# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001193125-26-190250
**Filing Date:** 2026-4
**Character Count:** 65170
**Document Hash:** baeda945cb9405d21cec4f49c415a8e6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-190250.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0001193125-26-190250

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**PERIOD START**: 20261130

**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:** 26912465

**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

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

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

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **PIA High Yield Fund** | **PIA High Yield Fund** | **PIA High Yield Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **February 28, 2026 (Unaudited)** | **February 28, 2026 (Unaudited)** | **February 28, 2026 (Unaudited)** |
| **CORPORATE BONDS - 92.0%** | **Par**  | **Value**  |
| **Advertising - 1.3%** | **Advertising - 1.3%** | **Advertising - 1.3%** |
| Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. |
| &nbsp;&nbsp; 7.88%, 04/01/2030 <sup>(a)</sup> | $925000 | $976533 |
| &nbsp;&nbsp; 7.13%, 02/15/2031 <sup>(a)</sup> | 175000 | 184978 |
|  |  | 1161511 |
| **Aerospace/Defense - 1.2%** | **Aerospace/Defense - 1.2%** | **Aerospace/Defense - 1.2%** |
|  Efesto Bidco SpA Efesto US LLC, 7.50%, 02/15/2032 <sup>(a)</sup> | 1085000 | 1112137 |
| **Airlines - 1.2%** | **Airlines - 1.2%** | **Airlines - 1.2%** |
|  VistaJet Malta Finance PLC / Vista Management Holding, Inc., 6.38%, 02/01/2030 <sup>(a)</sup> | 1193000 | 1111221 |
| **Auto Parts & Equipment - 1.2%** | **Auto Parts & Equipment - 1.2%** | **Auto Parts & Equipment - 1.2%** |
|  American Axle & Manufacturing, Inc., 6.38%, 10/15/2032 <sup>(a)</sup> | 1048000 | 1067264 |
| **Building Materials - 3.9%** | **Building Materials - 3.9%** | **Building Materials - 3.9%** |
|  CP Atlas Buyer, Inc., 9.75%, 07/15/2030 <sup>(a)</sup> | 1150000 | 1152144 |
|  Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC, 6.75%, 04/01/2032 <sup>(a)</sup> | 250000 | 252270 |
|  MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030 <sup>(a)</sup> | 725000 | 677020 |
|  Oscar AcquisitionCo LLC / Oscar Finance, Inc., 9.50%, 04/15/2030 <sup>(a)</sup> | 1575000 | 567000 |
| Smyrna Ready Mix Concrete LLC | Smyrna Ready Mix Concrete LLC | Smyrna Ready Mix Concrete LLC |
| &nbsp;&nbsp; 6.00%, 11/01/2028 <sup>(a)</sup> | 650000 | 650313 |
| &nbsp;&nbsp; 8.88%, 11/15/2031 <sup>(a)</sup> | 300000 | 318905 |
|  |  | 3617652 |
| **Chemicals - 7.6%** | **Chemicals - 7.6%** | **Chemicals - 7.6%** |
|  ASP Unifrax Holdings, Inc., 5.25%, 09/30/2028 <sup>(a)</sup> | 932000 | 65240 |
| Consolidated Energy Finance SA | Consolidated Energy Finance SA | Consolidated Energy Finance SA |
| &nbsp;&nbsp; 5.63%, 10/15/2028 <sup>(a)</sup> | 875000 | 736094 |
| &nbsp;&nbsp; 12.00%, 02/15/2031 <sup>(a)</sup> | 960000 | 831600 |
|  GPD Cos., Inc., 12.50% (or 2.38% PIK), 12/31/2029 <sup>(a)</sup> | 1681662 | 894182 |
|  Herens Holdco Sarl, 4.75%, 05/15/2028 <sup>(a)</sup> | 1000000 | 880808 |
|  Innophos Holdings, Inc., 11.50%, 06/15/2029 <sup>(a)</sup> | 1415550 | 1275821 |
|  Mativ Holdings, Inc., 8.00%, 10/01/2029 <sup>(a)</sup> | 1175000 | 1161008 |
|  Rain Carbon, Inc., 12.25%, 09/01/2029 <sup>(a)</sup> | 1130000 | 1204801 |
|  |  | 7049554 |
| **Coal - 1.2%** | **Coal - 1.2%** | **Coal - 1.2%** |
|  SunCoke Energy, Inc., 4.88%, 06/30/2029 <sup>(a)</sup> | 1250000 | 1142783 |
| **Commercial Services - 15.2%** | **Commercial Services - 15.2%** | **Commercial Services - 15.2%** |
|  Alta Equipment Group, Inc., 9.00%, 06/01/2029 <sup>(a)</sup> | 1341000 | 1266930 |
|  AMN Healthcare, Inc., 6.50%, 01/15/2031 <sup>(a)</sup> | 1125000 | 1130388 |
|  Champions Financing, Inc., 8.75%, 02/15/2029 <sup>(a)</sup> | 1250000 | 1189902 |
|  Cimpress PLC, 7.38%, 09/15/2032 <sup>(a)</sup> | 1100000 | 1107990 |
|  CPI CG, Inc., 10.00%, 07/15/2029 <sup>(a)</sup> | 838000 | 887532 |
|  Dcli Bidco LLC, 7.75%, 11/15/2029 <sup>(a)</sup> | 975000 | 1000171 |
|  Deluxe Corp., 8.13%, 09/15/2029 <sup>(a)</sup> | 1000000 | 1050322 |
|  NESCO Holdings II, Inc., 5.50%, 04/15/2029 <sup>(a)</sup> | 1135000 | 1130003 |
|  PROG Holdings, Inc., 6.00%, 11/15/2029 <sup>(a)</sup> | 850000 | 835257 |
|  RR Donnelley & Sons Co., 9.50%, 08/01/2029 <sup>(a)</sup> | 1116000 | 1151077 |
|  StoneMor, Inc., 8.50%, 05/15/2029 <sup>(a)</sup> | 1165000 | 1130858 |
|  Synergy Infrastructure Holdings LLC, 7.88%, 12/01/2030 <sup>(a)</sup> | 975000 | 1018000 |
|  Veritiv Operating Co., 10.50%, 11/30/2030 <sup>(a)</sup> | 1108000 | 1186844 |
|  |  | 14085274 |
| **Computers - 0.9%** | **Computers - 0.9%** | **Computers - 0.9%** |
|  Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029 <sup>(a)</sup> | 1245000 | 861518 |
| **Diversified Financial Services - 2.4%** | **Diversified Financial Services - 2.4%** | **Diversified Financial Services - 2.4%** |
| Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC |
| &nbsp;&nbsp; 6.25%, 04/15/2028 <sup>(a)</sup> | 320000 | 318456 |
| &nbsp;&nbsp; 6.88%, 04/15/2030 <sup>(a)</sup> | 550000 | 534225 |
| &nbsp;&nbsp; 9.25%, 07/01/2031 <sup>(a)</sup> | 135000 | 137318 |
| &nbsp;&nbsp; 7.50%, 07/15/2033 <sup>(a)</sup> | 200000 | 187314 |
|  Phoenix Aviation Capital Ltd., 9.25%, 07/15/2030 <sup>(a)</sup> | 1031000 | 1081013 |
|  |  | 2258326 |
| **Electrical Components & Equipment - 0.4%** | **Electrical Components & Equipment - 0.4%** | **Electrical Components & Equipment - 0.4%** |
|  WESCO Distribution, Inc., 5.50%, 04/15/2034 <sup>(a)</sup> | 325000 | 328812 |
| **Engineering & Construction - 3.8%** | **Engineering & Construction - 3.8%** | **Engineering & Construction - 3.8%** |
|  Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 02/01/2032 <sup>(a)</sup> | 1175000 | 1197944 |
|  Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029 <sup>(a)</sup> | 1165000 | 1162597 |
|  Railworks Holdings LP / Railworks Rally, Inc., 8.25%, 11/15/2028 <sup>(a)</sup> | 1106000 | 1121083 |
|  |  | 3481624 |
| **Entertainment - 3.5%** | **Entertainment - 3.5%** | **Entertainment - 3.5%** |
|  Brightstar Lottery PLC/ Brightstar Global Solutions Corp., 5.75%, 01/15/2033 <sup>(a)</sup> | 1046000 | 1040276 |
|  Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.63%, 03/01/2030 <sup>(a)</sup> | 1217000 | 1104281 |
|  Voyager Parent LLC, 9.25%, 07/01/2032 <sup>(a)</sup> | 1050000 | 1121855 |
|  |  | 3266412 |
| **Food - 2.1%** | **Food - 2.1%** | **Food - 2.1%** |
|  KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029 <sup>(a)</sup> | 1017000 | 1068436 |
|  Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/2029 <sup>(a)</sup> | 940000 | 908384 |
|  |  | 1976820 |
| **Food Service - 1.1%** | **Food Service - 1.1%** | **Food Service - 1.1%** |
| TKC Holdings, Inc. | TKC Holdings, Inc. | TKC Holdings, Inc. |
| &nbsp;&nbsp; 8.50%, 08/15/2030 <sup>(a)</sup> | 500000 | 511995 |
| &nbsp;&nbsp; 12.00%, 02/15/2031 <sup>(a)</sup> | 475000 | 499162 |
|  |  | 1011157 |
| **Forest Products & Paper - 2.6%** | **Forest Products & Paper - 2.6%** | **Forest Products & Paper - 2.6%** |
| Magnera Corp. | Magnera Corp. | Magnera Corp. |
| &nbsp;&nbsp; 4.75%, 11/15/2029 <sup>(a)</sup> | 1017000 | 945584 |
| &nbsp;&nbsp; 7.25%, 11/15/2031 <sup>(a)</sup> | 500000 | 489971 |
| Mercer International, Inc. | Mercer International, Inc. | Mercer International, Inc. |
| &nbsp;&nbsp; 12.88%, 10/01/2028 <sup>(a)</sup> | 700000 | 489742 |
| &nbsp;&nbsp; 5.13%, 02/01/2029 | 850000 | 526789 |
|  |  | 2452086 |
| **Insurance - 2.2%** | **Insurance - 2.2%** | **Insurance - 2.2%** |
|  Acrisure LLC / Acrisure Finance, Inc., 6.75%, 07/01/2032 <sup>(a)</sup> | 1050000 | 1030837 |
|  Asurion LLC and Asurion Co.-Issuer, Inc., 8.38%, 02/01/2034 <sup>(a)</sup> | 1050000 | 1045654 |
|  |  | 2076491 |
| **Internet - 2.0%** | **Internet - 2.0%** | **Internet - 2.0%** |
| ION Platform Finance US, Inc. / ION Platform Finance SARL | ION Platform Finance US, Inc. / ION Platform Finance SARL | ION Platform Finance US, Inc. / ION Platform Finance SARL |
| &nbsp;&nbsp; 4.63%, 05/01/2028 <sup>(a)</sup> | 875000 | 810584 |
| &nbsp;&nbsp; 5.75%, 05/15/2028 <sup>(a)</sup> | 495000 | 464798 |
| &nbsp;&nbsp; 8.75%, 05/01/2029 <sup>(a)</sup> | 230000 | 213410 |
| &nbsp;&nbsp; 9.50%, 05/30/2029 <sup>(a)</sup> | 337000 | 316431 |
|  |  | 1805223 |
| **Machinery-Diversified - 1.5%** | **Machinery-Diversified - 1.5%** | **Machinery-Diversified - 1.5%** |
|  Columbus McKinnon Corp., 7.13%, 02/01/2033 <sup>(a)</sup> | 925000 | 953393 |
|  OT Merger Corp., 7.88%, 10/15/2029 <sup>(a)</sup> | 1769000 | 442250 |
|  |  | 1395643 |
| **Media - 4.1%** | **Media - 4.1%** | **Media - 4.1%** |
| Beasley Mezzanine Holdings LLC | Beasley Mezzanine Holdings LLC | Beasley Mezzanine Holdings LLC |
| &nbsp;&nbsp; 11.00%, 08/01/2028 <sup>(a)</sup> | 121000 | 121605 |
| &nbsp;&nbsp; 9.20%, 08/01/2028 <sup>(a)</sup> | 1003000 | 388663 |
|  Spanish Broadcasting System, Inc., 9.75%, 03/01/2026 <sup>(a)</sup> | 1535000 | 1020775 |
| Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. |
| &nbsp;&nbsp; 4.50%, 05/01/2029 <sup>(a)</sup> | 570000 | 541114 |
| &nbsp;&nbsp; 7.38%, 06/30/2030 <sup>(a)</sup> | 350000 | 350288 |
| &nbsp;&nbsp; 8.50%, 07/31/2031 <sup>(a)</sup> | 250000 | 256041 |
| &nbsp;&nbsp; 9.38%, 08/01/2032 <sup>(a)</sup> | 275000 | 291045 |
|  Urban One, Inc., 7.38%, 02/01/2028 <sup>(a)</sup> | 1650000 | 842548 |
|  |  | 3812079 |
| **Metal Fabricate/Hardware - 2.7%** | **Metal Fabricate/Hardware - 2.7%** | **Metal Fabricate/Hardware - 2.7%** |
|  Park-Ohio Industries, Inc., 8.50%, 08/01/2030 <sup>(a)</sup> | 1195000 | 1241747 |
|  TMS International Corp./DE, 6.25%, 04/15/2029 <sup>(a)</sup> | 1280000 | 1260935 |
|  |  | 2502682 |
