# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001193125-26-022077
**Filing Date:** 2026-1
**Character Count:** 48798
**Document Hash:** aa032e9f8f5c23ebfd3d382bf73bfba3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-022077.hdr.sgml**: 20260126

**ACCESSION NUMBER**: 0001193125-26-022077

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260126

**DATE AS OF CHANGE**: 20260126

**PERIOD START**: 20251130

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07959
- **FILM NUMBER:** 26559095

**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           |

## 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:** 2025-11-30

- **b. Date as of which information is reported:** 2025-11-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $96294570.07

**Total Liabilities:** $1219689.51

**Net Assets:** $95074880.56

**Delayed Delivery Securities:** $703062.50

**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:** 10066.889942000000 | **1-Year:** 9013.462756000000 | **5-Year:** 1897.578284000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000091708 | 0.40%                | -1.37%               | 0.04%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-281524.48                                |
| Month 2  | $-194999.57              | $-1820663.58                               |
| Month 3  | $-653817.79              | $-51413.70                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CONDUENT BUS SERVICES         | Conduent Business Services LLC / Conduent State & Local Solutions Inc          | CUSIP: 20679LAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1245000 | PA      | $1090283.73   | 1.15%             | 2029-11-01      | Fixed         | 6.00%                 | 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        |    616000 | PA      | $624104.71    | 0.66%             | 2029-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HERENS HOLDCO SARL            | Herens Holdco Sarl                                                             | CUSIP: 427169AA5<br>LEI: 2221002FZ55AMAUX4G64 | Long             | DBT              | CORP              | LU        |   1000000 | PA      | $870940.50    | 0.92%             | 2028-05-15      | Fixed         | 4.75%                 | 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      | $1030480.76   | 1.08%             | 2030-04-01      | Fixed         | 10.25%                | 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        |    981000 | PA      | $988524.27    | 1.04%             | 2028-11-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| SOLSTICE ADVANCED MATERI      | Solstice Advanced Materials Inc                                                | CUSIP: 83443QAA1<br>LEI: 2138004GZ4H9TW6HK435 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251560.50    | 0.26%             | 2033-09-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| VERITIV OPERATING CO          | Veritiv Operating Co                                                           | CUSIP: 92339LAA0<br>LEI: 5493004G8OK5L1UTIY12 | Long             | DBT              | CORP              | US        |   1108000 | PA      | $1192189.16   | 1.25%             | 2030-11-30      | Fixed         | 10.50%                | 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      | $1076359.20   | 1.13%             | 2032-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BEASLEY MEZ HLDGS LLC         | Beasley Mezzanine Holdings LLC                                                 | CUSIP: 07403VAC3<br>LEI: 549300VK8LJV1TK18D38 | Long             | DBT              | CORP              | US        |    121000 | PA      | $120395.00    | 0.13%             | 2028-08-01      | Fixed         | 11.00%                | No            |                  3 | On Loan: No      |
| CPI CG INC                    | CPI CG Inc                                                                     | CUSIP: 12598FAC3<br>LEI: 254900H3R50WH1B1LB48 | Long             | DBT              | CORP              | US        |    838000 | PA      | $881412.59    | 0.93%             | 2029-07-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CALDERYS FINANCING LLC        | Calderys Financing LLC                                                         | CUSIP: 128786AA8<br>LEI: 254900ZIKDM74XNEFV84 | Long             | DBT              | CORP              | US        |    665000 | PA      | $707720.27    | 0.74%             | 2028-06-01      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| CALDERYS FINANCING II         | Calderys Financing II LLC                                                      | CUSIP: 12878AAA9<br>LEI: 254900CB1N9CREDQAK86 | Long             | DBT              | CORP              | US        |    750000 | PA      | $784622.78    | 0.83%             | 2028-06-01      | Fixed         | 11.75%                | 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      | $1224543.88   | 1.29%             | 2030-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP                   | Deluxe Corp                                                                    | CUSIP: 248019AW1<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1054607.00   | 1.11%             | 2029-09-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| RR DONNELLEY & SONS CO        | RR Donnelley & Sons Co                                                         | CUSIP: 257867BJ9<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |   1116000 | PA      | $1148185.44   | 1.21%             | 2029-08-01      | Fixed         | 9.50%                 | 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      | $804717.55    | 0.85%             | 2028-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| LABL INC                      | LABL Inc                                                                       | CUSIP: 50168QAC9<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |    650000 | PA      | $443574.04    | 0.47%             | 2028-11-01      | Fixed         | 