108678.68   | 1.11%             | 2041-03-15      | Floating      | 8.76%                 | 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        |   1160000 | PA      | $1159964.04   | 0.31%             | 2041-03-15      | Floating      | 9.66%                 | No            |                  2 | On Loan: No      |
| Labrador Aviation Finance Limi | Labrador Aviation Finance Ltd 2016-1A                                 | CUSIP: 50543LAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2643161 | PA      | $2570588.40   | 0.69%             | 2042-01-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Lehman Brothers Small Balance  | Lehman Brothers Small Balance Commercial Mortgage Trust 2007-1        | CUSIP: 52521GAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2388414 | PA      | $2205530.74   | 0.59%             | 2037-03-25      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga | MF1 2025-FL19 LLC                                                     | CUSIP: 55287KAL7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3100000 | PA      | $3104517.63   | 0.84%             | 2042-05-18      | Floating      | 8.27%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne | PRET 2024-NPL4 LLC                                                    | CUSIP: 74143RAA1<br>LEI: 254900OXVJK5CT5B2O86 | Long             | ABS-MBS          | CORP              | US        |    923816 | PA      | $931108.99    | 0.25%             | 2054-07-25      | Variable      | 7.00%                 | 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      | $2664839.93   | 0.72%             | 2059-09-25      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners            | SG Residential Mortgage Trust 2022-2                                  | CUSIP: 78434KAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    783175 | PA      | $778018.32    | 0.21%             | 2062-08-25      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| Star Trust                     | STAR 2021-SFR1 Trust                                                  | CUSIP: 85521DAJ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3460000 | PA      | $3444951.42   | 0.93%             | 2038-04-17      | Floating      | 6.14%                 | 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        |   2401344 | PA      | $2277517.57   | 0.61%             | 2039-11-15      | Fixed         | 3.67%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                       | BXMT 2021-FL4 Ltd                                                     | CUSIP: 05609GAG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3000000 | PA      | $2854239.00   | 0.77%             | 2038-05-15      | Floating      | 6.19%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Trust 2023-8                                           | CUSIP: 694960AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1176614 | PA      | $1197030.53   | 0.32%             | 2031-06-16      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd          | Palmer Square CLO 2019-1 Ltd                                          | CUSIP: 69700GAJ1<br>LEI: 549300Y43K78UTRMTN21 | Long             | ABS-CBDO         | CORP              | KY        |   2030000 | PA      | $2032322.32   | 0.55%             | 2034-11-14      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Radnor Re LTD                  | Radnor RE 2021-1 Ltd                                                  | CUSIP: 75279YAC5<br>LEI: 254900PS93C2BX29OQ80 | Long             | ABS-MBS          | CORP              | BM        |    155234 | PA      | $155767.37    | 0.04%             | 2033-12-27      | Floating      | 7.02%                 | 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      | $3787960.61   | 1.02%             | 2039-02-25      | Variable      | 7.57%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust      | Towd Point Mortgage Trust 2024-CES1                                   | CUSIP: 89183CAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1427287 | PA      | $1435627.68   | 0.39%             | 2064-01-25      | Variable      | 6.05%                 | 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        |   3000000 | PA      | $3017514.00   | 0.81%             | 2032-06-15      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS               | Connecticut Avenue Securities Trust 2022-R01                          | CUSIP: 20754LAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1300000 | PA      | $1312496.38   | 0.35%             | 2041-12-25      | Floating      | 6.22%                 | 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      | $2911299.33   | 0.78%             | 2043-05-25      | Floating      | 7.87%                 | No            |                  2 | On Loan: No      |
| ABPCI Direct Lending Fund CLO  | ABPCI Direct Lending Fund CLO I LLC                                   | CUSIP: 00086AAQ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $3003543.00   | 0.81%             | 2033-07-20      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                 | ACHV ABS Trust 2024-3AL                                               | CUSIP: 00092KAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7000000 | PA      | $7013841.10   | 1.89%             | 2031-12-26      | Fixed         | 6.75%                 | 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      | $431674.69    | 0.12%             | 2066-05-25      | Variable      | 2.48%                 | No            |                  2 | On Loan: No      |