| **Mining - 2.7%** | **Mining - 2.7%** | **Mining - 2.7%** |
| Compass Minerals International, Inc. | Compass Minerals International, Inc. | Compass Minerals International, Inc. |
| &nbsp;&nbsp; 6.75%, 12/01/2027 <sup>(a)</sup> | 296000 | 297539 |
| &nbsp;&nbsp; 8.00%, 07/01/2030 <sup>(a)</sup> | 1100000 | 1160340 |
|  JW Aluminum Continuous Cast Co., 10.25%, 04/01/2030 <sup>(a)</sup> | 1000000 | 1035055 |
|  |  | 2492934 |
| **Miscellaneous Manufacturing - 1.6%** | **Miscellaneous Manufacturing - 1.6%** | **Miscellaneous Manufacturing - 1.6%** |
|  Calderys Financing II LLC, 11.75% (or 12.50% PIK), 06/01/2028 <sup>(a)</sup> | 796875 | 826646 |
|  Calderys Financing LLC, 11.25%, 06/01/2028 <sup>(a)</sup> | 665000 | 691580 |
|  |  | 1518226 |
| **Office-Business Equipment - 1.1%** | **Office-Business Equipment - 1.1%** | **Office-Business Equipment - 1.1%** |
|  Pitney Bowes, Inc., 6.88%, 03/15/2027 <sup>(a)</sup> | 985000 | 986056 |
| **Oil & Gas Services - 4.8%** | **Oil & Gas Services - 4.8%** | **Oil & Gas Services - 4.8%** |
| Bristow Group, Inc. | Bristow Group, Inc. | Bristow Group, Inc. |
| &nbsp;&nbsp; 6.88%, 03/01/2028 <sup>(a)</sup> | 1000000 | 1000000 |
| &nbsp;&nbsp; 6.75%, 02/01/2033 <sup>(a)</sup> | 1010000 | 1025363 |
|  CHC Group LLC, 11.75%, 09/01/2030 <sup>(a)</sup> | 1435000 | 1416925 |
|  Enerflex, Inc., 6.88%, 01/15/2031 <sup>(a)</sup> | 975000 | 1009876 |
|  |  | 4452164 |
| **Packaging & Containers - 3.0%** | **Packaging & Containers - 3.0%** | **Packaging & Containers - 3.0%** |
|  Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 6.25%, 01/30/2031 <sup>(a)</sup> | 1550000 | 1587209 |
|  Cascades, Inc./Cascades USA, Inc., 6.75%, 07/15/2030 <sup>(a)</sup> | 1175000 | 1204910 |
|  |  | 2792119 |
| **Pharmaceuticals - 1.4%** | **Pharmaceuticals - 1.4%** | **Pharmaceuticals - 1.4%** |
|  Paradigm Parent LLC and Paradigm Parent CO-Issuer, Inc., 8.75%, 04/17/2032 <sup>(a)</sup> | 1445000 | 1251731 |
| **Pipelines - 7.7%** | **Pipelines - 7.7%** | **Pipelines - 7.7%** |
| Global Partners LP / GLP Finance Corp. | Global Partners LP / GLP Finance Corp. | Global Partners LP / GLP Finance Corp. |
| &nbsp;&nbsp; 6.88%, 01/15/2029 | 616000 | 623434 |
| &nbsp;&nbsp; 8.25%, 01/15/2032 <sup>(a)</sup> | 165000 | 174703 |
| &nbsp;&nbsp; 7.13%, 07/01/2033 <sup>(a)</sup> | 225000 | 233240 |
|  ITT Holdings LLC, 6.50%, 08/01/2029 <sup>(a)</sup> | 1255000 | 1220157 |
|  Martin Midstream Partners LP / Martin Midstream Finance Corp., 11.50%, 02/15/2028 <sup>(a)</sup> | 1200000 | 1251672 |
| NGL Energy Operating LLC / NGL Energy Finance Corp. | NGL Energy Operating LLC / NGL Energy Finance Corp. | NGL Energy Operating LLC / NGL Energy Finance Corp. |
| &nbsp;&nbsp; 8.13%, 02/15/2029 <sup>(a)</sup> | 590000 | 612238 |
| &nbsp;&nbsp; 8.38%, 02/15/2032 <sup>(a)</sup> | 667000 | 699922 |
|  Summit Midstream Holdings LLC, 8.63%, 10/31/2029 <sup>(a)</sup> | 1200000 | 1256743 |
|  TransMontaigne Partners LLC, 8.50%, 06/15/2030 <sup>(a)</sup> | 1038000 | 1085350 |
|  |  | 7157459 |
| **Retail - 3.4%** | **Retail - 3.4%** | **Retail - 3.4%** |
| Ferrellgas LP / Ferrellgas Finance Corp. | Ferrellgas LP / Ferrellgas Finance Corp. | Ferrellgas LP / Ferrellgas Finance Corp. |
| &nbsp;&nbsp; 5.88%, 04/01/2029 <sup>(a)</sup> | 1300000 | 1257543 |
| &nbsp;&nbsp; 9.25%, 01/15/2031 <sup>(a)</sup> | 650000 | 674847 |
|  Park River Holdings, Inc., 8.00%, 03/15/2031 <sup>(a)</sup> | 1175000 | 1185574 |
|  |  | 3117964 |
| **Transportation - 4.2%** | **Transportation - 4.2%** | **Transportation - 4.2%** |
|  Brightline East LLC, 11.00%, 01/31/2030 <sup>(a)</sup> | 1191000 | 327525 |
|  Rand Parent LLC, 8.50%, 02/15/2030 <sup>(a)</sup> | 1085000 | 1132719 |
|  Star Leasing Co. LLC, 7.63%, 02/15/2030 <sup>(a)</sup> | 1250000 | 1190969 |
|  Watco Cos. LLC / Watco Finance Corp., 7.13%, 08/01/2032 <sup>(a)</sup> | 1180000 | 1242259 |
|  |  | 3893472 |
| **TOTAL CORPORATE BONDS** (Cost $90,739,009) | **TOTAL CORPORATE BONDS** (Cost $90,739,009) | 85238394 |
| **COMMON STOCKS - 0.0% <sup>(b)</sup>** | **Shares**  | **Value**  |
| **Building Materials - 0.0% <sup>(b)</sup>** | **Building Materials - 0.0% <sup>(b)</sup>** |  |
| Northwest Hardwoods <sup>(c)(d)</sup> | 2996 | 4494 |
| **TOTAL COMMON STOCKS** (Cost $137,017) | **TOTAL COMMON STOCKS** (Cost $137,017) | 4494 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 5.4%** | **Shares**  | **Value**  |
| Fidelity Government Portfolio - Institutional Class, 3.55% <sup>(e)</sup> | 4999313 | 4999313 |
| **TOTAL MONEY MARKET FUNDS** (Cost $4,999,313) | **TOTAL MONEY MARKET FUNDS** (Cost $4,999,313) | 4999313 |
| **TOTAL INVESTMENTS - 97.4% (**Cost $95,875,339**)** | **TOTAL INVESTMENTS - 97.4% (**Cost $95,875,339**)** | 90242201 |
| Other Assets in Excess of Liabilities - 2.6% | Other Assets in Excess of Liabilities - 2.6% | 2373552 |
| **TOTAL NET ASSETS - 100.0%** |  | $92615753 |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

