NPORT-EX 2 sd2.htm NPORT-EX
SEMPER SHORT DURATION FUND
            
Schedule of Investments - August 31, 2021 (Unaudited)
            
             
             
             
   
Principal
Amount/Shares
    
 Value
  
ASSET-BACKED SECURITIES - AGENCY - 0.0%
  
 
 
      
Small Business Administration Participation Certificates
            
Series 2012-10E, Class 1, 0.980%, 9/1/22
 $
                  32
   $
                 32
  
Total Asset-Backed Securities - Agency (cost $31)
        
                    32
  
             
ASSET-BACKED SECURITIES - NON-AGENCY - 12.5%
    
 
      
American Credit Acceptance Receivables Trust
            
Series 2018-3, Class E, 5.170%, 10/15/24 (c)
  
            3,000,000
    
        3,099,191
  
Series 2017-4, Class E, 5.020%, 12/10/24 (c)
  
            1,650,000
    
        1,658,256
  
Series 2019-3, Class E, 3.800%, 9/12/25 (c)
  
            2,100,000
    
        2,183,619
  
DT Auto Owner Trust
            
Series 2019-2A, Class D, 3.480%, 2/18/25 (c)
  
               500,000
    
           518,566
  
Series 2019-4A, Class D, 2.850%, 7/15/25 (c)
  
            3,655,000
    
        3,790,862
  
Series 2020-2A, Class D, 4.730%, 3/16/26 (c)
  
            2,715,000
    
        2,934,788
  
Exeter Automobile Receivables Trust
            
Series 2020-2A, Class D, 4.730%, 4/15/26 (c)
  
            3,500,000
    
        3,734,049
  
Series 2021-2A, Class D, 1.400%, 4/15/27
  
               800,000
    
           804,190
  
First Investors Auto Owner Trust
            
Series 2017-2A, Class E, 5.480%, 10/15/24 (c)
  
            2,440,000
    
        2,471,249
  
Series 2019-1A, Class D, 3.550%, 4/15/25 (c)
  
            3,000,000
    
        3,079,572
  
Flagship Credit Auto Trust
            
Series 2018-3, Class D, 4.150%, 12/16/24 (c)
  
            2,707,000
    
        2,840,128
  
GLS Auto Receivables Trust
            
Series 2020-2A, Class C, 4.570%, 4/15/26 (c)
  
            2,500,000
    
        2,670,157
  
Series 2020-4A, Class D, 1.640%, 10/15/26 (c)
  
            1,750,000
    
        1,765,697
  
Santander Drive Auto Receivables Trust
            
Series 2021-2, Class D, 1.350%, 7/15/27
  
               830,000
    
           839,052
  
SLM Private Credit Student Loan Trust
            
Series 2003-C, Class A5, 2.930% (28 Day Auction Rate + 0.000%), 9/15/32 (f)
  
               300,000
    
           299,341
  
SoFi Professional Loan Program, LLC
            
Series 2016-B, Class A1, 1.284% (1 Month LIBOR USD + 1.200%), 6/25/33 (c)(f)
  
               120,304
    
           120,991
  
Series 2016-C, Class A1, 1.184% (1 Month LIBOR USD + 1.100%), 10/27/36 (c)(f)
  
               182,484
    
           183,244
  
Series 2015-D, Class A1, 1.584% (1 Month LIBOR USD + 1.500%), 10/27/36 (c)(f)
  
               110,050
    
           110,520
  
South Carolina Student Loan Corp.
            
Series 2013-1, Class A, 0.584% (1 Month LIBOR USD + 0.500%), 1/25/41 (f)
  
               107,787
    
           107,862
  
United Auto Credit Securitization Trust
            
Series 2019-1, Class D, 3.470%, 8/12/24 (c)
  
            1,277,518
    
        1,286,877
  
Westlake Automobile Receivables Trust
            
Series 2019-1A, Class E, 4.490%, 7/15/24 (c)
  
            2,960,000
    
        3,098,273
  
Series 2019-3A, Class D, 2.720%, 11/15/24 (c)
  
            2,500,000
    
        2,571,406
  
Series 2020-2A, Class D, 2.760%, 1/15/26 (c)
  
            3,000,000
    
        3,120,013
  
Total Asset-Backed Securities - Non-Agency (cost $42,497,520)
        
      43,287,903
  
             
COLLATERALIZED LOAN OBLIGATIONS - 14.8%
    
 
      
Allegro CLO III Ltd.
            
Series 2015-1A, Class AR, 0.965% (3 Month LIBOR USD + 0.840%), 7/25/27 (c)(f)
  
                 44,134
    
             44,139
  
Anchorage Capital CLO Ltd.
            
Series 2014-4RA, Class A, 1.182% (3 Month LIBOR USD + 1.050%), 1/28/31 (c)(f)
  
            2,500,000
    
        2,503,822
  
Atlas Senior Loan Fund IX Ltd.
            
Series 2018-9A, Class A, 1.004% (3 Month LIBOR USD + 0.870%), 4/20/28 (c)(f)
  
            2,207,547
    
        2,208,690
  
Battalion CLO VII Ltd.
            
Series 2014-7A, Class A1RR, 1.174% (3 Month LIBOR USD + 1.040%), 7/17/28 (c)(f)
  
            1,110,526
    
        1,111,255
  
Carlyle Global Market Strategies CLO Ltd.
            
Series 2015-3A, Class A1R, 1.132% (3 Month LIBOR USD + 1.000%), 7/28/28 (c)(f)
  
            3,359,147
    
        3,361,361
  
Series 2014-5A, Class A1RR, 1.266% (3 Month LIBOR USD + 1.140%), 7/15/31 (c)(f)
  
               494,659
    
           494,923
  
Catamaran CLO Ltd.
            