5.88%                 | 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      | $1240524.02   | 1.30%             | 2028-02-15      | Fixed         | 11.50%                | 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      | $1191464.10   | 1.25%             | 2032-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PITNEY BOWES INC              | Pitney Bowes Inc                                                               | CUSIP: 724479AP5<br>LEI: 549300N2O26NW4ST6W55 | Long             | DBT              | CORP              | US        |    985000 | PA      | $989158.67    | 1.04%             | 2027-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ROCKET SOFTWARE INC           | Rocket Software Inc                                                            | CUSIP: 77314EAA6<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |    835000 | PA      | $813863.23    | 0.86%             | 2029-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| STONEMOR INC                  | StoneMor Inc                                                                   | CUSIP: 86184WAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1165000 | PA      | $1138772.70   | 1.20%             | 2029-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| SUMMIT MIDSTREAM HOLDING      | Summit Midstream Holdings LLC                                                  | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1239218.40   | 1.30%             | 2029-10-31      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Northwest Hardwoods           | Northwest Hardwoods                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      2996 | NS      | $37450.00     | 0.04%             |  |  |  | No            |                  3 | On Loan: No      |
| BRISTOW GROUP INC             | Bristow Group Inc                                                              | CUSIP: 11040GAA1<br>LEI: 5493005Q24EN3UC1PV68 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1011060.00   | 1.06%             | 2028-03-01      | Fixed         | 6.88%                 | 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      | $541394.26    | 0.57%             | 2030-04-15      | Fixed         | 6.88%                 | 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      | $975419.90    | 1.03%             | 2030-04-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN       | Consolidated Energy Finance SA                                                 | CUSIP: 20914UAH9<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |    960000 | PA      | $654000.00    | 0.69%             | 2031-02-15      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| GRAFTECH GLOBAL ENTERPRI      | GrafTech Global Enterprises Inc                                                | CUSIP: 38431AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $351602.67    | 0.37%             | 2029-12-23      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| ITT HOLDINGS LLC              | ITT Holdings LLC                                                               | CUSIP: 45074JAA2<br>LEI: 549300TH2PHOLK31LB42 | Long             | DBT              | CORP              | US        |   1255000 | PA      | $1217421.85   | 1.28%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MERCER INTL INC               | Mercer International Inc                                                       | CUSIP: 588056BC4<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |    700000 | PA      | $505571.64    | 0.53%             | 2028-10-01      | Fixed         | 12.88%                | No            |                  2 | On Loan: No      |
| NESCO HOLDINGS II INC         | NESCO Holdings II Inc                                                          | CUSIP: 64083YAA9<br>LEI: 254900FAHT0HW9T6L409 | Long             | DBT              | CORP              | US        |   1135000 | PA      | $1121797.91   | 1.18%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PARK-OHIO INDUSTRIES INC      | Park-Ohio Industries Inc                                                       | CUSIP: 700677AS6<br>LEI: 5493006LQUO5SLMNYM18 | Long             | DBT              | CORP              | US        |   1195000 | PA      | $1219443.73   | 1.28%             | 2030-08-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| PROG HOLDINGS INC             | PROG Holdings Inc                                                              | CUSIP: 74319RAA9<br>LEI: 549300DHYTLBOVRXIG52 | Long             | DBT              | CORP              | US        |    850000 | PA      | $837186.25    | 0.88%             | 2029-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| RAND PARENT LLC               | Rand Parent LLC                                                                | CUSIP: 753272AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1085000 | PA      | $1120713.86   | 1.18%             | 2030-02-15      | Fixed         | 8.50%                 | 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      | $318665.70    | 0.34%             | 2031-11-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| SPANISH BROADCASTING SYS      | Spanish Broadcasting System Inc                                                | CUSIP: 846425AQ9<br>LEI: 5493005DKYB1X4C9LH64 | Long             | DBT              | CORP              | US        |   1535000 | PA      | $1016937.50   | 1.07%             | 2026-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| SUNCOKE ENERGY INC            | SunCoke Energy Inc                                                             | CUSIP: 86722AAD5<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1144745.13   | 1.20%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SYNERGY INFRASTRUCTURE H      | Synergy Infrastructure Holdings LLC                                            | CUSIP: 87191JAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $361474.56    | 0.38%             | 2030-12-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| TKC