PIK - Payment in Kind<br>

(a) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional
 investors. As of February 28, 2026, the value of these securities total $84,088,171 or 90.8% of the Fund's net assets.

(b) Represents less than 0.05% of net assets.

(c) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $4,494 or
 0.0% of net assets as of February 28, 2026.

(d) Non-income producing security.

(e) The rate shown represents the 7-day annualized yield as of February 28, 2026.

------

#### Summary of Fair Value Disclosure as of February 28, 2026 (Unaudited)
PIA High Yield Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | $– | $85238394 | $– | $85238394 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | – | – | 4494 | 4494 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 4999313 | – | – | 4999313 |
| Total Investments | $4999313 | $85238394 | $4494 | $90242201 |

---

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report.

The following is a reconciliation of the Fund's Level 3 investments for which significant unobservable inputs were used in determining value.

---

| | |
|:---|:---|
| <br> **Fair Value Measurement Using Significant Unobservable Inputs** | **<u>Level 3</u>** |
| Beginning balance as of November 30, 2025 | $37450 |
| Change in unrealized appreciation/(depreciation) | (32956) |
| Ending balance as of February 28, 2026 | $4494 |
|  | $0 |
| Change in unrealized appreciation/depreciation still held as of February 28, 2026 | $(32956) |
|  | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Description</u>** | **<u>Fair Value as of</u>**<br>  **<u>February 28, 2026</u>** | **<u>Valuation Technique</u>** | **<u>Unobservable Inputs</u>** | **<u>Input Values</u>**<br> <u>(Ranges)</u> |
| Common Stocks | $4494 | Market Transaction Method | Prior/Recent Transaction | $1.50 |

