# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001193125-26-022080
**Filing Date:** 2026-1
**Character Count:** 48437
**Document Hash:** 55bea8cc102df42b77343ffaef14f925
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-022080.hdr.sgml**: 20260126

**ACCESSION NUMBER**: 0001193125-26-022080

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260126

**DATE AS OF CHANGE**: 20260126

**PERIOD START**: 20251130

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07959
- **FILM NUMBER:** 26559098

**BUSINESS ADDRESS:**
- **STREET 1:** U.S BANCORP FUND SERVICES, LLC
- **STREET 2:** 615 E MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 626-914-7235

**MAIL ADDRESS:**
- **STREET 1:** 615 E MICHIGAN STREET
- **STREET 2:** MK-WI-LC2
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### PIA High Yield (MACS) Fund (Series ID: S000029825)

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

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

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

- **a. Name of Series:** PIA High Yield MACS Fund

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

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

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $186767432.60

**Total Liabilities:** $2142446.55

**Net Assets:** $184624986.05

**Delayed Delivery Securities:** $1305687.50

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

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

- **3-Month:** 19862.346877000000 | **1-Year:** 15940.666305000000 | **5-Year:** 3158.157955000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000091709 | 0.48%                | -1.32%               | 0.05%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $53675.67                | $-588936.56                                |
| Month 2  | $-183029.68              | $-3544325.20                               |
| Month 3  | $-1037790.65             | $-347090.85                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ALTA EQUIPMENT GROUP          | Alta Equipment Group Inc                                                       | CUSIP: 02128LAC0<br>LEI: 549300DGOB28CLGS1X27 | Long             | DBT              | CORP              | US        |   2410000 | PA      | $2138756.91   | 1.16%             | 2029-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CLEARWATER PAPER CORP         | Clearwater Paper Corp                                                          | CUSIP: 18538RAJ2<br>LEI: 549300HCVV19GXN4P292 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1585530.50   | 0.86%             | 2028-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN       | Consolidated Energy Finance SA                                                 | CUSIP: 20914UAF3<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |   1725000 | PA      | $1199306.25   | 0.65%             | 2028-10-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| EFESTO BIDCO SPA/US LLC       | Efesto Bidco SpA Efesto US LLC                                                 | CUSIP: 28201XAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |   1000000 | PA      | $1019160.00   | 0.55%             | 2032-02-15      | Fixed         | 7.50%                 | 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      | $2222742.08   | 1.20%             | 2029-04-01      | Fixed         | 5.88%                 | 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      | $2193115.50   | 1.19%             | 2029-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ITT HOLDINGS LLC              | ITT Holdings LLC                                                               | CUSIP: 45074JAA2<br>LEI: 549300TH2PHOLK31LB42 | Long             | DBT              | CORP              | US        |   2699000 | PA      | $2618184.52   | 1.42%             | 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: 46206AAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    370000 | PA      | $366747.36    | 0.20%             | 2029-05-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| TKC HOLDINGS INC              | TKC Holdings Inc                                                               | CUSIP: 87256YAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    835000 | PA      | $844638.41    | 0.46%             | 2028-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS      | Univision Communications Inc                                                   | CUSIP: 914906AV4<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   1375000 | PA      | $1312266.45   | 0.71%             | 2029-05-01      | Fixed         | 4.50%                 | 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      | $2838252.29   | 1.54%             | 2030-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| WHITE CAP SUPPLY HOLDING      | White Cap Supply Holdings LLC                                                  | CUSIP: 96467GAC2<br>LEI: 254900L2N0T6GULCL366 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1020662.42   | 0.55%             | 2030-11-15      | Fixed         | 7.38%                 | 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      | $293667.00    | 0.16%             | 2033-07-15      | Fixed         | 7.50%                 | 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        |   2175000 | PA      | $1904712.53   | 1.03%             | 2029-11-01      | Fixed         | 6.00%                 | 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      | $2166098.18   | 1.17%             | 2029-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| STAR LEASING CO LLC           | Star Leasing Co LLC                                                            | CUSIP: 854938AA5<br>LEI: 549300WXKNX4PT3HSN71 | Long             | DBT              | CORP              | US        |   2100000 | PA      | $2008072.29   | 1.09%             | 2030-02-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS      | Univision Communications Inc                                                   | CUSIP: 914906AZ5<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    250000 | PA      | $258811.25    | 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      | $1431054.60   | 0.78%             | 2028-02-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| VOYAGER PARENT LLC            | Voyager Parent LLC                                                             | CUSIP: 92921EAA0<br>LEI: 2549002DYVI4ACSV4V71 | Long             | DBT              | CORP              | US        |   1950000 | PA      | $2067643.50   | 1.12%             | 2032-07-01      | Fixed         | 9.25%                 | 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      | $1898114.40   | 1.03%             | 2030-04-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| SPANISH BROADCASTING SYS      | Spanish Broadcasting System Inc                                                | CUSIP: 846425AQ9<br>LEI: 5493005DKYB1X4C9LH64 | Long             | DBT              | CORP              | US        |   3100000 | PA      | $2053750.00   | 1.11%             | 2026-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| VERITIV OPERATING CO          | Veritiv Operating Co                                                           | CUSIP: 92339LAA0<br>LEI: 5493004G8OK5L1UTIY12 | Long             | DBT              | CORP              | US        |   2875000 | PA      | $3093451.13   | 1.68%             | 2030-11-30      | Fixed         | 10.50%                | 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      | $1029487.00   | 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      | $2322665.27   | 1.26%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PARK-OHIO INDUSTRIES INC      | Park-Ohio Industries Inc                                                       | CUSIP: 700677AS6<br>LEI: 5493006LQUO5SLMNYM18 | Long             | DBT              | CORP              | US        |   2210000 | PA      | $2255205.55   | 1.22%             | 2030-08-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| PITNEY BOWES INC              | Pitney Bowes Inc                                                               | CUSIP: 724479AP5<br>LEI: 549300N2O26NW4ST6W55 | Long             | DBT              | CORP              | US        |   2400000 | PA      | $2410132.80   | 1.31%             | 2027-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ROCKET SOFTWARE INC           | Rocket Software Inc                                                            | CUSIP: 77314EAB4<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |   1090000 | PA      | $1124179.13   | 0.61%             | 2028-11-28      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Northwest Hardwoods           | Northwest Hardwoods                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      2996 | NS      | $37450.00     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| SYNERGY INFRASTRUCTURE H      | Synergy Infrastructure Holdings LLC                                            | CUSIP: 87191JAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    650000 | PA      | $671309.91    | 0.36%             | 2030-12-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| COMPASS MINERALS INTERNA      | Compass Minerals International Inc                                             | CUSIP: 20451NAG6<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |    691000 | PA      | $691422.41    | 0.37%             | 2027-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DCLI BIDCO LLC                | Dcli Bidco LLC                                                                 | CUSIP: 233104AA6<br>LEI: 2549007UUVJTHHNK9T70 | Long             | DBT              | CORP              | US        |   1455000 | PA      | $1433660.10   | 0.78%             | 2029-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MAGNERA CORP                  | Magnera Corp                                                                   | CUSIP: 377320AA4<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |   2165000 | PA      | $1960185.15   | 1.06%             | 2029-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE       | Global Partners LP / GLP Finance Corp                                          | CUSIP: 37954FAK0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    390000 | PA      | $409218.03    | 0.22%             | 2032-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| GRAFTECH FINANCE INC          | GrafTech Finance Inc                                                           | CUSIP: 384311AC0<br>LEI: 1Z010BU876CF2HDBIN43 | Long             | DBT              | CORP              | US        |   2370000 | PA      | $1756762.50   | 0.95%             | 2029-12-23      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| GRAFTECH GLOBAL ENTERPRI      | GrafTech Global Enterprises Inc                                                | CUSIP: 38431AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $703205.34    | 0.38%             | 2029-12-23      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| INNOPHOS HOLDINGS INC         | Innophos Holdings Inc                                                          | CUSIP: 45774NAD0<br>LEI: XQ0331QX53IRX25OY417 | Long             | DBT              | CORP              | US        |   2985500 | PA      | $2694118.39   | 1.46%             | 2029-06-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| BEACON MOBILITY CORP          | Beacon Mobility Corp                                                           | CUSIP: 073644AA4<br>LEI: 254900EBTYFG24UQEM31 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1361568.00   | 0.74%             | 2030-08-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ION PLAT FIN US/SARL          | ION Platform Finance US Inc / ION Platform Finance SARL                        | CUSIP: 46206AAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1625000 | PA      | $1494475.45   | 0.81%             | 2028-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| PROG HOLDINGS INC             | PROG Holdings Inc                                                              | CUSIP: 74319RAA9<br>LEI: 549300DHYTLBOVRXIG52 | Long             | DBT              | CORP              | US        |   1990000 | PA      | $1960000.75   | 1.06%             | 2029-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BRAND INDUSTRIAL SERVICE      | Brand Industrial Services Inc                                                  | CUSIP: 104931AA8<br>LEI: 549300B658W2BPDQMW42 | Long             | DBT              | CORP              | US        |   2285000 | PA      | $2243657.27   | 1.22%             | 2030-08-01      | Fixed         | 10.38%                | 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      | $1235363.27   | 0.67%             | 2030-04-15      | Fixed         | 6.88%                 | 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        |   2075000 | PA      | $1833718.79   | 0.99%             | 2030-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| STONEMOR INC                  | StoneMor Inc                                                                   | CUSIP: 86184WAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2130000 | PA      | $2082047.95   | 1.13%             | 2029-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN      | Burford Capital Global Finance LLC                                             | CUSIP: 12116LAE9<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    300000 | PA      | $312111.30    | 0.17%             | 2031-07-01      | Fixed         | 9.25%                 | 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        |   1885000 | PA      | $1899457.95   | 1.03%             | 2028-11-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ROCKET SOFTWARE INC           | Rocket Software Inc                                                            | CUSIP: 77314EAA6<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |   1735000 | PA      | $1691081.08   | 0.92%             | 2029-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SUNCOKE ENERGY INC            | SunCoke Energy Inc                                                             | CUSIP: 86722AAD5<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | DBT              | CORP              | US        |   2065000 | PA      | $1891118.95   | 1.02%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MITER BRAND / MIWD BORR       | Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC                        | CUSIP: 60672JAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $766633.50    | 0.42%             | 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        |   1080000 | PA      | $1120538.88   | 0.61%             | 2032-02-15      | Fixed         | 8.38%                 | 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        |   2305000 | PA      | $2186015.90   | 1.18%             | 2032-04-17      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| UNIFRAX ESCROW ISS CORP       | ASP Unifrax Holdings Inc                                                       | CUSIP: 90473LAA0<br>LEI: 549300RRU6BWJLD0YT71 | Long             | DBT              | CORP              | US        |   2597000 | PA      | $285670.00    | 0.15%             | 2028-09-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AMN HEALTHCARE INC            | AMN Healthcare Inc                                                             | CUSIP: 00175PAD5<br>LEI: 549300H27NUKBFFQEE84 | Long             | DBT              | CORP              | US        |   1875000 | PA      | $1881819.49   | 1.02%             | 2031-01-15      | Fixed         | 6.50%                 | 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      | Fixed         | 9.20%                 | No            |                  2 | On Loan: No      |
| BRISTOW GROUP INC             | Bristow Group Inc                                                              | CUSIP: 11040GAA1<br>LEI: 5493005Q24EN3UC1PV68 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2022120.00   | 1.10%             | 2028-03-01      | Fixed         | 6.88%                 | 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      | $698460.00    | 0.38%             | 2028-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CP ATLAS BUYER INC            | CP Atlas Buyer Inc                                                             | CUSIP: 12597YAC3<br>LEI: 2549006ZZ07G0NDDCR36 | Long             | DBT              | CORP              | US        |   1850000 | PA      | $1873137.95   | 1.01%             | 2030-07-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| CALDERYS FINANCING II         | Calderys Financing II LLC                                                      | CUSIP: 12878AAA9<br>LEI: 254900CB1N9CREDQAK86 | Long             | DBT              | CORP              | US        |    745000 | PA      | $779391.96    | 0.42%             | 2028-06-01      | Fixed         | 11.75%                | 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        |   1780000 | PA      | $1673327.98   | 0.91%             | 2028-05-15      | Fixed         | 5.75%                 | 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      | $2133795.12   | 1.16%             | 2029-02-15      | Fixed         | 9.00%                 | 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      | $1318298.89   | 0.71%             | 2030-04-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS      | Univision Communications Inc                                                   | CUSIP: 914906AX0<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    400000 | PA      | $406138.00    | 0.22%             | 2030-06-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| WATCO COS LLC/FINANCE CO      | Watco Cos LLC / Watco Finance Corp                                             | CUSIP: 941130AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2425000 | PA      | $2541858.33   | 1.38%             | 2032-08-01      | Fixed         | 7.12%                 | 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      | $1998952.80   | 1.08%             | 2032-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BRIGHTLINE EAST LLC           | Brightline East LLC                                                            | CUSIP: 093536AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2320000 | PA      | $814382.41    | 0.44%             | 2030-01-31      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| CASCADES INC/USA INC          | Cascades Inc/Cascades USA Inc                                                  | CUSIP: 14739LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   2075000 | PA      | $2162492.38   | 1.17%             | 2030-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CHAMPIONS FINANCING INC       | Champions Financing Inc                                                        | CUSIP: 