# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001193125-25-253040
**Filing Date:** 2025-10
**Character Count:** 98761
**Document Hash:** 09137cc2c10bc5e5f4ea58e6ba116b0c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-253040.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0001193125-25-253040

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**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:** 251422735

**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 MBS Total Return Fund (Series ID: S000041568)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000129089 | Institutional Class | SEMMX           |
| C000129090 | Investor Class      | SEMPX           |
| C000164429 | Class A             | SEMOX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Medalist Partners MBS Total Return Fund** | **Medalist Partners MBS Total Return Fund** | **Medalist Partners MBS Total Return Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** | **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 <sup>(a)</sup> | $13466 | $13419 |
|  AMSR Trust, Series 2021-SFR3, Class H, 4.90%, 10/17/2038 <sup>(b)</sup> | 1750000 | 1732276 |
|  Asset Backed Securities Corp. Home Equity, Series 1999-LB1, Class A1F, 7.11%, 06/21/2029 | 62766 | 62762 |
|  Banc of America Funding Corp., Series 2006-D, Class 5A2, 5.27%, 05/20/2036 <sup>(c)</sup> | 4754 | 4094 |
|  Bank of America NA, Series 2008-R4, Class 1A4, 4.92% (1 mo. Term SOFR + 0.56%), 07/25/2037 <sup>(b)</sup> | 998259 | 691689 |
|  BRAVO Residential Funding Trust, Series 2024-NQM2, Class B1, 7.91%, 02/25/2064 <sup>(b)</sup> | 1335000 | 1353972 |
|  Carrington Mortgage Loan Trust, Series 2006-NC3, Class A4, 4.92% (1 mo. Term SOFR + 0.59%), 08/25/2036 | 3750000 | 3108903 |
|  CHNGE Mortgage Trust, Series 2022-1, Class A1, 3.01%, 01/25/2067 <sup>(b)(c)</sup> | 1878058 | 1811577 |
|  Citigroup Mortgage Loan Trust, Inc., Series 2004-HYB4, Class WA, 6.98%, 12/25/2034 <sup>(c)</sup> | 1566 | 1564 |
| Colony American Finance Ltd. | Colony American Finance Ltd. | Colony American Finance Ltd. |
| &nbsp;&nbsp; Series 2019-1, Class D, 4.82%, 03/15/2052 <sup>(b)</sup> | 750167 | 740538 |
| &nbsp;&nbsp; Series 2019-1, Class E, 5.73%, 03/15/2052 <sup>(b)(c)</sup> | 242500 | 237834 |
| COLT Funding LLC | COLT Funding LLC | COLT Funding LLC |
| &nbsp;&nbsp; Series 2021-3, Class B2, 4.12%, 09/27/2066 <sup>(b)(c)</sup> | 1578000 | 1276929 |
| &nbsp;&nbsp; Series 2021-4, Class B2, 4.14%, 10/25/2066 <sup>(b)(c)</sup> | 2625000 | 1959400 |
| &nbsp;&nbsp; Series 2021-6, Class B1, 4.12%, 12/25/2066 <sup>(b)(c)</sup> | 1713000 | 1519045 |
| &nbsp;&nbsp; Series 2022-1, Class B1, 4.15%, 12/27/2066 <sup>(b)(c)</sup> | 3000000 | 2643275 |
|  Conseco Finance Home Loan Trust, Series 2000-E, Class B1, 10.26%, 08/15/2031 <sup>(c)</sup> | 32993 | 6298 |
| Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
| &nbsp;&nbsp; Series 2004-15, Class 2A2, 5.86%, 09/25/2034 <sup>(c)</sup> | 143117 | 133820 |
| &nbsp;&nbsp; Series 2006-4CB, Class 2A3, 5.50%, 04/25/2036 | 3223 | 2314 |
| &nbsp;&nbsp; Series 2006-OA3, Class 1A1, 4.84% (1 mo. Term SOFR + 0.51%), 05/25/2036 | 6220 | 5801 |
| &nbsp;&nbsp; Series 2006-OA9, Class 1A1, 4.85% (1 mo. Term SOFR + 0.51%), 07/20/2046 | 19557 | 16222 |
| Credit Suisse Mortgage Capital Certificates | Credit Suisse Mortgage Capital Certificates | Credit Suisse Mortgage Capital Certificates |
| &nbsp;&nbsp; Series 2020-AFC1, Class B1, 3.45%, 02/25/2050 <sup>(b)(c)</sup> | 4228000 | 3772960 |
| &nbsp;&nbsp; Series 2020-AFC1, Class B2, 4.42%, 02/25/2050 <sup>(b)(c)</sup> | 5459650 | 5113111 |
| Deephaven Residential Mortgage Trust | Deephaven Residential Mortgage Trust | Deephaven Residential Mortgage Trust |
| &nbsp;&nbsp; Series 2021-1, Class B2, 3.96%, 05/25/2065 <sup>(b)(c)</sup> | 3200000 | 2880223 |
| &nbsp;&nbsp; Series 2021-4, Class B2, 4.43%, 11/25/2066 <sup>(b)(c)</sup> | 4000000 | 3001740 |
|  Eagle Re Ltd., Series 2023-1, Class M1A, 6.35% (30 day avg SOFR US + 2.00%), 09/26/2033 <sup>(b)</sup> | 299080 | 300337 |
| Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
| &nbsp;&nbsp; Series 2022-4, Class B1, 5.89%, 09/25/2067 <sup>(b)(c)</sup> | 3000000 | 2971869 |
| &nbsp;&nbsp; Series 2024-RM2, Class A1A, 5.00%, 07/25/2054 <sup>(b)</sup> | 1046628 | 1027926 |
| Fannie Mae Connecticut Avenue Securities | Fannie Mae Connecticut Avenue Securities | Fannie Mae Connecticut Avenue Securities |
| &nbsp;&nbsp; Series 2020-SBT1, Class 1B1, 11.21% (30 day avg SOFR US + 6.86%), 02/25/2040 <sup>(b)</sup> | 2000000 | 2128439 |
| &nbsp;&nbsp; Series 2023-R07, Class 2M2, 7.60% (30 day avg SOFR US + 3.25%), 09/25/2043 <sup>(b)</sup> | 3500000 | 3651611 |
| &nbsp;&nbsp; Series 2024-R01, Class 1B1, 7.05% (30 day avg SOFR US + 2.70%), 01/25/2044 <sup>(b)</sup> | 1000000 | 1032630 |
| &nbsp;&nbsp; Series 2024-R01, Class 1B2, 8.35% (30 day avg SOFR US + 4.00%), 01/25/2044 <sup>(b)</sup> | 1000000 | 1040663 |
| &nbsp;&nbsp; Series 2024-R02, Class 1B2, 8.05% (30 day avg SOFR US + 3.70%), 02/25/2044 <sup>(b)</sup> | 2500000 | 2590743 |
| &nbsp;&nbsp; Series 2024-R03, Class 2B1, 7.15% (30 day avg SOFR US + 2.80%), 03/25/2044 <sup>(b)</sup> | 1500000 | 1548948 |
|  Federal Home Loan Mortgage Corp., Series 2017-SC01, Class M2, 3.65%, 12/25/2046 <sup>(b)(c)</sup> | 595000 | 546503 |
| FIGRE Trust 2023-HE1 | FIGRE Trust 2023-HE1 | FIGRE Trust 2023-HE1 |
| &nbsp;&nbsp; Series 2024-HE4, Class A, 5.06%, 09/25/2054 <sup>(b)(c)</sup> | 1210558 | 1220061 |
| &nbsp;&nbsp; Series 2024-HE4, Class B, 5.25%, 09/25/2054 <sup>(b)(c)</sup> | 807039 | 810527 |
| &nbsp;&nbsp; Series 2025-HE3, Class C, 5.91%, 05/25/2055 <sup>(b)(c)</sup> | 1172005 | 1182682 |
| Flagstar Mortgage Trust | Flagstar Mortgage Trust | Flagstar Mortgage Trust |
| &nbsp;&nbsp; Series 2018-1, Class B5, 3.93%, 03/25/2048 <sup>(b)(c)</sup> | 1206000 | 851148 |
| &nbsp;&nbsp; Series 2019-1INV, Class B2A, 4.51%, 10/25/2049 <sup>(b)(c)</sup> | 3067203 | 2887899 |
| Freddie Mac Seasoned Credit Risk Transfer Trust | Freddie Mac Seasoned Credit Risk Transfer Trust | Freddie Mac Seasoned Credit Risk Transfer Trust |
| &nbsp;&nbsp; Series 2018-2, Class BX, 1.99%, 11/25/2057 <sup>(c)</sup> | 3112583 | 1214402 |
| &nbsp;&nbsp; Series 2018-2, Class XSIO, 0.07%, 11/25/2057 <sup>(c)(d)</sup> | 355852312 | 977847 |
| Freddie Mac Structured Agency Credit Risk Debt Notes | Freddie Mac Structured Agency Credit Risk Debt Notes | Freddie Mac Structured Agency Credit Risk Debt Notes |
| &nbsp;&nbsp; Series 2019-FTR3, Class B2, 9.26% (30 day avg SOFR US + 4.91%), 09/25/2047 <sup>(b)</sup> | 2533500 | 2749308 |
| &nbsp;&nbsp; Series 2020-DNA2, Class B2, 9.26% (30 day avg SOFR US + 4.91%), 02/25/2050 <sup>(b)</sup> | 2590000 | 2843916 |
| &nbsp;&nbsp; Series 2020-HQA1, Class B2, 9.56% (30 day avg SOFR US + 5.21%), 01/25/2050 <sup>(b)</sup> | 2300000 | 2533164 |
| &nbsp;&nbsp; Series 2024-DNA2, Class M2, 6.05% (30 day avg SOFR US + 1.70%), 05/25/2044 <sup>(b)</sup> | 1300000 | 1313616 |
|  Freddie Mac Whole Loan Securities Trust, Series 2017-SC02, Class M2, 3.85%, 05/25/2047 <sup>(b)(c)</sup> | 1411000 | 1337514 |
|  FRTKL, Series 2021-SFR1, Class G, 4.11%, 09/17/2038 <sup>(b)</sup> | 2811000 | 2670546 |
|  Greenpoint Mortgage Funding Trust, Series 2005-AR4, Class 4A1A, 5.06% (1 mo. Term SOFR + 0.73%), 10/25/2045 | 9115176 | 8622829 |
|  GSAA Trust, Series 2006-5, Class 2A1, 4.58% (1 mo. Term SOFR + 0.25%), 03/25/2036 | 23668 | 7551 |
|  Imperial Fund Mortgage Trust, Series 2020-NQM1, Class B1, 4.00%, 10/25/2055 <sup>(b)(c)</sup> | 1602000 | 1468284 |

