# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001193125-26-190253
**Filing Date:** 2026-4
**Character Count:** 67002
**Document Hash:** 81986854f3d013bd615259a71e04bed2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-190253.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0001193125-26-190253

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**PERIOD START**: 20261130

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07959
- **FILM NUMBER:** 26912468

**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           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **PIA High Yield (MACS) Fund** | **PIA High Yield (MACS) Fund** | **PIA High Yield (MACS) Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **February 28, 2026 (Unaudited)** | **February 28, 2026 (Unaudited)** | **February 28, 2026 (Unaudited)** |
| **CORPORATE BONDS - 88.7%** | **Par**  | **Value**  |
| **Advertising - 1.1%** | **Advertising - 1.1%** | **Advertising - 1.1%** |
| 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> | $1800000 | $1900280 |
| &nbsp;&nbsp; 7.13%, 02/15/2031 <sup>(a)</sup> | 225000 | 237829 |
|  |  | 2138109 |
| **Aerospace/Defense - 1.2%** | **Aerospace/Defense - 1.2%** | **Aerospace/Defense - 1.2%** |
|  Efesto Bidco SpA Efesto US LLC, 7.50%, 02/15/2032 <sup>(a)</sup> | 2165000 | 2219149 |
| **Airlines - 1.5%** | **Airlines - 1.5%** | **Airlines - 1.5%** |
|  VistaJet Malta Finance PLC / Vista Management Holding, Inc., 6.38%, 02/01/2030 <sup>(a)</sup> | 2945000 | 2743123 |
| **Auto Parts & Equipment - 1.2%** | **Auto Parts & Equipment - 1.2%** | **Auto Parts & Equipment - 1.2%** |
|  American Axle & Manufacturing, Inc., 6.38%, 10/15/2032 <sup>(a)</sup> | 2100000 | 2138601 |
| **Building Materials - 3.9%** | **Building Materials - 3.9%** | **Building Materials - 3.9%** |
|  CP Atlas Buyer, Inc., 9.75%, 07/15/2030 <sup>(a)</sup> | 1850000 | 1853449 |
|  Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC, 6.75%, 04/01/2032 <sup>(a)</sup> | 750000 | 756811 |
|  MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030 <sup>(a)</sup> | 1775000 | 1657531 |
|  Oscar AcquisitionCo LLC / Oscar Finance, Inc., 9.50%, 04/15/2030 <sup>(a)</sup> | 2625000 | 945000 |
| 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> | 1650000 | 1650795 |
| &nbsp;&nbsp; 8.88%, 11/15/2031 <sup>(a)</sup> | 350000 | 372056 |
|  |  | 7235642 |
| **Chemicals - 7.3%** | **Chemicals - 7.3%** | **Chemicals - 7.3%** |
|  ASP Unifrax Holdings, Inc., 5.25%, 09/30/2028 <sup>(a)</sup> | 2597000 | 181790 |
| Consolidated Energy Finance SA | Consolidated Energy Finance SA | Consolidated Energy Finance SA |
| &nbsp;&nbsp; 5.63%, 10/15/2028 <sup>(a)</sup> | 1725000 | 1451156 |
| &nbsp;&nbsp; 12.00%, 02/15/2031 <sup>(a)</sup> | 1586000 | 1373873 |
|  GPD Cos., Inc., 12.50% (or 2.38% PIK), 12/31/2029 <sup>(a)</sup> | 3228378 | 1716610 |
|  Herens Holdco Sarl, 4.75%, 05/15/2028 <sup>(a)</sup> | 2084000 | 1835604 |
|  Innophos Holdings, Inc., 11.50%, 06/15/2029 <sup>(a)</sup> | 2985500 | 2690801 |
|  Mativ Holdings, Inc., 8.00%, 10/01/2029 <sup>(a)</sup> | 2300000 | 2272611 |
|  Rain Carbon, Inc., 12.25%, 09/01/2029 <sup>(a)</sup> | 2010000 | 2143054 |
|  |  | 13665499 |
| **Coal - 1.2%** | **Coal - 1.2%** | **Coal - 1.2%** |
|  SunCoke Energy, Inc., 4.88%, 06/30/2029 <sup>(a)</sup> | 2380000 | 2175859 |
| **Commercial Services - 14.5%** | **Commercial Services - 14.5%** | **Commercial Services - 14.5%** |
|  Alta Equipment Group, Inc., 9.00%, 06/01/2029 <sup>(a)</sup> | 2410000 | 2276884 |
|  AMN Healthcare, Inc., 6.50%, 01/15/2031 <sup>(a)</sup> | 1875000 | 1883979 |
|  Champions Financing, Inc., 8.75%, 02/15/2029 <sup>(a)</sup> | 2350000 | 2237016 |
|  Cimpress PLC, 7.38%, 09/15/2032 <sup>(a)</sup> | 2100000 | 2115254 |
|  CPI CG, Inc., 10.00%, 07/15/2029 <sup>(a)</sup> | 930000 | 984970 |
|  Dcli Bidco LLC, 7.75%, 11/15/2029 <sup>(a)</sup> | 1455000 | 1492562 |
|  Deluxe Corp., 8.13%, 09/15/2029 <sup>(a)</sup> | 2050000 | 2153160 |
|  NESCO Holdings II, Inc., 5.50%, 04/15/2029 <sup>(a)</sup> | 2350000 | 2339654 |
|  PROG Holdings, Inc., 6.00%, 11/15/2029 <sup>(a)</sup> | 1990000 | 1955484 |
|  RR Donnelley & Sons Co., 9.50%, 08/01/2029 <sup>(a)</sup> | 2125000 | 2191791 |
|  StoneMor, Inc., 8.50%, 05/15/2029 <sup>(a)</sup> | 2130000 | 2067578 |
|  Synergy Infrastructure Holdings LLC, 7.88%, 12/01/2030 <sup>(a)</sup> | 2075000 | 2166514 |
|  Veritiv Operating Co., 10.50%, 11/30/2030 <sup>(a)</sup> | 2875000 | 3079582 |
|  |  | 26944428 |
| **Computers - 0.9%** | **Computers - 0.9%** | **Computers - 0.9%** |
|  Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029 <sup>(a)</sup> | 2475000 | 1712656 |
