NPORT-EX 2 mbs6.htm

Medalist Partners MBS Total Return Fund
  
Schedule of Investments
  
August 31, 2025 (Unaudited)
  
   
NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - 55.7%
  
Par
    
Value
 
AFC Home Equity Loan Trust, Series 1997-3, Class 1A4, 7.47%, 09/27/2027 (a)
  
$
13,466
    
$
13,419
  
AMSR Trust, Series 2021-SFR3, Class H, 4.90%, 10/17/2038 (b)
    
1,750,000
      
1,732,276
  
Asset Backed Securities Corp. Home Equity, Series 1999-LB1, Class A1F, 7.11%, 06/21/2029
    
62,766
      
62,762
  
Banc of America Funding Corp., Series 2006-D, Class 5A2, 5.27%, 05/20/2036 (c)
    
4,754
      
4,094
  
Bank of America NA, Series 2008-R4, Class 1A4, 4.92% (1 mo. Term SOFR + 0.56%), 07/25/2037 (b)
    
998,259
      
691,689
  
BRAVO Residential Funding Trust, Series 2024-NQM2, Class B1, 7.91%, 02/25/2064 (b)
    
1,335,000
      
1,353,972
  
Carrington Mortgage Loan Trust, Series 2006-NC3, Class A4, 4.92% (1 mo. Term SOFR + 0.59%), 08/25/2036
    
3,750,000
      
3,108,903
  
CHNGE Mortgage Trust, Series 2022-1, Class A1, 3.01%, 01/25/2067 (b)(c)
    
1,878,058
      
1,811,577
  
Citigroup Mortgage Loan Trust, Inc., Series 2004-HYB4, Class WA, 6.98%, 12/25/2034 (c)
    
1,566
      
1,564
  
Colony American Finance Ltd.
  
Series 2019-1, Class D, 4.82%, 03/15/2052 (b)
    
750,167
      
740,538
  
Series 2019-1, Class E, 5.73%, 03/15/2052 (b)(c)
    
242,500
      
237,834
  
COLT Funding LLC
  
Series 2021-3, Class B2, 4.12%, 09/27/2066 (b)(c)
    
1,578,000
      
1,276,929
  
Series 2021-4, Class B2, 4.14%, 10/25/2066 (b)(c)
    
2,625,000
      
1,959,400
  
Series 2021-6, Class B1, 4.12%, 12/25/2066 (b)(c)
    
1,713,000
      
1,519,045
  
Series 2022-1, Class B1, 4.15%, 12/27/2066 (b)(c)
    
3,000,000
      
2,643,275
  
Conseco Finance Home Loan Trust, Series 2000-E, Class B1, 10.26%, 08/15/2031 (c)
    
32,993
      
6,298
  
Countrywide Alternative Loan Trust
  
Series 2004-15, Class 2A2, 5.86%, 09/25/2034 (c)
    
143,117
      
133,820
  
Series 2006-4CB, Class 2A3, 5.50%, 04/25/2036
    
3,223
      
2,314
  
Series 2006-OA3, Class 1A1, 4.84% (1 mo. Term SOFR + 0.51%), 05/25/2036
    
6,220
      
5,801
  
Series 2006-OA9, Class 1A1, 4.85% (1 mo. Term SOFR + 0.51%), 07/20/2046
    
19,557
      
16,222
  
Credit Suisse Mortgage Capital Certificates
  
Series 2020-AFC1, Class B1, 3.45%, 02/25/2050 (b)(c)
    
4,228,000
      
3,772,960
  
Series 2020-AFC1, Class B2, 4.42%, 02/25/2050 (b)(c)
    
5,459,650
      
5,113,111
  
Deephaven Residential Mortgage Trust
  
Series 2021-1, Class B2, 3.96%, 05/25/2065 (b)(c)
    
3,200,000
      
2,880,223
  
Series 2021-4, Class B2, 4.43%, 11/25/2066 (b)(c)
    
4,000,000
      
3,001,740
  
Eagle Re Ltd., Series 2023-1, Class M1A, 6.35% (30 day avg SOFR US + 2.00%), 09/26/2033 (b)
    
299,080
      
300,337
  
Ellington Financial Mortgage Trust
  
Series 2022-4, Class B1, 5.89%, 09/25/2067 (b)(c)
    