---

## 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:** 2026-11-30

- **b. Date as of which information is reported:** 2026-02-28

**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:** $93114204.89

**Total Liabilities:** $532052.49

**Net Assets:** $92582152.40

**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:** 8214.769258000000 | **1-Year:** 9435.194523000000 | **5-Year:** 2553.020537000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000091708 | 0.54%                | 0.76%                | -0.82%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-13915.24               | $-115535.23                                |
| Month 2  | $-700695.15              | $743555.54                                 |
| Month 3  | $-117681.42              | $-1270561.66                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| TKC HOLDINGS INC              | TKC Holdings Inc                                                               | CUSIP: 87256YAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $511994.53    | 0.55%             | 2030-08-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| TKC HOLDINGS INC              | TKC Holdings Inc                                                               | CUSIP: 87256YAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    475000 | PA      | $499162.18    | 0.54%             | 2031-02-15      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| URBAN ONE INC                 | Urban One Inc                                                                  | CUSIP: 91705JAC9<br>LEI: 549300PLGIGPBRQUP240 | Long             | DBT              | CORP              | US        |   1650000 | PA      | $842547.75    | 0.91%             | 2028-02-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| SMYRNA READY MIX CONCRET      | Smyrna Ready Mix Concrete LLC                                                  | CUSIP: 85236FAA1<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |    650000 | PA      | $650313.04    | 0.70%             | 2028-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SUNCOKE ENERGY INC            | SunCoke Energy Inc                                                             | CUSIP: 86722AAD5<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1142783.25   | 1.23%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CP ATLAS BUYER INC            | CP Atlas Buyer Inc                                                             | CUSIP: 12597YAC3<br>LEI: 2549006ZZ07G0NDDCR36 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1152143.92   | 1.24%             | 2030-07-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN       | Consolidated Energy Finance SA                                                 | CUSIP: 20914UAF3<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |    875000 | PA      | $736093.75    | 0.80%             | 2028-10-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ALTA EQUIPMENT GROUP          | Alta Equipment Group Inc                                                       | CUSIP: 02128LAC0<br>LEI: 549300DGOB28CLGS1X27 | Long             | DBT              | CORP              | US        |   1341000 | PA      | $1266929.87   | 1.37%             | 2029-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC       | American Axle & Manufacturing Inc                                              | CUSIP: 02406PBC3<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |   1048000 | PA      | $1067263.97   | 1.15%             | 2032-10-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BRIGHTLINE EAST LLC           | Brightline East LLC                                                            | CUSIP: 093536AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1191000 | PA      | $327525.00    | 0.35%             | 2030-01-31      | Fixed         | 11.00%                | 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      | $318456.00    | 0.34%             | 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        |    550000 | PA      | $534225.62    | 0.58%             | 2030-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MAGNERA CORP                  | Magnera Corp                                                                   | CUSIP: 377320AA4<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |   1017000 | PA      | $945583.92    | 1.02%             | 2029-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ION PLAT FIN US/SARL          | ION Platform Finance US Inc / ION Platform Finance SARL                        | CUSIP: 46206AAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    875000 | PA      | $810584.25    | 0.88%             | 2028-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MERCER INTL INC               | Mercer International Inc                                                       | CUSIP: 588056BC4<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |    700000 | PA      | $489741.70    | 0.53%             | 2028-10-01      | Fixed         | 12.88%                | No            |                  2 | On Loan: No      |
| BEASLEY MEZ HLDGS LLC         | Beasley Mezzanine Holdings LLC                                                 | CUSIP: 07403VAC3<br>LEI: 549300VK8LJV1TK18D38 | Long             | DBT              | CORP              | US        |    121000 | PA      | $121605.00    | 0.13%             | 2028-08-01      | None          | 11.00%                | No            |                  3 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN      | Burford Capital Global Finance LLC                                             | CUSIP: 12116LAG4<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    200000 | PA      | $187314.00    | 0.20%             | 2033-07-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CHAMPIONS FINANCING INC       | Champions Financing Inc                                                        | CUSIP: 15870LAA6<br>LEI: 391200ZDD75EGEUJ7625 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1189902.25   | 1.29%             | 2029-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO      | Clear Channel Outdoor Holdings Inc                                             | CUSIP: 18453HAG1<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    175000 | PA      | $184978.15    | 0.20%             | 2031-02-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| MERCER INTL INC               | Mercer International Inc                                                       | CUSIP: 588056BB6<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |    850000 | PA      | $526789.40    | 0.57%             | 2029-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SMYRNA READY MIX CONCRET      | Smyrna Ready Mix Concrete LLC                                                  | CUSIP: 83283WAE3<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |    300000 | PA      | $318904.80    | 0.34%             | 2031-11-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS      | Univision Communications Inc                                                   | CUSIP: 914906AV4<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    570000 | PA      | $541114.05    | 0.58%             | 2029-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC        | WESCO Distribution Inc                                                         | CUSIP: 95081QAU8<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    325000 | PA      | $328812.25    | 0.36%             | 2034-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BRIGHTSTAR LOT/BRIGHSTAR      | Brightstar Lottery PLC/ Brightstar Global Solutions Corp                       | CUSIP: 108922AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   1046000 | PA      | $1040275.77   | 1.12%             | 2033-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BRISTOW GROUP INC             | Bristow Group Inc                                                              | CUSIP: 11040GAB9<br>LEI: 