# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001193125-25-219999
**Filing Date:** 2025-9
**Character Count:** 28519
**Document Hash:** fb9b0e1fcbfffe0b7d6c8985771b7cb2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-219999.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0001193125-25-219999

**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:** 251348669

**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

### Edgar Lomax Value Fund (Series ID: S000005075)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000013862 | Investor Class | LOMAX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Edgar Lomax Value Fund** | **Edgar Lomax Value Fund** | **Edgar Lomax 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 - 95.3%** | **Shares** | **Value** |
| **Beverage and Tobacco Product Manufacturing - 4.4%** | **Beverage and Tobacco Product Manufacturing - 4.4%** | |
| Altria Group, Inc. | 3850 | $238469 |
| Coca-Cola Co. | 55150 | 3744134 |
| PepsiCo, Inc. | 1900 | 262048 |
|  |  | 4244651 |
| **Broadcasting and Content Providers - 1.2%** | **Broadcasting and Content Providers - 1.2%** |  |
| Comcast Corp. - Class A | 33150 | 1101575 |
| **Chemical Manufacturing - 11.1%** | **Chemical Manufacturing - 11.1%** |  |
| AbbVie, Inc. | 1650 | 311883 |
| Amgen, Inc. | 7700 | 2272270 |
| Bristol-Myers Squibb Co. | 5150 | 223047 |
| Dow, Inc. | 7250 | 168853 |
| Gilead Sciences, Inc. | 13450 | 1510300 |
| Merck & Co., Inc. | 44300 | 3460716 |
| Pfizer, Inc. | 46802 | 1090019 |
| Procter & Gamble Co. | 10250 | 1542317 |
|  |  | 10579405 |
| **Computer and Electronic Product Manufacturing - 9.3%** | **Computer and Electronic Product Manufacturing - 9.3%** |  |
| Cisco Systems, Inc. | 37050 | 2522364 |
| International Business Machines Corp. | 13450 | 3404867 |
| Medtronic PLC | 19550 | 1764192 |
| Qualcomm, Inc. | 8300 | 1218108 |
|  |  | 8909531 |
| **Couriers and Messengers - 4.6%** | **Couriers and Messengers - 4.6%** |  |
| FedEx Corp. | 14700 | 3285303 |
| United Parcel Service, Inc. - Class B | 12350 | 1064076 |
|  |  | 4349379 |
| **Credit Intermediation and Related Activities - 11.7%** | **Credit Intermediation and Related Activities - 11.7%** |  |
| American Express Co. | 2500 | 748275 |
| Bank of America Corp. | 31300 | 1479551 |
| Bank of New York Mellon Corp. | 9700 | 984065 |
| Capital One Financial Corp. | 7700 | 1655500 |
| Citigroup, Inc. | 37250 | 3490325 |
| JPMorgan Chase & Co. | 5750 | 1703380 |
| U.S. Bancorp | 6050 | 272008 |
| Wells Fargo & Co. | 10550 | 850646 |
|  |  | 11183750 |
| **Food Manufacturing - 4.2%** | **Food Manufacturing - 4.2%** |  |
| Kraft Heinz Co. | 9450 | 259497 |
| Mondelez International, Inc. - Class A | 58050 | 3755255 |
|  |  | 4014752 |
| **Food Services and Drinking Places - 1.9%** | **Food Services and Drinking Places - 1.9%** |  |
| McDonald's Corp. | 5900 | 1770413 |
| **General Merchandise Stores - 3.2%** | **General Merchandise Stores - 3.2%** |  |
| Target Corp. | 30350 | 3050175 |
