# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001193125-25-219102
**Filing Date:** 2025-9
**Character Count:** 28983
**Document Hash:** 3550503eb124a7c7ffa16ca5ce30ab49
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-219102.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0001193125-25-219102

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20251031

**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:** 251345897

**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

### Huber Large Cap Value Fund (Series ID: S000039416)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000121467 | Investor Class      | HUDIX           |
| C000121468 | Institutional Class | HUDEX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Huber Large Cap Value Fund** | **Huber Large Cap Value Fund** | **Huber Large Cap Value Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 96.9%** | **Shares** | **Value**  |
| **Aerospace & Defense - 2.2%** | **Aerospace & Defense - 2.2%** | |
| Northrop Grumman Corp. | 700 | $403627 |
| **Automotive - 0.6%** | **Automotive - 0.6%** |  |
| Goodyear Tire & Rubber Co. <sup>(a)</sup> | 10000 | 102800 |
| **Banking - 17.1%** | **Banking - 17.1%** |  |
| Bank of America Corp. | 10300 | 486881 |
| Citigroup, Inc. | 12800 | 1199360 |
| First Citizens BancShares, Inc. - Class A | 150 | 299214 |
| First Horizon Corp. | 25292 | 551618 |
| JPMorgan Chase & Co. | 1100 | 325864 |
| Truist Financial Corp. | 6000 | 262260 |
|  |  | 3125197 |
| **Beverages - 0.3%** | **Beverages - 0.3%** |  |
| Anheuser-Busch InBev SA/NV - ADR | 1000 | 57670 |
| **Biotech & Pharmaceuticals - 11.4%** | **Biotech & Pharmaceuticals - 11.4%** |  |
| Eli Lilly & Co. | 2000 | 1480140 |
| GSK PLC - ADR | 2400 | 89160 |
| Merck & Co., Inc. | 1100 | 85932 |
| Pfizer, Inc. | 18600 | 433194 |
|  |  | 2088426 |
| **Consumer Services - 3.2%** | **Consumer Services - 3.2%** |  |
| Upbound Group, Inc. | 28359 | 585188 |
| **Cosmetics/Personal Care - 0.6%** | **Cosmetics/Personal Care - 0.6%** |  |
| Kenvue, Inc. | 5000 | 107200 |
| **Electric Utilities - 2.4%** | **Electric Utilities - 2.4%** |  |
| American Electric Power Co., Inc. | 300 | 33942 |
| Constellation Energy Corp. | 533 | 185399 |
| Entergy Corp. | 1800 | 162774 |
| NextEra Energy, Inc. | 800 | 56848 |
|  |  | 438963 |
| **Electrical Equipment - 0.3%** | **Electrical Equipment - 0.3%** |  |
| TE Connectivity PLC | 300 | 61725 |
| **Entertainment Content - 0.7%** | **Entertainment Content - 0.7%** |  |
| Walt Disney Co. | 1000 | 119110 |
| **Food - 1.6%** | **Food - 1.6%** |  |
| J M Smucker Co. | 1900 | 203946 |
| Lamb Weston Holdings, Inc. | 500 | 28535 |
| Tyson Foods, Inc. - Class A | 1100 | 57530 |
|  |  | 290011 |
| **Gas & Water Utilities - 0.5%** | **Gas & Water Utilities - 0.5%** |  |
| National Fuel Gas Co. | 1000 | 86790 |
| **Health Care Facilities & Services - 1.8%** | **Health Care Facilities & Services - 1.8%** |  |
| Tenet Healthcare Corp. <sup>(a)</sup> | 2000 | 322560 |
| **Healthcare-Services - 0.1%** | **Healthcare-Services - 0.1%** |  |