5493005Q24EN3UC1PV68 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $1025363.11   | 1.11%             | 2033-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CIMPRESS PLC                  | Cimpress PLC                                                                   | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |   1100000 | PA      | $1107990.40   | 1.20%             | 2032-09-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO      | Clear Channel Outdoor Holdings Inc                                             | CUSIP: 18453HAF3<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    925000 | PA      | $976532.68    | 1.05%             | 2030-04-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CONDUENT BUS SERVICES         | Conduent Business Services LLC / Conduent State & Local Solutions Inc          | CUSIP: 20679LAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1245000 | PA      | $861517.84    | 0.93%             | 2029-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MAGNERA CORP                  | Magnera Corp                                                                   | CUSIP: 55939AAA5<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |    500000 | PA      | $489971.46    | 0.53%             | 2031-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SIMMONS FOOD INC/SIMMONS      | Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed | CUSIP: 82873MAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    940000 | PA      | $908383.85    | 0.98%             | 2029-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SUMMIT MIDSTREAM HOLDING      | Summit Midstream Holdings LLC                                                  | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1256743.20   | 1.36%             | 2029-10-31      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS      | Univision Communications Inc                                                   | CUSIP: 914906AZ5<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256041.00    | 0.28%             | 2031-07-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CPI CG INC                    | CPI CG Inc                                                                     | CUSIP: 12598FAC3<br>LEI: 254900H3R50WH1B1LB48 | Long             | DBT              | CORP              | US        |    838000 | PA      | $887532.02    | 0.96%             | 2029-07-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS      | Ferrellgas LP / Ferrellgas Finance Corp                                        | CUSIP: 315292AU6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    650000 | PA      | $674846.90    | 0.73%             | 2031-01-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE       | Global Partners LP / GLP Finance Corp                                          | CUSIP: 37954FAK0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    165000 | PA      | $174702.66    | 0.19%             | 2032-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ITT HOLDINGS LLC              | ITT Holdings LLC                                                               | CUSIP: 45074JAA2<br>LEI: 549300TH2PHOLK31LB42 | Long             | DBT              | CORP              | US        |   1255000 | PA      | $1220156.48   | 1.32%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP         | NGL Energy Operating LLC / NGL Energy Finance Corp                             | CUSIP: 62922LAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    667000 | PA      | $699921.79    | 0.76%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| TRANSMONTAIGNE PARTNERS       | TransMontaigne Partners LLC                                                    | CUSIP: 89377AAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1038000 | PA      | $1085350.45   | 1.17%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| BRISTOW GROUP INC             | Bristow Group Inc                                                              | CUSIP: 11040GAA1<br>LEI: 5493005Q24EN3UC1PV68 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000000.00   | 1.08%             | 2028-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| INNOPHOS HOLDINGS INC         | Innophos Holdings Inc                                                          | CUSIP: 45774NAD0<br>LEI: XQ0331QX53IRX25OY417 | Long             | DBT              | CORP              | US        |   1415550 | PA      | $1275821.06   | 1.38%             | 2029-06-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| VOYAGER PARENT LLC            | Voyager Parent LLC                                                             | CUSIP: 92921EAA0<br>LEI: 2549002DYVI4ACSV4V71 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1121855.70   | 1.21%             | 2032-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| EFESTO BIDCO SPA/US LLC       | Efesto Bidco SpA Efesto US LLC                                                 | CUSIP: 28201XAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |   1085000 | PA      | $1112136.94   | 1.20%             | 2032-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ENERFLEX INC                  | Enerflex Inc                                                                   | CUSIP: 29281WAA6<br>LEI: 549300SQCOV1LC1GBK07 | Long             | DBT              | CORP              | US        |    975000 | PA      | $1009875.75   | 1.09%             | 2031-01-15      | Fixed         | 6.88%                 | 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        |    616000 | PA      | $623433.89    | 0.67%             | 2029-01-15      | Fixed         | 6.88%                 | No            |                  2 | 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        |    725000 | PA      | $677019.65    | 0.73%             | 2030-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MATIV HOLDINGS INC            | Mativ Holdings Inc                                                             | CUSIP: 808541AC0<br>LEI: 549300Z1FU4IDULG1R21 | Long             | DBT              | CORP              | US        |   1175000 | PA      | $1161007.75   | 1.25%             | 2029-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| AMN HEALTHCARE INC            | AMN Healthcare Inc                                                             | CUSIP: 00175PAD5<br>LEI: 549300H27NUKBFFQEE84 | Long             | DBT              | CORP              | US        |   1125000 | PA      | $1130387.63   | 1.22%             | 2031-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC        | Acrisure LLC / Acrisure Finance Inc                                            | CUSIP: 004961AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1030836.56   | 1.11%             | 2032-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING        | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC    | CUSIP: 03969YAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1587209.30   | 1.71%             | 2031-01-30      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES DREDGE&DOCK       | Great Lakes Dredge & Dock Corp                                                 | CUSIP: 390607AF6<br>LEI: 549300H65E3MZ1CX0P05 | Long             | DBT              | CORP              | US        |   1165000 | PA      | $1162597.11   | 1.26%             | 2029-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JW ALUMINUM CONT CAST CO      | JW Aluminum Continuous Cast Co                                                 | CUSIP: 46648XAB4<br>LEI: 5493008HJ8BWQC8XAF08 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1035055.00   | 1.12%             | 2030-04-01      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP         | NGL Energy Operating LLC / NGL Energy Finance Corp                             | CUSIP: 62922LAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    590000 | PA      | $612238.28    | 0.66%             | 2029-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| MITER