# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001193125-26-028784
**Filing Date:** 2026-1
**Character Count:** 69629
**Document Hash:** 3e2728fa14396cb98ce62bf5b81c3f80
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-028784.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0001193125-26-028784

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260129

**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:** 26576529

**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           |

## 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:** 2025-11-30

**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:** $340080772.33

**Total Liabilities:** $8588773.88

**Net Assets:** $331491998.45

**Delayed Delivery Securities:** $6598462.63

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 24791.388637000000 | **1-Year:** 16759.088173000000 | **5-Year:** 17079.094388000000 | **10-Year:** 26859.543431000000 | **30-Year:** 3045.623036000000

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

- **3-Month:** 39158.027805000000 | **1-Year:** 16097.137487000000 | **5-Year:** 18582.588638000000 | **10-Year:** 6307.638594000000 | **30-Year:** 2278.346560000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000129089 | 0.72%                | 0.89%                | 0.86%                |
| Class ID C000129090 | 0.70%                | 0.87%                | 0.83%                |
| Class ID C000164429 | 0.70%                | 0.87%                | 0.84%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $107460.70               | $817971.32                                 |
| Month 2  | $114185.06               | $1004327.79                                |
| Month 3  | $462368.83               | $474119.82                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Apollo Aviation Securitization | AASET 2024-1                                                                   | CUSIP: 00255JAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2322675 | PA      | $2408156.68   | 0.73%             | 2049-05-16      | Fixed         | 6.26%                 | 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        |      1539 | PA      | $1535.48      | 0.00%             | 2034-12-25      | Variable      | 6.60%                 | 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        |   3112554 | PA      | $1215194.58   | 0.37%             | 2057-11-25      | Variable      | 2.30%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                                       | CUSIP: 38373MPG9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     90868 | PA      | $0.14         | 0.00%             | 2045-06-17      | Variable      | 0.00%                 | 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        |    548969 | PA      | $500760.86    | 0.15%             | 2051-03-25      | Floating      | 7.92%                 | 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        |   1098248 | PA      | $1093216.20   | 0.33%             | 2042-01-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust 2021-230P                                       | CUSIP: 61772WAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2403125.00   | 0.72%             | 2038-12-15      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| RAAC Series                    | RAAC Series 2007-SP1 Trust                                                     | CUSIP: 74978AAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2717697 | PA      | $2291760.19   | 0.69%             | 2037-03-25      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| Radnor Re LTD                  | Radnor RE 2023-1 Ltd                                                           | CUSIP: 75050KAA4<br>LEI: 254900P3K895250PCC81 | Long             | ABS-MBS          | CORP              | BM        |    334960 | PA      | $336836.42    | 0.10%             | 2033-07-25      | Floating      | 6.77%                 | 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      | $1279694.88   | 0.39%             | 2033-07-25      | Floating      | 8.42%                 | 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      | $1526711.70   | 0.46%             | 2064-11-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                 | Fannie Mae-Aces                                                                | CUSIP: 31395BY98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    408620 | PA      | $7.23         | 0.00%             | 2036-03-25      | Variable      | 0.22%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                                     | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  14077767 | NS      | $14077766.69  | 4.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Multifamily Structured Credit  | Freddie Mac Mscr Trust Mn12                                                    | CUSIP: 355913AC8<br>LEI: 529900KABSM46L5D1T20 | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $4031661.60   | 1.22%             | 2045-11-25      | Floating      | 8.58%                 | 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      | $4025026.58   | 1.21%             | 2041-03-10      | Variable      | 9.26%                 | 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      | $3150031.19   | 0.95%             | 2034-06-15      | Floating      | 7.35%                 | 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      | $2083312.45   | 0.63%             | 2041-03-15      | Floating      | 7.59%                 | 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      | $1917309.85   | 0.58%             | 2057-06-25      | Variable      | 9.04%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                     | AMSR 2021-SFR3 Trust                                                           | CUSIP: 00180UAJ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2496270.00   | 0.75%             | 2038-10-17      | Fixed         | 4.90%                 | 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      | $4362099.74   | 1.32%             | 2033-10-15      | Fixed         | 6.17%                 | 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        |      4697 | PA      | $4044.48      | 0.00%             | 2036-05-20      | Variable      | 5.26%                 | 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      | $3132124.00   | 0.94%             | 2066-11-25      | Variable      | 4.43%                 | No            |                  2 | On Loan: No      |
