# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001145549-23-004461
**Filing Date:** 2023-1
**Character Count:** 42984
**Document Hash:** e21d00354c484174cb0a1d5400bf2a67
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-004461.hdr.sgml**: 20230130

**ACCESSION NUMBER**: 0001145549-23-004461

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230130

**DATE AS OF CHANGE**: 20230130

**PERIOD START**: 20221130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADVISORS SERIES TRUST
- **CENTRAL INDEX KEY:** 0001027596
- **IRS NUMBER:** 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:** 23566471

**BUSINESS ADDRESS:**
- **STREET 1:** U.S BANCORP FUND SERVICES, LLC
- **STREET 2:** 615 E MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-765-5340

**MAIL ADDRESS:**
- **STREET 1:** 615 E MICHIGAN STREET
- **STREET 2:** MK-WI-LC2
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### PIA High Yield Fund (Series ID: S000029824)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000091708 | Institutional Class | PHYSX           |

## 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:** PIA High Yield Fund

- **b. EDGAR series identifier (if any):** S000029824

- **c. LEI of Series:** 254900D0Q02UCOA94D93

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

- **a. Date of fiscal year-end:** 2022-11-30

- **b. Date as of which information is reported:** 2022-11-30

**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:** $50154525.71

**Total Liabilities:** $150667.98

**Net Assets:** $50003857.73

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

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

- **3-Month:** 4634.680000000000 | **1-Year:** 9757.940000000000 | **5-Year:** 1916.110000000000 | **10-Year:** 35.420000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000091708 | -3.98%               | 2.32%                | 0.64%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-748942.24              | $-1472531.43                               |
| Month 2  | $-163398.04              | $927539.73                                 |
| Month 3  | $-163498.35              | $197958.81                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BEASLEY MEZ HLDGS LLC         | Beasley Mezzanine Holdings LLC                                        | CUSIP: 07403VAA7<br>LEI: 549300VK8LJV1TK18D38 | Long             | DBT              | CORP              | US        |    660000 | PA      | $438075.00    | 0.88%             | 2026-02-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| BRAND INDUSTRIAL SERVICE      | Brand Industrial Services Inc                                         | CUSIP: 10524PAB6<br>LEI: 549300B658W2BPDQMW42 | Long             | DBT              | CORP              | US        |    594000 | PA      | $471864.69    | 0.94%             | 2025-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| BRISTOW GROUP INC             | Bristow Group Inc                                                     | CUSIP: 11040GAA1<br>LEI: 5493005Q24EN3UC1PV68 | Long             | DBT              | CORP              | US        |    750000 | PA      | $702691.79    | 1.41%             | 2028-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN      | Burford Capital Global Finance LLC                                    | CUSIP: 12116LAA7<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    320000 | PA      | $294112.48    | 0.59%             | 2028-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN      | Burford Capital Global Finance LLC                                    | CUSIP: 12116LAC3<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    350000 | PA      | $318684.39    | 0.64%             | 2030-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT        | Mauser Packaging Solutions Holding Co                                 | CUSIP: 12429TAD6<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    600000 | PA      | $590295.00    | 1.18%             | 2024-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CPI CG INC                    | CPI CG Inc                                                            | CUSIP: 12598FAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | PA      | $581624.18    | 1.16%             | 2026-03-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| CSI COMPRESSCO LP/FINANC      | CSI Compressco LP / CSI Compressco Finance Inc                        | CUSIP: 12652HAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    775000 | PA      | $712952.07    | 1.43%             | 2025-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CIMPRESS PLC                  | Cimpress PLC                                                          | CUSIP: 17186HAC6<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |    650000 | PA      | $454675.00    | 0.91%             | 2026-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CLEARWATER PAPER CORP         | Clearwater Paper Corp                                                 | CUSIP: 18538RAJ2<br>LEI: 549300HCVV19GXN4P292 | Long             | DBT              | CORP              | US        |    750000 | PA      | $668107.50    | 1.34%             | 2028-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DEALER TIRE LLC/DT ISSR       | Dealer Tire LLC / DT Issuer LLC                                       | CUSIP: 24229JAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    650000 | PA      | $554706.75    | 1.11%             | 2028-02-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| DIAMOND BC BV                 | Diamond BC BV                                                         | CUSIP: 25257DAA6<br>LEI: 549300SWLHWJF3D4N658 | Long             | DBT              | CORP              | NL        |    600000 | PA      | $453417.00    | 0.91%             | 2029-10-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| DORNOCH DEBT MERGER SUB       | Dornoch Debt Merger Sub Inc                                           | CUSIP: 25830JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    650000 | PA      | $433365.97    | 0.87%             | 2029-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ECO MATERIAL TECH INC         | Eco Material Technologies Inc                                         | CUSIP: 27900QAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    625000 | PA      | $595500.00    | 1.19%             | 2027-01-31      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ENERFLEX LTD                  | Enerflex Ltd                                                          | CUSIP: 29269RAA3<br>LEI: 54930014N7872VUS3F89 | Long             | DBT              | CORP              | CA        |    445000 | PA      | $437811.03    | 0.88%             | 2027-10-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ENTERCOM MEDIA CORP           | Audacy Capital Corp                                                   | CUSIP: 29365DAB5<br>LEI: 549300S5JUSXRHNCHD80 | Long             | DBT              | CORP              | US        |    700000 | PA      | $159187.00    | 0.32%             | 2029-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SK INVICTUS INTERMEDIATE      | SK Invictus Intermediate II Sarl                                      | CUSIP: 29977LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    700000 | PA      | $560815.50    | 1.12%             | 2029-10-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| F-BRASILE SPA/F-BRASILE       | F-Brasile SpA / F-Brasile US LLC                                      | CUSIP: 30191BAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |    700000 | PA      | $569709.00    | 1.14%             | 2026-08-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS      | Ferrellgas LP / Ferrellgas Finance Corp                               | CUSIP: 315289AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    700000 | PA      | $590638.22    | 1.18%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Fidelity Government Portfolio | Fidelity Government Portfolio                                         | CUSIP: 316175108<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   2585339 | NS      | $2585338.80   | 5.17%             |  |  |  | No            |                  1 | On Loan: No      |
| FRST STU BID/FRST TRANS       | First Student Bidco Inc / First Transit Parent Inc                    | CUSIP: 337120AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $623947.50    | 1.25%             | 2029-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FXI HOLDINGS INC              | FXI Holdings Inc                                                      | CUSIP: 36120RAA7<br>LEI: 549300VLKCUZW3MSVS50 | Long             | DBT              | CORP              | US        |    634000 | PA      | $527678.20    | 1.06%             | 2024-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN         | Genesis Energy LP / Genesis Energy Finance Corp                       | CUSIP: 37185LAL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    675000 | PA      | $645286.50    | 1.29%             | 2028-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN         | Genesis Energy LP / Genesis Energy Finance Corp                       | CUSIP: 37185LAM4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $71663.36     | 0.14%             | 2027-01-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GETTY IMAGES INC              | Getty Images Inc                                                      | CUSIP: 374276AJ2<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |    616000 | PA      | $609436.52    | 1.22%             | 2027-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE       | Global Partners LP / GLP Finance Corp                                 | CUSIP: 37954FAG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $142378.50    | 0.28%             | 2027-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE       | Global Partners LP / GLP Finance Corp                                 | CUSIP: 37954FAJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    416000 | PA      | $372584.41    | 0.75%             | 2029-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GRAFTECH FINANCE INC          | GrafTech Finance Inc                                                  | CUSIP: 384311AA4<br>LEI: 1Z010BU876CF2HDBIN43 | Long             | DBT              | CORP              | US        |    650000 | PA      | $542616.75    | 1.09%             | 2028-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| GRANITE US HOLDINGS CORP      | Granite US Holdings Corp                                              | CUSIP: 