# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001145549-25-047938
**Filing Date:** 2025-7
**Character Count:** 50853
**Document Hash:** 1b5b521fb9d09a003d7f05551f84312a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-047938.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0001145549-25-047938

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250725

**DATE AS OF CHANGE**: 20250725

**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:** 251150004

**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 (MACS) Fund (Series ID: S000029825)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000091709 | Managed Account Completion Shares | PIAMX           |

## 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 MACS Fund

- **b. EDGAR series identifier (if any):** S000029825

- **c. LEI of Series:** 549300T3V7GZ71HWPI24

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

- **a. Date of fiscal year-end:** 2025-11-30

- **b. Date as of which information is reported:** 2025-05-31

**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:** $179885700.87

**Total Liabilities:** $1678656.73

**Net Assets:** $178207044.14

**Delayed Delivery Securities:** $1625000.00

**Cash Not Reported:** $19868.38

**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:** 22663.467176000000 | **1-Year:** 17243.127866000000 | **5-Year:** 3628.576322000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000091709 | -2.05%               | -1.50%               | 1.98%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-4997840.97                               |
| Month 2  | $-2597907.96             | $-1408552.28                               |
| Month 3  | $-12227.56               | $2091946.70                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| HELIOS SOFT/ION CORP SOL      | Helios Software Holdings Inc / ION Corporate Solutions Finance Sarl            | CUSIP: 42329HAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    370000 | PA      | $376021.38    | 0.21%             | 2029-05-01      | Fixed         | 8.75%                 | 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        |   1775000 | PA      | $1636342.68   | 0.92%             | 2030-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP         | NGL Energy Operating LLC / NGL Energy Finance Corp                             | CUSIP: 62922LAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1023138.56   | 0.57%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| TMS INTERNATIONAL CORP        | TMS International Corp/DE                                                      | CUSIP: 87261QAC7<br>LEI: 549300L4K0F1YF8WKF23 | Long             | DBT              | CORP              | US        |   2600000 | PA      | $2426483.54   | 1.36%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| VERITIV OPERATING CO          | Veritiv Operating Co                                                           | CUSIP: 92339LAA0<br>LEI: 5493004G8OK5L1UTIY12 | Long             | DBT              | CORP              | US        |   2875000 | PA      | $3062243.00   | 1.72%             | 2030-11-30      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| XEROX HOLDINGS CORP           | Xerox Holdings Corp                                                            | CUSIP: 98421MAC0<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |    425000 | PA      | $286841.77    | 0.16%             | 2029-11-30      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Northwest Hardwoods           | Northwest Hardwoods                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      2996 | NS      | $37450.00     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| CHAMPIONS FINANCING INC       | Champions Financing Inc                                                        | CUSIP: 15870LAA6<br>LEI: 391200ZDD75EGEUJ7625 | Long             | DBT              | CORP              | US        |   2350000 | PA      | $2190718.41   | 1.23%             | 2029-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| EFESTO BIDCO SPA/US LLC       | Efesto Bidco S.p.A Efesto US LLC                                               | CUSIP: 28201XAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |   1000000 | PA      | $1007375.00   | 0.57%             | 2032-02-15      | Fixed         | 7.50%                 | 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        |    390000 | PA      | $405518.88    | 0.23%             | 2032-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| GPD COS INC                   | GPD Cos Inc                                                                    | CUSIP: 64051NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2570000 | PA      | $2473501.07   | 1.39%             | 2026-04-01      | Fixed         | 10.12%                | No            |                  2 | On Loan: No      |
| HERENS HOLDCO SARL            | Herens Holdco Sarl                                                             | CUSIP: 427169AA5<br>LEI: 2221002FZ55AMAUX4G64 | Long             | DBT              | CORP              | LU        |   2084000 | PA      | $1827711.70   | 1.03%             | 2028-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MERCER INTL INC               | Mercer International Inc                                                       | CUSIP: 588056BC4<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |   1237000 | PA      | $1231741.02   | 0.69%             | 2028-10-01      | Fixed         | 12.88%                | No            |                  2 | On Loan: No      |