3,000,000
      
2,971,869
  
Series 2024-RM2, Class A1A, 5.00%, 07/25/2054 (b)
    
1,046,628
      
1,027,926
  
Fannie Mae Connecticut Avenue Securities
  
Series 2020-SBT1, Class 1B1, 11.21% (30 day avg SOFR US + 6.86%), 02/25/2040 (b)
    
2,000,000
      
2,128,439
  
Series 2023-R07, Class 2M2, 7.60% (30 day avg SOFR US + 3.25%), 09/25/2043 (b)
    
3,500,000
      
3,651,611
  
Series 2024-R01, Class 1B1, 7.05% (30 day avg SOFR US + 2.70%), 01/25/2044 (b)
    
1,000,000
      
1,032,630
  
Series 2024-R01, Class 1B2, 8.35% (30 day avg SOFR US + 4.00%), 01/25/2044 (b)
    
1,000,000
      
1,040,663
  
Series 2024-R02, Class 1B2, 8.05% (30 day avg SOFR US + 3.70%), 02/25/2044 (b)
    
2,500,000
      
2,590,743
  
Series 2024-R03, Class 2B1, 7.15% (30 day avg SOFR US + 2.80%), 03/25/2044 (b)
    
1,500,000
      
1,548,948
  
Federal Home Loan Mortgage Corp., Series 2017-SC01, Class M2, 3.65%, 12/25/2046 (b)(c)
    
595,000
      
546,503
  
FIGRE Trust 2023-HE1
  
Series 2024-HE4, Class A, 5.06%, 09/25/2054 (b)(c)
    
1,210,558
      
1,220,061
  
Series 2024-HE4, Class B, 5.25%, 09/25/2054 (b)(c)
    
807,039
      
810,527
  
Series 2025-HE3, Class C, 5.91%, 05/25/2055 (b)(c)
    
1,172,005
      
1,182,682
  
Flagstar Mortgage Trust
  
Series 2018-1, Class B5, 3.93%, 03/25/2048 (b)(c)
    
1,206,000
      
851,148
  
Series 2019-1INV, Class B2A, 4.51%, 10/25/2049 (b)(c)
    
3,067,203
      
2,887,899
  
Freddie Mac Seasoned Credit Risk Transfer Trust
  
Series 2018-2, Class BX, 1.99%, 11/25/2057 (c)
    
3,112,583
      
1,214,402
  
Series 2018-2, Class XSIO, 0.07%, 11/25/2057 (c)(d)
    
355,852,312
      
977,847
  
Freddie Mac Structured Agency Credit Risk Debt Notes
  
Series 2019-FTR3, Class B2, 9.26% (30 day avg SOFR US + 4.91%), 09/25/2047 (b)
    
2,533,500
      
2,749,308
  
Series 2020-DNA2, Class B2, 9.26% (30 day avg SOFR US + 4.91%), 02/25/2050 (b)
    
2,590,000
      
2,843,916
  
Series 2020-HQA1, Class B2, 9.56% (30 day avg SOFR US + 5.21%), 01/25/2050 (b)
    
2,300,000
      
2,533,164
  
Series 2024-DNA2, Class M2, 6.05% (30 day avg SOFR US + 1.70%), 05/25/2044 (b)
    
1,300,000
      
1,313,616
  
Freddie Mac Whole Loan Securities Trust, Series 2017-SC02, Class M2, 3.85%, 05/25/2047 (b)(c)
    
1,411,000
      
1,337,514
  
FRTKL, Series 2021-SFR1, Class G, 4.11%, 09/17/2038 (b)
    
2,811,000
      
2,670,546
  
Greenpoint Mortgage Funding Trust, Series 2005-AR4, Class 4A1A, 5.06% (1 mo. Term SOFR + 0.73%), 10/25/2045
    
9,115,176
      
8,622,829
  
GSAA Trust, Series 2006-5, Class 2A1, 4.58% (1 mo. Term SOFR + 0.25%), 03/25/2036
    
23,668
      
7,551
  
Imperial Fund Mortgage Trust, Series 2020-NQM1, Class B1, 4.00%, 10/25/2055 (b)(c)
    
