# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001145549-25-047411
**Filing Date:** 2025-7
**Character Count:** 66824
**Document Hash:** 9f829083273b206638e0ed83234a8452
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-047411.hdr.sgml**: 20250724

**ACCESSION NUMBER**: 0001145549-25-047411

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250724

**DATE AS OF CHANGE**: 20250724

**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:** 251144865

**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:** 2025-05-31

**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:** $312129128.87

**Total Liabilities:** $10004698.39

**Net Assets:** $302124430.48

**Delayed Delivery Securities:** $8075765.64

**Cash Not Reported:** $904359.47

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 22377.506751000000 | **1-Year:** 8565.751678000000 | **5-Year:** 18435.642815000000 | **10-Year:** 12273.686686000000 | **30-Year:** 3718.877390000000

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

- **3-Month:** 37657.798413000000 | **1-Year:** 14009.205587000000 | **5-Year:** 21663.936315000000 | **10-Year:** 13181.065887000000 | **30-Year:** 4235.993098000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000129089 | -0.20%               | -0.07%               | 0.88%                |
| Class ID C000129090 | -0.22%               | -0.09%               | 0.86%                |
| Class ID C000164429 | -0.22%               | -0.09%               | 0.74%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $192913.56               | $-2551048.53                               |
| Month 2  | $-274986.03              | $-1862228.26                               |
| Month 3  | $44451.25                | $927335.41                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Towd Point Mortgage Trust      | Towd Point Mortgage Trust 2019-HY1                                             | CUSIP: 89177EAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6170000 | PA      | $5815049.16   | 1.92%             | 2048-10-25      | Floating      | 6.59%                 | 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      | $1449030.00   | 0.48%             | 2066-09-25      | Variable      | 3.94%                 | No            |                  2 | On Loan: No      |
| FRTKL                          | FRTKL 2021-SFR1                                                                | CUSIP: 30322DAN9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2811000 | PA      | $2628835.96   | 0.87%             | 2038-09-17      | Fixed         | 4.11%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust        | Flagstar Mortgage Trust 2018-1                                                 | CUSIP: 33850TBC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1206000 | PA      | $800137.70    | 0.26%             | 2048-03-25      | Variable      | 3.93%                 | 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        |   1228139 | PA      | $1242557.13   | 0.41%             | 2056-10-25      | Variable      | 7.55%                 | 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      | $2938643.25   | 0.97%             | 2035-06-15      | Floating      | 5.84%                 | 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      | $1432698.72   | 0.47%             | 2055-10-25      | Variable      | 4.00%                 | 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        |    577021 | PA      | $526089.30    | 0.17%             | 2051-03-25      | Floating      | 8.17%                 | 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        |     15138 | PA      | $15019.63     | 0.00%             | 2027-09-27      | Variable      | 7.47%                 | 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      | $4348912.50   | 1.44%             | 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      | $1345612.85   | 0.45%             | 2064-02-25      | Fixed         | 7.91%                 | 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      | $3116228.25   | 1.03%             | 2036-08-25      | Floating      | 4.92%                 | 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      | $3157693.25   | 1.05%             | 2034-06-15      | Floating      | 7.72%                 | 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        |   1500000 | PA      | $1499953.50   | 0.50%             | 2041-03-15      | Floating      | 9.66%                 | 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        |   1994942 | PA      | $1876778.15   | 0.62%             | 2057-06-25      | Variable      | 9.04%                 | No            |                  2 | On Loan: No      |
| harvest commercial capital loa | Harvest Commercial Capital Loan Trust 2024-1                                   | CUSIP: 417927AC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1929652 | PA      | $1957333.84   | 0.65%             | 2056-10-25      | Variable      | 6.90%                 | 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        |    847756 | PA      | $839798.00    | 0.28%             | 2051-03-25      | Floating      | 7.07%                 | 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        |   3243390 | PA      | $2554315.65   | 0.85%             | 2052-03-25      | Variable      | 3.29%                 | 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      | $1917141.06   | 0.63%             | 2069-10-25      | Variable      | 3.50%                 | 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      | $1695167.89   | 0.56%             | 2053-11-25      | Floating      | 14.07%                | No            |                  2 | On Loan: No      |