| **Health and Personal Care Retailers - 4.6%** | **Health and Personal Care Retailers - 4.6%** |  |
| CVS Health Corp. | 70150 | 4356315 |
| **Insurance Carriers and Related Activities - 1.3%** | **Insurance Carriers and Related Activities - 1.3%** |  |
| MetLife, Inc. | 16800 | 1275960 |
| **Leather and Allied Product Manufacturing - 1.3%** | **Leather and Allied Product Manufacturing - 1.3%** |  |
| NIKE, Inc. - Class B | 16800 | 1254792 |
| **Machinery Manufacturing - 0.4%** | **Machinery Manufacturing - 0.4%** |  |
| Caterpillar, Inc. | 850 | 372317 |
| **Miscellaneous Manufacturing - 6.1%** | **Miscellaneous Manufacturing - 6.1%** |  |
| 3M Co. | 10700 | 1596654 |
| Johnson & Johnson | 25950 | 4275003 |
|  |  | 5871657 |
| **Petroleum and Coal Products Manufacturing - 5.1%** | **Petroleum and Coal Products Manufacturing - 5.1%** |  |
| Chevron Corp. | 18100 | 2744684 |
| Exxon Mobil Corp. | 19150 | 2137906 |
|  |  | 4882590 |
| **Rail Transportation - 1.3%** | **Rail Transportation - 1.3%** |  |
| Union Pacific Corp. | 5600 | 1243032 |
| **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 4.1%** | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 4.1%** |  |
| Goldman Sachs Group, Inc. | 1300 | 940667 |
| Morgan Stanley | 20850 | 2970291 |
|  |  | 3910958 |
| **Support Activities for Mining - 1.4%** | **Support Activities for Mining - 1.4%** |  |
| ConocoPhillips | 14500 | 1382430 |
| **Telecommunications - 8.3%** | **Telecommunications - 8.3%** |  |
| AT&T, Inc. | 129050 | 3537260 |
| Verizon Communications, Inc. | 103450 | 4423522 |
|  |  | 7960782 |
| **Transportation Equipment Manufacturing - 3.9%** | **Transportation Equipment Manufacturing - 3.9%** |  |
| Ford Motor Co. | 29200 | 323244 |
| General Dynamics Corp. | 8400 | 2617524 |
| General Motors Co. | 13900 | 741426 |
|  |  | 3682194 |
| **Utilities - 5.9%** | **Utilities - 5.9%** |  |
| Duke Energy Corp. | 21400 | 2603096 |
| NextEra Energy, Inc. | 18100 | 1286186 |
| Southern Co. | 18600 | 1757328 |
|  |  | 5646610 |
| **TOTAL COMMON STOCKS** (Cost $82,501,552) | **TOTAL COMMON STOCKS** (Cost $82,501,552) | 91043268 |
| **REAL ESTATE INVESTMENT TRUSTS - 1.0%** |  |  |
| American Tower Corp. | 1600 | 333424 |
| Simon Property Group, Inc. | 3550 | 581454 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $792,502) | **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $792,502) | 914878 |
| **SHORT-TERM INVESTMENTS - 3.6%** |  |  |
| **Money Market Funds - 3.6%** |  |  |
| Invesco STIT-Treasury Portfolio - Institutional Class, 4.23%<sup>(a)</sup> | 3423919 | 3423919 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $3,423,919) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $3,423,919) | 3423919 |
| **TOTAL INVESTMENTS - 99.9% (**Cost $86,717,973**)** | **TOTAL INVESTMENTS - 99.9% (**Cost $86,717,973**)** | 95382065 |
| Other Assets in Excess of Liabilities - 0.1% | Other Assets in Excess of Liabilities - 0.1% | 133546 |
| **TOTAL NET ASSETS - 100.0%** |  | $95515611 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