| BCRED CLO LLC                  | BCRED CLO 2023-1 LLC                                                  | CUSIP: 055978AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2950000 | PA      | $2962298.55   | 0.80%             | 2036-01-20      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                       | BXMT 2021-FL4 Ltd                                                     | CUSIP: 05609GAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4000000 | PA      | $3859684.00   | 1.04%             | 2038-05-15      | Floating      | 5.99%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                       | BXMT 2021-FL4 Ltd                                                     | CUSIP: 05609GAJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3500000 | PA      | $3133634.00   | 0.84%             | 2038-05-15      | Floating      | 6.69%                 | 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        |   1739169 | PA      | $1751129.44   | 0.47%             | 2047-06-25      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT               | Bellemeade Re 2021-2 Ltd                                              | CUSIP: 078777AD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1725000 | PA      | $1731253.13   | 0.47%             | 2031-09-25      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| Blackrock CLO                  | BlackRock Maroon Bells CLO XI LLC                                     | CUSIP: 09290EAC3<br>LEI: 5493002T9B2YQM95EY13 | Long             | ABS-CBDO         | CORP              | US        |   3750000 | PA      | $3755692.50   | 1.01%             | 2038-01-15      | Floating      | 5.86%                 | 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      | $5926.76      | 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        |   1981912 | PA      | $1913670.76   | 0.52%             | 2062-09-25      | Variable      | 4.50%                 | 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      | $1057268.60   | 0.28%             | 2042-12-25      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T | EFMT 2024-RM2                                                         | CUSIP: 268431AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1333492 | PA      | $1269530.74   | 0.34%             | 2054-07-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Credit-Based Asset Servicing a | Credit-Based Asset Servicing and Securitization LLC                   | CUSIP: 79549ARU5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |         1 | PA      | $1.30         | 0.00%             | 2033-01-25      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST STUDENT LOAN | South Carolina Student Loan Corp                                      | CUSIP: 83715AAM1<br>LEI: 549300PIO3ZMSROGFF38 | Long             | DBT              | MUN               | US        |     52082 | PA      | $51703.90     | 0.01%             | 2041-01-25      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd               | Trinitas CLO XI Ltd                                                   | CUSIP: 89641HBC3<br>LEI: 549300T8V1JZG1WFK175 | Long             | ABS-CBDO         | CORP              | KY        |   1750000 | PA      | $1748619.25   | 0.47%             | 2034-07-15      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| Vericrest Opportunity Loan Tra | VOLT XCV LLC                                                          | CUSIP: 92873BAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1618103 | PA      | $1620071.35   | 0.44%             | 2051-03-27      | Variable      | 8.95%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust   | CSMC 2021-NQM4                                                        | CUSIP: 12659PAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1231933 | PA      | $1040448.56   | 0.28%             | 2066-05-25      | Variable      | 1.10%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                 | CPS Auto Receivables Trust 2022-D                                     | CUSIP: 12663UAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4175398.40   | 1.12%             | 2029-01-16      | Fixed         | 8.73%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS               | Fannie Mae Connecticut Avenue Securities                              | CUSIP: 20754KAB7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2012441.60   | 0.54%             | 2041-11-25      | Floating      | 6.32%                 | 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      | $1026715.00   | 0.28%             | 2044-03-25      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                    | FIGRE Trust 2025-HE2                                                  | CUSIP: 31684KAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2088978 | PA      | $2103843.07   | 0.57%             | 2055-03-25      | Variable      | 5.78%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                    | FIGRE Trust 2025-PF1                                                  | CUSIP: 316922AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2964119 | PA      | $2968880.08   | 0.80%             | 2055-06-25      | Variable      | 5.76%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR REMIC