| NMLT Trust                     | NMLT 2021-INV1 Trust                                                           | CUSIP: 62923JAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2326000 | PA      | $1790856.48   | 0.59%             | 2056-05-25      | Variable      | 3.61%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                    | PRKCM 2022-AFC2 Trust                                                          | CUSIP: 69377TAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3080000 | PA      | $3072337.88   | 1.02%             | 2057-08-25      | Variable      | 6.14%                 | 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        |    783175 | PA      | $778018.32    | 0.26%             | 2062-08-25      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2025-2                                                  | CUSIP: 816935AU4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2341838 | PA      | $2334702.28   | 0.77%             | 2055-03-25      | Variable      | 6.00%                 | 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      | $1574391.85   | 0.52%             | 2058-05-25      | Floating      | 6.69%                 | 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      | $935503.28    | 0.31%             | 2059-10-25      | Floating      | 6.44%                 | 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        |   1686631 | PA      | $1706304.00   | 0.56%             | 2037-06-15      | Fixed         | 5.93%                 | 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        |   1900838 | PA      | $1791841.92   | 0.59%             | 2067-01-25      | Variable      | 3.01%                 | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit  | Freddie Mac Multifamily Structured Credit Risk                                 | CUSIP: 35563JAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4973810.00   | 1.65%             | 2041-07-25      | Floating      | 7.67%                 | 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      | $995699.30    | 0.33%             | 2045-02-25      | Floating      | 9.27%                 | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit  | Freddie Mac Multifamily Structured Credit Risk                                 | CUSIP: 355917AC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2950000 | PA      | $3069639.91   | 1.02%             | 2044-10-25      | Floating      | 10.32%                | 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      | $1248376.05   | 0.41%             | 2063-12-25      | Variable      | 6.86%                 | 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        |   1938507 | PA      | $1668233.41   | 0.55%             | 2036-12-25      | Floating      | 5.04%                 | 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      | $2782268.40   | 0.92%             | 2047-06-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Star Trust                     | STAR 2021-SFR1 Trust                                                           | CUSIP: 85521DAQ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1001932.00   | 0.33%             | 2038-04-17      | Floating      | 8.89%                 | 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      | $1216038.72   | 0.40%             | 2039-02-25      | Variable      | 7.57%                 | 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      | $2179878.53   | 0.72%             | 2058-03-25      | Variable      | 3.95%                 | 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      | $4928538.50   | 1.63%             | 2029-11-10      | Variable      | 9.21%                 | 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      | $3041814.60   | 1.01%             | 2058-06-15      | Variable      | 6.39%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                       | BXMT 2020-FL2 LTD                                                              | CUSIP: 12434LAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1930178.00   | 0.64%             | 2038-02-15      | Floating      | 6.34%                 | 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      | $2955342.60   | 0.98%             | 2067-09-25      | Variable      | 5.93%                 | No            |                  2 | On Loan: No      |
| Eagle Re Ltd                   | Eagle RE 2023-1 Ltd                                                            | CUSIP: 26982EAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    413098 | PA      | $414615.76    | 0.14%             | 2033-09-26      | Floating      | 6.32%                 | 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      | $1330086.35   | 0.44%             | 2047-05-25      | Variable      | 3.85%                 | 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        |      5268 | PA      | $5198.32      | 0.00%             | 2037-09-25      | Variable      | 6.53%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                                       | CUSIP: 38373MCH1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      5055 | PA      | $0.14         | 0.00%             | 2042-01-16      | Variable      | 1.11%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                                       | CUSIP: 38373MPG9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    101701 | PA      | $0.15         | 0.00%             | 2045-06-17      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                                       | CUSIP: 38375JCL7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     28969 | PA      | $0.46         | 0.00%             | 2046-05-16      | Variable      | 0.43%                 | 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      | $2626136.69   | 0.87%             | 2050-07-25      | Variable      | 6.74%                 | 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        |   1822543 | PA      | $1470492.90   | 0.49%             | 2036-06-25      | Floating      | 5.44%                 | 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      | $2416522.05   | 0.80%             | 2049-10-25      | Floating      | 9.94%                 | 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      | $1658888.36   | 0.55%             | 2054-03-25      | Variable      | 3.75%                 | 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      | $2153155.78   | 0.71%             | 2037-02-25      | Floating      | 4.78%                 | 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      | $3872193.51   | 1.28%             | 2050-02-25      | Variable      | 3.44%                 | 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      | $1482155.09   | 0.49%             | 2066-12-25      | Variable      | 4.11%                 | 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        |      3249 | PA      | $2306.33      | 0.00%             | 2036-04-25      | Fixed         | 5.50%                 | 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      | $1028894.90   | 0.34%             | 2044-01-25      | Floating      | 7.02%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T | EFMT 