| STONEMOR INC                  | StoneMor Inc                                                                   | CUSIP: 86184WAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2130000 | PA      | $1965414.69   | 1.10%             | 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        |   2065000 | PA      | $2122045.63   | 1.19%             | 2029-05-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT        | Mauser Packaging Solutions Holding Co                                          | CUSIP: 57763RAC1<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $986996.11    | 0.55%             | 2027-04-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| PROG HOLDINGS INC             | PROG Holdings Inc                                                              | CUSIP: 74319RAA9<br>LEI: 549300DHYTLBOVRXIG52 | Long             | DBT              | CORP              | US        |   1990000 | PA      | $1891433.91   | 1.06%             | 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        |   2180000 | PA      | $2146470.95   | 1.20%             | 2030-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ROCKET SOFTWARE INC           | Rocket Software Inc                                                            | CUSIP: 77314EAA6<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |   1735000 | PA      | $1686275.30   | 0.95%             | 2029-02-15      | Fixed         | 6.50%                 | 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        |   2250000 | PA      | $2098587.58   | 1.18%             | 2029-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| STAR LEASING CO LLC           | Star Leasing Co LLC                                                            | CUSIP: 854938AA5<br>LEI: 549300WXKNX4PT3HSN71 | Long             | DBT              | CORP              | US        |   2100000 | PA      | $1977921.18   | 1.11%             | 2030-02-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| SUMMIT MIDSTREAM HOLDING      | Summit Midstream Holdings LLC                                                  | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1900000 | PA      | $1905823.50   | 1.07%             | 2029-10-31      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| UNIFRAX ESCROW ISS CORP       | ASP Unifrax Holdings Inc                                                       | CUSIP: 90473LAA0<br>LEI: 549300RRU6BWJLD0YT71 | Long             | DBT              | CORP              | US        |   2597000 | PA      | $941425.49    | 0.53%             | 2028-09-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC        | Venture Global LNG Inc                                                         | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   1875000 | PA      | $1920228.75   | 1.08%             | 2028-06-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| ALTA EQUIPMENT GROUP          | Alta Equipment Group Inc                                                       | CUSIP: 02128LAC0<br>LEI: 549300DGOB28CLGS1X27 | Long             | DBT              | CORP              | US        |   2410000 | PA      | $2107936.38   | 1.18%             | 2029-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ARSENAL AIC PARENT LLC        | Arsenal AIC Parent LLC                                                         | CUSIP: 04288BAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1629637.45   | 0.91%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| SOTERA HEALTH HLDGS LLC       | Sotera Health Holdings LLC                                                     | CUSIP: 83600WAE9<br>LEI: 549300OVT7MBXFLOFU20 | Long             | DBT              | CORP              | US        |   1900000 | PA      | $1976646.00   | 1.11%             | 2031-06-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| TKC HOLDINGS INC              | TKC Holdings Inc                                                               | CUSIP: 87256YAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    835000 | PA      | $831461.27    | 0.47%             | 2028-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| VT TOPCO INC                  | VT Topco Inc                                                                   | CUSIP: 91838PAA9<br>LEI: 5493007T812R37X02Y38 | Long             | DBT              | CORP              | US        |   1610000 | PA      | $1708197.12   | 0.96%             | 2030-08-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ARIS WATER HOLDINGS LLC       | Aris Water Holdings LLC                                                        | CUSIP: 04041NAA0<br>LEI: 5493007AWQW8ZKCHVV46 | Long             | DBT              | CORP              | US        |    650000 | PA      | $653939.65    | 0.37%             | 2030-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CPI CG INC                    | CPI CG Inc                                                                     | CUSIP: 12598FAC3<br>LEI: 254900H3R50WH1B1LB48 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1062477.72   | 0.60%             | 2029-07-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN       | Consolidated Energy Finance SA                                                 | CUSIP: 20914UAH9<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |   1425000 | PA      | $1307230.01   | 0.73%             | 2031-02-15      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS      | Ferrellgas LP / Ferrellgas Finance Corp                                        | CUSIP: 315289AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2025000 | PA      | $1834752.38   | 1.03%             | 2029-04-01      | Fixed         | 5.88%                 | 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        |   1900000 | PA      | $1777670.59   | 1.00%             | 2029-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BRIGHTLINE EAST LLC           | Brightline East LLC                                                            | CUSIP: 