HOLDINGS INC              | TKC Holdings Inc                                                               | CUSIP: 87256YAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    785000 | PA      | $806025.44    | 0.85%             | 2029-05-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| TRANSMONTAIGNE PARTNERS       | TransMontaigne Partners LLC                                                    | CUSIP: 89377AAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    498000 | PA      | $509622.32    | 0.54%             | 2030-06-15      | 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      | $102520.00    | 0.11%             | 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        |    570000 | PA      | $543994.09    | 0.57%             | 2029-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS      | Univision Communications Inc                                                   | CUSIP: 914906AZ5<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    250000 | PA      | $258811.25    | 0.27%             | 2031-07-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS      | Univision Communications Inc                                                   | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    275000 | PA      | $292166.05    | 0.31%             | 2032-08-01      | Fixed         | 9.38%                 | 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      | $1236863.02   | 1.30%             | 2032-08-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| WHITE CAP SUPPLY HOLDING      | White Cap Supply Holdings LLC                                                  | CUSIP: 96467GAC2<br>LEI: 254900L2N0T6GULCL366 | Long             | DBT              | CORP              | US        |    500000 | PA      | $510331.21    | 0.54%             | 2030-11-15      | Fixed         | 7.38%                 | 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      | $255544.50    | 0.27%             | 2032-04-01      | Fixed         | 6.75%                 | 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      | $607397.33    | 0.64%             | 2029-02-15      | Fixed         | 8.12%                 | 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      | $692036.51    | 0.73%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| PARK RIVER HOLDINGS INC       | Park River Holdings Inc                                                        | CUSIP: 70082LAC1<br>LEI: 254900PGY077KWCROT75 | Long             | DBT              | CORP              | US        |   1175000 | PA      | $1214828.98   | 1.28%             | 2031-03-15      | Fixed         | 8.00%                 | 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        |   1167000 | PA      | $1031301.12   | 1.08%             | 2030-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| STAR LEASING CO LLC           | Star Leasing Co LLC                                                            | CUSIP: 854938AA5<br>LEI: 549300WXKNX4PT3HSN71 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1147469.88   | 1.21%             | 2030-02-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| TKC HOLDINGS INC              | TKC Holdings Inc                                                               | CUSIP: 87256YAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    485000 | PA      | $490598.36    | 0.52%             | 2028-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AMN HEALTHCARE INC            | AMN Healthcare Inc                                                             | CUSIP: 00175PAD5<br>LEI: 549300H27NUKBFFQEE84 | Long             | DBT              | CORP              | US        |   1125000 | PA      | $1129091.69   | 1.19%             | 2031-01-15      | Fixed         | 6.50%                 | 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        |    700000 | PA      | $712608.95    | 0.75%             | 2031-01-30      | Fixed         | 6.25%                 | 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    | 0.41%             | 2028-08-01      | Fixed         | 9.20%                 | No            |                  2 | On Loan: No      |
| BRAND INDUSTRIAL SERVICE      | Brand Industrial Services Inc                                                  | CUSIP: 104931AA8<br>LEI: 549300B658W2BPDQMW42 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1276478.97   | 1.34%             | 2030-08-01      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN      | Burford Capital Global Finance LLC                                             | CUSIP: 12116LAG4<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    200000 | PA      | $195778.00    | 0.21%             | 2033-07-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CLEARWATER PAPER CORP         | Clearwater Paper Corp                                                          | CUSIP: 18538RAJ2<br>LEI: 549300HCVV19GXN4P292 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1072564.75   | 1.13%             | 2028-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| COMPASS MINERALS INTERNA      | Compass Minerals International Inc                                             | CUSIP: 20451NAG6<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |    296000 | PA      | $296180.94    | 0.31%             | 2027-12-01      | Fixed         | 6.75%                 | 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        |   1000000 | PA      | $1019160.00   | 1.07%             | 2032-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Fidelity Government Portfolio | Fidelity Government Portfolio                                                  | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   6256476 | NS      | $6256475.74   | 6.58%             |  |  |  | No            |                  1 | On Loan: No      |
