# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001193125-25-293019
**Filing Date:** 2025-11
**Character Count:** 33060
**Document Hash:** d6c2284f07759ea9b3de952e41592f08
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-293019.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0001193125-25-293019

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20260630

**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:** 251511021

**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

### Davidson Multi-Cap Equity Fund (Series ID: S000022607)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000065364 | Class A      | DFMAX           |
| C000132969 | Class I      | DFMIX           |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Davidson Multi Cap Equity Fund** | **Davidson Multi Cap Equity Fund** | **Davidson Multi Cap Equity Fund** | **Davidson Multi Cap Equity Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 94.8%** | **COMMON STOCKS - 94.8%** | **Shares** | **Value** |
| **Aerospace & Defense - 2.4%** | **Aerospace & Defense - 2.4%** | **Aerospace & Defense - 2.4%** | |
| RTX Corp. | RTX Corp. | 20836 | $3486488 |
| **Air Freight & Logistics - 1.7%** | **Air Freight & Logistics - 1.7%** | **Air Freight & Logistics - 1.7%** |  |
| FedEx Corp. | FedEx Corp. | 10868 | 2562783 |
| **Automobile Components - 1.6%** | **Automobile Components - 1.6%** | **Automobile Components - 1.6%** |  |
| Aptiv PLC <sup>(a)</sup> | Aptiv PLC <sup>(a)</sup> | 26852 | 2315179 |
| **Banks - 3.6%** | **Banks - 3.6%** | **Banks - 3.6%** |  |
| Citigroup, Inc. | Citigroup, Inc. | 42862 | 4350493 |
| WaFd, Inc. | WaFd, Inc. | 33324 | 1009384 |
|  |  |  | 5359877 |
| **Beverages - 1.2%** | **Beverages - 1.2%** | **Beverages - 1.2%** |  |
| Constellation Brands, Inc. - Class A | Constellation Brands, Inc. - Class A | 13640 | 1836899 |
| **Biotechnology - 1.9%** | **Biotechnology - 1.9%** | **Biotechnology - 1.9%** |  |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 7100 | 2780644 |
| **Broadline Retail - 4.3%** | **Broadline Retail - 4.3%** | **Broadline Retail - 4.3%** |  |
| Amazon.com, Inc. <sup>(a)</sup> | Amazon.com, Inc. <sup>(a)</sup> | 28617 | 6283435 |
| **Capital Markets - 1.9%** | **Capital Markets - 1.9%** | **Capital Markets - 1.9%** |  |
| Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | 3615 | 2878805 |
| **Chemicals - 2.2%** | **Chemicals - 2.2%** | **Chemicals - 2.2%** |  |
| Corteva, Inc. | Corteva, Inc. | 27545 | 1862868 |
| HB Fuller Co. | HB Fuller Co. | 22705 | 1345953 |
|  |  |  | 3208821 |
| **Communications Equipment - 2.2%** | **Communications Equipment - 2.2%** | **Communications Equipment - 2.2%** |  |
| Arista Networks, Inc. <sup>(a)</sup> | Arista Networks, Inc. <sup>(a)</sup> | 22211 | 3236365 |
| **Consumer Staples Distribution & Retail - 2.0%** | **Consumer Staples Distribution & Retail - 2.0%** | **Consumer Staples Distribution & Retail - 2.0%** |  |
| Walmart, Inc. | Walmart, Inc. | 29165 | 3005745 |
| **Electric Utilities - 1.3%** | **Electric Utilities - 1.3%** | **Electric Utilities - 1.3%** |  |
| Exelon Corp. | Exelon Corp. | 42285 | 1903248 |
| **Electrical Equipment - 2.3%** | **Electrical Equipment - 2.3%** | **Electrical Equipment - 2.3%** |  |
