# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001193125-25-252738
**Filing Date:** 2025-10
**Character Count:** 70064
**Document Hash:** bed4bffc2cbd2129cbaa4004e5a0d005
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-252738.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0001193125-25-252738

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**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:** 251422152

**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** |
| **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** |
| **CORPORATE BONDS - 89.7%** | **Par** | **Value**  |
| **Advertising - 1.2%** | **Advertising - 1.2%** | **Advertising - 1.2%** |
| 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 | $964066 |
| &nbsp;&nbsp; 7.13%, 02/15/2031 <sup>(a)</sup> | 175000 | 177896 |
|  |  | 1141962 |
| **Aerospace/Defense - 1.1%** | **Aerospace/Defense - 1.1%** | **Aerospace/Defense - 1.1%** |
|  Efesto Bidco SpA Efesto US LLC, 7.50%, 02/15/2032 <sup>(a)</sup> | 1000000 | 1022320 |
| **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 | 1149334 |
| **Auto Manufacturers - 0.9%** | **Auto Manufacturers - 0.9%** | **Auto Manufacturers - 0.9%** |
|  PM General Purchaser LLC, 9.50%, 10/01/2028 <sup>(a)</sup> | 1051000 | 834446 |
| **Building Materials - 3.7%** | **Building Materials - 3.7%** | **Building Materials - 3.7%** |
|  CP Atlas Buyer, Inc., 9.75%, 07/15/2030 <sup>(a)</sup> | 1050000 | 1084555 |
|  Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC, 6.75%, 04/01/2032 <sup>(a)</sup> | 250000 | 257871 |
|  MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030 <sup>(a)</sup> | 725000 | 714345 |
|  Oscar AcquisitionCo LLC / Oscar Finance, Inc., 9.50%, 04/15/2030 <sup>(a)</sup> | 700000 | 546188 |
| 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 | 651946 |
| &nbsp;&nbsp; 8.88%, 11/15/2031 <sup>(a)</sup> | 300000 | 320255 |
|  |  | 3575160 |
| **Chemicals - 9.4%** | **Chemicals - 9.4%** | **Chemicals - 9.4%** |
|  ASP Unifrax Holdings, Inc., 5.25%, 09/30/2028 <sup>(a)</sup> | 932000 | 314550 |
|  Cerdia Finanz GmbH, 9.38%, 10/03/2031 <sup>(a)</sup> | 1125000 | 1193378 |
| Consolidated Energy Finance SA | Consolidated Energy Finance SA | Consolidated Energy Finance SA |
| &nbsp;&nbsp; 5.63%, 10/15/2028 <sup>(a)</sup> | 875000 | 738631 |
| &nbsp;&nbsp; 12.00%, 02/15/2031 <sup>(a)</sup> | 860000 | 791487 |
|  GPD Cos., Inc., 12.50%, 12/31/2029 <sup>(a)</sup> | 1085520 | 914276 |
|  Herens Holdco Sarl, 4.75%, 05/15/2028 <sup>(a)</sup> | 1000000 | 861318 |
|  Innophos Holdings, Inc., 11.50%, 06/15/2029 <sup>(a)</sup> | 1315550 | 1307762 |
|  Mativ Holdings, Inc., 8.00%, 10/01/2029 <sup>(a)</sup> | 1075000 | 1064943 |
|  Rain Carbon, Inc., 12.25%, 09/01/2029 <sup>(a)</sup> | 905000 | 972612 |
|  SK Invictus Intermediate II Sarl, 5.00%, 10/30/2029 <sup>(a)</sup> | 860000 | 843366 |
|  |  | 9002323 |
| **Coal - 1.0%** | **Coal - 1.0%** | **Coal - 1.0%** |
|  SunCoke Energy, Inc., 4.88%, 06/30/2029 <sup>(a)</sup> | 1100000 | 1006029 |
| **Commercial Services - 12.0%** | **Commercial Services - 12.0%** | **Commercial Services - 12.0%** |
|  Alta Equipment Group, Inc., 9.00%, 06/01/2029 <sup>(a)</sup> | 1241000 | 1181637 |
|  Champions Financing, Inc., 8.75%, 02/15/2029 <sup>(a)</sup> | 1250000 | 1196062 |
|  Cimpress PLC, 7.38%, 09/15/2032 <sup>(a)</sup> | 950000 | 954483 |
|  CPI CG, Inc., 10.00%, 07/15/2029 <sup>(a)</sup> | 838000 | 877885 |
|  Dcli Bidco LLC, 7.75%, 11/15/2029 <sup>(a)</sup> | 975000 | 999964 |
|  Deluxe Corp., 8.13%, 09/15/2029 <sup>(a)</sup> | 1000000 | 1042861 |
|  NESCO Holdings II, Inc., 5.50%, 04/15/2029 <sup>(a)</sup> | 1135000 | 1107906 |
