# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001145549-25-040190
**Filing Date:** 2025-6
**Character Count:** 31641
**Document Hash:** b1852102f7b489df2ce77050b32d68d2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-040190.hdr.sgml**: 20250618

**ACCESSION NUMBER**: 0001145549-25-040190

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250618

**DATE AS OF CHANGE**: 20250618

**PERIOD START**: 20250731

**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:** 251055362

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **O'Shaughnessy Market Leaders Value Fund** | **O'Shaughnessy Market Leaders Value Fund** | **O'Shaughnessy Market Leaders Value Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 99.3%** | **Shares** | **Value**  |
| **Aerospace & Defense - 5.2%** | **Aerospace & Defense - 5.2%** | |
| Lockheed Martin Corp. | 7575 | $3618956 |
| RTX Corp. | 58102 | 7328406 |
|  |  | 10947362 |
| **Air Freight & Logistics - 1.0%** | **Air Freight & Logistics - 1.0%** |  |
| Expeditors International of Washington, Inc. | 20068 | 2205674 |
| **Automobiles - 1.2%** | **Automobiles - 1.2%** |  |
| General Motors Co. | 55501 | 2510865 |
| **Broadline Retail - 2.0%** | **Broadline Retail - 2.0%** |  |
| eBay, Inc. | 61115 | 4165598 |
| **Building Products - 3.6%** | **Building Products - 3.6%** |  |
| Builders FirstSource, Inc. <sup>(a)</sup> | 19031 | 2276679 |
| Carlisle Companies, Inc. | 14034 | 5325622 |
|  |  | 7602301 |
| **Capital Markets - 5.5%** | **Capital Markets - 5.5%** |  |
| Bank of New York Mellon Corp. | 69881 | 5619131 |
| Goldman Sachs Group, Inc. | 3021 | 1654149 |
| Northern Trust Corp. | 34623 | 3253869 |
| State Street Corp. | 11011 | 970069 |
|  |  | 11497218 |
| **Chemicals - 3.7%** | **Chemicals - 3.7%** |  |
| CF Industries Holdings, Inc. | 22804 | 1787150 |
| DuPont de Nemours, Inc. | 39774 | 2624686 |
| LyondellBasell Industries NV - Class A | 55848 | 3250912 |
|  |  | 7662748 |
| **Commercial Banks - 7.1%** | **Commercial Banks - 7.1%** |  |
| Regions Financial Corp. | 129378 | 2640605 |
| Truist Financial Corp. | 48485 | 1858915 |
| Wells Fargo & Co. | 146149 | 10378040 |
|  |  | 14877560 |
| **Construction Materials - 1.5%** | **Construction Materials - 1.5%** |  |
| CRH PLC | 32328 | 3084738 |
| **Consumer Finance - 2.8%** | **Consumer Finance - 2.8%** |  |
| Synchrony Financial | 113459 | 5894195 |
| **Diversified Telecommunication Services - 2.3%** | **Diversified Telecommunication Services - 2.3%** |  |
| Verizon Communications, Inc. | 110820 | 4882729 |
| **Electronic Equipment, Instruments & Components - 1.0%** | **Electronic Equipment, Instruments & Components - 1.0%** |  |
| Jabil, Inc. | 14375 | 2106800 |
| **Financial Services - 2.7%** | **Financial Services - 2.7%** |  |
| Equitable Holdings, Inc. | 15372 | 760145 |
| PayPal Holdings, Inc. <sup>(a)</sup> | 73953 | 4869066 |
|  |  | 5629211 |
| **Food Products - 2.6%** | **Food Products - 2.6%** |  |
| General Mills, Inc. | 80592 | 4572790 |
| Kraft Heinz Co. | 32864 | 956343 |
|  |  | 5529133 |
