NPORT-EX 2 shortduration6.htm

Medalist Partners Short Duration Fund
  
Schedule of Investments
  
August 31, 2025 (Unaudited)
  
   
NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 24.6%
  
Par
    
Value
 
Atrium Hotel Portfolio Trust, Series 2024-ATRM, Class E, 9.52%, 11/10/2029 (a)(b)
  
$
4,000,000
    
$
4,091,634
  
AXMF Re-REMIC Trust, Series 2025-SBRR1, Class B, 6.74%, 04/27/2058 (a)(b)
    
4,943,885
      
4,897,911
  
Banc of America Re-Remic Trust, Series 2025-ASHF, Class A, 6.21% (1 mo. Term SOFR + 1.85%), 02/15/2042 (a)
    
6,000,000
      
6,010,970
  
BBCMS Trust
  
Series 2019-BWAY, Class A, 5.43% (1 mo. Term SOFR + 1.07%), 11/15/2034 (a)
    
1,303,301
      
827,609
  
Series 2020-BID, Class B, 7.02% (1 mo. Term SOFR + 2.65%), 10/15/2037 (a)
    
5,000,000
      
4,998,882
  
Blackstone Mortgage Trust, Inc.
  
Series 2021-FL4, Class B, 6.03% (1 mo. Term SOFR + 1.66%), 05/15/2038 (a)
    
6,000,000
      
5,899,842
  
Series 2021-FL4, Class C, 6.23% (1 mo. Term SOFR + 1.86%), 05/15/2038 (a)
    
3,000,000
      
2,924,166
  
Series 2021-FL4, Class D, 6.73% (1 mo. Term SOFR + 2.36%), 05/15/2038 (a)
    
3,500,000
      
3,373,570
  
Series 2025-FL5, Class AS, 6.46% (1 mo. Term SOFR + 2.10%), 10/18/2042 (a)
    
4,000,000
      
3,976,241
  
BSPDF Issuer Ltd., Series 2025-FL2, Class E, 9.31% (1 mo. Term SOFR + 4.94%), 12/15/2042 (a)
    
3,000,000
      
3,049,730
  
BX Trust
  
Series 2021-BXMF, Class G, 7.83% (1 mo. Term SOFR + 3.46%), 10/15/2026 (a)
    
1,939,262
      
1,924,425
  
Series 2021-XL2, Class G, 7.32% (1 mo. Term SOFR + 2.96%), 10/15/2038 (a)
    
2,741,048
      
2,743,259
  
BXMT Ltd., Series 2020-FL2, Class C, 6.38% (1 mo. Term SOFR + 2.01%), 02/15/2038 (a)
    
5,050,000
      
4,943,985
  
Freddie Mac Mscr Trust Mn9, Series 2024-MN9, Class B1, 10.35% (30 day avg SOFR US + 6.00%), 10/25/2044 (a)
    
2,550,000
      
2,653,244
  
Greystone Commercial Real Estate Notes
  
Series 2024-HC3, Class B, 8.00% (1 mo. Term SOFR + 3.63%), 03/15/2041 (a)
    
2,925,000
      
2,936,919
  
Series 2024-HC3, Class C, 8.80% (1 mo. Term SOFR + 4.43%), 03/15/2041 (a)
    
4,100,000
      
4,126,781
  
Series 2024-HC3, Class D, 9.70% (1 mo. Term SOFR + 5.33%), 03/15/2041 (a)
    
1,995,000
      
2,010,423
  
Harvest Commercial Capital Loan Trust, Series 2024-1, Class M3, 7.55%, 10/25/2056 (b)
    
1,710,950
      
1,734,208
  
HGI CRE CLO Ltd., Series 2021-FL2, Class E, 6.92% (1 mo. Term SOFR + 2.56%), 09/17/2036 (a)
    
2,038,000
      
2,038,610
  
JP Morgan Chase Commercial Mortgage Securities, Series 2021-NYAH, Class D, 6.27% (1 mo. Term SOFR + 1.90%), 06/15/2038 (a)
    
1,400,000
      
1,271,085
  
Lehman Brothers Small Balance Commercial, Series 2007-1A, Class M1, 4.94% (1 mo. Term SOFR + 0.61%), 03/25/2037 (a)
    