38748YAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    450000 | PA      | $472365.00    | 0.94%             | 2027-10-01      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| HADRIAN MERGER SUB            | Hadrian Merger Sub Inc                                                | CUSIP: 42239PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    349000 | PA      | $314513.57    | 0.63%             | 2026-05-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| HELIOS SOFT/ION CORP SOL      | Helios Software Holdings Inc / ION Corporate Solutions Finance Sarl   | CUSIP: 42329HAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    875000 | PA      | $668415.17    | 1.34%             | 2028-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| HERENS HOLDCO SARL            | Herens Holdco Sarl                                                    | CUSIP: 427169AA5<br>LEI: 2221002FZ55AMAUX4G64 | Long             | DBT              | CORP              | LU        |    750000 | PA      | $601203.75    | 1.20%             | 2028-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HUSKY III HOLDING LTD         | Husky III Holding Ltd                                                 | CUSIP: 44810RAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    468000 | PA      | $409500.00    | 0.82%             | 2025-02-15      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| ITT HOLDINGS LLC              | ITT Holdings LLC                                                      | CUSIP: 45074JAA2<br>LEI: 549300TH2PHOLK31LB42 | Long             | DBT              | CORP              | US        |    725000 | PA      | $621253.68    | 1.24%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| IRIS HOLDINGS INC             | Iris Holdings Inc                                                     | CUSIP: 46272EAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | PA      | $513000.00    | 1.03%             | 2026-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC             | Iron Mountain Inc                                                     | CUSIP: 46284VAG6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    550000 | PA      | $501050.00    | 1.00%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPW INDUSTRIES HOLD CORP      | JPW Industries Holding Corp                                           | CUSIP: 48128TAA0<br>LEI: 2549006C25X8KUBSYI24 | Long             | DBT              | CORP              | US        |    725000 | PA      | $625026.13    | 1.25%             | 2024-10-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| KRONOS ACQ  / KIK CUSTOM      | Kronos Acquisition Holdings Inc / KIK Custom Products Inc             | CUSIP: 50106GAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    575000 | PA      | $525159.00    | 1.05%             | 2026-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LSF11 A5 HOLDCO LLC           | LSF11 A5 HoldCo LLC                                                   | CUSIP: 50221DAA7<br>LEI: 254900FPK7P5WNA66Y10 | Long             | DBT              | CORP              | US        |    584000 | PA      | $475463.60    | 0.95%             | 2029-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| MAI HOLDINGS INC              | MAI Holdings Inc                                                      | CUSIP: 552915AB6<br>LEI: 5493000FOFYVBGJDOP45 | Long             | DBT              | CORP              | US        |    600000 | PA      | $171000.00    | 0.34%             | 2023-06-01      | Fixed         | 9.50%                 | No            |                  3 | On Loan: No      |
| MIWD HLDCO II/MIWD FIN        | MIWD Holdco II LLC / MIWD Finance Corp                                | CUSIP: 55337PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    625000 | PA      | $513246.88    | 1.03%             | 2030-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MRT MID PART/MRT MID FIN      | Martin Midstream Partners LP / Martin Midstream Finance Corp          | CUSIP: 573334AH2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $748162.50    | 1.50%             | 2025-02-28      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| API GROUP DE INC              | APi Group DE Inc                                                      | CUSIP: 001877AA7<br>LEI: 549300XP4G7B4QYA0G83 | Long             | DBT              | CORP              | US        |    625000 | PA      | $520556.25    | 1.04%             | 2029-07-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| AKUMIN ESCROW INC             | Akumin Escrow Inc                                                     | CUSIP: 01021FAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    650000 | PA      | $446134.00    | 0.89%             | 2028-08-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ALTA EQUIPMENT GROUP          | Alta Equipment Group Inc                                              | CUSIP: 02128LAA4<br>LEI: 549300DGOB28CLGS1X27 | Long             | DBT              | CORP              | US        |    550000 | PA      | $485783.47    | 0.97%             | 2026-04-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN      | Archrock Partners LP / Archrock Partners Finance Corp                 | CUSIP: 03959KAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $242300.00    | 