| **Health Care Equipment & Supplies - 3.4%** | **Health Care Equipment & Supplies - 3.4%** |  |
| Medtronic PLC | 83643 | 7089581 |
| **Health Care Providers & Services - 3.5%** | **Health Care Providers & Services - 3.5%** |  |
| Centene Corp. <sup>(a)</sup> | 28506 | 1706084 |
| Cigna Group | 3954 | 1344518 |
| HCA Holdings, Inc. | 4834 | 1668117 |
| Labcorp Holdings, Inc. | 10967 | 2643157 |
|  |  | 7361876 |
| **Hotels, Restaurants & Leisure - 5.3%** | **Hotels, Restaurants & Leisure - 5.3%** |  |
| Booking Holdings, Inc. | 1252 | 6384299 |
| Expedia Group, Inc. | 24868 | 3902535 |
| Marriott International, Inc. - Class A | 3496 | 834076 |
|  |  | 11120910 |
| **Insurance - 8.2%** | **Insurance - 8.2%** |  |
| Aflac, Inc. | 31272 | 3398641 |
| American International Group, Inc. | 54053 | 4406401 |
| Hartford Insurance Group, Inc. | 6838 | 838817 |
| MetLife, Inc. | 94856 | 7149297 |
| Principal Financial Group, Inc. | 20202 | 1497978 |
|  |  | 17291134 |
| **IT Services - 6.4%** | **IT Services - 6.4%** |  |
| Fidelity National Information Services, Inc. | 104187 | 8218271 |
| GoDaddy, Inc. - Class A <sup>(a)</sup> | 17360 | 3269409 |
| Twilio, Inc. - Class A <sup>(a)</sup> | 20505 | 1983038 |
|  |  | 13470718 |
| **Machinery - 3.2%** | **Machinery - 3.2%** |  |
| Caterpillar, Inc. | 22059 | 6822187 |
| **Media - 3.0%** | **Media - 3.0%** |  |
| Comcast Corp. - Class A | 121562 | 4157420 |
| Fox Corp. - Class A | 42968 | 2139377 |
|  |  | 6296797 |
| **Metals & Mining - 3.6%** | **Metals & Mining - 3.6%** |  |
| Nucor Corp. | 11870 | 1416922 |
| Reliance, Inc. | 8337 | 2402973 |
| Steel Dynamics, Inc. | 28329 | 3674555 |
|  |  | 7494450 |
| **Oil, Gas & Consumable Fuels - 8.8%** | **Oil, Gas & Consumable Fuels - 8.8%** |  |
| Chevron Corp. | 36990 | 5032859 |
| ConocoPhillips | 32162 | 2866277 |
| Devon Energy Corp. | 46565 | 1416042 |
| EOG Resources, Inc. | 5425 | 598540 |
| Marathon Petroleum Corp. | 28554 | 3923605 |
| Valero Energy Corp. | 40083 | 4653236 |
|  |  | 18490559 |
| **Pharmaceuticals - 3.0%** | **Pharmaceuticals - 3.0%** |  |
| Johnson & Johnson | 29937 | 4679452 |
| Pfizer, Inc. | 63185 | 1542346 |
|  |  | 6221798 |
| **Software - 2.8%** | **Software - 2.8%** |  |
| AppLovin Corp. - Class A <sup>(a)</sup> | 21443 | 5774814 |
| **Technology Hardware, Storage & Peripherals - 0.8%** | **Technology Hardware, Storage & Peripherals - 0.8%** |  |
| HP, Inc. | 64941 | 1660541 |
| **Textiles, Apparel & Luxury Goods - 0.7%** | **Textiles, Apparel & Luxury Goods - 0.7%** |  |
| Tapestry, Inc. | 21383 | 1510709 |
| **Tobacco - 4.4%** | **Tobacco - 4.4%** |  |
| Altria Group, Inc. | 155681 | 9208531 |
| **TOTAL COMMON STOCKS** (Cost $188,976,572) | **TOTAL COMMON STOCKS** (Cost $188,976,572) | 208410737 |
| **TOTAL INVESTMENTS - 99.3% (**Cost $188,976,572**)** | **TOTAL INVESTMENTS - 99.3% (**Cost $188,976,572**)** | 208410737 |
| Other Assets in Excess of Liabilities - 0.7% | Other Assets in Excess of Liabilities - 0.7% | 1402213 |
| **TOTAL NET ASSETS - 100.0%** |  | $209812950 |
| 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. |