2,294,492
      
2,121,624
  
Mcp Holding Co. LLC, Series 2024-70P, Class E, 9.26%, 03/10/2041 (a)(b)
    
2,500,000
      
2,605,861
  
MF1 Multifamily Housing Mortgage Loan Trust
  
Series 2021-FL5, Class D, 6.98% (1 mo. Term SOFR + 2.61%), 07/15/2036 (a)
    
1,000,000
      
999,880
  
Series 2021-FL7, Class E, 7.27% (1 mo. Term SOFR + 2.91%), 10/16/2036 (a)
    
1,700,000
      
1,630,074
  
Series 2025-FL19, Class E, 8.30% (1 mo. Term SOFR + 3.94%), 05/18/2042 (a)
    
3,100,000
      
3,102,517
  
Morgan Stanley Capital I, Inc., Series 2014-150E, Class A, 3.91%, 09/09/2032 (a)
    
2,000,000
      
1,768,972
  
Morgan Stanley Mortgage Capital Holdings LLC, Series 2017-237P, Class A, 3.40%, 09/13/2039 (a)
    
5,000,000
      
4,758,439
  
Multifamily Connecticut Avenue Securities Trust
  
Series 2020-01, Class CE, 11.96% (30 day avg SOFR US + 7.61%), 03/25/2050 (a)
    
2,250,000
      
2,339,438
  
Series 2023-01, Class B1, 14.10% (30 day avg SOFR US + 9.75%), 11/25/2053 (a)
    
665,000
      
768,073
  
Series 2025-01, Class B1, 9.55% (30 day avg SOFR US + 5.20%), 05/25/2055 (a)
    
3,500,000
      
3,642,775
  
TPG Real Estate Finance Issuer Ltd., Series 2021-FL4, Class C, 6.88% (1 mo. Term SOFR + 2.51%), 03/15/2038 (a)
    
5,000,000
      
4,996,402
  
TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $95,623,270)
      
95,167,549
  
                 
NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - 22.1%
  
Par
    
Value
 
Angel Oak Mortgage Trust LLC, Series 2021-3, Class M1, 2.48%, 05/25/2066 (a)(b)
    
620,000
      
449,291
  
Bellemeade Re Ltd., Series 2021-3A, Class M1C, 5.90% (30 day avg SOFR US + 1.55%), 09/25/2031 (a)
    
1,375,209
      
1,384,230
  
Bombardier Capital Mortgage Securitization Corp., Series 1999-B, Class A3, 7.18%, 12/15/2029 (b)
    
86,567
      
5,646
  
Boston Lending Trust, Series 2021-1, Class M2, 2.00%, 07/25/2061 (a)(b)(c)
    
542,029
      
421,115
  
Brean Asset Backed Securities Trust, Series 2022-RM5, Class A, 4.50%, 09/25/2062 (a)(b)
    
1,938,526
      
1,903,313
  
Chase Mortgage Finance Corp., Series 2021-CL1, Class M2, 5.70% (30 day avg SOFR US + 1.35%), 02/25/2050 (a)
    
1,009,438
      
981,004
  
CHNGE Mortgage Trust, Series 2022-NQM1, Class A2, 5.82%, 06/25/2067 (a)(d)
    
854,734
      
852,233
  
COLT Funding LLC, Series 2022-7, Class M1, 6.26%, 04/25/2067 (a)(b)
    
2,000,000
      
1,999,360
  
Credit Suisse Mortgage Capital Certificates, Series 2021-NQM4, Class A1, 1.10%, 05/25/2066 (a)(b)
    
1,185,435
      
1,020,861
  
Eagle Re Ltd., Series 2023-1, Class M1A, 6.35% (30 day avg SOFR US + 2.00%), 09/26/2033 (a)
    
318,004
      
319,340
  
Ellington Financial Mortgage Trust, Series 2024-RM2, Class A1A, 5.00%, 07/25/2054 (a)
    
1,332,072
      
1,308,269
  
FIGRE Trust 2023-HE1
  
Series 2024-HE5, Class A, 5.44%, 10/25/2054 (a)(b)
    
1,643,141
      
1,648,183
  
Series 2025-HE2, Class A, 5.78%, 03/25/2055 (a)(b)
    
