# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001193125-25-324422
**Filing Date:** 2025-12
**Character Count:** 36492
**Document Hash:** 88b14b5ee30e23ab47f36b779a9cb3b8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-324422.hdr.sgml**: 20251218

**ACCESSION NUMBER**: 0001193125-25-324422

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251218

**DATE AS OF CHANGE**: 20251218

**PERIOD START**: 20260731

**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:** 251582662

**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

### O'Shaughnessy Market Leaders Value Fund (Series ID: S000052915)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000166455 | Class I      | OFVIX           |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **O'Shaughnessy Market Leaders Value Fund** | **O'Shaughnessy Market Leaders Value Fund** | **O'Shaughnessy Market Leaders Value Fund** | **O'Shaughnessy Market Leaders Value Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **October 31, 2025 (Unaudited)** | **October 31, 2025 (Unaudited)** | **October 31, 2025 (Unaudited)** | **October 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 99.6%** | **COMMON STOCKS - 99.6%** | **Shares** | **Value**  |
| **Aerospace & Defense - 2.5%** | **Aerospace & Defense - 2.5%** | **Aerospace & Defense - 2.5%** | |
| Lockheed Martin Corp. | Lockheed Martin Corp. | 3917 | $1926694 |
| RTX Corp. | RTX Corp. | 26761 | 4776838 |
|  |  |  | 6703532 |
| **Automobile Components - 0.8%** | **Automobile Components - 0.8%** | **Automobile Components - 0.8%** |  |
| Aptiv PLC <sup>(a)</sup> | Aptiv PLC <sup>(a)</sup> | 27663 | 2243469 |
| **Automobiles - 4.0%** | **Automobiles - 4.0%** | **Automobiles - 4.0%** |  |
| General Motors Co. | General Motors Co. | 153899 | 10632882 |
| **Broadline Retail - 2.5%** | **Broadline Retail - 2.5%** | **Broadline Retail - 2.5%** |  |
| eBay, Inc. | eBay, Inc. | 82690 | 6723524 |
| **Building Products - 2.6%** | **Building Products - 2.6%** | **Building Products - 2.6%** |  |
| Builders FirstSource, Inc. <sup>(a)</sup> | Builders FirstSource, Inc. <sup>(a)</sup> | 11482 | 1333864 |
| Carlisle Companies, Inc. | Carlisle Companies, Inc. | 14268 | 4637813 |
| Carrier Global Corp. | Carrier Global Corp. | 17352 | 1032271 |
|  |  |  | 7003948 |
| **Capital Markets - 6.4%** | **Capital Markets - 6.4%** | **Capital Markets - 6.4%** |  |
| Bank of New York Mellon Corp. | Bank of New York Mellon Corp. | 48829 | 5270114 |
| Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | 725 | 572293 |
| Northern Trust Corp. | Northern Trust Corp. | 66005 | 8492864 |
| State Street Corp. | State Street Corp. | 21994 | 2543826 |
|  |  |  | 16879097 |
| **Chemicals - 1.6%** | **Chemicals - 1.6%** | **Chemicals - 1.6%** |  |
| CF Industries Holdings, Inc. | CF Industries Holdings, Inc. | 18735 | 1560438 |
| LyondellBasell Industries NV - Class A | LyondellBasell Industries NV - Class A | 55848 | 2592464 |
|  |  |  | 4152902 |
| **Commercial Banks - 8.7%** | **Commercial Banks - 8.7%** | **Commercial Banks - 8.7%** |  |
| Bank of America Corp. | Bank of America Corp. | 37940 | 2027893 |
| Citigroup, Inc. | Citigroup, Inc. | 7752 | 784735 |
| Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | 14585 | 741939 |
| M&T Bank Corp. | M&T Bank Corp. | 9321 | 1713852 |
| Regions Financial Corp. | Regions Financial Corp. | 129378 | 3130948 |
| Truist Financial Corp. | Truist Financial Corp. | 104267 | 4653436 |
| Wells Fargo & Co. | Wells Fargo & Co. | 113188 | 9843960 |
|  |  |  | 22896763 |
| **Construction Materials - 0.7%** | **Construction Materials - 0.7%** | **Construction Materials - 0.7%** |  |
| CRH PLC | CRH PLC | 16043 | 1910721 |
| **Consumer Finance - 3.9%** | **Consumer Finance - 3.9%** | **Consumer Finance - 3.9%** |  |
| Synchrony Financial | Synchrony Financial | 137049 | 10193705 |
| **Consumer Staples Distribution & Retail - 0.2%** | **Consumer Staples Distribution & Retail - 0.2%** | **Consumer Staples Distribution & Retail - 0.2%** |  |
| US Foods Holding Corp. <sup>(a)</sup> | US Foods Holding Corp. <sup>(a)</sup> | 5730 | 416113 |
| **Diversified Telecommunication Services - 1.4%** | **Diversified Telecommunication Services - 1.4%** | **Diversified Telecommunication Services - 1.4%** |  |
| Verizon Communications, Inc. | Verizon Communications, Inc. | 93780 | 3726817 |
| **Electronic Equipment, Instruments & Components - 3.5%** | **Electronic Equipment, Instruments & Components - 3.5%** | **Electronic Equipment, Instruments & Components - 3.5%** |  |
| Flex Ltd. <sup>(a)</sup> | Flex Ltd. <sup>(a)</sup> | 11836 | 739987 |
| Jabil, Inc. | Jabil, Inc. | 38479 | 8499626 |
|  |  |  | 9239613 |
| **Financial Services - 4.9%** | **Financial Services - 4.9%** | **Financial Services - 4.9%** |  |
| Equitable Holdings, Inc. | Equitable Holdings, Inc. | 15372 | 759377 |
| Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | 75263 | 4705443 |
| PayPal Holdings, Inc. <sup>(a)</sup> | PayPal Holdings, Inc. <sup>(a)</sup> | 109205 | 7564630 |
|  |  |  | 13029450 |
| **Food Products - 3.8%** | **Food Products - 3.8%** | **Food Products - 3.8%** |  |
| General Mills, Inc. | General Mills, Inc. | 79268 | 3694681 |
| Kraft Heinz Co. | Kraft Heinz Co. | 260524 | 6442759 |
|  |  |  | 10137440 |
| **Health Care Equipment & Supplies - 3.0%** | **Health Care Equipment & Supplies - 3.0%** | **Health Care Equipment & Supplies - 3.0%** |  |
| Medtronic PLC | Medtronic PLC | 88298 | 8008629 |
| **Health Care Providers & Services - 5.1%** | **Health Care Providers & Services - 5.1%** | **Health Care Providers & Services - 5.1%** |  |
| Cigna Group | Cigna Group | 8258 | 2018338 |
| HCA Holdings, Inc. | HCA Holdings, Inc. | 22649 | 10411292 |
| Labcorp Holdings, Inc. | Labcorp Holdings, Inc. | 4090 | 1038697 |
|  |  |  | 13468327 |
| **Hotels, Restaurants & Leisure - 1.9%** | **Hotels, Restaurants & Leisure - 1.9%** | **Hotels, Restaurants & Leisure - 1.9%** |  |
| Expedia Group, Inc. | Expedia Group, Inc. | 22437 | 4936140 |
| **Household Durables - 1.6%** | **Household Durables - 1.6%** | **Household Durables - 1.6%** |  |
| DR Horton, Inc. | DR Horton, Inc. | 27798 | 4144126 |
| **Insurance - 7.5%** | **Insurance - 7.5%** | **Insurance - 7.5%** |  |
| Aflac, Inc. | Aflac, Inc. | 21154 | 2267497 |
| American International Group, Inc. | American International Group, Inc. | 48343 | 3817164 |