15870LAA6<br>LEI: 391200ZDD75EGEUJ7625 | Long             | DBT              | CORP              | US        |   2350000 | PA      | $2350861.04   | 1.27%             | 2029-02-15      | Fixed         | 8.75%                 | 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      | $234364.95    | 0.13%             | 2031-02-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| COMPASS MINERALS INTERNA      | Compass Minerals International Inc                                             | CUSIP: 20451NAJ0<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2084010.00   | 1.13%             | 2030-07-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| HUSKY INJECTION / TITAN       | Husky Injection Molding Systems Ltd / Titan Co-Borrower LLC                    | CUSIP: 44805RAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1900000 | PA      | $2002125.00   | 1.08%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ION PLAT FIN US/SARL          | ION Platform Finance US Inc / ION Platform Finance SARL                        | CUSIP: 46206AAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $762944.46    | 0.41%             | 2029-05-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| JW ALUMINUM CONT CAST CO      | JW Aluminum Continuous Cast Co                                                 | CUSIP: 46648XAB4<br>LEI: 5493008HJ8BWQC8XAF08 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1751817.29   | 0.95%             | 2030-04-01      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| BRUNDAGE-BONE CONCRETE        | Brundage-Bone Concrete Pumping Holdings Inc                                    | CUSIP: 66981QAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2100000 | PA      | $2129425.20   | 1.15%             | 2032-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BEASLEY MEZ HLDGS LLC         | Beasley Mezzanine Holdings LLC                                                 | CUSIP: 07403VAC3<br>LEI: 549300VK8LJV1TK18D38 | Long             | DBT              | CORP              | US        |    293000 | PA      | $291535.00    | 0.16%             | 2028-08-01      | Fixed         | 11.00%                | No            |                  3 | On Loan: No      |
| CHC GROUP LLC                 | CHC Group LLC                                                                  | CUSIP: 12550EAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   2915000 | PA      | $2797164.62   | 1.52%             | 2030-09-01      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| CPI CG INC                    | CPI CG Inc                                                                     | CUSIP: 12598FAC3<br>LEI: 254900H3R50WH1B1LB48 | Long             | DBT              | CORP              | US        |    930000 | PA      | $978178.65    | 0.53%             | 2029-07-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CIMPRESS PLC                  | Cimpress PLC                                                                   | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |   2100000 | PA      | $2144797.20   | 1.16%             | 2032-09-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP                   | Deluxe Corp                                                                    | CUSIP: 248019AW1<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |   2050000 | PA      | $2161944.35   | 1.17%             | 2029-09-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| ENERFLEX LTD                  | Enerflex Ltd                                                                   | CUSIP: 29269RAA3<br>LEI: 54930014N7872VUS3F89 | Long             | DBT              | CORP              | CA        |   1697000 | PA      | $1739406.33   | 0.94%             | 2027-10-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Fidelity Government Portfolio | Fidelity Government Portfolio                                                  | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |  15134047 | NS      | $15134047.42  | 8.20%             |  |  |  | No            |                  1 | On Loan: No      |
| GPD COS INC                   | GPD Cos Inc                                                                    | CUSIP: 36260VAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3187790 | PA      | $1747666.28   | 0.95%             | 2029-12-31      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE       | Global Partners LP / GLP Finance Corp                                          | CUSIP: 37954FAJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1175000 | PA      | $1190459.48   | 0.64%             | 2029-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LABL INC                      | LABL Inc                                                                       | CUSIP: 50168QAC9<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $921269.16    | 0.50%             | 2028-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| LABL INC                      | LABL Inc                                                                       | CUSIP: 50168QAF2<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |    375000 | PA      | $229358.18    | 0.12%             | 2031-10-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| MATIV HOLDINGS INC            | Mativ Holdings Inc                                                             | CUSIP: 808541AC0<br>LEI: 549300Z1FU4IDULG1R21 | Long             | DBT              | CORP              | US        |   2100000 | PA      | $2106375.60   | 1.14%             | 2029-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| RR DONNELLEY & SONS CO        | RR Donnelley & Sons Co                                                         | CUSIP: 257867BJ9<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |   2125000 | PA      | $2186285.00   | 1.18%             | 2029-08-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| SK INVICTUS INTERMEDIATE      | SK Invictus Intermediate II Sarl                                               | CUSIP: 29977LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |   2250000 | PA      | $2216458.13   | 1.20%             | 2029-10-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MERCER INTL INC               | Mercer International Inc                                                       | CUSIP: 588056BC4<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |   1237000 | PA      | $893417.31    | 0.48%             | 2028-10-01      | Fixed         | 12.88%                | No            |                  2 | On Loan: No      |