Series 2013-1A, Class AR, 0.979% (3 Month LIBOR USD + 0.850%), 1/27/28 (c)(f)
  
            1,056,883
    
        1,056,547
  
CIFC Funding Ltd.
            
Series 2015-2A, Class AR2, 1.136% (3 Month LIBOR USD + 1.010%), 4/15/30 (c)(f)
  
            2,500,000
    
        2,501,617
  
Series 2014-2RA, Class A1, 1.175% (3 Month LIBOR USD + 1.050%), 4/24/30 (c)(f)
  
            1,760,000
    
        1,761,501
  
Crestline Denali CLO XVII Ltd.
            
Series 2018-1A, Class AR, 1.186% (3 Month LIBOR USD + 1.060%), 10/15/31 (c)(f)
  
            2,500,000
    
        2,500,888
  
Cutwater Ltd.
            
Series 2014-1A, Class A1AR, 1.376% (3 Month LIBOR USD + 1.250%), 7/15/26 (c)(f)
  
                 73,797
    
             73,818
  
Ellington CLO IV Ltd.
            
Series 2019-4A, Class AR, 1.706% (3 Month LIBOR USD + 1.580%), 4/15/29 (c)(f)
  
            2,000,000
    
        2,001,380
  
Gallatin CLO VIII Ltd.
            
Series 2017-1A, Class A, 1.426% (3 Month LIBOR USD + 1.300%), 7/15/27 (c)(f)
  
               468,337
    
           468,529
  
Golub Capital Partners CLO Ltd.
            
Series 2018-39A, Class A1, 1.284% (3 Month LIBOR USD + 1.150%), 10/20/28 (c)(f)
  
               234,683
    
           234,845
  
Halcyon Loan Advisors Funding Ltd.
            
Series 2015-1A, Class AR, 1.054% (3 Month LIBOR USD + 0.920%), 4/20/27 (c)(f)
  
                 24,760
    
             24,760
  
KKR Financial CLO Ltd.
            
Series 2013-1A, Class A1R, 1.416% (3 Month LIBOR USD + 1.290%), 4/15/29 (c)(f)
  
            2,000,000
    
        2,002,030
  
LCM XXV Ltd.
            
Series 2017-25A, Class A, 1.344% (3 Month LIBOR USD + 1.210%), 7/20/30 (c)(f)
  
               791,000
    
           791,470
  
Mountain View CLO X Ltd.
            
Series 2014-1A, Class ARR, 0.926% (3 Month LIBOR USD + 0.800%), 10/15/26 (c)(f)
  
                 61,786
    
             61,821
  
Series 2015-10A, Class AR, 0.949% (3 Month LIBOR USD + 0.820%), 10/13/27 (c)(f)
  
            1,589,483
    
        1,590,737
  
Nassau II Ltd.
            
Series 2017-IIA, Class AL, 1.376% (3 Month LIBOR USD + 1.250%), 1/15/30 (c)(f)
  
               800,000
    
           799,000
  
Newfleet CLO Ltd.
            
Series 2016-1A, Class A1R, 1.084% (3 Month LIBOR USD + 0.950%), 4/20/28 (c)(f)
  
               232,655
    
           232,033
  
OCP CLO Ltd.
            
Series 2015-10A, Class A1R, 0.945% (3 Month LIBOR USD + 0.820%), 10/26/27 (c)(f)
  
               872,639
    
           871,783
  
OZLM XII Ltd.
            
Series 2015-12A, Class A1R, 1.179% (3 Month LIBOR USD + 1.050%), 4/30/27 (c)(f)
  
               395,587
    
           395,886
  
Saranac CLO III Ltd.
            
Series 2014-3A, Class ALR, 1.735% (3 Month LIBOR USD + 1.600%), 6/22/30 (c)(f)
  
            1,778,265
    
        1,779,364
  
Saranac CLO VII Ltd.
            
Series 2014-2A, Class A1AR, 1.361% (3 Month LIBOR USD + 1.230%), 11/20/29 (c)(f)
  
            2,706,909
    
        2,704,153
  
Sound Point CLO XXI Ltd.
            
Series 2018-3A, Class A1A, 1.305% (3 Month LIBOR USD + 1.180%), 10/26/31 (c)(f)
  
            1,000,000
    
           999,611
  
Telos CLO Ltd.
            
Series 2013-4A, Class AR, 1.374% (3 Month LIBOR USD + 1.240%), 1/17/30 (c)(f)
  
            1,239,363
    
        1,238,173
  
Tralee CLO V Ltd.
            
Series 2018-5A, Class A1, 1.244% (3 Month LIBOR USD + 1.110%), 10/20/28 (c)(f)
  
            2,103,597
    
        2,105,701
  
Venture 38 CLO Ltd.
            
Series 2019-38A, Class X, 1.279% (3 Month LIBOR USD + 1.150%), 7/30/32 (c)(f)
  
            2,850,000
    
        2,854,505
  
Venture XVII CLO Ltd.
            
Series 2014-17A, Class ARR, 1.006% (3 Month LIBOR USD + 0.880%), 4/15/27 (c)(f)
  
            1,610,556
    
        1,609,382
  
Wellfleet CLO Ltd.
            
Series 2017-2A, Class A1R, 1.194% (3 Month LIBOR USD + 1.060%), 10/20/29 (c)(f)
  
            4,000,000
    
        3,999,548
  
Wind River CLO Ltd.
            