---

JP Morgan Chase Bank NA

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Series 2020-CL1, Class M4, 8.79% (1 mo. Term SOFR + 4.46%), 10/25/2057 <sup>(b)</sup> | 224803  | 238357  |
| &nbsp;&nbsp; Series 2021-CL1, Class M4, 7.10% (30 day avg SOFR US + 2.75%), 03/25/2051 <sup>(b)</sup> | 824972  | 829950  |
| &nbsp;&nbsp; Series 2021-CL1, Class M5, 8.20% (30 day avg SOFR US + 3.85%), 03/25/2051 <sup>(b)</sup> | 561513  | 512393  |

---

JP Morgan Mortgage Trust

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Series 2019-5, Class B5, 4.45%, 11/25/2049 <sup>(b)(c)</sup> | 1232439 | 1028726 |
| &nbsp;&nbsp; Series 2019-5, Class B6, 4.28%, 11/25/2049 <sup>(b)(c)</sup> | 3634961 | 2156208 |
| &nbsp;&nbsp; Series 2020-2, Class B6Z, 6.79%, 07/25/2050 <sup>(b)(c)</sup> | 3864437 | 2772905 |
| &nbsp;&nbsp; Series 2021-3, Class A3X, 0.50%, 07/25/2051 <sup>(b)(c)(d)</sup> | 53022191 | 1657535 |
| &nbsp;&nbsp; Series 2022-INV1, Class B4, 3.29%, 03/25/2052 <sup>(b)(c)</sup> | 3222804 | 2658630 |
| &nbsp;&nbsp; Series 2023-2, Class B2, 5.61%, 07/25/2053 <sup>(b)(c)</sup> | 3069965 | 2965822 |
|  Merrill Lynch Mortgage Investors, Inc., Series 2005-AR1, Class M2, 5.44% (1 mo. Term SOFR + 1.12%), 06/25/2036 | 1775493 | 1445056 |
|  Mill City Mortgage Trust, Series 2019-1, Class B1, 3.50%, 10/25/2069 <sup>(b)(c)</sup> | 2245863 | 1948374 |
|  New York Mortgage Trust, Inc., Series 2025-CP1, Class M1, 3.75%, 11/25/2069 <sup>(b)(c)</sup> | 2000000 | 1829138 |
|  NMLT Trust, Series 2021-INV1, Class B1, 3.61%, 05/25/2056 <sup>(b)(c)</sup> | 2326000 | 1930141 |
|  Onslow Bay Mortgage Loan Trust, Series 2024-NQM2, Class M1, 6.86%, 12/25/2063 <sup>(b)(c)</sup> | 1238000 | 1253400 |
| Point Securitization Trust | Point Securitization Trust | Point Securitization Trust |
| &nbsp;&nbsp; Series 2023-1, Class A1, 6.50%, 11/25/2053 <sup>(a)(b)</sup> | 2705307 | 2721251 |
| &nbsp;&nbsp; Series 2024-1, Class A1, 6.50%, 06/25/2054 <sup>(b)</sup> | 2910628 | 2921498 |
|  PRKCM Trust, Series 2022-AFC2, Class M1, 6.12%, 08/25/2057 <sup>(b)(c)</sup> | 3080000 | 3080511 |
|  Progress Residential Trust, Series 2021-SFR10, Class G, 4.86%, 12/17/2040 <sup>(b)</sup> | 3965715 | 3882181 |
| PRPM LLC | PRPM LLC | PRPM LLC |
| &nbsp;&nbsp; Series 2024-6, Class A1, 5.70%, 11/25/2029 <sup>(a)(b)</sup> | 1810695 | 1825505 |
| &nbsp;&nbsp; Series 2024-RCF2, Class A2, 3.75%, 03/25/2054 <sup>(a)(b)</sup> | 1758000 | 1691292 |
|  RAAC Series, Series 2004-SP1, Class AI3, 6.12%, 03/25/2034 <sup>(a)</sup> | 69 | 69 |
| Radnor RE Ltd. | Radnor RE Ltd. | Radnor RE Ltd. |
| &nbsp;&nbsp; Series 2023-1, Class M1A, 7.05% (30 day avg SOFR US + 2.70%), 07/25/2033 <sup>(b)</sup> | 456324 | 459660 |
| &nbsp;&nbsp; Series 2023-1, Class M1B, 8.70% (30 day avg SOFR US + 4.35%), 07/25/2033 <sup>(b)</sup> | 1250000 | 1299258 |
| RALI Trust | RALI Trust | RALI Trust |
| &nbsp;&nbsp; Series 2006-QS18, Class 1A1, 5.04% (1 mo. Term SOFR + 0.71%), 12/25/2036 | 1895433 | 1636300 |
| &nbsp;&nbsp; Series 2008-QR1, Class 2A1, 4.94% (1 mo. Term SOFR + 0.61%), 09/25/2036 | 1195300 | 880646 |
|  RAMP Trust, Series 2007-RS1, Class A3, 4.78% (1 mo. Term SOFR + 0.45%), 02/25/2037 | 9723687 | 2200743 |
|  RFSC Trust, Series 2002-RP1, Class A1, 5.30% (1 mo. Term SOFR + 0.97%), 03/25/2033 <sup>(b)</sup> | 239214 | 235613 |
| Rithm Capital Corp. | Rithm Capital Corp. | Rithm Capital Corp. |
| &nbsp;&nbsp; Series 2021-NQ2R, Class B1, 3.01%, 10/25/2058 <sup>(b)(c)</sup> | 2034000 | 2004651 |
| &nbsp;&nbsp; Series 2021-NQ2R, Class B2, 3.96%, 10/25/2058 <sup>(b)(c)</sup> | 1813000 | 1793247 |
|  Saluda Grade Mortgage Funding LLC, Series 2025-NPL2, Class A1, 7.77%, 05/25/2030 <sup>(a)(b)</sup> | 1477822 | 1484483 |
| Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
| &nbsp;&nbsp; Series 2025-2, Class A19, 6.00%, 03/25/2055 <sup>(b)(c)</sup> | 2224990 | 2249326 |
| &nbsp;&nbsp; Series 2025-5, Class A19, 6.00%, 06/25/2055 <sup>(b)(c)</sup> | 2824940 | 2846127 |
|  SGR Residential Mortgage Trust, Series 2022-2, Class A3, 5.35%, 08/25/2062 <sup>(b)(c)</sup> | 762597 | 761099 |
| Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust |
| &nbsp;&nbsp; Series 2020-3, Class B2, 4.75%, 04/25/2065 <sup>(b)(c)</sup> | 1460000 | 1223270 |
| &nbsp;&nbsp; Series 2020-INV1, Class B2, 4.26%, 11/25/2055 <sup>(b)</sup> | 1000000 | 935912 |
| &nbsp;&nbsp; Series 2021-SFR1, Class H, 8.93% (1 mo. Term SOFR + 4.56%), 04/17/2038 <sup>(b)</sup> | 1000000 | 1001673 |
| &nbsp;&nbsp; Series 2021-SFR2, Class H, 8.63% (1 mo. Term SOFR + 4.26%), 01/17/2039 <sup>(b)</sup> | 746643 | 732163 |
|  Structured Adjustable Rate Mortgage Loan Trust, Series 2005-21, Class 3A1, 4.54%, 11/25/2035 <sup>(c)</sup> | 15695 | 14449 |
|  Toorak Mortgage Trust, Series 2024-RRTL1, Class A2, 7.57%, 02/25/2039 <sup>(a)(b)</sup> | 1200000 | 1213504 |
| Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
| &nbsp;&nbsp; Series 2018-6, Class B2, 3.95%, 03/25/2058 <sup>(b)(c)</sup> | 2750000 | 2259998 |
| &nbsp;&nbsp; Series 2019-1, Class B2, 3.79%, 03/25/2058 <sup>(b)(c)</sup> | 4000000 | 3061216 |
| &nbsp;&nbsp; Series 2019-HY1, Class B3, 6.59% (1 mo. Term SOFR + 2.26%), 10/25/2048 <sup>(b)</sup> | 6170000 | 5915929 |
| &nbsp;&nbsp; Series 2019-HY2, Class B2, 6.69% (1 mo. Term SOFR + 2.36%), 05/25/2058 <sup>(b)</sup> | 1000000 | 1025476 |
| &nbsp;&nbsp; Series 2019-HY2, Class B4, 6.69% (1 mo. Term SOFR + 2.36%), 05/25/2058 <sup>(b)</sup> | 1836000 | 1589098 |
| &nbsp;&nbsp; Series 2019-HY3, Class B1, 6.44% (1 mo. Term SOFR + 2.11%), 10/25/2059 <sup>(b)</sup> | 3704000 | 3855787 |
| &nbsp;&nbsp; Series 2019-HY3, Class B2, 6.44% (1 mo. Term SOFR + 2.11%), 10/25/2059 <sup>(b)</sup> | 3320000 | 3367039 |
| &nbsp;&nbsp; Series 2019-HY3, Class B3, 6.44% (1 mo. Term SOFR + 2.11%), 10/25/2059 <sup>(b)</sup> | 1106000 | 1004585 |
| &nbsp;&nbsp; Series 2019-HY3, Class B4, 6.44% (1 mo. Term SOFR + 2.11%), 10/25/2059 <sup>(b)</sup> | 1105000 | 937345 |
| &nbsp;&nbsp; Series 2024-CES1, Class A1B, 6.05%, 01/25/2064 <sup>(b)(c)</sup> | 488235 | 492826 |
| &nbsp;&nbsp; Series 2024-CES6, Class A2, 6.00%, 11/25/2064 <sup>(a)(b)</sup> | 1500000 | 1525163 |
|  UWM Mortgage Trust, Series 2021-INV4, Class B4, 3.21%, 12/25/2051 <sup>(b)(c)</sup> | 2759901 | 2261476 |
| Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
| &nbsp;&nbsp; Series 2021-5, Class B2, 3.94%, 09/25/2066 <sup>(b)(c)</sup> | 2000000 | 1485682 |
| &nbsp;&nbsp; Series 2021-8, Class B2, 4.33%, 11/25/2066 <sup>(b)(c)</sup> | 795000 | 653270 |
| &nbsp;&nbsp; Series 2021-R3, Class B2, 4.07%, 04/25/2064 <sup>(b)(c)</sup> | 3609000 | 3433403 |
| &nbsp;&nbsp; Series 2024-4, Class B2, 8.02%, 06/25/2069 <sup>(b)(c)</sup> | 2000000 | 2020222 |
|  Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2007-4, Class 1A5, 7.00%, 06/25/2037 | 4493236 | 2318830 |
| **TOTAL NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES** (Cost $198,114,172) | **TOTAL NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES** (Cost $198,114,172) | 181149140 |
| **NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 35.8%** | **Par** | **Value**  |
|  Atrium Hotel Portfolio Trust, Series 2024-ATRM, Class E, 9.52%, 11/10/2029 <sup>(b)(c)</sup> | 5000000 | 5114543 |
|  BBCMS Trust, Series 2025-C35, Class C, 6.32%, 07/15/2058 <sup>(c)</sup> | 4500000 | 4580966 |
| Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
| &nbsp;&nbsp; Series 2025-B41, Class C, 6.14%, 07/15/2068 <sup>(b)</sup> | 4000000 | 4050096 |
| &nbsp;&nbsp; Series 2025-B41, Class D, 4.50%, 07/15/2068 <sup>(b)(e)</sup> | 5689000 | 4442615 |
|  BMO Mortgage Trust, Series 2025-C12, Class C, 6.61%, 06/15/2058 <sup>(c)</sup> | 3000000 | 3091471 |
|  BX Trust, Series 2021-BXMF, Class G, 7.83% (1 mo. Term SOFR + 3.46%), 10/15/2026 <sup>(b)</sup> | 2100867 | 2084794 |