1,953,377
      
1,973,439
  
Series 2025-HE3, Class C, 5.91%, 05/25/2055 (a)(b)
    
1,406,406
      
1,419,218
  
Series 2025-HE4, Class C, 5.71%, 07/25/2055 (a)(b)
    
1,930,751
      
1,942,751
  
GCAT, Series 2023-NQM1, Class A1, 4.25%, 10/25/2057 (a)(b)
    
1,955,101
      
1,866,225
  
Home RE Ltd., Series 2021-1, Class M2, 7.31% (30 day avg SOFR US + 2.96%), 07/25/2033 (a)
    
369,212
      
370,997
  
HTAP Trust, Series 2025-1, Class A, 6.50%, 11/25/2042 (a)
    
2,886,066
      
2,876,232
  
IMC Home Equity Loan Trust, Series 1998-3, Class A8, 5.43%, 08/20/2029 (d)
    
932
      
927
  
JP Morgan Mortgage Trust
  
Series 2018-7FRB, Class B3, 5.75%, 04/25/2046 (a)(b)
    
2,058,004
      
2,011,446
  
Series 2019-6, Class B3, 4.26%, 12/25/2049 (a)(b)
    
3,765,523
      
3,519,914
  
Series 2023-HE3, Class A1, 5.95% (30 day avg SOFR US + 1.60%), 05/20/2054 (a)
    
677,826
      
684,923
  
JPMorgan Chase Bank NA, Series 2021-CL1, Class M3, 6.15% (30 day avg SOFR US + 1.80%), 03/25/2051 (a)
    
984,644
      
978,203
  
LHOME Mortgage Trust, Series 2024-RTL1, Class A1, 7.02%, 01/25/2029 (a)(d)
    
3,500,000
      
3,528,538
  
MFRA Trust
  
Series 2023-NQM3, Class A2, 7.02%, 07/25/2068 (a)(d)
    
1,651,700
      
1,671,971
  
Series 2024-RTL2, Class A1, 7.25%, 05/25/2029 (a)(d)
    
1,500,000
      
1,518,823
  
Series 2025-NQM3, Class A3, 5.72%, 08/25/2070 (a)(d)
    
1,483,003
      
1,488,472
  
Point Securitization Trust, Series 2025-1, Class A1, 6.25%, 06/25/2055 (a)
    
1,476,882
      
1,489,406
  
Pretium Mortgage Credit Partners LLC, Series 2024-NPL5, Class A1, 5.96%, 09/25/2054 (a)(d)
    
1,397,274
      
1,392,889
  
PRKCM Trust, Series 2023-AFC3, Class A3, 7.09%, 09/25/2058 (a)(d)
    
2,533,382
      
2,560,642
  
Progress Residential Trust, Series 2022-SFR3, Class E1, 5.20%, 04/17/2039 (a)
    
3,000,000
      
2,979,232
  
Radnor RE Ltd., Series 2023-1, Class M1A, 7.05% (30 day avg SOFR US + 2.70%), 07/25/2033 (a)
    
456,324
      
459,660
  
Residential Mortgage Loan Trust Series, 2019-3, Class B1, 3.81%, 09/25/2059 (a)(b)
    
2,750,000
      
2,704,515
  
Rithm Capital Corp., Series 2023-NQM1, Class A2, 7.32%, 10/25/2063 (a)(d)
    
647,577
      
657,899
  
Saluda Grade Mortgage Funding LLC
  
Series 2025-LOC4, Class M1, 6.65% (30 day avg SOFR US + 2.30%), 06/25/2055 (a)
    
1,000,000
      
1,004,996
  
Series 2025-NPL2, Class A1, 7.77%, 05/25/2030 (a)(d)
    
1,688,940
      
1,696,552
  
Sequoia Mortgage Trust, Series 2025-3, Class A2, 5.50%, 04/25/2055 (a)(b)
    
1,785,677
      
1,793,489
  
SGR Residential Mortgage Trust, Series 2022-2, Class A3, 5.35%, 08/25/2062 (a)(b)
    
762,597
      
761,099
  
Starwood Mortgage Residential Trust, Series 2021-SFR1, Class E, 6.18% (1 mo. Term SOFR + 1.81%), 04/17/2038 (a)
    