| **Diversified Financial Services - 2.6%** | **Diversified Financial Services - 2.6%** | **Diversified Financial Services - 2.6%** |
| 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> | 700000 | 696622 |
| &nbsp;&nbsp; 6.88%, 04/15/2030 <sup>(a)</sup> | 1255000 | 1219006 |
| &nbsp;&nbsp; 9.25%, 07/01/2031 <sup>(a)</sup> | 300000 | 305151 |
| &nbsp;&nbsp; 7.50%, 07/15/2033 <sup>(a)</sup> | 300000 | 280971 |
|  Phoenix Aviation Capital Ltd., 9.25%, 07/15/2030 <sup>(a)</sup> | 2300000 | 2411571 |
|  |  | 4913321 |
| **Electrical Components & Equipment - 0.4%** | **Electrical Components & Equipment - 0.4%** | **Electrical Components & Equipment - 0.4%** |
|  WESCO Distribution, Inc., 5.50%, 04/15/2034 <sup>(a)</sup> | 675000 | 682918 |
| **Engineering & Construction - 3.5%** | **Engineering & Construction - 3.5%** | **Engineering & Construction - 3.5%** |
|  Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 02/01/2032 <sup>(a)</sup> | 2120000 | 2161397 |
|  Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029 <sup>(a)</sup> | 2250000 | 2245359 |
|  Railworks Holdings LP / Railworks Rally, Inc., 8.25%, 11/15/2028 <sup>(a)</sup> | 2135000 | 2164115 |
|  |  | 6570871 |
| **Entertainment - 3.4%** | **Entertainment - 3.4%** | **Entertainment - 3.4%** |
|  Brightstar Lottery PLC/ Brightstar Global Solutions Corp., 5.75%, 01/15/2033 <sup>(a)</sup> | 2155000 | 2143207 |
|  Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.63%, 03/01/2030 <sup>(a)</sup> | 2325000 | 2109658 |
|  Voyager Parent LLC, 9.25%, 07/01/2032 <sup>(a)</sup> | 1950000 | 2083446 |
|  |  | 6336311 |
| **Food - 2.3%** | **Food - 2.3%** | **Food - 2.3%** |
|  KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029 <sup>(a)</sup> | 2040000 | 2143175 |
|  Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/2029 <sup>(a)</sup> | 2250000 | 2174323 |
|  |  | 4317498 |
| **Food Service - 1.2%** | **Food Service - 1.2%** | **Food Service - 1.2%** |
| TKC Holdings, Inc. | TKC Holdings, Inc. | TKC Holdings, Inc. |
| &nbsp;&nbsp; 8.50%, 08/15/2030 <sup>(a)</sup> | 1125000 | 1151988 |
| &nbsp;&nbsp; 12.00%, 02/15/2031 <sup>(a)</sup> | 1025000 | 1077139 |
|  |  | 2229127 |
| **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> | 2165000 | 2012969 |
| &nbsp;&nbsp; 7.25%, 11/15/2031 <sup>(a)</sup> | 500000 | 489971 |
| Mercer International, Inc. | Mercer International, Inc. | Mercer International, Inc. |
| &nbsp;&nbsp; 12.88%, 10/01/2028 <sup>(a)</sup> | 1237000 | 865443 |
| &nbsp;&nbsp; 5.13%, 02/01/2029 | 1725000 | 1069073 |
|  |  | 4437456 |
| **Insurance - 2.2%** | **Insurance - 2.2%** | **Insurance - 2.2%** |
|  Acrisure LLC / Acrisure Finance, Inc., 6.75%, 07/01/2032 <sup>(a)</sup> | 1950000 | 1914411 |
|  Asurion LLC and Asurion Co.-Issuer, Inc., 8.38%, 02/01/2034 <sup>(a)</sup> | 2200000 | 2190895 |
|  |  | 4105306 |
| **Internet - 1.8%** | **Internet - 1.8%** | **Internet - 1.8%** |
| ION Platform Finance US, Inc. / ION Platform Finance SARL | ION Platform Finance US, Inc. / ION Platform Finance SARL | ION Platform Finance US, Inc. / ION Platform Finance SARL |
| &nbsp;&nbsp; 4.63%, 05/01/2028 <sup>(a)</sup> | 1625000 | 1505371 |
| &nbsp;&nbsp; 5.75%, 05/15/2028 <sup>(a)</sup> | 1355000 | 1272326 |
| &nbsp;&nbsp; 8.75%, 05/01/2029 <sup>(a)</sup> | 170000 | 157737 |
| &nbsp;&nbsp; 9.50%, 05/30/2029 <sup>(a)</sup> | 500000 | 469482 |
|  |  | 3404916 |
| **Machinery-Diversified - 1.7%** | **Machinery-Diversified - 1.7%** | **Machinery-Diversified - 1.7%** |
|  Columbus McKinnon Corp., 7.13%, 02/01/2033 <sup>(a)</sup> | 2200000 | 2267529 |
|  OT Merger Corp., 7.88%, 10/15/2029 <sup>(a)</sup> | 3231000 | 807750 |
|  |  | 3075279 |
| **Media - 3.9%** | **Media - 3.9%** | **Media - 3.9%** |
| Beasley Mezzanine Holdings LLC | Beasley Mezzanine Holdings LLC | Beasley Mezzanine Holdings LLC |
| &nbsp;&nbsp; 11.00%, 08/01/2028 <sup>(a)</sup> | 293000 | 294465 |
| &nbsp;&nbsp; 9.20%, 08/01/2028 <sup>(a)</sup> | 2403000 | 931162 |
|  Spanish Broadcasting System, Inc., 9.75%, 03/01/2026 <sup>(a)</sup> | 3100000 | 2061500 |
| Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. |
| &nbsp;&nbsp; 4.50%, 05/01/2029 <sup>(a)</sup> | 1375000 | 1305319 |
| &nbsp;&nbsp; 7.38%, 06/30/2030 <sup>(a)</sup> | 400000 | 400330 |
| &nbsp;&nbsp; 8.50%, 07/31/2031 <sup>(a)</sup> | 250000 | 256041 |
| &nbsp;&nbsp; 9.38%, 08/01/2032 <sup>(a)</sup> | 525000 | 555632 |
|  Urban One, Inc., 7.38%, 02/01/2028 <sup>(a)</sup> | 2712000 | 1384842 |
|  |  | 7189291 |
| **Metal Fabricate/Hardware - 2.6%** | **Metal Fabricate/Hardware - 2.6%** | **Metal Fabricate/Hardware - 2.6%** |
|  Park-Ohio Industries, Inc., 8.50%, 08/01/2030 <sup>(a)</sup> | 2210000 | 2296453 |