2024-RM2                                                                  | CUSIP: 268431AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1047744 | PA      | $997488.44    | 0.33%             | 2054-07-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit  | Freddie Mac Multifamily Structured Credit Risk                                 | CUSIP: 35563GAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6063000 | PA      | $6472220.37   | 2.14%             | 2051-11-25      | Floating      | 11.17%                | 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      | $1009980.73   | 0.33%             | 2049-11-25      | Variable      | 4.46%                 | 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        |   3606176 | PA      | $2069550.57   | 0.68%             | 2049-11-25      | Variable      | 4.29%                 | 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        |  54135354 | PA      | $1683157.49   | 0.56%             | 2051-07-25      | Variable      | 0.50%                 | 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      | $4559049.47   | 1.51%             | 2037-04-15      | Floating      | 7.19%                 | 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      | $3380785.21   | 1.12%             | 2038-06-15      | Floating      | 6.23%                 | 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        |   3082014 | PA      | $2936195.49   | 0.97%             | 2053-07-25      | Variable      | 5.63%                 | 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      | $2439886.63   | 0.81%             | 2035-09-10      | Variable      | 3.55%                 | 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        |   6562390 | PA      | $6815633.40   | 2.26%             | 2029-05-05      | Fixed         | 7.29%                 | 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      | $1996289.64   | 0.66%             | 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        |   1813000 | PA      | $1786575.53   | 0.59%             | 2058-10-25      | Variable      | 3.96%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust     | Progress Residential 2021-SFR10 Trust                                          | CUSIP: 74333WAQ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4039177 | PA      | $3893885.01   | 1.29%             | 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        |   1884544 | PA      | $1901280.81   | 0.63%             | 2029-11-25      | Variable      | 5.70%                 | 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        |   1213446 | PA      | $873987.77    | 0.29%             | 2036-09-25      | Floating      | 4.94%                 | 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      | $3220536.48   | 1.07%             | 2043-01-05      | Variable      | 4.39%                 | No            |                  2 | On Loan: No      |
| Starwood Commercial Mortgage T | STWD 2021-FL2 Ltd                                                              | CUSIP: 78486BAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4780000 | PA      | $4697251.75   | 1.55%             | 2038-04-18      | Floating      | 7.24%                 | 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        |   1701737 | PA      | $1711956.38   | 0.57%             | 2030-05-25      | Variable      | 7.77%                 | 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        |     16477 | PA      | $15118.96     | 0.01%             | 2035-11-25      | Variable      | 4.52%                 | 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      | $2981138.00   | 0.99%             | 2058-03-25      | Variable      | 3.79%                 | 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      | $935909.60    | 0.31%             | 2058-05-25      | Floating      | 6.69%                 | 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      | $1002849.79   | 0.33%             | 2059-10-25      | Floating      | 6.44%                 | 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      | $2524677.79   | 0.84%             | 2050-01-25      | Floating      | 9.54%                 | 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        |   9374511 | PA      | $8856382.49   | 2.93%             | 2045-10-25      | Floating      | 5.06%                 | 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        |   2992412 | PA      | $2889171.24   | 0.96%             | 2057-06-25      | Variable      | 9.04%                 | No            |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue | Multifamily Connecticut Avenue Securities Trust 2019-01                        | CUSIP: 62547NAB5<br>LEI: 549300HG8ZEWVWVSN227 | Long             | ABS-MBS          | CORP              | US        |   2001710 | PA      | $2017588.62   | 0.67%             | 2049-10-25      | Floating      | 7.69%                 | No            |                  2 | On Loan: No      |
| BX Trust                       | BX Trust 2021-BXMF                                                             | CUSIP: 05609RAS3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2100867 | PA      | $2069345.86   | 0.68%             | 2026-10-15      | Floating      | 7.79%                 | 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        |   1015935 | PA      | $703435.75    | 0.23%             | 2037-07-25      | Floating      | 4.89%                 | 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        |    145989 | PA      | $136216.58    | 0.05%             | 2034-09-25      | Variable      | 6.63%                 | 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      | $1935003.00   | 0.64%             | 2066-10-25      | Variable      | 4.14%                 | 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      | $235089.93    | 0.08%             | 2052-03-15      | Variable      | 5.54%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust   | GS Mortgage Securities Corp II                                                 | CUSIP: 36269JAL2<br>LEI: 5493005BBCF84ICNQ550 | Long             | ABS-MBS          | CORP              | US        |   3360000 | PA      | $3463268.26   | 1.15%             | 2041-03-10      | Variable      | 8.96%                 | 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      | $2068957.60   | 0.68%             | 2041-03-15      | Floating      | 7.96%                 | 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        |    232110 | PA      | $245998.61    | 0.08%             | 2057-10-25      | Floating      | 8.79%                 | 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        |   1337551 | PA      | $1300826.46   | 0.43%             | 2042-01-15      | Fixed         | 4.30%                 | 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      | $1015946.51   | 0.34%             | 2032-09-09      | Fixed         | 3.91%                 | No            |                  2 | On Loan: No      |