| Eaton Corp. PLC | Eaton Corp. PLC | 9087 | 3400810 |
| **Entertainment - 2.4%** | **Entertainment - 2.4%** | **Entertainment - 2.4%** |  |
| Netflix, Inc. <sup>(a)</sup> | Netflix, Inc. <sup>(a)</sup> | 2978 | 3570384 |
| **Financial Services - 3.7%** | **Financial Services - 3.7%** | **Financial Services - 3.7%** |  |
| PayPal Holdings, Inc. <sup>(a)</sup> | PayPal Holdings, Inc. <sup>(a)</sup> | 30328 | 2033796 |
| Visa, Inc. - Class A | Visa, Inc. - Class A | 9868 | 3368738 |
|  |  |  | 5402534 |
| **Health Care Equipment & Supplies - 3.2%** | **Health Care Equipment & Supplies - 3.2%** | **Health Care Equipment & Supplies - 3.2%** |  |
| Becton, Dickinson & Co. | Becton, Dickinson & Co. | 12516 | 2342620 |
| Medtronic PLC | Medtronic PLC | 25030 | 2383857 |
|  |  |  | 4726477 |
| **Health Care Providers & Services - 3.5%** | **Health Care Providers & Services - 3.5%** | **Health Care Providers & Services - 3.5%** |  |
| Cigna Group | Cigna Group | 7361 | 2121808 |
| Labcorp Holdings, Inc. | Labcorp Holdings, Inc. | 10621 | 3048864 |
|  |  |  | 5170672 |
| **Industrial Conglomerates - 1.8%** | **Industrial Conglomerates - 1.8%** | **Industrial Conglomerates - 1.8%** |  |
| Honeywell International, Inc. | Honeywell International, Inc. | 12895 | 2714397 |
| **Insurance - 1.6%** | **Insurance - 1.6%** | **Insurance - 1.6%** |  |
| Progressive Corp. | Progressive Corp. | 9522 | 2351458 |
| **Interactive Media & Services - 7.4%** | **Interactive Media & Services - 7.4%** | **Interactive Media & Services - 7.4%** |  |
| Alphabet, Inc. - Class C | Alphabet, Inc. - Class C | 31803 | 7745621 |
| Meta Platforms, Inc. - Class A | Meta Platforms, Inc. - Class A | 4327 | 3177662 |
|  |  |  | 10923283 |
| **Machinery - 1.2%** | **Machinery - 1.2%** | **Machinery - 1.2%** |  |
| Otis Worldwide Corp. | Otis Worldwide Corp. | 19577 | 1789925 |
| **Multi-Utilities - 1.4%** | **Multi-Utilities - 1.4%** | **Multi-Utilities - 1.4%** |  |
| Sempra | Sempra | 22976 | 2067380 |
| **Oil, Gas & Consumable Fuels - 3.0%** | **Oil, Gas & Consumable Fuels - 3.0%** | **Oil, Gas & Consumable Fuels - 3.0%** |  |
| Chevron Corp. | Chevron Corp. | 15029 | 2333853 |
| EOG Resources, Inc. | EOG Resources, Inc. | 19250 | 2158310 |
|  |  |  | 4492163 |
| **Personal Care Products - 0.9%** | **Personal Care Products - 0.9%** | **Personal Care Products - 0.9%** |  |
| BellRing Brands, Inc. <sup>(a)</sup> | BellRing Brands, Inc. <sup>(a)</sup> | 35038 | 1273631 |
| **Pharmaceuticals - 2.3%** | **Pharmaceuticals - 2.3%** | **Pharmaceuticals - 2.3%** |  |
| AstraZeneca PLC - ADR | AstraZeneca PLC - ADR | 25113 | 1926669 |
| Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | 33579 | 1514413 |
|  |  |  | 3441082 |
| **Semiconductors & Semiconductor Equipment - 11.4%** | **Semiconductors & Semiconductor Equipment - 11.4%** | **Semiconductors & Semiconductor Equipment - 11.4%** |  |
| Broadcom, Inc. | Broadcom, Inc. | 15683 | 5173978 |
| NVIDIA Corp. | NVIDIA Corp. | 31969 | 5964776 |
| Silicon Laboratories, Inc. <sup>(a)</sup> | Silicon Laboratories, Inc. <sup>(a)</sup> | 15922 | 2087852 |
| Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 13144 | 3670988 |
|  |  |  | 16897594 |
