# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001193125-26-190252
**Filing Date:** 2026-4
**Character Count:** 70486
**Document Hash:** 304cb61d7f490760f27a454a0bbba550
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-190252.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0001193125-26-190252

**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:** 26912467

**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 Short-Term Securities Fund (Series ID: S000005065)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000013850 | Advisor Class | PIASX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **PIA Short-Term Securities Fund** | **PIA Short-Term Securities Fund** | **PIA Short-Term Securities Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **February 28, 2026 (Unaudited)** | **February 28, 2026 (Unaudited)** | **February 28, 2026 (Unaudited)** |
| **CORPORATE BONDS - 39.7%** | **Par**  | **Value**  |
| **Agriculture - 0.5%** | **Agriculture - 0.5%** | **Agriculture - 0.5%** |
|  Philip Morris International, Inc., 4.75%, 02/12/2027 | $1000000 | $1009463 |
| **Banks - 8.9%** | **Banks - 8.9%** | **Banks - 8.9%** |
|  Bank of Montreal, 5.27%, 12/11/2026 | 1800000 | 1819519 |
|  Bank of New York Mellon, 4.59% to 04/20/2026 then SOFR + 0.69%, 04/20/2027 | 2000000 | 2001472 |
|  Bank of Nova Scotia, 5.40%, 06/04/2027 | 800000 | 816253 |
|  Canadian Imperial Bank of Commerce, 5.93%, 10/02/2026 | 800000 | 809471 |
|  Citibank NA, 5.49%, 12/04/2026 | 1000000 | 1011049 |
|  Fifth Third Bank NA, 4.97% to 01/28/2027 then SOFR + 0.81%, 01/28/2028 | 2000000 | 2018064 |
|  Goldman Sachs Bank USA, 5.28% to 03/18/2026 then SOFR + 0.78%, 03/18/2027 | 1800000 | 1801033 |
|  Morgan Stanley Bank NA, 4.45% to 10/15/2026 then SOFR + 0.68%, 10/15/2027 | 2000000 | 2007441 |
|  Royal Bank of Canada, 4.88%, 01/19/2027 | 2000000 | 2018542 |
|  Sumitomo Mitsui Trust Bank Ltd., 5.65%, 09/14/2026 <sup>(a)</sup> | 1000000 | 1009250 |
|  Wells Fargo Bank NA, 5.25%, 12/11/2026 | 1000000 | 1010841 |
|  |  | 16322935 |
| **Building Materials - 0.6%** | **Building Materials - 0.6%** | **Building Materials - 0.6%** |
|  Amrize Finance US LLC, 4.70%, 04/07/2028 | 1000000 | 1015859 |
| **Chemicals - 0.6%** | **Chemicals - 0.6%** | **Chemicals - 0.6%** |
|  Nutrien Ltd., 5.20%, 06/21/2027 | 1000000 | 1015962 |
| **Commercial Services - 1.9%** | **Commercial Services - 1.9%** | **Commercial Services - 1.9%** |
|  Cintas Corp. No 2, 4.20%, 05/01/2028 | 500000 | 504970 |
|  Quanta Services, Inc., 4.75%, 08/09/2027 | 3000000 | 3033293 |
|  |  | 3538263 |
| **Diversified Financial Services - 0.6%** | **Diversified Financial Services - 0.6%** | **Diversified Financial Services - 0.6%** |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 4.88%, 04/01/2028 | 1000000 | 1018163 |
| **Electric - 4.2%** | **Electric - 4.2%** | **Electric - 4.2%** |
|  Ameren Corp., 5.70%, 12/01/2026 | 1000000 | 1011352 |
|  DTE Energy Co., 4.95%, 07/01/2027 | 500000 | 506176 |
|  Duke Energy Corp., 4.85%, 01/05/2027 | 1000000 | 1008249 |
|  Eversource Energy, 4.75%, 05/15/2026 | 1000000 | 1001458 |
|  Georgia Power Co., 5.00%, 02/23/2027 | 1500000 | 1517112 |
|  NextEra Energy Capital Holdings, Inc., 4.69%, 09/01/2027 | 500000 | 505902 |
|  PacifiCorp, 4.25%, 03/15/2029 | 500000 | 503565 |
|  Southern California Edison Co., 4.40%, 09/06/2026 | 700000 | 701239 |
|  Xcel Energy, Inc., 4.75%, 03/21/2028 | 1000000 | 1016165 |
|  |  | 7771218 |
| **Environmental Control - 0.5%** | **Environmental Control - 0.5%** | **Environmental Control - 0.5%** |
|  Veralto Corp., 5.50%, 09/18/2026 | 1000000 | 1007076 |
| **Food - 0.3%** | **Food - 0.3%** | **Food - 0.3%** |
|  Campbell's Co., 5.30%, 03/20/2026 | 500000 | 500263 |
| **Forest Products & Paper - 0.6%** | **Forest Products & Paper - 0.6%** | **Forest Products & Paper - 0.6%** |
|  Georgia-Pacific LLC, 4.40%, 06/30/2028 <sup>(a)</sup> | 1000000 | 1012611 |
| **Gas - 0.3%** | **Gas - 0.3%** | **Gas - 0.3%** |
|  Spire, Inc., 5.30%, 03/01/2026 | 500000 | 500000 |