093536AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2320000 | PA      | $1686906.80   | 0.95%             | 2030-01-31      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| ITT HOLDINGS LLC              | ITT Holdings LLC                                                               | CUSIP: 45074JAA2<br>LEI: 549300TH2PHOLK31LB42 | Long             | DBT              | CORP              | US        |   2699000 | PA      | $2521650.06   | 1.42%             | 2029-08-01      | Fixed         | 6.50%                 | 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        |   1915000 | PA      | $2030196.83   | 1.14%             | 2028-02-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| MERCER INTL INC               | Mercer International Inc                                                       | CUSIP: 588056BB6<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |   1725000 | PA      | $1372914.74   | 0.77%             | 2029-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PARK-OHIO INDUSTRIES INC      | Park-Ohio Industries Inc                                                       | CUSIP: 700677AR8<br>LEI: 5493006LQUO5SLMNYM18 | Long             | DBT              | CORP              | US        |   2008000 | PA      | $1949165.20   | 1.09%             | 2027-04-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| RAIN CARBON INC               | Rain Carbon Inc                                                                | CUSIP: 75079LAB7<br>LEI: 25490038N6JQH7QXUK52 | Long             | DBT              | CORP              | US        |   1910000 | PA      | $1992244.60   | 1.12%             | 2029-09-01      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN         | Trivium Packaging Finance BV                                                   | CUSIP: 89686QAC0<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |    325000 | PA      | $341895.11    | 0.19%             | 2031-01-15      | Fixed         | 12.25%                | 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        |   2945000 | PA      | $2648241.19   | 1.49%             | 2030-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CIMPRESS PLC                  | Cimpress PLC                                                                   | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |   2100000 | PA      | $1959908.79   | 1.10%             | 2032-09-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| DCLI BIDCO LLC                | Dcli Bidco LLC                                                                 | CUSIP: 233104AA6<br>LEI: 2549007UUVJTHHNK9T70 | Long             | DBT              | CORP              | US        |   1455000 | PA      | $1467259.83   | 0.82%             | 2029-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| TRANSMONTAIGNE PARTNERS       | TransMontaigne Partners LLC                                                    | CUSIP: 89377AAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1555000 | PA      | $1588690.63   | 0.89%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| TURNING POINT BRANDS INC      | Turning Point Brands Inc                                                       | CUSIP: 90041LAG0<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |    905000 | PA      | $954243.77    | 0.54%             | 2032-03-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS      | Univision Communications Inc                                                   | CUSIP: 914906AZ5<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    250000 | PA      | $240207.98    | 0.13%             | 2031-07-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| URBAN ONE INC                 | Urban One Inc                                                                  | CUSIP: 91705JAC9<br>LEI: 549300PLGIGPBRQUP240 | Long             | DBT              | CORP              | US        |   2712000 | PA      | $1358535.72   | 0.76%             | 2028-02-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CLEARWATER PAPER CORP         | Clearwater Paper Corp                                                          | CUSIP: 18538RAJ2<br>LEI: 549300HCVV19GXN4P292 | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1484218.00   | 0.83%             | 2028-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MAGNERA CORP                  | Magnera Corp                                                                   | CUSIP: 377320AA4<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |   2165000 | PA      | $1837729.72   | 1.03%             | 2029-11-15      | Fixed         | 4.75%                 | 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        |   1175000 | PA      | $1180588.04   | 0.66%             | 2029-01-15      | Fixed         | 6.88%                 | 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        |   1900000 | PA      | $1945596.20   | 1.09%             | 2029-02-15      | Fixed         | 9.00%                 | 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        |   2040000 | PA      | $2129370.36   | 1.19%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| LABL INC                      | LABL Inc                                                                       | CUSIP: 50168QAE5<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |    950000 | PA      | $857243.33    | 0.48%             | 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      | $310836.19    | 0.17%             | 2031-10-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| LINDBLAD EXPEDITIONS HO       | Lindblad Expeditions Holdings Inc                                              | CUSIP: 535219AA7<br>LEI: 549300GSPW24GZE6R597 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1552876.50   | 0.87%             | 2028-05-15      | Fixed         | 9.00%                 | 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        |   1000000 | PA      | $974639.20    | 0.55%             | 2029-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| OT MERGER CORP                | OT Merger Corp                                                                 | CUSIP: 688777AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3231000 | PA      | $1262852.51   | 0.71%             | 2029-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| SMYRNA READY MIX CONCRET      | Smyrna Ready Mix Concrete LLC                                                  | CUSIP: 83283WAE3<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |    350000 | PA      | $359594.55    | 0.20%             | 2031-11-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| SMYRNA READY MIX CONCRET      | Smyrna Ready Mix Concrete LLC                                                  | CUSIP: 85236FAA1<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |   1650000 | PA      | $1627339.40   | 0.91%             | 2028-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SUNCOKE ENERGY INC            | SunCoke Energy Inc                                                             | CUSIP: 86722AAD5<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | DBT              | CORP              | US        |   2065000 | PA      | $1899398.09   | 1.07%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BEASLEY MEZ HLDGS LLC         | Beasley Mezzanine Holdings LLC                                                 | CUSIP: 07403VAB5<br>LEI: 549300VK8LJV1TK18D38 | Long             | DBT              | CORP              | US        |   2403000 | PA      | $865080.00    | 0.49%             | 2028-08-01      | Fixed         | 9.20%                 | No            |                  2 | On Loan: No      |
| CASCADES INC/USA INC          | Cascades Inc/Cascades USA Inc                                                  | CUSIP: 14739LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1625000 | PA      | $1634427.83   | 0.92%             | 2030-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CERDIA FINANZ GMBH            | Cerdia Finanz GmbH                                                             | CUSIP: 15679GAC6<br>LEI: 391200KURNDJSX9GX570 | Long             | DBT              | CORP              | DE        |   1975000 | PA      | $2034297.38   | 1.14%             | 2031-10-03      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| ELLUCIAN HOLDINGS INC         | Ellucian Holdings Inc                                                          | CUSIP: 289178AA3<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1012526.00   | 0.57%             | 2029-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SK INVICTUS INTERMEDIATE      | SK Invictus Intermediate II Sarl                                               | CUSIP: 29977LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |   2250000 | PA      | $2138205.15   | 1.20%             | 2029-10-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOAT HOLDCO LLC               | Goat Holdco LLC                                                                | CUSIP: 38021MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    525000 | PA      | $523359.38    | 0.29%             | 2032-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| JW ALUMINUM CONT CAST CO      | JW Aluminum Continuous Cast Co                                                 | CUSIP: 46648XAB4<br>LEI: 5493008HJ8BWQC8XAF08 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1681929.00   | 0.94%             | 2030-04-01      | Fixed         | 10.25%                | 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        |    750000 | PA      | $756114.00    | 0.42%             | 2032-04-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PM GENERAL PURCHASER LLC      | PM General Purchaser LLC                                                       | CUSIP: 69356MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1133562.50   | 0.64%             | 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        |   2400000 | PA      | $2414184.00   | 1.35%             | 2027-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| RAILWORKS HOLDINGS LP/R       | Railworks Holdings LP / Railworks Rally Inc                                    | CUSIP: 75079MAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1885000 | PA      | $1917374.06   | 1.08%             | 2028-11-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ROCKET SOFTWARE INC           | Rocket Software Inc                                                            | CUSIP: 77314EAB4<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |   1090000 | PA      | $1125776.60   | 0.63%             | 2028-11-28      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| MATIV HOLDINGS INC            | Mativ Holdings Inc                                                             | CUSIP: 808541AC0<br>LEI: 549300Z1FU4IDULG1R21 | Long             | DBT              | CORP              | US        |   2100000 | PA      | $1793317.47   | 1.01%             | 2029-10-01      | 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        |   1625000 | PA      | $1541642.86   | 0.87%             | 2030-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| VOYAGER PARENT LLC            | Voyager Parent LLC                                                             | CUSIP: 92921EAA0<br>LEI: 2549002DYVI4ACSV4V71 | Long             | DBT              | CORP              | US        |   1950000 | PA      | $2015895.73   | 1.13%             | 2032-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| WASH MULTIFAM ACQ INC         | WASH Multifamily Acquisition Inc                                               | CUSIP: 93710WAA3<br>LEI: 549300AS7PRY5PHG6L12 | Long             | DBT              | CORP              | US        |   2224000 | PA      | $2221040.75   | 1.25%             | 2026-04-15      | Fixed         | 5.75%                 | 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        |   1875000 | PA      | $1930837.50   | 1.08%             | 2032-08-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| WINDSOR HOLDINGS III LLC      | Windsor Holdings III LLC                                                       | CUSIP: 97360AAA5<br>LEI: 254900IXUJZ9H146T437 | Long             | DBT              | CORP              | US        |   1695000 | PA      | $1795606.56   | 1.01%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| XEROX HOLDINGS CORP           | Xerox Holdings Corp                                                            | CUSIP: 98421MAB2<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |   1900000 | PA      | $1335791.39   | 0.75%             | 2028-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BRISTOW GROUP INC             | Bristow Group Inc                                                              | CUSIP: 11040GAA1<br>LEI: 5493005Q24EN3UC1PV68 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1995937.84   | 1.12%             | 2028-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| COMPASS MINERALS INTERNA      | Compass Minerals International Inc                                             | CUSIP: 20451NAG6<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |   2255000 | PA      | $2256347.02   | 1.27%             | 2027-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION      | Consensus Cloud Solutions Inc                                                  | CUSIP: 20848VAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2365000 | PA      | $2350839.80   | 1.32%             | 2028-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE       | Global Partners LP / GLP Finance Corp                                          | CUSIP: 37954FAG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    625000 | PA      | $626948.13    | 0.35%             | 2027-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN      | Burford Capital Global Finance LLC                                             | CUSIP: 12116LAA7<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    700000 | PA      | $697096.96    | 0.39%             | 2028-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN      | Burford Capital Global Finance LLC                                             | CUSIP: 12116LAC3<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |   1255000 | PA      | $1259216.80   | 0.71%             | 2030-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN      | Burford Capital Global Finance LLC                                             | CUSIP: 12116LAE9<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    300000 | PA      | $319874.40    | 0.18%             | 2031-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| CALDERYS FINANCING II         | Calderys Financing II LLC                                                      | CUSIP: 12878AAA9<br>LEI: 254900CB1N9CREDQAK86 | Long             | DBT              | CORP              | US        |    745000 | PA      | $761024.21    | 0.43%             | 2028-06-01      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO      | Clear Channel Outdoor Holdings Inc                                             | CUSIP: 18453HAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1825009.20   | 1.02%             | 2030-04-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| GRAFTECH GLOBAL ENTERPRI      | GrafTech Global Enterprises Inc                                                | CUSIP: 38431AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    550000 | PA      | $434500.00    | 0.24%             | 2029-12-23      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| LABL INC                      | LABL Inc                                                                       | CUSIP: 50168QAC9<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1154571.57   | 0.65%             | 2028-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BRUNDAGE-BONE CONCRETE        | Brundage-Bone Concrete Pumping Holdings Inc                                    | CUSIP: 66981QAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    650000 | PA      | $649316.59    | 0.36%             | 2032-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BEASLEY MEZ HLDGS LLC         | Beasley Mezzanine Holdings LLC                                                 | CUSIP: 07403VAC3<br>LEI: 549300VK8LJV1TK18D38 | Long             | DBT              | CORP              | US        |    293000 | PA      | $293000.00    | 0.16%             | 2028-08-01      | Fixed         | 11.00%                | No            |                  3 | 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        |   2175000 | PA      | $2000884.94   | 1.12%             | 2029-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN       | Consolidated Energy Finance SA                                                 | CUSIP: 20914UAF3<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |   1725000 | PA      | $1400362.07   | 0.79%             | 2028-10-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| RR DONNELLEY & SONS CO        | RR Donnelley & Sons Co                                                         | CUSIP: 257867BJ9<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |   2125000 | PA      | $2132411.64   | 1.20%             | 2029-08-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES DREDGE&DOCK       | Great Lakes Dredge & Dock Corp                                                 | CUSIP: 390607AF6<br>LEI: 549300H65E3MZ1CX0P05 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2110439.03   | 1.18%             | 2029-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NESCO HOLDINGS II INC         | NESCO Holdings II Inc                                                          | CUSIP: 64083YAA9<br>LEI: 254900FAHT0HW9T6L409 | Long             | DBT              | CORP              | US        |   2350000 | PA      | $2215403.52   | 1.24%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SPANISH BROADCASTING SYS      | Spanish Broadcasting System Inc                                                | CUSIP: 846425AQ9<br>LEI: 5493005DKYB1X4C9LH64 | Long             | DBT              | CORP              | US        |   3100000 | PA      | $2208099.00   | 1.24%             | 2026-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS      | Univision Communications Inc                                                   | CUSIP: 914906AV4<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   1375000 | PA      | $1225794.90   | 0.69%             | 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        |    400000 | PA      | $374224.00    | 0.21%             | 2030-06-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Beasley Broadcast Group Inc   | Beasley Broadcast Group Inc                                                    | CUSIP: 074014200<br>LEI: 549300R5FEOSY86VTY76 | Long             | EC               | CORP              | US        |      1774 | NS      | $7876.56      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BRAND INDUSTRIAL SERVICE      | Brand Industrial Services Inc                                                  | CUSIP: 104931AA8<br>LEI: 549300B658W2BPDQMW42 | Long             | DBT              | CORP              | US        |   2285000 | PA      | $2051454.72   | 1.15%             | 2030-08-01      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| CALDERYS FINANCING LLC        | Calderys Financing LLC                                                         | CUSIP: 128786AA8<br>LEI: 254900ZIKDM74XNEFV84 | Long             | DBT              | CORP              | US        |   1950000 | PA      | $2077869.30   | 1.17%             | 2028-06-01      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| HRT DNT / HRT DNT FIN         | Heartland Dental LLC / Heartland Dental Finance Corp                           | CUSIP: 42239PAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    775000 | PA      | $819859.33    | 0.46%             | 2028-04-30      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| HELIOS SOFT/ION CORP SOL      | Helios Software Holdings Inc / ION Corporate Solutions Finance Sarl            | CUSIP: 42329HAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1625000 | PA      | $1547553.15   | 0.87%             | 2028-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ION TRADING TECHNOLOGIES      | ION Trading Technologies Sarl                                                  | CUSIP: 46205YAB7<br>LEI: 5493009ZVXOKZLQ6QJ12 | Long             | DBT              | CORP              | LU        |    750000 | PA      | $777015.00    | 0.44%             | 2029-05-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ENERFLEX LTD                  | Enerflex Ltd                                                                   | CUSIP: 29269RAA3<br>LEI: 54930014N7872VUS3F89 | Long             | DBT              | CORP              | CA        |   1697000 | PA      | $1749990.52   | 0.98%             | 2027-10-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| GRAFTECH FINANCE INC          | GrafTech Finance Inc                                                           | CUSIP: 384311AC0<br>LEI: 1Z010BU876CF2HDBIN43 | Long             | DBT              | CORP              | US        |   2370000 | PA      | $1490706.30   | 0.84%             | 2029-12-23      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| INNOPHOS HOLDINGS INC         | Innophos Holdings Inc                                                          | CUSIP: 45774NAD0<br>LEI: XQ0331QX53IRX25OY417 | Long             | DBT              | CORP              | US        |   2985500 | PA      | $3011264.87   | 1.69%             | 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        |   1780000 | PA      | $1722828.00   | 0.97%             | 2028-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| KEDRION SPA                   | Kedrion SpA                                                                    | CUSIP: 49272YAB9<br>LEI: 81560047FA58E1BEDF67 | Long             | DBT              | CORP              | IT        |   2265000 | PA      | $2184692.59   | 1.23%             | 2029-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MODIVCARE INC                 | ModivCare Inc                                                                  | CUSIP: 60783XAA2<br>LEI: 549300EFZIFW7F7I0Q28 | Long             | DBT              | CORP              | US        |   2925000 | PA      | $160875.00    | 0.09%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP                   | Deluxe Corp                                                                    | CUSIP: 248019AW1<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |   2050000 | PA      | $2078513.45   | 1.17%             | 2029-09-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Fidelity Government Portfolio | Fidelity Government Portfolio                                                  | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   5711446 | NS      | $5711445.99   | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-18

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Richard Conner

**Name of Signer:** Advisors Series Trust

**Title:** Assistant Treasurer