Series 2016-1A, Class AR, 1.176% (3 Month LIBOR USD + 1.050%), 7/15/28 (c)(f)
  
               515,771
    
           516,111
  
Series 2014-1A, Class ARR, 1.184% (3 Month LIBOR USD + 1.050%), 7/18/31 (c)(f)
  
            3,366,147
    
        3,365,552
  
York CLO Ltd.
            
Series 2016-2A, Class A1R, 1.224% (3 Month LIBOR USD + 1.090%), 4/20/32 (c)(f)
  
            1,030,000
    
        1,030,956
  
Zais CLO 8 Ltd.
            
Series 2018-1A, Class A, 1.076% (3 Month LIBOR USD + 0.950%), 4/15/29 (c)(f)
  
            2,124,850
    
        2,125,258
  
Total Collateralized Loan Obligations (cost $51,265,411)
        
      51,421,149
  
             
COMMERCIAL MORTGAGE-BACKED SECURITIES - AGENCY - 0.0%
    
 
      
GNMA
            
Series 2009-4, Class IO, 0.390%, 1/16/49 (a)(i)
  
               323,409
    
               2,105
  
Total Commercial Mortgage-Backed Securities - Agency (cost $1,691)
        
               2,105
  
             
COMMERCIAL MORTGAGE-BACKED SECURITIES - NON-AGENCY - 21.6%
    
 
      
Arbor Realty Collateralized Loan Obligation Ltd.
            
Series 2021-FL2, Class C, 2.046% (1 Month LIBOR USD + 1.950%), 5/15/36 (c)(f)
  
            3,113,000
    
        3,124,681
  
Series 2021-FL2, Class D, 2.596% (1 Month LIBOR USD + 2.500%), 5/15/36 (c)(f)
  
            3,000,000
    
        3,012,201
  
Bayview Commercial Asset Trust
            
Series 2007-2A, Class A1, 0.354% (1 Month LIBOR USD + 0.270%), 7/25/37 (c)(f)
  
               254,432
    
           244,987
  
BDS Ltd.
            
Series 2021-FL7, Class D, 2.446% (1 Month LIBOR USD + 2.350%), 6/16/36 (c)(f)
  
            3,250,000
    
        3,256,146
  
Series 2021-FL7, Class E, 2.896% (1 Month LIBOR USD + 2.800%), 6/16/36 (c)(f)
  
            2,500,000
    
        2,508,750
  
BRSP Ltd.
            
Series 2021-FL1, Class B, 1.987% (1 Month LIBOR USD + 1.900%), 8/19/38 (c)(f)(h)
  
               750,000
    
           752,626
  
BX Commercial Mortgage Trust
            
Series 2018-IND, Class D, 1.396% (1 Month LIBOR USD + 1.300%), 11/15/35 (c)(f)
  
            2,100,000
    
        2,104,465
  
Series 2018-IND, Class E, 1.796% (1 Month LIBOR USD + 1.700%), 11/15/35 (c)(f)
  
            3,500,000
    
        3,508,033
  
Series 2019-MMP, Class A, 1.096% (1 Month LIBOR USD + 1.000%), 8/15/36 (c)(f)
  
            2,985,062
    
        2,988,206
  
Series 2019-XL, Class F, 2.096% (1 Month LIBOR USD + 2.000%), 10/15/36 (c)(f)
  
               893,670
    
           897,522
  
Series 2019-XL, Class G, 2.396% (1 Month LIBOR USD + 2.300%), 10/15/36 (c)(f)
  
            1,340,505
    
        1,346,932
  
Series 2020-BXLP, Class E, 1.696% (1 Month LIBOR USD + 1.600%), 12/15/36 (c)(f)
  
            1,886,393
    
        1,889,449
  
Series 2021-VINO, Class D, 1.448% (1 Month LIBOR USD + 1.352%), 5/15/38 (c)(f)
  
            1,500,000
    
        1,501,851
  
Series 2021-SOAR, Class E, 1.896% (1 Month LIBOR USD + 1.800%), 6/15/38 (c)(f)
  
            2,000,000
    
        2,008,060
  
BXMT Ltd.
            
Series 2020-FL3, Class A, 1.564% (1 Month LIBOR USD + 1.514%), 3/15/37 (c)(f)(h)
  
            1,250,000
    
        1,256,670
  
Series 2020-FL3, Class C, 2.714% (1 Month LIBOR USD + 2.664%), 3/15/37 (c)(f)(h)
  
            1,250,000
    
        1,262,093
  
Series 2020-FL2, Class A, 1.064% (1 Month LIBOR USD + 1.014%), 2/15/38 (c)(f)(h)
  
            3,150,000
    
        3,148,001
  
Series 2020-FL2, Class C, 1.814% (1 Month LIBOR USD + 1.764%), 2/15/38 (c)(f)(h)
  
            2,950,000
    
        2,956,661
  
Series 2020-FL2, Class D, 2.114% (1 Month LIBOR USD + 2.064%), 2/15/38 (c)(f)(h)
  
            3,500,000
    
        3,502,338
  
Series 2021-FL4, Class C, 1.846% (1 Month LIBOR USD + 1.750%), 5/15/38 (c)(f)(h)
  
            3,000,000
    
        3,010,500
  
Series 2021-FL4, Class D, 2.346% (1 Month LIBOR USD + 2.250%), 5/15/38 (c)(f)(h)
  
            3,500,000
    
        3,512,250
  
CNL Commercial Mortgage Loan Trust
            
Series 2003-1A, Class A1, 0.596% (1 Month LIBOR USD + 0.500%), 5/15/31 (c)(f)
  
                 61,333
    
             57,418
  
DBCG Mortgage Trust
            
Series 2017-BBG, Class C, 1.100% (1 Month LIBOR USD + 1.000%), 6/15/34 (c)(f)
  
               350,000
    
           348,521
  
FREMF Mortgage Trust
            
Series 2019-KF58, Class B, 2.241% (1 Month LIBOR USD + 2.150%), 1/25/26 (c)(f)
  
               690,237
    
           690,340
  
GPMT Ltd.
            