---

(a) Non-income producing security.

------

#### Summary of Fair Value Disclosure as of April 30, 2025 (Unaudited)
O'Shaughnessy Market Leaders Value 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 April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  Common Stocks | $208410737 | $– | $– | $208410737 |
| Total Investments | $208410737 | $– | $– | $208410737 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

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

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

- **a. Name of Series:** O'Shaughnessy Market Leaders Value Fund

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

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

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

- **a. Date of fiscal year-end:** 2025-07-31

- **b. Date as of which information is reported:** 2025-04-30

**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:** $209884377.92

**Total Liabilities:** $139159.02

**Net Assets:** $209745218.90

**Cash Not Reported:** $1234588.04

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000166455 | -0.49%               | -3.60%               | -3.23%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $6114339.11              | $-7459624.02                               |
| Month 2  | $4962457.80              | $-13454242.68                              |
| Month 3  | $1993226.39              | $-8749204.31                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MetLife Inc                    | MetLife Inc                                | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |     94856 | NS      | $7149296.72   | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp                       | RTX Corp                                   | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     58102 | NS      | $7328405.26   | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV   | LyondellBasell Industries NV               | CUSIP: N/A<br>LEI: BN6WCCZ8OVP3ITUUVN49       | Long             | EC               | CORP              | US        |     55848 | NS      | $3250912.08   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Builders FirstSource Inc       | Builders FirstSource Inc                   | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |     19031 | NS      | $2276678.53   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Group/The                | Cigna Group/The                            | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      3954 | NS      | $1344518.16   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | Chevron Corp                               | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36990 | NS      | $5032859.40   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                   | Comcast Corp                               | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    121562 | NS      | $4157420.40   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                 | ConocoPhillips                             | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     32162 | NS      | $2866277.44   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Expeditors International of Wa | Expeditors International of Washington Inc | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |     20068 | NS      | $2205673.88   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| General Mills Inc              | General Mills Inc                          | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |     80592 | NS      | $4572790.08   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Jabil Inc                      | Jabil Inc                                  | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |     14375 | NS      | $2106800.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corp         | Regions Financial Corp                     | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |    129378 | NS      | $2640604.98   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co               | Wells Fargo & Co                           | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    146149 | NS      | $10378040.49  | 4.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                  | Medtronic PLC                              | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |     83643 | NS      | $7089580.68   | 3.38%             |  |  |  | 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        |     69881 | NS      | $5619131.21   | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings Inc     | CF Industries Holdings Inc                 | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     22804 | NS      | $1787149.48   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp              | Devon Energy Corp                          | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |     46565 | NS      | $1416041.65   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc                       | eBay Inc                                   | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |     61115 | NS      | $4165598.40   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| GoDaddy Inc                    | GoDaddy Inc                                | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |     17360 | NS      | $3269408.80   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                         | HP Inc                                     | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |     64941 | NS      | $1660541.37   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                          | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     29937 | NS      | $4679452.47   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings Inc            | PayPal Holdings Inc                        | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |     73953 | NS      | $4869065.52   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Principal Financial Group Inc  | Principal Financial Group Inc              | CUSIP: 74251V102<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | EC               | CORP              | US        |     20202 | NS      | $1497978.30   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Aflac Inc                      | Aflac Inc                                  | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |     31272 | NS      | $3398640.96   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| AppLovin Corp                  | AppLovin Corp                              | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |     21443 | NS      | $5774814.33   | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc           | Booking Holdings Inc                       | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |      1252 | NS      | $6384298.56   | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Cos Inc               | Carlisle Cos Inc                           | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |     14034 | NS      | $5325622.32   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                | Caterpillar Inc                            | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |     22059 | NS      | $6822186.93   | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp                   | Centene Corp                               | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |     28506 | NS      | $1706084.10   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc              | EOG Resources Inc                          | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      5425 | NS      | $598540.25    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group Inc              | Expedia Group Inc                          | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24868 | NS      | $3902535.24   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information  | Fidelity National Information Services Inc | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |    104187 | NS      | $8218270.56   | 3.92%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co              | General Motors Co                          | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |     55501 | NS      | $2510865.24   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The    | Goldman Sachs Group Inc/The                | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      3021 | NS      | $1654148.55   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc             | HCA Healthcare Inc                         | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      4834 | NS      | $1668116.72   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group Inc/T | Hartford Insurance Group Inc/The           | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |      6838 | NS      | $838817.46    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp        | Marathon Petroleum Corp                    | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |     28554 | NS      | $3923605.14   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International Inc/MD  | Marriott International Inc/MD              | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |      3496 | NS      | $834075.68    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp              | State Street Corp                          | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |     11011 | NS      | $970069.10    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Tapestry Inc                   | Tapestry Inc                               | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |     21383 | NS      | $1510708.95   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                        | CRH PLC                                    | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               | CORP              | US        |     32328 | NS      | $3084737.76   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corp            | Northern Trust Corp                        | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |     34623 | NS      | $3253869.54   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                     | Pfizer Inc                                 | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     63185 | NS      | $1542345.85   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Inc                   | Reliance Inc                               | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |      8337 | NS      | $2402973.51   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp          | Truist Financial Corp                      | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |     48485 | NS      | $1858914.90   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Twilio Inc                     | Twilio Inc                                 | CUSIP: 90138F102<br>LEI: 5493004W8TRGD63APX93 | Long             | EC               | CORP              | US        |     20505 | NS      | $1983038.55   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp             | Valero Energy Corp                         | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     40083 | NS      | $4653235.47   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc               | Altria Group Inc                           | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |    155681 | NS      | $9208531.15   | 4.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Synchrony Financial            | Synchrony Financial                        | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |    113459 | NS      | $5894195.05   | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group I | American International Group Inc           | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |     54053 | NS      | $4406400.56   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| DuPont de Nemours Inc          | DuPont de Nemours Inc                      | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |     39774 | NS      | $2624686.26   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc         | Equitable Holdings Inc                     | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |     15372 | NS      | $760145.40    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corp                       | Fox Corp                                   | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |     42968 | NS      | $2139376.72   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Kraft Heinz Co/The             | Kraft Heinz Co/The                         | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |     32864 | NS      | $956342.40    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Labcorp Holdings Inc           | Labcorp Holdings Inc                       | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10967 | NS      | $2643156.67   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp           | Lockheed Martin Corp                       | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      7575 | NS      | $3618956.25   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corp                     | Nucor Corp                                 | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |     11870 | NS      | $1416921.90   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics Inc             | Steel Dynamics Inc                         | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |     28329 | NS      | $3674554.59   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc     | Verizon Communications Inc                 | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    110820 | NS      | $4882729.20   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-16

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Richard Conner

**Name of Signer:** Advisors Series Trust

**Title:** Assistant Treasurer