| Point Securitization Trust     | Point Securitization Trust 2024-1                                              | CUSIP: 73071KAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2918017 | PA      | $2907266.44   | 0.96%             | 2054-06-25      | Fixed         | 6.50%                 | 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      | $1294762.75   | 0.43%             | 2033-07-25      | Floating      | 8.67%                 | No            |                  2 | On Loan: No      |
| RAAC Series                    | RAAC Series 2004-SP1 Trust                                                     | CUSIP: 7609855T4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       380 | PA      | $377.18       | 0.00%             | 2034-03-25      | Variable      | 6.12%                 | 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      | $729785.19    | 0.24%             | 2039-01-17      | Floating      | 8.59%                 | 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        |    535232 | PA      | $538360.38    | 0.18%             | 2064-01-25      | Variable      | 6.05%                 | 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        |   4517156 | PA      | $2311475.68   | 0.77%             | 2037-06-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                     | AMSR 2021-SFR3 Trust                                                           | CUSIP: 00180UAJ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1750000 | PA      | $1676620.75   | 0.55%             | 2038-10-17      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                 | Fannie Mae-Aces                                                                | CUSIP: 31395BY98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    440031 | PA      | $2.38         | 0.00%             | 2036-03-25      | Variable      | 0.22%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust       | Foundation Finance Trust 2024-2                                                | CUSIP: 35040VAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2988620.70   | 0.99%             | 2050-03-15      | Fixed         | 5.32%                 | 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        | 362359313 | PA      | $967934.20    | 0.32%             | 2057-11-25      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| Apollo Aviation Securitization | AASET 2024-1                                                                   | CUSIP: 00255JAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2393342 | PA      | $2444530.67   | 0.81%             | 2049-05-16      | Fixed         | 6.26%                 | 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        |     70639 | PA      | $70518.05     | 0.02%             | 2029-06-21      | Fixed         | 7.11%                 | 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        |      4991 | PA      | $4296.25      | 0.00%             | 2036-05-20      | Variable      | 5.34%                 | No            |                  2 | On Loan: No      |
| CFK Trust                      | CFK Trust 2020-MF2                                                             | CUSIP: 12529AAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4300000 | PA      | $3650167.23   | 1.21%             | 2039-03-15      | Fixed         | 3.35%                 | 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      | $1039466.00   | 0.34%             | 2044-01-25      | Floating      | 8.32%                 | 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      | $2568212.25   | 0.85%             | 2044-02-25      | Floating      | 8.02%                 | 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      | $1540072.50   | 0.51%             | 2044-03-25      | Floating      | 7.12%                 | 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        |     19346 | PA      | $19402.03     | 0.01%             | 2043-08-25      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                                              | CUSIP: 31396VHF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     67001 | PA      | $63001.99     | 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        |      3153 | PA      | $3144.00      | 0.00%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                    | FIGRE Trust 2024-HE4                                                           | CUSIP: 31684UAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1297270 | PA      | $1310271.19   | 0.43%             | 2054-09-25      | Variable      | 5.06%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                    | FIGRE Trust 2024-HE4                                                           | CUSIP: 31684UAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    864847 | PA      | $862672.67    | 0.29%             | 2054-09-25      | Variable      | 5.25%                 | 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      | $1309187.62   | 0.43%             | 2044-05-25      | Floating      | 6.02%                 | 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        |   4704000 | PA      | $4795401.54   | 1.59%             | 2059-10-25      | Floating      | 6.44%                 | 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      | $1524236.40   | 0.50%             | 2064-11-25      | Variable      | 6.00%                 | 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        |   3112947 | PA      | $1089122.45   | 0.36%             | 2057-11-25      | Variable      | 2.37%                 | No            |                  2 | On Loan: No      |