| MetLife, Inc. | MetLife, Inc. | 140928 | 11248873 |
| Principal Financial Group, Inc. | Principal Financial Group, Inc. | 22625 | 1901405 |
| Prudential Financial, Inc. | Prudential Financial, Inc. | 5217 | 542568 |
|  |  |  | 19777507 |
| **IT Services - 3.2%** | **IT Services - 3.2%** | **IT Services - 3.2%** |  |
| Twilio, Inc. - Class A <sup>(a)</sup> | Twilio, Inc. - Class A <sup>(a)</sup> | 43955 | 5928650 |
| VeriSign, Inc. | VeriSign, Inc. | 10258 | 2459869 |
|  |  |  | 8388519 |
| **Machinery - 2.4%** | **Machinery - 2.4%** | **Machinery - 2.4%** |  |
| Caterpillar, Inc. | Caterpillar, Inc. | 10933 | 6311184 |
| **Media - 3.5%** | **Media - 3.5%** | **Media - 3.5%** |  |
| Comcast Corp. - Class A | Comcast Corp. - Class A | 232805 | 6480127 |
| Fox Corp. - Class A | Fox Corp. - Class A | 42968 | 2777881 |
|  |  |  | 9258008 |
| **Metals & Mining - 2.5%** | **Metals & Mining - 2.5%** | **Metals & Mining - 2.5%** |  |
| Nucor Corp. | Nucor Corp. | 14171 | 2126359 |
| Reliance, Inc. | Reliance, Inc. | 13554 | 3828056 |
| Steel Dynamics, Inc. | Steel Dynamics, Inc. | 3958 | 620614 |
|  |  |  | 6575029 |
| **Oil, Gas & Consumable Fuels - 9.7%** | **Oil, Gas & Consumable Fuels - 9.7%** | **Oil, Gas & Consumable Fuels - 9.7%** |  |
| Chevron Corp. | Chevron Corp. | 36990 | 5834063 |
| ConocoPhillips | ConocoPhillips | 21697 | 1927995 |
| EOG Resources, Inc. | EOG Resources, Inc. | 43341 | 4587211 |
| Exxon Mobil Corp. | Exxon Mobil Corp. | 18671 | 2135216 |
| Marathon Petroleum Corp. | Marathon Petroleum Corp. | 19393 | 3779890 |
| Phillips 66 | Phillips 66 | 16926 | 2304306 |
| Valero Energy Corp. | Valero Energy Corp. | 29381 | 4981842 |
|  |  |  | 25550523 |
| **Passenger Airlines - 0.4%** | **Passenger Airlines - 0.4%** | **Passenger Airlines - 0.4%** |  |
| Southwest Airlines Co. | Southwest Airlines Co. | 33301 | 1009020 |
| **Pharmaceuticals - 2.0%** | **Pharmaceuticals - 2.0%** | **Pharmaceuticals - 2.0%** |  |
| Pfizer, Inc. | Pfizer, Inc. | 214065 | 5276702 |
| **Technology Hardware, Storage & Peripherals - 1.5%** | **Technology Hardware, Storage & Peripherals - 1.5%** | **Technology Hardware, Storage & Peripherals - 1.5%** |  |
| HP, Inc. | HP, Inc. | 145908 | 4037274 |
| **Textiles, Apparel & Luxury Goods - 3.9%** | **Textiles, Apparel & Luxury Goods - 3.9%** | **Textiles, Apparel & Luxury Goods - 3.9%** |  |
| Tapestry, Inc. | Tapestry, Inc. | 95172 | 10451789 |
| **Tobacco - 3.9%** | **Tobacco - 3.9%** | **Tobacco - 3.9%** |  |
| Altria Group, Inc. | Altria Group, Inc. | 183801 | 10362700 |
| **TOTAL COMMON STOCKS** (Cost $233,009,718) | **TOTAL COMMON STOCKS** (Cost $233,009,718) | **TOTAL COMMON STOCKS** (Cost $233,009,718) | 263445453 |
| **TOTAL INVESTMENTS - 99.6% (**Cost $233,009,718**)** | **TOTAL INVESTMENTS - 99.6% (**Cost $233,009,718**)** | **TOTAL INVESTMENTS - 99.6% (**Cost $233,009,718**)** | 263445453 |
| Other Assets in Excess of Liabilities - 0.4% | Other Assets in Excess of Liabilities - 0.4% | Other Assets in Excess of Liabilities - 0.4% | 1147986 |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $264593439 |
| two | two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