|  BXMT Ltd., Series 2020-FL3, Class C, 7.53% (1 mo. Term SOFR + 3.16%), 11/15/2037 <sup>(b)</sup> | 4000000 | 3933726 |
|  CFK Trust, Series 2020-MF2, Class D, 3.35%, 03/15/2039 <sup>(b)</sup> | 4300000 | 3713667 |
|  Freddie Mac Mscr Trust Mn10, Series 2025-MN10, Class B1, 9.29% (30 day avg SOFR US + 4.95%), 02/25/2045 <sup>(b)</sup> | 1000000 | 1018930 |
|  Freddie Mac Mscr Trust Mn11, Series 2025-MN11, Class B1, 8.75% (30 day avg SOFR US + 4.40%), 07/25/2045 <sup>(b)</sup> | 2250000 | 2323640 |
|  Freddie Mac Mscr Trust Mn2, Series 2021-MN2, Class M2, 7.70% (30 day avg SOFR US + 3.35%), 07/25/2041 <sup>(b)</sup> | 4389851 | 4373828 |
|  Freddie Mac Mscr Trust Mn3, Series 2021-MN3, Class B1, 11.20% (30 day avg SOFR US + 6.85%), 11/25/2051 <sup>(b)</sup> | 6063000 | 6477668 |
|  Freddie Mac Mscr Trust Mn9, Series 2024-MN9, Class B1, 10.35% (30 day avg SOFR US + 6.00%), 10/25/2044 <sup>(b)</sup> | 2950000 | 3069440 |
| Greystone Commercial Real Estate Notes | Greystone Commercial Real Estate Notes | Greystone Commercial Real Estate Notes |
| &nbsp;&nbsp; Series 2024-HC3, Class B, 8.00% (1 mo. Term SOFR + 3.63%), 03/15/2041 <sup>(b)</sup> | 2075000 | 2083456 |
| &nbsp;&nbsp; Series 2024-HC3, Class D, 9.70% (1 mo. Term SOFR + 5.33%), 03/15/2041 <sup>(b)</sup> | 2575000 | 2594907 |
|  GS Mortgage Securities Corp. II, Series 2024-MARK, Class D, 7.75% (1 mo. Term SOFR + 3.39%), 06/15/2034 <sup>(b)</sup> | 3150000 | 3151067 |
| Harvest Commercial Capital Loan Trust | Harvest Commercial Capital Loan Trust | Harvest Commercial Capital Loan Trust |
| &nbsp;&nbsp; Series 2024-1, Class M3, 7.55%, 10/25/2056 <sup>(c)</sup> | 1222107 | 1238720 |
| &nbsp;&nbsp; Series 2025-1, Class M4, 9.04%, 06/25/2057 <sup>(c)</sup> | 2964051 | 3068761 |
| &nbsp;&nbsp; Series 2025-1, Class M5, 9.04%, 06/25/2057 <sup>(c)</sup> | 1989062 | 1903423 |
| JP Morgan Chase Commercial Mortgage Securities | JP Morgan Chase Commercial Mortgage Securities | JP Morgan Chase Commercial Mortgage Securities |
| &nbsp;&nbsp; Series 2018-AON, Class A, 4.13%, 07/05/2031 <sup>(b)</sup> | 4371000 | 3987634 |
| &nbsp;&nbsp; Series 2018-PHH, Class B, 5.87% (1 mo. Term SOFR + 1.51%), 06/15/2035 <sup>(b)</sup> | 3750000 | 2798901 |
| &nbsp;&nbsp; Series 2021-NYAH, Class D, 6.27% (1 mo. Term SOFR + 1.90%), 06/15/2038 <sup>(b)</sup> | 3590000 | 3259425 |
| &nbsp;&nbsp; Series 2022-NLP, Class E, 7.22% (1 mo. Term SOFR + 2.86%), 04/15/2037 <sup>(b)</sup> | 4979026 | 4765388 |
|  Madison Avenue Trust, Series 2015-11MD, Class D, 3.67%, 09/10/2035 <sup>(b)(c)</sup> | 2500000 | 2490231 |
|  Mcp Holding Co. LLC, Series 2024-70P, Class E, 9.26%, 03/10/2041 <sup>(b)(c)</sup> | 3860000 | 4023449 |
|  Morgan Stanley ABS Capital I, Inc., Series 2024-BPR2, Class A, 7.29%, 05/05/2029 <sup>(b)</sup> | 6546579 | 6921535 |
| Morgan Stanley Bank of America Merrill Lynch Trust | Morgan Stanley Bank of America Merrill Lynch Trust | Morgan Stanley Bank of America Merrill Lynch Trust |
| &nbsp;&nbsp; Series 2025-C35, Class C, 6.35%, 08/15/2058 <sup>(c)</sup> | 4596000 | 4739477 |
| &nbsp;&nbsp; Series 2025-C35, Class D, 4.50%, 08/15/2058 <sup>(b)</sup> | 3741000 | 2910025 |
|  Morgan Stanley Capital I, Inc., Series 2014-150E, Class A, 3.91%, 09/09/2032 <sup>(b)</sup> | 1150000 | 1017159 |
| Multifamily Connecticut Avenue Securities Trust | Multifamily Connecticut Avenue Securities Trust | Multifamily Connecticut Avenue Securities Trust |
| &nbsp;&nbsp; Series 2019-01, Class B10, 9.96% (30 day avg SOFR US + 5.61%), 10/25/2049 <sup>(b)</sup> | 2384000 | 2415413 |
| &nbsp;&nbsp; Series 2023-01, Class B1, 14.10% (30 day avg SOFR US + 9.75%), 11/25/2053 <sup>(b)</sup> | 1485000 | 1715171 |
|  SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class D, 4.53%, 01/05/2043 <sup>(b)(c)</sup> | 4200000 | 3263676 |
|  SKY Trust 2025-LINE, Series 2025-LINE, Class D, 10.30% (1 mo. Term SOFR + 5.93%), 04/15/2042 <sup>(b)</sup> | 2978947 | 3014642 |
|  WB Commercial Mortgage Trust, Series 2024-HQ, Class D, 8.28%, 03/15/2040 <sup>(b)(c)</sup> | 6800000 | 6838999 |
| **TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES** (Cost $114,901,308) | **TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES** (Cost $114,901,308) | 116476843 |
| **ASSET-BACKED SECURITIES - 5.3%** | **Par** | **Value**  |
|  Apollo Aviation Securitization Equity Trust, Series 2024-1A, Class A2, 6.26%, 05/16/2049 <sup>(b)</sup> | 2358447 | 2437790 |
|  AVANT Loans Funding Trust, Series 2024-REV1, Class B, 6.17%, 10/15/2033 <sup>(b)</sup> | 4300000 | 4375026 |
|  Foundation Finance Trust, Series 2024-2A, Class C, 5.32%, 03/15/2050 <sup>(b)</sup> | 2781515 | 2795494 |
|  Labrador Aviation Finance Ltd., Series 2016-1A, Class A1, 4.30%, 01/15/2042 <sup>(b)</sup> | 1293935 | 1261629 |
|  Sabey Data Center Issuer LLC, Series 2022-1, Class A2, 5.00%, 06/20/2047 <sup>(b)</sup> | 2820000 | 2817938 |
|  Thunderbolt Aircraft Lease, Series 2019-1, Class A, 3.67%, 11/15/2039 <sup>(b)</sup> | 1773526 | 1708135 |
|  Volofin Finance Designated Activity Co., Series 2024-1A, Class A, 5.94%, 06/15/2037 <sup>(b)</sup> | 1744380 | 1779652 |
| **TOTAL ASSET-BACKED SECURITIES** (Cost $16,801,432) | **TOTAL ASSET-BACKED SECURITIES** (Cost $16,801,432) | 17175664 |
| **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 1.9%** | **Par** | **Value**  |
| Fannie Mae Grantor Trust | Fannie Mae Grantor Trust | Fannie Mae Grantor Trust |
| &nbsp;&nbsp; Series 2003-T2, Class A1, 4.74% (30 day avg SOFR US + 0.39%), 03/25/2033 | 15930 | 15797 |
| &nbsp;&nbsp; Series 2004-T3, Class 2A, 5.35%, 08/25/2043 <sup>(f)</sup> | 18463 | 18555 |
|  Fannie Mae or Freddie Mac, Series Pool #000TBA, Pool 000TBA, 5.50%, 09/15/2041 <sup>(g)</sup> | 4000000 | 4023750 |
|  Fannie Mae Whole Loan, Series 2007-W8, Class 1A5, 6.58%, 09/25/2037 <sup>(f)</sup> | 4877 | 4871 |
|  FARM Mortgage Trust, Series 2024-2, Class B, 5.59%, 08/01/2054 <sup>(b)(f)</sup> | 2305087 | 2064510 |
|  Federal National Mortgage Association, Pool 888534, 5.00%, 08/01/2037 | 3039 | 3063 |
|  FNMA REMIC Trust, Series 2007-30, Class ZM, 4.25%, 04/25/2037 <sup>(h)</sup> | 67715 | 64980 |
| **TOTAL AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES** (Cost $6,164,277) | **TOTAL AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES** (Cost $6,164,277) | 6195526 |
| **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 0.0%<sup>(i)</sup>** | **Par** | **Value**  |
|  Federal National Mortgage Association, Series 2006-M1, Class IO, 0.22%, 03/25/2036 <sup>(c)(d)</sup> | 424446 | 5 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| &nbsp;&nbsp; Series 2002-28, Class IO, 1.11%, 01/16/2042 <sup>(c)(d)</sup> | 4901 | 0<br> <sup>(j)</sup>  |
| &nbsp;&nbsp; Series 2005-23, Class IO, 0.00%, 06/17/2045 <sup>(c)(d)(k)</sup> | 100087 | 0<br> <sup>(j)</sup>  |
| &nbsp;&nbsp; Series 2006-68, Class IO, 0.44%, 05/16/2046 <sup>(c)(d)</sup> | 25449 | 1 |
| **TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES** (Cost $1,061) | **TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES** (Cost $1,061) | 6 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 5.1%** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class X, 4.22%<sup>(l)</sup> | 16485778 | 16485778 |
| **TOTAL MONEY MARKET FUNDS** (Cost $16,485,778) | **TOTAL MONEY MARKET FUNDS** (Cost $16,485,778) | 16485778 |
| **TOTAL INVESTMENTS - 103.8% (**Cost $352,468,028**)** | **TOTAL INVESTMENTS - 103.8% (**Cost $352,468,028**)** | 337482957 |
| Liabilities in Excess of Other Assets - (3.8)% | Liabilities in Excess of Other Assets - (3.8)% | (12240549) |
| **TOTAL NET ASSETS - 100.0%** |  | $325242408 |
| two | two | –% |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