1,602,000
      
1,468,284
  
JP Morgan Chase Bank NA
Series 2020-CL1, Class M4, 8.79% (1 mo. Term SOFR + 4.46%), 10/25/2057 (b)
     224,803
      238,357
 
Series 2021-CL1, Class M4, 7.10% (30 day avg SOFR US + 2.75%), 03/25/2051 (b)
     824,972
      829,950
 
Series 2021-CL1, Class M5, 8.20% (30 day avg SOFR US + 3.85%), 03/25/2051 (b)
     561,513
      512,393
 
JP Morgan Mortgage Trust
Series 2019-5, Class B5, 4.45%, 11/25/2049 (b)(c)
    
1,232,439
      
1,028,726
  
Series 2019-5, Class B6, 4.28%, 11/25/2049 (b)(c)
    
3,634,961
      
2,156,208
  
Series 2020-2, Class B6Z, 6.79%, 07/25/2050 (b)(c)
    
3,864,437
      
2,772,905
  
Series 2021-3, Class A3X, 0.50%, 07/25/2051 (b)(c)(d)
    
53,022,191
      
1,657,535
  
Series 2022-INV1, Class B4, 3.29%, 03/25/2052 (b)(c)
    
3,222,804
      
2,658,630
  
Series 2023-2, Class B2, 5.61%, 07/25/2053 (b)(c)
    
3,069,965
      
2,965,822
  
Merrill Lynch Mortgage Investors, Inc., Series 2005-AR1, Class M2, 5.44% (1 mo. Term SOFR + 1.12%), 06/25/2036
    
1,775,493
      
1,445,056
  
Mill City Mortgage Trust, Series 2019-1, Class B1, 3.50%, 10/25/2069 (b)(c)
    
2,245,863
      
1,948,374
  
New York Mortgage Trust, Inc., Series 2025-CP1, Class M1, 3.75%, 11/25/2069 (b)(c)
    
2,000,000
      
1,829,138
  
NMLT Trust, Series 2021-INV1, Class B1, 3.61%, 05/25/2056 (b)(c)
    
2,326,000
      
1,930,141
  
Onslow Bay Mortgage Loan Trust, Series 2024-NQM2, Class M1, 6.86%, 12/25/2063 (b)(c)
    
1,238,000
      
1,253,400
  
Point Securitization Trust
  
Series 2023-1, Class A1, 6.50%, 11/25/2053 (a)(b)
    
2,705,307
      
2,721,251
  
Series 2024-1, Class A1, 6.50%, 06/25/2054 (b)
    
2,910,628
      
2,921,498
  
PRKCM Trust, Series 2022-AFC2, Class M1, 6.12%, 08/25/2057 (b)(c)
    
3,080,000
      
3,080,511
  
Progress Residential Trust, Series 2021-SFR10, Class G, 4.86%, 12/17/2040 (b)
    
3,965,715
      
3,882,181
  
PRPM LLC
  
Series 2024-6, Class A1, 5.70%, 11/25/2029 (a)(b)
    
1,810,695
      
1,825,505
  
Series 2024-RCF2, Class A2, 3.75%, 03/25/2054 (a)(b)
    
1,758,000
      
1,691,292
  
RAAC Series, Series 2004-SP1, Class AI3, 6.12%, 03/25/2034 (a)
    
69
      
69
  
Radnor RE Ltd.
  
Series 2023-1, Class M1A, 7.05% (30 day avg SOFR US + 2.70%), 07/25/2033 (b)
    
456,324
      
459,660
  
Series 2023-1, Class M1B, 8.70% (30 day avg SOFR US + 4.35%), 07/25/2033 (b)
    
1,250,000
      
1,299,258
  
RALI Trust
  
Series 2006-QS18, Class 1A1, 5.04% (1 mo. Term SOFR + 0.71%), 12/25/2036
    
1,895,433
      
1,636,300
  
Series 2008-QR1, Class 2A1, 4.94% (1 mo. Term SOFR + 0.61%), 09/25/2036
    
1,195,300
      
880,646
  
RAMP Trust, Series 2007-RS1, Class A3, 4.78% (1 mo. Term SOFR + 0.45%), 02/25/2037
    
9,723,687
      
2,200,743
  
RFSC Trust, Series 2002-RP1, Class A1, 5.30% (1 mo. Term SOFR + 0.97%), 03/25/2033 (b)
    
239,214
      
235,613
  
Rithm Capital Corp.
  
