# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001193125-26-056278
**Filing Date:** 2026-2
**Character Count:** 41154
**Document Hash:** aceb9c5d97b3251ba2cc151671d84545
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-056278.hdr.sgml**: 20260218

**ACCESSION NUMBER**: 0001193125-26-056278

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260218

**DATE AS OF CHANGE**: 20260218

**PERIOD START**: 20260930

**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:** 26646112

**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

### Poplar Forest Cornerstone Fund (Series ID: S000047729)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000149956 | Investor Class | IPFCX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Poplar Forest Cornerstone Fund** | **Poplar Forest Cornerstone Fund** | **Poplar Forest Cornerstone Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 57.5%** | **Shares** | **Value**  |
| **Air Freight & Logistics - 2.5%** | **Air Freight & Logistics - 2.5%** | |
| FedEx Corp. | 2900 | $837694 |
| **Banks - 3.1%** | **Banks - 3.1%** |  |
| Citigroup, Inc. | 8900 | 1038541 |
| **Biotechnology - 3.0%** | **Biotechnology - 3.0%** |  |
| United Therapeutics Corp. <sup>(a)</sup> | 2100 | 1023225 |
| **Capital Markets - 1.2%** | **Capital Markets - 1.2%** |  |
| LPL Financial Holdings, Inc. | 1100 | 392887 |
| **Chemicals - 1.4%** | **Chemicals - 1.4%** |  |
| International Flavors & Fragrances, Inc. | 6900 | 464991 |
| **Consumer Finance - 1.8%** | **Consumer Finance - 1.8%** |  |
| Ally Financial, Inc. | 13400 | 606886 |
| **Consumer Staples Distribution & Retail - 1.6%** | **Consumer Staples Distribution & Retail - 1.6%** |  |
| Dollar Tree, Inc. <sup>(a)</sup> | 4500 | 553545 |
| **Distributors - 2.4%** | **Distributors - 2.4%** |  |
| Genuine Parts Co. | 6500 | 799240 |
| **Diversified Telecommunication Services - 2.2%** | **Diversified Telecommunication Services - 2.2%** |  |
| AT&T, Inc. | 30000 | 745200 |
| **Electrical Equipment - 1.0%** | **Electrical Equipment - 1.0%** |  |
| Sensata Technologies Holding PLC | 9900 | 329571 |
| **Electronic Equipment, Instruments & Components - 1.4%** | **Electronic Equipment, Instruments & Components - 1.4%** |  |
| Vishay Intertechnology, Inc. | 31700 | 459333 |
| **Financial Services - 3.9%** | **Financial Services - 3.9%** |  |
| Equitable Holdings, Inc. | 15000 | 714750 |
| Global Payments, Inc. | 8000 | 619200 |
|  |  | 1333950 |
| **Food Products - 2.7%** | **Food Products - 2.7%** |  |
| Tyson Foods, Inc. - Class A | 15500 | 908610 |
| **Gas Utilities - 2.4%** | **Gas Utilities - 2.4%** |  |
| National Fuel Gas Co. | 10100 | 808606 |
| **Health Care Equipment & Supplies - 0.7%** | **Health Care Equipment & Supplies - 0.7%** |  |
| Baxter International, Inc. | 12000 | 229320 |
| **Health Care Providers & Services - 6.2%** | **Health Care Providers & Services - 6.2%** |  |
| Cencora, Inc. | 1300 | 439075 |
| CVS Health Corp. | 12000 | 952320 |
| Humana, Inc. | 2700 | 691551 |
|  |  | 2082946 |
| **Hotels, Restaurants & Leisure - 1.5%** | **Hotels, Restaurants & Leisure - 1.5%** |  |
| Las Vegas Sands Corp. | 7900 | 514211 |
| **Insurance - 1.2%** | **Insurance - 1.2%** |  |
| Allstate Corp. | 2000 | 416300 |
| **IT Services - 1.8%** | **IT Services - 1.8%** |  |
| International Business Machines Corp. | 2100 | 622041 |
| **Machinery - 1.8%** | **Machinery - 1.8%** |  |
| Stanley Black & Decker, Inc. | 8300 | 616524 |
