# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001193125-25-293501
**Filing Date:** 2025-11
**Character Count:** 26687
**Document Hash:** 713a083f9c7850de67979ca8df35a206
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-293501.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0001193125-25-293501

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20250930

**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:** 251512374

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

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

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

- **a. Name of Series:** Poplar Forest Cornerstone Fund

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

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

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

- **a. Date of fiscal year-end:** 2025-09-30

- **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:** $33462682.39

**Total Liabilities:** $60109.32

**Net Assets:** $33402573.07

**Cash Not Reported:** $50.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 101.567634000000 | **1-Year:** 579.576290000000 | **5-Year:** 1371.031854000000 | **10-Year:** 1418.954235000000 | **30-Year:** 1552.553523000000

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

- **3-Month:** 0.000000000000 | **1-Year:** 279.640603000000 | **5-Year:** 168.864235000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000149956 | 0.60%                | 3.53%                | 1.38%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $440366.75               | $-293791.85                                |
| Month 2  | $26042.14                | $1044027.96                                |
| Month 3  | $100409.31               | $275235.71                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| PERATON ENTERPRISE SOL         | Peraton Enterprise Solutions LLC               | CUSIP: 285659AF5<br>LEI: 549300OOA7HMLU1JZM40 | Long             | DBT              | CORP              | US        |    200000 | PA      | $212585.60    | 0.64%             | 2029-10-15      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| Merck & Co Inc                 | Merck & Co Inc                                 | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     11600 | NS      | $973588.00    | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Co           | National Fuel Gas Co                           | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |     10500 | NS      | $969885.00    | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equitie | Alexandria Real Estate Equities Inc            | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |      6000 | NS      | $500040.00    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                    | Cencora Inc                                    | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      3000 | NS      | $937590.00    | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL HOME LOAN BANK         | Federal Home Loan Banks                        | CUSIP: 3130B72N3<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    325000 | PA      | $325957.74    | 0.98%             | 2033-07-29      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANK       | Federal Farm Credit Banks Funding Corp         | CUSIP: 3133ETUV7<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |    350000 | PA      | $350369.40    | 1.05%             | 2033-08-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN SF MTG | Idaho Housing & Finance Association            | CUSIP: 45130BAN3<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    200000 | PA      | $205266.24    | 0.61%             | 2032-01-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Intel Corp                     | Intel Corp                                     | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |     17600 | NS      | $590480.00    | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| KELLANOVA                      | Kellanova                                      | CUSIP: 487836CA4<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | DBT              | CORP              | US        |    515000 | PA      | $521615.67    | 1.56%             | 2054-05-16      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp           | Las Vegas Sands Corp                           | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |     11000 | NS      | $591690.00    | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy Oil Corp                | Murphy Oil Corp                                | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |     16500 | NS      | $468765.00    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| MURPHY OIL CORP                | Murphy Oil Corp                                | CUSIP: 626717AP7<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | DBT              | CORP              | US        |    875000 | PA      | $862892.54    | 2.58%             | 2032-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Nucor Corp                     | Nucor Corp                                     | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |      5400 | NS      | $731322.00    | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| PACIFICORP                     | PacifiCorp                                     | CUSIP: 695114DF2<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |    200000 | PA      | $211137.66    | 0.63%             | 2055-09-15      | Variable      | 7.38%                 | No            |                  2 | On Loan: No      |
| Tapestry Inc                   | Tapestry Inc                                   | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |      3550 | NS      | $401931.00    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                    | CUSIP: 912797MS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    180000 | PA      | $179979.96    | 0.54%             | 2025-10-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                    | CUSIP: 912797NL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    185000 | PA      | $183813.74    | 0.55%             | 2025-11-28      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond               | CUSIP: 912810TT5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $451689.46    | 1.35%             | 2053-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                | United States Treasury Inflation Indexed Bonds | CUSIP: 9128287D6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    947190 | PA      | $919203.27    | 2.75%             | 2029-07-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO        | Bristol-Myers Squibb Co                        | CUSIP: 110122AQ1<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    725000 | PA      | $781575.23    | 2.34%             | 2038-05-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp                                | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     12000 | NS      | $904680.00    | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE ELECTRIC CO                | DTE Electric Co                                | CUSIP: 23338VAQ9<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |    700000 | PA      | $647885.50    | 1.94%             | 2032-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                       | AT&T Inc                                       | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     30000 | NS      | $847200.00    | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp/The              | Allstate Corp/The                              | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |      2000 | NS      | $429300.00    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI International Inc         | CACI International Inc                         | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |      1250 | NS      | $623475.00    | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | Chevron Corp                                   | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5000 | NS      | $776450.00    | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| DICK'S SPORTING GOODS          | Dick's Sporting Goods Inc                      | CUSIP: 253393AF9<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |    500000 | PA      | $458349.75    | 1.37%             | 2032-01-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Dollar Tree Inc                | Dollar Tree