Trust 2023-HQA2                               | CUSIP: 35564K2F5<br>LEI: 5493000KIGZAWUOW4E32 | Long             | ABS-MBS          | CORP              | US        |    863947 | PA      | $872050.91    | 0.23%             | 2043-06-25      | Floating      | 6.32%                 | 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      | $7748162.25   | 2.09%             | 2042-04-25      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd | Golub Capital Partners CLO 2016-30M Ltd                               | CUSIP: 38179JAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3050000 | PA      | $3055337.50   | 0.82%             | 2034-04-20      | Floating      | 5.89%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                              | CUSIP: 38373M5R7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    256270 | PA      | $233.00       | 0.00%             | 2049-01-16      | Variable      | 0.39%                 | 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        |   2108373 | PA      | $2055215.59   | 0.55%             | 2046-04-25      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| Kohlberg Credit CLO            | Kohlberg Credit Clo 2025-1 LLC                                        | CUSIP: 499925AA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3500000 | PA      | $3500000.00   | 0.94%             | 2037-07-15      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| KORTH DIRECT MORTGAGE          | Korth Direct Mortgage Inc                                             | CUSIP: 50067HDD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1891250.00   | 0.51%             | 2026-02-25      | Fixed         | 11.60%                | No            |                  3 | On Loan: No      |
| LHOME Mortgage Trust           | LHOME Mortgage Trust 2024-RTL1                                        | CUSIP: 50205DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3500000 | PA      | $3533665.45   | 0.95%             | 2029-01-25      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Trust 2023-7                                           | CUSIP: 69548RAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4998138 | PA      | $5061280.97   | 1.36%             | 2031-07-15      | Fixed         | 8.80%                 | No            |                  2 | On Loan: No      |
| Pennantpark CLO                | PennantPark CLO III Ltd                                               | CUSIP: 70806JAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1767602 | PA      | $1768563.44   | 0.48%             | 2032-10-22      | Floating      | 6.15%                 | No            |                  2 | On Loan: No      |
| Point Securitization Trust     | Point Securitization Trust 2025-1                                     | CUSIP: 73072DAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1497855.00   | 0.40%             | 2055-06-25      | Fixed         | 6.25%                 | 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        |   1944843 | PA      | $1956521.58   | 0.53%             | 2030-05-25      | Variable      | 7.77%                 | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd               | Trinitas CLO XIV Ltd                                                  | CUSIP: 89641QAN0<br>LEI: 549300095MXHZZMH2053 | Long             | ABS-CBDO         | CORP              | KY        |   1100000 | PA      | $1101079.10   | 0.30%             | 2034-01-25      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Trust 2023-8                                           | CUSIP: 694960AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2609683 | PA      | $2658234.20   | 0.72%             | 2031-06-16      | Fixed         | 7.96%                 | No            |                  2 | On Loan: No      |
| Pioneer Aircraft Finance Limit | Pioneer Aircraft Finance Ltd                                          | CUSIP: 72353PAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   2709742 | PA      | $2637653.52   | 0.71%             | 2044-06-15      | Fixed         | 3.97%                 | 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      | $2965199.10   | 0.80%             | 2039-04-17      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Radnor Re LTD                  | Radnor RE 2023-1 Ltd                                                  | CUSIP: 75050KAA4<br>LEI: 254900P3K895250PCC81 | Long             | ABS-MBS          | CORP              | BM        |    593901 | PA      | $597709.13    | 0.16%             | 2033-07-25      | Floating      | 7.02%                 | 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      | $28451.86     | 0.01%             | 2048-05-25      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| HTAP Trust                     | HTAP Issuer Trust 2025-1                                              | CUSIP: 40446AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4435653 | PA      | $4365340.37   | 1.17%             | 2042-11-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Theorem Funding Trust          | Theorem Funding Trust 2022-2                                          | CUSIP: 88339FAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6000000 | PA      | $6092496.00   | 1.64%             | 2028-12-15      | Fixed         | 9.27%                 | No            |                  2 | On Loan: No      |