Series 2021-NQ2R, Class B1, 3.01%, 10/25/2058 (b)(c)
    
2,034,000
      
2,004,651
  
Series 2021-NQ2R, Class B2, 3.96%, 10/25/2058 (b)(c)
    
1,813,000
      
1,793,247
  
Saluda Grade Mortgage Funding LLC, Series 2025-NPL2, Class A1, 7.77%, 05/25/2030 (a)(b)
    
1,477,822
      
1,484,483
  
Sequoia Mortgage Trust
  
Series 2025-2, Class A19, 6.00%, 03/25/2055 (b)(c)
    
2,224,990
      
2,249,326
  
Series 2025-5, Class A19, 6.00%, 06/25/2055 (b)(c)
    
2,824,940
      
2,846,127
  
SGR Residential Mortgage Trust, Series 2022-2, Class A3, 5.35%, 08/25/2062 (b)(c)
    
762,597
      
761,099
  
Starwood Mortgage Residential Trust
  
Series 2020-3, Class B2, 4.75%, 04/25/2065 (b)(c)
    
1,460,000
      
1,223,270
  
Series 2020-INV1, Class B2, 4.26%, 11/25/2055 (b)
    
1,000,000
      
935,912
  
Series 2021-SFR1, Class H, 8.93% (1 mo. Term SOFR + 4.56%), 04/17/2038 (b)
    
1,000,000
      
1,001,673
  
Series 2021-SFR2, Class H, 8.63% (1 mo. Term SOFR + 4.26%), 01/17/2039 (b)
    
746,643
      
732,163
  
Structured Adjustable Rate Mortgage Loan Trust, Series 2005-21, Class 3A1, 4.54%, 11/25/2035 (c)
    
15,695
      
14,449
  
Toorak Mortgage Trust, Series 2024-RRTL1, Class A2, 7.57%, 02/25/2039 (a)(b)
    
1,200,000
      
1,213,504
  
Towd Point Mortgage Trust
  
Series 2018-6, Class B2, 3.95%, 03/25/2058 (b)(c)
    
2,750,000
      
2,259,998
  
Series 2019-1, Class B2, 3.79%, 03/25/2058 (b)(c)
    
4,000,000
      
3,061,216
  
Series 2019-HY1, Class B3, 6.59% (1 mo. Term SOFR + 2.26%), 10/25/2048 (b)
    
6,170,000
      
5,915,929
  
Series 2019-HY2, Class B2, 6.69% (1 mo. Term SOFR + 2.36%), 05/25/2058 (b)
    
1,000,000
      
1,025,476
  
Series 2019-HY2, Class B4, 6.69% (1 mo. Term SOFR + 2.36%), 05/25/2058 (b)
    
1,836,000
      
1,589,098
  
Series 2019-HY3, Class B1, 6.44% (1 mo. Term SOFR + 2.11%), 10/25/2059 (b)
    
3,704,000
      
3,855,787
  
Series 2019-HY3, Class B2, 6.44% (1 mo. Term SOFR + 2.11%), 10/25/2059 (b)
    
3,320,000
      
3,367,039
  
Series 2019-HY3, Class B3, 6.44% (1 mo. Term SOFR + 2.11%), 10/25/2059 (b)
    
1,106,000
      
1,004,585
  
Series 2019-HY3, Class B4, 6.44% (1 mo. Term SOFR + 2.11%), 10/25/2059 (b)
    
1,105,000
      
937,345
  
Series 2024-CES1, Class A1B, 6.05%, 01/25/2064 (b)(c)
    
488,235
      
492,826
  
Series 2024-CES6, Class A2, 6.00%, 11/25/2064 (a)(b)
    
1,500,000
      
1,525,163
  
UWM Mortgage Trust, Series 2021-INV4, Class B4, 3.21%, 12/25/2051 (b)(c)
    
2,759,901
      
2,261,476
  
Verus Securitization Trust
  
Series 2021-5, Class B2, 3.94%, 09/25/2066 (b)(c)
    
2,000,000
      
1,485,682
  
Series 2021-8, Class B2, 4.33%, 11/25/2066 (b)(c)
    
795,000
      
653,270
  
Series 2021-R3, Class B2, 4.07%, 04/25/2064 (b)(c)
    