|  TMS International Corp./DE, 6.25%, 04/15/2029 <sup>(a)</sup> | 2600000 | 2561273 |
|  |  | 4857726 |
| **Mining - 2.6%** | **Mining - 2.6%** | **Mining - 2.6%** |
| Compass Minerals International, Inc. | Compass Minerals International, Inc. | Compass Minerals International, Inc. |
| &nbsp;&nbsp; 6.75%, 12/01/2027 <sup>(a)</sup> | 691000 | 694593 |
| &nbsp;&nbsp; 8.00%, 07/01/2030 <sup>(a)</sup> | 2000000 | 2109708 |
|  JW Aluminum Continuous Cast Co., 10.25%, 04/01/2030 <sup>(a)</sup> | 1940000 | 2008007 |
|  |  | 4812308 |
| **Miscellaneous Manufacturing - 1.5%** | **Miscellaneous Manufacturing - 1.5%** | **Miscellaneous Manufacturing - 1.5%** |
|  Calderys Financing II LLC, 11.75% (or 12.50% PIK), 06/01/2028 <sup>(a)</sup> | 791562 | 821134 |
|  Calderys Financing LLC, 11.25%, 06/01/2028 <sup>(a)</sup> | 1950000 | 2027941 |
|  |  | 2849075 |
| **Office-Business Equipment - 1.3%** | **Office-Business Equipment - 1.3%** | **Office-Business Equipment - 1.3%** |
|  Pitney Bowes, Inc., 6.88%, 03/15/2027 <sup>(a)</sup> | 2400000 | 2402573 |
| **Oil & Gas Services - 4.8%** | **Oil & Gas Services - 4.8%** | **Oil & Gas Services - 4.8%** |
| Bristow Group, Inc. | Bristow Group, Inc. | Bristow Group, Inc. |
| &nbsp;&nbsp; 6.88%, 03/01/2028 <sup>(a)</sup> | 2000000 | 2000000 |
| &nbsp;&nbsp; 6.75%, 02/01/2033 <sup>(a)</sup> | 2070000 | 2101487 |
|  CHC Group LLC, 11.75%, 09/01/2030 <sup>(a)</sup> | 2915000 | 2878284 |
|  Enerflex, Inc., 6.88%, 01/15/2031 <sup>(a)</sup> | 1915000 | 1983500 |
|  |  | 8963271 |
| **Packaging & Containers - 2.0%** | **Packaging & Containers - 2.0%** | **Packaging & Containers - 2.0%** |
|  Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 6.25%, 01/30/2031 <sup>(a)</sup> | 1600000 | 1638410 |
|  Cascades, Inc./Cascades USA, Inc., 6.75%, 07/15/2030 <sup>(a)</sup> | 2075000 | 2127819 |
|  |  | 3766229 |
| **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> | 2605000 | 2256581 |
| **Pipelines - 7.4%** | **Pipelines - 7.4%** | **Pipelines - 7.4%** |
| 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 | 1175000 | 1189180 |
| &nbsp;&nbsp; 8.25%, 01/15/2032 <sup>(a)</sup> | 390000 | 412934 |
| &nbsp;&nbsp; 7.13%, 07/01/2033 <sup>(a)</sup> | 525000 | 544227 |
|  ITT Holdings LLC, 6.50%, 08/01/2029 <sup>(a)</sup> | 2699000 | 2624066 |
|  Martin Midstream Partners LP / Martin Midstream Finance Corp., 11.50%, 02/15/2028 <sup>(a)</sup> | 2070000 | 2159134 |
| 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> | 1000000 | 1037692 |
| &nbsp;&nbsp; 8.38%, 02/15/2032 <sup>(a)</sup> | 1280000 | 1343178 |
|  Summit Midstream Holdings LLC, 8.63%, 10/31/2029 <sup>(a)</sup> | 2200000 | 2304029 |
|  TransMontaigne Partners LLC, 8.50%, 06/15/2030 <sup>(a)</sup> | 2105000 | 2201024 |
|  |  | 13815464 |
| **Retail - 3.0%** | **Retail - 3.0%** | **Retail - 3.0%** |
| Ferrellgas LP / Ferrellgas Finance Corp. | Ferrellgas LP / Ferrellgas Finance Corp. | Ferrellgas LP / Ferrellgas Finance Corp. |
| &nbsp;&nbsp; 5.88%, 04/01/2029 <sup>(a)</sup> | 2325000 | 2249068 |
| &nbsp;&nbsp; 9.25%, 01/15/2031 <sup>(a)</sup> | 1200000 | 1245871 |
|  Park River Holdings, Inc., 8.00%, 03/15/2031 <sup>(a)</sup> | 2050000 | 2068448 |
|  |  | 5563387 |
| **Transportation - 4.1%** | **Transportation - 4.1%** | **Transportation - 4.1%** |
|  Brightline East LLC, 11.00%, 01/31/2030 <sup>(a)</sup> | 2320000 | 638000 |
|  Rand Parent LLC, 8.50%, 02/15/2030 <sup>(a)</sup> | 2180000 | 2275876 |
|  Star Leasing Co. LLC, 7.63%, 02/15/2030 <sup>(a)</sup> | 2350000 | 2239022 |
|  Watco Cos. LLC / Watco Finance Corp., 7.13%, 08/01/2032 <sup>(a)</sup> | 2425000 | 2552948 |
|  |  | 7705846 |
| **TOTAL CORPORATE BONDS** (Cost $175,854,284) | **TOTAL CORPORATE BONDS** (Cost $175,854,284) | 165227820 |
| **COMMON STOCKS - 0.0% <sup>(b)</sup>** | **Shares**  | **Value**  |
| **Building Materials - 0.0% <sup>(b)</sup>** | **Building Materials - 0.0% <sup>(b)</sup>** |  |
| Northwest Hardwoods <sup>(c)(d)</sup> | 2996 | 4494 |
| **TOTAL COMMON STOCKS** (Cost $137,017) | **TOTAL COMMON STOCKS** (Cost $137,017) | 4494 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 8.7%** | **Shares**  | **Value**  |
| Fidelity Government Portfolio - Institutional Class, 3.55% <sup>(e)</sup> | 16199465 | 16199465 |
| **TOTAL MONEY MARKET FUNDS** (Cost $16,199,465) | **TOTAL MONEY MARKET FUNDS** (Cost $16,199,465) | 16199465 |
| **TOTAL INVESTMENTS - 97.4% (**Cost $192,190,766**)** | **TOTAL INVESTMENTS - 97.4% (**Cost $192,190,766**)** | 181431779 |
| Other Assets in Excess of Liabilities - 2.6% | Other Assets in Excess of Liabilities - 2.6% | 4804572 |
| **TOTAL NET ASSETS - 100.0%** |  | $186236351 |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

