# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001193125-25-214732
**Filing Date:** 2025-9
**Character Count:** 26895
**Document Hash:** 1a52db04d87811b7b8aa0486638b603c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-214732.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0001193125-25-214732

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250924

**DATE AS OF CHANGE**: 20250924

**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:** 251336355

**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

### First Sentier Global Listed Infrastructure Fund (Series ID: S000056566)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000178944 | Class I      | FLIIX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **First Sentier Global Listed Infrastructure Fund** | **First Sentier Global Listed Infrastructure Fund** | **First Sentier Global Listed Infrastructure Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 92.3%** | **Shares** | **Value**  |
| **Airport Services - 9.9%** | **Airport Services - 9.9%** | |
| Aeroports de Paris SA | 18697 | $2269341 |
| Beijing Capital International Airport Co. Ltd. - Class H <sup>(a)</sup> | 3844000 | 1492429 |
| Flughafen Zurich AG | 14201 | 4002365 |
| Grupo Aeroportuario del Pacifico SAB de CV - Class B | 171200 | 3940731 |
| Japan Airport Terminal Co. Ltd. | 65400 | 1986175 |
|  |  | 13691041 |
| **Construction & Engineering - 0.9%** | **Construction & Engineering - 0.9%** |  |
| Vinci SA | 8643 | 1200590 |
| **Electric Utilities - 23.9%** | **Electric Utilities - 23.9%** |  |
| American Electric Power Co., Inc. | 62427 | 7062991 |
| Duke Energy Corp. | 52391 | 6372841 |
| Evergy, Inc. | 51891 | 3673883 |
| Eversource Energy | 52297 | 3456832 |
| NextEra Energy, Inc. | 69156 | 4914225 |
| PG&E Corp. | 146222 | 2050032 |
| Xcel Energy, Inc. | 75965 | 5578870 |
|  |  | 33109674 |
| **Gas Utilities - 2.2%** | **Gas Utilities - 2.2%** |  |
| ENN Energy Holdings Ltd. | 206700 | 1684610 |
| UGI Corp. | 38902 | 1407474 |
|  |  | 3092084 |
| **Highways & Railtracks - 12.9%** | **Highways & Railtracks - 12.9%** |  |
| Atlas Arteria Ltd. | 845257 | 2792034 |
| Getlink SE | 248312 | 4503370 |
| Motiva Infraestrutura de Mobilidade SA | 1033509 | 2268365 |
| Promotora y Operadora de Infraestructura SAB de CV | 198807 | 2349959 |
| Transurban Group | 668787 | 5918636 |
|  |  | 17832364 |
| **Independent Power Producers & Energy Traders - 2.1%** | **Independent Power Producers & Energy Traders - 2.1%** |  |
| AES Corp. | 51681 | 679605 |
| RWE AG | 53463 | 2193334 |
|  |  | 2872939 |
| **Integrated Telecommunication Services - 2.3%** | **Integrated Telecommunication Services - 2.3%** |  |
| China Tower Corp. Ltd. <sup>(b)</sup> | 1229216 | 1720061 |
| Infrastrutture Wireless Italiane SpA <sup>(b)</sup> | 124877 | 1476336 |
|  |  | 3196397 |
| **Multi-Utilities - 14.5%** | **Multi-Utilities - 14.5%** |  |
| Dominion Energy, Inc. | 64877 | 3792061 |
| Hera SpA | 463032 | 1981299 |
| National Grid PLC | 395331 | 5555246 |
| Public Service Enterprise Group, Inc. | 39412 | 3538803 |
| Sempra Energy | 63700 | 5203016 |
|  |  | 20070425 |
| **Oil & Gas Storage & Transportation - 9.2%** | **Oil & Gas Storage & Transportation - 9.2%** |  |
| Cheniere Energy, Inc. | 20086 | 4737886 |
| DT Midstream, Inc. | 11121 | 1142460 |
| ONEOK, Inc. | 60005 | 4927011 |
| Targa Resources Corp. | 11759 | 1956815 |
|  |  | 12764172 |
| **Rail Transportation - 12.3%** | **Rail Transportation - 12.3%** |  |
| Canadian Pacific Kansas City Ltd. | 27500 | 2022409 |
| CSX Corp. | 145564 | 5173345 |
| Norfolk Southern Corp. | 25168 | 6996704 |
| Rumo SA | 464900 | 1377377 |
| West Japan Railway Co. | 63000 | 1379337 |
|  |  | 16949172 |
| **Water Utilities - 2.1%** | **Water Utilities - 2.1%** |  |
| Severn Trent PLC | 71652 | 2512655 |
| United Utilities Group PLC | 28044 | 418638 |
|  |  | 2931293 |
| **TOTAL COMMON STOCKS** (Cost $116,718,434) | **TOTAL COMMON STOCKS** (Cost $116,718,434) | 127710151 |
| **REAL ESTATE INVESTMENT TRUSTS - 5.4%** |  |  |
| **Data Center REITs - 1.0%** | **Data Center REITs - 1.0%** |  |
| Equinix, Inc. | 1780 | 1397603 |
| **Telecom Tower REITs - 4.4%** | **Telecom Tower REITs - 4.4%** |  |
| American Tower Corp. | 3060 | 637673 |
| Crown Castle, Inc. | 24317 | 2555474 |
| SBA Communications Corp. | 13046 | 2931697 |
|  |  | 6124844 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $7,441,907) | **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $7,441,907) | 7522447 |
| **TOTAL INVESTMENTS - 97.7% (**Cost $124,160,341**)** | **TOTAL INVESTMENTS - 97.7% (**Cost $124,160,341**)** | 135232598 |
| Other Assets in Excess of Liabilities - 2.3% | Other Assets in Excess of Liabilities - 2.3% | 3208683 |
| **TOTAL NET ASSETS - 100.0%** |  | $138441281 |
| two | two | –% |
| 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. |