| **Healthcare-Products - 0.3%** | **Healthcare-Products - 0.3%** | **Healthcare-Products - 0.3%** |
|  Smith & Nephew PLC, 5.15%, 03/20/2027 | 500000 | 505933 |
| **Healthcare-Services - 0.1%** | **Healthcare-Services - 0.1%** | **Healthcare-Services - 0.1%** |
|  Elevance Health, Inc., 4.50%, 10/30/2026 | 250000 | 251098 |
| **Insurance - 5.8%** | **Insurance - 5.8%** | **Insurance - 5.8%** |
|  AEGON Funding Co. LLC, 5.50%, 04/16/2027 <sup>(a)</sup> | 3000000 | 3043593 |
|  Aon North America, Inc., 5.13%, 03/01/2027 | 500000 | 505186 |
|  Arthur J Gallagher & Co., 4.60%, 12/15/2027 | 500000 | 505850 |
|  Athene Global Funding, 5.62%, 05/08/2026 <sup>(a)</sup> | 2000000 | 2005190 |
|  Corebridge Global Funding, 5.35%, 06/24/2026 <sup>(a)</sup> | 500000 | 502217 |
|  Lincoln Financial Global Funding, 4.20%, 01/12/2029 <sup>(a)</sup> | 500000 | 499145 |
|  Mutual of Omaha Cos. Global Funding, 5.80%, 07/27/2026 <sup>(a)</sup> | 1000000 | 1007240 |
| Principal Life Global Funding II | Principal Life Global Funding II | Principal Life Global Funding II |
| &nbsp;&nbsp; 5.00%, 01/16/2027 <sup>(a)</sup> | 500000 | 505295 |
| &nbsp;&nbsp; 4.60%, 08/19/2027 <sup>(a)</sup> | 1000000 | 1010291 |
|  Protective Life Global Funding, 4.99%, 01/12/2027 <sup>(a)</sup> | 1000000 | 1010083 |
|  |  | 10594090 |
| **Investment Companies - 2.8%** | **Investment Companies - 2.8%** | **Investment Companies - 2.8%** |
|  Ares Capital Corp., 7.00%, 01/15/2027 | 2000000 | 2046894 |
|  HPS Corporate Lending Fund, 5.45%, 01/14/2028 | 2000000 | 2011489 |
|  Main Street Capital Corp., 6.50%, 06/04/2027 | 1000000 | 1017097 |
|  |  | 5075480 |
| **Lodging - 0.3%** | **Lodging - 0.3%** | **Lodging - 0.3%** |
|  Marriott International, Inc., 5.45%, 09/15/2026 | 500000 | 503287 |
| **Machinery-Diversified - 0.3%** | **Machinery-Diversified - 0.3%** | **Machinery-Diversified - 0.3%** |
|  AGCO Corp., 5.45%, 03/21/2027 | 500000 | 506406 |
| **Mining - 0.6%** | **Mining - 0.6%** | **Mining - 0.6%** |
|  Glencore Funding LLC, 5.34%, 04/04/2027 <sup>(a)</sup> | 1000000 | 1014756 |
| **Oil & Gas Services - 0.3%** | **Oil & Gas Services - 0.3%** | **Oil & Gas Services - 0.3%** |
|  Schlumberger Holdings Corp., 5.00%, 05/29/2027 <sup>(a)</sup> | 500000 | 507112 |
| **Packaging & Containers - 1.6%** | **Packaging & Containers - 1.6%** | **Packaging & Containers - 1.6%** |
|  Amcor Flexibles North America, Inc., 4.80%, 03/17/2028 | 1000000 | 1018827 |
|  Sonoco Products Co., 4.45%, 09/01/2026 | 2000000 | 2004118 |
|  |  | 3022945 |
| **Pharmaceuticals - 1.1%** | **Pharmaceuticals - 1.1%** | **Pharmaceuticals - 1.1%** |
|  Cencora, Inc., 4.63%, 12/15/2027 | 2000000 | 2026263 |
| **Pipelines - 3.0%** | **Pipelines - 3.0%** | **Pipelines - 3.0%** |
|  Enbridge, Inc., 5.25%, 04/05/2027 | 2000000 | 2027295 |
|  Energy Transfer LP, 6.05%, 12/01/2026 | 1000000 | 1013510 |
|  ONEOK, Inc., 4.25%, 09/24/2027 | 1000000 | 1005262 |
|  South Bow USA Infrastructure Holdings LLC, 4.91%, 09/01/2027 | 1000000 | 1011258 |
|  Williams Cos., Inc., 5.40%, 03/02/2026 | 500000 | 500000 |
|  |  | 5557325 |
| **REITS - 1.8%** | **REITS - 1.8%** | **REITS - 1.8%** |
|  Camden Property Trust, 5.85%, 11/03/2026 | 2000000 | 2023147 |
|  Public Storage Operating Co., 4.39% (SOFR + 0.70%), 04/16/2027 | 1000000 | 1004312 |
|  Weyerhaeuser Co., 4.75%, 05/15/2026 | 328000 | 328510 |
|  |  | 3355969 |
| **Software - 1.1%** | **Software - 1.1%** | **Software - 1.1%** |
|  Fiserv, Inc., 5.15%, 03/15/2027 | 2000000 | 2019830 |
| **Transportation - 1.1%** | **Transportation - 1.1%** | **Transportation - 1.1%** |
|  TTX Co., 5.50%, 09/25/2026 <sup>(a)</sup> | 2000000 | 2015093 |
| **Water - 0.5%** | **Water - 0.5%** | **Water - 0.5%** |
|  Essential Utilities, Inc., 4.80%, 08/15/2027 | 1000000 | 1010962 |
| **TOTAL CORPORATE BONDS** (Cost $71,910,246) | **TOTAL CORPORATE BONDS** (Cost $71,910,246) | 72678362 |
| **U.S. TREASURY SECURITIES - 25.8%** | **Par**  | **Value**  |