Inc                                | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |      5900 | NS      | $556783.00    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc            | Global Payments Inc                            | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |      7300 | NS      | $606484.00    | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| DOMINION ENERGY SOUTH          | Dominion Energy South Carolina Inc             | CUSIP: 837004CM0<br>LEI: 3QRVFYR22IUIEOORTK28 | Long             | DBT              | CORP              | US        |    300000 | PA      | $298516.31    | 0.89%             | 2028-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Equitable Holdings Inc         | Equitable Holdings Inc                         | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |     15000 | NS      | $761700.00    | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL FARM CREDIT BANK       | Federal Farm Credit Banks Funding Corp         | CUSIP: 3133ERTX9<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |    250000 | PA      | $249811.88    | 0.75%             | 2039-09-19      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| LPL Financial Holdings Inc     | LPL Financial Holdings Inc                     | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |      1100 | NS      | $365959.00    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                    | CUSIP: 912797PM3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    185000 | PA      | $182303.24    | 0.55%             | 2026-02-19      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond               | CUSIP: 912810TQ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    270000 | PA      | $244972.27    | 0.73%             | 2043-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond               | CUSIP: 91282CKQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $511748.05    | 1.53%             | 2034-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond               | CUSIP: 91282CLB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    600000 | PA      | $602931.74    | 1.81%             | 2026-07-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond               | CUSIP: 91282CLD1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    600000 | PA      | $609375.00    | 1.82%             | 2031-07-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ACCENTURE CAPITAL INC          | Accenture Capital Inc                          | CUSIP: 00440KAC7<br>LEI: 254900FRO0P7RIINYT25 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199872.96    | 0.60%             | 2031-10-04      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Ally Financial Inc             | Ally Financial Inc                             | CUSIP: 02005N100<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EC               | CORP              | US        |     13200 | NS      | $517440.00    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLY FINANCIAL INC             | Ally Financial Inc                             | CUSIP: 02005NBM1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EP               | CORP              | US        |    700000 | PA      | $681910.36    | 2.04%             |  |  |  | No            |                  2 | On Loan: No      |
| CD Commercial Mortgage Trust   | CD 2016-CD2 Mortgage Trust                     | CUSIP: 12515ABE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $340758.36    | 1.02%             | 2049-11-10      | Variable      | 3.53%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                  | Citigroup Inc                                  | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     11000 | NS      | $1116500.00   | 3.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc            | Dominion Energy Inc                            | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |     14000 | NS      | $856380.00    | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                             | CUSIP: 3622ACWT3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    251204 | PA      | $251642.08    | 0.75%             | 2053-08-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Humana Inc                     | Humana Inc                                     | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |      2700 | NS      | $702459.00    | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM                            | International Business Machines Corp           | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      2100 | NS      | $592536.00    | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Stanley Black & Decker Inc     | Stanley Black & Decker Inc                     | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |      8300 | NS      | $616939.00    | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                    | CUSIP: 912797NA1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    180000 | PA      | $179414.19    | 0.54%             | 2025-10-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                    | CUSIP: 912797PV3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    180000 | PA      | $176850.26    | 0.53%             | 2026-03-19      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                    | CUSIP: 912797RG4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    185000 | PA      | $179374.01    | 0.54%             | 2026-08-06      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Sensata Technologies Holding P | Sensata Technologies Holding PLC               | CUSIP: N/A<br>LEI: 529900MS7KFYCY9MS037       | Long             | EC               | CORP              | US        |      9900 | NS      | $302445.00    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL HOME LOAN BANK         | Federal Home Loan Banks                        | CUSIP: 3130B6UE4<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    250000 | PA      | $252760.45    | 0.76%             | 2035-07-16      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANK       | Federal Farm Credit Banks Funding Corp         | CUSIP: 3133ETLY1<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |    250000 | PA      | $251220.99    | 0.75%             | 2033-12-23      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| FedEx Corp                     | FedEx Corp                                     | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      2900 | NS      | $683849.00    | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund       | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |    305893 | NS      | $305893.21    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Genuine Parts Co               | Genuine Parts Co                               | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |      5900 | NS      | $817740.00    | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL FUEL GAS CO           | National Fuel Gas Co                           | CUSIP: 636180BN0<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | DBT              | CORP              | US        |    800000 | PA      | $795810.26    | 2.38%             | 2027-09-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Tyson Foods Inc                | Tyson Foods Inc                                | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |     13500 | NS      | $733050.00    | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                    | CUSIP: 912797NU7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    175000 | PA      | $173390.49    | 0.52%             | 2025-12-26      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                    | CUSIP: 912797QX8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    160000 | PA      | $156003.84    | 0.47%             | 2026-06-11      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| United Therapeutics Corp       | United Therapeutics Corp                       | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |      2100 | NS      | $880341.00    | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Intertechnology Inc     | Vishay Intertechnology Inc                     | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |     31700 | NS      | $485010.00    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-24

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Richard Conner

**Name of Signer:** Advisors Series Trust

**Title:** Assistant Treasurer