Series 2019-FL2, Class A, 1.388% (1 Month LIBOR USD + 1.300%), 2/22/36 (c)(f)
  
            2,365,185
    
        2,373,465
  
Great Wolf Trust
            
Series 2019-WOLF, Class A, 1.130% (1 Month LIBOR USD + 1.034%), 12/15/36 (c)(f)
  
            3,000,000
    
        3,007,504
  
HGI CRE CLO Ltd.
            
Series 2021-FL1, Class C, 1.796% (1 Month LIBOR USD + 1.700%), 6/16/36 (c)(f)
  
            2,500,000
    
        2,508,596
  
Series 2021-FL1, Class D, 2.446% (1 Month LIBOR USD + 2.350%), 6/16/36 (c)(f)
  
            2,468,000
    
        2,477,250
  
Series 2021-FL1, Class E, 3.046% (1 Month LIBOR USD + 2.950%), 6/16/36 (c)(f)
  
               750,000
    
           753,045
  
IMT Trust
            
Series 2017-APTS, Class DFL, 1.646% (1 Month LIBOR USD + 1.550%), 6/15/34 (c)(f)
  
               352,056
    
           351,829
  
Lehman Brothers Small Balance Commercial Mortgage Trust
            
Series 2007-3A, Class AJ, 4.292%, 10/25/37 (a)(c)
  
               420,085
    
           422,158
  
Multi-Family Connecticut Avenue Securities Trust
            
Series 2019-01, Class M10, 3.334% (1 Month LIBOR USD + 3.250%), 10/15/49 (c)(f)
  
            1,500,000
    
        1,515,044
  
Multi-Family Housing Mortgage Loan Trust
            
Series 2021-FL5, Class D, 2.664% (1 Month LIBOR USD + 2.614%), 7/15/36 (c)(f)
  
            3,000,000
    
        3,017,796
  
Series 2021-FL6, Class C, 1.946% (1 Month LIBOR USD + 1.850%), 7/16/36 (c)(f)
  
            3,300,000
    
        3,314,428
  
Silver Hill Trust
            
Series 2019-SBC1, Class A1, 3.102%, 11/25/49 (a)(c)
  
            1,922,051
    
        1,961,345
  
STWD Ltd.
            
Series 2021-FL2, Class D, 2.889% (1 Month LIBOR USD + 2.800%), 4/18/38 (c)(f)
  
            2,000,000
    
        2,009,344
  
Velocity Commercial Capital Loan Trust
            
Series 2017-2, Class AFL, 0.984% (1 Month LIBOR USD + 0.900%), 11/25/47 (c)(f)
  
               174,988
    
           173,310
  
Series 2019-2, Class M3, 3.480%, 7/25/49 (a)(c)
  
               597,964
    
           604,759
  
VMC Finance LLC
            
Series 2019-FL3, Class AS, 1.493% (1 Month LIBOR USD + 1.400%), 9/15/36 (c)(f)
  
            1,761,922
    
        1,760,528
  
Total Commercial Mortgage-Backed Securities - Non-Agency (cost $74,467,826)
        
      75,139,102
  
             
RESIDENTIAL MORTGAGE-BACKED SECURITIES - AGENCY - 22.8%
    
 
      
Fannie Mae Connecticut Avenue Securities
            
Series 2014-C04, Class 2M2, 5.084% (1 Month LIBOR USD + 5.000%), 11/25/24 (f)
  
               502,713
    
           513,529
  
Series 2016-C03, Class 2M2, 5.984% (1 Month LIBOR USD + 5.900%), 10/25/28 (f)
  
            1,839,495
    
        1,932,656
  
Series 2017-C01, Class 1ED1, 1.334% (1 Month LIBOR USD + 1.250%), 7/25/29 (f)
  
               519,945
    
           520,310
  
Series 2017-C02, Class 2ED3, 1.434% (1 Month LIBOR USD + 1.350%), 9/25/29 (f)
  
            2,111,704
    
        2,121,663
  
Series 2017-C05, Class 1M2C, 2.284% (1 Month LIBOR USD + 2.200%), 1/25/30 (f)
  
            3,685,000
    
        3,735,728
  
Series 2017-C06, Class 1M2, 2.734% (1 Month LIBOR USD + 2.650%), 2/25/30 (f)
  
            2,335,111
    
        2,378,215
  
Series 2017-C07, Class 1M2A, 2.484% (1 Month LIBOR USD + 2.400%), 5/25/30 (f)
  
                 44,650
    
             44,553
  
Series 2018-C01, Class 1M2, 2.334% (1 Month LIBOR USD + 2.250%), 7/25/30 (f)
  
            1,744,947
    
        1,767,876
  
Series 2018-C01, Class 1M2C, 2.334% (1 Month LIBOR USD + 2.250%), 7/25/30 (f)
  
            2,669,804
    
        2,699,874
  
Series 2019-R01, Class 2B1, 4.434% (1 Month LIBOR USD + 4.350%), 7/25/31 (c)(f)
  
            1,250,000
    
        1,288,957
  
Series 2019-R02, Class 1B1, 4.234% (1 Month LIBOR USD + 4.150%), 8/25/31 (c)(f)
  