1,879,174
      
1,879,275
  
Toorak Mortgage Trust
  
Series 2024-2, Class A2, 8.65%, 10/25/2031 (a)(d)
    
3,000,000
      
3,041,899
  
Series 2024-RRTL1, Class A2, 7.57%, 02/25/2039 (a)(d)
    
3,738,000
      
3,780,066
  
Towd Point Mortgage Trust
  
Series 2019-HY2, Class B2, 6.69% (1 mo. Term SOFR + 2.36%), 05/25/2058 (a)
    
2,000,000
      
2,050,951
  
Series 2024-CES1, Class A1B, 6.05%, 01/25/2064 (a)(b)
    
1,301,960
      
1,314,204
  
Unlock Hea Trust
  
Series 2024-1, Class A, 7.00%, 04/25/2039 (a)
    
2,993,490
      
3,007,416
  
Series 2025-1, Class A, 6.75%, 07/25/2041 (a)
    
1,500,000
      
1,503,800
  
Vericrest Opportunity Loan Transferee
  
Series 2021-CF2, Class A1, 5.49%, 11/27/2051 (a)(d)
    
4,217,303
      
4,216,902
  
Series 2021-NP11, Class A1, 5.87%, 08/25/2051 (a)(d)
    
870,002
      
870,271
  
Series 2021-NPL4, Class A2, 8.95%, 03/27/2051 (a)(c)(d)
    
1,654,574
      
1,658,520
  
Series 2021-NPL6, Class A1, 6.24%, 04/25/2051 (a)(d)
    
353,358
      
353,510
  
Verus Securitization Trust
  
Series 2022-4, Class A2, 4.74%, 04/25/2067 (a)(b)
    
972,078
      
948,618
  
Series 2022-INV1, Class M1, 5.78%, 08/25/2067 (a)(b)
    
3,000,000
      
2,992,367
  
Series 2023-8, Class A3, 6.97%, 12/25/2068 (a)(d)
    
1,393,858
      
1,420,330
  
Vista Point Securitization Trust, Series 2024-CES1, Class A1, 6.68%, 05/25/2054 (a)(d)
    
694,020
      
707,907
  
TOTAL NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $84,683,755)
      
85,391,339
  
                 
COLLATERALIZED LOAN OBLIGATIONS - 22.0%
  
Par
    
Value
 
Antares CLO Ltd., Series 2021-1A, Class A1, 6.11% (3 mo. Term SOFR + 1.79%), 07/25/2033 (a)
    
5,500,000
      
5,513,926
  
Ares Direct Lending CLO LLC, Series 2025-1A, Class A1, 5.40% (3 mo. Term SOFR + 1.38%), 04/20/2038 (a)
    
2,500,000
      
2,495,050
  
BCC Middle Market CLO LLC
  
Series 2018-1A, Class A1R, 6.58% (3 mo. Term SOFR + 2.25%), 04/20/2036 (a)
    
5,000,000
      
5,030,170
  
Series 2023-2A, Class A1, 6.83% (3 mo. Term SOFR + 2.50%), 10/21/2035 (a)
    
2,500,000
      
2,509,975
  
Series 2024-1A, Class A1, 6.07% (3 mo. Term SOFR + 1.75%), 07/17/2036 (a)
    
4,000,000
      
4,008,465
  
BCRED BSL CLO Ltd., Series 2023-1A, Class A, 6.63% (3 mo. Term SOFR + 2.30%), 01/20/2036 (a)
    
2,950,000
      
2,958,779
  
Blackrock CLO Ltd.
  