| RAIN CARBON INC               | Rain Carbon Inc                                                                | CUSIP: 75079LAB7<br>LEI: 25490038N6JQH7QXUK52 | Long             | DBT              | CORP              | US        |   2010000 | PA      | $2076603.36   | 1.12%             | 2029-09-01      | Fixed         | 12.25%                | 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      | $371776.65    | 0.20%             | 2031-11-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| TRANSMONTAIGNE PARTNERS       | TransMontaigne Partners LLC                                                    | CUSIP: 89377AAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1555000 | PA      | $1591290.59   | 0.86%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CALDERYS FINANCING LLC        | Calderys Financing LLC                                                         | CUSIP: 128786AA8<br>LEI: 254900ZIKDM74XNEFV84 | Long             | DBT              | CORP              | US        |   1950000 | PA      | $2075269.95   | 1.12%             | 2028-06-01      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| CERDIA FINANZ GMBH            | Cerdia Finanz GmbH                                                             | CUSIP: 15679GAC6<br>LEI: 391200KURNDJSX9GX570 | Long             | DBT              | CORP              | DE        |   1975000 | PA      | $2048529.25   | 1.11%             | 2031-10-03      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| PARK RIVER HOLDINGS INC       | Park River Holdings Inc                                                        | CUSIP: 70082LAC1<br>LEI: 254900PGY077KWCROT75 | Long             | DBT              | CORP              | US        |   2050000 | PA      | $2119488.85   | 1.15%             | 2031-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| RAND PARENT LLC               | Rand Parent LLC                                                                | CUSIP: 753272AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2180000 | PA      | $2251756.88   | 1.22%             | 2030-02-15      | Fixed         | 8.50%                 | 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      | $1655110.05   | 0.90%             | 2028-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING        | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC    | CUSIP: 03969YAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1323416.61   | 0.72%             | 2031-01-30      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN       | Consolidated Energy Finance SA                                                 | CUSIP: 20914UAH9<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |   1586000 | PA      | $1080462.50   | 0.59%             | 2031-02-15      | Fixed         | 12.00%                | 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      | $1212908.40   | 0.66%             | 2031-01-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| MAGNERA CORP                  | Magnera Corp                                                                   | CUSIP: 55939AAA5<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |    500000 | PA      | $477660.00    | 0.26%             | 2031-11-15      | Fixed         | 7.25%                 | 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      | $2139903.94   | 1.16%             | 2028-02-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| MERCER INTL INC               | Mercer International Inc                                                       | CUSIP: 588056BB6<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |   1725000 | PA      | $1025091.26   | 0.56%             | 2029-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SUMMIT MIDSTREAM HOLDING      | Summit Midstream Holdings LLC                                                  | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2200000 | PA      | $2271900.40   | 1.23%             | 2029-10-31      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| TKC HOLDINGS INC              | TKC Holdings Inc                                                               | CUSIP: 87256YAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2065000 | PA      | $2120308.96   | 1.15%             | 2029-05-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| TMS INTERNATIONAL CORP        | TMS International Corp/DE                                                      | CUSIP: 87261QAC7<br>LEI: 549300L4K0F1YF8WKF23 | Long             | DBT              | CORP              | US        |   2600000 | PA      | $2514162.69   | 1.36%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS      | Univision Communications Inc                                                   | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    525000 | PA      | $557771.55    | 0.30%             | 2032-08-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| HERENS HOLDCO SARL            | Herens Holdco Sarl                                                             | CUSIP: 427169AA5<br>LEI: 2221002FZ55AMAUX4G64 | Long             | DBT              | CORP              | LU        |   2084000 | PA      | $1815040.00   | 0.98%             | 2028-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LABL INC                      | LABL Inc                                                                       | CUSIP: 50168QAE5<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |    950000 | PA      | $663792.38    | 0.36%             | 2028-11-01      | Fixed         | 9.50%                 | 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      | $1680613.84   | 0.91%             | 2030-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OT MERGER CORP                | OT Merger Corp                                                                 | CUSIP: 688777AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3231000 | PA      | $1158022.71   | 0.63%             | 2029-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Richard Conner

**Name of Signer:** Advisors Series Trust

**Title:** Assistant Treasurer