BRAND / MIWD BORR       | Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC                        | CUSIP: 60672JAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $252270.50    | 0.27%             | 2032-04-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PROG HOLDINGS INC             | PROG Holdings Inc                                                              | CUSIP: 74319RAA9<br>LEI: 549300DHYTLBOVRXIG52 | Long             | DBT              | CORP              | US        |    850000 | PA      | $835256.75    | 0.90%             | 2029-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS MCKINNON CORP        | Columbus McKinnon Corp/NY                                                      | CUSIP: 199333AK1<br>LEI: 549300W3HQB0HO1F3G69 | Long             | DBT              | CORP              | US        |    925000 | PA      | $953392.88    | 1.03%             | 2033-02-01      | Fixed         | 7.12%                 | 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        |   1106000 | PA      | $1121082.52   | 1.21%             | 2028-11-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| TMS INTERNATIONAL CORP        | TMS International Corp/DE                                                      | CUSIP: 87261QAC7<br>LEI: 549300L4K0F1YF8WKF23 | Long             | DBT              | CORP              | US        |   1280000 | PA      | $1260934.40   | 1.36%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ASURION LLC/ASURION CO        | Asurion LLC and Asurion Co-Issuer Inc                                          | CUSIP: 045941AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1045654.48   | 1.13%             | 2034-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| CHC GROUP LLC                 | CHC Group LLC                                                                  | CUSIP: 12550EAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   1435000 | PA      | $1416925.60   | 1.53%             | 2030-09-01      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| CALDERYS FINANCING LLC        | Calderys Financing LLC                                                         | CUSIP: 128786AA8<br>LEI: 254900ZIKDM74XNEFV84 | Long             | DBT              | CORP              | US        |    665000 | PA      | $691580.05    | 0.75%             | 2028-06-01      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| COMPASS MINERALS INTERNA      | Compass Minerals International Inc                                             | CUSIP: 20451NAJ0<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1160339.40   | 1.25%             | 2030-07-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN       | Consolidated Energy Finance SA                                                 | CUSIP: 20914UAH9<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |    960000 | PA      | $831600.00    | 0.90%             | 2031-02-15      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| DCLI BIDCO LLC                | Dcli Bidco LLC                                                                 | CUSIP: 233104AA6<br>LEI: 2549007UUVJTHHNK9T70 | Long             | DBT              | CORP              | US        |    975000 | PA      | $1000170.60   | 1.08%             | 2029-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| HERENS HOLDCO SARL            | Herens Holdco Sarl                                                             | CUSIP: 427169AA5<br>LEI: 2221002FZ55AMAUX4G64 | Long             | DBT              | CORP              | LU        |   1000000 | PA      | $880808.10    | 0.95%             | 2028-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| RAIN CARBON INC               | Rain Carbon Inc                                                                | CUSIP: 75079LAB7<br>LEI: 25490038N6JQH7QXUK52 | Long             | DBT              | CORP              | US        |   1130000 | PA      | $1204801.48   | 1.30%             | 2029-09-01      | Fixed         | 12.25%                | 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        |   1217000 | PA      | $1104280.97   | 1.19%             | 2030-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SYNERGY INFRASTRUCTURE H      | Synergy Infrastructure Holdings LLC                                            | CUSIP: 87191JAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    975000 | PA      | $1018000.43   | 1.10%             | 2030-12-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS      | Univision Communications Inc                                                   | CUSIP: 914906AX0<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    350000 | PA      | $350288.44    | 0.38%             | 2030-06-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/VM HOLDS       | VistaJet Malta Finance PLC / Vista Management Holding Inc                      | CUSIP: 92840JAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | MT        |   1193000 | PA      | $1111221.04   | 1.20%             | 2030-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS      | Ferrellgas LP / Ferrellgas Finance Corp                                        | CUSIP: 315289AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1257543.56   | 1.36%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GPD COS INC                   | GPD Cos Inc                                                                    | CUSIP: 36260VAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1681662 | PA      | $894181.84    | 0.97%             | 2029-12-31      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE       | Global Partners LP / GLP Finance Corp                                          | CUSIP: 37954FAL8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    225000 | PA      | $233240.18    | 0.25%             | 2033-07-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| GRAFTECH FINANCE INC          | GrafTech Finance Inc                                                           | CUSIP: 384311AC0<br>LEI: 1Z010BU876CF2HDBIN43 | Long             | DBT              | CORP              | US        |   1161000 | PA      | $568890.00    | 0.61%             | 2029-12-23      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| VERITIV OPERATING CO          | Veritiv Operating Co                                                           | CUSIP: 92339LAA0<br>LEI: 5493004G8OK5L1UTIY12 | Long             | DBT              | CORP              | US        |   1108000 | PA      | $1186844.17   | 1.28%             | 2030-11-30      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| WATCO COS LLC/FINANCE CO      | Watco Cos LLC / Watco Finance Corp                                             | CUSIP: 941130AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1180000 | PA      | $1242259.16   | 1.34%             | 2032-08-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| RR DONNELLEY & SONS CO        | RR Donnelley & Sons Co                                                         | CUSIP: 257867BJ9<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |   1116000 | PA      | $1151077.00   | 1.24%             | 2029-08-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Fidelity Government Portfolio | Fidelity Government Portfolio                                                  | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   5033237 | NS      | $5033237.44   | 5.44%             |  |  |  | No            |                  1 | On Loan: No      |