0.48%             | 2027-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ARCOSA INC                    | Arcosa Inc                                                            | CUSIP: 039653AA8<br>LEI: 549300WFHLTCZV7D6V29 | Long             | DBT              | CORP              | US        |    600000 | PA      | $522441.09    | 1.04%             | 2029-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ARROW BIDCO LLC               | Arrow Bidco LLC                                                       | CUSIP: 042728AA3<br>LEI: 549300YHZN08M0H3O128 | Long             | DBT              | CORP              | US        |    650000 | PA      | $648961.92    | 1.30%             | 2024-03-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| MERCER INTL INC               | Mercer International Inc                                              | CUSIP: 588056BB6<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |    600000 | PA      | $508542.00    | 1.02%             | 2029-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MODIVCARE ESCROW ISSUER       | ModivCare Escrow Issuer Inc                                           | CUSIP: 60783XAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    625000 | PA      | $518750.00    | 1.04%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP         | NGL Energy Operating LLC / NGL Energy Finance Corp                    | CUSIP: 62922LAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    700000 | PA      | $632893.32    | 1.27%             | 2026-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GPD COS INC                   | GPD Cos Inc                                                           | CUSIP: 64051NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    650000 | PA      | $558525.50    | 1.12%             | 2026-04-01      | Fixed         | 10.12%                | No            |                  2 | On Loan: No      |
| NESCO HOLDINGS II INC         | NESCO Holdings II Inc                                                 | CUSIP: 64083YAA9<br>LEI: 254900FAHT0HW9T6L409 | Long             | DBT              | CORP              | US        |    650000 | PA      | $572627.25    | 1.15%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW ENTERPRISE STONE & L      | New Enterprise Stone & Lime Co Inc                                    | CUSIP: 644274AH5<br>LEI: 549300O5DQ5Y61B8VF38 | Long             | DBT              | CORP              | US        |    100000 | PA      | $90656.00     | 0.18%             | 2028-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BRUNDAGE-BONE CONCRETE        | Brundage-Bone Concrete Pumping Holdings Inc                           | CUSIP: 66981QAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    650000 | PA      | $605614.75    | 1.21%             | 2026-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OT MERGER CORP                | OT Merger Corp                                                        | CUSIP: 688777AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    625000 | PA      | $366106.25    | 0.73%             | 2029-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| PM GENERAL PURCHASER LLC      | PM General Purchaser LLC                                              | CUSIP: 69356MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    625000 | PA      | $549320.73    | 1.10%             | 2028-10-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| PACTIV EVERGREEN GROUP        | Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer Inc | CUSIP: 69527AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $152900.13    | 0.31%             | 2028-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PARK-OHIO INDUSTRIES INC      | Park-Ohio Industries Inc                                              | CUSIP: 700677AR8<br>LEI: 5493006LQUO5SLMNYM18 | Long             | DBT              | CORP              | US        |    710000 | PA      | $544321.50    | 1.09%             | 2027-04-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| PITNEY BOWES INC              | Pitney Bowes Inc                                                      | CUSIP: 724479AP5<br>LEI: 549300N2O26NW4ST6W55 | Long             | DBT              | CORP              | US        |    750000 | PA      | $591075.00    | 1.18%             | 2027-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| POLAR US BORROWER LLC         | Polar US Borrower LLC / Schenectady International Group Inc           | CUSIP: 73103PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    450000 | PA      | $188475.97    | 0.38%             | 2026-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PREMIER ENTERTAINMENT SU      | Premier Entertainment Sub LLC / Premier Entertainment Finance Corp    | CUSIP: 74052HAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    700000 | PA      | $534667.00    | 1.07%             | 2031-09-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| PROG HOLDINGS INC             | PROG Holdings Inc                                                     | CUSIP: 74319RAA9<br>LEI: 549300DHYTLBOVRXIG52 | Long             | DBT              | CORP              | US        |    500000 | PA      | $436497.50    | 0.87%             | 2029-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PROMONTORIA HOLDING           | Promontoria Holding 264 BV                                            | CUSIP: 74349MAA4<br>LEI: 54930014SXEXD3RX1509 | Long             | DBT              | CORP              | NL        |    400000 | PA      | $379108.00    | 0.76%             | 2027-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| RAILWORKS HOLDINGS LP/R       | Railworks Holdings LP / Railworks Rally Inc                           | CUSIP: 75079MAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    696000 | PA      | $641711.55    | 1.28%             | 2028-11-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ROCKET SOFTWARE INC           | Rocket Software Inc                                                   | CUSIP: 77314EAA6<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |    700000 | PA      | $551572.07    | 1.10%             | 2029-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SCIL IV LLC / SCIL USA H      | SCIL IV LLC / SCIL USA Holdings LLC                                   | CUSIP: 78397UAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    650000 | PA      | $545795.25    | 1.09%             | 2026-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SCIH SALT HOLDINGS INC        | SCIH Salt Holdings Inc                                                | CUSIP: 78433BAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $265590.00    | 0.53%             | 2028-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SCIH SALT HOLDINGS INC        | SCIH Salt Holdings Inc                                                | CUSIP: 78433BAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    215000 | PA      | $178259.73    | 0.36%             | 2029-05-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SALEM MEDIA GROUP INC.        | Salem Media Group Inc                                                 | CUSIP: 794093AG9<br>LEI: 549300CTHBTS2MIXZL54 | Long             | DBT              | CORP              | US        |    675000 | PA      | $654105.38    | 1.31%             | 2024-06-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MATIV HOLDINGS INC            | Mativ Holdings Inc                                                    | CUSIP: 808541AA4<br>LEI: 549300Z1FU4IDULG1R21 | Long             | DBT              | CORP              | US        |    625000 | PA      | $548143.75    | 1.10%             | 2026-10-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SC GAMES HOLDIN/US FINCO      | Scientific Games Holdings LP/Scientific Games US FinCo Inc            | CUSIP: 80874DAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    542000 | PA      | $456723.11    | 0.91%             | 2030-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SOLARIS MIDSTREAM HOLDIN      | Solaris Midstream Holdings LLC                                        | CUSIP: 83419MAA0<br>LEI: 5493007AWQW8ZKCHVV46 | Long             | DBT              | CORP              | US        |    750000 | PA      | $739620.00    | 1.48%             | 2026-04-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| SPANISH BROADCASTING SYS      | Spanish Broadcasting System Inc                                       | CUSIP: 846425AQ9<br>LEI: 5493005DKYB1X4C9LH64 | Long             | DBT              | CORP              | US        |    750000 | PA      | $448369.61    | 0.90%             | 2026-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| SMYRNA READY MIX CONCRET      | Smyrna Ready Mix Concrete LLC                                         | CUSIP: 85236FAA1<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |    550000 | PA      | $490501.00    | 0.98%             | 2028-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| STAPLES INC                   | Staples Inc                                                           | CUSIP: 855030AN2<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |    500000 | PA      | $445150.00    | 0.89%             | 2026-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| STAPLES INC                   | Staples Inc                                                           | CUSIP: 855030AP7<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |    500000 | PA      | $364722.50    | 0.73%             | 2027-04-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| STONEMOR INC                  | StoneMor Inc                                                          | CUSIP: 86184WAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    700000 | PA      | $571368.00    | 1.14%             | 2029-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| SUMMIT MID HLDS LLC / FI      | Summit Midstream Holdings LLC / Summit Midstream Finance Corp         | CUSIP: 86614WAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $628080.00    | 1.26%             | 2025-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SUMMIT MID HLDS LLC / FI      | Summit Midstream Holdings LLC / Summit Midstream Finance Corp         | CUSIP: 86614WAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    625000 | PA      | $598408.21    | 1.20%             | 2026-10-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| SUNCOKE ENERGY INC            | SunCoke Energy Inc                                                    | CUSIP: 86722AAD5<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | DBT              | CORP              | US        |    725000 | PA      | $615025.98    | 1.23%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TKC HOLDINGS INC              | TKC Holdings Inc                                                      | CUSIP: 87256YAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    700000 | PA      | $400200.50    | 0.80%             | 2029-05-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| TMS INTERNATIONAL CORP        | TMS International Corp/DE                                             | CUSIP: 87261QAC7<br>LEI: 549300L4K0F1YF8WKF23 | Long             | DBT              | CORP              | US        |    750000 | PA      | $541002.66    | 1.08%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TITAN ACQ/CO-BORROWER         | Titan Acquisition Ltd / Titan Co-Borrower LLC                         | CUSIP: 88827AAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    132000 | PA      | $117378.36    | 0.23%             | 2026-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| TRANSMONTAIGE PARTNERS        | TransMontaigne Partners LP / TLP Finance Corp                         | CUSIP: 89376VAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $654106.97    | 1.31%             | 2026-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| TRIUMPH GROUP INC             | Triumph Group Inc                                                     | CUSIP: 896818AP6<br>LEI: 5493007L6S47Q14SL582 | Long             | DBT              | CORP              | US        |    600000 | PA      | $515301.00    | 1.03%             | 2025-08-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| UNIFRAX ESCROW ISS CORP       | ASP Unifrax Holdings Inc                                              | CUSIP: 90473LAA0<br>LEI: 549300RRU6BWJLD0YT71 | Long             | DBT              | CORP              | US        |    692000 | PA      | $572284.00    | 1.14%             | 2028-09-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS      | Univision Communications Inc                                          | CUSIP: 914906AV4<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    475000 | PA      | $404913.75    | 0.81%             | 2029-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS      | Univision Communications Inc                                          | CUSIP: 914906AX0<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148688.25    | 0.30%             | 2030-06-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| URBAN ONE INC                 | Urban One Inc                                                         | CUSIP: 91705JAC9<br>LEI: 549300PLGIGPBRQUP240 | Long             | DBT              | CORP              | US        |    700000 | PA      | $592434.50    | 1.18%             | 2028-02-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN      | USA Compression Partners LP / USA Compression Finance Corp            | CUSIP: 91740PAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    315000 | PA      | $302105.48    | 0.60%             | 2026-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN      | USA Compression Partners LP / USA Compression Finance Corp            | CUSIP: 91740PAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $237916.25    | 0.48%             | 2027-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| VECTOR GROUP LTD              | Vector Group Ltd                                                      | CUSIP: 92240MBL1<br>LEI: 549300TUIF4WWN6NDN50 | Long             | DBT              | CORP              | US        |    625000 | PA      | $538270.78    | 1.08%             | 2029-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/XO MGMT        | VistaJet Malta Finance PLC / XO Management Holding Inc                | CUSIP: 92840JAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    625000 | PA      | $510156.25    | 1.02%             | 2030-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| WASH MULTIFAM ACQ INC         | WASH Multifamily Acquisition Inc                                      | CUSIP: 93710WAA3<br>LEI: 549300AS7PRY5PHG6L12 | Long             | DBT              | CORP              | US        |    550000 | PA      | $516263.00    | 1.03%             | 2026-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| WELLTEC INTERNATIONAL         | Welltec International ApS                                             | CUSIP: 95039LAA6<br>LEI: 549300MW4UJ1X7Q4F350 | Long             | DBT              | CORP              | DK        |    600000 | PA      | $593941.44    | 1.19%             | 2026-10-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| XEROX HOLDINGS CORP           | Xerox Holdings Corp                                                   | CUSIP: 98421MAB2<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |    775000 | PA      | $624688.75    | 1.25%             | 2028-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Northwest Hardwoods           | Northwest Hardwoods                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      2996 | NS      | $239680.00    | 0.48%             |  |  |  | No            |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-29

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Richard Conner

**Name of Signer:** Advisors Series Trust

**Title:** Assistant Treasurer