| Radnor Re LTD                  | Radnor RE 2023-1 Ltd                                                           | CUSIP: 75050KAA4<br>LEI: 254900P3K895250PCC81 | Long             | ABS-MBS          | CORP              | BM        |    593901 | PA      | $597709.13    | 0.20%             | 2033-07-25      | Floating      | 7.02%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2025-5                                                  | CUSIP: 81743GAU0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2988984.30   | 0.99%             | 2055-06-25      | Variable      | 6.00%                 | 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        |   1938434 | PA      | $1838478.04   | 0.61%             | 2039-11-15      | Fixed         | 3.67%                 | 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        |   2777033 | PA      | $2178931.66   | 0.72%             | 2051-12-25      | Variable      | 3.22%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2019-INV3                                           | CUSIP: 92537MAH3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $949333.80    | 0.31%             | 2059-11-25      | Variable      | 4.79%                 | 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      | $4949888.49   | 1.64%             | 2050-02-25      | Variable      | 4.42%                 | 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      | $3653073.55   | 1.21%             | 2043-09-25      | Floating      | 7.57%                 | 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      | $2135640.40   | 0.71%             | 2040-02-25      | Floating      | 11.19%                | 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      | $2829782.40   | 0.94%             | 2065-05-25      | Variable      | 3.96%                 | 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      | $3130764.00   | 1.04%             | 2066-11-25      | Variable      | 4.44%                 | 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      | $538012.39    | 0.18%             | 2046-12-25      | Variable      | 3.65%                 | 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        |     17361 | PA      | $17211.57     | 0.01%             | 2033-03-25      | Floating      | 4.72%                 | 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      | $2781202.83   | 0.92%             | 2047-09-25      | Floating      | 9.27%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                       | BXMT 2020-FL3 Ltd                                                              | CUSIP: 05608XAG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $3884246.00   | 1.29%             | 2037-11-15      | Floating      | 7.49%                 | 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        |   2361988 | PA      | $2135796.47   | 0.71%             | 2054-08-01      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                                     | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  15599015 | NS      | $15599015.29  | 5.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Flagstar Mortgage Trust        | Flagstar Mortgage Trust 2019-1                                                 | CUSIP: 33852ABD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3097938 | PA      | $2821154.42   | 0.93%             | 2049-10-25      | Variable      | 4.51%                 | 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      | $2829206.18   | 0.94%             | 2050-02-25      | Floating      | 9.24%                 | 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        |     23878 | PA      | $7659.95      | 0.00%             | 2036-03-25      | Floating      | 4.58%                 | 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      | $4022934.65   | 1.33%             | 2031-07-05      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| SKY1 Trust                     | SKY Trust 2025-LINE                                                            | CUSIP: 830941AG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2994737 | PA      | $2948861.96   | 0.98%             | 2042-04-15      | Floating      | 10.26%                | 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      | $1185207.71   | 0.39%             | 2065-04-25      | Variable      | 4.75%                 | 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      | $625342.23    | 0.21%             | 2066-11-25      | Variable      | 4.33%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac      | Fannie Mae or Freddie Mac                                                      | CUSIP: 01F060667<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5000000 | PA      | $5048776.55   | 1.67%             | 2041-06-15      | Fixed         | 6.00%                 | 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        |     19928 | PA      | $16500.70     | 0.01%             | 2046-07-20      | Floating      | 4.84%                 | 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        |      6256 | PA      | $5692.89      | 0.00%             | 2036-05-25      | Floating      | 4.84%                 | 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        |      2610 | PA      | $2573.57      | 0.00%             | 2034-12-25      | Variable      | 6.98%                 | 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      | $1194604.39   | 0.40%             | 2066-09-27      | Variable      | 4.12%                 | 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      | $2589715.80   | 0.86%             | 2066-12-27      | Variable      | 4.16%                 | 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        |     41350 | PA      | $6548.23      | 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        |    841681 | PA      | $831541.51    | 0.28%             | 2052-03-15      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| Residential Funding Securities | RFSC Trust                                                                     | CUSIP: 760985JD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    271654 | PA      | $262415.35    | 0.09%             | 2033-03-25      | Floating      | 5.30%                 | 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      | $895136.40    | 0.30%             | 2055-11-25      | Fixed         | 4.26%                 | 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      | $3298133.48   | 1.09%             | 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      | $3142265.35   | 1.04%             | 2064-04-25      | Variable      | 4.07%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Kevin Hayden

**Name of Signer:** Advisors Series Trust

**Title:** Treasurer & Vice President