            1,530,000
    
        1,571,506
  
Series 2019-R04, Class 2B1, 5.334% (1 Month LIBOR USD + 5.250%), 6/25/39 (c)(f)
  
            1,188,000
    
        1,232,571
  
Series 2019-R06, Class 2B1, 3.834% (1 Month LIBOR USD + 3.750%), 9/25/39 (c)(f)
  
            1,000,000
    
        1,015,561
  
FHLMC REMIC Trust
            
Series 3823, Class GA, 3.500%, 1/15/26
  
                   1,478
    
               1,504
  
Series 3834, Class GA, 3.500%, 3/15/26
  
                   2,543
    
               2,596
  
Freddie Mac STACR REMIC Trust
            
Series 2021-HQA1, Class M2AS, 1.300% (SOFR30A + 1.250%), 8/25/33 (c)(f)
  
            4,500,000
    
        4,501,758
  
Series 2021-DNA3, Class M2, 2.150% (SOFR30A + 2.100%), 10/25/33 (c)(f)
  
            4,912,000
    
        5,022,399
  
Series 2021-DNA3, Class B1, 3.550% (SOFR30A + 3.500%), 10/25/33 (c)(f)
  
            1,500,000
    
        1,559,041
  
Series 2021-HQA2, Class M2, 2.100% (SOFR30A + 2.050%), 12/25/33 (c)(f)
  
            3,575,000
    
        3,595,444
  
Series 2021-DNA5, Class M2, 1.700% (SOFR30A + 1.650%), 1/25/34 (c)(f)
  
            2,858,000
    
        2,881,968
  
Series 2021-DNA5, Class B1, 3.100% (SOFR30A + 3.050%), 1/25/34 (c)(f)
  
            3,269,000
    
        3,345,718
  
Series 2020-HQA2, Class M2, 3.184% (1 Month LIBOR USD + 3.100%), 3/25/50 (c)(f)
  
            3,131,135
    
        3,176,083
  
Series 2020-DNA3, Class B1, 5.184% (1 Month LIBOR USD + 5.100%), 6/25/50 (c)(f)
  
            3,363,000
    
        3,519,831
  
Series 2020-HQA4, Class M2, 3.234% (1 Month LIBOR USD + 3.150%), 9/25/50 (c)(f)
  
            2,851,802
    
        2,871,719
  
Freddie Mac Structured Agency Credit Risk
            
Series 2014-HQ2, Class M3, 3.834% (1 Month LIBOR USD + 3.750%), 9/25/24 (f)
  
               349,906
    
           360,804
  
Series 2015-HQ2, Class M3, 3.334% (1 Month LIBOR USD + 3.250%), 5/25/25 (f)
  
               495,612
    
           503,283
  
Series 2016-HQA4, Class M3, 3.984% (1 Month LIBOR USD + 3.900%), 4/25/29 (f)
  
            1,013,776
    
        1,047,843
  
Series 2017-DNA2, Class M1, 1.284% (1 Month LIBOR USD + 1.200%), 10/25/29 (f)
  
               149,231
    
           149,417
  
Series 2017-DNA3, Class M2, 2.584% (1 Month LIBOR USD + 2.500%), 3/25/30 (f)
  
            5,040,000
    
        5,153,536
  
Series 2017-HQA3, Class M2B, 2.434% (1 Month LIBOR USD + 2.350%), 4/25/30 (f)
  
            1,500,000
    
        1,515,496
  
Series 2018-HQA1, Class M2, 2.384% (1 Month LIBOR USD + 2.300%), 9/25/30 (f)
  
            2,315,712
    
        2,347,988
  
Series 2021-DNA2, Class M2, 2.350% (SOFR30A + 2.300%), 8/25/33 (c)(f)
  
            4,112,000
    
        4,213,720
  
Series 2021-DNA2, Class B1, 3.450% (SOFR30A + 3.400%), 8/25/33 (c)(f)
  
            1,750,000
    
        1,810,164
  
Series 2018-HRP1, Class M2, 1.739% (1 Month LIBOR USD + 1.650%), 4/25/43 (c)(f)
  
               581,330
    
           583,205
  
Series 2018-HRP2, Class M3, 2.484% (1 Month LIBOR USD + 2.400%), 2/25/47 (c)(f)
  
            3,803,000
    
        3,874,390
  
Series 2018-SPI2, Class M2, 3.811%, 5/25/48 (a)(c)
  
               279,105
    
           279,789
  
Series 2019-FTR2, Class M1, 1.034% (1 Month LIBOR USD + 0.950%), 11/25/48 (c)(f)
  
            1,527,966
    
        1,528,975
  
Series 2020-HQA5, Class M2, 2.650% (SOFR30A + 2.600%), 11/25/50 (c)(f)
  
            3,669,000
    
        3,723,508
  
Freddie Mac Whole Loan Securities Trust
            
Series 2016-SC02, Class M1, 3.638%, 10/25/46 (a)
  
               112,345
    
           113,515
  
Series 2017-SC01, Class M1, 3.619%, 12/25/46 (a)(c)
  
               520,047
    
           525,493
  
GNMA
            
Series 2008-55, Class WT, 5.367%, 6/20/37 (a)
  
                   8,417
    
               9,213
  
Series 2010-144, Class DK, 3.500%, 9/16/39
  
                   9,902
    
             10,025
  
Total Residential Mortgage-Backed Securities - Agency (cost $78,346,959)
        
      79,051,424
  
             
RESIDENTIAL MORTGAGE-BACKED SECURITIES - NON-AGENCY - 23.8%
    
 
      
American Homes 4 Rent Trust
            
Series 2015-SFR2, Class D, 5.036%, 10/17/52 (c)
  