| United States Treasury Note/Bond | United States Treasury Note/Bond | United States Treasury Note/Bond |
| &nbsp;&nbsp; 3.50%, 10/31/2027 | 10000000 | 10013672 |
| &nbsp;&nbsp; 4.00%, 12/15/2027 | 2500000 | 2526221 |
| &nbsp;&nbsp; 3.88%, 03/15/2028 | 3200000 | 3231437 |
| &nbsp;&nbsp; 3.75%, 05/15/2028 | 6200000 | 6248801 |
| &nbsp;&nbsp; 3.88%, 07/15/2028 | 5000000 | 5056348 |
| &nbsp;&nbsp; 3.38%, 09/15/2028 | 7000000 | 6999726 |
| &nbsp;&nbsp; 3.50%, 12/15/2028 | 8200000 | 8226586 |
| &nbsp;&nbsp; 3.50%, 02/15/2029 | 5000000 | 5016601 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $47,078,665) | **TOTAL U.S. TREASURY SECURITIES** (Cost $47,078,665) | 47319392 |
| **ASSET-BACKED SECURITIES - 18.9%** | **Par**  | **Value**  |
|  Acacia 2025-1 LLC, Series 2025-1, Class A, 5.24%, 11/15/2037 <sup>(a)</sup> | 1598759 | 1600755 |
|  Alliance Funding Group, Series 2023-1, Class B, 7.51%, 09/16/2030 <sup>(a)</sup> | 687153 | 693911 |
|  Amur Equipment Finance Receivables LLC, Series 2022-1A, Class D, 2.91%, 08/21/2028 <sup>(a)</sup> | 2390000 | 2381273 |
|  Ansley Park Capital LLC, Series 2025-A, Class A2, 4.43%, 04/20/2035 <sup>(a)</sup> | 1894044 | 1904424 |
| Arivo Acceptance Auto Loan Receivables Trust | Arivo Acceptance Auto Loan Receivables Trust | Arivo Acceptance Auto Loan Receivables Trust |
| &nbsp;&nbsp; Series 2024-1A, Class A, 6.46%, 04/17/2028 <sup>(a)</sup> | 299852 | 301330 |
| &nbsp;&nbsp; Series 2025-1A, Class A2, 4.92%, 05/15/2029 <sup>(a)</sup> | 964067 | 968143 |
|  Avtech Equipment Receivables Funding LLC, Series 2026-1A, Class A, 4.55%, 02/15/2033 <sup>(a)</sup> | 1000000 | 1000179 |
|  Bankers Healthcare Group, Inc., Series 2025-2CON, Class A, 4.84%, 09/17/2036 <sup>(a)</sup> | 825567 | 839947 |
|  CarMax Auto Owner Trust, Series 2023-2, Class A3, 5.05% (SOFR + 0.69%), 01/18/2028 | 374680 | 376277 |
| CPS Auto Trust | CPS Auto Trust | CPS Auto Trust |
| &nbsp;&nbsp; Series 2024-D, Class A, 4.91%, 06/15/2028 <sup>(a)</sup> | 57099 | 57143 |
| &nbsp;&nbsp; Series 2025-A, Class B, 5.02%, 07/16/2029 <sup>(a)</sup> | 1000000 | 1006364 |
|  Dell Equipment Finance Trust, Series 2024-2, Class A2, 4.69%, 08/22/2030 <sup>(a)</sup> | 347526 | 348084 |
| Dext ABS Funding LLC | Dext ABS Funding LLC | Dext ABS Funding LLC |
| &nbsp;&nbsp; Series 2023-1, Class C, 7.13%, 09/15/2032 <sup>(a)</sup> | 850000 | 876010 |
| &nbsp;&nbsp; Series 2025-1, Class A2, 4.59%, 08/16/2027 <sup>(a)</sup> | 586643 | 588081 |
|  DLLAA LLC, Series 2025-1A, Class A2, 4.70%, 10/20/2027 <sup>(a)</sup> | 601777 | 603953 |
|  FCI Funding, Series 2024-1A, Class A, 5.44%, 08/15/2036 <sup>(a)</sup> | 1365486 | 1366954 |
|  Foursight Capital Automobile Receivables Trust, Series 2024-1, Class A2, 5.49%, 01/16/2029 <sup>(a)</sup> | 160475 | 160966 |
|  General Motors Co., Series 2023-1, Class A1, 5.34%, 06/15/2028 <sup>(a)</sup> | 1000000 | 1004392 |
|  Lobel Automobile Receivables Trust, Series 2025-1, Class A, 5.06%, 11/15/2027 <sup>(a)</sup> | 483627 | 484393 |
|  NYCTL 2025-A Trust, Series 2025-A, Class A, 4.84%, 11/10/2038 <sup>(a)</sup> | 1462902 | 1466943 |
|  Octane Receivables Trust, Series 2025-RVM1, Class A, 4.48%, 12/20/2046 <sup>(a)</sup> | 1860296 | 1871022 |
|  Pagaya AI Debt Selection Trust, Series 2025-3, Class A2, 5.37%, 12/15/2032 <sup>(a)</sup> | 1104774 | 1118311 |
| PVOne LLC | PVOne LLC | PVOne LLC |
| &nbsp;&nbsp; Series 2023-1A, Class A, 7.25%, 07/16/2035 <sup>(a)</sup> | 72287 | 72372 |
| &nbsp;&nbsp; Series 2025-1A, Class A, 5.40%, 03/15/2039 <sup>(a)</sup> | 2068198 | 2081306 |
|  RCKT Mortgage Trust, Series 2025-2A, Class A, 4.48%, 11/27/2034 <sup>(a)</sup> | 1055368 | 1056613 |
| Reach Financial LLC | Reach Financial LLC | Reach Financial LLC |
| &nbsp;&nbsp; Series 2025-1A, Class A, 4.96%, 08/16/2032 <sup>(a)</sup> | 452591 | 453890 |
| &nbsp;&nbsp; Series 2025-2A, Class A, 4.93%, 08/18/2032 <sup>(a)</sup> | 636854 | 639926 |
| &nbsp;&nbsp; Series 2026-1A, Class A, 4.32%, 02/15/2033 <sup>(a)</sup> | 916721 | 916825 |
|  Research-Driven Pagaya Motor Asset Trust, Series 2025-5A, Class A3, 4.84%, 06/26/2034 <sup>(a)</sup> | 1500000 | 1507869 |