Series 2022-1A, Class AR, 5.92% (3 mo. Term SOFR + 1.60%), 01/15/2038 (a)
    
3,750,000
      
3,757,867
  
Series 2023-1A, Class A1, 6.83% (3 mo. Term SOFR + 2.50%), 04/20/2035 (a)
    
2,100,000
      
2,101,791
  
Cerberus Loan Funding LP
  
Series 2023-2A, Class A1, 6.87% (3 mo. Term SOFR + 2.55%), 07/15/2035 (a)
    
1,500,000
      
1,521,161
  
Series 2024-4A, Class AN, 5.97% (3 mo. Term SOFR + 1.65%), 10/15/2036 (a)
    
3,000,000
      
3,008,429
  
Crown Point CLO Ltd., Series 2018-4A, Class A, 5.69% (3 mo. Term SOFR + 1.36%), 04/20/2031 (a)
    
317,173
      
317,382
  
Deerpath Capital CLO Ltd., Series 2021-1A, Class A1R, 6.12% (3 mo. Term SOFR + 1.80%), 07/15/2036 (a)
    
3,000,000
      
3,006,308
  
Fortress Credit Opportunities, Series 2024-23A, Class A1T, 6.52% (3 mo. Term SOFR + 2.20%), 04/15/2036 (a)
    
5,000,000
      
5,008,662
  
Golub Capital Partners CLO Ltd.
  
Series 2016-30A, Class AR2, 5.95% (3 mo. Term SOFR + 1.62%), 04/20/2034 (a)
    
6,750,000
      
6,762,083
  
Series 2023-69A, Class A, 6.58% (3 mo. Term SOFR + 2.35%), 11/09/2036 (a)
    
5,000,000
      
5,015,625
  
ICG US CLO Ltd., Series 2014-1A, Class A1A2, 5.79% (3 mo. Term SOFR + 1.46%), 10/20/2034 (a)
    
3,650,000
      
3,654,486
  
KKR CLO Trust, Series 9, Class AR2, 5.53% (3 mo. Term SOFR + 1.21%), 07/15/2030 (a)
    
39,587
      
39,601
  
LCM LP, Series 33A, Class AR, 5.49% (3 mo. Term SOFR + 1.18%), 07/20/2034 (a)
    
4,000,000
      
4,000,000
  
Monroe Capital MML CLO Ltd., Series 2019-1A, Class AR, 5.97% (3 mo. Term SOFR + 1.76%), 11/22/2033 (a)
    
3,000,000
      
3,000,727
  
Owl Rock CLO Ltd.
  
Series 2020-3A, Class AR, 6.18% (3 mo. Term SOFR + 1.85%), 04/20/2036 (a)
    
2,330,000
      
2,344,791
  
Series 2022-7A, Class AR, 5.73% (3 mo. Term SOFR + 1.40%), 04/20/2038 (a)
    
4,000,000
      
3,997,736
  
Series 2023-12A, Class A1A, 6.88% (3 mo. Term SOFR + 2.55%), 07/20/2034 (a)
    
4,000,000
      
4,013,036
  
Palmer Square CLO Ltd., Series 2019-1A, Class A1R, 5.64% (3 mo. Term SOFR + 1.41%), 11/14/2034 (a)
    
2,030,000
      
2,032,132
  
PennantPark CLO Ltd., Series 2021-3A, Class A1, 6.21% (3 mo. Term SOFR + 1.88%), 10/22/2032 (a)
    
1,631,774
      
1,632,667
  
Saranac CLO, Series 2014-3A, Class ALR, 6.45% (3 mo. LIBOR US + 1.60%), 06/22/2030 (a)(e)
    
26,578
      
26,595
  
THL Credit Lake Shore MM CLO Ltd., Series 2021-1A, Class AR, 6.02% (3 mo. Term SOFR + 1.70%), 01/15/2037 (a)
    
4,500,000
      
4,507,749
  
Trinitas CLO Ltd., Series 2020-14A, Class A1R, 5.66% (3 mo. Term SOFR + 1.34%), 01/25/2034 (a)
    
1,100,000
      
1,101,045
  
Venture CDO Ltd., Series 2017-28AA, Class A1RR, 5.44% (3 mo. Term SOFR + 1.11%), 10/20/2034 (a)
    
1,750,000
      
1,752,090
  
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $85,153,053)
      
85,118,328
  
                 
ASSET-BACKED SECURITIES - 16.3%
  
Par
    
Value
 
ACHV ABS TRUST, Series 2024-3AL, Class D, 6.75%, 12/26/2031 (a)
    
3,782,529
      
3,833,257
  
Affirm, Inc., Series 2023-B, Class 1C, 7.81%, 09/15/2028 (a)
    