            1,250,000
    
        1,373,781
  
AMSR Trust
            
Series 2020-SFR2, Class G, 4.000%, 7/17/37 (c)
  
            1,700,000
    
        1,737,335
  
Series 2020-SFR2, Class E2, 4.277%, 7/17/37 (c)
  
               250,000
    
           262,472
  
Series 2020-SFR4, Class G2, 4.870%, 11/17/37 (c)
  
            2,089,000
    
        2,183,832
  
Angel Oak Mortgage Trust
            
Series 2020-4, Class M1, 3.802%, 6/25/65 (a)(c)
  
            4,000,000
    
        4,189,702
  
Series 2021-3, Class M1, 2.479%, 5/25/66 (a)(c)
  
               620,000
    
           631,717
  
Series 2021-3, Class B1, 3.285%, 5/25/66 (a)(c)
  
            1,633,000
    
        1,650,278
  
Bear Stearns Mortgage Securities, Inc.
            
Series 1997-6, Class 1A, 6.280%, 3/25/31 (a)
  
                 14,342
    
             14,359
  
Bellemeade Re Ltd.
            
Series 2020-3A, Class M1C, 3.784% (1 Month LIBOR USD + 3.700%), 10/25/30 (c)(f)
  
            3,753,000
    
        3,969,884
  
Series 2020-3A, Class M2, 4.934% (1 Month LIBOR USD + 4.850%), 10/25/30 (c)(f)
  
            1,764,000
    
        1,894,439
  
Series 2021-1A, Class M1C, 3.000% (SOFR30A + 2.950%), 3/25/31 (c)(f)
  
            2,685,000
    
        2,798,152
  
Series 2021-2A, Class M1C, 1.900% (SOFR30A + 1.850%), 6/25/31 (c)(f)
  
            3,450,000
    
        3,486,661
  
Bombardier Capital Mortgage Securitization Corp.
            
Series 1999-B, Class A3, 7.180%, 12/15/29 (a)
  
                 86,567
    
             17,393
  
Boston Lending Trust
            
Series 2021-1, Class M1, 2.000%, 7/25/61 (a)(c)(d)(h)
  
            1,075,836
    
        1,012,147
  
Series 2021-1, Class M2, 2.000%, 7/25/61 (a)(c)(d)(h)
  
               500,389
    
           448,415
  
CDC Mortgage Capital Trust
            
Series 2003-HE4, Class A1, 0.704% (1 Month LIBOR USD + 0.620%), 3/25/34 (f)
  
               465,452
    
           424,613
  
Centex Home Equity Loan Trust
            
Series 2003-A, Class AF4, 4.250%, 12/25/31 (g)
  
                 19,882
    
             20,169
  
ContiMortgage Home Equity Loan Trust
            
Series 1997-1, Class M1, 7.420%, 3/15/28
  
               108,923
    
           110,442
  
Credit-Based Asset Servicing and Securitization
            
Series 2003-CB1, Class AF, 3.950%, 1/25/33
  
                          5
    
                      5
  
Eagle RE Ltd.
            
Series 2021-1, Class M1B, 2.200% (SOFR30A + 2.150%), 10/25/33 (c)(f)
  
            2,000,000
    
        2,025,388
  
Series 2021-1, Class M1C, 2.750% (SOFR30A + 2.700%), 10/25/33 (c)(f)
  
            3,865,000
    
        3,966,465
  
Series 2021-1, Class M2, 4.500% (SOFR30A + 4.450%), 10/25/33 (c)(f)
  
               628,000
    
           669,133
  
GCAT LLC
            
Series 2019-NQM1, Class M1, 3.849%, 2/25/59 (a)(c)
  
            1,000,000
    
        1,006,398
  
GSAA Trust
            
Series 2004-3, Class M1, 6.720%, 4/25/34 (g)
  
                 33,824
    
             35,471
  
Home RE Ltd.
            
Series 2021-1, Class M1C, 2.384% (1 Month LIBOR USD + 2.300%), 7/25/33 (c)(f)
  
            1,097,000
    
        1,091,788
  
IMC Home Equity Loan Trust
            
Series 1998-3, Class A8, 5.432%, 8/20/29 (h)
  
                   3,572
    
               3,534
  
JP Morgan Alternative Loan Trust
            
Series 2005-A2, Class 1A1, 0.604% (1 Month LIBOR USD + 0.520%), 1/25/36 (f)
  
                 60,281
    
             60,326
  
JP Morgan Mortgage Trust
            
Series 2014-IVR6, Class 2A4, 1.999%, 7/25/44 (a)(c)
  
               253,121
    
           253,478
  
Series 2014-IVR6, Class B2, 2.414%, 7/25/44 (a)(c)
  
               839,904
    
           849,238
  
Series 2014-IVR6, Class B3, 2.414%, 7/25/44 (a)(c)
  
            1,638,898
    
        1,689,851
  
Series 2019-HYB1, Class A5A, 3.000%, 10/25/49 (a)(c)
  
               580,244
    
           588,684
  
Series 2019-6, Class B3, 4.247%, 12/25/49 (a)(c)
  
            4,316,549
    
        4,438,602
  
JP Morgan Wealth Management
            
Series 2021-CL1, Class M3, 1.850% (SOFR30A + 1.800%), 3/25/51 (c)(f)
  
            1,612,995
    
        1,629,207
  
Lehman Mortgage Trust
            
Series 2008-4, Class A1, 0.464% (1 Month LIBOR USD + 0.380%), 1/25/37 (f)
  
               798,489
    
           252,773
  
LSTAR Securities Investment Ltd.
            