|  SAFCO Auto Receivables Trust, Series 2025-1A, Class A, 5.46%, 09/10/2029 <sup>(a)</sup> | 1049524 | 1049512 |
|  SBNA Auto Lease Trust, Series 2023-A, Class A3, 6.51%, 04/20/2027 <sup>(a)</sup> | 1027 | 1028 |
|  Tesla Auto Lease Trust, Series 2024-B, Class A3, 4.82%, 10/20/2027 <sup>(a)</sup> | 1986977 | 1993225 |
|  United Auto Credit Securitization Trust, Series 2026-1, Class A, 4.41% (1 mo. Term SOFR + 1.20%), 06/12/2028 <sup>(a)</sup> | 1000000 | 1000323 |
|  Veros Automobile Receivables Trust, Series 2026-1, Class A, 4.53%, 08/15/2028 <sup>(a)</sup> | 922080 | 922579 |
|  Western Funding Auto Loan Trust, Series 2025-1, Class A, 4.75%, 07/16/2035 <sup>(a)</sup> | 1000000 | 1012716 |
|  Westlake Automobile Receivables Trust, Series 2025-1A, Class A3, 4.75%, 08/15/2028 <sup>(a)</sup> | 1000000 | 1005967 |
| **TOTAL ASSET-BACKED SECURITIES** (Cost $34,592,661) | **TOTAL ASSET-BACKED SECURITIES** (Cost $34,592,661) | 34733006 |
| **MORTGAGE-BACKED SECURITIES - 9.2%** | **Par**  | **Value**  |
| **Commercial Mortgage-Backed Securities - 9.2%** | **Commercial Mortgage-Backed Securities - 9.2%** | **Commercial Mortgage-Backed Securities - 9.2%** |
|  BLP Commercial Mortgage Trust, Series 2025-IND, Class A, 4.86% (1 mo. Term SOFR + 1.20%), 03/15/2042 <sup>(a)</sup> | 952891 | 953592 |
| BX Trust | BX Trust | BX Trust |
| &nbsp;&nbsp; Series 2021-RISE, Class A, 4.52% (1 mo. Term SOFR + 0.86%), 11/15/2036 <sup>(a)</sup> | 2535987 | 2536498 |
| &nbsp;&nbsp; Series 2024-CNYN, Class A, 5.10% (1 mo. Term SOFR + 1.44%), 04/15/2041 <sup>(a)</sup> | 1425923 | 1427844 |
| &nbsp;&nbsp; Series 2024-MF, Class A, 5.10% (1 mo. Term SOFR + 1.44%), 02/15/2039 <sup>(a)</sup> | 885455 | 886603 |
| &nbsp;&nbsp; Series 2024-VLT4, Class B, 5.60% (1 mo. Term SOFR + 1.94%), 06/15/2041 <sup>(a)</sup> | 4000000 | 3993610 |
| &nbsp;&nbsp; Series 2025-DIME, Class B, 5.16% (1 mo. Term SOFR + 1.50%), 02/15/2035 <sup>(a)</sup> | 3000000 | 3000382 |
|  CONE Trust 2024-DFW1, Series 2024-DFW1, Class B, 5.95% (1 mo. Term SOFR + 2.29%), 08/15/2041 <sup>(a)</sup> | 3000000 | 3004326 |
|  GS Mortgage Securities Corp. II, Series 2023-SHIP, Class B, 4.94%, 09/10/2038 <sup>(a)(b)</sup> | 1000000 | 999839 |
|  |  | 16802694 |
| **U.S. Government Securities - 0.0% <sup>(c)</sup>** | **U.S. Government Securities - 0.0% <sup>(c)</sup>** | **U.S. Government Securities - 0.0% <sup>(c)</sup>** |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp; Pool 782784, 6.14% (1 yr. CMT Rate + 2.25%), 10/01/2034 | 33130 | 34621 |
| &nbsp;&nbsp; Pool 847671, 6.71% (RFUCCT1Y + 1.84%), 04/01/2036 | 8134 | 8462 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| &nbsp;&nbsp; Pool 562912, 6.28% (1 yr. CMT Rate + 2.17%), 04/01/2030 | 3364 | 3379 |
| &nbsp;&nbsp; Pool 755253, 6.13% (RFUCCT1Y + 1.75%), 11/01/2033 | 48455 | 49735 |
|  |  | 96197 |
| **TOTAL MORTGAGE-BACKED SECURITIES** (Cost $16,823,690) | **TOTAL MORTGAGE-BACKED SECURITIES** (Cost $16,823,690) | 16898891 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **U.S. TREASURY BILLS - 5.5%** | **Par**  | **Value**  |
| 3.83%, 03/03/2026 <sup>(d)</sup> | 1100000 | 1099890 |
| 3.60%, 04/16/2026 <sup>(d)</sup> | 2000000 | 1990958 |
| 3.68%, 10/29/2026 <sup>(d)</sup> | 7100000 | 6937668 |
| **TOTAL U.S. TREASURY BILLS** (Cost $10,020,954) | **TOTAL U.S. TREASURY BILLS** (Cost $10,020,954) | 10028516 |
| **MONEY MARKET FUNDS - 2.0%** | **Shares**  | **Value**  |
| Fidelity Government Portfolio - Institutional Class, 3.55% <sup>(e)</sup> | 3638704 | 3638704 |
| **TOTAL MONEY MARKET FUNDS** (Cost $3,638,704) | **TOTAL MONEY MARKET FUNDS** (Cost $3,638,704) | 3638704 |
| **TOTAL INVESTMENTS - 101.1% (**Cost $184,064,920**)** | **TOTAL INVESTMENTS - 101.1% (**Cost $184,064,920**)** | 185296871 |
| Liabilities in Excess of Other Assets - (1.1)% | Liabilities in Excess of Other Assets - (1.1)% | (2039553) |
| **TOTAL NET ASSETS - 100.0%** |  | $183257318 |
| 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. |  |