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

(a) 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Non-Agency Residential Mortgage Backed Securities | $– | $181149140 | $– | $181149140 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage Backed Securities | – | 112034228 | 4442615 | 116476843 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities | – | 17175664 | – | 17175664 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Agency Residential Mortgage-Backed Securities | – | 6195526 | – | 6195526 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Agency Commercial Mortgage Backed Securities | – | 6 | – | 6 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 16485778 | – | – | 16485778 |
| Total Investments | $16485778 | $316554564 | $4442615 | $337482957 |
| 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. | 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. | 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. | 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. | 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** |
|  | **** <br>**Non-Agency Commercial Mortgage-Backed Securities** |
| Balance as of November 30, 2024<br>| $- |
| Accrued discounts/premiums | - |
| Realized gain/(loss) | - |
| Change in unrealized appreciation/(depreciation) | - |
| Purchases | 4442615 |
| Sales | - |
| Transfers in and/or out of Level 3 | 4442615 |
| Balance as of August 31, 2025 | $4442615 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Value** | **Valuation Technique(s)** | **Unobservable Input** | **Input/Range** |
| Non-Agency Commercial Mortgage-Backed Securities | $4442615 | Market Transaction<br> Method | Prior/Recent<br> Transaction | $78.09 |

---

## 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 MBS Total Return Fund

- **b. EDGAR series identifier (if any):** S000041568

- **c. LEI of Series:** 549300WF54ATBCP8J702

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

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

- **b. Date as of which information is reported:** 2025-08-31

**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:** $339065058.94

**Total Liabilities:** $14777420.13

**Net Assets:** $324287638.81

**Delayed Delivery Securities:** $12545260.40

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 23890.624212000000 | **1-Year:** 11156.621446000000 | **5-Year:** 18608.016521000000 | **10-Year:** 23144.200277000000 | **30-Year:** 3555.050062000000