---

REIT - Real Estate Investment Trust<br>

(a) Non-income producing security.

(b) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified
 institutional investors. As of July 31, 2025, the value of these securities total $3,196,397 or 2.3% of the Fund's net assets.

------

#### Summary of Fair Value Disclosure as of July 31, 2025 (Unaudited)
First Sentier Global Listed Infrastructure 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 | $84623695 | $43086456 | $– | $127710151 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 7522447 | – | – | 7522447 |
| Total Investments | $92146142 | $43086456 | $– | $135232598 |

---

---

| | | |
|:---|:---|:---|
| **Allocation of Portfolio Holdings by Country as of July 31, 2025** | **Allocation of Portfolio Holdings by Country as of July 31, 2025** | |
| (% of Net Assets) | (% of Net Assets) |  |
| United States | $80187301 | 57.9% |
| Australia | 8710670 | 6.3 |
| United Kingdom | 8486539 | 6.1 |
| France | 7973301 | 5.8 |
| Mexico | 6290690 | 4.6 |
| China | 4897100 | 3.5 |
| Switzerland | 4002365 | 2.9 |
| Brazil | 3645742 | 2.6 |
| Italy | 3457635 | 2.5 |
| Japan | 3365512 | 2.4 |
| Germany | 2193334 | 1.6 |
| Canada | 2022409 | 1.5 |
| Other Assets in Excess of Liabilities | 3208683 | 2.3 |
|  | $**138441281** | 100.0<br> **%** |