PIK - Payment in Kind<br>

(a) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional
 investors. As of February 28, 2026, the value of these securities total $162,969,567 or 87.5% of the Fund's net assets.

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

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

(d) Non-income producing security.

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

------

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | $– | $165227820 | $– | $165227820 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | – | – | 4494 | 4494 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 16199465 | – | – | 16199465 |
| Total Investments | $16199465 | $165227820 | $4494 | $181431779 |
| <br> 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.<br>The following is a reconciliation of the Fund's Level 3 investments for which significant unobservable inputs were used in determining value. | <br> 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.<br>The following is a reconciliation of the Fund's Level 3 investments for which significant unobservable inputs were used in determining value. | <br> 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.<br>The following is a reconciliation of the Fund's Level 3 investments for which significant unobservable inputs were used in determining value. | <br> 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.<br>The following is a reconciliation of the Fund's Level 3 investments for which significant unobservable inputs were used in determining value. | <br> 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.<br>The following is a reconciliation of the Fund's Level 3 investments for which significant unobservable inputs were used in determining value. |

---

---

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

---

---

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

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Advisors Series Trust

- **b. Investment Company Act file number:** 811-07959

- **c. CIK number of Registrant:** 0001027596

- **d. LEI of Registrant:** 2549003Z0J6URS6I4Y63

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 615 East Michigan Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 626-914-7363

**Item A.2. Information about the Series.**

- **a. Name of Series:** PIA High Yield 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:** 2026-11-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $187381098.39