|  PROG Holdings, Inc., 6.00%, 11/15/2029 <sup>(a)</sup> | 850000 | 826225 |
|  RR Donnelley & Sons Co., 9.50%, 08/01/2029 <sup>(a)</sup> | 1016000 | 1031713 |
|  StoneMor, Inc., 8.50%, 05/15/2029 <sup>(a)</sup> | 1165000 | 1124849 |
|  Veritiv Operating Co., 10.50%, 11/30/2030 <sup>(a)</sup> | 1108000 | 1200437 |
|  |  | 11544022 |
| **Computers - 1.1%** | **Computers - 1.1%** | **Computers - 1.1%** |
|  Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029 <sup>(a)</sup> | 1145000 | 1096608 |
| **Diversified Financial Services - 1.3%** | **Diversified Financial Services - 1.3%** | **Diversified Financial Services - 1.3%** |
| 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 | 319672 |
| &nbsp;&nbsp; 6.88%, 04/15/2030 <sup>(a)</sup> | 550000 | 552345 |
| &nbsp;&nbsp; 9.25%, 07/01/2031 <sup>(a)</sup> | 135000 | 143876 |
| &nbsp;&nbsp; 7.50%, 07/15/2033 <sup>(a)</sup> | 200000 | 204650 |
|  |  | 1220543 |
| **Engineering & Construction - 4.7%** | **Engineering & Construction - 4.7%** | **Engineering & Construction - 4.7%** |
|  Brand Industrial Services, Inc., 10.38%, 08/01/2030 <sup>(a)</sup> | 1300000 | 1278003 |
|  Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 02/01/2032 <sup>(a)</sup> | 1075000 | 1073436 |
|  Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029 <sup>(a)</sup> | 1165000 | 1120102 |
|  Railworks Holdings LP / Railworks Rally, Inc., 8.25%, 11/15/2028 <sup>(a)</sup> | 981000 | 1003701 |
|  |  | 4475242 |
| **Entertainment - 2.1%** | **Entertainment - 2.1%** | **Entertainment - 2.1%** |
|  Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.63%, 03/01/2030 <sup>(a)</sup> | 967000 | 928769 |
|  Voyager Parent LLC, 9.25%, 07/01/2032 <sup>(a)</sup> | 1050000 | 1108812 |
|  |  | 2037581 |
| **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 | 1071767 |
|  Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/2029 <sup>(a)</sup> | 940000 | 903638 |
|  |  | 1975405 |
| **Food Service - 1.3%** | **Food Service - 1.3%** | **Food Service - 1.3%** |
| TKC Holdings, Inc. | TKC Holdings, Inc. | TKC Holdings, Inc. |
| &nbsp;&nbsp; 6.88%, 05/15/2028 <sup>(a)</sup> | 485000 | 487935 |
| &nbsp;&nbsp; 10.50%, 05/15/2029 <sup>(a)</sup> | 785000 | 802390 |
|  |  | 1290325 |
| **Forest Products & Paper - 2.4%** | **Forest Products & Paper - 2.4%** | **Forest Products & Paper - 2.4%** |
| Magnera Corp. | Magnera Corp. | Magnera Corp. |
| &nbsp;&nbsp; 4.75%, 11/15/2029 <sup>(a)</sup> | 1017000 | 899260 |
| &nbsp;&nbsp; 7.25%, 11/15/2031 <sup>(a)</sup> | 200000 | 189455 |
| Mercer International, Inc. | Mercer International, Inc. | Mercer International, Inc. |
| &nbsp;&nbsp; 12.88%, 10/01/2028 <sup>(a)</sup> | 600000 | 583277 |
| &nbsp;&nbsp; 5.13%, 02/01/2029 | 850000 | 670882 |
|  |  | 2342874 |
| **Healthcare-Services - 1.0%** | **Healthcare-Services - 1.0%** | **Healthcare-Services - 1.0%** |
|  Kedrion SpA, 6.50%, 09/01/2029 <sup>(a)</sup> | 1020000 | 1002291 |
| **Insurance - 1.1%** | **Insurance - 1.1%** | **Insurance - 1.1%** |
|  Acrisure LLC / Acrisure Finance, Inc., 6.75%, 07/01/2032 <sup>(a)</sup> | 1050000 | 1078096 |
| **Internet - 1.2%** | **Internet - 1.2%** | **Internet - 1.2%** |
| ION Trading Technologies Sarl | ION Trading Technologies Sarl | ION Trading Technologies Sarl |
| &nbsp;&nbsp; 5.75%, 05/15/2028 <sup>(a)</sup> | 720000 | 699061 |
| &nbsp;&nbsp; 9.50%, 05/30/2029 <sup>(a)</sup> | 450000 | 470902 |
|  |  | 1169963 |
| **Iron/Steel - 1.3%** | **Iron/Steel - 1.3%** | **Iron/Steel - 1.3%** |
|  TMS International Corp./DE, 6.25%, 04/15/2029 <sup>(a)</sup> | 1280000 | 1238882 |
| **Machinery-Diversified - 2.9%** | **Machinery-Diversified - 2.9%** | **Machinery-Diversified - 2.9%** |