2,450,000
      
2,452,617
  
Bayview Opportunity Master Fund VII 2024-EDU1 LLC, Series 2024-EDU1, Class A, 5.80% (30 day avg SOFR US + 1.45%), 06/25/2047 (a)
    
1,642,768
      
1,653,999
  
CPS Auto Trust, Series 2022-D, Class D, 8.73%, 01/16/2029 (a)
    
4,000,000
      
4,160,172
  
Credit-Based Asset Servicing and Securitization LLC, Series 2003-CB1, Class AF, 3.95%, 01/25/2033 (d)
    
1
      
1
  
Flagship Credit Auto Trust, Series 2019-3, Class E, 3.84%, 12/15/2026 (a)
    
794,397
      
793,781
  
Foundation Finance Trust, Series 2023-1A, Class D, 9.18%, 12/15/2043 (a)
    
2,708,675
      
2,906,934
  
Labrador Aviation Finance Ltd., Series 2016-1A, Class A1, 4.30%, 01/15/2042 (a)
    
2,556,971
      
2,493,131
  
Oportun Financial Corp.
  
Series 2021-B, Class B, 1.96%, 05/08/2031 (a)
    
451,966
      
442,732
  
Series 2025-C, Class B, 4.93%, 07/08/2033 (a)
    
2,000,000
      
2,006,369
  
Series 2025-C, Class D, 5.91%, 07/08/2033 (a)
    
2,000,000
      
2,009,224
  
Oxford Finance Funding Trust, Series 2023-1A, Class A2, 6.72%, 02/15/2031 (a)
    
1,887,453
      
1,920,170
  
Pagaya AI Debt Selection Trust
  
Series 2021-HG1, Class A, 1.22%, 01/16/2029 (a)
    
153,280
      
152,949
  
Series 2022-5, Class B, 10.31%, 06/17/2030 (a)
    
999,963
      
1,029,149
  
Series 2023-7, Class C, 8.80%, 07/15/2031 (a)
    
3,670,337
      
3,699,613
  
Series 2023-8, Class A, 7.30%, 06/16/2031 (a)
    
938,343
      
954,223
  
Series 2023-8, Class B, 7.96%, 06/16/2031 (a)
    
2,188,791
      
2,236,273
  
Series 2024-1, Class C, 8.34%, 07/15/2031 (a)
    
2,384,579
      
2,418,468
  
Series 2024-2, Class C, 7.57%, 08/15/2031 (a)
    
2,592,750
      
2,631,575
  
Series 2024-6, Class C, 7.07%, 11/15/2031 (a)
    
5,052,408
      
5,104,880
  
Series 2024-8, Class A, 5.33%, 01/15/2032 (a)
    
647,791
      
650,808
  
South Carolina Student Loan Corp., Series 2013-1, Class A, 4.96% (30 day avg SOFR US + 0.61%), 01/25/2041
    
52,082
      
51,269
  
SpringCastle America LLC, Series 2020-AA, Class A, 1.97%, 09/25/2037 (a)
    
2,440,395
      
2,323,321
  
Theorem Funding Trust, Series 2022-2A, Class B, 9.27%, 12/15/2028 (a)
    
5,901,285
      
5,945,085
  
Thunderbolt Aircraft Lease, Series 2019-1, Class A, 3.67%, 11/15/2039 (a)
    
2,197,055
      
2,116,047
  
Upgrade Master Pass-Thru Trust, Series 2025-ST3, Class A, 5.98%, 06/15/2032 (a)
    
4,594,652
      
4,650,569
  
Upstart Securitization Trust, Series 2023-2, Class B, 7.92%, 06/20/2033 (a)
    
4,213,755
      
4,262,705
  
TOTAL ASSET-BACKED SECURITIES (Cost $62,516,579)
      
62,899,321
  
                 
AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 12.5%
  
Par
    
Value
 
Fannie Mae Connecticut Avenue Securities
  
Series 2020-SBT1, Class 1M2, 8.11% (30 day avg SOFR US + 3.76%), 02/25/2040 (a)
    
1,983,000
      
2,059,981
  
Series 2021-R01, Class 1B1, 7.45% (30 day avg SOFR US + 3.10%), 10/25/2041 (a)
    