| **Metals & Mining - 2.2%** | **Metals & Mining - 2.2%** |  |
| Nucor Corp. | 4600 | 750306 |
| **Multi-Utilities - 2.4%** | **Multi-Utilities - 2.4%** |  |
| Dominion Energy, Inc. | 14000 | 820260 |
| **Oil, Gas & Consumable Fuels - 3.2%** | **Oil, Gas & Consumable Fuels - 3.2%** |  |
| Chevron Corp. | 3800 | 579158 |
| Murphy Oil Corp. | 16000 | 500000 |
|  |  | 1079158 |
| **Pharmaceuticals - 2.9%** | **Pharmaceuticals - 2.9%** |  |
| Merck & Co., Inc. | 9300 | 978918 |
| **Professional Services - 1.6%** | **Professional Services - 1.6%** |  |
| CACI International, Inc. - Class A <sup>(a)</sup> | 1000 | 532810 |
| **Semiconductors & Semiconductor Equipment - 1.4%** | **Semiconductors & Semiconductor Equipment - 1.4%** |  |
| Intel Corp. <sup>(a)</sup> | 12700 | 468630 |
| **TOTAL COMMON STOCKS** (Cost $13,417,333) | **TOTAL COMMON STOCKS** (Cost $13,417,333) | 19413703 |
| **CORPORATE BONDS - 16.4%** | **Par** | **Value**  |
| **Aerospace & Defense - 0.9%** | **Aerospace & Defense - 0.9%** | **Aerospace & Defense - 0.9%** |
|  Rockwell Collins, Inc., 3.50%, 03/15/2027 | $300000 | 295402 |
| **Computer Services - 1.2%** | **Computer Services - 1.2%** | **Computer Services - 1.2%** |
|  Accenture Capital, Inc., 4.25%, 10/04/2031 | 200000 | 200537 |
|  Peraton Enterprise Solutions LLC, 7.45%, 10/15/2029 | 200000 | 212167 |
|  |  | 412704 |
| **Electric Utilities - 3.4%** | **Electric Utilities - 3.4%** | **Electric Utilities - 3.4%** |
|  Dominion Energy South Carolina, Inc., 4.25%, 08/15/2028 | 300000 | 300022 |
|  DTE Electric Co., 3.00%, 03/01/2032 | 700000 | 648993 |
|  PacifiCorp, 7.38% to 09/15/2030 then 5 yr. CMT Rate + 3.32%, 09/15/2055 | 200000 | 203986 |
|  |  | 1153001 |
| **Food Products - 1.5%** | **Food Products - 1.5%** | **Food Products - 1.5%** |
|  Kellanova, 5.75%, 05/16/2054 | 515000 | 519255 |
| **Gas Utilities - 2.4%** | **Gas Utilities - 2.4%** | **Gas Utilities - 2.4%** |
|  National Fuel Gas Co., 3.95%, 09/15/2027 | 800000 | 797644 |
| **Interactive Media & Services - 0.7%** | **Interactive Media & Services - 0.7%** | **Interactive Media & Services - 0.7%** |
|  Alphabet, Inc., 3.88%, 11/15/2028 | 250000 | 251382 |
| **Oil, Gas & Consumable Fuels - 2.6%** | **Oil, Gas & Consumable Fuels - 2.6%** | **Oil, Gas & Consumable Fuels - 2.6%** |
|  Murphy Oil Corp., 6.00%, 10/01/2032 | 875000 | 874705 |
| **Pharmaceuticals - 2.3%** | **Pharmaceuticals - 2.3%** | **Pharmaceuticals - 2.3%** |
|  Bristol-Myers Squibb Co., 6.13%, 05/01/2038 | 725000 | 787225 |
| **Specialty Retail - 1.4%** | **Specialty Retail - 1.4%** | **Specialty Retail - 1.4%** |
|  Dick's Sporting Goods, Inc., 3.15%, 01/15/2032 | 500000 | 460358 |
| **TOTAL CORPORATE BONDS** (Cost $5,464,480) | **TOTAL CORPORATE BONDS** (Cost $5,464,480) | 5551676 |
| **U.S. TREASURY SECURITIES - 10.4%** | **Par** | **Value**  |
|  U.S. Treasury Note TIPS, 0.25%, 07/15/2029 | 954690 | 920894 |
| United States Treasury Note/Bond | United States Treasury Note/Bond | United States Treasury Note/Bond |
| &nbsp;&nbsp; 3.75%, 04/15/2026 | 180000 | 180098 |
| &nbsp;&nbsp; 4.38%, 07/31/2026 | 600000 | 602833 |
| &nbsp;&nbsp; 4.13%, 07/31/2031 | 600000 | 610570 |
| &nbsp;&nbsp; 4.38%, 05/15/2034 | 500000 | 512021 |
| &nbsp;&nbsp; 3.88%, 02/15/2043 | 270000 | 243886 |
| &nbsp;&nbsp; 4.13%, 08/15/2053 | 500000 | 444707 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $3,588,496) | **TOTAL U.S. TREASURY SECURITIES** (Cost $3,588,496) | 3515009 |