| Concentra Group Holdings Parent, Inc. | 887 | 17713 |
| **Industrial Support Services - 1.0%** | **Industrial Support Services - 1.0%** |  |
| United Rentals, Inc. | 200 | 176588 |
| **Institutional Financial Services - 1.2%** | **Institutional Financial Services - 1.2%** |  |
| Goldman Sachs Group, Inc. | 300 | 217077 |
| **Insurance - 1.6%** | **Insurance - 1.6%** |  |
| CNO Financial Group, Inc. | 8073 | 297409 |
| **Internet - 0.6%** | **Internet - 0.6%** |  |
| VeriSign, Inc. | 400 | 107548 |
| **Internet Media & Services - 0.8%** | **Internet Media & Services - 0.8%** |  |
| Lyft, Inc. - Class A <sup>(a)</sup> | 9694 | 136298 |
| **Oil & Gas Producers - 15.0%** | **Oil & Gas Producers - 15.0%** |  |
| BP PLC - ADR | 6200 | 199330 |
| Cheniere Energy, Inc. | 1900 | 448172 |
| Expand Energy Corp. | 1000 | 104780 |
| Golar LNG Ltd. | 31803 | 1309011 |
| Shell PLC - ADR | 9300 | 671553 |
|  |  | 2732846 |
| **Retail - 2.3%** | **Retail - 2.3%** |  |
| Dollar General Corp. | 4000 | 419600 |
| **Retail - Consumer Staples - 2.4%** | **Retail - Consumer Staples - 2.4%** |  |
| Walmart, Inc. | 4500 | 440910 |
| **Retail - Discretionary - 1.2%** | **Retail - Discretionary - 1.2%** |  |
| Home Depot, Inc. | 600 | 220506 |
| **Software - 11.6%** | **Software - 11.6%** |  |
| Microsoft Corp. | 2600 | 1387100 |
| Oracle Corp. | 2900 | 735933 |
|  |  | 2123033 |
| **Specialty Finance - 1.4%** | **Specialty Finance - 1.4%** |  |
| Enova International, Inc. <sup>(a)</sup> | 2510 | 262446 |
| **Technology Services - 7.1%** | **Technology Services - 7.1%** |  |
| KBR, Inc. | 18230 | 852070 |
| Mastercard, Inc. - Class A | 550 | 311559 |
| Visa, Inc. - Class A | 400 | 138188 |
|  |  | 1301817 |
| **Telecommunications - 1.5%** | **Telecommunications - 1.5%** |  |
| AT&T, Inc. | 6900 | 189129 |
| Verizon Communications, Inc. | 2000 | 85520 |
|  |  | 274649 |
| **Tobacco & Cannabis - 1.4%** | **Tobacco & Cannabis - 1.4%** |  |
| Philip Morris International, Inc. | 1600 | 262480 |
| **Transportation & Logistics - 3.2%** | **Transportation & Logistics - 3.2%** |  |
| FedEx Corp. | 2600 | 581074 |
| **Transportation Equipment - 1.8%** | **Transportation Equipment - 1.8%** |  |
| General Motors Co. | 6300 | 336042 |
| **TOTAL COMMON STOCKS** (Cost $8,817,299) | **TOTAL COMMON STOCKS** (Cost $8,817,299) | 17697303 |
| **SHORT-TERM INVESTMENTS - 3.1%** | **Shares** | **Value**  |
| **Money Market Funds - 3.1%** |  |  |
| First American Government Obligations Fund - Class X, 4.23% <sup>(b)</sup> | 278636 | 278636 |
| First American Treasury Obligations Fund - Class X, 4.26% <sup>(b)</sup> | 278635 | 278635 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $557,271) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $557,271) | 557271 |
| **TOTAL INVESTMENTS - 100.0% (**Cost $9,374,570**)** | **TOTAL INVESTMENTS - 100.0% (**Cost $9,374,570**)** | 18254574 |
| Other Assets in Excess of Liabilities - 0.0% <sup>(c)</sup> | Other Assets in Excess of Liabilities - 0.0% <sup>(c)</sup> | 8924 |
| **TOTAL NET ASSETS - 100.0%** |  | $18263498 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