| Residential Funding Securities | RFSC Trust                                                                     | CUSIP: 760985JD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    212423 | PA      | $210089.41    | 0.06%             | 2033-03-25      | Floating      | 4.93%                 | 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        |     15517 | PA      | $14276.94     | 0.00%             | 2035-11-25      | Variable      | 4.30%                 | 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        |   1583133 | PA      | $1538690.54   | 0.46%             | 2039-11-15      | Fixed         | 3.67%                 | 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      | $6112312.35   | 1.84%             | 2048-10-25      | Floating      | 6.22%                 | 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      | $3381226.78   | 1.02%             | 2059-10-25      | Floating      | 6.07%                 | 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        |    443206 | PA      | $448730.97    | 0.14%             | 2064-01-25      | Variable      | 6.05%                 | 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      | $6840899.28   | 2.06%             | 2040-03-15      | Variable      | 8.28%                 | 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      | $4580402.63   | 1.38%             | 2058-07-15      | Variable      | 6.32%                 | 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      | $3769384.61   | 1.14%             | 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        |      6072 | PA      | $5317.84      | 0.00%             | 2036-05-25      | Floating      | 4.47%                 | 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      | $1278613.63   | 0.39%             | 2066-09-27      | Variable      | 4.12%                 | 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      | $2037141.75   | 0.61%             | 2066-10-25      | Variable      | 4.14%                 | 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      | $3632550.95   | 1.10%             | 2043-09-25      | Floating      | 7.32%                 | 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      | $1059168.00   | 0.32%             | 2044-01-25      | Floating      | 8.07%                 | 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      | $245573.45    | 0.07%             | 2052-03-15      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| Eagle Re Ltd                   | Eagle RE 2023-1 Ltd                                                            | CUSIP: 26982EAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    196320 | PA      | $196987.63    | 0.06%             | 2033-09-26      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| FRTKL                          | FRTKL 2021-SFR1                                                                | CUSIP: 30322DAN9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2811000 | PA      | $2757534.78   | 0.83%             | 2038-09-17      | Fixed         | 4.11%                 | 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        |   2282128 | PA      | $2080516.37   | 0.63%             | 2054-08-01      | Variable      | 5.59%                 | 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      | $551776.88    | 0.17%             | 2046-12-25      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                    | FIGRE Trust 2025-HE6                                                           | CUSIP: 31684NAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1330000 | PA      | $1357267.93   | 0.41%             | 2055-09-25      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust       | Foundation Finance Trust 2024-2                                                | CUSIP: 35040VAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2592971 | PA      | $2601180.41   | 0.78%             | 2050-03-15      | Fixed         | 5.32%                 | 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      | $3136408.14   | 0.95%             | 2044-10-25      | Floating      | 10.04%                | 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      | $3088297.31   | 0.93%             | 2057-06-25      | Variable      | 9.04%                 | 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      | $1483043.65   | 0.45%             | 2055-10-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust        | NYMT Loan Trust 2025-CP1                                                       | CUSIP: 67121VAC8<br>LEI: 254900JF85A0S614L988 | Long             | ABS-MBS          | CORP              | US        |   2250000 | PA      | $2076704.10   | 0.63%             | 2069-11-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Point Securitization Trust     | Point Securitization Trust 2024-1                                              | CUSIP: 73071KAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2892653 | PA      | $2898778.46   | 0.87%             | 2054-06-25      | Fixed         | 6.50%                 | 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        |   4940000 | PA      | $3793515.41   | 1.14%             | 2043-01-05      | Variable      | 4.53%                 | No            |                  2 | On Loan: No      |