|  GrafTech Finance, Inc., 4.63%, 12/23/2029 <sup>(a)</sup> | 1161000 | 830115 |
|  GrafTech Global Enterprises, Inc., 9.88%, 12/23/2029 <sup>(a)</sup> | 250000 | 213750 |
|  Husky Injection Molding Systems Ltd. / Titan Co.-Borrower LLC, 9.00%, 02/15/2029 <sup>(a)</sup> | 1025000 | 1077005 |
|  OT Merger Corp., 7.88%, 10/15/2029 <sup>(a)</sup> | 1769000 | 639034 |
|  |  | 2759904 |
| **Media - 4.0%** | **Media - 4.0%** | **Media - 4.0%** |
| Beasley Mezzanine Holdings LLC | Beasley Mezzanine Holdings LLC | Beasley Mezzanine Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.20%, 08/01/2028 <sup>(a)</sup> | 1003000  | 393678  |
| &nbsp;&nbsp; 11.00%, 08/01/2028 <sup>(a)</sup> | 121000 | 120320 |
|  Spanish Broadcasting System, Inc., 9.75%, 03/01/2026 <sup>(a)</sup> | 1535000 | 1001588 |
| Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. |
| &nbsp;&nbsp; 4.50%, 05/01/2029 <sup>(a)</sup> | 570000 | 534998 |
| &nbsp;&nbsp; 7.38%, 06/30/2030 <sup>(a)</sup> | 350000 | 352189 |
| &nbsp;&nbsp; 8.50%, 07/31/2031 <sup>(a)</sup> | 250000 | 257855 |
| &nbsp;&nbsp; 9.38%, 08/01/2032 <sup>(a)</sup> | 275000 | 289796 |
|  Urban One, Inc., 7.38%, 02/01/2028 <sup>(a)</sup> | 1650000 | 843653 |
|  |  | 3794077 |
| **Metal Fabricate/Hardware - 1.3%** | **Metal Fabricate/Hardware - 1.3%** | **Metal Fabricate/Hardware - 1.3%** |
|  Park-Ohio Industries, Inc., 8.50%, 08/01/2030 <sup>(a)</sup> | 1195000 | 1216313 |
| **Mining - 2.5%** | **Mining - 2.5%** | **Mining - 2.5%** |
| Compass Minerals International, Inc. | Compass Minerals International, Inc. | Compass Minerals International, Inc. |
| &nbsp;&nbsp; 6.75%, 12/01/2027 <sup>(a)</sup> | 296000 | 296379 |
| &nbsp;&nbsp; 8.00%, 07/01/2030 <sup>(a)</sup> | 1000000 | 1046864 |
|  JW Aluminum Continuous Cast Co., 10.25%, 04/01/2030 <sup>(a)</sup> | 1000000 | 1037142 |
|  |  | 2380385 |
| **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> | 750000 | 794062 |
|  Calderys Financing LLC, 11.25%, 06/01/2028 <sup>(a)</sup> | 665000 | 704669 |
|  |  | 1498731 |
| **Office-Business Equipment - 2.0%** | **Office-Business Equipment - 2.0%** | **Office-Business Equipment - 2.0%** |
|  Pitney Bowes, Inc., 6.88%, 03/15/2027 <sup>(a)</sup> | 985000 | 989150 |
| Xerox Holdings Corp. | Xerox Holdings Corp. | Xerox Holdings Corp. |
| &nbsp;&nbsp; 5.50%, 08/15/2028 <sup>(a)</sup> | 1075000 | 700236 |
| &nbsp;&nbsp; 8.88%, 11/30/2029 <sup>(a)</sup> | 375000 | 229804 |
|  |  | 1919190 |
| **Oil & Gas Services - 3.4%** | **Oil & Gas Services - 3.4%** | **Oil & Gas Services - 3.4%** |
|  Bristow Group, Inc., 6.88%, 03/01/2028 <sup>(a)</sup> | 1000000 | 1002430 |
|  CHC Group LLC, 11.75%, 09/01/2030 <sup>(a)</sup> | 1435000 | 1438663 |
|  Enerflex Ltd., 9.00%, 10/15/2027 <sup>(a)</sup> | 825000 | 849803 |
|  |  | 3290896 |
| **Packaging & Containers - 3.4%** | **Packaging & Containers - 3.4%** | **Packaging & Containers - 3.4%** |
|  Cascades, Inc./Cascades USA, Inc., 6.75%, 07/15/2030 <sup>(a)</sup> | 1075000 | 1092958 |
|  Clearwater Paper Corp., 4.75%, 08/15/2028 <sup>(a)</sup> | 1050000 | 994990 |
| LABL, Inc. | LABL, Inc. | LABL, Inc. |
| &nbsp;&nbsp; 5.88%, 11/01/2028 <sup>(a)</sup> | 650000 | 516623 |
| &nbsp;&nbsp; 9.50%, 11/01/2028 <sup>(a)</sup> | 425000 | 354755 |
| &nbsp;&nbsp; 8.63%, 10/01/2031 <sup>(a)</sup> | 375000 | 277550 |
|  |  | 3236876 |
| **Pharmaceuticals - 1.2%** | **Pharmaceuticals - 1.2%** | **Pharmaceuticals - 1.2%** |
|  Paradigm Parent LLC and Paradigm Parent CO-Issuer, Inc., 8.75%, 04/17/2032 <sup>(a)</sup> | 1245000 | 1192685 |
| **Pipelines - 6.2%** | **Pipelines - 6.2%** | **Pipelines - 6.2%** |