ADR - American Depositary Receipt<br>

(a) Non-income producing security.

(b) The rate shown represents the 7-day annualized effective yield as of July 31, 2025.

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

------

#### Summary of Fair Value Disclosure as of July 31, 2025 (Unaudited)
Huber Large Cap 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 July 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 | $17697303 | $– | $– | $17697303 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 557271 | – | – | 557271 |
| Total Investments | $18254574 | $– | $– | $18254574 |

---

## 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:** Huber Large Cap Value Fund

- **b. EDGAR series identifier (if any):** S000039416

- **c. LEI of Series:** 2549001ORLBBQH5OTH05

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**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:** $18306588.04

**Total Liabilities:** $43090.24

**Net Assets:** $18263497.80

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000121467 | 2.38%                | 4.73%                | 0.74%                |
| Class ID C000121468 | 2.37%                | 4.75%                | 0.78%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-70516.26               | $431279.98                                 |
| Month 2  | $-305510.89              | $1107049.36                                |
| Month 3  | $-21499.03               | $150688.12                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Visa Inc                       | Visa Inc                                   | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |       400 | NS      | $138188.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                    | Walmart Inc                                | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |      4500 | NS      | $440910.00    | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                       | AT&T Inc                                   | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |      6900 | NS      | $189129.00    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BP PLC                         | BP PLC                                     | CUSIP: 055622104<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |      6200 | NS      | $199330.00    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc            | Cheniere Energy Inc                        | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |      1900 | NS      | $448172.00    | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co              | General Motors Co                          | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |      6300 | NS      | $336042.00    | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | Home Depot Inc/The                         | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |       600 | NS      | $220506.00    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co                        | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      1100 | NS      | $325864.00    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| KBR Inc                        | KBR Inc                                    | CUSIP: 48242W106<br>LEI: 254900OFQDXZRKRCV808 | Long             | EC               | CORP              | US        |     18230 | NS      | $852070.20    | 4.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                 | Merck & Co Inc                             | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      1100 | NS      | $85932.00     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods Inc                | Tyson Foods Inc                            | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |      1100 | NS      | $57530.00     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp             | Expand Energy Corp                         | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |      1000 | NS      | $104780.00    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                  | Citigroup Inc                              | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     12800 | NS      | $1199360.00   | 6.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp           | Bank of America Corp                       | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     10300 | NS      | $486881.00    | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp      | Constellation Energy Corp                  | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |       533 | NS      | $185398.72    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| First Citizens BancShares Inc/ | First Citizens BancShares Inc/NC           | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |       150 | NS      | $299214.00    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| First Horizon Corp             | First Horizon Corp                         | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |     25292 | NS      | $551618.52    | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc             | NextEra Energy Inc                         | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |       800 | NS      | $56848.00     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                    | Oracle Corp                                | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      2900 | NS      | $735933.00    | 4.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Golar LNG Ltd                  | Golar LNG Ltd                              | CUSIP: N/A<br>LEI: 213800C2VSFZG3EZLO34       | Long             | EC               | CORP              | BM        |     31803 | NS      | $1309011.48   | 7.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corp            | Dollar General Corp                        | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |      4000 | NS      | $419600.00    | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenvue Inc                     | Kenvue Inc                                 | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |      5000 | NS      | $107200.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamb Weston Holdings Inc       | Lamb Weston Holdings Inc                   | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |       500 | NS      | $28535.00     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                             | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      2600 | NS      | $1387100.00   | 7.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp          | Northrop Grumman Corp                      | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |       700 | NS      | $403627.00    | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                     | Pfizer Inc                                 | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     18600 | NS      | $433194.00    | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Upbound Group Inc              | Upbound Group Inc                          | CUSIP: 76009N100<br>LEI: 529900QUHE15UQNCCJ63 | Long             | EC               | CORP              | US        |     28359 | NS      | $585187.97    | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                      | Shell PLC                                  | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |      9300 | NS      | $671553.00    | 3.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenet Healthcare Corp          | Tenet Healthcare Corp                      | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |      2000 | NS      | $322560.00    | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp          | Truist Financial Corp                      | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |      6000 | NS      | $262260.00    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc     | Verizon Communications Inc                 | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |      2000 | NS      | $85520.00     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity PLC            | TE Connectivity PLC                        | CUSIP: N/A<br>LEI: 6367003TB6K484NFHE54       | Long             | EC               | CORP              | IE        |       300 | NS      | $61725.00     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group Inc        | CNO Financial Group Inc                    | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |      8073 | NS      | $297409.32    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The             | Walt Disney Co/The                         | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      1000 | NS      | $119110.00    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corp                   | Entergy Corp                               | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |      1800 | NS      | $162774.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                     | FedEx Corp                                 | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      2600 | NS      | $581074.00    | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund   | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |    278635 | NS      | $278635.25    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |    278635 | NS      | $278635.25    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Goodyear Tire & Rubber Co/The  | Goodyear Tire & Rubber Co/The              | CUSIP: 382550101<br>LEI: 5493002BI0S2ZQUY3437 | Long             | EC               | CORP              | US        |     10000 | NS      | $102800.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Lyft Inc                       | Lyft Inc                                   | CUSIP: 55087P104<br>LEI: 549300H7I5VN334XVZ52 | Long             | EC               | CORP              | US        |      9694 | NS      | $136297.64    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International In | Philip Morris International Inc            | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      1600 | NS      | $262480.00    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals Inc             | United Rentals Inc                         | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |       200 | NS      | $176588.00    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| VeriSign Inc                   | VeriSign Inc                               | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |       400 | NS      | $107548.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co Inc | American Electric Power Co Inc             | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |       300 | NS      | $33942.00     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentra Group Holdings Paren | Concentra Group Holdings Parent Inc        | CUSIP: 20603L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       887 | NS      | $17713.39     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK PLC                        | GSK PLC                                    | CUSIP: 37733W204<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |      2400 | NS      | $89160.00     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The    | Goldman Sachs Group Inc/The                | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |       300 | NS      | $217077.00    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                 | Eli Lilly & Co                             | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      2000 | NS      | $1480140.00   | 8.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard Inc                             | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |       550 | NS      | $311558.50    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Co           | National Fuel Gas Co                       | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |      1000 | NS      | $86790.00     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| J M Smucker Co/The             | J M Smucker Co/The                         | CUSIP: 832696405<br>LEI: 5493000WDH6A0LHDJD55 | Long             | EC               | CORP              | US        |      1900 | NS      | $203946.00    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Enova International Inc        | Enova International Inc                    | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |      2510 | NS      | $262445.60    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Anheuser-Busch InBev SA/NV     | Anheuser-Busch InBev SA/NV                 | CUSIP: 03524A108<br>LEI: 5493008H3828EMEXB082 | Long             | EC               | CORP              | BE        |      1000 | NS      | $57670.00     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-18

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Kevin Hayden

**Name of Signer:** Advisors Series Trust

**Title:** Treasurer & Vice President