| Star Trust                     | STAR 2021-SFR1 Trust                                                           | CUSIP: 85521DAQ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1002175.00   | 0.30%             | 2038-04-17      | Floating      | 8.52%                 | 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      | $1603256.71   | 0.48%             | 2058-05-25      | Floating      | 6.32%                 | 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      | $3861640.02   | 1.16%             | 2059-10-25      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| UNLOCK HEA TRUST               | Unlock HEA Trust 2024-2                                                        | CUSIP: 91528AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1811389 | PA      | $1811542.51   | 0.55%             | 2039-10-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AXMF Re-REMIC Trust            | AXMF Re-REMIC Trust 2025-SBRR1                                                 | CUSIP: 00249HAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2917980 | PA      | $2642103.46   | 0.80%             | 2058-04-27      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| CFK Trust                      | CFK Trust 2020-MF2                                                             | CUSIP: 12529AAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4300000 | PA      | $3716422.49   | 1.12%             | 2039-03-15      | Fixed         | 3.35%                 | 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      | $5160027.14   | 1.56%             | 2050-02-25      | Variable      | 4.42%                 | 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      | $1547350.67   | 0.47%             | 2066-12-25      | Variable      | 4.13%                 | 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        |    121534 | PA      | $114388.09    | 0.03%             | 2034-09-25      | Variable      | 5.77%                 | 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        |    654952 | PA      | $650110.85    | 0.20%             | 2052-03-15      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T | EFMT 2024-RM2                                                                  | CUSIP: 268431AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1012618 | PA      | $998660.84    | 0.30%             | 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      | $2979131.10   | 0.90%             | 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        |     14911 | PA      | $14794.01     | 0.00%             | 2033-03-25      | Floating      | 4.47%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                    | FIGRE Trust 2025-HE6                                                           | CUSIP: 31684NAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1006885.00   | 0.30%             | 2055-09-25      | Variable      | 6.04%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust        | Flagstar Mortgage Trust 2019-1                                                 | CUSIP: 33852ABD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3015274 | PA      | $2889703.63   | 0.87%             | 2049-10-25      | Variable      | 4.50%                 | 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        |     23473 | PA      | $7565.24      | 0.00%             | 2036-03-25      | Floating      | 4.21%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                                       | CUSIP: 38373MCH1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      4745 | PA      | $0.43         | 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        |     23848 | PA      | $1.00         | 0.00%             | 2046-05-16      | Variable      | 0.46%                 | 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      | $1087714.13   | 0.33%             | 2049-11-25      | Variable      | 4.41%                 | 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        |   3723590 | PA      | $2520532.10   | 0.76%             | 2049-11-25      | Variable      | 4.24%                 | 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        |  51937282 | PA      | $1643321.57   | 0.50%             | 2051-07-25      | Variable      | 0.50%                 | 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        |   5846000 | PA      | $5370583.99   | 1.62%             | 2031-07-05      | Fixed         | 4.13%                 | 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      | $1979923.73   | 0.60%             | 2069-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                    | PRKCM 2022-AFC2 Trust                                                          | CUSIP: 69377TAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3080000 | PA      | $3080208.52   | 0.93%             | 2057-08-25      | Variable      | 6.11%                 | No            |                  2 | On Loan: No      |