| Vericrest Opportunity Loan Tra | VOLT CV LLC                                                           | CUSIP: 91835GAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4517843 | PA      | $4506462.97   | 1.21%             | 2051-11-27      | Variable      | 5.49%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2023-8                                     | CUSIP: 92540DAC9<br>LEI: 213800DTJD5UKJR53O34 | Long             | ABS-MBS          | CORP              | US        |   1531760 | PA      | $1560809.42   | 0.42%             | 2068-12-25      | Variable      | 6.97%                 | 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        |    803074 | PA      | $816570.47    | 0.22%             | 2054-05-25      | Variable      | 6.68%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec | American Credit Acceptance Receivables Trust 2021-4                   | CUSIP: 02530TAJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2998180.80   | 0.81%             | 2028-02-14      | Fixed         | 3.12%                 | 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      | $4022812.40   | 1.08%             | 2036-07-17      | Floating      | 6.03%                 | 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        |    539328 | PA      | $394748.96    | 0.11%             | 2061-07-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                       | BXMT 2020-FL2 LTD                                                     | CUSIP: 12434LAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5050000 | PA      | $4873699.45   | 1.31%             | 2038-02-15      | Floating      | 6.34%                 | 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      | $2354608.58   | 0.63%             | 2050-03-25      | Floating      | 11.94%                | No            |                  2 | On Loan: No      |
| Oportun Funding LLC            | Oportun Issuance Trust 2021-B                                         | CUSIP: 68377GAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600353 | PA      | $585118.25    | 0.16%             | 2031-05-08      | Fixed         | 1.96%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Trust 2024-1                                           | CUSIP: 69548AAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2845433 | PA      | $2887489.58   | 0.78%             | 2031-07-15      | Fixed         | 8.34%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne | PRET 2024-NPL5 LLC                                                    | CUSIP: 74143QAA3<br>LEI: 254900YWXIBNNDQF0Y67 | Long             | ABS-MBS          | CORP              | US        |   1441852 | PA      | $1429765.04   | 0.38%             | 2054-09-25      | Variable      | 5.96%                 | No            |                  2 | On Loan: No      |
| SKY1 Trust                     | SKY Trust 2025-LINE                                                   | CUSIP: 830941AC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4991228 | PA      | $4981192.21   | 1.34%             | 2042-04-15      | Floating      | 8.02%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust   | Upstart Securitization Trust 2023-2                                   | CUSIP: 91683VAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3034486.80   | 0.82%             | 2033-06-20      | Fixed         | 7.92%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2022-4                                     | CUSIP: 92538NAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1007189 | PA      | $966606.55    | 0.26%             | 2067-04-25      | Variable      | 4.74%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Lo | Arbor Realty Commercial Real Estate Notes 2022-FL1 Ltd                | CUSIP: 03880XAL0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $3987040.40   | 1.07%             | 2037-01-15      | Floating      | 8.08%                 | No            |                  2 | On Loan: No      |
| CHNGE Mortgage Trust           | CHNGE Mortgage Trust 2022-NQM1                                        | CUSIP: 12569CAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    907422 | PA      | $904980.32    | 0.24%             | 2067-06-25      | Variable      | 5.82%                 | 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      | $2068574.18   | 0.56%             | 2040-02-25      | Floating      | 8.09%                 | 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        |    799964 | PA      | $806093.19    | 0.22%             | 2054-05-25      | Floating      | 5.93%                 | 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        |   3824641 | PA      | $3517042.70   | 0.95%             | 2049-12-25      | Variable      | 4.26%                 | No            |                  2 | On Loan: No      |
| LCM Ltd Partnership            | LCM 39 Ltd                                                            | CUSIP: 50204NAQ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   2000000 | PA      | $2002518.00   | 0.54%             | 2034-10-15      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga | MF1 Multifamily Housing Mortgage Loan Trust                           | CUSIP: 55282XAJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $986825.10    | 0.27%             | 2036-07-15      | Floating      | 6.94%                 | No            |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue | Multifamily Connecticut Avenue Securities Trust 2023-01               | CUSIP: 62548NAC2<br>LEI: 254900JAK6X5OPMD5925 | Long             | ABS-MBS          | CORP              | US        |    665000 | PA      | $759115.59    | 0.20%             | 2053-11-25      | Floating      | 14.07%                | No            |                  2 | On Loan: No      |