| **U.S. GOVERNMENT AGENCY ISSUES - 4.2%** | **Par** | **Value**  |
| Federal Farm Credit Banks Funding Corp | Federal Farm Credit Banks Funding Corp | Federal Farm Credit Banks Funding Corp |
| &nbsp;&nbsp; 5.00%, 08/25/2033 | 350000 | 350474 |
| &nbsp;&nbsp; 5.33%, 12/23/2033 | 250000 | 251061 |
| &nbsp;&nbsp; 5.49%, 09/19/2039 | 250000 | 249331 |
| Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |
| &nbsp;&nbsp; 5.25%, 07/29/2033 | 325000 | 326182 |
| &nbsp;&nbsp; 5.05%, 07/16/2035 | 250000 | 252371 |
| **TOTAL U.S. GOVERNMENT AGENCY ISSUES** (Cost $1,423,125) | **TOTAL U.S. GOVERNMENT AGENCY ISSUES** (Cost $1,423,125) | 1429419 |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 2.2%** | **Shares** | **Value**  |
| **Health Care REITs - 2.2%** | **Health Care REITs - 2.2%** |  |
| Alexandria Real Estate Equities, Inc. | 15100 | 738994 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $1,040,098) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $1,040,098) | 738994 |
| **PREFERRED STOCKS - 2.1%** | **Shares** | **Value**  |
| **Consumer Finance - 2.1%** | **Consumer Finance - 2.1%** |  |
|  Ally Financial, Inc., Series B, 4.70% to 05/15/2026 then 5 yr. CMT Rate + 3.87%, Perpetual | 700000 | 695732 |
| **TOTAL PREFERRED STOCKS** (Cost $713,344) | **TOTAL PREFERRED STOCKS** (Cost $713,344) | 695732 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 0.9%** | **Par** | **Value**  |
|  Government National Mortgage Association, Series 2025-1, Class MT, 5.00%, 01/20/2055 | $308009 | 308334 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** (Cost $309,375) | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** (Cost $309,375) | 308334 |
| **MORTGAGE-BACKED SECURITIES - 0.7%** | **Par** | **Value**  |
|  Ginnie Mae II Pool, Pool 787058, 5.00%, 08/20/2053 | 241799 | 243024 |
| **TOTAL MORTGAGE-BACKED SECURITIES** (Cost $240,741) | **TOTAL MORTGAGE-BACKED SECURITIES** (Cost $240,741) | 243024 |
| **MUNICIPAL BONDS - 0.6%** | **Par** | **Value**  |
|  Idaho Housing & Finance Association, 5.10%, 01/01/2032 | 200000 | 205786 |
| **TOTAL MUNICIPAL BONDS** (Cost $201,857) | **TOTAL MUNICIPAL BONDS** (Cost $201,857) | 205786 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **U.S. TREASURY BILLS - 3.6%** | **Par** | **Value**  |
| 4.22%, 02/19/2026 <sup>(b)</sup> | 185000 | 184123 |
| 4.11%, 03/19/2026 <sup>(b)</sup> | 180000 | 178665 |
| 4.10%, 06/11/2026 <sup>(b)</sup> | 160000 | 157529 |
| 3.91%, 08/06/2026 <sup>(b)</sup> | 185000 | 181226 |
| 3.67%, 10/29/2026 <sup>(b)</sup> | 180000 | 174950 |
| 3.59%, 11/27/2026 <sup>(b)</sup> | 190000 | 184183 |
| 3.46%, 12/24/2026 <sup>(b)</sup> | 175000 | 169222 |
| **TOTAL U.S. TREASURY BILLS** (Cost $1,228,283) | **TOTAL U.S. TREASURY BILLS** (Cost $1,228,283) | 1229898 |
| **MONEY MARKET FUNDS - 1.1%** | **Shares** | **Value**  |
| First American Treasury Obligations Fund - Class X, 3.68% <sup>(c)</sup> | 356697 | 356697 |
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class, 3.64% <sup>(c)</sup> | 6836 | 6836 |
| **TOTAL MONEY MARKET FUNDS** (Cost $363,533) | **TOTAL MONEY MARKET FUNDS** (Cost $363,533) | 363533 |
| **TOTAL INVESTMENTS - 99.7% (**Cost $27,990,665**)** | **TOTAL INVESTMENTS - 99.7% (**Cost $27,990,665**)** | 33695108 |
| Other Assets in Excess of Liabilities - 0.3% | Other Assets in Excess of Liabilities - 0.3% | 99668 |
| **TOTAL NET ASSETS - 100.0%** |  | $33794776 |