| ION PLAT FIN US/SARL          | ION Platform Finance US Inc / ION Platform Finance SARL                        | CUSIP: 46206AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    495000 | PA      | $464798.05    | 0.50%             | 2028-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ION PLAT FIN US/SARL          | ION Platform Finance US Inc / ION Platform Finance SARL                        | CUSIP: 46206AAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    337000 | PA      | $316431.00    | 0.34%             | 2029-05-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ION PLAT FIN US/SARL          | ION Platform Finance US Inc / ION Platform Finance SARL                        | CUSIP: 46206AAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230000 | PA      | $213409.55    | 0.23%             | 2029-05-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| KEHE DIST/FIN / NEXTWAVE      | KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc          | CUSIP: 487526AC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1017000 | PA      | $1068435.79   | 1.15%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| MRT MID PART/MRT MID FIN      | Martin Midstream Partners LP / Martin Midstream Finance Corp                   | CUSIP: 573334AK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1251672.00   | 1.35%             | 2028-02-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| NESCO HOLDINGS II INC         | NESCO Holdings II Inc                                                          | CUSIP: 64083YAA9<br>LEI: 254900FAHT0HW9T6L409 | Long             | DBT              | CORP              | US        |   1135000 | PA      | $1130003.05   | 1.22%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OSCAR ACQUISITIONCO LLC       | Oscar AcquisitionCo LLC / Oscar Finance Inc                                    | CUSIP: 687785AB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1575000 | PA      | $567000.00    | 0.61%             | 2030-04-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| PARK-OHIO INDUSTRIES INC      | Park-Ohio Industries Inc                                                       | CUSIP: 700677AS6<br>LEI: 5493006LQUO5SLMNYM18 | Long             | DBT              | CORP              | US        |   1195000 | PA      | $1241747.21   | 1.34%             | 2030-08-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| PARK RIVER HOLDINGS INC       | Park River Holdings Inc                                                        | CUSIP: 70082LAC1<br>LEI: 254900PGY077KWCROT75 | Long             | DBT              | CORP              | US        |   1175000 | PA      | $1185573.83   | 1.28%             | 2031-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| RAND PARENT LLC               | Rand Parent LLC                                                                | CUSIP: 753272AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1085000 | PA      | $1132718.30   | 1.22%             | 2030-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Northwest Hardwoods           | Northwest Hardwoods                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      2996 | NS      | $4494.00      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| OT MERGER CORP                | OT Merger Corp                                                                 | CUSIP: 688777AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1769000 | PA      | $442250.00    | 0.48%             | 2029-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| PARADIGM PRNT/CO-ISSUER       | Paradigm Parent LLC and Paradigm Parent CO-Issuer Inc                          | CUSIP: 69902PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1445000 | PA      | $1251731.25   | 1.35%             | 2032-04-17      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| PHOENIX AVIATION CAPITAL      | Phoenix Aviation Capital Ltd                                                   | CUSIP: 71910DAA9<br>LEI: 8945008YQAKXZQ3VYJ15 | Long             | DBT              | CORP              | IE        |   1031000 | PA      | $1081012.78   | 1.17%             | 2030-07-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| PITNEY BOWES INC              | Pitney Bowes Inc                                                               | CUSIP: 724479AP5<br>LEI: 549300N2O26NW4ST6W55 | Long             | DBT              | CORP              | US        |    985000 | PA      | $986055.92    | 1.07%             | 2027-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS      | Univision Communications Inc                                                   | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    275000 | PA      | $291045.15    | 0.31%             | 2032-08-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| BEASLEY MEZ HLDGS LLC         | Beasley Mezzanine Holdings LLC                                                 | CUSIP: 07403VAB5<br>LEI: 549300VK8LJV1TK18D38 | Long             | DBT              | CORP              | US        |   1003000 | PA      | $388662.50    | 0.42%             | 2028-08-01      | None          | 9.20%                 | No            |                  2 | On Loan: No      |
| CALDERYS FINANCING II         | Calderys Financing II LLC                                                      | CUSIP: 12878AAA9<br>LEI: 254900CB1N9CREDQAK86 | Long             | DBT              | CORP              | US        |    796875 | PA      | $826645.45    | 0.89%             | 2028-06-01      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| DELUXE CORP                   | Deluxe Corp                                                                    | CUSIP: 248019AW1<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1050322.00   | 1.13%             | 2029-09-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN      | Burford Capital Global Finance LLC                                             | CUSIP: 12116LAE9<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    135000 | PA      | $137317.82    | 0.15%             | 2031-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| CASCADES INC/USA INC          | Cascades Inc/Cascades USA Inc                                                  | CUSIP: 14739LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1175000 | PA      | $1204909.63   | 1.30%             | 2030-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| COMPASS MINERALS INTERNA      | Compass Minerals International Inc                                             | CUSIP: 20451NAG6<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |    296000 | PA      | $297539.20    | 0.32%             | 2027-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BRUNDAGE-BONE CONCRETE        | Brundage-Bone Concrete Pumping Holdings Inc                                    | CUSIP: 66981QAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1175000 | PA      | $1197944.23   | 1.29%             | 2032-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SPANISH BROADCASTING SYS      | Spanish Broadcasting System Inc                                                | CUSIP: 846425AQ9<br>LEI: 5493005DKYB1X4C9LH64 | Long             | DBT              | CORP              | US        |   1535000 | PA      | $1020775.00   | 1.10%             | 2026-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| STAR LEASING CO LLC           | Star Leasing Co LLC                                                            | CUSIP: 854938AA5<br>LEI: 549300WXKNX4PT3HSN71 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1190969.13   | 1.29%             | 2030-02-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| STONEMOR INC                  | StoneMor Inc                                                                   | CUSIP: 86184WAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1165000 | PA      | $1130858.28   | 1.22%             | 2029-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| UNIFRAX ESCROW ISS CORP       | ASP Unifrax Holdings Inc                                                       | CUSIP: 90473LAA0<br>LEI: 549300RRU6BWJLD0YT71 | Long             | DBT              | CORP              | US        |    932000 | PA      | $65240.00     | 0.07%             | 2028-09-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-19

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Richard Conner

**Name of Signer:** Advisors Series Trust

**Title:** Assistant Treasurer