---

REIT - Real Estate Investment Trust<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 $66,301,299 or 36.2% of the Fund's net assets.

(b) Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the
 coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of February 28, 2026.

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

(d) The rate shown is the annualized yield as of February 28, 2026.

(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 Short-Term Securities 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 | $– | $72678362 | $– | $72678362 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Securities | – | 47319392 | – | 47319392 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities | – | 34733006 | – | 34733006 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | – | 16898891 | – | 16898891 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills | – | 10028516 | – | 10028516 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 3638704 | – | – | 3638704 |
| Total Investments | $3638704 | $181658167 | $– | $185296871 |

---

## 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 Short-Term Securities Fund

- **b. EDGAR series identifier (if any):** S000005065

- **c. LEI of Series:** 254900IO1QLRE1C9NL52

**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:** $183479302.01

**Total Liabilities:** $223566.42

**Net Assets:** $183255735.59

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 1611.797384000000 | **1-Year:** 12829.364762000000 | **5-Year:** 4613.682261000000 | **10-Year:** 218.965509000000 | **30-Year:** 0.032300000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 61.795460000000 | **1-Year:** 1095.156265000000 | **5-Year:** 129.503127000000 | **10-Year:** 2.152764000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000013850 | 0.45%                | 0.31%                | 0.42%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5927.16                 | $42725.39                                  |
| Month 2  | $25407.08                | $-105117.26                                |
| Month 3  | $-1020.04                | $95437.97                                  |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AGCO CORP                      | AGCO Corp                                                 | CUSIP: 001084AR3<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | DBT              | CORP              | US        |    500000 | PA      | $506405.69    | 0.28%             | 2027-03-21      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Rec | Arivo Acceptance Auto Loan Receivables Trust 2025-1       | CUSIP: 039962AF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    964067 | PA      | $968143.13    | 0.53%             | 2029-05-15      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| Avtech Equipment Receivables F | Avtech Equipment Receivables Funding 2026-1 LLC           | CUSIP: 05452AAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1000179.00   | 0.55%             | 2033-02-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur | BHG Securitization Trust 2025-2CON                        | CUSIP: 05494LAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    825567 | PA      | $839947.01    | 0.46%             | 2036-09-17      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| BX Trust                       | BX Trust 2024-VLT4                                        | CUSIP: 05612TAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $3993609.60   | 2.18%             | 2041-06-15      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| BX Trust                       | BX Trust 2025-DIME                                        | CUSIP: 05613UAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $3000381.60   | 1.64%             | 2035-02-15      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                 | CPS Auto Receivables Trust 2024-D                         | CUSIP: 22411JAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     57099 | PA      | $57143.26     | 0.03%             | 2028-06-15      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| FISERV INC                     | Fiserv Inc                                                | CUSIP: 337738BJ6<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2019829.52   | 1.10%             | 2027-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| AMRIZE FINANCE US LLC          | Amrize Finance US LLC                                     | CUSIP: 43475RAQ9<br>LEI: 529900FB2F1WKLFNGY62 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1015859.19   | 0.55%             | 2028-04-07      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| AFG ABS LLC                    | AFG ABS I LLC                                             | CUSIP: 00111LAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    687153 | PA      | $693911.28    | 0.38%             | 2030-09-16      | Fixed         | 7.51%                 | No            |                  2 | On Loan: No      |
| Acacia LLC                     | Acacia 2025-1 LLC                                         | CUSIP: 00401PAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1598759 | PA      | $1600755.06   | 0.87%             | 2037-11-15      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA       | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | CUSIP: 00774MBN4<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   1000000 | PA      | $1018162.60   | 0.56%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Ansley Park Capital LLC        | Ansley Park Capital 2025-A LLC                            | CUSIP: 03637AAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1894044 | PA      | $1904423.45   | 1.04%             | 2035-04-20      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 91282CMB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2526220.70   | 1.38%             | 2027-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 91282CPE5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $10013671.90  | 5.46%             | 2027-10-31      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Western Funding Auto Loan Trus | Western Funding Auto Loan Trust 2025-1                    | CUSIP: 958250AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1012715.60   | 0.55%             | 2035-07-16      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable | Westlake Automobile Receivables Trust 2025-1              | CUSIP: 96043VAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1005966.60   | 0.55%             | 2028-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| XCEL ENERGY INC                | Xcel Energy Inc                                           | CUSIP: 98389BBD1<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1016164.95   | 0.55%             | 2028-03-21      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AMEREN CORP                    | Ameren Corp                                               | CUSIP: 023608AP7<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1011351.52   | 0.55%             | 2026-12-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| BX Trust                       | BX Commercial Mortgage Trust 2024-MF                      | CUSIP: 05612EAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    885455 | PA      | $886603.52    | 0.48%             | 2039-02-15      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| BLP Commercial Mortgage Trust  | BLP Commercial Mortgage Trust 2025-IND                    | CUSIP: 05625BAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    952891 | PA      | $953592.18    | 0.52%             | 2042-03-15      | Floating      | 4.86%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL               | Bank of Montreal                                          | CUSIP: 06368LC53<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   1800000 | PA      | $1819518.93   | 0.99%             | 2026-12-11      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA            | Bank of Nova Scotia/The                                   | CUSIP: 06418GAH0<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    800000 | PA      | $816252.88    | 0.45%             | 2027-06-04      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| CAMDEN PROPERTY TRUST          | Camden Property Trust                                     | CUSIP: 133131BA9<br>LEI: 5493002MYX22OHYJBD89 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2023146.46   | 1.10%             | 2026-11-03      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust        | Carmax Auto Owner Trust 2023-2                            | CUSIP: 142921AD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    374680 | PA      | $376276.82    | 0.21%             | 2028-01-18      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust   | Dell Equipment Finance Trust 2024-2                       | CUSIP: 24704EAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    347526 | PA      | $348084.21    | 0.19%             | 2030-08-22      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERGY              | Eversource Energy                                         | CUSIP: 30040WAV0<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1001458.31   | 0.55%             | 2026-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANK INC           | Fifth Third Bank NA                                       | CUSIP: 31677QBU2<br>LEI: QFROUN1UWUYU0DVIWD51 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2018064.50   | 1.10%             | 2028-01-28      | Variable      | 4.97%                 | No            |                  2 | On Loan: No      |