| Springcastle SPV               | SpringCastle America Funding LLC                                      | CUSIP: 85022WAP9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2655089 | PA      | $2460836.09   | 0.66%             | 2037-09-25      | Fixed         | 1.97%                 | No            |                  2 | On Loan: No      |
| TPG Real Estate Finance        | TRTX 2021-FL4 Issuer Ltd                                              | CUSIP: 87276WAG8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $4975874.00   | 1.34%             | 2038-03-15      | Floating      | 6.84%                 | 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      | $1871819.20   | 0.50%             | 2058-05-25      | Floating      | 6.69%                 | No            |                  2 | On Loan: No      |
| Venture CDO Ltd                | Venture 28A Clo Ltd                                                   | CUSIP: 92331DBJ6<br>LEI: 549300NQLVRN86RJ6081 | Long             | ABS-CBDO         | CORP              | KY        |   1750000 | PA      | $1747154.33   | 0.47%             | 2034-10-20      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| Home Re Ltd                    | Home RE 2021-1 Ltd                                                    | CUSIP: 437307AD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    564522 | PA      | $567812.16    | 0.15%             | 2033-07-25      | Floating      | 7.29%                 | 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      | $3656781.70   | 0.98%             | 2034-10-20      | Floating      | 5.73%                 | 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      | $1234673.88   | 0.33%             | 2044-01-25      | Floating      | 7.02%                 | 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      | $2398584.84   | 0.65%             | 2044-02-25      | Floating      | 6.82%                 | 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      | $1013140.00   | 0.27%             | 2044-03-25      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| Eagle Re Ltd                   | Eagle RE 2023-1 Ltd                                                   | CUSIP: 26982EAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    439236 | PA      | $440850.05    | 0.12%             | 2033-09-26      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables  | Exeter Automobile Receivables Trust 2021-4                            | CUSIP: 30165JAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1917880 | PA      | $1894556.52   | 0.51%             | 2028-01-17      | Fixed         | 1.96%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables  | Exeter Automobile Receivables Trust 2021-1                            | CUSIP: 30165XAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1012622 | PA      | $994083.76    | 0.27%             | 2027-04-15      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables  | Exeter Automobile Receivables Trust 2021-3                            | CUSIP: 30166AAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1926312 | PA      | $1889692.13   | 0.51%             | 2027-06-15      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                                     | CUSIP: 3136BVP44<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1950433 | PA      | $1920817.94   | 0.52%             | 2052-04-25      | Fixed         | 5.00%                 | 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      | $2549747.50   | 0.69%             | 2042-01-25      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| GCAT                           | GCAT 2023-NQM1 Trust                                                  | CUSIP: 36169BAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2005776 | PA      | $1885507.59   | 0.51%             | 2057-10-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                              | CUSIP: 38375QR27<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      4548 | PA      | $4555.89      | 0.00%             | 2037-06-20      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| HGI CRE CLO Ltd                | HGI CRE CLO 2021-FL2 Ltd                                              | CUSIP: 40390JAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2038000 | PA      | $2015183.06   | 0.54%             | 2036-09-17      | Floating      | 6.89%                 | 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        |   1719394 | PA      | $1739579.98   | 0.47%             | 2056-10-25      | Variable      | 7.55%                 | 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        |   1011838 | PA      | $997223.19    | 0.27%             | 2051-03-25      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora | Chase Mortgage Finance Corp                                           | CUSIP: 46591HBY5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1035545 | PA      | $1024393.70   | 0.28%             | 2050-02-25      | Floating      | 5.67%                 | 