3,609,000
      
3,433,403
  
Series 2024-4, Class B2, 8.02%, 06/25/2069 (b)(c)
    
2,000,000
      
2,020,222
  
Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2007-4, Class 1A5, 7.00%, 06/25/2037
    
4,493,236
      
2,318,830
  
TOTAL NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $198,114,172)
      
181,149,140
  
                 
NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 35.8%
  
Par
    
Value
 
Atrium Hotel Portfolio Trust, Series 2024-ATRM, Class E, 9.52%, 11/10/2029 (b)(c)
    
5,000,000
      
5,114,543
  
BBCMS Trust, Series 2025-C35, Class C, 6.32%, 07/15/2058 (c)
    
4,500,000
      
4,580,966
  
Benchmark Mortgage Trust
  
Series 2025-B41, Class C, 6.14%, 07/15/2068 (b)
    
4,000,000
      
4,050,096
  
Series 2025-B41, Class D, 4.50%, 07/15/2068 (b)(e)
    
5,689,000
      
4,442,615
  
BMO Mortgage Trust, Series 2025-C12, Class C, 6.61%, 06/15/2058 (c)
    
3,000,000
      
3,091,471
  
BX Trust, Series 2021-BXMF, Class G, 7.83% (1 mo. Term SOFR + 3.46%), 10/15/2026 (b)
    
2,100,867
      
2,084,794
  
BXMT Ltd., Series 2020-FL3, Class C, 7.53% (1 mo. Term SOFR + 3.16%), 11/15/2037 (b)
    
4,000,000
      
3,933,726
  
CFK Trust, Series 2020-MF2, Class D, 3.35%, 03/15/2039 (b)
    
4,300,000
      
3,713,667
  
Freddie Mac Mscr Trust Mn10, Series 2025-MN10, Class B1, 9.29% (30 day avg SOFR US + 4.95%), 02/25/2045 (b)
    
1,000,000
      
1,018,930
  
Freddie Mac Mscr Trust Mn11, Series 2025-MN11, Class B1, 8.75% (30 day avg SOFR US + 4.40%), 07/25/2045 (b)
    
2,250,000
      
2,323,640
  
Freddie Mac Mscr Trust Mn2, Series 2021-MN2, Class M2, 7.70% (30 day avg SOFR US + 3.35%), 07/25/2041 (b)
    
4,389,851
      
4,373,828
  
Freddie Mac Mscr Trust Mn3, Series 2021-MN3, Class B1, 11.20% (30 day avg SOFR US + 6.85%), 11/25/2051 (b)
    
6,063,000
      
6,477,668
  
Freddie Mac Mscr Trust Mn9, Series 2024-MN9, Class B1, 10.35% (30 day avg SOFR US + 6.00%), 10/25/2044 (b)
    
2,950,000
      
3,069,440
  
Greystone Commercial Real Estate Notes
  
Series 2024-HC3, Class B, 8.00% (1 mo. Term SOFR + 3.63%), 03/15/2041 (b)
    
2,075,000
      
2,083,456
  
Series 2024-HC3, Class D, 9.70% (1 mo. Term SOFR + 5.33%), 03/15/2041 (b)
    
2,575,000
      
2,594,907
  
GS Mortgage Securities Corp. II, Series 2024-MARK, Class D, 7.75% (1 mo. Term SOFR + 3.39%), 06/15/2034 (b)
    
3,150,000
      
3,151,067
  
Harvest Commercial Capital Loan Trust
  
Series 2024-1, Class M3, 7.55%, 10/25/2056 (c)
    
1,222,107
      
1,238,720
  
Series 2025-1, Class M4, 9.04%, 06/25/2057 (c)
    
2,964,051
      
3,068,761
  
Series 2025-1, Class M5, 9.04%, 06/25/2057 (c)
    
1,989,062
      
1,903,423
  
JP Morgan Chase Commercial Mortgage Securities
  
Series 2018-AON, Class A, 4.13%, 07/05/2031 (b)
    
4,371,000
      
3,987,634
  
Series 2018-PHH, Class B, 5.87% (1 mo. Term SOFR + 1.51%), 06/15/2035 (b)
    