| Foursight Capital Automobile R | Foursight Capital Automobile Receivables Trust 2024-1     | CUSIP: 35105AAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    160475 | PA      | $160965.73    | 0.09%             | 2029-01-16      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| New York City Tax Lien         | NYCTL 2025-A Trust                                        | CUSIP: 62957CAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1462902 | PA      | $1466942.91   | 0.80%             | 2038-11-10      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust       | Octane Receivables Trust 2025-RVM1                        | CUSIP: 67571HAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1860296 | PA      | $1871021.81   | 1.02%             | 2046-12-20      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC         | Philip Morris International Inc                           | CUSIP: 718172DF3<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1009463.29   | 0.55%             | 2027-02-12      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PRINCIPAL LFE GLB FND II       | Principal Life Global Funding II                          | CUSIP: 74256LEX3<br>LEI: 635400WSLKBQWSOIIT41 | Long             | DBT              | CORP              | US        |    500000 | PA      | $505294.68    | 0.28%             | 2027-01-16      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PROTECTIVE LIFE GLOBAL         | Protective Life Global Funding                            | CUSIP: 74368CBX1<br>LEI: 635400EVYITCJYWL2I50 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1010083.14   | 0.55%             | 2027-01-12      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC            | Reach Abs Trust 2026-1                                    | CUSIP: 75526XAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    916721 | PA      | $916824.83    | 0.50%             | 2033-02-15      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON            | Southern California Edison Co                             | CUSIP: 842400JF1<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    700000 | PA      | $701238.83    | 0.38%             | 2026-09-06      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI TR BK LT       | Sumitomo Mitsui Trust Bank Ltd                            | CUSIP: 86563VBK4<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |   1000000 | PA      | $1009249.65   | 0.55%             | 2026-09-14      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Non Gold Pool                                 | CUSIP: 3128JRQY5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      8134 | PA      | $8461.58      | 0.00%             | 2036-04-01      | Floating      | 6.71%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Non Gold Pool                                 | CUSIP: 31349UCV8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     33130 | PA      | $34620.76     | 0.02%             | 2034-10-01      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS BANK USA         | Goldman Sachs Bank USA/New York NY                        | CUSIP: 38151LAF7<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1801033.00   | 0.98%             | 2027-03-18      | Variable      | 5.28%                 | No            |                  2 | On Loan: No      |
| HPS CORPORATE LENDING FU       | HPS Corporate Lending Fund                                | CUSIP: 40440VAH8<br>LEI: 549300ZS7IHUA6FKFV61 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2011489.16   | 1.10%             | 2028-01-14      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| LINCOLN FIN GLBL FUNDING       | Lincoln Financial Global Funding                          | CUSIP: 53359KAD3<br>LEI: 984500OC010458395923 | Long             | DBT              | CORP              | US        |    500000 | PA      | $499144.63    | 0.27%             | 2029-01-12      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE GLOB FUNDING        | Corebridge Global Funding                                 | CUSIP: 00138CAY4<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |    500000 | PA      | $502216.56    | 0.27%             | 2026-06-24      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| AXIS Equipment Finance Receiva | Amur Equipment Finance Receivables X LLC                  | CUSIP: 03236VAE1<br>LEI: 549300K5Y88MV8B4M421 | Long             | ABS-O            | CORP              | US        |   2390000 | PA      | $2381273.39   | 1.30%             | 2028-08-21      | Fixed         | 2.91%                 | No            |                  2 | On Loan: No      |
| AON NORTH AMERICA INC          | Aon North America Inc                                     | CUSIP: 03740MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $505185.61    | 0.28%             | 2027-03-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                    | Citibank NA                                               | CUSIP: 17325FBC1<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1011048.99   | 0.55%             | 2026-12-04      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| DLLAA LLC                      | DLLAA 2025-1 LLC                                          | CUSIP: 233249AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    601777 | PA      | $603952.93    | 0.33%             | 2027-10-20      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                  | DTE Energy Co                                             | CUSIP: 233331BM8<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |    500000 | PA      | $506175.74    | 0.28%             | 2027-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust   | Veros Auto Receivables Trust 2026-1                       | CUSIP: 92511CAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    922080 | PA      | $922579.24    | 0.50%             | 2028-08-15      | Fixed         | 4.53%                 | No            |                  2 | On Loan: No      |
| GEORGIA-PACIFIC LLC            | Georgia-Pacific LLC                                       | CUSIP: 37331NAR2<br>LEI: L2EVHWFHVAQK72TMH265 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1012611.46   | 0.55%             | 2028-06-30      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| MUTUAL OF OMAHA GLOBAL         | Mutual of Omaha Cos Global Funding                        | CUSIP: 62829D2A7<br>LEI: 635400AL5J3F1ZPTAN95 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1007240.39   | 0.55%             | 2026-07-27      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| PVOne LLC                      | PVOne 2025-1 LLC                                          | CUSIP: 69381YAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2068198 | PA      | $2081306.17   | 1.14%             | 2039-03-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| PACIFICORP                     | PacifiCorp                                                | CUSIP: 695114DH8<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |    500000 | PA      | $503565.16    | 0.27%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                               | CUSIP: 912797QD2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3500000 | PA      | $3484175.63   | 1.90%             | 2026-04-16      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 91282CNM9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5056347.65   | 2.76%             | 2028-07-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING          | Athene Global Funding                                     | CUSIP: 04685A3V1<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2005190.02   | 1.09%             | 2026-05-08      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BX Trust                       | BX Trust 2021-RISE                                        | CUSIP: 12434EAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2535987 | PA      | $2536497.54   | 1.38%             | 2036-11-15      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| CART                           | CONE Trust 2024-DFW1                                      | CUSIP: 20682AAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $3004326.00   | 1.64%             | 2041-08-15      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                   | Enbridge Inc                                              | CUSIP: 29250NCA1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $2027295.00   | 1.11%             | 2027-04-05      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio                             | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   3706854 | NS      | $3706854.18   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| GS Mortgage Securities Trust   | GS Mortgage Securities Corp Trust 2023-SHIP               | CUSIP: 36270GAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $999839.40    | 0.55%             | 2038-09-10      | Variable      | 4.94%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO               | Georgia Power Co                                          | CUSIP: 373334KV2<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1517112.14   | 0.83%             | 2027-02-23      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET CAPITAL CORP       | Main Street Capital Corp                                  | CUSIP: 56035LAJ3<br>LEI: 5493001FS9QJLJNF3E20 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1017096.86   | 0.56%             | 2027-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL         | Marriott International Inc/MD                             | CUSIP: 571903BM4<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    500000 | PA      | $503287.03    | 0.27%             | 2026-09-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL         | NextEra Energy Capital Holdings Inc                       | CUSIP: 65339KCL2<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    500000 | PA      | $505902.22    | 0.28%             | 2027-09-01      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| PVOne LLC                      | PVOne 2023-1 LLC                                          | CUSIP: 693696AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     72287 | PA      | $72371.77     | 0.04%             | 2035-07-16      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC            | Reach ABS Trust 2025-2                                    | CUSIP: 75525QAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    636854 | PA      | $639925.81    | 0.35%             | 2032-08-18      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| SAFCO Auto Receivables Trust   | SAFCO Auto Receivables Trust 2025-1                       | CUSIP: 785923AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1049524 | PA      | $1049512.29   | 0.57%             | 2029-09-10      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| SMITH & NEPHEW PLC             | Smith & Nephew PLC                                        | CUSIP: 83192PAC2<br>LEI: 213800ZTMDN8S67S1H61 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $505932.68    | 0.28%             | 2027-03-20      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| SPIRE INC                      | Spire Inc                                                 | CUSIP: 84857LAC5<br>LEI: 549300NXSY15DRY2R511 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500000.00    | 0.27%             | 2026-03-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 91282CMS7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3200000 | PA      | $3231437.50   | 1.76%             | 2028-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 91282CNY3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7000000 | PA      | $6999726.58   | 3.82%             | 2028-09-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP              | Ares Capital Corp                                         | CUSIP: 04010LBE2<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2046894.18   | 1.12%             | 2027-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CINTAS CORPORATION NO. 2       | Cintas Corp No 2                                          | CUSIP: 17252MAR1<br>LEI: 549300QVUQTTKMTE0G41 | Long             | DBT              | CORP              | US        |    500000 | PA      | $504970.26    | 0.28%             | 2028-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP               | Duke Energy Corp                                          | CUSIP: 26441CCB9<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1008249.01   | 0.55%             | 2027-01-05      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 31403RBW7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     48455 | PA      | $49734.77     | 0.03%             | 2033-11-01      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2025-3                       | CUSIP: 69544TAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1104774 | PA      | $1118310.77   | 0.61%             | 2032-12-15      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC            | Reach ABS Trust 2025-1                                    | CUSIP: 75525PAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    452591 | PA      | $453890.03    | 0.25%             | 2032-08-16      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| SONOCO PRODUCTS CO             | Sonoco Products Co                                        | CUSIP: 835495AQ5<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2004118.54   | 1.09%             | 2026-09-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| United Auto Credit Securitizat | United Auto Credit Securitization Trust 2026-1            | CUSIP: 90945FAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1000322.70   | 0.55%             | 2028-06-12      | Fixed         | 4.41%                 | No            |                  2 | On Loan: No      |
| VERALTO CORP                   | Veralto Corp                                              | CUSIP: 92338CAB9<br>LEI: 635400FJE6GSOJUSNY27 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1007076.30   | 0.55%             | 2026-09-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WEYERHAEUSER CO                | Weyerhaeuser Co                                           | CUSIP: 962166CC6<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | DBT              | CORP              | US        |    328000 | PA      | $328510.05    | 0.18%             | 2026-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AMCOR FLEXIBLES NORTH AM       | Amcor Flexibles North America Inc                         | CUSIP: 02344AAF5<br>LEI: PTVU09TE3QPJPL7K4E13 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1018826.74   | 0.56%             | 2028-03-17      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                 | Consumer Portfolio Services Auto Trust 2025-A             | CUSIP: 12633SAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1006364.00   | 0.55%             | 2029-07-16      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| Dext ABS                       | Dext ABS 2023-1 LLC                                       | CUSIP: 25216BAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    850000 | PA      | $876010.17    | 0.48%             | 2032-09-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP             | Energy Transfer LP                                        | CUSIP: 29273VAR1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1013510.06   | 0.55%             | 2026-12-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| FIC Funding, LLC               | FCI Funding 2024-1 LLC                                    | CUSIP: 31425BAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1365486 | PA      | $1366953.90   | 0.75%             | 2036-08-15      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| General Motors                 | GMF Floorplan Owner Revolving Trust                       | CUSIP: 361886CR3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1004392.40   | 0.55%             | 2028-06-15      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| NUTRIEN LTD                    | Nutrien Ltd                                               | CUSIP: 67077MBC1<br>LEI: 5493002QQ7GD21OWF963 | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $1015962.18   | 0.55%             | 2027-06-21      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW USA INFRA HLDS       | South Bow USA Infrastructure Holdings