---

---

| |
|:---|
| Par amount is in USD unless otherwise indicated. |
| Percentages are stated as a percent of net assets. |

---

CMT - Constant Maturity Treasury <br> REIT - Real Estate Investment Trust

(a) Non-income producing security.

(b) The rate shown is the annualized yield as of December 31, 2025.

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

------

#### Summary of Fair Value Disclosure as of December 31, 2025 (Unaudited)
Poplar Forest Cornerstone 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 December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $19413703 | $– | $– | $19413703 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | – | 5551676 | – | 5551676 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Securities | – | 3515009 | – | 3515009 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Agency Issues | – | 1429419 | – | 1429419 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts - Common | 738994 | – | – | 738994 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | – | 695732 | – | 695732 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations | – | 308334 | – | 308334 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | – | 243024 | – | 243024 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | – | 205786 | – | 205786 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills | – | 1229898 | – | 1229898 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 363533 | – | – | 363533 |
| Total Investments | $20516230 | $13178878 | $– | $33695108 |

---

## 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:** Poplar Forest Cornerstone Fund

- **b. EDGAR series identifier (if any):** S000047729

- **c. LEI of Series:** 254900W8D2EMHS710H62

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

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $33884517.72

**Total Liabilities:** $89807.68

**Net Assets:** $33794710.04

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 171.281232000000 | **1-Year:** 548.222647000000 | **5-Year:** 1369.653589000000 | **10-Year:** 1368.359050000000 | **30-Year:** 1562.477380000000