---

## 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:** First Sentier Global Listed Infrastructure Fund

- **b. EDGAR series identifier (if any):** S000056566

- **c. LEI of Series:** 549300XCQ3ZJ357GRH97

**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:** $139011338.84

**Total Liabilities:** $578443.57

**Net Assets:** $138432895.27

**Cash Not Reported:** $2988740.01

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000178944 | 2.22%                | 1.25%                | 0.17%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $875181.37               | $1189453.48                                |
| Month 2  | $270017.87               | $919931.60                                 |
| Month 3  | $329005.42               | $95977.78                                  |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Crown Castle Inc               | Crown Castle Inc                                   | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |     24317 | NS      | $2555473.53   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc               | DT Midstream Inc                                   | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11121 | NS      | $1142460.33   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| BEIJING AIRPORT                | Beijing Capital International Airport Co Ltd       | CUSIP: N/A<br>LEI: 5299001QWQN7CK66FE04       | Long             | EC               | CORP              | CN        |   3844000 | NS      | $1492429.33   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Aeroportuario del Pacifi | Grupo Aeroportuario del Pacifico SAB de CV         | CUSIP: P4959P100<br>LEI: 4469000001BZ368XFI90 | Long             | EC               | CORP              | MX        |    171200 | NS      | $3940730.88   | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Getlink SE                     | Getlink SE                                         | CUSIP: N/A<br>LEI: 9695007ZEQ7M0OE74G82       | Long             | EC               | CORP              | FR        |    244300 | NS      | $4430608.71   | 3.20%             |  |  |  | No            |                  2 | On Loan: No      |
| National Grid PLC              | National Grid PLC                                  | CUSIP: N/A<br>LEI: 8R95QZMKZLJX5Q2XR704       | Long             | EC               | CORP              | GB        |    395331 | NS      | $5555245.82   | 4.01%             |  |  |  | No            |                  2 | On Loan: No      |
| AES Corp/The                   | AES Corp/The                                       | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |     51681 | NS      | $679605.15    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corp                       | CSX Corp                                           | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |    124700 | NS      | $4431838.00   | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp               | Duke Energy Corp                                   | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |     52391 | NS      | $6372841.24   | 4.60%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co Inc | American Electric Power Co Inc                     | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |     62427 | NS      | $7062990.78   | 5.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Hera SpA                       | Hera SpA                                           | CUSIP: N/A<br>LEI: 8156009414FD99443B48       | Long             | EC               | CORP              | IT        |    463032 | NS      | $1981298.96   | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Sempra                         | Sempra                                             | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |     63700 | NS      | $5203016.00   | 3.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp           | Targa Resources Corp                               | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |     11759 | NS      | $1956815.19   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Flughafen Zurich AG            | Flughafen Zurich AG                                | CUSIP: N/A<br>LEI: 529900PFO97GCN5SYB55       | Long             | EC               | CORP              | CH        |     14201 | NS      | $4002364.85   | 2.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Arteria Ltd              | Atlas Arteria Ltd                                  | CUSIP: N/A<br>LEI: 254900SGF4ZQDBH2YC59       | Long             | EC               | CORP              | AU        |    845257 | NS      | $2792033.70   | 2.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Dominion Energy Inc            | Dominion Energy Inc                                | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |     64877 | NS      | $3792060.65   | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Eversource Energy              | Eversource Energy                                  | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | EC               | CORP              | US        |     52297 | NS      | $3456831.70   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Norfolk Southern Corp          | Norfolk Southern Corp                              | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |     25168 | NS      | $6996704.00   | 5.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc                | Xcel Energy Inc                                    | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |     75965 | NS      | $5578869.60   | 4.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Severn Trent PLC               | Severn Trent PLC                                   | CUSIP: N/A<br>LEI: 213800RPBXRETY4A4C59       | Long             | EC               | CORP              | GB        |     76322 | NS      | $2676419.72   | 1.