| 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 | 624686 |
| &nbsp;&nbsp; 8.25%, 01/15/2032 <sup>(a)</sup> | 165000 | 173690 |
|  ITT Holdings LLC, 6.50%, 08/01/2029 <sup>(a)</sup> | 1155000 | 1133359 |
|  Martin Midstream Partners LP / Martin Midstream Finance Corp., 11.50%, 02/15/2028 <sup>(a)</sup> | 500000 | 529189 |
| 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> | 550000 | 561463 |
| &nbsp;&nbsp; 8.38%, 02/15/2032 <sup>(a)</sup> | 667000 | 679040 |
|  Summit Midstream Holdings LLC, 8.63%, 10/31/2029 <sup>(a)</sup> | 950000 | 948364 |
|  TransMontaigne Partners LLC, 8.50%, 06/15/2030 <sup>(a)</sup> | 350000 | 368422 |
|  Venture Global LNG, Inc., 8.13%, 06/01/2028 <sup>(a)</sup> | 850000 | 881270 |
|  |  | 5899483 |
| **Retail - 1.1%** | **Retail - 1.1%** | **Retail - 1.1%** |
|  Ferrellgas LP / Ferrellgas Finance Corp., 5.88%, 04/01/2029 <sup>(a)</sup> | 1100000 | 1016044 |
| **Software - 4.5%** | **Software - 4.5%** | **Software - 4.5%** |
|  Consensus Cloud Solutions, Inc., 6.50%, 10/15/2028 <sup>(a)</sup> | 1050000 | 1054914 |
| Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl | Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl | Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl |
| &nbsp;&nbsp; 4.63%, 05/01/2028 <sup>(a)</sup> | 875000 | 828144 |
| &nbsp;&nbsp; 8.75%, 05/01/2029 <sup>(a)</sup> | 330000 | 338987 |
|  Pagaya US Holdings Co. LLC, 8.88%, 08/01/2030 <sup>(a)</sup> | 1025000 | 1027895 |
| Rocket Software, Inc. | Rocket Software, Inc. | Rocket Software, Inc. |
| &nbsp;&nbsp; 9.00%, 11/28/2028 <sup>(a)</sup> | 250000 | 257625 |
| &nbsp;&nbsp; 6.50%, 02/15/2029 <sup>(a)</sup> | 835000 | 804155 |
|  |  | 4311720 |
| **Transportation - 5.5%** | **Transportation - 5.5%** | **Transportation - 5.5%** |
|  Beacon Mobility Corp., 7.25%, 08/01/2030 <sup>(a)</sup> | 700000 | 726025 |
|  Brightline East LLC, 11.00%, 01/31/2030 <sup>(a)</sup> | 1191000 | 685417 |
|  First Student Bidco, Inc. / First Transit Parent, Inc., 4.00%, 07/31/2029 <sup>(a)</sup> | 750000 | 712142 |
|  Rand Parent LLC, 8.50%, 02/15/2030 <sup>(a)</sup> | 1085000 | 1125980 |
|  Star Leasing Co. LLC, 7.63%, 02/15/2030 <sup>(a)</sup> | 1100000 | 1088744 |
|  Watco Cos. LLC / Watco Finance Corp., 7.13%, 08/01/2032 <sup>(a)</sup> | 850000 | 889378 |
|  |  | 5227686 |
| **TOTAL CORPORATE BONDS** (Cost $89,184,341) | **TOTAL CORPORATE BONDS** (Cost $89,184,341) | 85947396 |
| **COMMON STOCKS - 0.0%<sup>(b)</sup>** | **Shares** |  |
| **Building Materials - 0.0%<sup>(b)</sup>** | **Building Materials - 0.0%<sup>(b)</sup>** |  |
| Northwest Hardwoods <sup>(c)(d)</sup> | 2996 | 37450 |
| **Media - 0.0%<sup>(b)</sup>** | **Media - 0.0%<sup>(b)</sup>** |  |
| Beasley Broadcast Group, Inc. <sup>(d)</sup> | 740 | 3367 |
| **TOTAL COMMON STOCKS** (Cost $146,126) | **TOTAL COMMON STOCKS** (Cost $146,126) | 40817 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 8.2%** |  |  |
| Fidelity Government Portfolio - Institutional Class, 4.21%<sup>(e)</sup> | 7831300 | 7831300 |
| **TOTAL MONEY MARKET FUNDS** (Cost $7,831,300) | **TOTAL MONEY MARKET FUNDS** (Cost $7,831,300) | 7831300 |
| **TOTAL INVESTMENTS - 97.9% (**Cost $97,161,767**)** | **TOTAL INVESTMENTS - 97.9% (**Cost $97,161,767**)** | 93819513 |
| Other Assets in Excess of Liabilities - 2.1% | Other Assets in Excess of Liabilities - 2.1% | 2027951 |
| **TOTAL NET ASSETS - 100.0%** |  | $95847464 |
| two | two | –% |
| 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 August 31, 2025, the value of these securities total $84,651,828 or 88.3% 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 $37,450 or 0.0% of net assets as of August 31, 2025.