**Total Liabilities:** $1133568.75

**Net Assets:** $186247529.64

**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:** 16422.409191000000 | **1-Year:** 17675.337008000000 | **5-Year:** 4963.919277000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000091709 | 0.56%                | 0.77%                | -0.60%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $77768.45                | $-326982.04                                |
| Month 2  | $-1184435.37             | $1266017.80                                |
| Month 3  | $-76953.93               | $-2537426.73                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BURFORD CAPITAL GLBL FIN      | Burford Capital Global Finance LLC                                             | CUSIP: 12116LAE9<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    300000 | PA      | $305150.70    | 0.16%             | 2031-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| CHC GROUP LLC                 | CHC Group LLC                                                                  | CUSIP: 12550EAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   2915000 | PA      | $2878284.41   | 1.55%             | 2030-09-01      | 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        |   1800000 | PA      | $1900279.80   | 1.02%             | 2030-04-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CONDUENT BUS SERVICES         | Conduent Business Services LLC / Conduent State & Local Solutions Inc          | CUSIP: 20679LAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2475000 | PA      | $1712655.95   | 0.92%             | 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      | $1451156.25   | 0.78%             | 2028-10-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN       | Consolidated Energy Finance SA                                                 | CUSIP: 20914UAH9<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |   1586000 | PA      | $1373872.50   | 0.74%             | 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        |   3228378 | PA      | $1716609.52   | 0.92%             | 2029-12-31      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| ITT HOLDINGS LLC              | ITT Holdings LLC                                                               | CUSIP: 45074JAA2<br>LEI: 549300TH2PHOLK31LB42 | Long             | DBT              | CORP              | US        |   2699000 | PA      | $2624065.61   | 1.41%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ION PLAT FIN US/SARL          | ION Platform Finance US Inc / ION Platform Finance SARL                        | CUSIP: 46206AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1355000 | PA      | $1272325.96   | 0.68%             | 2028-05-15      | Fixed         | 5.75%                 | 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      | $756811.50    | 0.41%             | 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: 62922LAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1280000 | PA      | $1343178.24   | 0.72%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| PARK-OHIO INDUSTRIES INC      | Park-Ohio Industries Inc                                                       | CUSIP: 700677AS6<br>LEI: 5493006LQUO5SLMNYM18 | Long             | DBT              | CORP              | US        |   2210000 | PA      | $2296452.99   | 1.23%             | 2030-08-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| RAND PARENT LLC               | Rand Parent LLC                                                                | CUSIP: 753272AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2180000 | PA      | $2275876.40   | 1.22%             | 2030-02-15      | Fixed         | 8.50%                 | 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      | $2174323.05   | 1.17%             | 2029-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| STONEMOR INC                  | StoneMor Inc                                                                   | CUSIP: 86184WAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2130000 | PA      | $2067577.79   | 1.11%             | 2029-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| TKC HOLDINGS INC              | TKC Holdings Inc                                                               | CUSIP: 87256YAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1125000 | PA      | $1151987.69   | 0.62%             | 2030-08-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| TMS INTERNATIONAL CORP        | TMS International Corp/DE                                                      | CUSIP: 87261QAC7<br>LEI: 549300L4K0F1YF8WKF23 | Long             | DBT              | CORP              | US        |   2600000 | PA      | $2561273.00   | 1.38%             | 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      | $3079582.13   | 1.65%             | 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        |   2425000 | PA      | $2552947.85   | 1.37%             | 2032-08-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CHAMPIONS FINANCING INC       | Champions Financing Inc                                                        | CUSIP: 15870LAA6<br>LEI: 391200ZDD75EGEUJ7625 | Long             | DBT              | CORP              | US        |   2350000 | PA      | $2237016.23   | 1.20%             | 2029-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BRUNDAGE-BONE CONCRETE        | Brundage-Bone Concrete Pumping Holdings Inc                                    | CUSIP: 66981QAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2120000 | PA      | $2161397.24   | 1.16%             | 2032-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CP ATLAS BUYER INC            | CP Atlas Buyer Inc                                                             | CUSIP: 12597YAC3<br>LEI: 2549006ZZ07G0NDDCR36 | Long             | DBT              | CORP              | US        |   1850000 | PA      | $1853448.92   | 1.00%             | 2030-07-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| DCLI BIDCO LLC                | Dcli Bidco LLC                                                                 | CUSIP: 233104AA6<br>LEI: 2549007UUVJTHHNK9T70 | Long             | DBT              | CORP              | US        |   1455000 | PA      | $1492562.28   | 0.80%             | 2029-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP                   | Deluxe Corp                                                                    | CUSIP: 248019AW1<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |   2050000 | PA      | $2153160.10   | 1.16%             | 2029-09-15      | Fixed         | 8.12%                 | 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        |   2325000 | PA      | $2109657.57   | 1.13%             | 2030-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SPANISH BROADCASTING SYS      | Spanish Broadcasting System Inc                                                | CUSIP: 846425AQ9<br>LEI: 