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Pacific Kansas City L | Canadian Pacific Kansas City Ltd                   | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     36300 | NS      | $2669579.97   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| China Tower Corp Ltd           | China Tower Corp Ltd                               | CUSIP: N/A<br>LEI: 300300T6BNNP0L7O7H91       | Long             | EC               | CORP              | CN        |   1188216 | NS      | $1662689.42   | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Motiva Infraestrutura de Mobil | Motiva Infraestrutura de Mobilidade SA             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |   1016174 | NS      | $2230318.23   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc            | Cheniere Energy Inc                                | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |     20086 | NS      | $4737885.68   | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| PINFRA                         | Promotora y Operadora de Infraestructura SAB de CV | CUSIP: P7925L103<br>LEI: 52990035X6RK8DBUWA73 | Long             | EC               | CORP              | MX        |    198807 | NS      | $2349958.81   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Airport Terminal Co Ltd  | Japan Airport Terminal Co Ltd                      | CUSIP: N/A<br>LEI: 353800W9WEQSGUY2EO26       | Long             | EC               | CORP              | JP        |     65400 | NS      | $1986174.83   | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| ENN Energy Holdings Ltd        | ENN Energy Holdings Ltd                            | CUSIP: N/A<br>LEI: 549300V7BXPWT6WIPR03       | Long             | EC               | CORP              | CN        |    206700 | NS      | $1684609.61   | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Transurban Group               | Transurban Group                                   | CUSIP: N/A<br>LEI: 549300ZR71SUQ4VUTM79       | Long             | EC               | CORP              | AU        |    668787 | NS      | $5918636.01   | 4.28%             |  |  |  | No            |                  2 | On Loan: No      |
| SBA Communications Corp        | SBA Communications Corp                            | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |     13046 | NS      | $2931697.12   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| United Utilities Group PLC     | United Utilities Group PLC                         | CUSIP: N/A<br>LEI: 2138002IEYQAOC88ZJ59       | Long             | EC               | CORP              | GB        |     10382 | NS      | $154981.57    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| UGI Corp                       | UGI Corp                                           | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |     38902 | NS      | $1407474.36   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Aeroports de Paris SA          | Aeroports de Paris SA                              | CUSIP: N/A<br>LEI: 969500PJMBSFHYC37989       | Long             | EC               | CORP              | FR        |     18697 | NS      | $2269341.76   | 1.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Rumo SA                        | Rumo SA                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    464900 | NS      | $1377376.93   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp            | American Tower Corp                                | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      3060 | NS      | $637673.40    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                    | Equinix Inc                                        | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      1780 | NS      | $1397602.60   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| RWE AG                         | RWE AG                                             | CUSIP: N/A<br>LEI: 529900GB7KCA94ACC940       | Long             | EC               | CORP              | DE        |     59555 | NS      | $2443259.73   | 1.76%             |  |  |  | No            |                  2 | On Loan: No      |
| NextEra Energy Inc             | NextEra Energy Inc                                 | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     69156 | NS      | $4914225.36   | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK Inc                      | ONEOK Inc                                          | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |     60005 | NS      | $4927010.55   | 3.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Vinci SA                       | Vinci SA                                           | CUSIP: N/A<br>LEI: 213800WFQ334R8UXUG83       | Long             | EC               | CORP              | FR        |      8643 | NS      | $1200590.30   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Evergy Inc                     | Evergy Inc                                         | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |     51891 | NS      | $3673882.80   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corp                      | PG&E Corp                                          | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |    146222 | NS      | $2050032.44   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| West Japan Railway Co          | West Japan Railway Co                              | CUSIP: N/A<br>LEI: 353800QGUXHZ7EBCR121       | Long             | EC               | CORP              | JP        |     63000 | NS      | $1379337.17   | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Public Service Enterprise Grou | Public Service Enterprise Group Inc                | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |     39412 | NS      | $3538803.48   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Infrastrutture Wireless Italia | Infrastrutture Wireless Italiane SpA               | CUSIP: N/A<br>LEI: 81560066183FE361C071       | Long             | EC               | CORP              | IT        |    124877 | NS      | $1476335.52   | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-11

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Kevin Hayden

**Name of Signer:** Advisors Series Trust

**Title:** Vice President, Treasurer