(d) Non-income producing security.

(e) The rate shown represents the 7-day annualized yield as of August 31, 2025.

------

#### Summary of Fair Value Disclosure as of August 31, 2025 (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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | $– | $85947396 | $– | $85947396 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 3367 | – | 37450 | 40817 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 7831300 | – | – | 7831300 |
| Total Investments | $7834667 | $85947396 | $37450 | $93819513 |
| 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. | 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. | 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. | 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. | 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.

---

| | |
|:---|:---|
| **<u>Investments in Securities, at Value</u>** | **<u>Investments in Securities, at Value</u>** |
|  | <u>Common Stocks</u> |
| Balance as of November 30, 2024 | $104860 |
| Accrued discounts/premiums | - |
| Realized gain/(loss) | - |
| Change in unrealized appreciation/(depreciation) | (67410) |
| Purchases | - |
| Sales | - |
| Transfers in and/or out of Level 3 | - |
| Balance as of August 31, 2025 | $37450 |

---

## 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:** 2025-08-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $95949646.52

**Total Liabilities:** $126280.40

**Net Assets:** $95823366.12

**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:** 9816.839841000000 | **1-Year:** 9377.953286000000 | **5-Year:** 2249.718901000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000091708 | 2.04%                | 0.61%                | 0.82%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $122874.85               | $1106569.31                                |
| Month 2  | $47361.11                | $-162445.28                                |
| Month 3  | $-1236349.94             | $1408242.94                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| URBAN ONE INC                 | Urban One Inc                                                                  | CUSIP: 91705JAC9<br>LEI: 549300PLGIGPBRQUP240 | Long             | DBT              | CORP              | US        |   1650000 | PA      | $843653.25    | 0.88%             | 2028-02-01      | Fixed         | 7.38%                 | 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      | $319672.51    | 0.33%             | 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      | $143875.58    | 0.15%             | 2031-07-01      | Fixed         | 9.25%                 | 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      | $843366.48    | 0.88%             | 2029-10-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAFTECH FINANCE INC          | GrafTech Finance Inc                                                           | CUSIP: 384311AC0<br>LEI: 1Z010BU876CF2HDBIN43 | Long             | DBT              | CORP              | US        |   1161000 | PA      | $830115.00    | 0.87%             | 2029-12-23      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| KEDRION SPA                   | Kedrion SpA                                                                    | CUSIP: 49272YAB9<br>LEI: 81560047FA58E1BEDF67 | Long             | DBT              | CORP              | IT        |   1020000 | PA      | $1002291.48   | 1.05%             | 2029-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PARK-OHIO INDUSTRIES INC      | Park-Ohio Industries Inc                                                       | CUSIP: 700677AS6<br>LEI: 5493006LQUO5SLMNYM18 | Long             | DBT              | CORP              | US        |   1195000 | PA      | $1216312.83   | 1.27%             | 2030-08-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ROCKET SOFTWARE INC           | Rocket Software Inc                                                            | CUSIP: 77314EAB4<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257625.15    | 0.27%             | 2028-11-28      | Fixed         | 9.00%                 | 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        |    967000 | PA      | $928768.78    | 0.97%             | 2030-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| STONEMOR INC                  | StoneMor Inc                                                                   | CUSIP: 86184WAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1165000 | PA      | $1124848.74   | 1.17%             | 2029-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| TKC HOLDINGS INC              | TKC Holdings Inc                                                               | CUSIP: 87256YAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    785000 | PA      | $802390.11    | 0.84%             | 2029-05-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC        | Venture Global LNG Inc                                                         | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    850000 | PA      | $881269.80    | 0.92%             | 2028-06-01      | 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        |   1016000 | PA      | $1031713.20   | 1.08%             | 2029-08-01      | Fixed         | 9.50%                 | 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      | $173689.89    | 0.18%             | 2032-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| HERENS HOLDCO SARL            | Herens Holdco Sarl                                                             | CUSIP: 427169AA5<br>LEI: 2221002FZ55AMAUX4G64 | Long             | DBT              | CORP              | LU        |   1000000 | PA      | $861318.10    | 0.90%             | 2028-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ROCKET SOFTWARE INC           | Rocket Software Inc                                                            | CUSIP: 77314EAA6<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |    835000 | PA      | $804155.18    | 0.84%             | 2029-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TKC HOLDINGS INC              | TKC Holdings Inc                                                               | CUSIP: 87256YAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    485000 | PA      | $487935.22    | 0.51%             | 2028-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ALTA EQUIPMENT GROUP          | Alta Equipment Group Inc                                                       | CUSIP: 02128LAC0<br>LEI: 549300DGOB28CLGS1X27 | Long             | DBT              | CORP              | US        |   1241000 | PA      | $1181637.01   | 1.23%             | 2029-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| BEASLEY MEZ HLDGS LLC         | Beasley Mezzanine Holdings LLC                                                 | CUSIP: 07403VAB5<br>LEI: 549300VK8LJV1TK18D38 | Long             | DBT              | CORP              | US        |   1003000 | PA      | $393677.50    | 0.41%             | 2028-08-01      | Fixed         | 9.20%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP                   | Deluxe Corp                                                                    | CUSIP: 248019AW1<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1042861.00   | 1.09%             | 2029-09-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| HELIOS SOFT/ION CORP SOL      | Helios Software Holdings Inc / ION Corporate Solutions Finance Sarl            | CUSIP: 42329HAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    875000 | PA      | $828144.01    | 0.86%             | 2028-05-01      | Fixed         | 4.62%                 | 