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

- **3-Month:** 37310.267592000000 | **1-Year:** 14537.336476000000 | **5-Year:** 24188.620789000000 | **10-Year:** 9510.580600000000 | **30-Year:** 3395.185684000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000129089 | 1.45%                | 0.16%                | 1.21%                |
| Class ID C000129090 | 1.43%                | 0.14%                | 1.18%                |
| Class ID C000164429 | 1.54%                | 0.14%                | 1.18%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3632.81                | $3073939.26                                |
| Month 2  | $188831.69               | $-1237493.61                               |
| Month 3  | $134882.50               | $1895450.83                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AMSR Trust                     | AMSR 2021-SFR3 Trust                                                           | CUSIP: 00180UAJ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1750000 | PA      | $1732276.00   | 0.53%             | 2038-10-17      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Apollo Aviation Securitization | AASET 2024-1                                                                   | CUSIP: 00255JAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2358447 | PA      | $2437789.94   | 0.75%             | 2049-05-16      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC               | COLT 2021-6 Mortgage Loan Trust                                                | CUSIP: 12658YAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1713000 | PA      | $1519044.72   | 0.47%             | 2066-12-25      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust  | Citigroup Mortgage Loan Trust 2004-HYB4                                        | CUSIP: 17307GMJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1566 | PA      | $1563.89      | 0.00%             | 2034-12-25      | Variable      | 6.98%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC               | COLT 2022-1 Mortgage Loan Trust                                                | CUSIP: 19688HAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2643275.10   | 0.82%             | 2066-12-27      | Variable      | 4.15%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS               | Connecticut Avenue Securities Trust 2023-R07                                   | CUSIP: 20753BAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3500000 | PA      | $3651610.55   | 1.13%             | 2043-09-25      | Floating      | 7.60%                 | 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        |   1000000 | PA      | $1032630.40   | 0.32%             | 2044-01-25      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS               | Connecticut Avenue Securities Trust 2024-R01                                   | CUSIP: 20753UAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1040662.60   | 0.32%             | 2044-01-25      | Floating      | 8.35%                 | No            |                  2 | On Loan: No      |
| FRTKL                          | FRTKL 2021-SFR1                                                                | CUSIP: 30322DAN9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2811000 | PA      | $2670545.57   | 0.82%             | 2038-09-17      | Fixed         | 4.11%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                    | FIGRE Trust 2025-HE3                                                           | CUSIP: 31684LAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1172005 | PA      | $1182681.96   | 0.36%             | 2055-05-25      | Variable      | 5.91%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                    | FIGRE Trust 2024-HE4                                                           | CUSIP: 31684UAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1210558 | PA      | $1220061.19   | 0.38%             | 2054-09-25      | Variable      | 5.06%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust       | Foundation Finance Trust 2024-2                                                | CUSIP: 35040VAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2781515 | PA      | $2795493.62   | 0.86%             | 2050-03-15      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit  | Freddie Mac Mscr Trust Mn3                                                     | CUSIP: 35563GAC3<br>LEI: 549300FK6HM4FW58SP67 | Long             | ABS-MBS          | CORP              | US        |   6063000 | PA      | $6477667.97   | 2.00%             | 2051-11-25      | Floating      | 11.20%                | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR REMIC Trust 2020-HQA1                                        | CUSIP: 35565JBE0<br>LEI: 549300TCRXCIFPAC3B85 | Long             | ABS-MBS          | CORP              | US        |   2300000 | PA      | $2533164.10   | 0.78%             | 2050-01-25      | Floating      | 9.56%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR REMIC Trust 2021-DNA2                                        | CUSIP: 35565KBE7<br>LEI: 5493007ZK0X40BI7UF30 | Long             | ABS-MBS          | CORP              | US        |   2590000 | PA      | $2843915.83   | 0.88%             | 2050-02-25      | Floating      | 9.26%                 | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit  | Freddie Mac Mscr Trust Mn9                                                     | CUSIP: 355917AC9<br>LEI: 529900KWKEUIIIV9P337 | Long             | ABS-MBS          | CORP              | US        |   2950000 | PA      | $3069439.60   | 0.95%             | 2044-10-25      | Floating      | 10.35%                | No            |                  2 | On Loan: No      |
| GSAA Home Equity Trust         | GSAA Home Equity Trust 2006-5                                                  | CUSIP: 362334GR9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     23668 | PA      | $7551.28      | 0.00%             | 2036-03-25      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| harvest commercial capital loa | Harvest Commercial Capital Loan Trust 2025-1                                   | CUSIP: 41757CAF9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1989062 | PA      | $1903423.42   | 0.59%             | 2057-06-25      | Variable      | 9.04%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2019-5                                                | CUSIP: 46591FBD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3634961 | PA      | $2156208.17   | 0.66%             | 2049-11-25      | Variable      | 4.28%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2020-2                                                | CUSIP: 46591TCE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3864437 | PA      | $2772904.94   | 0.86%             | 2050-07-25      | Variable      | 6.79%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2022-INV1                                             | CUSIP: 465973BZ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3222804 | PA      | $2658629.94   | 0.82%             | 2052-03-25      | Variable      | 3.29%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor | J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-NLP                | CUSIP: 466317AN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4979026 | PA      | $4765387.77   | 1.47%             | 2037-04-15      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor | J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-AON                | CUSIP: 46649XAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4371000 | PA      | $3987633.58   | 1.23%             | 2031-07-05      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor | J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-PHH                | CUSIP: 46650FAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3750000 | PA      | $2798901.38   | 0.86%             | 2035-06-15      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | J.P. Morgan Mortgage Trust 2023-2                                              | CUSIP: 46656DDE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3069965 | PA      | $2965822.04   | 0.91%             | 2053-07-25      | Variable      | 5.61%                 | 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        |   1293935 | PA      | $1261629.59   | 0.39%             | 2042-01-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch Mortgage Investo | Merrill Lynch Mortgage Investors Trust Series 2005-AR1                         | CUSIP: 59020UG33<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1775493 | PA      | $1445055.98   | 0.45%             | 2036-06-25      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust       | Mill City Mortgage Loan Trust 2019-1                                           | CUSIP: 59981AAK2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2245863 | PA      | $1948373.84   | 0.60%             | 2069-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust      | Morgan Stanley Bank of America Merrill Lynch Trust 2025-C35                    | CUSIP: 61779CAZ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4596000 | PA      | $4739477.47   | 1.46%             | 2058-08-15      | Variable      | 6.35%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust      | Morgan Stanley Bank of America Merrill Lynch Trust 2025-C35                    | CUSIP: 61779CBJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3741000 | PA      | $2910025.14   | 0.90%             | 2058-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan  | New Residential Mortgage Loan Trust 2021-NQM2R                                 | CUSIP: 64831EAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1813000 | PA      | $1793247.37   | 0.55%             | 2058-10-25      | Variable      | 3.96%                 | No            |                  2 | On Loan: No      |
| Point Securitization Trust     | Point Securitization Trust 2023-1                                              | CUSIP: 73071JAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2705307 | PA      | $2721250.57   | 0.84%             | 2053-11-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Point Securitization Trust     | Point Securitization Trust 2024-1                                              | CUSIP: 73071KAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2910628 | PA      | $2921497.58   | 0.90%             | 2054-06-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, In | RALI Series 2006-QS18 Trust                                                    | CUSIP: 74922RAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1895433 | PA      | $1636299.93   | 0.50%             | 2036-12-25      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| Radnor Re LTD                  | Radnor RE 2023-1 Ltd                                                           | CUSIP: 75050KAA4<br>LEI: 254900P3K895250PCC81 | Long             | ABS-MBS          | CORP              | BM        |    456324 | PA      | $459660.12    | 0.14%             | 2033-07-25      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| SFAVE Commercial Mortgage Secu | SFAVE Commercial Mortgage Securities Trust 2015-5AVE                           | CUSIP: 78413MAQ1<br>LEI: 549300FIGODFFTOAAU64 | Long             | ABS-MBS          | CORP              | US        |   4200000 | PA      | $3263675.94   | 1.01%             | 2043-01-05      | Variable      | 4.53%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2025-8                                                  | CUSIP: 81743GAU0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2824940 | PA      | $2846127.29   | 0.88%             | 2055-06-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust      | Towd Point Mortgage Trust 2018-6                                               | CUSIP: 89176LAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2750000 | PA      | $2259998.40   | 0.70%             | 2058-03-25      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust      | Towd Point Mortgage Trust 2019-1                                               | CUSIP: 89177BAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $3061216.40   | 0.94%             | 2058-03-25      | Variable      | 3.79%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust      | Towd Point Mortgage Trust 2019-HY2                                             | CUSIP: 89177HAH5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1836000 | PA      | $1589098.39   | 0.49%             | 2058-05-25      | Floating      | 6.69%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust      | Towd Point Mortgage Trust 2019-HY3                                             | CUSIP: 89177XAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3704000 | PA      | $3855787.33   | 1.19%             | 2059-10-25      | Floating      | 6.44%                 | 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        |    488235 | PA      | $492826.47    | 0.15%             | 2064-01-25      | Variable      | 6.05%                 | No            |                  2 | On Loan: No      |