3,750,000
      
2,798,901
  
Series 2021-NYAH, Class D, 6.27% (1 mo. Term SOFR + 1.90%), 06/15/2038 (b)
    
3,590,000
      
3,259,425
  
Series 2022-NLP, Class E, 7.22% (1 mo. Term SOFR + 2.86%), 04/15/2037 (b)
    
4,979,026
      
4,765,388
  
Madison Avenue Trust, Series 2015-11MD, Class D, 3.67%, 09/10/2035 (b)(c)
    
2,500,000
      
2,490,231
  
Mcp Holding Co. LLC, Series 2024-70P, Class E, 9.26%, 03/10/2041 (b)(c)
    
3,860,000
      
4,023,449
  
Morgan Stanley ABS Capital I, Inc., Series 2024-BPR2, Class A, 7.29%, 05/05/2029 (b)
    
6,546,579
      
6,921,535
  
Morgan Stanley Bank of America Merrill Lynch Trust
  
Series 2025-C35, Class C, 6.35%, 08/15/2058 (c)
    
4,596,000
      
4,739,477
  
Series 2025-C35, Class D, 4.50%, 08/15/2058 (b)
    
3,741,000
      
2,910,025
  
Morgan Stanley Capital I, Inc., Series 2014-150E, Class A, 3.91%, 09/09/2032 (b)
    
1,150,000
      
1,017,159
  
Multifamily Connecticut Avenue Securities Trust
  
Series 2019-01, Class B10, 9.96% (30 day avg SOFR US + 5.61%), 10/25/2049 (b)
    
2,384,000
      
2,415,413
  
Series 2023-01, Class B1, 14.10% (30 day avg SOFR US + 9.75%), 11/25/2053 (b)
    
1,485,000
      
1,715,171
  
SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class D, 4.53%, 01/05/2043 (b)(c)
    
4,200,000
      
3,263,676
  
SKY Trust 2025-LINE, Series 2025-LINE, Class D, 10.30% (1 mo. Term SOFR + 5.93%), 04/15/2042 (b)
    
2,978,947
      
3,014,642
  
WB Commercial Mortgage Trust, Series 2024-HQ, Class D, 8.28%, 03/15/2040 (b)(c)
    
6,800,000
      
6,838,999
  
TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $114,901,308)
      
116,476,843
  
                 
ASSET-BACKED SECURITIES - 5.3%
  
Par
    
Value
 
Apollo Aviation Securitization Equity Trust, Series 2024-1A, Class A2, 6.26%, 05/16/2049 (b)
    
2,358,447
      
2,437,790
  
AVANT Loans Funding Trust, Series 2024-REV1, Class B, 6.17%, 10/15/2033 (b)
    
4,300,000
      
4,375,026
  
Foundation Finance Trust, Series 2024-2A, Class C, 5.32%, 03/15/2050 (b)
    
2,781,515
      
2,795,494
  
Labrador Aviation Finance Ltd., Series 2016-1A, Class A1, 4.30%, 01/15/2042 (b)
    
1,293,935
      
1,261,629
  
Sabey Data Center Issuer LLC, Series 2022-1, Class A2, 5.00%, 06/20/2047 (b)
    
2,820,000
      
2,817,938
  
Thunderbolt Aircraft Lease, Series 2019-1, Class A, 3.67%, 11/15/2039 (b)
    
1,773,526
      
1,708,135
  
Volofin Finance Designated Activity Co., Series 2024-1A, Class A, 5.94%, 06/15/2037 (b)
    
1,744,380
      
1,779,652
  
TOTAL ASSET-BACKED SECURITIES (Cost $16,801,432)
      
17,175,664
  
                 
AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 1.9%
  
Par
    
Value
 
Fannie Mae Grantor Trust
  
Series 2003-T2, Class A1, 4.74% (30 day avg SOFR US + 0.39%), 03/25/2033
    
15,930
      
15,797
  
Series 2004-T3, Class 2A, 5.35%, 08/25/2043 (f)
    
18,463
      
18,555
  
Fannie Mae or Freddie Mac, Series Pool #000TBA, Pool 000TBA, 5.50%, 09/15/2041 (g)
    
4,000,000
      
4,023,750
  
Fannie Mae Whole Loan, Series 2007-W8, Class 1A5, 6.58%, 09/25/2037 (f)
    