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      | $1318412.06   | 0.35%             | 2038-06-15      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| KKR Financial CLO Ltd          | KKR CLO 9 Ltd                                                         | CUSIP: 48250LAW9<br>LEI: 549300C6QY0XRSC8FH09 | Long             | ABS-CBDO         | CORP              | KY        |     84050 | PA      | $84088.95     | 0.02%             | 2030-07-15      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Lake Shore MM CLO              | Lake Shore MM CLO IV Ltd                                              | CUSIP: 510758AC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4500000 | PA      | $4507317.00   | 1.21%             | 2037-01-15      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga | MF1 2021-FL7 Ltd                                                      | CUSIP: 55284AAL2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1700000 | PA      | $1631162.33   | 0.44%             | 2036-10-16      | Floating      | 7.24%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                     | MFA 2024-RTL2 Trust                                                   | CUSIP: 592916AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1520644.95   | 0.41%             | 2029-05-25      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| Owl Rock CLO Ltd               | Owl Rock CLO XII LLC                                                  | CUSIP: 69120FAA4<br>LEI: 254900JJTJWEFXX1CD23 | Long             | ABS-CBDO         | CORP              | US        |   4000000 | PA      | $4012936.00   | 1.08%             | 2034-07-20      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2025-3                                         | CUSIP: 817370AB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1904206 | PA      | $1876535.86   | 0.51%             | 2055-04-25      | Variable      | 5.50%                 | 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      | $3942830.80   | 1.06%             | 2029-11-10      | Variable      | 9.21%                 | 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      | $1112392.51   | 0.30%             | 2051-01-25      | Floating      | 6.97%                 | 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      | $2157577.40   | 0.58%             | 2034-01-25      | Floating      | 7.37%                 | 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        |   1349620 | PA      | $1356127.40   | 0.36%             | 2041-10-25      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                     | Affirm Asset Securitization Trust 2023-B                              | CUSIP: 00792FAH1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2450000 | PA      | $2463409.59   | 0.66%             | 2028-09-15      | Fixed         | 7.81%                 | No            |                  2 | On Loan: No      |
| Antares CLO                    | Antares CLO 2021-1 Ltd                                                | CUSIP: 03666BAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2501875.00   | 0.67%             | 2033-07-25      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                 | ACHV ABS TRUST 2023-3PL                                               | CUSIP: 000876AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    875803 | PA      | $877539.63    | 0.24%             | 2030-08-19      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| Ally Bank Auto Credit-Linked N | Ally Bank Auto Credit-Linked Notes Series 2024-B                      | CUSIP: 02007G4D2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    774020 | PA      | $773951.44    | 0.21%             | 2032-09-15      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                       | BXMT 2025-FL5 Ltd                                                     | CUSIP: 05613YAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4000000 | PA      | $3994663.20   | 1.08%             | 2042-10-18      | Floating      | 6.42%                 | 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      | $1179468.75   | 0.32%             | 2041-10-25      | Floating      | 7.42%                 | 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      | $2518068.75   | 0.68%             | 2045-01-25      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                            | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  21413126 | NS      | $21413125.72  | 5.76%             |  |  |  | No            |                  1 | 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      | $2289229.38   | 0.62%             | 2033-08-25      | Floating      | 7.72%                 | 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      | $1486786.05   | 0.40%             | 2050-11-25      | Floating      | 8.32%                 | 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      | $2916482.40   | 0.78%             | 2041-03-15      | Floating      | 7.96%                 | No            |                  2 | On Loan: No      |