| United Wholesale Mortgage LLC  | UWM Mortgage Trust 2021-INV4                                                   | CUSIP: 918307BJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2759901 | PA      | $2261475.86   | 0.70%             | 2051-12-25      | Variable      | 3.21%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pas | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2007-4 Trust | CUSIP: 93936NAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4493236 | PA      | $2318829.99   | 0.72%             | 2037-06-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Asset Backed Securities Corp H | Asset Backed Securities Corp Home Equity Loan Trust 1999-LB1                   | CUSIP: 04541GAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     62766 | PA      | $62762.17     | 0.02%             | 2029-06-21      | Fixed         | 7.11%                 | No            |                  2 | On Loan: No      |
| Banc of America Funding Corpor | Banc of America Funding Corp                                                   | CUSIP: 05953AAD5<br>LEI: 54930023UHZHF7UJ8596 | Long             | ABS-MBS          | CORP              | US        |    998259 | PA      | $691688.54    | 0.21%             | 2037-07-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit  | Freddie Mac Mscr Trust Mn10                                                    | CUSIP: 35563UAC2<br>LEI: 529900M14O2Z3FO2N217 | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1018930.25   | 0.31%             | 2045-02-25      | Floating      | 9.29%                 | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit  | Freddie Mac Mscr Trust Mn11                                                    | CUSIP: 35563YAC4<br>LEI: 529900E2V0BG2KXC9E18 | Long             | ABS-MBS          | CORP              | US        |   2250000 | PA      | $2323639.58   | 0.72%             | 2045-07-25      | Floating      | 8.75%                 | No            |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue | Multifamily Connecticut Avenue Securities Trust 2019-01                        | CUSIP: 62547NAC3<br>LEI: 549300HG8ZEWVWVSN227 | Long             | ABS-MBS          | CORP              | US        |   2384000 | PA      | $2415413.37   | 0.74%             | 2049-10-25      | Floating      | 9.96%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust        | NYMT Loan Trust 2025-CP1                                                       | CUSIP: 67121VAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1829138.20   | 0.56%             | 2069-11-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                    | PRKCM 2022-AFC2 Trust                                                          | CUSIP: 69377TAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3080000 | PA      | $3080510.66   | 0.95%             | 2057-08-25      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan T | Alternative Loan Trust 2006-OA9                                                | CUSIP: 02146YAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     19557 | PA      | $16221.72     | 0.01%             | 2046-07-20      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| Avant Loans Funding Trust      | Avant Loans Funding Trust 2024-REV1                                            | CUSIP: 05352UAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4300000 | PA      | $4375026.40   | 1.35%             | 2033-10-15      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus | BRAVO Residential Funding Trust 2024-NQM2                                      | CUSIP: 10569KAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1335000 | PA      | $1353971.82   | 0.42%             | 2064-02-25      | Fixed         | 7.91%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust   | CSMC 2020-AFC1 Trust                                                           | CUSIP: 12597MAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5459650 | PA      | $5113110.73   | 1.58%             | 2050-02-25      | Variable      | 4.42%                 | No            |                  2 | On Loan: No      |
| CHNGE Mortgage Trust 2022-1    | CHNGE Mortgage Trust 2022-1                                                    | CUSIP: 17030JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1878058 | PA      | $1811577.44   | 0.56%             | 2067-01-25      | Variable      | 3.01%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC               | COLT 2021-4 Mortgage Loan Trust                                                | CUSIP: 19688GAF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2625000 | PA      | $1959399.75   | 0.60%             | 2066-10-25      | Variable      | 4.14%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage | Deephaven Residential Mortgage Trust 2021-1                                    | CUSIP: 24380VAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3200000 | PA      | $2880223.04   | 0.89%             | 2065-05-25      | Variable      | 3.96%                 | No            |                  2 | On Loan: No      |
| Farmer Mac Agricultural Real E | FARM 2024-2 Mortgage Trust                                                     | CUSIP: 307910AE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2305087 | PA      | $2064509.69   | 0.64%             | 2054-08-01      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit  | Freddie Mac Mscr Trust Mn2                                                     | CUSIP: 35563JAB9<br>LEI: 549300OXOJE8K5OHDX86 | Long             | ABS-MBS          | CORP              | US        |   4389851 | PA      | $4373827.93   | 1.35%             | 2041-07-25      | Floating      | 7.70%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT             | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-2                  | CUSIP: 35563PFU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 355852312 | PA      | $977846.57    | 0.30%             | 2057-11-25      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR REMIC Trust 2024-DNA2                                        | CUSIP: 35564NDA8<br>LEI: 529900GRKKKHILZX4347 | Long             | ABS-MBS          | CORP              | US        |   1300000 | PA      | $1313616.46   | 0.41%             | 2044-05-25      | Floating      | 6.05%                 | 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        |   1222107 | PA      | $1238719.91   | 0.38%             | 2056-10-25      | Variable      | 7.55%                 | 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        |   3590000 | PA      | $3259424.90   | 1.01%             | 2038-06-15      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust 2024-BPR2                                       | CUSIP: 61776EAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6546579 | PA      | $6921535.43   | 2.13%             | 2029-05-05      | Fixed         | 7.29%                 | 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        |   1485000 | PA      | $1715170.99   | 0.53%             | 2053-11-25      | Floating      | 14.10%                | No            |                  2 | On Loan: No      |
| Progress Residential Trust     | Progress Residential 2021-SFR10 Trust                                          | CUSIP: 74333WAQ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3965715 | PA      | $3882181.18   | 1.20%             | 2040-12-17      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC              | PRPM 2024-6 LLC                                                                | CUSIP: 74390PAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1826051 | PA      | $1840986.34   | 0.57%             | 2029-11-25      | Variable      | 5.70%                 | 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        |    762597 | PA      | $761098.82    | 0.23%             | 2062-08-25      | Variable      | 5.35%                 | 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        |   1477822 | PA      | $1484482.75   | 0.46%             | 2030-05-25      | Variable      | 7.77%                 | No            |                  2 | On Loan: No      |
| SKY1 Trust                     | SKY Trust 2025-LINE                                                            | CUSIP: 830941AG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2978947 | PA      | $3014642.31   | 0.93%             | 2042-04-15      | Floating      | 10.30%                | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential  | Starwood Mortgage Residential Trust 2020-INV                                   | CUSIP: 85573EAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $935912.20    | 0.29%             | 2055-11-25      | Fixed         | 4.26%                 | No            |                  2 | On Loan: No      |
| Structured Adjustable Rate Mor | Structured Adjustable Rate Mortgage Loan Trust Series 2005-21                  | CUSIP: 863579B49<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     15695 | PA      | $14449.12     | 0.00%             | 2035-11-25      | Variable      | 4.54%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS               | Connecticut Avenue Securities Trust 2020-SBT1                                  | CUSIP: 20753VBT4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2128438.60   | 0.66%             | 2040-02-25      | Floating      | 11.21%                | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS               | Connecticut Avenue Securities Trust 2024-R02                                   | CUSIP: 20754GAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2590743.00   | 0.80%             | 2044-02-25      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                                       | CUSIP: 38373MPG9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    100087 | PA      | $0.15         | 0.00%             | 2045-06-17      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Wealth Management  | JPMorgan Chase Bank NA - JPMWM                                                 | CUSIP: 46591HBN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    824972 | PA      | $829949.73    | 0.26%             | 2051-03-25      | Floating      | 7.10%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2025-2                                                  | CUSIP: 816935AU4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2224990 | PA      | $2249326.07   | 0.69%             | 2055-03-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Star Trust                     | STAR 2021-SFR1 Trust                                                           | CUSIP: 85521DAQ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1001673.00   | 0.31%             | 2038-04-17      | Floating      | 8.93%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust      | Towd Point Mortgage Trust 2024-CES6                                            | CUSIP: 891947AB9<br>LEI: 25490024AP9UCHO22G82 | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1525163.10   | 0.47%             | 2064-11-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust   | CSMC 2020-AFC1 Trust                                                           | CUSIP: 12597MAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4228000 | PA      | $3772960.23   | 1.16%             | 2050-02-25      | Variable      | 3.44%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan T | Alternative Loan Trust 2006-OA3                                                | CUSIP: 12668BB44<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6220 | PA      | $5800.62      | 0.00%             | 2036-05-25      | Floating      | 4.84%                 | 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        |   1500000 | PA      | $1548948.00   | 0.48%             | 2044-03-25      | Floating      | 7.15%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T | EFMT 2024-RM2                                                                  | CUSIP: 268431AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1046628 | PA      | $1027925.83   | 0.32%             | 2054-07-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T | Ellington Financial Mortgage Trust 2022-4                                      | CUSIP: 268432AE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2971869.00   | 0.92%             | 2067-09-25      | Variable      | 5.89%                 | No            |                  2 | On Loan: No      |
| FannieMae Grantor Trust        | Fannie Mae Grantor Trust 2003-T2                                               | CUSIP: 31392JAT6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     15930 | PA      | $15797.14     | 0.00%             | 2033-03-25      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| FannieMae Whole Loan           | Fannie Mae REMIC Trust 2007-W8                                                 | CUSIP: 31396XVY7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      4877 | PA      | $4871.20      | 0.00%             | 2037-09-25      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                | CUSIP: 31410GEF6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3039 | PA      | $3062.68      | 0.00%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust   | GS Mortgage Securities Corp Trust 2024-MARK                                    | CUSIP: 36270HAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3150000 | PA      | $3151067.54   | 0.97%             | 2034-06-15      | Floating      | 7.75%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC              | Imperial Fund Mortgage Trust 2020-NQM1                                         | CUSIP: 452760AE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1602000 | PA      | $1468283.78   | 0.45%             | 2055-10-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust 2014-150E                                       | CUSIP: 61764BAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1150000 | PA      | $1017159.13   | 0.31%             | 2032-09-09      | Fixed         | 3.91%                 | No            |                  2 | On Loan: No      |
| NMLT Trust                     | NMLT 2021-INV1 Trust                                                           | CUSIP: 62923JAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2326000 | PA      | $1930140.85   | 0.60%             | 2056-05-25      | Variable      | 3.61%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan  | New Residential Mortgage Loan Trust 2021-NQM2R                                 | CUSIP: 64831EAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2034000 | PA      | $2004651.41   | 0.62%             | 2058-10-25      | Variable      | 3.01%                 | No            |                  2 | On Loan: No      |
| STARWOOD MORTGAGE RESIDENTIAL  | STAR 2021-SFR2 Trust                                                           | CUSIP: 78474LAQ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    746643 | PA      | $732162.80    | 0.23%             | 2039-01-17      | Floating      | 8.63%                 | No            |                  2 | On Loan: No      |
| Sabey Data Center Issuer LLC   | Sabey Data Center Issuer LLC                                                   | CUSIP: 78520EAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2820000 | PA      | $2817938.02   | 0.87%             | 2047-06-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2024-NQM2 Trust                                                            | CUSIP: 67118HAE0<br>LEI: 254900OHTVKDKZL33I54 | Long             | ABS-MBS          | CORP              | US        |   1238000 | PA      | $1253400.47   | 0.39%             | 2063-12-25      | Variable      | 6.86%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC              | PRPM 2024-RCF2 LLC                                                             | CUSIP: 693987AB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1758000 | PA      | $1691292.16   | 0.52%             | 2054-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust      | Towd Point Mortgage Trust 2019-HY3                                             | CUSIP: 89177XAH0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1106000 | PA      | $1004584.78   | 0.31%             | 2059-10-25      | Floating      | 6.44%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust      | Towd Point Mortgage Trust 2019-HY3                                             | CUSIP: 89177XAJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1105000 | PA      | $937344.76    | 0.29%             | 2059-10-25      | Floating      | 6.44%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2021-R3                                             | CUSIP: 92538EAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3609000 | PA      | $3433402.66   | 1.06%             | 2064-04-25      | Variable      | 4.07%                 | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, In | RALI Series 2008-QR1 Trust                                                     | CUSIP: 74925FAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1195300 | PA      | $880646.19    | 0.27%             | 2036-09-25      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| Radnor Re LTD                  | Radnor RE 2023-1 Ltd                                                           | CUSIP: 75050KAB2<br>LEI: 254900P3K895250PCC81 | Long             | ABS-MBS          | CORP              | BM        |   1250000 | PA      | $1299258.25   | 0.40%             | 2033-07-25      | Floating      | 8.70%                 | No            |                  2 | On Loan: No      |
| RAAC Series                    | RAAC Series 2004-SP1 Trust                                                     | CUSIP: 7609855T4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        69 | PA      | $68.87        | 0.00%             | 2034-03-25      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| Residential Funding Securities | RFSC Trust                                                                     | CUSIP: 760985JD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    239214 | PA      | $235612.53    | 0.07%             | 2033-03-25      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| WB Commercial Mortgage Trust   | WB Commercial Mortgage Trust 2024-HQ                                           | CUSIP: 92943PAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6800000 | PA      | $6838998.68   | 2.11%             | 2040-03-15      | Variable      | 8.28%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust             | BMO 2025-C12 Mortgage Trust                                                    | CUSIP: 05615DAJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $3091470.90   | 0.95%             | 2058-06-15      | Variable      | 6.61%                 | No            |                  2 | On Loan: No      |
| CFK Trust                      | CFK Trust 2020-MF2                                                             | CUSIP: 12529AAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4300000 | PA      | $3713667.05   | 1.15%             | 2039-03-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust Series 2006-NC3                                 | CUSIP: 144528AD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3750000 | PA      | $3108903.00   | 0.96%             | 2036-08-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Conseco Finance Home Loan Trus | Conseco Finance Home Improvement Loan Trust 2000-E                             | CUSIP: 20846QEH7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     32993 | PA      | $6298.24      | 0.00%             | 2031-08-15      | Variable      | 10.26%                | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd  | Corevest American Finance 2019-1 Trust                                         | CUSIP: 21872FAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750167 | PA      | $740538.34    | 0.23%             | 2052-03-15      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust   | GS Mortgage Securities Corp II                                                 | CUSIP: 36269JAL2<br>LEI: 5493005BBCF84ICNQ550 | Long             | ABS-MBS          | CORP              | US        |   3860000 | PA      | $4023449.00   | 1.24%             | 2041-03-10      | Variable      | 9.26%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust      | Towd Point Mortgage Trust 2019-HY3                                             | CUSIP: 89177XAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3320000 | PA      | $3367039.09   | 1.04%             | 2059-10-25      | Floating      | 6.44%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2021-8                                              | CUSIP: 92538GAF9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    795000 | PA      | $653270.42    | 0.20%             | 2066-11-25      | Variable      | 4.33%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2021-5                                              | CUSIP: 92538KAF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1485682.00   | 0.46%             | 2066-09-25      | Variable      | 3.94%                 | No            |                  2 | On Loan: No      |
| AFC Home Equity Loan Trust     | AFC Home Equity Loan Trust                                                     | CUSIP: 00105HDA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     13466 | PA      | $13418.83     | 0.00%             | 2027-09-27      | Variable      | 7.47%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac      | Fannie Mae or Freddie Mac                                                      | CUSIP: 01F052698<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-CBDO         | CORP              | US        |   4000000 | PA      | $4023750.00   | 1.24%             | 2041-09-15      | Fixed         | 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        |   5000000 | PA      | $5114542.75   | 1.58%             | 2029-11-10      | Variable      | 9.52%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                       | BXMT 2020-FL3 Ltd                                                              | CUSIP: 05608XAG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $3933726.00   | 1.21%             | 2037-11-15      | Floating      | 7.53%                 | No            |                  2 | On Loan: No      |