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      | $1071766.47   | 1.12%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| BRUNDAGE-BONE CONCRETE        | Brundage-Bone Concrete Pumping Holdings Inc                                    | CUSIP: 66981QAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1075000 | PA      | $1073436.31   | 1.12%             | 2032-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PM GENERAL PURCHASER LLC      | PM General Purchaser LLC                                                       | CUSIP: 69356MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1051000 | PA      | $834445.55    | 0.87%             | 2028-10-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| PITNEY BOWES INC              | Pitney Bowes Inc                                                               | CUSIP: 724479AP5<br>LEI: 549300N2O26NW4ST6W55 | Long             | DBT              | CORP              | US        |    985000 | PA      | $989149.81    | 1.03%             | 2027-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PROG HOLDINGS INC             | PROG Holdings Inc                                                              | CUSIP: 74319RAA9<br>LEI: 549300DHYTLBOVRXIG52 | Long             | DBT              | CORP              | US        |    850000 | PA      | $826225.50    | 0.86%             | 2029-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CASCADES INC/USA INC          | Cascades Inc/Cascades USA Inc                                                  | CUSIP: 14739LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1075000 | PA      | $1092957.88   | 1.14%             | 2030-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN       | Consolidated Energy Finance SA                                                 | CUSIP: 20914UAF3<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |    875000 | PA      | $738630.64    | 0.77%             | 2028-10-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS      | Ferrellgas LP / Ferrellgas Finance Corp                                        | CUSIP: 315289AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1016044.04   | 1.06%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GRAFTECH GLOBAL ENTERPRI      | GrafTech Global Enterprises Inc                                                | CUSIP: 38431AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $213750.00    | 0.22%             | 2029-12-23      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| ION TRADING TECHNOLOGIES      | ION Trading Technologies Sarl                                                  | CUSIP: 46205YAB7<br>LEI: 5493009ZVXOKZLQ6QJ12 | Long             | DBT              | CORP              | LU        |    450000 | PA      | $470902.50    | 0.49%             | 2029-05-30      | Fixed         | 9.50%                 | 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      | $1037142.05   | 1.08%             | 2030-04-01      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| PAGAYA US HOLDINGS CO         | Pagaya US Holdings Co LLC                                                      | CUSIP: 69549FAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1025000 | PA      | $1027894.82   | 1.07%             | 2030-08-01      | Fixed         | 8.88%                 | 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      | $903638.26    | 0.94%             | 2029-03-01      | Fixed         | 4.62%                 | 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      | $320255.40    | 0.33%             | 2031-11-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| XEROX HOLDINGS CORP           | Xerox Holdings Corp                                                            | CUSIP: 98421MAB2<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |   1075000 | PA      | $700235.94    | 0.73%             | 2028-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| XEROX HOLDINGS CORP           | Xerox Holdings Corp                                                            | CUSIP: 98421MAC0<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |    375000 | PA      | $229804.69    | 0.24%             | 2029-11-30      | Fixed         | 8.88%                 | 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      | $714344.89    | 0.75%             | 2030-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MAGNERA CORP                  | Magnera Corp                                                                   | CUSIP: 377320AA4<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |   1017000 | PA      | $899260.28    | 0.94%             | 2029-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| OSCAR ACQUISITIONCO LLC       | Oscar AcquisitionCo LLC / Oscar Finance Inc                                    | CUSIP: 687785AB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    700000 | PA      | $546187.60    | 0.57%             | 2030-04-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| MATIV HOLDINGS INC            | Mativ Holdings Inc                                                             | CUSIP: 808541AC0<br>LEI: 549300Z1FU4IDULG1R21 | Long             | DBT              | CORP              | US        |   1075000 | PA      | $1064943.27   | 1.11%             | 2029-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MAGNERA CORP                  | Magnera Corp                                                                   | CUSIP: 55939AAA5<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |    200000 | PA      | $189455.00    | 0.20%             | 2031-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MERCER INTL INC               | Mercer International Inc                                                       | CUSIP: 588056BC4<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |    600000 | PA      | $583276.32    | 0.61%             | 2028-10-01      | Fixed         | 12.88%                | 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      | $257871.00    | 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        |    550000 | PA      | $561462.55    | 0.59%             | 2029-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| NESCO HOLDINGS II INC         | NESCO Holdings II Inc                                                          | CUSIP: 64083YAA9<br>LEI: 254900FAHT0HW9T6L409 | Long             | DBT              | CORP              | US        |   1135000 | PA      | $1107905.51   | 1.16%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Northwest Hardwoods           | Northwest Hardwoods                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      2996 | NS      | $37450.00     | 0.04%             |  |  |  | No            |                  3 | On Loan: No      |
| BRIGHTLINE EAST LLC           | Brightline East LLC                                                            | CUSIP: 093536AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1191000 | PA      | $685416.89    | 0.72%             | 2030-01-31      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| BRAND INDUSTRIAL SERVICE      | Brand Industrial Services Inc                                                  | CUSIP: 104931AA8<br>LEI: 549300B658W2BPDQMW42 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1278003.09   | 1.33%             | 2030-08-01      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| DCLI BIDCO LLC                | Dcli Bidco LLC                                                                 | CUSIP: 233104AA6<br>LEI: 2549007UUVJTHHNK9T70 | Long             | DBT              | CORP              | US        |    975000 | PA      | $999963.90    | 1.04%             | 2029-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Fidelity Government Portfolio | Fidelity Government Portfolio                                                  | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   7852515 | NS      | $7852514.66   | 8.19%             |  |  |  | No            |                  1 | On Loan: No      |