Series 2019-3, Class A2, 3.586% (1 Month LIBOR USD + 3.500%), 4/1/24 (c)(f)(h)
  
            1,285,713
    
        1,298,936
  
Series 2019-4, Class A2, 3.586% (1 Month LIBOR USD + 3.500%), 5/1/24 (c)(f)(h)
  
            1,585,342
    
        1,624,366
  
Series 2021-1, Class A, 1.886% (1 Month LIBOR USD + 1.800%), 2/1/26 (c)(f)(h)
  
               376,013
    
           379,876
  
Series 2021-2, Class A2, 2.836% (1 Month LIBOR USD + 2.750%), 3/2/26 (c)(f)(h)
  
            3,371,000
    
        3,468,387
  
New Residential Mortgage Loan Trust
            
Series 2019-NQM4, Class A1, 2.492%, 9/25/59 (a)(c)
  
               220,812
    
           222,710
  
Oaktown Re VI Ltd.
            
Series 2021-1A, Class M1B, 2.100% (SOFR30A + 2.050%), 10/25/33 (c)(f)
  
            3,476,000
    
        3,538,856
  
Progress Residential Trust
            
Series 2019-SFR1, Class E, 4.466%, 8/17/35 (c)
  
            1,000,000
    
        1,018,203
  
Series 2018-SFR3, Class E, 4.873%, 10/17/35 (c)
  
               500,000
    
           501,402
  
Radnor RE Ltd.
            
Series 2021-1, Class M1C, 2.750% (SOFR30A + 2.700%), 12/27/33 (c)(f)
  
            1,500,000
    
        1,512,070
  
Residential Asset Mortgage Products, Inc.
            
Series 2004-RS8, Class MII1, 0.984% (1 Month LIBOR USD + 0.600%), 8/25/34 (f)
  
                 34,599
    
             34,882
  
Residential Mortgage Loan Trust
            
Series 2020-2, Class B2, 5.400%, 5/25/60 (a)(c)
  
            2,012,000
    
        2,065,203
  
STAR Trust
            
Series 2021-SFR1, Class E, 1.793% (1 Month LIBOR USD + 1.700%), 4/17/38 (c)(f)
  
            3,460,000
    
        3,474,799
  
Series 2021-SFR1, Class F, 2.493% (1 Month LIBOR USD + 2.400%), 4/17/38 (c)(f)
  
            1,500,000
    
        1,511,049
  
Series 2021-SFR1, Class G, 3.293% (1 Month LIBOR USD + 3.200%), 4/17/38 (c)(f)
  
            3,005,000
    
        3,050,445
  
Structured Asset Securities Corp.
            
Series 2003-31A, Class 2A1, 2.372%, 10/25/33 (a)
  
               157,422
    
           162,182
  
Towd Point HE Trust
            
Series 2021-HE1, Class M2, 2.500%, 2/25/63 (a)(c)
  
            1,230,000
    
        1,274,183
  
Towd Point Mortgage Trust
            
Series 2019-HY1, Class B1, 2.234% (1 Month LIBOR USD + 2.150%), 10/25/48 (c)(f)
  
            2,600,000
    
        2,738,631
  
Series 2018-SJ1, Class B1, 5.250%, 10/25/58 (a)(c)
  
            1,000,000
    
        1,022,627
  
Series 2019-SJ2, Class XA, 5.000%, 11/25/58 (a)(c)
  
            3,026,200
    
        3,168,810
  
Verus Securitization Trust
            
Series 2019-INV2, Class B1, 4.452%, 7/25/59 (a)(c)
  
               500,000
    
           505,703
  
Series 2020-INV1, Class M1, 5.500%, 3/25/60 (a)(c)
  
            1,200,000
    
        1,277,722
  
VOLT XCII LLC
            
Series 2021-NPL1, Class A2, 4.949%, 2/27/51 (c)(h)
  
            1,500,000
    
        1,527,980
  
VOLT XCIX LLC
            
Series 2021-NPL8, Class A2, 4.949%, 4/25/51 (c)(h)
  
            1,000,000
    
        1,016,785
  
VOLT XCVII LLC
            
Series 2021-NPL6, Class A2, 4.826%, 4/25/51 (c)(h)
  
            1,500,000
    
        1,503,273
  
Washington Mutual MSC Mortgage Pass-Through Certificates
            
Series 2003-MS2, Class 5A1, 5.750%, 2/25/33
  
                      819
    
                  818
  
Total Residential Mortgage-Backed Securities - Non-Agency (cost $81,845,878)
        
      82,686,030
  
             
PRIVATE PLACEMENT PARTICIPATION AGREEMENTS - 0.5%
    
 
      
BasePoint - BP SLL Trust, Series SPL-III
            
10.500%, 12/31/22 (d)(e)
  
               906,703
    
           906,703
  
BP Commercial Funding Trust, Series SPL-III
            
11.250%, 12/1/23 (d)(j)
  
            1,000,000
    
        1,000,000
  
Total Private Placement Participation Agreements (cost $1,906,703)
        
        1,906,703
  
             
MONEY MARKET FUND - 4.1%
    
 
      
First American Government Obligations Fund - Class Z, 0.020% (b)
  
          14,283,662
    
      14,283,662
  
Total Money Market Fund (cost $14,283,662)
        
      14,283,662
  
             
Total Investments (cost $344,615,681) - 100.1%
        
    347,778,110
  
Liabilities less Other Assets - (0.1)%
        
         (182,220)
  
TOTAL NET ASSETS - 100.0%
       $
347,595,890
  

(a)
Variable rate security. The coupon is based on an underlying pool of loans and represents the rate in
      
 
effect as of August 31, 2021.
      