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

- **3-Month:** 0.000000000000 | **1-Year:** 299.164614000000 | **5-Year:** 131.243970000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000149956 | 0.29%                | 2.88%                | 0.02%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $405180.98               | $-360511.83                                |
| Month 2  | $195520.21               | $705005.52                                 |
| Month 3  | $621228.60               | $-725223.72                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| FEDERAL HOME LOAN BANK         | Federal Home Loan Banks                        | CUSIP: 3130B72N3<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    325000 | PA      | $326182.34    | 0.97%             | 2033-07-29      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FedEx Corp                     | FedEx Corp                                     | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      2900 | NS      | $837694.00    | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                    | CUSIP: 912797SU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    190000 | PA      | $184183.10    | 0.55%             | 2026-11-27      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                    | CUSIP: 912797TC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    175000 | PA      | $169222.11    | 0.50%             | 2026-12-24      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond               | CUSIP: 91282CGV7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    180000 | PA      | $180098.15    | 0.53%             | 2026-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United Therapeutics Corp       | United Therapeutics Corp                       | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |      2100 | NS      | $1023225.00   | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensata Technologies Holding P | Sensata Technologies Holding PLC               | CUSIP: N/A<br>LEI: 529900MS7KFYCY9MS037       | Long             | EC               | CORP              | US        |      9900 | NS      | $329571.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equitie | Alexandria Real Estate Equities Inc            | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |     15100 | NS      | $738994.00    | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL HOME LOAN BANK         | Federal Home Loan Banks                        | CUSIP: 3130B6UE4<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    250000 | PA      | $252370.62    | 0.75%             | 2035-07-16      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                             | CUSIP: 3622ACWT3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    241799 | PA      | $243023.91    | 0.72%             | 2053-08-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KELLANOVA                      | Kellanova                                      | CUSIP: 487836CA4<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | DBT              | CORP              | US        |    515000 | PA      | $519255.46    | 1.54%             | 2054-05-16      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp           | Las Vegas Sands Corp                           | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |      7900 | NS      | $514211.00    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                    | CUSIP: 912797PM3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    185000 | PA      | $184123.07    | 0.54%             | 2026-02-19      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                    | CUSIP: 912797PV3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    180000 | PA      | $178664.87    | 0.53%             | 2026-03-19      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Vishay Intertechnology Inc     | Vishay Intertechnology Inc                     | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |     31700 | NS      | $459333.00    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLY FINANCIAL INC             | Ally Financial Inc                             | CUSIP: 02005NBM1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EP               | CORP              | US        |    700000 | PA      | $695731.55    | 2.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Cencora Inc                    | Cencora Inc                                    | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      1300 | NS      | $439075.00    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc         | Equitable Holdings Inc                         | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |     15000 | NS      | $714750.00    | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| DOMINION ENERGY SOUTH          | Dominion Energy South Carolina Inc             | CUSIP: 837004CM0<br>LEI: 3QRVFYR22IUIEOORTK28 | Long             | DBT              | CORP              | US        |    300000 | PA      | $300022.13    | 0.89%             | 2028-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Allstate Corp/The              | Allstate Corp/The                              | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |      2000 | NS      | $416300.00    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO        | Bristol-Myers Squibb Co                        | CUSIP: 110122AQ1<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    725000 | PA      | $787225.04    | 2.33%             | 2038-05-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Tyson Foods Inc                | Tyson Foods Inc                                | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |     15500 | NS      | $908610.00    | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI International Inc         | CACI International Inc                         | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |      1000 | NS      | $532810.00    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| DICK'S SPORTING GOODS          | Dick's Sporting Goods Inc                      | CUSIP: 253393AF9<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |    500000 | PA      | $460358.17    | 1.36%             | 2032-01-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANK       | Federal Farm Credit Banks Funding Corp         | CUSIP: 3133ETUV7<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |    350000 | PA      | $350473.64    | 1.04%             | 2033-08-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund       | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |    356698 | NS      | $356697.56    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp                     | Intel Corp                                     | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |     12700 | NS      | $468630.00    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corp                     | Nucor Corp                                     | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |      4600 | NS      | $750306.00    | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| PACIFICORP                     | PacifiCorp                                     | CUSIP: 695114DF2<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |    200000 | PA      | $203986.20    | 0.60%             | 2055-09-15      | Variable      | 7.38%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                    | CUSIP: 912797QX8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    160000 | PA      | $157529.16    | 0.47%             | 2026-06-11      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond               | CUSIP: 912810TT5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $444707.03    | 1.32%             | 2053-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                | United States Treasury Inflation Indexed Bonds | CUSIP: 9128287D6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    954690 | PA      | $920893.73    | 2.72%             | 2029-07-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| ACCENTURE CAPITAL INC          | Accenture Capital Inc                          | CUSIP: 00440KAC7<br>LEI: 254900FRO0P7RIINYT25 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200537.45    | 0.59%             | 2031-10-04      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Ally