5493005DKYB1X4C9LH64 | Long             | DBT              | CORP              | US        |   3100000 | PA      | $2061500.00   | 1.11%             | 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        |   1650000 | PA      | $1650794.64   | 0.89%             | 2028-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TRANSMONTAIGNE PARTNERS       | TransMontaigne Partners LLC                                                    | CUSIP: 89377AAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2105000 | PA      | $2201023.79   | 1.18%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS      | Univision Communications Inc                                                   | CUSIP: 914906AZ5<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256041.00    | 0.14%             | 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      | $1384842.12   | 0.74%             | 2028-02-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| AMN HEALTHCARE INC            | AMN Healthcare Inc                                                             | CUSIP: 00175PAD5<br>LEI: 549300H27NUKBFFQEE84 | Long             | DBT              | CORP              | US        |   1875000 | PA      | $1883979.38   | 1.01%             | 2031-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC        | Acrisure LLC / Acrisure Finance Inc                                            | CUSIP: 004961AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1950000 | PA      | $1914410.75   | 1.03%             | 2032-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BEASLEY MEZ HLDGS LLC         | Beasley Mezzanine Holdings LLC                                                 | CUSIP: 07403VAB5<br>LEI: 549300VK8LJV1TK18D38 | Long             | DBT              | CORP              | US        |   2403000 | PA      | $931162.50    | 0.50%             | 2028-08-01      | None          | 9.20%                 | No            |                  2 | On Loan: No      |
| BRIGHTSTAR LOT/BRIGHSTAR      | Brightstar Lottery PLC/ Brightstar Global Solutions Corp                       | CUSIP: 108922AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   2155000 | PA      | $2143206.76   | 1.15%             | 2033-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BRISTOW GROUP INC             | Bristow Group Inc                                                              | CUSIP: 11040GAA1<br>LEI: 5493005Q24EN3UC1PV68 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2000000.00   | 1.07%             | 2028-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ENERFLEX INC                  | Enerflex Inc                                                                   | CUSIP: 29281WAA6<br>LEI: 549300SQCOV1LC1GBK07 | Long             | DBT              | CORP              | US        |   1915000 | PA      | $1983499.55   | 1.06%             | 2031-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE       | Global Partners LP / GLP Finance Corp                                          | CUSIP: 37954FAJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1175000 | PA      | $1189179.90   | 0.64%             | 2029-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GRAFTECH FINANCE INC          | GrafTech Finance Inc                                                           | CUSIP: 384311AC0<br>LEI: 1Z010BU876CF2HDBIN43 | Long             | DBT              | CORP              | US        |   2370000 | PA      | $1161300.00   | 0.62%             | 2029-12-23      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| HERENS HOLDCO SARL            | Herens Holdco Sarl                                                             | CUSIP: 427169AA5<br>LEI: 2221002FZ55AMAUX4G64 | Long             | DBT              | CORP              | LU        |   2084000 | PA      | $1835604.08   | 0.99%             | 2028-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ION PLAT FIN US/SARL          | ION Platform Finance US Inc / ION Platform Finance SARL                        | CUSIP: 46206AAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $469482.20    | 0.25%             | 2029-05-30      | Fixed         | 9.50%                 | 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      | $2143175.04   | 1.15%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| MAGNERA CORP                  | Magnera Corp                                                                   | CUSIP: 55939AAA5<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |    500000 | PA      | $489971.46    | 0.26%             | 2031-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MERCER INTL INC               | Mercer International Inc                                                       | CUSIP: 588056BB6<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |   1725000 | PA      | $1069072.61   | 0.57%             | 2029-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MERCER INTL INC               | Mercer International Inc                                                       | CUSIP: 588056BC4<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |   1237000 | PA      | $865443.55    | 0.46%             | 2028-10-01      | Fixed         | 12.88%                | No            |                  2 | On Loan: No      |
| MATIV HOLDINGS INC            | Mativ Holdings Inc                                                             | CUSIP: 808541AC0<br>LEI: 549300Z1FU4IDULG1R21 | Long             | DBT              | CORP              | US        |   2300000 | PA      | $2272610.91   | 1.22%             | 2029-10-01      | Fixed         | 8.00%                 | 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      | $1657530.86   | 0.89%             | 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: 62922LAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1037692.00   | 0.56%             | 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        |   2350000 | PA      | $2339653.89   | 1.26%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PARK RIVER HOLDINGS INC       | Park River Holdings Inc                                                        | CUSIP: 70082LAC1<br>LEI: 254900PGY077KWCROT75 | Long             | DBT              | CORP              | US        |   2050000 | PA      | $2068447.95   | 1.11%             | 2031-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| PITNEY BOWES INC              | Pitney Bowes Inc                                                               | CUSIP: 724479AP5<br>LEI: 549300N2O26NW4ST6W55 | Long             | DBT              | CORP              | US        |   2400000 | PA      | $2402572.80   | 1.29%             | 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        |   1990000 | PA      | $1955483.45   | 1.05%             | 2029-11-15      | Fixed         | 6.00%                 | 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      | $372055.60    | 0.20%             | 2031-11-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| SUNCOKE ENERGY INC            | SunCoke Energy