| **Software - 12.2%** | **Software - 12.2%** | **Software - 12.2%** |  |
| Dynatrace, Inc. <sup>(a)</sup> | Dynatrace, Inc. <sup>(a)</sup> | 49843 | 2414894 |
| Fortinet, Inc. <sup>(a)</sup> | Fortinet, Inc. <sup>(a)</sup> | 30403 | 2556284 |
| Intuit, Inc. | Intuit, Inc. | 4733 | 3232213 |
| Microsoft Corp. | Microsoft Corp. | 14618 | 7571393 |
| Salesforce, Inc. | Salesforce, Inc. | 9444 | 2238228 |
|  |  |  | 18013012 |
| **Specialty Retail - 2.0%** | **Specialty Retail - 2.0%** | **Specialty Retail - 2.0%** |  |
| Home Depot, Inc. | Home Depot, Inc. | 7425 | 3008536 |
| **Technology Hardware, Storage & Peripherals - 4.4%** | **Technology Hardware, Storage & Peripherals - 4.4%** | **Technology Hardware, Storage & Peripherals - 4.4%** |  |
| Apple, Inc. | Apple, Inc. | 25827 | 6576329 |
| **Textiles, Apparel & Luxury Goods - 2.0%** | **Textiles, Apparel & Luxury Goods - 2.0%** | **Textiles, Apparel & Luxury Goods - 2.0%** |  |
| Gildan Activewear, Inc. | Gildan Activewear, Inc. | 50677 | 2929131 |
| **Wireless Telecommunication Services - 1.8%** | **Wireless Telecommunication Services - 1.8%** | **Wireless Telecommunication Services - 1.8%** |  |
| T-Mobile US, Inc. | T-Mobile US, Inc. | 11013 | 2636292 |
| **TOTAL COMMON STOCKS** (Cost $71,688,019) | **TOTAL COMMON STOCKS** (Cost $71,688,019) | **TOTAL COMMON STOCKS** (Cost $71,688,019) | 140243379 |
| **REAL ESTATE INVESTMENT TRUSTS - 4.7%** | **REAL ESTATE INVESTMENT TRUSTS - 4.7%** |  |  |
| **Mortgage Real Estate Investment Trusts (REITs) - 2.0%** | **Mortgage Real Estate Investment Trusts (REITs) - 2.0%** | **Mortgage Real Estate Investment Trusts (REITs) - 2.0%** |  |
| AGNC Investment Corp. | AGNC Investment Corp. | 301901 | 2955611 |
| **Residential REITs - 1.3%** | **Residential REITs - 1.3%** | **Residential REITs - 1.3%** |  |
| Camden Property Trust | Camden Property Trust | 17864 | 1907518 |
| **Specialized REITs - 1.4%** | **Specialized REITs - 1.4%** | **Specialized REITs - 1.4%** |  |
| CubeSmart | CubeSmart | 50093 | 2036781 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $5,833,533) | **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $5,833,533) | **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $5,833,533) | 6899910 |
| **SHORT-TERM INVESTMENTS- 0.6%** | **SHORT-TERM INVESTMENTS- 0.6%** |  |  |
| **Money Market Funds – 0.6%**<br> First American Government Obligations Fund - Class X, 4.05%<sup>(b)</sup> | **Money Market Funds – 0.6%**<br> First American Government Obligations Fund - Class X, 4.05%<sup>(b)</sup> | 859208 | 859208 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $859,208) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $859,208) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $859,208) | 859208 |
| **TOTAL INVESTMENTS - 100.1% (**Cost $78,380,760**)** | **TOTAL INVESTMENTS - 100.1% (**Cost $78,380,760**)** | **TOTAL INVESTMENTS - 100.1% (**Cost $78,380,760**)** | 148002497 |
| Liabilities in Excess of Other Assets - (0.1)% | Liabilities in Excess of Other Assets - (0.1)% | Liabilities in Excess of Other Assets - (0.1)% | (121640) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $147880857 |
| 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. |