Financial Inc             | Ally Financial Inc                             | CUSIP: 02005N100<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EC               | CORP              | US        |     13400 | NS      | $606886.00    | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc            | Global Payments Inc                            | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |      8000 | NS      | $619200.00    | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Treasury Portfolio       | MSILF Treasury Portfolio                       | CUSIP: 61747C582<br>LEI: 549300D1XR6GP7EZ0T47 | Long             | STIV             | RF                | US        |      6836 | NS      | $6835.80      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy Oil Corp                | Murphy Oil Corp                                | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |     16000 | NS      | $500000.00    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| MURPHY OIL CORP                | Murphy Oil Corp                                | CUSIP: 626717AP7<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | DBT              | CORP              | US        |    875000 | PA      | $874705.00    | 2.59%             | 2032-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN SF MTG | Idaho Housing & Finance Association            | CUSIP: 45130BAN3<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    200000 | PA      | $205785.80    | 0.61%             | 2032-01-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| IFF                            | International Flavors & Fragrances Inc         | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |      6900 | NS      | $464991.00    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Co           | National Fuel Gas Co                           | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |     10100 | NS      | $808606.00    | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL FUEL GAS CO           | National Fuel Gas Co                           | CUSIP: 636180BN0<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | DBT              | CORP              | US        |    800000 | PA      | $797643.86    | 2.36%             | 2027-09-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                       | AT&T Inc                                       | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     30000 | NS      | $745200.00    | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Baxter International Inc       | Baxter International Inc                       | CUSIP: 071813109<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | EC               | CORP              | US        |     12000 | NS      | $229320.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE ELECTRIC CO                | DTE Electric Co                                | CUSIP: 23338VAQ9<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |    700000 | PA      | $648992.51    | 1.92%             | 2032-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association       | CUSIP: 38385CQG6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    308009 | PA      | $308333.79    | 0.91%             | 2055-01-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LPL Financial Holdings Inc     | LPL Financial Holdings Inc                     | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |      1100 | NS      | $392887.00    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                    | CUSIP: 912797SK4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    180000 | PA      | $174949.50    | 0.52%             | 2026-10-29      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond               | CUSIP: 91282CKQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $512021.49    | 1.52%             | 2034-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond               | CUSIP: 91282CLD1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    600000 | PA      | $610570.31    | 1.81%             | 2031-07-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp                                | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     12000 | NS      | $952320.00    | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | Chevron Corp                                   | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3800 | NS      | $579158.00    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL FARM CREDIT BANK       | Federal Farm Credit Banks Funding Corp         | CUSIP: 3133ERTX9<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |    250000 | PA      | $249331.18    | 0.74%             | 2039-09-19      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| IBM                            | International Business Machines Corp           | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      2100 | NS      | $622041.00    | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                 | Merck & Co Inc                                 | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      9300 | NS      | $978918.00    | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCKWELL COLLINS INC           | Rockwell Collins Inc                           | CUSIP: 774341AK7<br>LEI: XO75O7GICH1NPWLBRL05 | Long             | DBT              | CORP              | US        |    300000 | PA      | $295401.90    | 0.87%             | 2027-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Stanley Black & Decker Inc     | Stanley Black & Decker Inc                     | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |      8300 | NS      | $616524.00    | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC                   | Alphabet Inc                                   | CUSIP: 02079KAV9<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251382.07    | 0.74%             | 2028-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Dollar Tree Inc                | Dollar Tree Inc                                | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |      4500 | NS      | $553545.00    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL FARM CREDIT BANK       | Federal Farm Credit Banks Funding Corp         | CUSIP: 3133ETLY1<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |    250000 | PA      | $251061.54    | 0.74%             | 2033-12-23      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                  | Citigroup Inc                                  | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      8900 | NS      | $1038541.00   | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc            | Dominion Energy Inc                            | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |     14000 | NS      | $820260.00    | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                     | Humana Inc                                     | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |      2700 | NS      | $691551.00    | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                    | CUSIP: 912797RG4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    185000 | PA      | $181225.45    | 0.54%             | 2026-08-06      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond               | CUSIP: 91282CLB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    600000 | PA      | $602832.71    | 1.78%             | 2026-07-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PERATON ENTERPRISE SOL         | Peraton Enterprise Solutions LLC               | CUSIP: 285659AF5<br>LEI: 549300OOA7HMLU1JZM40 | Long             | DBT              | CORP              | US        |    200000 | PA      | $212166.56    | 0.63%             | 2029-10-15      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| Genuine Parts Co               | Genuine Parts Co                               | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |      6500 | NS      | $799240.00    | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond               | CUSIP: 912810TQ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    270000 | PA      | $243885.94    | 0.72%             | 2043-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-27

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Richard Conner

**Name of Signer:** Advisors Series Trust

**Title:** Assistant Treasurer