| TMS INTERNATIONAL CORP        | TMS International Corp/DE                                                      | CUSIP: 87261QAC7<br>LEI: 549300L4K0F1YF8WKF23 | Long             | DBT              | CORP              | US        |   1280000 | PA      | $1238881.54   | 1.29%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS      | Univision Communications Inc                                                   | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    275000 | PA      | $289796.38    | 0.30%             | 2032-08-01      | Fixed         | 9.38%                 | 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      | $1149333.69   | 1.20%             | 2030-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| VOYAGER PARENT LLC            | Voyager Parent LLC                                                             | CUSIP: 92921EAA0<br>LEI: 2549002DYVI4ACSV4V71 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1108812.60   | 1.16%             | 2032-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Beasley Broadcast Group Inc   | Beasley Broadcast Group Inc                                                    | CUSIP: 074014200<br>LEI: 549300R5FEOSY86VTY76 | Long             | EC               | CORP              | US        |       740 | NS      | $3367.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BEASLEY MEZ HLDGS LLC         | Beasley Mezzanine Holdings LLC                                                 | CUSIP: 07403VAC3<br>LEI: 549300VK8LJV1TK18D38 | Long             | DBT              | CORP              | US        |    121000 | PA      | $120319.38    | 0.13%             | 2028-08-01      | Fixed         | 11.00%                | No            |                  3 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN      | Burford Capital Global Finance LLC                                             | CUSIP: 12116LAC3<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    550000 | PA      | $552345.20    | 0.58%             | 2030-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| COMPASS MINERALS INTERNA      | Compass Minerals International Inc                                             | CUSIP: 20451NAG6<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |    296000 | PA      | $296378.97    | 0.31%             | 2027-12-01      | Fixed         | 6.75%                 | 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        |   1145000 | PA      | $1096608.41   | 1.14%             | 2029-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN       | Consolidated Energy Finance SA                                                 | CUSIP: 20914UAH9<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |    860000 | PA      | $791486.93    | 0.83%             | 2031-02-15      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| GPD COS INC                   | GPD Cos Inc                                                                    | CUSIP: 36260VAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1085520 | PA      | $914276.14    | 0.95%             | 2029-12-31      | Fixed         | 12.50%                | 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      | $1120102.30   | 1.17%             | 2029-06-01      | Fixed         | 5.25%                 | 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        |   1025000 | PA      | $1077005.43   | 1.12%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| INNOPHOS HOLDINGS INC         | Innophos Holdings Inc                                                          | CUSIP: 45774NAD0<br>LEI: XQ0331QX53IRX25OY417 | Long             | DBT              | CORP              | US        |   1315550 | PA      | $1307761.94   | 1.36%             | 2029-06-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| ION TRADING TECHNOLOGIES      | ION Trading Technologies Sarl                                                  | CUSIP: 46205YAA9<br>LEI: 5493009ZVXOKZLQ6QJ12 | Long             | DBT              | CORP              | LU        |    720000 | PA      | $699060.67    | 0.73%             | 2028-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LABL INC                      | LABL Inc                                                                       | CUSIP: 50168QAC9<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |    650000 | PA      | $516622.54    | 0.54%             | 2028-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MERCER INTL INC               | Mercer International Inc                                                       | CUSIP: 588056BB6<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |    850000 | PA      | $670882.31    | 0.70%             | 2029-02-01      | Fixed         | 5.12%                 | 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      | $679040.02    | 0.71%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| OT MERGER CORP                | OT Merger Corp                                                                 | CUSIP: 688777AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1769000 | PA      | $639033.56    | 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        |   1245000 | PA      | $1192685.44   | 1.24%             | 2032-04-17      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| RAIN CARBON INC               | Rain Carbon Inc                                                                | CUSIP: 75079LAB7<br>LEI: 25490038N6JQH7QXUK52 | Long             | DBT              | CORP              | US        |    905000 | PA      | $972611.65    | 1.02%             | 2029-09-01      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| TRANSMONTAIGNE PARTNERS       | TransMontaigne Partners LLC                                                    | CUSIP: 89377AAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $368422.25    | 0.38%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS      | Univision Communications Inc                                                   | CUSIP: 914906AV4<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    570000 | PA      | $534998.07    | 0.56%             | 2029-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS      | Univision Communications Inc                                                   | CUSIP: 914906AX0<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    350000 | PA      | $352189.36    | 0.37%             | 2030-06-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS      | Univision Communications Inc                                                   | CUSIP: 914906AZ5<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257855.25    | 0.27%             | 2031-07-31      | Fixed         | 8.50%                 | 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      | $624686.22    | 0.65%             | 2029-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HELIOS SOFT/ION CORP SOL      | Helios Software Holdings Inc / ION Corporate Solutions Finance Sarl            | CUSIP: 42329HAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    330000 | PA      | $338986.56    | 0.35%             | 2029-05-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ITT HOLDINGS LLC              | ITT Holdings LLC                                                               | CUSIP: 45074JAA2<br>LEI: 549300TH2PHOLK31LB42 | Long             | DBT              | CORP              | US        |   1155000 | PA      | $1133359.34   | 1.18%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LABL