Inc                                                             | CUSIP: 86722AAD5<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | DBT              | CORP              | US        |   2380000 | PA      | $2175859.31   | 1.17%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TKC HOLDINGS INC              | TKC Holdings Inc                                                               | CUSIP: 87256YAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1025000 | PA      | $1077139.43   | 0.58%             | 2031-02-15      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS      | Univision Communications Inc                                                   | CUSIP: 914906AV4<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   1375000 | PA      | $1305318.99   | 0.70%             | 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      | $400329.64    | 0.21%             | 2030-06-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/VM HOLDS       | VistaJet Malta Finance PLC / Vista Management Holding Inc                      | CUSIP: 92840JAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | MT        |   2945000 | PA      | $2743123.20   | 1.47%             | 2030-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC        | WESCO Distribution Inc                                                         | CUSIP: 95081QAU8<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    675000 | PA      | $682917.75    | 0.37%             | 2034-04-15      | 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      | $4494.00      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| ALTA EQUIPMENT GROUP          | Alta Equipment Group Inc                                                       | CUSIP: 02128LAC0<br>LEI: 549300DGOB28CLGS1X27 | Long             | DBT              | CORP              | US        |   2410000 | PA      | $2276883.65   | 1.22%             | 2029-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| RR DONNELLEY & SONS CO        | RR Donnelley & Sons Co                                                         | CUSIP: 257867BJ9<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |   2125000 | PA      | $2191790.88   | 1.18%             | 2029-08-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| RAIN CARBON INC               | Rain Carbon Inc                                                                | CUSIP: 75079LAB7<br>LEI: 25490038N6JQH7QXUK52 | Long             | DBT              | CORP              | US        |   2010000 | PA      | $2143053.96   | 1.15%             | 2029-09-01      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| RAILWORKS HOLDINGS LP/R       | Railworks Holdings LP / Railworks Rally Inc                                    | CUSIP: 75079MAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2135000 | PA      | $2164115.00   | 1.16%             | 2028-11-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC       | American Axle & Manufacturing Inc                                              | CUSIP: 02406PBC3<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |   2100000 | PA      | $2138601.47   | 1.15%             | 2032-10-15      | Fixed         | 6.38%                 | 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      | $696622.50    | 0.37%             | 2028-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| COLUMBUS MCKINNON CORP        | Columbus McKinnon Corp/NY                                                      | CUSIP: 199333AK1<br>LEI: 549300W3HQB0HO1F3G69 | Long             | DBT              | CORP              | US        |   2200000 | PA      | $2267529.00   | 1.22%             | 2033-02-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Fidelity Government Portfolio | Fidelity Government Portfolio                                                  | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |  16470109 | NS      | $16470109.20  | 8.84%             |  |  |  | No            |                  1 | On Loan: No      |
| ION PLAT FIN US/SARL          | ION Platform Finance US Inc / ION Platform Finance SARL                        | CUSIP: 46206AAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1625000 | PA      | $1505370.75   | 0.81%             | 2028-05-01      | Fixed         | 4.62%                 | 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        |   2605000 | PA      | $2256581.25   | 1.21%             | 2032-04-17      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| PHOENIX AVIATION CAPITAL      | Phoenix Aviation Capital Ltd                                                   | CUSIP: 71910DAA9<br>LEI: 8945008YQAKXZQ3VYJ15 | Long             | DBT              | CORP              | IE        |   2300000 | PA      | $2411570.70   | 1.29%             | 2030-07-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| SYNERGY INFRASTRUCTURE H      | Synergy Infrastructure Holdings LLC                                            | CUSIP: 87191JAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2075000 | PA      | $2166513.73   | 1.16%             | 2030-12-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ASURION LLC/ASURION CO        | Asurion LLC and Asurion Co-Issuer Inc                                          | CUSIP: 045941AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2200000 | PA      | $2190895.10   | 1.18%             | 2034-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| BRISTOW GROUP INC             | Bristow Group Inc                                                              | CUSIP: 11040GAB9<br>LEI: 5493005Q24EN3UC1PV68 | Long             | DBT              | CORP              | US        |   2070000 | PA      | $2101486.77   | 1.13%             | 2033-02-01      | Fixed         | 6.75%                 | 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      | $1219005.72   | 0.65%             | 2030-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN      | Burford Capital Global Finance LLC                                             | CUSIP: 12116LAG4<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    300000 | PA      | $280971.00    | 0.15%             | 2033-07-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| COMPASS MINERALS INTERNA      | Compass Minerals International Inc                                             | CUSIP: 20451NAJ0<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2109708.00   | 1.13%             | 2030-07-01      | Fixed         | 8.00%                 | 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        |   2165000 | PA      | $2219148.82   | 1.19%             | 2032-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BRIGHTLINE EAST LLC           | Brightline East LLC                                                            | CUSIP: 093536AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2320000 | PA      | $638000.00    | 0.34%             | 2030-01-31      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO      | Clear Channel Outdoor Holdings