| Point Securitization Trust     | Point Securitization Trust 2023-1                                              | CUSIP: 73071JAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2686996 | PA      | $2703262.33   | 0.82%             | 2053-11-25      | Variable      | 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        |   1844579 | PA      | $1609291.01   | 0.49%             | 2036-12-25      | Floating      | 4.67%                 | 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      | $2228927.61   | 0.67%             | 2037-02-25      | Floating      | 4.41%                 | 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        |   1137255 | PA      | $844670.70    | 0.25%             | 2036-09-25      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| BX Trust                       | BX Trust 2021-BXMF                                                             | CUSIP: 05609RAS3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1862187 | PA      | $1850874.52   | 0.56%             | 2026-10-15      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust       | Benchmark 2025-V18 Mortgage Trust                                              | CUSIP: 08164EAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2535383.70   | 0.76%             | 2058-10-15      | Fixed         | 4.50%                 | 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        |      3175 | PA      | $2274.85      | 0.00%             | 2036-04-25      | Fixed         | 5.50%                 | 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      | $3229260.75   | 0.97%             | 2036-08-25      | Floating      | 4.55%                 | 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        |   1845567 | PA      | $1789392.83   | 0.54%             | 2067-01-25      | Variable      | 3.01%                 | 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      | $1028756.30   | 0.31%             | 2044-01-25      | Floating      | 6.77%                 | 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      | $2109318.80   | 0.64%             | 2040-02-25      | Floating      | 11.22%                | No            |                  2 | On Loan: No      |
| FIGRE Trust                    | FIGRE Trust 2025-HE8                                                           | CUSIP: 30191WAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1507500.00   | 0.45%             | 2055-11-25      | Variable      | 6.30%                 | 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        |      4791 | PA      | $4806.38      | 0.00%             | 2037-09-25      | Variable      | 6.57%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust        | Flagstar Mortgage Trust 2018-1                                                 | CUSIP: 33850TBC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1463000 | PA      | $1077277.27   | 0.32%             | 2048-03-25      | Variable      | 3.93%                 | 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      | $1027941.95   | 0.31%             | 2045-02-25      | Floating      | 9.15%                 | 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      | $2281392.68   | 0.69%             | 2045-07-25      | Floating      | 8.47%                 | 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      | $1305804.37   | 0.39%             | 2044-05-25      | Floating      | 5.77%                 | 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      | $1248564.48   | 0.38%             | 2056-10-25      | Variable      | 7.55%                 | 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      | $3034691.59   | 0.92%             | 2050-07-25      | Variable      | 6.85%                 | 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        |   3051755 | PA      | $2982255.29   | 0.90%             | 2053-07-25      | Variable      | 5.60%                 | 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      | $4806368.11   | 1.45%             | 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      | $2958599.40   | 0.89%             | 2058-08-15      | Fixed         | 4.50%                 | 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      | $1706222.15   | 0.51%             | 2054-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Point Securitization Trust     | Point Securitization Trust 2025-2                                              | CUSIP: 73071PAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2150000 | PA      | $2155794.25   | 0.65%             | 2055-09-25      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC              | PRPM 2024-6 LLC                                                                | CUSIP: 74390PAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1763937 | PA      | $1769434.80   | 0.53%             | 2029-11-25      | Variable      | 5.70%                 | 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      | $2800537.77   | 0.84%             | 2047-06-20      | Fixed         | 5.00%                 | 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        |   1393065 | PA      | $1403947.25   | 0.42%             | 2030-05-25      | Variable      | 7.77%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2025-2                                                  | CUSIP: 816935AU4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1957171 | PA      | $1983241.55   | 0.60%             | 2055-03-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2025-8                                                  | CUSIP: 81743GAU0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2543252 | PA      | $2578718.15   | 0.78%             | 2055-06-25      | Variable      | 6.00%                 | 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      | $3154631.20   | 0.95%             | 2058-03-25      | Variable      | 3.78%                 | 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      | $1010866.70   | 0.30%             | 2058-05-25      | Floating      | 6.32%                 | 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      | $1009966.46   | 0.30%             | 2059-10-25      | Floating      | 6.07%                 | 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        |   2742607 | PA      | $2319080.78   | 0.70%             | 2051-12-25      | Variable      | 3.21%                 | 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      | $1550242.50   | 0.47%             | 2044-03-25      | Floating      | 6.87%                 | 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        |     17711 | PA      | $17840.15     | 0.01%             | 2043-08-25      | Variable      | 5.43%                 | No            |                  2 | On Loan: No      |