| BX Trust                       | BX Trust 2021-BXMF                                                             | CUSIP: 05609RAS3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2100867 | PA      | $2084793.75   | 0.64%             | 2026-10-15      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| Banc of America Funding Corpor | Banc of America Funding 2006-D Trust                                           | CUSIP: 058933AP7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4754 | PA      | $4094.17      | 0.00%             | 2036-05-20      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S | BBCMS Mortgage Trust 2025-C35                                                  | CUSIP: 07337DAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4500000 | PA      | $4580965.58   | 1.41%             | 2058-07-15      | Variable      | 6.32%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust       | Benchmark 2025-B41 Mortgage Trust                                              | CUSIP: 081935AG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5689000 | PA      | $4442615.19   | 1.37%             | 2068-07-15      | Fixed         | 4.50%                 | No            |                  3 | On Loan: No      |
| BENCHMARK Mortgage Trust       | Benchmark 2025-B41 Mortgage Trust                                              | CUSIP: 081935BC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $4050096.00   | 1.25%             | 2068-07-15      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan T | Alternative Loan Trust 2004-15                                                 | CUSIP: 12667FPY5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    143117 | PA      | $133819.68    | 0.04%             | 2034-09-25      | Variable      | 5.86%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan T | Alternative Loan Trust 2006-4CB                                                | CUSIP: 12668BPX5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3223 | PA      | $2314.48      | 0.00%             | 2036-04-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC               | COLT 2021-3 Mortgage Loan Trust                                                | CUSIP: 19688FAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1578000 | PA      | $1276928.96   | 0.39%             | 2066-09-27      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd  | Corevest American Finance 2019-1 Trust                                         | CUSIP: 21872FAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    242500 | PA      | $237834.06    | 0.07%             | 2052-03-15      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage | Deephaven Residential Mortgage Trust 2021-4                                    | CUSIP: 24381JAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $3001740.00   | 0.93%             | 2066-11-25      | Variable      | 4.43%                 | No            |                  2 | On Loan: No      |
| Eagle Re Ltd                   | Eagle RE 2023-1 Ltd                                                            | CUSIP: 26982EAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    299080 | PA      | $300336.83    | 0.09%             | 2033-09-26      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Whole Loan Securit | Freddie Mac Whole Loan Securities Trust                                        | CUSIP: 3137G1BN6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | CORP              | US        |    595000 | PA      | $546502.62    | 0.17%             | 2046-12-25      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Whole Loan Securit | Freddie Mac Whole Loan Securities Trust 2017-SC02                              | CUSIP: 3137G1BZ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1411000 | PA      | $1337514.13   | 0.41%             | 2047-05-25      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| FannieMae Grantor Trust        | Fannie Mae Grantor Trust 2004-T3                                               | CUSIP: 31393YV77<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     18463 | PA      | $18555.30     | 0.01%             | 2043-08-25      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                 | Fannie Mae-Aces                                                                | CUSIP: 31395BY98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    424446 | PA      | $4.88         | 0.00%             | 2036-03-25      | Variable      | 0.22%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                                              | CUSIP: 31396VHF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     67715 | PA      | $64980.53     | 0.02%             | 2037-04-25      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                    | FIGRE Trust 2024-HE4                                                           | CUSIP: 31684UAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    807039 | PA      | $810526.57    | 0.25%             | 2054-09-25      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                                     | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  16746701 | NS      | $16746701.10  | 5.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Flagstar Mortgage Trust        | Flagstar Mortgage Trust 2018-1                                                 | CUSIP: 33850TBC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1206000 | PA      | $851148.37    | 0.26%             | 2048-03-25      | Variable      | 3.93%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust        | Flagstar Mortgage Trust 2019-1                                                 | CUSIP: 33852ABD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3067203 | PA      | $2887899.22   | 0.89%             | 2049-10-25      | Variable      | 4.51%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT             | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-2                  | CUSIP: 35563PFX2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3112583 | PA      | $1214401.85   | 0.37%             | 2057-11-25      | Variable      | 1.99%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR Trust 2019-FTR3                                              | CUSIP: 35565EAE2<br>LEI: 5493009ZFZYH4FRCW638 | Long             | ABS-MBS          | CORP              | US        |   2533500 | PA      | $2749308.09   | 0.85%             | 2047-09-25      | Floating      | 9.26%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                                       | CUSIP: 38373MCH1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      4901 | PA      | $0.29         | 0.00%             | 2042-01-16      | Variable      | 1.11%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                                       | CUSIP: 38375JCL7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     25449 | PA      | $0.73         | 0.00%             | 2046-05-16      | Variable      | 0.44%                 | No            |                  2 | On Loan: No      |
| GreenPoint Mortgage Funding Tr | GreenPoint Mortgage Funding Trust 2005-AR4                                     | CUSIP: 39538WBY3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9115176 | PA      | $8622828.91   | 2.66%             | 2045-10-25      | Floating      | 5.06%                 | 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        |   2075000 | PA      | $2083455.63   | 0.64%             | 2041-03-15      | Floating      | 8.00%                 | 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        |   2575000 | PA      | $2594906.81   | 0.80%             | 2041-03-15      | Floating      | 9.70%                 | No            |                  2 | On Loan: No      |
| harvest commercial capital loa | Harvest Commercial Capital Loan Trust 2025-1                                   | CUSIP: 41757CAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2964051 | PA      | $3068760.95   | 0.95%             | 2057-06-25      | Variable      | 9.04%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2019-5                                                | CUSIP: 46591FBC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1232439 | PA      | $1028726.13   | 0.32%             | 2049-11-25      | Variable      | 4.45%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora | JPMorgan Chase Bank NA - CHASE                                                 | CUSIP: 46591HAK6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    224803 | PA      | $238357.18    | 0.07%             | 2057-10-25      | Floating      | 8.79%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Wealth Management  | JPMorgan Chase Bank NA - JPMWM                                                 | CUSIP: 46591HBP4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    561513 | PA      | $512392.75    | 0.16%             | 2051-03-25      | Floating      | 8.20%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2021-3                                                | CUSIP: 46592KAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  53022191 | PA      | $1657534.65   | 0.51%             | 2051-07-25      | Variable      | 0.50%                 | No            |                  2 | On Loan: No      |
| Madison Avenue Trust           | Eleven Madison Trust 2015-11MD Mortgage Trust                                  | CUSIP: 556227AJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2490230.88   | 0.77%             | 2035-09-10      | Variable      | 3.67%                 | No            |                  2 | On Loan: No      |
| Residential Asset Mortgage Pro | RAMP Series 2007-RS1 Trust                                                     | CUSIP: 74923RAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9723687 | PA      | $2200743.50   | 0.68%             | 2037-02-25      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential  | Starwood Mortgage Residential Trust 2020-3                                     | CUSIP: 85573MAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1460000 | PA      | $1223270.49   | 0.38%             | 2065-04-25      | Variable      | 4.75%                 | 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        |   1773526 | PA      | $1708134.69   | 0.53%             | 2039-11-15      | Fixed         | 3.67%                 | No            |                  2 | On Loan: No      |
| Toorak Mortgage Corp.          | Toorak Mortgage Trust 2024-RRTL1                                               | CUSIP: 89054YAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1200000 | PA      | $1213504.32   | 0.37%             | 2039-02-25      | Variable      | 7.57%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust      | Towd Point Mortgage Trust 2019-HY1                                             | CUSIP: 89177EAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6170000 | PA      | $5915928.66   | 1.82%             | 2048-10-25      | Floating      | 6.59%                 | No            |                  2 | On Loan: No      |
| Volofin Finance Designated Act | Volofin Finance Designated Activity Co                                         | CUSIP: 92873RAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1744380 | PA      | $1779651.60   | 0.55%             | 2037-06-15      | Fixed         | 5.93%                 | 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        |   1000000 | PA      | $1025475.50   | 0.32%             | 2058-05-25      | Floating      | 6.69%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2024-4                                              | CUSIP: 92540GAF5<br>LEI: 213800WNY873LW1L3M73 | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2020222.00   | 0.62%             | 2069-06-25      | Variable      | 8.02%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-26

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Kevin Hayden

**Name of Signer:** Advisors Series Trust

**Title:** Treasurer & Vice President