| MAGNERA CORP                  | Magnera Corp                                                                   | CUSIP: 377320AA4<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |   1017000 | PA      | $920789.05    | 0.97%             | 2029-11-15      | Fixed         | 4.75%                 | 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      | $173130.71    | 0.18%             | 2032-01-15      | Fixed         | 8.25%                 | 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      | $1135546.47   | 1.19%             | 2029-06-01      | Fixed         | 5.25%                 | 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      | $1063759.63   | 1.12%             | 2029-02-15      | Fixed         | 9.00%                 | 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      | $652013.05    | 0.69%             | 2028-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| URBAN ONE INC                 | Urban One Inc                                                                  | CUSIP: 91705JAC9<br>LEI: 549300PLGIGPBRQUP240 | Long             | DBT              | CORP              | US        |   1650000 | PA      | $870663.75    | 0.92%             | 2028-02-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| SK INVICTUS INTERMEDIATE      | SK Invictus Intermediate II Sarl                                               | CUSIP: 29977LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    860000 | PA      | $847179.55    | 0.89%             | 2029-10-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RAIN CARBON INC               | Rain Carbon Inc                                                                | CUSIP: 75079LAB7<br>LEI: 25490038N6JQH7QXUK52 | Long             | DBT              | CORP              | US        |   1130000 | PA      | $1167443.68   | 1.23%             | 2029-09-01      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| ROCKET SOFTWARE INC           | Rocket Software Inc                                                            | CUSIP: 77314EAB4<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257839.25    | 0.27%             | 2028-11-28      | Fixed         | 9.00%                 | 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      | $1149757.21   | 1.21%             | 2030-02-01      | Fixed         | 6.38%                 | 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      | $904947.68    | 0.95%             | 2029-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| TMS INTERNATIONAL CORP        | TMS International Corp/DE                                                      | CUSIP: 87261QAC7<br>LEI: 549300L4K0F1YF8WKF23 | Long             | DBT              | CORP              | US        |   1280000 | PA      | $1237741.63   | 1.30%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS      | Univision Communications Inc                                                   | CUSIP: 914906AX0<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    350000 | PA      | $355370.75    | 0.37%             | 2030-06-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CHC GROUP LLC                 | CHC Group LLC                                                                  | CUSIP: 12550EAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   1435000 | PA      | $1376991.85   | 1.45%             | 2030-09-01      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| CP ATLAS BUYER INC            | CP Atlas Buyer Inc                                                             | CUSIP: 12597YAC3<br>LEI: 2549006ZZ07G0NDDCR36 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1164383.05   | 1.22%             | 2030-07-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| CERDIA FINANZ GMBH            | Cerdia Finanz GmbH                                                             | CUSIP: 15679GAC6<br>LEI: 391200KURNDJSX9GX570 | Long             | DBT              | CORP              | DE        |   1225000 | PA      | $1270606.75   | 1.34%             | 2031-10-03      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| CHAMPIONS FINANCING INC       | Champions Financing Inc                                                        | CUSIP: 15870LAA6<br>LEI: 391200ZDD75EGEUJ7625 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1250458.00   | 1.32%             | 2029-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CIMPRESS PLC                  | Cimpress PLC                                                                   | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |   1100000 | PA      | $1123465.20   | 1.18%             | 2032-09-15      | Fixed         | 7.38%                 | 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      | $182283.85    | 0.19%             | 2031-02-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| COMPASS MINERALS INTERNA      | Compass Minerals International Inc                                             | CUSIP: 20451NAJ0<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1146205.50   | 1.21%             | 2030-07-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN       | Consolidated Energy Finance SA                                                 | CUSIP: 20914UAF3<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |    875000 | PA      | $608343.75    | 0.64%             | 2028-10-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DCLI BIDCO LLC                | Dcli Bidco LLC                                                                 | CUSIP: 233104AA6<br>LEI: 2549007UUVJTHHNK9T70 | Long             | DBT              | CORP              | US        |    975000 | PA      | $960700.07    | 1.01%             | 2029-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ENERFLEX LTD                  | Enerflex Ltd                                                                   | CUSIP: 29269RAA3<br>LEI: 54930014N7872VUS3F89 | Long             | DBT              | CORP              | CA        |    825000 | PA      | $845615.93    | 0.89%             | 2027-10-15      | Fixed         | 9.00%                 | 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      | $1242823.53   | 1.31%             | 2029-04-01      | Fixed         | 5.88%                 | 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      | $656992.05    | 0.69%             | 2031-01-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| GPD COS INC                   | GPD Cos Inc                                                                    | CUSIP: 36260VAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1660520 | PA      | $910359.47    | 0.96%             | 2029-12-31      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| INNOPHOS HOLDINGS INC         | Innophos Holdings Inc                                                          | CUSIP: 45774NAD0<br>LEI: XQ0331QX53IRX25OY417 | Long             | DBT              | CORP              | US        |   1415550 | PA      | $1277393.83   | 1.34%             | 2029-06-15      | Fixed         | 11.50%                | 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        |    450000 | PA      | $457766.68    | 0.48%             | 2029-05-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| LABL INC                      | LABL Inc                                                                       | CUSIP: 50168QAE5<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |    525000 | PA      | $366832.63    | 0.39%             | 2028-11-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| LABL INC                      | LABL Inc                                                                       | CUSIP: 50168QAF2<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |    375000 | PA      | $229358.18    | 0.24%             | 2031-10-01      | Fixed         | 8.62%                 | 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      | $686447.91    | 0.72%             | 2030-02-01      | 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      | $790979.33    | 0.83%             | 2030-04-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| OT MERGER CORP                | OT Merger Corp                                                                 | CUSIP: 688777AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1769000 | PA      | $634027.29    | 0.67%             | 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      | $1370409.10   | 1.44%             | 2032-04-17      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| MERCER INTL INC               | Mercer International Inc                                                       | CUSIP: 588056BB6<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |    850000 | PA      | $505117.43    | 0.53%             | 2029-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| BEACON MOBILITY CORP          | Beacon Mobility Corp                                                           | CUSIP: 073644AA4<br>LEI: 254900EBTYFG24UQEM31 | Long             | DBT              | CORP              | US        |    700000 | PA      | $733152.00    | 0.77%             | 2030-08-01      | Fixed         | 7.25%                 | 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      | $319296.00    | 0.34%             | 2028-04-15      | Fixed         | 6.25%                 | 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      | $140450.09    | 0.15%             | 2031-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ALTA EQUIPMENT GROUP          | Alta Equipment Group Inc                                                       | CUSIP: 02128LAC0<br>LEI: 549300DGOB28CLGS1X27 | Long             | DBT              | CORP              | US        |   1341000 | PA      | $1190071.79   | 1.25%             | 2029-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| BRIGHTLINE EAST LLC           | Brightline East LLC                                                            | CUSIP: 093536AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1191000 | PA      | $418073.04    | 0.44%             | 2030-01-31      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| GRAFTECH FINANCE INC          | GrafTech Finance Inc                                                           | CUSIP: 384311AC0<br>LEI: 1Z010BU876CF2HDBIN43 | Long             | DBT              | CORP              | US        |   1161000 | PA      | $860591.25    | 0.91%             | 2029-12-23      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| HUSKY INJECTION / TITAN       | Husky Injection Molding Systems Ltd / Titan Co-Borrower LLC                    | CUSIP: 44805RAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1125000 | PA      | $1185468.75   | 1.25%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | 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        |    720000 | PA      | $676851.77    | 0.71%             | 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: 46206AAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    330000 | PA      | $327099.00    | 0.34%             | 2029-05-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| MAGNERA CORP                  | Magnera Corp                                                                   | CUSIP: 55939AAA5<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |    500000 | PA      | $477660.00    | 0.50%             | 2031-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MATIV HOLDINGS INC            | Mativ Holdings Inc                                                             | CUSIP: 808541AC0<br>LEI: 549300Z1FU4IDULG1R21 | Long             | DBT              | CORP              | US        |   1175000 | PA      | $1178567.30   | 1.24%             | 2029-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| VOYAGER PARENT LLC            | Voyager Parent LLC                                                             | CUSIP: 92921EAA0<br>LEI: 2549002DYVI4ACSV4V71 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1113346.50   | 1.17%             | 2032-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-22

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Richard Conner

**Name of Signer:** Advisors Series Trust

**Title:** Assistant Treasurer