(b)
Rate shown is the 7-day annualized yield as of August 31, 2021.
      
(c)
Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and
      
 
may be sold only to dealers in the program or other “qualified institutional buyers.” As of August 31,
      
 
2021, the value of these investments was $301,468,572 or 86.7% of total net assets.
      
(d)
Security valued at fair value using methods determined in good faith by or at the direction of the
      
 
Board of Trustees of Advisors Series Trust. Value determined using significant unobservable inputs.
      
 
As of August 31, 2021, the total value of fair valued securities was $3,367,265 or 1.0% of total
      
 
net assets.
      
(e)
Security is restricted. The Fund cannot sell or otherwise transfer this agreement without prior written
      
 
approval of BasePoint – BP SLL Trust, Series SPL-III. As of August 31, 2021, the value of this
      
 
investment was $906,703 or 0.2% of total net assets. The security was acquired from February 2019
      
 
to January 2021 at a cost of $906,703.
      
(f)
Variable or floating rate security based on a reference index and spread. The rate reported is the rate
      
 
in effect as of August 31, 2021.
      
(g)
Step-up bond. The interest rate may step up conditioned upon the aggregate remaining principal
      
 
balance of the underlying mortgage loans being reduced below a targeted percentage of the aggregate
      
 
original principal balance of the mortgage loans. The interest rate shown is the rate in effect as of
      
 
August 31, 2021.
      
(h)
Step-up bond. The interest rate will step up if the issuer does not redeem the bond by an expected
      
 
redemption date. The interest rate shown is in effect as of August 31, 2021.
      
(i)
Interest only security.
      
(j)
Security is restricted. The Fund cannot sell or otherwise transfer this agreement without prior written
      
 
approval of BP Commercial Funding Trust, Series SPL-III. As of August 31, 2021, the value of this
      
 
investment was $1,000,000 or 0.3% of total net assets. The security was acquired from December 2020
      
 
to April 2021 at a cost of $1,000,000.
      
 
FHLMC – Federal Home Loan Mortgage Corporation
      
 
FREMF – Freddi Mac K Series
      
 
GNMA – Government National Mortgage Association
      
 
LIBOR – London Interbank Offered Rate
      
 
REMIC – Real Estate Mortgage Investment Conduit
      
 
SOFR – Secured Overnight Financing Rate
      
Semper Short Duration Fund
                    
Summary of Fair Value Disclosure at August 31, 2021 (Unaudited)
                
                       
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in the United
  
States of America ("U.S. GAAP") establish a hierarchy that prioritizes inputs to valuation methods.  The three levels of inputs are:
      
                       
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 would be based on the best information available.
    
                       
The following is a summary of the inputs used to value the Fund's investments as of August 31, 2021:
            

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Fixed Income
                        
Asset-Backed Securities - Agency
  
$
-
    
$
32
    
$
-
    
$
32
  
Asset-Backed Securities - Non-Agency
    
-
      
43,287,903
      
-
      
43,287,903
  
Collateralized Loan Obligations
    
-
      
51,421,149
      
-
      
51,421,149
  
Commercial Mortgage-Backed Securities - Agency
    
-
      
2,105
      
-
      
2,105
  
Commercial Mortgage-Backed Securities - Non-Agency
    
-
      
75,139,102
      
-
      
75,139,102
  
Residential Mortgage-Backed Securities - Agency
    
-
      
79,051,424
      
-
      
79,051,424
  
Residential Mortgage-Backed Securities - Non-Agency
    
-
      
81,225,468
      
1,460,562
      
82,686,030
  
Total Fixed Income
    
-
      
330,127,183
      
1,460,562
      
331,587,745
  
Private Placement Participation Agreements
    
-
      
-
      
1,906,703
      
1,906,703
  
Money Market Fund
    
14,283,662
      
-
      
-
      
14,283,662
  
Total Investments
  
$
14,283,662
    
$
330,127,183
    
$
3,367,265
    
$
347,778,110
  

Refer to the Fund's schedule of investments for additional information.
                
                       
The following is a reconciliation of the Fund’s level 3 investments for which significant unobservable inputs were used in determining value.
    

   
Investments in Securites, at Value
  
         
Private
  
   
Residential
    
Placement
  
   
MBS-
    
Participation
  
   
Non-Agency
    
Agreements
  
Balance as of November 30, 2020
  
$
-
    
$
1,594,821
  
Accrued discounts/premiums
    
284
      
-
  
Realized gain/(loss)
    
-
      
-
  
Change in unrealized appreciation/(depreciation)
    
(373
)
    
-
  
Purchases
    
1,460,651
      
760,979
  
Sales
    
-
      
(449,097
)
Transfers in and/or out of Level 3
    
-
      
-
  
Balance as of August 31, 2021
  
$
1,460,562
    
$
1,906,703
  

The change in unrealized appreciation/(depreciation) for level 3 securities still held in the Fund at August 31, 2021
        
and still classified as level 3 was $(373).
                  
                       
The following is a summary of quantitative information about level 3 valued instruments:
            

       
Valuation
  
Unobservable
      
   
Value at 8/31/21
  
Technique(s)
  
Input
  
Input/Range
  
Residential MBS - Non-Agency
  
$
1,460,562
  
Market
  
Recent Transaction
  
$
100
  
         
Transaction
            
         
Method
            
                       
Private Placement Participation
  
$
1,906,703
  
Market
  
Recent Transaction
  
$
100
  
Agreements
        
Transaction
            
         
Method
            

Significant changes in the market broker quotes would have resulted in direct and proportional changes in the fair value of the security.