1,150,000
      
1,177,043
  
Series 2021-R01, Class 1M2, 5.90% (30 day avg SOFR US + 1.55%), 10/25/2041 (a)
    
1,196,198
      
1,202,745
  
Series 2021-R02, Class 2M2, 6.35% (30 day avg SOFR US + 2.00%), 11/25/2041 (a)
    
1,905,612
      
1,922,721
  
Series 2022-R01, Class 1M2, 6.25% (30 day avg SOFR US + 1.90%), 12/25/2041 (a)
    
1,300,000
      
1,313,221
  
Series 2023-R01, Class 1M2, 8.10% (30 day avg SOFR US + 3.75%), 12/25/2042 (a)
    
1,000,000
      
1,057,017
  
Series 2023-R04, Class 1M2, 7.90% (30 day avg SOFR US + 3.55%), 05/25/2043 (a)
    
2,750,000
      
2,916,349
  
Series 2024-R01, Class 1B1, 7.05% (30 day avg SOFR US + 2.70%), 01/25/2044 (a)
    
1,200,000
      
1,239,157
  
Series 2024-R02, Class 1B1, 6.85% (30 day avg SOFR US + 2.50%), 02/25/2044 (a)
    
2,350,000
      
2,414,138
  
Series 2024-R03, Class 2B1, 7.15% (30 day avg SOFR US + 2.80%), 03/25/2044 (a)
    
1,000,000
      
1,032,632
  
Series 2024-R03, Class 2M2, 6.30% (30 day avg SOFR US + 1.95%), 03/25/2044 (a)
    
1,000,000
      
1,013,354
  
Series 2024-R05, Class 2B1, 6.35% (30 day avg SOFR US + 2.00%), 07/25/2044 (a)
    
2,596,000
      
2,618,843
  
Series 2025-R01, Class 1M2, 5.85% (30 day avg SOFR US + 1.50%), 01/25/2045 (a)
    
2,500,000
      
2,514,590
  
Federal National Mortgage Association, Series 2025-30, Class BA, 5.00%, 04/25/2052
    
1,858,714
      
1,851,054
  
Freddie Mac Structured Agency Credit Risk Debt Notes
  
Series 2018-SPI2, Class M2, 3.85%, 05/25/2048 (a)(f)
    
29,416
      
28,547
  
Series 2020-HQA5, Class B1, 8.35% (30 day avg SOFR US + 4.00%), 11/25/2050 (a)
    
1,350,000
      
1,491,826
  
Series 2021-DNA1, Class B1, 7.00% (30 day avg SOFR US + 2.65%), 01/25/2051 (a)
    
1,060,000
      
1,114,848
  
Series 2021-DNA2, Class B1, 7.75% (30 day avg SOFR US + 3.40%), 08/25/2033 (a)
    
2,060,000
      
2,302,091
  
Series 2021-DNA5, Class B1, 7.40% (30 day avg SOFR US + 3.05%), 01/25/2034 (a)
    
2,000,000
      
2,143,812
  
Series 2021-DNA6, Class M2, 5.85% (30 day avg SOFR US + 1.50%), 10/25/2041 (a)
    
1,258,574
      
1,263,806
  
Series 2022-DNA1, Class M2, 6.85% (30 day avg SOFR US + 2.50%), 01/25/2042 (a)
    
2,500,000
      
2,548,670
  
Series 2022-DNA3, Class M1B, 7.25% (30 day avg SOFR US + 2.90%), 04/25/2042 (a)
    
7,500,000
      
7,739,784
  
Series 2022-DNA4, Class M1B, 7.70% (30 day avg SOFR US + 3.35%), 05/25/2042 (a)
    
4,163,000
      
4,323,729
  
Series 2023-HQA2, Class M2, 8.20% (30 day avg SOFR US + 3.85%), 06/25/2043 (a)
    
1,000,000
      
1,064,310
  
Government National Mortgage Association, Series 2008-55, Class WT, 5.41%, 06/20/2037 (f)
    
4,363
      
4,367
  
TOTAL AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost $46,888,532)
      
48,358,635
  
                 
CORPORATE BONDS - 0.5%
  
Par
    
Value
 
Financial - 0.5%
  
Korth Direct Mortgage, Inc., 11.60%, 02/25/2026 (a)(d)(g)
    