(a) Non-income producing security.

------

#### Summary of Fair Value Disclosure as of October 31, 2025 (Unaudited)
O'Shaughnessy Market Leaders Value 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 October 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 | $263445453 | $– | $– | $263445453 |
| Total Investments | $263445453 | $– | $– | $263445453 |

---

## 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:** O'Shaughnessy Market Leaders Value Fund

- **b. EDGAR series identifier (if any):** S000052915

- **c. LEI of Series:** 549300URKRCK5Q8UNZ36

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

- **a. Date of fiscal year-end:** 2026-07-31

- **b. Date as of which information is reported:** 2025-10-31

**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:** $264813390.27

**Total Liabilities:** $158261.80

**Net Assets:** $264655128.47

**Cash Not Reported:** $1154793.25

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000166455 | 3.54%                | 0.28%                | -0.74%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $31678.01                | $8277956.31                                |
| Month 2  | $2235701.10              | $-1961003.05                               |
| Month 3  | $3748465.92              | $-5849787.60                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Builders FirstSource Inc       | Builders FirstSource Inc                   | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |     11482 | NS      | $1333863.94   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Group/The                | Cigna Group/The                            | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      8258 | NS      | $2018337.78   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Cos Inc               | Carlisle Cos Inc                           | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |     14268 | NS      | $4637813.40   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton Inc                  | DR Horton Inc                              | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |     27798 | NS      | $4144125.84   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc                       | eBay Inc                                   | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |     82690 | NS      | $6723523.90   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The    | Goldman Sachs Group Inc/The                | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |       725 | NS      | $572293.25    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp        | Marathon Petroleum Corp                    | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |     19393 | NS      | $3779889.63   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corp                     | Nucor Corp                                 | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |     14171 | NS      | $2126358.55   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                     | Pfizer Inc                                 | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    214065 | NS      | $5276702.25   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Principal Financial Group Inc  | Principal Financial Group Inc              | CUSIP: 74251V102<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | EC               | CORP              | US        |     22625 | NS      | $1901405.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential Financial Inc       | Prudential Financial Inc                   | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EC               | CORP              | US        |      5217 | NS      | $542568.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                    | Phillips 66                                | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |     16926 | NS      | $2304305.64   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp          | Truist Financial Corp                      | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |    104267 | NS      | $4653436.21   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp              | State Street Corp                          | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |     21994 | NS      | $2543826.04   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc     | Verizon Communications Inc                 | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     93780 | NS      | $3726817.20   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings Inc     | CF Industries Holdings Inc                 | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     18735 | NS      | $1560438.15   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corp            | Carrier Global Corp                        | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |     17352 | NS      | $1032270.48   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                  | Citigroup Inc                              | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      7752 | NS      | $784734.96    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                 | ConocoPhillips                             | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     21697 | NS      | $1927995.42   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp             | Valero Energy Corp                         | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     29381 | NS      | $4981842.36   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co               | Wells Fargo & Co                           | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    113188 | NS      | $9843960.36   | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Synchrony Financial            | Synchrony Financial                        | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |    137049 | NS      | $10193704.62  | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                   | Comcast Corp                               | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    232805 | NS      | $6480127.18   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group Inc              | Expedia Group Inc                          | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22437 | NS      | $4936140.00   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp                       | RTX Corp                                   | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     26761 | NS      | $4776838.50   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| US Foods Holding Corp          | US Foods Holding Corp                      | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               | CORP              | US        |      5730 | NS      | $416112.60    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV   | LyondellBasell Industries NV               | CUSIP: N/A<br>LEI: BN6WCCZ8OVP3ITUUVN49       | Long             | EC               | CORP              | US        |     55848 | NS      | $2592464.16   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information  | Fidelity National Information Services Inc | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |     75263 | NS      | $4705442.76   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                         | HP Inc                                     | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |    145908 | NS      | $4037274.36   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Kraft Heinz Co/The             | Kraft Heinz Co/The                         | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |    260524 | NS      | $6442758.52   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics Inc             | Steel Dynamics Inc                         | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |      3958 | NS      | $620614.40    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Twilio Inc                     | Twilio Inc                                 | CUSIP: 90138F102<br>LEI: 5493004W8TRGD63APX93 | Long             | EC               | CORP              | US        |     43955 | NS      | $5928650.40   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Flex Ltd                       | Flex Ltd                                   | CUSIP: N/A<br>LEI: 549300EAQH74YHD07T53       | Long             | EC               | CORP              | US        |     11836 | NS      | $739986.72    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Aflac Inc                      | Aflac Inc                                  | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |     21154 | NS      | $2267497.26   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc               | Altria Group Inc                           | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |    183801 | NS      | $10362700.38  | 3.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp           | Bank of America Corp                       | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     37940 | NS      | $2027893.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                | Caterpillar Inc                            | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |     10933 | NS      | $6311183.58   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | Chevron Corp                               | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36990 | NS      | $5834062.80   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc   | Citizens Financial Group Inc               | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |     14585 | NS      | $741938.95    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc              | EOG Resources Inc                          | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     43341 | NS      | $4587211.44   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc         | Equitable Holdings Inc                     | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |     15372 | NS      | $759376.80    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp               | Exxon Mobil Corp                           | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     18671 | NS      | $2135215.56   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| General Mills Inc              | General Mills Inc                          | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |     79268 | NS      | $3694681.48   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc             | HCA Healthcare Inc                         | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |     22649 | NS      | $10411292.32  | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp           | Lockheed Martin Corp                       | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      3917 | NS      | $1926693.96   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corp                  | M&T Bank Corp                              | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |      9321 | NS      | $1713852.27   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corp            | Northern Trust Corp                        | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |     66005 | NS      | $8492863.35   | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings Inc            | PayPal Holdings Inc                        | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |    109205 | NS      | $7564630.35   | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corp         | Regions Financial Corp                     | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |    129378 | NS      | $3130947.60   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co          | Southwest Airlines Co                      | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |     33301 | NS      | $1009020.30   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Tapestry Inc                   | Tapestry Inc                               | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |     95172 | NS      | $10451789.04  | 3.95%             |  |  |  | No            |                  1 | On Loan: No      |
| VeriSign Inc                   | VeriSign Inc                               | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |     10258 | NS      | $2459868.40   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                        | CRH PLC                                    | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               | CORP              | IE        |     16043 | NS      | $1910721.30   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptiv PLC                      | Aptiv PLC                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IE        |     27663 | NS      | $2243469.30   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                  | Medtronic PLC                              | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |     88298 | NS      | $8008628.60   | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group I | American International Group Inc           | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |     48343 | NS      | $3817163.28   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp/T | Bank of New York Mellon Corp/The           | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |     48829 | NS      | $5270113.97   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corp                       | Fox Corp                                   | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |     42968 | NS      | $2777881.20   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co              | General Motors Co                          | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |    153899 | NS      | $10632881.91  | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Jabil Inc                      | Jabil Inc                                  | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |     38479 | NS      | $8499626.31   | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Labcorp Holdings Inc           | Labcorp Holdings Inc                       | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4090 | NS      | $1038696.40   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc                    | MetLife Inc                                | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |    140928 | NS      | $11248872.96  | 4.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Inc                   | Reliance Inc                               | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |     13554 | NS      | $3828056.22   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-20

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Richard Conner

**Name of Signer:** Advisors Series Trust

**Title:** Assistant Treasurer