| A10 Securitization             | A10 2025-FL6 Issuer LLC                                                        | CUSIP: 00028AAJ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4000000 | PA      | $3996237.60   | 1.21%             | 2042-05-15      | Floating      | 7.44%                 | 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        |      4468 | PA      | $4448.77      | 0.00%             | 2027-09-27      | Variable      | 7.47%                 | 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        |     24173 | PA      | $4472.13      | 0.00%             | 2031-08-15      | Variable      | 10.26%                | 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      | $2944034.88   | 0.89%             | 2065-05-25      | Variable      | 3.96%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                                              | CUSIP: 31396VHF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     68437 | PA      | $66342.47     | 0.02%             | 2037-04-25      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                | CUSIP: 31410GEF6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2991 | PA      | $3026.59      | 0.00%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit  | Freddie Mac Mscr Trust Mn2                                                     | CUSIP: 35563JAB9<br>LEI: 549300OXOJE8K5OHDX86 | Long             | ABS-MBS          | CORP              | US        |   4370779 | PA      | $4356180.83   | 1.31%             | 2041-07-25      | Floating      | 7.42%                 | 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        |    217730 | PA      | $231638.32    | 0.07%             | 2057-10-25      | Floating      | 8.42%                 | 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        |    806541 | PA      | $816018.87    | 0.25%             | 2051-03-25      | Floating      | 6.82%                 | 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      | $3175272.07   | 0.96%             | 2038-06-15      | Floating      | 5.86%                 | 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      | $1015632.56   | 0.31%             | 2032-09-09      | Fixed         | 3.91%                 | No            |                  2 | On Loan: No      |
| Navigator Aviation Ltd         | Navigator 2025-1 Aviation Ltd                                                  | CUSIP: 63943GAB8<br>LEI: 984500AWDV89795F0342 | Long             | ABS-O            | CORP              | KY        |   2985772 | PA      | $3002065.26   | 0.91%             | 2050-10-15      | Fixed         | 5.89%                 | 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      | $945740.99    | 0.29%             | 2059-10-25      | Floating      | 6.07%                 | 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      | $3500186.12   | 1.06%             | 2064-04-25      | Variable      | 4.07%                 | 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      | $2022880.00   | 0.61%             | 2069-06-25      | Variable      | 8.00%                 | 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        |   4477795 | PA      | $2380221.78   | 0.72%             | 2037-06-25      | Fixed         | 7.00%                 | 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        |     19435 | PA      | $16266.01     | 0.00%             | 2046-07-20      | Floating      | 4.47%                 | 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      | $4570365.67   | 1.38%             | 2068-07-15      | Fixed         | 4.50%                 | 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      | $1359652.51   | 0.41%             | 2064-02-25      | Fixed         | 7.91%                 | No            |                  2 | On Loan: No      |
| CRB Commercial Mortgage Trust  | CRB Commercial Mortgage Trust 2025-1                                           | CUSIP: 12629SAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5326000 | PA      | $5066685.05   | 1.53%             | 2058-09-15      | Variable      | 5.16%                 | No            |                  3 | 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      | $2701609.80   | 0.81%             | 2066-12-27      | Variable      | 4.15%                 | 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      | $1877306.95   | 0.57%             | 2058-10-25      | Variable      | 3.01%                 | 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        |   2203000 | PA      | $2061516.29   | 0.62%             | 2058-10-25      | Variable      | 3.96%                 | 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        |    738114 | PA      | $738321.96    | 0.22%             | 2062-08-25      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| Splitero Trust 2025-1          | Splitero Trust 2025-1                                                          | CUSIP: 848948AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2988351.00   | 0.90%             | 2055-12-25      | Fixed         | 5.75%                 | 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      | $947960.00    | 0.29%             | 2055-11-25      | Fixed         | 4.26%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                    | FIGRE Trust 2025-HE3                                                           | CUSIP: 31684LAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1111603 | PA      | $1125551.83   | 0.34%             | 2055-05-25      | Variable      | 5.91%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                    | FIGRE Trust 2024-HE4                                                           | CUSIP: 31684UAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    746904 | PA      | $751755.22    | 0.23%             | 2054-09-25      | Variable      | 5.25%                 | 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      | $62813.90     | 0.02%             | 2029-06-21      | Fixed         | 7.11%                 | 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      | $5163359.00   | 1.56%             | 2029-11-10      | Variable      | 9.52%                 | 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      | $2785510.29   | 0.84%             | 2047-09-25      | Floating      | 9.10%                 | 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      | $2565729.34   | 0.77%             | 2050-01-25      | Floating      | 9.29%                 | 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        |   8703822 | PA      | $8155686.55   | 2.46%             | 2045-10-25      | Floating      | 4.69%                 | 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        |   2725000 | PA      | $2738710.16   | 0.83%             | 2041-03-15      | Floating      | 9.29%                 | No            |                  2 | On Loan: No      |
| HTAP Trust                     | HTAP Issuer Trust 2025-1                                                       | CUSIP: 40446AAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1200000 | PA      | $1195504.44   | 0.36%             | 2042-11-25      | Fixed         | 8.00%                 | 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        |   3202008 | PA      | $2724039.44   | 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 2018-PHH                | CUSIP: 46650FAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3750000 | PA      | $2718034.13   | 0.82%             | 2035-06-15      | Floating      | 5.47%                 | 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        |   3761291 | PA      | $3979274.71   | 1.20%             | 2029-05-05      | Fixed         | 7.29%                 | No            |                  2 | On Loan: No      |
| NMLT Trust                     | NMLT 2021-INV1 Trust                                                           | CUSIP: 62923JAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2326000 | PA      | $1999775.48   | 0.60%             | 2056-05-25      | Variable      | 3.61%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust     | Progress Residential 2021-SFR10 Trust                                          | CUSIP: 74333WAQ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3917355 | PA      | $3823976.74   | 1.15%             | 2040-12-17      | Fixed         | 4.86%                 | 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      | $734613.88    | 0.22%             | 2039-01-17      | Floating      | 8.22%                 | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortg | Saluda Grade Alternative Mortgage Trust 2025-LOC5                              | CUSIP: 79581XAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2001495.20   | 0.60%             | 2055-10-25      | Floating      | 6.15%                 | No            |                  2 | On Loan: No      |
| SKY1 Trust                     | SKY Trust 2025-LINE                                                            | CUSIP: 830941AG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2963158 | PA      | $2973909.41   | 0.90%             | 2042-04-15      | Floating      | 9.89%                 | No            |                  2 | On Loan: No      |
| UNLOCK HEA TRUST               | Unlock HEA Trust 2025-2                                                        | CUSIP: 914917AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1883291 | PA      | $1882816.31   | 0.57%             | 2041-11-25      | Fixed         | 6.00%                 | 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      | $1547402.00   | 0.47%             | 2066-09-25      | Variable      | 3.94%                 | 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      | $1308069.04   | 0.39%             | 2065-04-25      | Variable      | 4.75%                 | 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      | $1210013.04   | 0.37%             | 2039-02-25      | Variable      | 7.57%                 | 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      | $669342.70    | 0.20%             | 2066-11-25      | Variable      | 4.33%                 | No            |                  2 | On Loan: No      |
| A10 Securitization             | A10 2025-FL6 Issuer LLC                                                        | CUSIP: 00028AAL9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2000000 | PA      | $1998125.20   | 0.60%             | 2042-05-15      | Floating      | 8.09%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust       | Benchmark 2025-B41 Mortgage Trust                                              | CUSIP: 081935BC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $4141888.00   | 1.25%             | 2068-07-15      | Fixed         | 6.14%                 | 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        |   1436234 | PA      | $1468175.73   | 0.44%             | 2037-06-15      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag | Wells Fargo Commercial Mortgage Trust 2025-C65                                 | CUSIP: 95004WAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3416000 | PA      | $3454337.77   | 1.04%             | 2058-10-15      | Variable      | 6.01%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-30

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Kevin Hayden

**Name of Signer:** Advisors Series Trust

**Title:** Treasurer & Vice President