2,000,000
      
1,891,250
  
TOTAL CORPORATE BONDS (Cost $2,000,000)
      
1,891,250
  
                 
AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 0.0%(h)
  
Par
    
Value
 
Government National Mortgage Association, Series 2009-4, Class IO, 0.39%, 01/16/2049 (b)(i)
    
251,233
      
159
  
TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $1,567)
      
159
  
                 
SHORT-TERM INVESTMENTS
  
MONEY MARKET FUNDS - 3.7%
  
Shares
    
Value
 
First American Government Obligations Fund - Class X, 4.22%(j)
    
14,160,673
      
14,160,673
  
TOTAL MONEY MARKET FUNDS (Cost $14,160,673)
      
14,160,673
  
                 
TOTAL INVESTMENTS - 101.7% (Cost $391,027,429)
      
392,987,254
  
Liabilities in Excess of Other Assets - (1.7)%
      
(6,596,733
)
TOTAL NET ASSETS - 100.0%
          
$
386,390,521
  
two
      
–
%
Par amount is in USD unless otherwise indicated.
          
Percentages are stated as a percent of net assets.
      
–
%

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

(a)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of August 31, 2025, the value of these securities total $375,178,950 or 97.1% of the Fund’s net assets.
(b)
Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of August 31, 2025.
(c)
This security accrues interest which is added to the outstanding principal balance. The interest payment will be deferred until all other tranches in the structure are paid off. The rate disclosed is as of August 31, 2025.
(d)
Step coupon bond. The rate disclosed is as of August 31, 2025.
(e)
Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.
(f)
Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of August 31, 2025.
(g)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $1,891,250 or 0.5% of net assets as of August 31, 2025.
(h)
Represents less than 0.05% of net assets.
(i)
Interest only security.
(j)
The rate shown represents the 7-day annualized yield as of August 31, 2025.
Summary of Fair Value Disclosure as of August 31, 2025 (Unaudited)
 
Medalist Partners Short Duration Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of August 31, 2025:
 

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Non-Agency Commercial Mortgage Backed Securities
  
$
–
    
$
95,167,549
    
$
–
    
$
95,167,549
  
  Non-Agency Residential Mortgage Backed Securities
    
–
      
85,391,339
      
–
      
85,391,339
  
  Collateralized Loan Obligations
    
–
      
85,118,328
      
–
      
85,118,328
  
  Asset-Backed Securities
    
–
      
62,899,321
      
–
      
62,899,321
  
  Agency Residential Mortgage-Backed Securities
    
–
      
48,358,635
      
–
      
48,358,635
  
  Corporate Bonds
    
–
      
–
      
1,891,250
      
1,891,250
  
  Agency Commercial Mortgage Backed Securities
    
–
      
159
      
–
      
159
  
  Money Market Funds
    
14,160,673
      
–
      
–
      
14,160,673
  
Total Investments
  
$
14,160,673
    
$
376,935,331
    
$
1,891,250
    
$
392,987,254
  
   
   
   
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There was one transfer out of Level 3 during the reporting period as compared to the security classifications from the prior year’s annual report.
  
   

 
  
Investments in Securities, at Value
  
 
                  
 
  
Asset-Backed Securities
    
Commercial Mortgage-Backed Securities
    
Corporate Bonds
  
Balance as of November 30, 2024
  
$
251,328
    
$
3,500,000
    
$
1,891,250
  
Accrued discounts/premiums
    
-
      
-
      
15,981
  
Realized gain/(loss)
    
-
      
-
      
-
  
Change in unrealized appreciation/(depreciation)
    
-
      
-
      
(15,981
)
Purchases
    
-
      
-
      
-
  
Sales
    
-
      
-
      
-
  
Transfers in and/or out of Level 3
    
(251,328
)
    
(3,500,000
)
    
-
  
Balance as of August 31, 2025
  
$
-
    
$
-
    
$
1,891,250
  
 
                        

 
      
 
 
      
 
  
Value
  
Valuation Technique(s)
Unobservable Input
  
Input/Range
  
 
      
 
 
      
Corporate Bonds
  
$1,891,250
  
Market Transaction Method
Prior/Recent Transaction
  
$94.56