Medalist Partners, an investment management firm that specializes in securitized credit and asset-based private credit, has again been recognized for strong, risk-adjusted performance by the 2026 LSEG Lipper Fund Awards. The LSEG Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. Medalist Funds received an award in the following category:

• Best U.S. Mortgage Fund, 3 Year Category, Medalist Partners MBS Total Return Fund (SEMMX), following its outperformance of 126 fund share classes and 41 portfolios in the category.

The fund focuses on low correlation to traditional fixed income while targeting current yield, total return, and low interest rate sensitivity while seeking to limit downside volatility through investments in securitized credit. They aim to provide individual investors with access to a niche segment of the structured credit market typically limited to institutional investors.

Michael Ardisson, President at Medalist, said: “We are honored to be recognized by LSEG Lipper for our long-term performance. This award reflects the consistency of our investment process, our team’s disciplined approach to credit selection, and our unwavering focus on risk management across market cycles. We are grateful to our clients for their continued trust and partnership.”

Otto Christian Kober, Head of Lipper Research, LSEG Data & Analytics, added: “The 2026 LSEG Lipper Fund Awards mark another volatile three-year stretch for global markets. The managers we’re recognizing have guided investors through an environment where base rates have spiked, then diverged, as central banks navigated new and challenging inflationary landscapes, alongside uneven global growth, and heightened geopolitical risk. Whether managers entered the market in the era of easy money or have navigated cycles for decades, the recent period made one thing plain: durable results come from a disciplined process, not prediction. We applaud the 2026 LSEG Lipper Fund Award winners for delivering outperformance and the steady reassurance of consistency through changing market conditions.”

SEMMX returned +8.81% for the full-year ended December 31, 2025, and ranked #1 for the 3-year period ending December 31, 2025 among 82 funds within the Securitized Bond - Diversified category based on total returns according to Morningstar¹. This top decile performance reflects Medalist’s continued success in executing its liquid alternatives strategies in the securitized credit market, setting the stage for continued expected growth in 2026.

“We believe securitized credit continues to offer compelling relative value, supported by strong collateral performance and structural protections,” said Jim Buccola, Chief Investment Officer at Medalist. “This recognition reflects our team’s disciplined underwriting and focus on identifying durable income streams that can generate attractive risk-adjusted returns across market cycles.”

Available on multiple platforms, including Fidelity, Schwab, E*Trade, Morgan Stanley, UBS, RBC, Rockefeller and others, Medalist’s daily liquidity mutual funds offer investors access to residential mortgage backed securities, commercial mortgage backed securities, and asset backed securities.

Performance data quoted represents past performance; past performance does not guarantee future results.

About Medalist Partners

Medalist Partners is an alternative investment management firm specializing in securitized credit and asset-based private credit. Medalist’s clients include a broad range of institutional and retail investors. Headquartered in New York, Medalist is led by partners Greg Richter, Michael Ardisson, Jim Buccola, and John Slonieski. Having previously led Credit Suisse’s global specialty finance and securitized credit business, the team has extensive experience in asset finance, structured products, securitization, investment banking, and credit underwriting. For more information, visit www.medalistpartnersfunds.com.

Periods longer than 1 year are annualized. Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 855-736-7799. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.

¹ Morningstar Percentile rank is a standardized way of ranking items within a peer group, in this case, funds with the same Morningstar category. SEMMX is in top 17th percentile for 1-year period, 1st percentile for 3-year period, 11th percentile for 5-year period and 26th percentile for 10-year period among 89, 82, 68 and 44 Securitized Bond-Diversified Funds, respectively, as of 12/31/2025 based on Total Returns.

² The Adviser has contractually agreed to waive a portion or all of its management fees and pay Fund expenses to ensure that Total Annual Fund Operating Expenses After Fee Waiver (excluding acquired fund fees and expenses (“AFFE”), taxes, interest expense, dividends on securities sold short, extraordinary expenses, Rule 12b-1 fees, shareholder servicing fees and any other class-specific expenses) do not exceed 0.90% of average daily net assets of the Fund (the “Expense Cap”). The Expense Cap will remain in effect through at least March 30, 2026 and may be terminated only by Advisors Series Trust’s (the “Trust”) Board of Trustees (the “Board”). The Adviser may request recoupment of previously waived fees and paid expenses from the Fund for 36 months from the date they were waived or paid, subject to the Expense Cap at the time such amounts were waived or at the time of recoupment, whichever is lower.

The LSEG Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers.

The LSEG Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the LSEG Lipper Fund Award. For more information, see lipperfundawards.com Although LSEG makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by LSEG Lipper.

Please read and consider the Prospectus carefully before investing. The fund's investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information about the Funds are contained in the Prospectus which can be obtained by calling 855-736-7799 or visiting www.medalistpartnersfunds.com.

Mutual fund investing involves risk. Principal loss is possible. SEMMX invests in debt securities: As interest rates rise, the value of debt securities decrease; whereas prepayment risk tends to occur during periods of declining interest rates. This risk is usually greater for longer-term debt securities. Investments in Mortgage-Backed and Asset Backed Securities include additional risks that investors should be aware of such as credit risk, interest rate risk, prepayment risk, real estate market risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. Many of the risks of investing in commercial mortgage-backed securities reflect the risks of investing in the real estate securing the underlying mortgage loans.

The Medalist Partners Funds are distributed by Quasar Distributors, LLC

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