| harvest commercial capital loa | Harvest Commercial Capital Loan Trust 2024-1                          | CUSIP: 417927AC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2692080 | PA      | $2730699.96   | 0.73%             | 2056-10-25      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Capita | MSSG Trust 2017-237P                                                  | CUSIP: 55375KAS5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4734660.00   | 1.27%             | 2039-09-13      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust 2014-150E                              | CUSIP: 61764BAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1766863.50   | 0.48%             | 2032-09-09      | Fixed         | 3.91%                 | No            |                  2 | On Loan: No      |
| Owl Rock CLO Ltd               | Owl Rock CLO III Ltd                                                  | CUSIP: 69120DAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2330000 | PA      | $2345613.33   | 0.63%             | 2036-04-20      | Floating      | 6.12%                 | 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        |   1964219 | PA      | $1989514.51   | 0.54%             | 2031-02-15      | Fixed         | 6.72%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2024-6 And Pagaya AI Debt Trust 2024-6   | CUSIP: 69548KAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5872616 | PA      | $5916995.38   | 1.59%             | 2031-11-15      | Fixed         | 7.07%                 | No            |                  2 | On Loan: No      |
| UNLOCK HEA TRUST               | Unlock HEA Trust 2024-1                                               | CUSIP: 91530QAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3068770 | PA      | $3067637.14   | 0.83%             | 2039-04-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Vericrest Opportunity Loan Tra | VOLT XCVII LLC                                                        | CUSIP: 91835EAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    838875 | PA      | $838184.85    | 0.23%             | 2051-04-25      | Variable      | 6.24%                 | No            |                  2 | On Loan: No      |
| Vericrest Opportunity Loan Tra | VOLT CII LLC                                                          | CUSIP: 92873HAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1105336 | PA      | $1102954.88   | 0.30%             | 2051-08-25      | Variable      | 4.87%                 | No            |                  2 | On Loan: No      |
| Ares Direct Lending CLO LLC    | Ares Direct Lending CLO 5 LLC                                         | CUSIP: 04020UAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2491250.00   | 0.67%             | 2038-04-20      | Floating      | 5.40%                 | 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        |   5000000 | PA      | $4980043.50   | 1.34%             | 2042-02-15      | Floating      | 6.18%                 | No            |                  2 | On Loan: No      |
| BCC Middle Market CLO          | BCC Middle Market CLO 2023-2 LLC                                      | CUSIP: 05554QAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2500000 | PA      | $2514762.50   | 0.68%             | 2035-10-21      | Floating      | 6.77%                 | 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        |      1031 | PA      | $1028.83      | 0.00%             | 2029-08-20      | Variable      | 5.43%                 | 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        |   1307763 | PA      | $840878.66    | 0.23%             | 2034-11-15      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S | BBCMS 2020-BID Mortgage Trust                                         | CUSIP: 05493BAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $5001196.00   | 1.35%             | 2037-10-15      | Floating      | 6.98%                 | No            |                  2 | On Loan: No      |
| BX Trust                       | BX Trust 2021-BXMF                                                    | CUSIP: 05609RAS3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1939262 | PA      | $1910165.41   | 0.51%             | 2026-10-15      | Floating      | 7.79%                 | No            |                  2 | On Loan: No      |
| Cerberus                       | Cerberus Loan Funding XLVIII LLC                                      | CUSIP: 15675JAA8<br>LEI: 635400TT2BPIAD7JRA96 | Long             | ABS-CBDO         | CORP              | US        |   3000000 | PA      | $3021440.10   | 0.81%             | 2036-10-15      | Floating      | 5.91%                 | 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      | $2612064.83   | 0.70%             | 2044-07-25      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                     | MFA 2023-NQM3 Trust                                                   | CUSIP: 55286MAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1720764 | PA      | $1740159.57   | 0.47%             | 2068-07-25      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga | MF1 2025-FL17 LLC                                                     | CUSIP: 55287HAE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2975000 | PA      | $2950057.60   | 0.79%             | 2040-02-18      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | PAGAYA AI Debt Trust 2022-2                                           | CUSIP: 69546VAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    183510 | PA      | $183750.98    | 0.05%             | 2030-01-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Kevin Hayden

**Name of Signer:** Advisors Series Trust

**Title:** Treasurer & Vice President