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

------

#### Summary of Fair Value Disclosure as of July 31, 2025 (Unaudited)
Edgar Lomax 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 | $91043268 | $– | $– | $91043268 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 914878 | – | – | 914878 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 3423919 | – | – | 3423919 |
| Total Investments | $95382065 | $– | $– | $95382065 |

---

## 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:** Edgar Lomax Value Fund

- **b. EDGAR series identifier (if any):** S000005075

- **c. LEI of Series:** 254900YO9072KOXI7L85

**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:** $95636130.85

**Total Liabilities:** $129915.43

**Net Assets:** $95506215.42

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000013862 | 1.49%                | 4.01%                | -0.32%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3168.47                 | $1113057.66                                |
| Month 2  | $18618.62                | $3468451.50                                |
| Month 3  | $3041.17                 | $-523878.40                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AT&T Inc                       | AT&T Inc                             | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    129050 | NS      | $3537260.50   | 3.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Co                  | Ford Motor Co                        | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |     29200 | NS      | $323244.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM                            | International Business Machines Corp | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     13450 | NS      | $3404867.50   | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co                  | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      5750 | NS      | $1703380.00   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp           | Bank of America Corp                 | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     31300 | NS      | $1479551.00   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp                      | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     70150 | NS      | $4356315.00   | 4.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The               | Coca-Cola Co/The                     | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     55150 | NS      | $3744133.50   | 3.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp               | Duke Energy Corp                     | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |     21400 | NS      | $2603096.00   | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp               | Exxon Mobil Corp                     | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     19150 | NS      | $2137906.00   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp          | General Dynamics Corp                | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |      8400 | NS      | $2617524.00   | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co              | General Motors Co                    | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |     13900 | NS      | $741426.00    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The    | Goldman Sachs Group Inc/The          | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      1300 | NS      | $940667.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                    | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     25950 | NS      | $4275003.00   | 4.48%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                    | PepsiCo Inc                          | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      1900 | NS      | $262048.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                     | Pfizer Inc                           | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     46802 | NS      | $1090018.58   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                    | Target Corp                          | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |     30350 | NS      | $3050175.00   | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp     | Capital One Financial Corp           | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |      7700 | NS      | $1655500.00   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Co                          | 3M Co                                | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |     10700 | NS      | $1596654.00   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | Chevron Corp                         | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18100 | NS      | $2744684.00   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc            | Gilead Sciences Inc                  | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     13450 | NS      | $1510300.50   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                      | Amgen Inc                            | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      7700 | NS      | $2272270.00   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co        | Bristol-Myers Squibb Co              | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |      5150 | NS      | $223046.50    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                  | Citigroup Inc                        | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     37250 | NS      | $3490325.00   | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                   | Comcast Corp                         | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     33150 | NS      | $1101574.50   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                 | ConocoPhillips                       | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     14500 | NS      | $1382430.00   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow Inc                        | Dow Inc                              | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |      7250 | NS      | $168852.50    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                     | FedEx Corp                           | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |     14700 | NS      | $3285303.00   | 3.44%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc                    | MetLife Inc                          | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |     16800 | NS      | $1275960.00   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc             | NextEra Energy Inc                   | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     18100 | NS      | $1286186.00   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The        | Procter & Gamble Co/The              | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     10250 | NS      | $1542317.50   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                   | QUALCOMM Inc                         | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      8300 | NS      | $1218108.00   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Treasury Portfolio     | Invesco Treasury Portfolio           | CUSIP: 825252406<br>LEI: 5493004B3TM8ZIDDDC39 | Long             | STIV             | RF                | US        |   3423919 | NS      | $3423918.59   | 3.59%             |  |  |  | No            |                  1 | On Loan: No      |
| US Bancorp                     | US Bancorp                           | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |      6050 | NS      | $272008.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service Inc      | United Parcel Service Inc            | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |     12350 | NS      | $1064076.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co               | Wells Fargo & Co                     | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     10550 | NS      | $850646.50    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc               | Altria Group Inc                     | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |      3850 | NS      | $238469.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co            | American Express Co                  | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |      2500 | NS      | $748275.00    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp            | American Tower Corp                  | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      1600 | NS      | $333424.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                | Caterpillar Inc                      | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |       850 | NS      | $372317.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc              | Cisco Systems Inc                    | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     37050 | NS      | $2522364.00   | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Kraft Heinz Co/The             | Kraft Heinz Co/The                   | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |      9450 | NS      | $259497.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                 | Merck & Co Inc                       | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     44300 | NS      | $3460716.00   | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc     | Mondelez International Inc           | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |     58050 | NS      | $3755254.50   | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                 | Morgan Stanley                       | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |     20850 | NS      | $2970291.00   | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                       | NIKE Inc                             | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     16800 | NS      | $1254792.00   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc       | Simon Property Group Inc             | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |      3550 | NS      | $581454.50    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co/The                | Southern Co/The                      | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |     18600 | NS      | $1757328.00   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc     | Verizon Communications Inc           | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    103450 | NS      | $4423522.00   | 4.63%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                     | AbbVie Inc                           | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      1650 | NS      | $311883.00    | 0.33%             |  |  |  | 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        |      9700 | NS      | $984065.00    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                | McDonald's Corp                      | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      5900 | NS      | $1770413.00   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp             | Union Pacific Corp                   | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      5600 | NS      | $1243032.00   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                  | Medtronic PLC                        | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |     19550 | NS      | $1764192.00   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-29

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Kevin Hayden

**Name of Signer:** Advisors Series Trust

**Title:** Treasurer & Vice President