4,877
      
4,871
  
FARM Mortgage Trust, Series 2024-2, Class B, 5.59%, 08/01/2054 (b)(f)
    
2,305,087
      
2,064,510
  
Federal National Mortgage Association, Pool 888534, 5.00%, 08/01/2037
    
3,039
      
3,063
  
FNMA REMIC Trust, Series 2007-30, Class ZM, 4.25%, 04/25/2037 (h)
    
67,715
      
64,980
  
TOTAL AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost $6,164,277)
      
6,195,526
  
                 
AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 0.0%(i)
  
Par
    
Value
 
Federal National Mortgage Association, Series 2006-M1, Class IO, 0.22%, 03/25/2036 (c)(d)
    
424,446
      
5
  
Government National Mortgage Association
  
Series 2002-28, Class IO, 1.11%, 01/16/2042 (c)(d)
    
4,901
      
0
(j) 
Series 2005-23, Class IO, 0.00%, 06/17/2045 (c)(d)(k)
    
100,087
      
0
(j) 
Series 2006-68, Class IO, 0.44%, 05/16/2046 (c)(d)
    
25,449
      
1
  
TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $1,061)
      
6
  
                 
SHORT-TERM INVESTMENTS
  
MONEY MARKET FUNDS - 5.1%
  
Shares
    
Value
 
First American Government Obligations Fund - Class X, 4.22%(l)
    
16,485,778
      
16,485,778
  
TOTAL MONEY MARKET FUNDS (Cost $16,485,778)
      
16,485,778
  
                 
TOTAL INVESTMENTS - 103.8% (Cost $352,468,028)
      
337,482,957
  
Liabilities in Excess of Other Assets - (3.8)%
      
(12,240,549
)
TOTAL NET ASSETS - 100.0%
          
$
325,242,408
  
two
      
–
%
Par amount is in USD unless otherwise indicated.
          
Percentages are stated as a percent of net assets.
      
–
%

REMIC - Real Estate Mortgage Investment Conduit
SOFR - Secured Overnight Financing Rate

(a)
Step coupon bond. The rate disclosed is as of August 31, 2025.
(b)
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 $275,569,420 or 84.7% of the Fund’s net assets.
(c)
Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of August 31, 2025.
(d)
Interest only security.
(e)
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 $4,442,615 or 1.4% of net assets as of August 31, 2025.
(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)
To-be-announced security.
(h)
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.
(i)
Represents less than 0.05% of net assets.
(j)
Rounds to zero.
(k)
Zero coupon bonds make no periodic interest payments.
(l)
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 MBS Total Return 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 Residential Mortgage Backed Securities
  
$
–
    
$
181,149,140
    
$
–
    
$
181,149,140
  
  Non-Agency Commercial Mortgage Backed Securities
    
–
      
112,034,228
      
4,442,615
      
116,476,843
  
  Asset-Backed Securities
    
–
      
17,175,664
      
–
      
17,175,664
  
  Agency Residential Mortgage-Backed Securities
    
–
      
6,195,526
      
–
      
6,195,526
  
  Agency Commercial Mortgage Backed Securities
    
–
      
6
      
–
      
6
  
  Money Market Funds
    
16,485,778
      
–
      
–
      
16,485,778
  
Total Investments
  
$
16,485,778
    
$
316,554,564
    
$
4,442,615
    
$
337,482,957
  
   
   
   
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There was one transfer into Level 3 during the reporting period as compared to the security classifications from the prior year’s annual report.
  
   

 
  
Investments in Securities, at Value
  
 
  

Non-Agency Commercial Mortgage-Backed Securities
  
 
      
Balance as of November 30, 2024
  
$
-
  
Accrued discounts/premiums
    
-
  
Realized gain/(loss)
    
-
  
Change in unrealized appreciation/(depreciation)
    
-
  
Purchases
    
4,442,615
  
Sales
    
-
  
Transfers in and/or out of Level 3
    
4,442,615
  
Balance as of August 31, 2025
  
$
4,442,615
  


 
  
Value
  
Valuation Technique(s)
Unobservable Input
  
Input/Range
  
Non-Agency Commercial Mortgage-Backed Securities
  

$ 4,442,615
  
Market Transaction
Method
Prior/Recent
Transaction
  

$ 78.09