INC                      | LABL Inc                                                                       | CUSIP: 50168QAE5<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |    425000 | PA      | $354754.73    | 0.37%             | 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      | $277550.51    | 0.29%             | 2031-10-01      | Fixed         | 8.62%                 | 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        |    500000 | PA      | $529189.00    | 0.55%             | 2028-02-15      | Fixed         | 11.50%                | 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      | $1003700.34   | 1.05%             | 2028-11-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| SUMMIT MIDSTREAM HOLDING      | Summit Midstream Holdings LLC                                                  | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    950000 | PA      | $948363.91    | 0.99%             | 2029-10-31      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| SUNCOKE ENERGY INC            | SunCoke Energy Inc                                                             | CUSIP: 86722AAD5<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1006029.31   | 1.05%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| VERITIV OPERATING CO          | Veritiv Operating Co                                                           | CUSIP: 92339LAA0<br>LEI: 5493004G8OK5L1UTIY12 | Long             | DBT              | CORP              | US        |   1108000 | PA      | $1200437.12   | 1.25%             | 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        |    850000 | PA      | $889377.95    | 0.93%             | 2032-08-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| BEACON MOBILITY CORP          | Beacon Mobility Corp                                                           | CUSIP: 073644AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    700000 | PA      | $726025.30    | 0.76%             | 2030-08-01      | Fixed         | 7.25%                 | 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      | $204650.00    | 0.21%             | 2033-07-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CHC GROUP LLC                 | CHC Group LLC                                                                  | CUSIP: 12550EAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   1435000 | PA      | $1438663.15   | 1.50%             | 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        |   1050000 | PA      | $1084555.50   | 1.13%             | 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        |   1125000 | PA      | $1193377.50   | 1.25%             | 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      | $1196062.00   | 1.25%             | 2029-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CIMPRESS PLC                  | Cimpress PLC                                                                   | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |    950000 | PA      | $954483.05    | 1.00%             | 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      | $177896.25    | 0.19%             | 2031-02-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CLEARWATER PAPER CORP         | Clearwater Paper Corp                                                          | CUSIP: 18538RAJ2<br>LEI: 549300HCVV19GXN4P292 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $994990.50    | 1.04%             | 2028-08-15      | Fixed         | 4.75%                 | 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      | $1022320.00   | 1.07%             | 2032-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ENERFLEX LTD                  | Enerflex Ltd                                                                   | CUSIP: 29269RAA3<br>LEI: 54930014N7872VUS3F89 | Long             | DBT              | CORP              | CA        |    825000 | PA      | $849802.80    | 0.89%             | 2027-10-15      | Fixed         | 9.00%                 | 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      | $1078095.59   | 1.13%             | 2032-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BRISTOW GROUP INC             | Bristow Group Inc                                                              | CUSIP: 11040GAA1<br>LEI: 5493005Q24EN3UC1PV68 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1002430.00   | 1.05%             | 2028-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CPI CG INC                    | CPI CG Inc                                                                     | CUSIP: 12598FAC3<br>LEI: 254900H3R50WH1B1LB48 | Long             | DBT              | CORP              | US        |    838000 | PA      | $877884.61    | 0.92%             | 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      | $704668.58    | 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      | $794062.50    | 0.83%             | 2028-06-01      | Fixed         | 11.75%                | 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      | $964065.53    | 1.01%             | 2030-04-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| COMPASS MINERALS INTERNA      | Compass Minerals International Inc                                             | CUSIP: 20451NAJ0<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1046864.00   | 1.09%             | 2030-07-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION      | Consensus Cloud Solutions Inc                                                  | CUSIP: 20848VAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1054914.00   | 1.10%             | 2028-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FRST STU BID/FRST TRANS       | First Student Bidco Inc / First Transit Parent Inc                             | CUSIP: 337120AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $712141.73    | 0.74%             | 2029-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RAND PARENT LLC               | Rand Parent LLC                                                                | CUSIP: 753272AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1085000 | PA      | $1125979.37   | 1.18%             | 2030-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| SPANISH BROADCASTING SYS      | Spanish Broadcasting System Inc                                                | CUSIP: 846425AQ9<br>LEI: 5493005DKYB1X4C9LH64 | Long             | DBT              | CORP              | US        |   1535000 | PA      | $1001587.50   | 1.05%             | 2026-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| SMYRNA READY MIX CONCRET      | Smyrna Ready Mix Concrete LLC                                                  | CUSIP: 85236FAA1<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |    650000 | PA      | $651946.10    | 0.68%             | 2028-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| STAR LEASING CO LLC           | Star Leasing Co LLC                                                            | CUSIP: 854938AA5<br>LEI: 549300WXKNX4PT3HSN71 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1088744.36   | 1.14%             | 2030-02-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| UNIFRAX ESCROW ISS CORP       | ASP Unifrax Holdings Inc                                                       | CUSIP: 90473LAA0<br>LEI: 549300RRU6BWJLD0YT71 | Long             | DBT              | CORP              | US        |    932000 | PA      | $314550.00    | 0.33%             | 2028-09-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-23

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Richard Conner

**Name of Signer:** Advisors Series Trust

**Title:** Assistant Treasurer