---

ADR - American Depositary Receipt <br> REIT - Real Estate Investment Trust

(a) Non-income producing security.

(b) The rate shown represents the 7-day annualized yield as of September 30, 2025.

------

#### Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
Davidson Multi Cap Equity 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 September 30, 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 | $140243379 | $– | $– | $140243379 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 6899910 | – | – | 6899910 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 859208 | – | – | 859208 |
| Total Investments | $148002497 | $– | $– | $148002497 |

---

## 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:** Davidson Multi-Cap Equity Fund

- **b. EDGAR series identifier (if any):** S000022607

- **c. LEI of Series:** 549300H536T50F4PEU18

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

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-09-30

**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:** $148138894.20

**Total Liabilities:** $201194.01

**Net Assets:** $147937700.19

**Cash Not Reported:** $2739.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000065364 | 1.28%                | 1.07%                | 2.04%                |
| Class ID C000132969 | 1.31%                | 1.10%                | 2.06%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1607084.15              | $292396.60                                 |
| Month 2  | $152989.80               | $1288800.88                                |
| Month 3  | $1769936.61              | $1189891.72                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Citigroup Inc                  | Citigroup Inc                              | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     42862 | NS      | $4350493.00   | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart                      | CubeSmart                                  | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50093 | NS      | $2036781.38   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms Inc                         | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      4327 | NS      | $3177662.26   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | Home Depot Inc/The                         | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      7425 | NS      | $3008535.75   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                                | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     31969 | NS      | $5964776.02   | 4.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa Inc                                   | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      9868 | NS      | $3368737.84   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC                 | Eaton Corp PLC                             | CUSIP: N/A<br>LEI: 549300VDIGTMXUNT7H71       | Long             | EC               | CORP              | IE        |      9087 | NS      | $3400809.75   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                             | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     28617 | NS      | $6283434.69   | 4.25%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                | AstraZeneca PLC                            | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |     25113 | NS      | $1926669.36   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co          | Becton Dickinson & Co                      | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |     12516 | NS      | $2342619.72   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands Inc       | Constellation Brands Inc                   | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |     13640 | NS      | $1836898.80   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                    | Corteva Inc                                | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     27545 | NS      | $1862868.35   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc              | EOG Resources Inc                          | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     19250 | NS      | $2158310.00   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                     | FedEx Corp                                 | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |     10868 | NS      | $2562783.08   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                   | Fortinet Inc                               | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |     30403 | NS      | $2556284.24   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| HB Fuller Co                   | HB Fuller Co                               | CUSIP: 359694106<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | EC               | CORP              | US        |     22705 | NS      | $1345952.40   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                             | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     14618 | NS      | $7571393.10   | 5.12%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings Inc            | PayPal Holdings Inc                        | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |     30328 | NS      | $2033795.68   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The           | Progressive Corp/The                       | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |      9522 | NS      | $2351457.90   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                 | Salesforce Inc                             | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      9444 | NS      | $2238228.00   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                | T-Mobile US Inc                            | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     11013 | NS      | $2636291.94   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd  | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     13144 | NS      | $3670987.76   | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc     | Vertex Pharmaceuticals Inc                 | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      7100 | NS      | $2780644.00   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| WaFd Inc                       | WaFd Inc                                   | CUSIP: 938824109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33324 | NS      | $1009383.96   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| AGNC Investment Corp           | AGNC Investment Corp                       | CUSIP: 00123Q104<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EC               | CORP              | US        |    301901 | NS      | $2955610.79   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                     | Intuit Inc                                 | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      4733 | NS      | $3232213.03   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                    | Netflix Inc                                | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      2978 | NS      | $3570383.76   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                  | Medtronic PLC                              | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |     25030 | NS      | $2383857.20   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                               | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     31803 | NS      | $7745620.65   | 5.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                                  | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     25827 | NS      | $6576329.01   | 4.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc            | Arista Networks Inc                        | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |     22211 | NS      | $3236364.81   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co        | Bristol-Myers Squibb Co                    | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     33579 | NS      | $1514412.90   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Group/The                | Cigna Group/The                            | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      7361 | NS      | $2121808.25   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | Chevron Corp                               | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15029 | NS      | $2333853.41   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                  | Dynatrace Inc                              | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |     49843 | NS      | $2414893.35   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                    | Exelon Corp                                | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |     42285 | NS      | $1903247.85   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc    | Honeywell International Inc                | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     12895 | NS      | $2714397.50   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Labcorp Holdings Inc           | Labcorp Holdings Inc                       | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10621 | NS      | $3048864.26   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptiv PLC                      | Aptiv PLC                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IE        |     26852 | NS      | $2315179.44   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| BellRing Brands Inc            | BellRing Brands Inc                        | CUSIP: 07831C103<br>LEI: 549300S3BOK5CMTS8054 | Long             | EC               | CORP              | US        |     35038 | NS      | $1273631.30   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                   | Broadcom Inc                               | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     15683 | NS      | $5173978.53   | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust          | Camden Property Trust                      | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |     17864 | NS      | $1907517.92   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The    | Goldman Sachs Group Inc/The                | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      3615 | NS      | $2878805.25   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                         | Sempra                                     | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |     22976 | NS      | $2067380.48   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Silicon Laboratories Inc       | Silicon Laboratories Inc                   | CUSIP: 826919102<br>LEI: 4PRDF8Q9TDHRVZKZSZ47 | Long             | EC               | CORP              | US        |     15922 | NS      | $2087851.86   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |    856469 | NS      | $856469.46    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Gildan Activewear Inc          | Gildan Activewear Inc                      | CUSIP: 375916103<br>LEI: 549300SB3IBI34M00Z45 | Long             | EC               | CORP              | CA        |     50677 | NS      | $2929130.60   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp            | Otis Worldwide Corp                        | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |     19577 | NS      | $1789925.11   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp                       | RTX Corp                                   | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     20836 | NS      | $3486487.88   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                    | Walmart Inc                                | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     29165 | NS      | $3005744.90   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-24

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Kevin Hayden

**Name of Signer:** Advisors Series Trust

**Title:** Treasurer & Vice President