Inc                                             | CUSIP: 18453HAG1<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    225000 | PA      | $237829.05    | 0.13%             | 2031-02-15      | Fixed         | 7.12%                 | 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      | $412933.56    | 0.22%             | 2032-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE       | Global Partners LP / GLP Finance Corp                                          | CUSIP: 37954FAL8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    525000 | PA      | $544227.08    | 0.29%             | 2033-07-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| INNOPHOS HOLDINGS INC         | Innophos Holdings Inc                                                          | CUSIP: 45774NAD0<br>LEI: XQ0331QX53IRX25OY417 | Long             | DBT              | CORP              | US        |   2985500 | PA      | $2690801.30   | 1.44%             | 2029-06-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| ION PLAT FIN US/SARL          | ION Platform Finance US Inc / ION Platform Finance SARL                        | CUSIP: 46206AAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170000 | PA      | $157737.49    | 0.08%             | 2029-05-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| JW ALUMINUM CONT CAST CO      | JW Aluminum Continuous Cast Co                                                 | CUSIP: 46648XAB4<br>LEI: 5493008HJ8BWQC8XAF08 | Long             | DBT              | CORP              | US        |   1940000 | PA      | $2008006.70   | 1.08%             | 2030-04-01      | Fixed         | 10.25%                | 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        |   2070000 | PA      | $2159134.20   | 1.16%             | 2028-02-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| OSCAR ACQUISITIONCO LLC       | Oscar AcquisitionCo LLC / Oscar Finance Inc                                    | CUSIP: 687785AB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2625000 | PA      | $945000.00    | 0.51%             | 2030-04-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| OT MERGER CORP                | OT Merger Corp                                                                 | CUSIP: 688777AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3231000 | PA      | $807750.00    | 0.43%             | 2029-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| STAR LEASING CO LLC           | Star Leasing Co LLC                                                            | CUSIP: 854938AA5<br>LEI: 549300WXKNX4PT3HSN71 | Long             | DBT              | CORP              | US        |   2350000 | PA      | $2239021.96   | 1.20%             | 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        |   2200000 | PA      | $2304029.20   | 1.24%             | 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      | $181790.00    | 0.10%             | 2028-09-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS      | Univision Communications Inc                                                   | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    525000 | PA      | $555631.65    | 0.30%             | 2032-08-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| BEASLEY MEZ HLDGS LLC         | Beasley Mezzanine Holdings LLC                                                 | CUSIP: 07403VAC3<br>LEI: 549300VK8LJV1TK18D38 | Long             | DBT              | CORP              | US        |    293000 | PA      | $294465.00    | 0.16%             | 2028-08-01      | None          | 11.00%                | No            |                  3 | On Loan: No      |
| ARDAGH METAL PACKAGING        | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC    | CUSIP: 03969YAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1638409.60   | 0.88%             | 2031-01-30      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CALDERYS FINANCING LLC        | Calderys Financing LLC                                                         | CUSIP: 128786AA8<br>LEI: 254900ZIKDM74XNEFV84 | Long             | DBT              | CORP              | US        |   1950000 | PA      | $2027941.50   | 1.09%             | 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        |    791562 | PA      | $821133.96    | 0.44%             | 2028-06-01      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| CASCADES INC/USA INC          | Cascades Inc/Cascades USA Inc                                                  | CUSIP: 14739LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   2075000 | PA      | $2127819.13   | 1.14%             | 2030-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CIMPRESS PLC                  | Cimpress PLC                                                                   | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |   2100000 | PA      | $2115254.40   | 1.14%             | 2032-09-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| COMPASS MINERALS INTERNA      | Compass Minerals International Inc                                             | CUSIP: 20451NAG6<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |    691000 | PA      | $694593.20    | 0.37%             | 2027-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS      | Ferrellgas LP / Ferrellgas Finance Corp                                        | CUSIP: 315289AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2325000 | PA      | $2249068.29   | 1.21%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS      | Ferrellgas LP / Ferrellgas Finance Corp                                        | CUSIP: 315292AU6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1245871.20   | 0.67%             | 2031-01-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| MAGNERA CORP                  | Magnera Corp                                                                   | CUSIP: 377320AA4<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |   2165000 | PA      | $2012968.72   | 1.08%             | 2029-11-15      | Fixed         | 4.75%                 | 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      | $2245359.22   | 1.21%             | 2029-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CPI CG INC                    | CPI CG Inc                                                                     | CUSIP: 12598FAC3<br>LEI: 254900H3R50WH1B1LB48 | Long             | DBT              | CORP              | US        |    930000 | PA      | $984969.90    | 0.53%             | 2029-07-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| VOYAGER PARENT LLC            | Voyager Parent LLC                                                             | CUSIP: 92921EAA0<br>LEI: 2549002DYVI4ACSV4V71 | Long             | DBT              | CORP              | US        |   1950000 | PA      | $2083446.30   | 1.12%             | 2032-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Richard Conner

**Name of Signer:** Advisors Series Trust

**Title:** Assistant Treasurer