LLC                 | CUSIP: 83007CAB8<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1011258.27   | 0.55%             | 2027-09-01      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO BANK NA            | Wells Fargo Bank NA                                       | CUSIP: 94988J6F9<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1010840.83   | 0.55%             | 2026-12-11      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA         | Morgan Stanley Bank NA                                    | CUSIP: 61690U8G8<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2007440.76   | 1.10%             | 2027-10-15      | Variable      | 4.45%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                      | ONEOK Inc                                                 | CUSIP: 682680CB7<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1005261.76   | 0.55%             | 2027-09-24      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PRINCIPAL LFE GLB FND II       | Principal Life Global Funding II                          | CUSIP: 74256LFA2<br>LEI: 635400WSLKBQWSOIIT41 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1010291.51   | 0.55%             | 2027-08-19      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                               | CUSIP: 912797SK4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7100000 | PA      | $6937668.30   | 3.79%             | 2026-10-29      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                               | CUSIP: 912797ST5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1100000 | PA      | $1099890.29   | 0.60%             | 2026-03-03      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| AEGON FUNDING CO LLC           | AEGON Funding Co LLC                                      | CUSIP: 00775VAA2<br>LEI: KEIOKM01PSK5VZ5CCI74 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3043593.48   | 1.66%             | 2027-04-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Rec | Arivo Acceptance Auto Loan Receivables Trust 2024-1       | CUSIP: 039943AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    299852 | PA      | $301329.94    | 0.16%             | 2028-04-17      | Fixed         | 6.46%                 | No            |                  2 | On Loan: No      |
| BX Trust                       | BX Trust 2024-CNYN                                        | CUSIP: 05612HAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1425923 | PA      | $1427844.38   | 0.78%             | 2041-04-15      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| CAMPBELLS COMPANY/THE          | Campbell's Company/The                                    | CUSIP: 134429BL2<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500263.05    | 0.27%             | 2026-03-20      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Dext ABS                       | Dext ABS 2025-1 LLC                                       | CUSIP: 252154AB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    586643 | PA      | $588081.41    | 0.32%             | 2027-08-16      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 91282CND9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6200000 | PA      | $6248800.76   | 3.41%             | 2028-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CENCORA INC                    | Cencora Inc                                               | CUSIP: 03073EAV7<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2026263.12   | 1.11%             | 2027-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC            | Elevance Health Inc                                       | CUSIP: 036752BG7<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251097.52    | 0.14%             | 2026-10-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER & CO        | Arthur J Gallagher & Co                                   | CUSIP: 04316JAK5<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |    500000 | PA      | $505850.34    | 0.28%             | 2027-12-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| BANK OF NEW YORK MELLON        | Bank of New York Mellon/The                               | CUSIP: 06405LAF8<br>LEI: HPFHU0OQ28E4N0NFVK49 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2001471.98   | 1.09%             | 2027-04-20      | Variable      | 4.59%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK         | Canadian Imperial Bank of Commerce                        | CUSIP: 13607LWT6<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    800000 | PA      | $809470.84    | 0.44%             | 2026-10-02      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| ESSENTIAL UTILITIES INC        | Essential Utilities Inc                                   | CUSIP: 29670GAJ1<br>LEI: 549300ILTEOF3E3QY357 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1010961.51   | 0.55%             | 2027-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 31386GKZ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3364 | PA      | $3379.49      | 0.00%             | 2030-04-01      | Floating      | 6.29%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC           | Glencore Funding LLC                                      | CUSIP: 378272BR8<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1014756.17   | 0.55%             | 2027-04-04      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| Lobel Automobile Receivables T | Lobel Automobile Receivables Trust 2025-1                 | CUSIP: 53948RAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    483627 | PA      | $484393.22    | 0.26%             | 2027-11-15      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE OP CO           | Public Storage Operating Co                               | CUSIP: 74464AAA9<br>LEI: 549300LMZF40TKJ6DM64 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1004312.06   | 0.55%             | 2027-04-16      | Floating      | 4.37%                 | No            |                  2 | On Loan: No      |
| QUANTA SERVICES INC            | Quanta Services Inc                                       | CUSIP: 74762EAK8<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3033293.07   | 1.66%             | 2027-08-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| RCKT Trust                     | RCKTL 2025-2                                              | CUSIP: 74939HAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1055368 | PA      | $1056613.33   | 0.58%             | 2034-11-27      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor A | Research-Driven Pagaya Motor Trust 2025-5                 | CUSIP: 76089KAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1507868.70   | 0.82%             | 2034-06-26      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA           | Royal Bank of Canada                                      | CUSIP: 78016HZT0<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $2018542.18   | 1.10%             | 2027-01-19      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Lease Trust          | SBNA Auto Lease Trust 2023-A                              | CUSIP: 78436TAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1027 | PA      | $1028.32      | 0.00%             | 2027-04-20      | Fixed         | 6.51%                 | No            |                  2 | On Loan: No      |
| SCHLUMBERGER HLDGS CORP        | Schlumberger Holdings Corp                                | CUSIP: 806851AL5<br>LEI: 529900IKZG65COT1D505 | Long             | DBT              | CORP              | US        |    500000 | PA      | $507112.07    | 0.28%             | 2027-05-29      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TTX CO                         | TTX Co                                                    | CUSIP: 87305QCQ2<br>LEI: 549300I8CNSYS1OGX775 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2015093.02   | 1.10%             | 2026-09-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tesla Auto Lease Trust         | Tesla Auto Lease Trust 2024-B                             | CUSIP: 881934AD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1986977 | PA      | $1993224.72   | 1.09%             | 2027-10-20      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 91282CPP0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8200000 | PA      | $8226585.96   | 4.49%             | 2028-12-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC         | Williams Cos Inc/The                                      | CUSIP: 969457CH1<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500000.00    | 0.27%             | 2026-03-02      | Fixed         | 5.40%                 | 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